Document:

EX-4.9

 EXHIBIT 4.9 

GLOBAL AMENDMENT 
 to 

PARTICIPANT AGREEMENTS 
 This
Global Amendment to Participant Agreements (this “Amendment”), dated as of September 5, 2017, is entered into by Guggenheim Specialized Products, LLC, a Delaware limited liability company d/b/a Guggenheim Investments, as sponsor of
the below listed Trusts (the “Sponsor”), and The Bank of New York Mellon, a New York banking corporation, in its capacity as the trustee for the below listed Trusts (the “Trustee”). 

WHEREAS, various authorized participants (the “Authorized Participants”), the Trustee, and the Sponsor are parties to those certain
Participant Agreements set forth on Schedule A hereto, as the same have been previously amended (collectively the “Agreements” and each individually an “Agreement”), which were entered into in connection with each of the
following CurrencyShares® trusts (collectively the “Trusts”): 
  

	 	i.	CurrencyShares® Australian Dollar Trust (the “FXA Trust”); 

  

	 	ii.	CurrencyShares® British Pound Sterling Trust (the “FXB Trust”); 

 

	 	iii.	CurrencyShares® Canadian Dollar Trust (the “FXC Trust”); 

  

	 	iv.	CurrencyShares® Euro Trust (the “FXE Trust”); 

  

	 	v.	CurrencyShares® Japanese Yen Trust (the “FXY Trust”); 

  

	 	vi.	CurrencyShares® Singapore Dollar Trust (the “FXSG Trust”); 

  

	 	vii.	CurrencyShares® Swedish Krona Trust (the “FXS Trust”); and 

  

	 	viii.	CurrencyShares® Swiss Franc Trust (the “FXF Trust”). 

WHEREAS, the Trustee and the Sponsor desire to amend each of the Agreements as set forth herein; 

WHEREAS, Section 18(a) of each Agreement provides substantially as follows with respect to the amendment of such Agreement: 

Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or
supplemented by the Trustee and the Sponsor, without consent of any Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail a copy of the proposed
amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal
system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time
there is any material amendment, modification or supplement of any Participant Agreement (other than this Agreement), the Trustee will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant. 

  
 1 

 WHEREAS, the Securities and Exchange Commission (the “SEC”) has adopted an amendment to
Rule 15c6-1(a) to shorten by one business day the standard settlement cycle for most broker-dealer transactions; and 

WHEREAS, the Sponsor and the Trustee desire to enter into this Amendment so as to comply with the SEC’s amendment to Rule 15c6-1(a); 
 NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth,
the parties hereby agree as follows: 
  

	1.	Amendment of Section 3(b). The second sentence of Section 3(b) of each Agreement is hereby deleted and replaced with the following: 

A form of Purchase Order and Redemption Order is attached hereto as Exhibit B. 

 

	2.	Amendment of Section 7. Section 7 of each Agreement is hereby deleted in its entirety and replaced with the following: 

Section 7. Redemption. The Authorized Participant represents and warrants that it will not obtain an Order Number (as
described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender
for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party, borrowed or temporarily obtained from another party and are not the subject
of any repurchase agreement, reverse repurchase agreement or securities lending agreement, or any other arrangement which would preclude the delivery of such Baskets to the Trustee on the second Business Day following the date of the Redemption
Order. 
  

	3.	Amendment of Attachment A. 

  

	 	a.	Attachment A of each FXA Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXA hereto. 

  

	 	b.	Attachment A of each FXB Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXB hereto. 

  

	 	c.	Attachment A of each FXC Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXC hereto. 

  

	 	d.	Attachment A of each FXE Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXE hereto. 

  

	 	e.	Attachment A of each FXY Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXY hereto. 

  

	 	f.	Attachment A of each FXSG Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXSG hereto. 

 

	 	g.	Attachment A of each FXS Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXS hereto. 

  

	 	h.	Attachment A of each FXF Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXF hereto. 

  
 2 

	4.	Amendment of Exhibit B. 

  

	 	a.	Exhibit B of each FXA Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXA hereto. 

  

	 	b.	Exhibit B of each FXB Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXB hereto. 

  

	 	c.	Exhibit B of each FXC Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXC hereto. 

  

	 	d.	Exhibit B of each FXE Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXE hereto. 

  

	 	e.	Exhibit B of each FXY Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXY hereto. 

  

	 	f.	Exhibit B of each FXSG Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXSG hereto. 

  

	 	g.	Exhibit B of each FXS Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXS hereto. 

  

	 	h.	Exhibit B of each FXF Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXF hereto. 

  

	5.	Amendment of Exhibit C. Exhibit C of each Agreement is hereby deleted in its entirety. 

  

	6.	Miscellaneous. 

  

	a.	This Amendment may be executed in counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same Amendment. Each of the parties
hereto acknowledges having received an executed counterpart of this Amendment. 

  

	b.	Capitalized terms not defined herein shall have the meaning set forth in the Agreements. 

  

	c.	This Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, the laws of the State of New York. 

[Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the undersigned have each caused this Amendment to be executed as of the day
and year above written. 
  

			
	GUGGENHEIM SPECIALIZED PRODUCTS, LLC, as Sponsor
		
	By:	 	 /s/ Amy J Lee

	Name:	 	Amy J. Lee
	Title:	 	Secretary
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Phyllis A. Cietek

	Name:	 	Phyllis A. Cietek
	Title:	 	Vice-President

  
 4 

 SCHEDULE A 

to 
 GLOBAL AMENDMENT

  

					
	 Name of Trust
	  	 Name of Authorized Participant
	  	Agreement
Date
	 CurrencyShares® Australian Dollar
Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	8/5/2015
	 CurrencyShares® Australian Dollar
Trust
	  	Citadel Securities, LLC	  	11/13/2009
	 CurrencyShares® Australian Dollar
Trust
	  	Citigroup Global Markets, Inc.	  	8/26/2011
	 CurrencyShares® Australian Dollar
Trust
	  	Credit Suisse Securities (USA), LLC	  	5/15/2012
	 CurrencyShares® Australian Dollar
Trust
	  	Deutsche Bank Securities, Inc.	  	3/9/2012
	 CurrencyShares® Australian Dollar
Trust
	  	EWT, LLC	  	7/14/2008
	 CurrencyShares® Australian Dollar
Trust
	  	Goldman Sachs & Co.	  	6/22/2006
	 CurrencyShares® Australian Dollar
Trust
	  	Goldman Sachs Execution & Clearing LP	  	10/24/2008
	 CurrencyShares® Australian Dollar
Trust
	  	JP Morgan Securities, Inc.	  	8/16/2010
	 CurrencyShares® Australian Dollar
Trust
	  	Merrill Lynch Professional Clearing Corp.	  	6/26/2006
	 CurrencyShares® Australian Dollar
Trust
	  	 Morgan Stanley & Co LLC (formerly, Morgan

Stanley & Co. Incorporated)
	  	8/26/2010
	 CurrencyShares® Australian Dollar
Trust
	  	Newedge USA, LLC	  	8/26/2008
	 CurrencyShares® Australian Dollar
Trust
	  	Nomura Securities International, Inc.	  	6/14/2010
	 CurrencyShares® Australian Dollar
Trust
	  	 RBC Capital Markets, LLC (formerly, RBC

Capital Markets Corp.)
	  	4/15/2011
	 CurrencyShares® Australian Dollar
Trust
	  	SG Americas Securities, LLC	  	11/30/2012
	 CurrencyShares® Australian Dollar
Trust
	  	Timber Hill, LLC	  	5/16/2007
	 CurrencyShares® Australian Dollar
Trust
	  	 Virtue Americas LLC (formerly, KCG
 Americas
LLC)
	  	3/25/2010
	 CurrencyShares® Australian Dollar
Trust
	  	Virtu Financial BD LLC	  	12/3/2010
	 CurrencyShares® British
Pound Sterling Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	8/5/2015
	 CurrencyShares® British
Pound Sterling Trust
	  	BNP Paribas Securities Corp.	  	8/5/2015
	 CurrencyShares® British
Pound Sterling Trust
	  	Citadel Securities, LLC	  	11/13/2009
	 CurrencyShares® British
Pound Sterling Trust
	  	Citigroup Global Markets, Inc.	  	8/26/2011
	 CurrencyShares® British
Pound Sterling Trust
	  	Credit Suisse Securities (USA), LLC	  	1/19/2007
	 CurrencyShares® British
Pound Sterling Trust
	  	Deutsche Bank Securities, Inc.	  	3/9/2012
	 CurrencyShares® British
Pound Sterling Trust
	  	EWT, LLC	  	7/14/2008
	 CurrencyShares® British
Pound Sterling Trust
	  	Goldman Sachs & Co.	  	6/22/2006
	 CurrencyShares® British
Pound Sterling Trust
	  	Goldman Sachs Execution & Clearing LP	  	6/19/2006
	 CurrencyShares® British
Pound Sterling Trust
	  	JP Morgan Securities, Inc.	  	8/16/2010
	 CurrencyShares® British
Pound Sterling Trust
	  	Merrill Lynch Professional Clearing Corp.	  	6/26/2006
	 CurrencyShares® British
Pound Sterling Trust
	  	Morgan Stanley & Co. LLC (formerly, Morgan Stanley & Co Incorporated)	  	8/26/2010
	 CurrencyShares® British
Pound Sterling Trust
	  	Newedge USA, LLC	  	8/26/2008
	 CurrencyShares® British
Pound Sterling Trust
	  	Nomura Securities International, Inc.	  	6/14/2010
	 CurrencyShares® British
Pound Sterling Trust
	  	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	  	4/15/2011
	 CurrencyShares® British
Pound Sterling Trust
	  	SG Americas Securities, LLC	  	11/30/2012
	 CurrencyShares® British
Pound Sterling Trust
	  	Timber Hill, LLC	  	5/16/2007
	 CurrencyShares® British
Pound Sterling Trust
	  	Virtu Americas LLC (formerly, KCG Americas LLC)	  	3/25/2010
	 CurrencyShares® British
Pound Sterling Trust
	  	Virtu Financial BD, LLC	  	12/3/2010

  
 5 

					
	 Name of Trust
	  	 Name of Authorized Participant
	  	Agreement
Date
	 CurrencyShares® Canadian Dollar
Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	8/5/2015
	 CurrencyShares® Canadian Dollar
Trust
	  	BNP Paribas Securities Corp.	  	8/5/2015
	 CurrencyShares® Canadian Dollar
Trust
	  	Citadel Securities LLC	  	11/13/2009
	 CurrencyShares® Canadian Dollar
Trust
	  	Citigroup Global Markets, Inc.	  	8/26/2011
	 CurrencyShares® Canadian Dollar
Trust
	  	Credit Suisse Securities (USA) LLC	  	1/19/2007
	 CurrencyShares® Canadian Dollar
Trust
	  	Deutsche Bank Securities, Inc.	  	3/9/2012
	 CurrencyShares® Canadian Dollar
Trust
	  	EWT, LLC	  	7/14/2008
	 CurrencyShares® Canadian Dollar
Trust
	  	Goldman Sachs & Co.	  	6/22/2006
	 CurrencyShares® Canadian Dollar
Trust
	  	Goldman Sachs Execution & Clearing LP	  	6/19/2006
	 CurrencyShares® Canadian Dollar
Trust
	  	JP Morgan Securities, Inc.	  	8/16/2010
	 CurrencyShares® Canadian Dollar
Trust
	  	Merrill Lynch Professional Clearing Corp.	  	6/26/2006
	 CurrencyShares® Canadian Dollar
Trust
	  	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	  	8/26/2010
	 CurrencyShares® Canadian Dollar
Trust
	  	Newedge USA, LLC	  	8/26/2008
	 CurrencyShares® Canadian Dollar
Trust
	  	Nomura Securities International, Inc.	  	6/14/2010
	 CurrencyShares® Canadian Dollar
Trust
	  	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	  	4/15/2011
	 CurrencyShares® Canadian Dollar
Trust
	  	SG Americas Securities LLC	  	11/30/2012
	 CurrencyShares® Canadian Dollar
Trust
	  	Timber Hill, LLC	  	5/16/2007
	 CurrencyShares® Canadian Dollar
Trust
	  	Virtu Americas LLC (formerly, KCG Americas LLC)	  	3/25/2010
	 CurrencyShares® Canadian Dollar
Trust
	  	Virtu Financial BD LLC	  	12/3/2010
	 CurrencyShares® Euro Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	6/18/2015
	 CurrencyShares® Euro Trust
	  	BNP Paribas Securities Corp.	  	6/18/2015
	 CurrencyShares® Euro Trust
	  	Citadel Securities LLC	  	11/13/2009
	 CurrencyShares® Euro Trust
	  	Citigroup Global Markets, Inc.	  	8/26/2011
	 CurrencyShares® Euro Trust
	  	Credit Suisse Securities (USA) LLC	  	1/19/2007
	 CurrencyShares® Euro Trust
	  	Deutsche Bank Securities, Inc.	  	3/9/2012
	 CurrencyShares® Euro Trust
	  	EWT, LLC	  	4/24/2008
	 CurrencyShares® Euro Trust
	  	Goldman Sachs & Co.	  	6/22/2006
	 CurrencyShares® Euro Trust
	  	Goldman Sachs Execution & Clearing LP	  	5/5/2006
	 CurrencyShares® Euro Trust
	  	JP Morgan Securities, Inc.	  	8/16/2010
	 CurrencyShares® Euro Trust
	  	Merrill Lynch Professional Clearing Corp.	  	5/9/2006
	 CurrencyShares® Euro Trust
	  	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	  	8/24/2010
	 CurrencyShares® Euro Trust
	  	Newedge USA, LLC	  	5/22/2008
	 CurrencyShares® Euro Trust
	  	Nomura Securities International, Inc.	  	6/14/2010
	 CurrencyShares® Euro Trust
	  	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	  	4/15/2011
	 CurrencyShares® Euro Trust
	  	SG Americas Securities LLC	  	11/30/2012
	 CurrencyShares® Euro Trust
	  	Timber Hill, LLC	  	5/16/2007
	 CurrencyShares® Euro Trust
	  	Virtu Americas LLC (formerly, KCG Americas LLC)	  	3/25/2010
	 CurrencyShares® Euro Trust
	  	Virtu Financial BD LLC	  	12/3/2010
	 CurrencyShares® Swiss Franc
Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	8/5//2015
	 CurrencyShares® Swiss Franc
Trust
	  	BNP Paribas Securities Corp.	  	8/5/2015
	 CurrencyShares® Swiss Franc
Trust
	  	Citadel Securities LLC	  	11/13/2009
	 CurrencyShares® Swiss Franc
Trust
	  	Citigroup Global Markets, Inc.	  	8/26/2011
	 CurrencyShares® Swiss Franc
Trust
	  	Deutsche Bank Securities, Inc.	  	3/9/2012
	 CurrencyShares® Swiss Franc
Trust
	  	EWT, LLC	  	7/14/2008

  
 6 

					
	 Name of Trust
	  	 Name of Authorized Participant
	  	Agreement
Date
	 CurrencyShares® Swiss Franc
Trust
	  	Goldman Sachs & Co.	  	6/22/2006
	 CurrencyShares® Swiss Franc
Trust
	  	Goldman Sachs Execution & Clearing LP	  	10/24/2008
	 CurrencyShares® Swiss Franc
Trust
	  	JP Morgan Securities, Inc.	  	8/16/2010
	 CurrencyShares® Swiss Franc
Trust
	  	Merrill Lynch Professional Clearing Corp.	  	6/26/2006
	 CurrencyShares® Swiss Franc
Trust
	  	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	  	8/26/2010
	 CurrencyShares® Swiss Franc
Trust
	  	Newedge USA, LLC	  	8/26/2008
	 CurrencyShares® Swiss Franc
Trust
	  	Nomura Securities International, Inc.	  	6/14/2010
	 CurrencyShares® Swiss Franc
Trust
	  	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	  	4/15/2011
	 CurrencyShares® Swiss Franc
Trust
	  	SG Americas Securities LLC	  	11/30/2012
	 CurrencyShares® Swiss Franc
Trust
	  	Timber Hill, LLC	  	5/16/2007
	 CurrencyShares® Swiss Franc
Trust
	  	Virtu Americas LLC (formerly, KCG Americas LLC)	  	3/25/2010
	 CurrencyShares® Swiss Franc
Trust
	  	Virtu Financial BD LLC	  	12/3/2010
	 CurrencyShares® Swedish Krona
Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	8/5/2015
	 CurrencyShares® Swedish Krona
Trust
	  	BNP Paribas Securities Corp.	  	8/5/2015
	 CurrencyShares® Swedish Krona
Trust
	  	Citadel Securities LLC	  	11/13/2009
	 CurrencyShares® Swedish Krona
Trust
	  	Citigroup Global Markets, Inc.	  	8/26/2011
	 CurrencyShares® Swedish Krona
Trust
	  	Credit Suisse Securities (USA), LLC	  	5/15/2012
	 CurrencyShares® Swedish Krona
Trust
	  	Deutsche Bank Securities, Inc.	  	3/9/2012
	 CurrencyShares® Swedish Krona
Trust
	  	EWT, LLC	  	7/14/2008
	 CurrencyShares® Swedish Krona
Trust
	  	Goldman Sachs & Co.	  	6/22/2006
	 CurrencyShares® Swedish Krona
Trust
	  	Goldman Sachs Execution & Clearing LP	  	1/29/2008
	 CurrencyShares® Swedish Krona
Trust
	  	JP Morgan Securities, Inc.	  	8/16/2010
	 CurrencyShares® Swedish Krona
Trust
	  	Merrill Lynch Professional Clearing Corp.	  	6/26/2006
	 CurrencyShares® Swedish Krona
Trust
	  	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	  	8/26/2010
	 CurrencyShares® Swedish Krona
Trust
	  	Newedge USA, LLC	  	8/26/2008
	 CurrencyShares® Swedish Krona
Trust
	  	Nomura Securities International, Inc.	  	6/14/2010
	 CurrencyShares® Swedish Krona
Trust
	  	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	  	4/15/2011
	 CurrencyShares® Swedish Krona
Trust
	  	SG Americas Securities LLC	  	11/30/2012
	 CurrencyShares® Swedish Krona
Trust
	  	Timber Hill, LLC	  	5/16/2007
	 CurrencyShares® Swedish Krona
Trust
	  	Virtu Americas LLC (formerly, KCG Americas LLC)	  	3/25/2010
	 CurrencyShares® Swedish Krona
Trust
	  	Virtu Financial BD LLC	  	12/3/2010
	 CurrencyShares® Singapore Dollar
Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	8/5/2015
	 CurrencyShares® Singapore Dollar
Trust
	  	BNP Paribas Securities Corp.	  	8/5/2015
	 CurrencyShares® Singapore Dollar
Trust
	  	Credit Suisse Securities (USA), LLC	  	3/12/2013
	 CurrencyShares® Singapore Dollar
Trust
	  	Merrill Lynch Professional Clearing Corp.	  	1/11/2013
	 CurrencyShares® Singapore Dollar
Trust
	  	Virtu Americas LLC (formerly, KCG Americas LLC)	  	10/31/2011
	 CurrencyShares® Japanese Yen
Trust
	  	BNP Paribas Prime Brokerage, Inc.	  	8/5/2015
	 CurrencyShares® Japanese Yen
Trust
	  	BNP Paribas Securities Corp.	  	8/5/2015
	 CurrencyShares® Japanese Yen
Trust
	  	Citadel Securities LLC	  	11/13/2009
	 CurrencyShares® Japanese Yen
Trust
	  	Citigroup Global Markets, Inc.	  	8/26/2011
	 CurrencyShares® Japanese Yen
Trust
	  	Credit Suisse Securities (USA) LLC	  	5/15/2012

  
 7 

					
	 Name of Trust
	  	 Name of Authorized Participant
	  	Agreement
Date
	 CurrencyShares® Japanese Yen
Trust
	  	Deutsche Bank Securities, Inc.	  	3/12/2007
	 CurrencyShares® Japanese Yen
Trust
	  	EWT, LLC	  	7/14/2008
	 CurrencyShares® Japanese Yen
Trust
	  	Goldman Sachs & Co.	  	2/12/2007
	 CurrencyShares® Japanese Yen
Trust
	  	Goldman Sachs Execution & Clearing LP	  	2/9/2007
	 CurrencyShares® Japanese Yen
Trust
	  	JP Morgan Securities, Inc.	  	8/16/2010
	 CurrencyShares® Japanese Yen
Trust
	  	Merrill Lynch Professional Clearing Corp.	  	3/5/2007
	 CurrencyShares® Japanese Yen
Trust
	  	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	  	8/26/2010
	 CurrencyShares® Japanese Yen
Trust
	  	Newedge USA, LLC	  	8/26/2008
	 CurrencyShares® Japanese Yen
Trust
	  	Nomura Securities International, Inc.	  	6/14/2010
	 CurrencyShares® Japanese Yen
Trust
	  	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	  	4/15/2011
	 CurrencyShares® Japanese Yen
Trust
	  	SG Americas Securities LLC	  	11/30/2012
	 CurrencyShares® Japanese Yen
Trust
	  	Timber Hill, LLC	  	5/16/2007
	 CurrencyShares® Japanese Yen
Trust
	  	Virtu Americas LLC (formerly, KCG Americas LLC)	  	3/25/2010
	 CurrencyShares® Japanese Yen
Trust
	  	Virtu Financial BD LLC	  	12/3/2010

  
 8 

 ATTACHMENT A – FXA 

CREATION AND REDEMPTION OF AUSTRALIAN DOLLAR SHARES AND 

RELATED AUSTRALIAN DOLLAR TRANSACTIONS 

Scope of Procedures and Overview 
 These procedures (the
“Procedures”) describe the processes by which one or more Baskets of Australian Dollar Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the
CurrencyShares® Australian Dollar Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or
redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Australian Dollars between the Authorized Participant and the Trust, certain
processes relating to the underlying transfers of Australian Dollars also are described. 
 Under these Procedures, Baskets may be issued only in
consideration for Australian Dollars transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in
these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the
“Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each
Authorized Participant with the Sponsor and the Trustee. 
 For purposes of these Procedures, a “NY Business Day” is defined as any day
other than (i) a Saturday or Sunday or (ii) a day on which NYSE Arca is not open for regular trading at noon New York City time; a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or
(ii) a day which has been designated a bank holiday in Australia. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the
Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by
the Trustee in exchange for Australian Dollars, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per
order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows: 

 

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Australian Dollars and Baskets  

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption
Order(s) (each as defined herein and, together, “Orders”) for Baskets. 

  
 9 

 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 10 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is
the Order Date under the Trust Agreement (“CREATION T”), on the next NY Business Day following CREATION T that is also a Local Business Day (“CREATION T+1”), the Trustee notifies the Authorized Participant and the
Depository of the amount of Australian Dollars to be transferred to the Trust and the Authorized Participant transfers such amount to the Depository, and a Basket is created on the next NY Business Day following CREATION T+1, unless the Trustee has
not received confirmation of the receipt of the Basket Australian Dollar Amount (as defined herein) on such day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day
(“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Australian Dollars and the Trustee will transfer to the Authorized Participant’s account at The Depository
Trust Company (“DTC”) Baskets corresponding to the Australian Dollars the Participant has transferred to the Trust. 
  

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant
submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process. 

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in
the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or
(b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 
 C1.1.2 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order
number. The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.3 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, will be rejected. 

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an
order number for the Authorized Participant’s Purchase Order. 
 C1.1.6 Within 15 minutes after receiving the order number from the
Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the
condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2. 

  
 11 

 C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant
within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order
Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules,
then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2”
and indicating, on a preliminary basis subject to confirmation, the number of Australian Dollars the Authorized Participant must transfer in exchange for the Basket(s). 

C1.3 The Authorized Participant ensures that by 3:30 p.m. NYC time on CREATION T+1 (usually 5:30 a.m. the following day Melbourne time),
sufficient Australian Dollars are wire transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Australian Dollars via SWIFT BIC – CHASGB2L, or another method acceptable to
the Depository. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee
will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Australian Dollars
transfers with its sending financial institution. 
 C1.4.5 By 3:30 p.m. NYC time on CREATION T+1 (usually 5:30 a.m. the following day
Melbourne time) on CREATION T+2, Australian Dollars in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+2. 

C1.4.6 An Authorized Participant may only deliver Australian Dollars for credit to the Depository via SWIFT BIC – CHASGB2L, or another
method acceptable to the Depository. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized
Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to
be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR
TRUSTEE (CREATION T) 
 C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the
Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Australian Dollars that must be deposited in the Deposit Account no
later than 3:30 p.m. NYC time on CREATION T+1 (usually 5:30 a.m. the following day Melbourne time). 

  
 12 

	C2	CREATION T+1 

 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final
amount of Australian Dollars that must be deposited in the Deposit Account (the “Basket Australian Dollar Amount”) not later than 3:30 p.m. NY time on CREATION T+1 (usually 5:30 a.m. the following day Melbourne time), for the
creation of the Baskets on CREATION T+2. 
 C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an
authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of Australian Dollars that the Depository will receive from the Authorized Participant on CREATION T+1. 

C2.3 By 3:30 p.m. NYC time (usually 5:30 a.m. the following day Melbourne time), the Depository has received each Authorized Participant’s
wire transfer of the Basket Australian Dollar Amount in the Deposit Account. 
  

	C3	CREATION T+2 

 C3.1 As of 9:00 a.m. NYC time, the Depository notifies the Trustee that the
Basket Australian Dollar Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 
 C3.2
Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 

C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Australian Dollar Amount
to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Australian
Dollar Amount. 
 C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket
Australian Dollar Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly.
By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding,
and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.5 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket Australian Dollar Amount has been received into the Deposit Account. 

C3.6 Following the close of business (usually 4:00 p.m. Melbourne time) on CREATION T+2, the Depository makes appropriate entries in its books
and records to reflect the creation of Baskets. 
 C3.7 Following the close of business (usually 4:00 p.m. Melbourne time) on CREATION T+2,
the Depository Australian Dollar system updates account records, recording the movements of Australian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m.
Melbourne time) on CREATION T+2. 
 C3.8 Following the close of business (usually 4:00 p.m. Melbourne time) on CREATION T+2, the Depository
Australian Dollar system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

  
 13 

 C3.9 If the Authorized Participant fails to deliver Australian Dollars by 3:30 p.m. NYC time on
CREATION T+1, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable
by the Authorized Participant. 
 In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant
to arrange payment of such fees. 
 Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change
based on depository requirements. 

  
 14 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), Baskets to be redeemed are delivered to the Trustee by 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time) on the first NY Business Day following REDEMPTION T, unless that day is not a
Local Business Day, in which case Baskets shall be delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+1”) and the Authorized Participant receives the corresponding
Australian Dollars on the next NY Business Day that is also a Local Business Day following REDEMPTION T+1 (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee
and the Trustee will instruct the Depository to transfer to the Authorized Participant Australian Dollars corresponding to the Baskets delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted
from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of
the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery
of the Australian Dollars to the Authorized Participant. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 15 

 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees on REDEMPTION T+2 prior to delivery of the Australian Dollars” and indicating, on a preliminary basis subject to confirmation, the number of Australian Dollars the Participant will receive upon redemption of the indicated
Basket(s) of Shares. 
 R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.3.1 The Trustee will deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+1 only after confirming
the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
 R1.3.2 If an Authorized Participant has placed its
Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of
Australian Dollars to be delivered to the Authorized Participant on REDEMPTION T+2. 
  

	R2	REDEMPTION T+1 

 R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the
final amount of Australian Dollars that will be delivered to the Authorized Participant on REDEMPTION T+2 (the “Basket Australian Dollar Amount”). 

R2.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Australian Dollar
Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 R2.3 By
3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the
Trustee’s DTC operations desk (718) 315-7500 to expect the Authorized Participant’s Shares through DTC. 

R2.3.1 By 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time), the Trustee’s DTC operations desk notifies the Trustee
whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R2.3.2 By 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time), if the Shares being redeemed by the Authorized Participant
have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and
identifies the Authorized Participant from whom the Shares have been received. 
 R2.3.3 By 3:00 p.m. NYC time (usually 5:00 a.m. the
following day Melbourne time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received
the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received. 
 R2.4 By
3:30 p.m. NYC time (usually 5:30 a.m. the following day Melbourne time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Australian Dollar Amount to the accounts
of those Authorized Participants from whom the Trustee has received Shares. 

  
 16 

	R3	REDEMPTION T+2 

 R3.1 On REDEMPTION T+2, the Depository executes the instructions from the
Trustee to wire the Basket Australian Dollar Amount from the Trust Account and to transfer the Basket Australian Dollar Amount to the Authorized Participant’s designated account. The Australian Dollars will be sent to the designated accounts by
wire SWIFT BIC – CHASGB2L, or another funds transfer method acceptable to the Depository. 
 R3.1.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption. 

R3.1.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.2 Following the close of business (usually 4:00 p.m. Melbourne time) on REDEMPTION T+2, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R3.3 Following the close of business (usually 4:00 p.m. Melbourne time) on REDEMPTION T+2,
the Depository Australian Dollars system updates its account records, recording the movements of Australian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m.
Melbourne time) on REDEMPTION T+2. 
 R3.4 Following the close of business (usually 4:00 p.m. Melbourne time) on REDEMPTION T+2, the
Depository Australian Dollar system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
 17 

 ATTACHMENT A – FXB 

CREATION AND REDEMPTION OF BRITISH POUND STERLING SHARES AND 

RELATED BRITISH POUND STERLING TRANSACTIONS 

Scope of Procedures and Overview 
 These procedures (the
“Procedures”) describe the processes by which one or more Baskets of British Pound Sterling Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of
the CurrencyShares® British Pound Sterling Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be
created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of British Pounds between the Authorized Participant and the Trust, certain
processes relating to the underlying transfers of British Pounds also are described. 
 Under these Procedures, Baskets may be issued only in consideration
for British Pounds transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures
without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the
“Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each
Authorized Participant with the Sponsor and the Trustee. 
 For purposes of these Procedures, a “Business Day” is defined as any day other
than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day
other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in London. 
 Baskets are issued pursuant to the
Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be
issued and redeemed on any Business Day by the Trustee in exchange for British Pounds, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will
be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an
additional transaction fee, as follows: 
  

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer British Pounds and Baskets  

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption
Order(s) (each as defined herein and, together, “Orders”) for Baskets. 

  
 18 

 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 19 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the
Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 4:00 p.m. London time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in
which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the
Trust British Pounds and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the British Pounds the Participant has transferred to the Trust. 

 

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant
submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”). 
 C1.1.1
The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made
available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions ; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

 C1.1.2 By the Order Cut-Off Time or the Early Order
Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the
Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the
Trustee. 
 C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders
if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of
the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, will be rejected. 
 C1.1.5 During the phone call from the Authorized Person
of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order. 

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the
Trustee using the Purchase Order Form included as part of the Participant Agreement. 
 C1.1.7 The Purchase Order Form provides, among other
things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION
T+2. 
 C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized
Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes
after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 20 

 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in
accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior
to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of British Pounds the Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 2:30 p.m. London time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient British Pounds are wire
transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer British Pounds via SWIFT BIC – CHASGB2L, or another method acceptable to the
Depository. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for British Pounds
transfers with its sending financial institution. 
 C1.4.5 By 2:30 p.m. London time on CREATION T+2, British Pounds in the amount needed to
acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2. 

C1.4.6 An Authorized Participant may only deliver British Pounds for credit to the Depository via SWIFT BIC – CHASGB2L, or another method
acceptable to the Depository. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must
accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in
any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR TRUSTEE (CREATION T)

 C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order
entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds that must be deposited in the Deposit Account no later than 2:30 p.m. London time on
CREATION T+2. 
  

	C2	CREATION T+1 

 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final
amount of British Pounds that must be deposited in the Deposit Account (the “Basket British Pounds Amount”) no later than 2:30 p.m. London time on CREATION T+2 for creation of the Baskets on that day. 

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the
Depository indicating the total British Pounds amount that the Depository will receive from the Authorized Participant on CREATION T+2. 

  
 21 

	C3	CREATION T+2 

 C3.1 By 2:30 p.m. London time (usually 9:30 a.m. NYC time), the Depository has
received each Authorized Participant’s wire transfer of the Basket British Pounds Amount in the Deposit Account. 
 C3.2 As of 2:30 p.m.
London time, the Depository notifies the Trustee that the Basket British Pounds Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant
(SPO/DTC Charge). 
 C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket
British Pounds Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the
Basket British Pounds Amount. 
 C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of
the Basket British Pounds Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding
accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares
outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket British Pounds Amount has been received into the Deposit Account. 

C3.7 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository makes appropriate entries in its books and
records to reflect the creation of Baskets. 
 C3.8 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the
Depository British Pounds system updates account records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London time) on
CREATION T+2. 
 C3.9 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository British Pounds
system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 

C3.10 If the Authorized Participant fails to deliver British Pounds by 2:30 p.m. London time on CREATION T+2, (a) the Trustee will apply a late
fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant. 

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

 Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
 22 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), and a Basket is redeemed by 2:30 p.m. London time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of
the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the
Trustee will instruct the Depository to transfer to the Authorized Participant British Pounds corresponding to the Shares delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted
from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of
the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the British
Pounds to the Authorized Participant on REDEMPTION T+2. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 23 

 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees prior to delivery of the British Pounds on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of British Pounds the Participant will receive upon redemption of the indicated Basket(s).

 R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the
amount of British Pounds to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 2:30 p.m. London time
(usually 9:30 a.m. NYC time) on REDEMPTION T+2. 
 R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming
the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
 R1.4.2 If an Authorized Participant has placed its
Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British
Pounds to be delivered to the Authorized Participant on REDEMPTION T+2. 
  

	R2	REDEMPTION T+1 

 R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the
final amount of British Pounds the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket British Pounds Amount”). 

 

	R3	REDEMPTION T+2 

 R3.1 Prior to the delivery of the Basket British Pounds Amount on REDEMPTION
T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 R3.2 By 9:00 a.m. NYC time
(usually 2:00 p.m. London time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315- 7500) to expect the Authorized Participant’s Shares through DTC. 
 R3.2.1 By 9:00 a.m. NYC time
(usually 2:00 p.m. London time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R3.2.2 By 9:00 a.m. NYC time (usually 2:00 p.m. London time), if the Shares being redeemed by the Authorized Participant have been received
into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the
Authorized Participant from whom the Shares have been received. 
 R3.2.3 By 9:00 a.m. NYC time (usually 2:00 p.m. London time), if the
Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized
Participant, and identifies the Authorized Participant from whom Shares have not been received. 

  
 24 

 R3.3 By 9:30 a.m. NYC time (usually 2:30 p.m. London time), the Trustee sends an authenticated
electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket British Pounds Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The British Pounds will be sent to
the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository). 
 R3.4 As of
9:30 a.m. NYC time (usually 2:30 p.m. London time), following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket British Pounds Amount from
the Trust Account and to transfer the Basket British Pounds Amount to the Authorized Participant’s designated account. 
 R3.4.1 By DTC
free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption. 

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.5 Following the close of business (usually 4:00 p.m. London time) on REDEMPTION T+2, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R3.6 Following the close of business (usually 4:00 p.m. London time) on REDEMPTION T+2, the
Depository British Pounds system updates its account records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 3:30 p.m. London time)
on REDEMPTION T+2. 
 R3.7 Following the close of business (usually 4:00 p.m. London time) on REDEMPTION T+2, the Depository British Pounds
system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
 25 

 ATTACHMENT A – FXC 

CREATION AND REDEMPTION OF CANADIAN DOLLAR SHARES AND RELATED 

CANADIAN DOLLAR TRANSACTIONS 
 Scope of
Procedures and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Canadian Dollar
Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Canadian Dollar Trust (the
“Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the
issuance and redemption of Baskets also involve the transfer of Canadian Dollars between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Canadian Dollars also are described. 

Under these Procedures, Baskets may be issued only in consideration for Canadian Dollars transferred to and held in the Trust’s accounts maintained in
London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust
Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of
Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which
the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which
has been designated a bank holiday in Toronto. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized
Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for
Canadian Dollars, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500
to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows: 

 

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Canadian Dollars and Baskets  

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s)
(each as defined herein and, together, “Orders”) for Baskets. 

  
 26 

 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 27 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the
Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC and Toronto time on the second Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of
the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Canadian Dollars
and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Canadian Dollars the Participant has transferred to the Trust. 

 

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant
submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process. 

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in
the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or
(b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 
 C1.1.2 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500 notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order
number. The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.3 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be rejected. 

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an
order number for the Authorized Participant’s Purchase Order. 
 C1.1.6 Within 15 minutes after receiving the order number from the
Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the
condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2. 

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person
placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after
the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 28 

 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in
accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior
to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Canadian Dollars the Authorized Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 9:30 a.m. NYC and Toronto time on CREATION T+2, sufficient Canadian Dollars are wire transferred to the
Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Canadian Dollars via SWIFT BIC – CHASGB2L, or another method acceptable to the
Depository. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Canadian Dollars
transfers with its sending financial institution. 
 C1.4.5 By 9:30 a.m. NYC and Toronto time on CREATION T+2 Canadian Dollars in the amount
needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2. 

C1.4.6 An Authorized Participant may only deliver Canadian Dollars for credit to the Depository via SWIFT BIC – CHASGB2L, or another
method acceptable to the Depository. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized
Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to
be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR
TRUSTEE (CREATION T) 
 C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the
Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Canadian Dollars that must be deposited in the Deposit Account no
later than 9:30 a.m. NYC time on CREATION T+2. 

  
 29 

	C2	CREATION T+1 

 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final
amount of Canadian Dollars that must be deposited in the Deposit Account (the “Basket Canadian Dollars Amount”) no later than 9:30 a.m. NYC and Toronto time on CREATION T+2 for creation of the Baskets on that day. 

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the
Depository indicating the total Canadian Dollar amount that the Depository will receive from the Authorized Participant on CREATION T+2. 
  

	C3	CREATION T+2 

 C3.1 By 9:30 a.m. NYC and Toronto time, the Depository has received each
Authorized Participant’s wire transfer of the Basket Canadian Dollars Amount in the Deposit Account. 
 C3.2 As of 9:30 a.m. NYC and
Toronto time, the Depository notifies the Trustee that the Basket Canadian Dollars Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant
(SPO/DTC Charge). 
 C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket
Canadian Dollars Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of
the Basket Canadian Dollars Amount. 
 C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the
transfer of the Basket Canadian Dollars Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares
outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number
of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket Canadian Dollars Amount has been received into the Deposit Account. 

C3.7 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository makes appropriate entries in its books
and records to reflect the creation of Baskets. 
 C3.8 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the
Depository Canadian Dollars system updates account records, recording the movements of Canadian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Toronto
time) on CREATION T+2. 
 C3.9 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository Canadian
Dollars system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 

  
 30 

 C3.10 If the Authorized Participant fails to deliver Canadian Dollars by 9:30 a.m. Toronto time
on CREATION T+2, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices,
payable by the Authorized Participant. 
 In the event any such late fees are assessed, the Trustee will coordinate with the Authorized
Participant to arrange payment of such fees. 
 Note: Both creation and redemption activities (delivery/receipts) time frames are subject
to change based on depository requirements. 

  
 31 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), and a Basket is redeemed by 9:30 a.m. NYC and Toronto time on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be
the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct
the Depository to transfer to the Authorized Participant Canadian Dollars corresponding to the Shares delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted
from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500 notifying the Trustee that the Authorized Participant wishes to
place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the Canadian
Dollars to the Authorized Participant on REDEMPTION T+2. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 32 

 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees prior to delivery of the Canadian Dollars on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Canadian Dollars the Participant will receive upon redemption of the indicated
Basket(s). 
 R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository
indicating the amount of Canadian Dollars to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 9:00 a.m.
NYC and Toronto time on REDEMPTION T+2. 
 R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming
the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
 R1.4.2 If an Authorized Participant has placed its
Redemption Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Canadian
Dollars to be delivered to the Authorized Participant on REDEMPTION T+2. 
  

	R2	REDEMPTION T+1 

 R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the
final amount of Canadian Dollars the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Canadian Dollars Amount”). 

 

	R3	REDEMPTION T+2 

 R3.1 Prior to the delivery of the Basket Canadian Dollars Amount on REDEMPTION
T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 R3.2 By 9:00 a.m. NYC and
Toronto time, the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC. 
 R3.2.1 By 9:00 a.m. NYC and
Toronto time, the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R3.2.2 By 9:00 a.m. NYC and Toronto time, if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s
participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from
whom the Shares have been received. 
 R3.2.3 By 9:00 a.m. NYC and Toronto time, if the Shares of a redeeming Authorized Participant have not
been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant
from whom Shares have not been received. 
 R3.3 By 9:30 a.m. NYC and Toronto time, the Trustee sends an authenticated electronic message
(SWIFT MT202) to the Depository directing the Depository to transfer the Basket Canadian Dollars Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Canadian Dollars will be sent to the designated
accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository). 

  
 33 

 R3.4 As of 9:30 a.m. NYC and Toronto time, following the receipt of the authenticated
confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Canadian Dollars Amount from the Trust Account and to transfer the Basket Canadian Dollars Amount to the Authorized
Participant’s designated account. 
 R3.4.1 By DTC free delivery cut-off time (usually 3:00 p.m.
NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption. 

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.5 Following the close of business (usually 4:00 p.m. Toronto time) on REDEMPTION T+2, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R3.6 Following the close of business (usually 4:00 p.m. Toronto time) on REDEMPTION T+2, the
Depository Canadian Dollars system updates its account records, recording the movements of Canadian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Toronto
time) on REDEMPTION T+2. 
 R3.7 Following the close of business (usually 4:00 p.m. Toronto time) on REDEMPTION T+2, the Depository Canadian
Dollars system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
 34 

 ATTACHMENT A – FXE 

CREATION AND REDEMPTION OF EURO SHARES AND RELATED EURO 

TRANSACTIONS 
 Scope of Procedures and
Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Euro Trust shares (the
“Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Euro Trust (the “Trust”), may be
purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also
involve the transfer of Euro between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Euro also are described. 

Under these Procedures, Baskets may be issued only in consideration for Euro transferred to and held in the Trust’s accounts maintained in London,
England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement,
dated as of December 2, 2005, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares
issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which
the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which
has been designated a bank holiday in Frankfurt. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized
Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for
Euro, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the
Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows: 

 

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Euro and Baskets 

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s)
(each as defined herein and, together, “Orders”) for Baskets. 

  
 35 

 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 36 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the
Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 5:00 p.m. Frankfurt time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in
which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the
Trust Euro and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Euro the Participant has transferred to the Trust. 

 

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant
submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process. 

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in
the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or
(b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 
 C1.1.2 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order
number. The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.3 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected. 

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an
order number for the Authorized Participant’s Purchase Order. 
 C1.1.6 Within 15 minutes after receiving the order number from the
Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the
condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2. 

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person
placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after
the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
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 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in
accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior
to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant must transfer in exchange for the 

Basket(s). 
 C1.3 The Participant ensures that by
3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient Euro are wire transferred to the Depository. 
 C1.4 NOTES
FOR AUTHORIZED PARTICIPANT (CREATION T) 
 C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Euro via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an
Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Euro transfers with
its sending financial institution. 
 C1.4.5 By 3:30 p.m. Frankfurt time on CREATION T+2, Euro in the amount needed to acquire the Shares
must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2. 
 C1.4.6 An
Authorized Participant may only deliver Euro for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository. 

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the
applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized
Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR TRUSTEE (CREATION T) 

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order
entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Euro that must be deposited in the Deposit Account no later than 3:30 p.m. Frankfurt time on CREATION
T+2. 
  

	C2	CREATION T+1 

 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final
amount of Euro that must be deposited in the Deposit Account (the “Basket Euro Amount”) no later than 3:30 p.m. Frankfurt time on CREATION T+2 for creation of the Baskets on that day. 

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the
Depository indicating the total Euro amount that the Depository will receive from the Authorized Participant on CREATION T+2. 

  
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	C3	CREATION T+2 

 C3.1 By 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time), the Depository has
received each Authorized Participant’s wire transfer of the Basket Euro Amount in the Deposit Account. 
 C3.2 As of 3:30 p.m. Frankfurt
time, the Depository notifies the Trustee that the Basket Euro Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant
(SPO DTC Charge). 
 C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket
Euro Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket
Euro Amount. 
 C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Euro
Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC
time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the
Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket Euro Amount has been received into the Deposit Account. 
 C3.7
Following the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. 

C3.8 Following the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2, the Depository Euro system updates account
records, recording the movements of Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2. 

C3.9 Following the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2, the Depository Euro system automatically
generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 

C3.10 If the Authorized Participant fails to deliver Euro by 3:30 p.m. Frankfurt time on CREATION T+2, (a) the Trustee will apply a late fee
equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant. 

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

 Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
 39 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption
of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the
Trustee will instruct the Depository to transfer to the Authorized Participant Euro corresponding to the Shares delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted
from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO DTC Charge prior to the delivery of the Euro to the
Authorized Participant on REDEMPTION T+2. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant
within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption
Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
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 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then, by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees prior to delivery of the Euro on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant will receive upon redemption of the indicated Basket(s). 

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of
Euro to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC
time) on REDEMPTION T+2. 
 R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming
the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
 R1.4.2 If an Authorized Participant has placed its
Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Euro to
be delivered to the Authorized Participant on REDEMPTION T+2. 
  

	R2	REDEMPTION T+1 

 R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the
final amount of Euro the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Euro Amount”). 
  

	R3	REDEMPTION T+2 

 R3.1 Prior to the delivery of the Basket Euro Amount on REDEMPTION T+2, the
Trustee must have received the Transaction Fees from the Authorized Participant (SPO DTC Charge). 
 R3.2 By 9:00 a.m. NYC time (usually 3:00
p.m. Frankfurt time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC. 
 R3.2.1 By 9:00 a.m. NYC time
(usually 3:00 p.m. Frankfurt time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R3.2.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Frankfurt time), if the Shares being redeemed by the Authorized Participant have been received
into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the
Authorized Participant from whom the Shares have been received. 
 R3.2.3 By 9:00 a.m. NYC time (usually 3:00 p.m. Frankfurt time), if the
Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized
Participant, and identifies the Authorized Participant from whom Shares have not been received. 
 R3.3 By 9:30 a.m. NYC time (usually 3:30
p.m. Frankfurt time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Euro Amount to the accounts of those Authorized Participants from whom the Trustee has
received Shares. The Euro will be sent to the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository). 

  
 41 

 R3.4 As of 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time), following the receipt of the
authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Euro Amount from the Trust Account and to transfer the Basket Euro Amount to the Authorized
Participant’s designated account. 
 R3.4.1 By DTC free delivery cut-off time (usually 3:00 p.m.
NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption. 

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.5 Following the close of business (usually 4:00 p.m. Frankfurt time) on REDEMPTION T+2, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R3.6 Following the close of business (usually 4:00 p.m. Frankfurt time) on REDEMPTION T+2,
the Depository Euro system updates its account records, recording the movements of Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Frankfurt time) on
REDEMPTION T+2. 
 R3.7 Following the close of business (usually 4:00 p.m. Frankfurt time) on REDEMPTION T+2, the Depository Euro system
automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements. 

  
 42 

 ATTACHMENT A – FXY 

CREATION AND REDEMPTION OF JAPANESE YEN SHARES AND RELATED 

JAPANESE YEN TRANSACTIONS 
 Scope of
Procedures and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Japanese Yen Trust
shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Japanese Yen Trust (the
“Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the
issuance and redemption of Baskets also involve the transfer of Japanese Yen between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Japanese Yen also are described. 

Under these Procedures, Baskets may be issued only in consideration for Japanese Yen transferred to and held in the Trust’s accounts maintained in
London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust
Agreement, dated as of February 1, 2007, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of
Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “NY Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on
which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day
which has been designated a bank holiday in Japan. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each
Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in
exchange for Japanese Yen, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction
fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows: 

 

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Japanese Yen and Baskets 

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption
Order(s) (each as defined herein and, together, “Orders”) for Baskets. 

  
 43 

 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 44 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is
the Order Date under the Trust Agreement (“CREATION T”), on the next NY Business Day following CREATION T that is also a Local Business Day (“CREATION T+1”), the Trustee notifies the Authorized Participant and the
Depository of the amount of Japanese Yen to be transferred to the Trust and the Authorized Participant transfers such amount to the Depository and a Basket is created on the next NY Business Day following CREATION T+1, unless the Trustee has not
received confirmation of the receipt of the Basket Japanese Yen Amount (as defined herein) on such day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day
(“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Japanese Yen and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust
Company (“DTC”) Baskets corresponding to the Japanese Yen the Participant has transferred to the Trust. 
  

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant
submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process. 

C1.1.1 The Authorized Participant (“AP”) submitting an order to create shall submit such orders containing the information required
by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and
conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone
call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order
process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected. 
 C1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order. 

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the
Trustee using the Purchase Order Form included as part of the Participant Agreement. 
 C1.1.7 The Purchase Order Form provides, among other
things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION
T+2. 

  
 45 

 C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant
within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order
Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules,
then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2”
and indicating, on a preliminary basis subject to confirmation, the number of Japanese Yen the Authorized Participant must transfer in exchange for the Basket(s). 

C1.3 The Authorized Participant ensures that by 3:30 p.m. NYC time on CREATION T+1 (usually 4:30 a.m. the following day Tokyo time), sufficient
Japanese Yen are wire transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Japanese Yen via SWIFT BIC – CHASGB2L, or another method acceptable to the
Depository.. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Japanese Yen transfers
with its sending financial institution. 
 C1.4.5 By 3:30 p.m. NYC time on CREATION T+1 (usually 4:30 a.m. the following day Tokyo time),
Japanese Yen in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+2. 

C1.4.6 An Authorized Participant may only deliver Japanese Yen for credit to the Depository via SWIFT BIC – CHASGB2L, or another method
acceptable to the Depository. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must
accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in
any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR TRUSTEE (CREATION T)

 C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order
entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Japanese Yen that must be deposited in the Deposit Account no later than 3:30 p.m. NYC time on
CREATION T+1 (usually 4:30 a.m. the following day Tokyo time). 
  

	C2	CREATION T+1 

 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final
amount of Japanese Yen that must be deposited in the Deposit Account (the “Basket Japanese Yen Amount”) not later than 3:30 p.m. NYC time on CREATION T+1 (usually 4:30 a.m. the following day Tokyo time) for the creation of Baskets
on CREATION T+2. 

  
 46 

 C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an
authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of Japanese Yen that the Depository will receive from the Authorized Participant on CREATION T+1. 

C2.3 By 3:30 p.m. NYC time (usually 4:30 a.m. the following day Tokyo time), the Depository has received each Authorized Participant’s
wire transfer of the Basket Japanese Yen Amount in the Deposit Account. 
  

	C3	CREATION T+2 

 C3.1 As of 9:00 a.m. NYC time, the Depository notifies the Trustee that the
Basket Japanese Yen Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 
 C3.2 Prior
to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 

C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Japanese Yen Amount to
the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Japanese Yen
Amount. 
 C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Japanese
Yen Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m.
NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies
the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.5 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket Japanese Yen Amount has been received into the Deposit Account. 

C3.6 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+2, the Depository makes appropriate entries in its books and
records to reflect the creation of Baskets. 
 C3.7 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+2, the
Depository Japanese Yen system updates account records, recording the movements of Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Tokyo time) on
CREATION T+2. 
 C3.8 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+2, the Depository Japanese Yen system
automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

C3.9 If the Authorized Participant fails to deliver Japanese Yen by 3:30 p.m. NYC time on CREATION T+1, (a) the Trustee will apply a late fee
equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant. 

  
 47 

 In the event any such late fees are assessed, the Trustee will coordinate with the Authorized
Participant to arrange payment of such fees. 
 Note: Both creation and redemption activities (delivery/receipts) time frames are subject
to change based on depository requirements. 

  
 48 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), Baskets to be redeemed are delivered to the Trustee by 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time) on the first NY Business Day following REDEMPTION T, unless that day is not a
Local Business Day, in which case Baskets shall be delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+1”) and the Authorized Participant receives the corresponding Japanese
Yen on the next NY Business Day that is also a Local Business Day following REDEMPTION T+1 (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee
will instruct the Depository to transfer to the Authorized Participant Japanese Yen corresponding to the Baskets delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted
from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500 notifying the Trustee that the Authorized Participant wishes to
place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery
of the Japanese Yen to the Authorized Participant. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized
Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the
Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 49 

 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees on REDEMPTION T+2 prior to delivery of the Japanese Yen” and indicating, on a preliminary basis subject to confirmation, the number of Japanese Yen the Participant will receive upon redemption of the indicated Basket(s) of
Shares. 
 R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.3.1 The Trustee will deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+1 only after confirming
the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
 R1.3.2 If an Authorized Participant has placed its
Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Japanese
Yen to be delivered to the Authorized Participant on REDEMPTION T+2. 
  

	R2	REDEMPTION T+1 

 R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the
final amount of Japanese Yen that will be delivered to the Authorized Participant on REDEMPTION T+2 (the “Basket Japanese Yen Amount”). 

R2.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Japanese Yen
Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 R2.3 By
3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the
Trustee’s DTC operations desk (718) 315-7500 to expect the Authorized Participant’s Shares through DTC. 

R2.3.1 By 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time), the Trustee’s DTC operations desk notifies the Trustee
whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R2.3.2 By 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time), if the Shares being redeemed by the Authorized Participant have
been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies
the Authorized Participant from whom the Shares have been received. 
 R2.3.3 By 3:00 p.m. NYC time (usually 4:00 a.m. the following day
Tokyo time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the
Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received. 
 R2.4 By 3:30 p.m. NYC time
(usually 4:30 a.m. the following day Tokyo time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Japanese Yen Amount to the accounts of those Authorized
Participants from whom the Trustee has received Shares. 

  
 50 

	R3	REDEMPTION T+2 

 R3.1 On REDEMPTION T+2, the Depository executes the instructions from the
Trustee to wire the Basket Japanese Yen Amount from the Trust Account and to transfer the Basket Japanese Yen Amount to the Authorized Participant’s designated account. The Japanese Yen will be sent to the designated accounts by wire (RTGSplus,
EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) SWIFT BIC – CHASGB2L. 
 R3.1.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption. 

R3.1.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.2 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+2, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R3.3 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+2, the
Depository Japanese Yen system updates its account records, recording the movements of Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Tokyo time) on
REDEMPTION T+2. 
 R3.4 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+2, the Depository Japanese Yen
system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
 51 

 ATTACHMENT A – FXSG 

CREATION AND REDEMPTION OF SINGAPORE DOLLAR SHARES AND 

RELATED SINGAPORE DOLLAR TRANSACTIONS 

Scope of Procedures and Overview 
 These procedures (the
“Procedures”) describe the processes by which one or more Baskets of Singapore Dollar Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the
CurrencyShares® Singapore Dollar Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or
redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Singapore Dollars between the Authorized Participant and the Trust, certain
processes relating to the underlying transfers of Singapore Dollars also are described. 
 Under these Procedures, Baskets may be issued only in
consideration for Singapore Dollar transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in
these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of August 7, 2008, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the
“Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each
Authorized Participant with the Sponsor and the Trustee. 
 For purposes of these Procedures, a “NY Business Day” is defined as any day
other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; a “Local Business Day” is defined as any day
other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Singapore. 
 Baskets are issued pursuant to the
Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be
issued and redeemed on any Business Day by the Trustee in exchange for Singapore Dollar, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants
will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an
additional transaction fee, as follows: 
  

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Singapore Dollars and Baskets  

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s)
(each as defined herein and, together, “Orders”) for Baskets. 

  
 52 

 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 53 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is
the Order Date under the Trust Agreement (“CREATION T”), on the next NY Business Day that is also a Local Business Day (“CREATION T+1”), the Trustee notifies the Authorized Participant and the Depository of the
amount of Singapore Dollars to be transferred to the Trust and the Authorized Participant transfers such amount to the Depository and a Basket is created on the next NY Business Day following CREATION T+1, unless the Trustee has not received
confirmation of the receipt of the Basket Singapore Dollar Amount (as defined herein) on such day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day (“CREATION
T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Singapore Dollars and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company
(“DTC”) Baskets corresponding to the Singapore Dollars the Participant has transferred to the Trust. 
  

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant
submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process. 

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in
the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions ; or
(b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 
 C1.1.2 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at
718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee
provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.3 Incoming telephone calls are queued
and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected. 

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an
order number for the Authorized Participant’s Purchase Order. 
 C1.1.6 Within 15 minutes after receiving the order
number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the
condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2. 

  
 54 

 C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant
within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order
Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules,
then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2”
and indicating, on a preliminary basis subject to confirmation, the number of Singapore Dollars the Authorized Participant must transfer in exchange for the Basket(s). 

C1.3 The Authorized Participant ensures that by 3:30 p.m. NYC time on CREATION T+1 (usually 3:30 a.m. the following day Singapore time) that
sufficient Singapore Dollars are wire transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Singapore Dollars via SWIFT BIC – CHASGB2L, or another method acceptable to the
Depository. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Singapore Dollar
transfers with its sending financial institution. 
 C1.4.5 By 3.30 p.m NYC time on CREATION T+1 (usually 3:30 a.m. the following day
Singapore time), Singapore Dollars in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+2. 

C1.4.6 An Authorized Participant may only deliver Singapore Dollars for credit to the Depository via SWIFT BIC – CHASGB2L, or another
method acceptable to the Depository. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized
Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to
be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR
TRUSTEE (CREATION T) 
 C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the
Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Singapore Dollars that must be deposited in the Deposit Account no
later than 3:30 p.m. NYC time on CREATION T+1 (usually 3:30 a.m. the following day Singapore time). 
  

	C2	CREATION T+1 

 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final
amount of Singapore Dollars that must be deposited in the Deposit Account (the “Basket Singapore Dollar Amount”) not later than 3:30 p.m. NYC time on CREATION T+1 (usually 3:30 a.m. the following day Singapore time) for the creation
of Baskets on T+2. 

  
 55 

 C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an
authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of Singapore Dollars that the Depository will receive from the Authorized Participant on CREATION T+1. 

C2.3 By 3:30 p.m. NYC time (usually 3:30 a.m. the following day Singapore time), the Depository has received each Authorized Participant’s
wire transfer of the Basket Singapore Dollar Amount in the Deposit Account. 
  

	C3	CREATION T+2 

 C3.1 As of 9:00 a.m. NYC time, the Depository notifies the Trustee that the
Basket Singapore Dollar Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 
 C3.2
Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 

C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Singapore Dollar Amount
to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Singapore
Dollar Amount. 
 C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket
Singapore Dollar Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly.
By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding,
and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.5 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket Singapore Dollar Amount has been received into the Deposit Account. 

C3.6 Following the close of business (usually 4:00 p.m. Singapore time) on CREATION T+2, the Depository makes appropriate entries in its books
and records to reflect the creation of Baskets. 
 C3.7 Following the close of business (usually 4:00 p.m. Singapore time) on CREATION T+2,
the Depository Singapore Dollar system updates account records, recording the movements of Singapore Dollars in the Deposit Account and providing updated balances in the affected accounts as of 8:30 a.m. NYC time on the first NY Business Day
following the date that is the Settlement Date under the Trust Agreement. 
 C3.8 Following the close of business (usually 4:00 p.m.
Singapore time) on CREATION T+2, the Depository Singapore Dollar system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received
only by the Trustee). 
 C3.9 If the Authorized Participant fails to deliver Singapore Dollars by 3:30 p.m. NYC time on CREATION T+1, (a) the
Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized
Participant. 

  
 56 

 In the event any such late fees are assessed, the Trustee will coordinate with the Authorized
Participant to arrange payment of such fees. 
 Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based
on depository requirements. 

  
 57 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), Baskets to be redeemed are delivered to the Trustee by 3:00 p.m. NYC time (usually 3:00 a.m. the following day Singapore time) on the first NY Business Day following REDEMPTION T, unless that day is not a
Local Business Day, in which case Baskets shall be delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+1”) and the Authorized Participant receives the corresponding Singapore
Dollars on the next NY Business Day that is also a Local Business Day following REDEMPTION T+1 (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the
Trustee will instruct the Depository to transfer to the Authorized Participant Singapore Dollars corresponding to the Baskets delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted
from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of
the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery
of the Singapore Dollars to the Authorized Participant. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 58 

 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees on REDEMPTION T+2 prior to delivery of the Singapore Dollars” and indicating, on a preliminary basis subject to confirmation, the number of Singapore Dollars the Participant will receive upon redemption of the indicated
Basket(s) of Shares. 
 R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.3.1 The Trustee will deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+1 only after confirming
the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
 R1.3.2 If an Authorized Participant has placed its
Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Singapore
Dollars to be delivered to the Authorized Participant on REDEMPTION T+2. 
  

	R2	REDEMPTION T+1 

 R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the
final amount of Singapore Dollars that will be delivered to the Authorized Participant on REDEMPTION T+2 (the “Basket Singapore Dollar Amount”). 

R2.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Singapore Dollar
Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 R2.3 By
3:00 p.m NYC time (usually 3:00 a.m. the following day Singapore time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the
Trustee’s DTC operations desk (718) 315-7500 to expect the Authorized Participant’s Shares through DTC. 

R2.3.1 By 3:00 p.m. NYC time (usually 3:00 a.m. the following day Singapore time), the Trustee’s DTC operations desk notifies the Trustee
whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R2.3.2 By 3:00 p.m. NYC time (usually 3:00 a.m. the following day Singapore time), if the Shares being redeemed by the Authorized Participant
have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and
identifies the Authorized Participant from whom the Shares have been received. 
 R 2.3.3 By 3:00 p.m. NYC time (usually 3:00 a.m. the
following day Singapore time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received
the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received. 
 R2.4 By
3:30 p.m. NYC time (usually 3:30 a.m. the following day Singapore time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Singapore Dollar Amount to the accounts of
those Authorized Participants from whom the Trustee has received Shares. 

  
 59 

	R3	REDEMPTION T+2 

 R3.1 On REDEMPTION T+2, the Depository executes the instructions from the
Trustee to wire the Basket Singapore Dollar Amount from the Trust Account and to transfer the Basket Singapore Dollar Amount to the Authorized Participant’s designated account. The Singapore Dollars will be sent to the designated accounts by
wire SWIFT BIC – CHASGB2L, or another funds transfer method acceptable to the Depository. 
 R3.1.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption. 

R3.1.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.2 Following the close of business (usually 4:00 p.m. Singapore time), the Depository makes the appropriate entries in its books and records
to reflect the redemptions. 
 R3.3 Following the close of business (usually 4:00 p.m. Singapore time), the Depository Singapore Dollars
system updates its account records, recording the movements of Singapore Dollars in the Deposit Account and providing updated balances in the affected accounts as of 8:30 a.m. NYC time on the first NY Business Day following the date that is
the Settlement Date under the Trust Agreement. 
 R3.4 Following the close of business (usually 4:00 p.m. Singapore time) on REDEMPTION T+2,
the Depository Singapore Dollar system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements. 

  
 60 

 ATTACHMENT A – FXS 

CREATION AND REDEMPTION OF SWEDISH KRONA SHARES AND RELATED 

SWEDISH KRONOR TRANSACTIONS 
 Scope of
Procedures and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Swedish Krona
Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Swedish Krona Trust (the
“Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the
issuance and redemption of Baskets also involve the transfer of Swedish Kronor between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Swedish Kronor also are described. 

Under these Procedures, Baskets may be issued only in consideration for Swedish Kronor transferred to and held in the Trust’s accounts maintained in
London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust
Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of
Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which
the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which
has been designated a bank holiday in Stockholm. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized
Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for
Swedish Krona, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to
the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows: 

 

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Swedish Kronor and Baskets  

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s)
(each as defined herein and, together, “Orders”) for Baskets. 

  
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 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 62 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the
Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 5:00 p.m. Stockholm time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in
which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the
Trust Swedish Kronor and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Swedish Kronor the Participant has transferred to the Trust. 

 

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant
submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process. 

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in
the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions ; or
(b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 
 C1.1.2 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order
number. The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.3 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be rejected. 

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an
order number for the Authorized Participant’s Purchase Order. 
 C1.1.6 Within 15 minutes after receiving the order number from the
Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the
condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2. 

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person
placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after
the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
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 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in
accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior
to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swedish Krona the Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient Swedish Krona are wire
transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Swedish Krona via SWIFT BIC – CHASGB2L, or another method acceptable to the
Depository. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Swedish Krona
transfers with its sending financial institution. 
 C1.4.5 By 3:30 p.m. Stockholm time on CREATION T+2, Swedish Krona in the amount needed
to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2. 

C1.4.6 An Authorized Participant may only deliver Swedish Krona for credit to the Depository via SWIFT BIC – CHASGB2L, or another method
acceptable to the Depository. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must
accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in
any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees. 
  

	 	C1.5	NOTES FOR TRUSTEE (CREATION T) 

 C1.5.1 If an Authorized Participant has placed its Purchase
Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swedish Krona that
must be deposited in the Deposit Account no later than 3:30 p.m. Stockholm time on CREATION T+2. 
  

	C2	CREATION T+1 

 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final
amount of Swedish Krona that must be deposited in the Deposit Account (the “Basket Swedish Krona Amount”) no later than 3:30 p.m. Stockholm time on CREATION T+2 for creation of the Baskets on that day. 

C 2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the
Depository indicating the total Swedish Krona amount that the Depository will receive from the Authorized Participant on CREATION T+2. 

  
 64 

	C3	CREATION T+2 

 C3.1 By 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time), the Depository has
received each Authorized Participant’s wire transfer of the Basket Swedish Krona Amount in the Deposit Account. 
 C3.2 As of 3:30 p.m.
Stockholm time, the Depository notifies the Trustee that the Basket Swedish Krona Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant
(SPO/DTC Charge). 
 C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket
Swedish Krona Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the
Basket Swedish Krona Amount. 
 C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of
the Basket Swedish Krona Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding
accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares
outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket Swedish Krona Amount has been received into the Deposit Account. 

C3.7 Following the close of business (usually 4:00 p.m. Stockholm time) on CREATION T+2, the Depository makes appropriate entries in its books
and records to reflect the creation of Baskets. 
 C3.8 Following the close of business (usually 4:00 p.m. Stockholm time) on CREATION T+2,
the Depository Swedish Krona system updates account records, recording the movements of Swedish Krona in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Stockholm
time) on CREATION T+2. 
 C3.9 Following the close of business (usually 4:00 p.m. Stockholm time) on CREATION T+2, the Depository Swedish
Krona system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 

C3.10 If the Authorized Participant fails to deliver Swedish Krona by 3:30 p.m. Stockholm time on CREATION T+2, (a) the Trustee will apply a
late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant. 

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees. 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements. 

  
 65 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption
of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the
Trustee will instruct the Depository to transfer to the Authorized Participant Swedish Krona corresponding to the Shares delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order
Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or
more Baskets (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted
from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the Swedish
Krona to the Authorized Participant on REDEMPTION T+2. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
 66 

 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees prior to delivery of the Swedish Krona on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swedish Krona the Participant will receive upon redemption of the indicated Basket(s). 

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of
Swedish Krona to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 3:30 p.m. Stockholm time (usually 9:30
a.m. NYC time) on REDEMPTION T+2. 
  

	 	R1.4	NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

 R1.4.1 The Trustee will only deliver the
authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC. 

R1.4.2 If an Authorized Participant has placed its Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order
entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swedish Krona to be delivered to the Authorized Participant on REDEMPTION T+2. 

 

	R2	REDEMPTION T+1 

 R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the
final amount of Swedish Krona the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Swedish Krona Amount”). 
  

	R3	REDEMPTION T+2 

 R3.1 Prior to the delivery of the Basket Swedish Krona Amount on REDEMPTION
T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 R3.2 By 9:00 a.m. NYC time
(usually 3:00 p.m. Stockholm time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC. 
 R3.2.1 By 9:00 a.m. NYC time
(usually 3:00 p.m. Stockholm time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R3.2.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Stockholm time), if the Shares being redeemed by the Authorized Participant have been received
into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the
Authorized Participant from whom the Shares have been received. 
 R3.2.3 By 9:00 a.m. NYC time (usually 3:00 p.m. Stockholm time), if the
Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized
Participant, and identifies the Authorized Participant from whom Shares have not been received. 

  
 67 

 R3.3 By 9:30 a.m. NYC time (usually 3:30 p.m. Stockholm time), the Trustee sends an authenticated
electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Swedish Krona Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Swedish Krona will be sent to the
designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to Depository). 
 R3.4 As of 3:30 p.m.
Stockholm time (usually 9:30 a.m. NYC time), following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Swedish Krona Amount from the
Trust Account and to transfer the Basket Swedish Krona Amount to the Authorized Participant’s designated account. 
 R3.4.1 By DTC free
delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption. 

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.5 Following the close of business (usually 4:00 p.m. Stockholm time) on REDEMPTION T+2, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R3.6 Following the close of business (usually 4:00 p.m. Stockholm time) on REDEMPTION T+2,
the Depository Swedish Krona system updates its account records, recording the movements of Swedish Krona in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Stockholm
time) on REDEMPTION T+2. 
 R3.7 Following the close of business (usually 4:00 p.m. Stockholm time) on REDEMPTION T+2, the Depository Swedish
Krona system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
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 ATTACHMENT A – FXF 

CREATION AND REDEMPTION OF SWISS FRANC SHARES AND RELATED SWISS 

FRANC TRANSACTIONS 
 Scope of Procedures
and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Swiss Franc Trust shares (the
“Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Swiss Franc Trust (the “Trust”), may be
purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also
involve the transfer of Swiss Francs between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Swiss Francs also are described. 

Under these Procedures, Baskets may be issued only in consideration for Swiss Francs transferred to and held in the Trust’s accounts maintained in
London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust
Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of
Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which
the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a a Saturday or Sunday or (ii) a day
which has been designated a bank holiday in Zurich. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each
Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in
exchange for Swiss Francs, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction
fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows: 

 

					
	 Baskets Created or Redeemed Per Order
	  	Additional Transaction Fee	 
	 2
	  	$	500	 
	 3
	  	$	1,000	 
	 4
	  	$	1,500	 
	 5 or more
	  	$	2,000	 

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Swiss Francs and Baskets  

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a
“PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s)
(each as defined herein and, together, “Orders”) for Baskets. 

  
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 Important Notes: 

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

  
 70 

 CREATION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the
Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 5:00 p.m. Zurich time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in
which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the
Trust Swiss Francs and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Swiss Francs the Participant has transferred to the Trust. 

C1 CREATION T (PURCHASE ORDER TRADE DATE) 
 C1.1
By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order
Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the
following process. 
 C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information
required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms
and conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone
call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order
process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected. 
 C1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order. 

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the
Trustee using the Purchase Order Form included as part of the Participant Agreement. 
 C1.1.7 The Purchase Order Form provides, among other
things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION
T+2. 
 C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized
Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes
after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
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 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in
accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior
to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swiss Francs the Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient Swiss Francs are wire
transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Swiss Francs via SWIFT BIC – CHASGB2L, or another method acceptable to the
Depository. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Swiss Francs transfers
with its sending financial institution. 
 C1.4.5 By 3:30 p.m. Zurich time on CREATION T+2, Swiss Francs in the amount needed to acquire the
Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2. 

C1.4.6 An Authorized Participant may only deliver Swiss Francs for credit to the Depository via SWIFT BIC – CHASGB2L, or another method
acceptable to the Depository. 
 C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must
accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in
any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR TRUSTEE (CREATION T)

 C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order
entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swiss Francs that must be deposited in the Deposit Account no later than 3:30 p.m. Zurich time on
CREATION T+2. 
 C2 CREATION T+1 
 C2.1 On
CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Swiss Francs that must be deposited in the Deposit Account (the “Basket Swiss Francs Amount”) no later than 3:30 p.m. Zurich time on CREATION T+2
for creation of the Baskets on that day. 
 C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an
authenticated electronic message (SWIFT MT210) to the Depository indicating the total Swiss Franc amount that the Depository will receive from the Authorized Participant on CREATION T+2. 

  
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 C3 CREATION T+2 

C3.1 By 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the
Basket Swiss Francs Amount in the Deposit Account. 
 C3.2 As of 3:30 p.m. Zurich time, the Depository notifies the Trustee that the Basket
Swiss Francs Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). 
 C3.3 Prior to the
delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 

C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Swiss Francs Amount to
the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Swiss Francs
Amount. 
 C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Swiss
Francs Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00
a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and
notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now
outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom
the Trustee has received confirmation from the Depository that the Basket Swiss Francs Amount has been received into the Deposit Account. 

C3.7 Following the close of business (usually 4:00 p.m. Zurich time) on CREATION T+2, the Depository makes appropriate entries in its books and
records to reflect the creation of Baskets. 
 C3.8 Following the close of business (usually 4:00 p.m. Zurich time) on CREATION T+2, the
Depository Swiss Francs system updates account records, recording the movements of Swiss Francs in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Zurich time) on
CREATION T+2. 
 C3.9 Following the close of business (usually 4:00 p.m. Zurich time) on CREATION T+2, the Depository Swiss Francs system
automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 

C3.10 If the Authorized Participant fails to deliver Swiss Francs by 3:30 p.m. Zurich time on CREATION T+2, (a) the Trustee will apply a late
fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant. 

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

 Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements. 

  
 73 

 REDEMPTION PROCESS 

OVERVIEW 
 The following
describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust
Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of
the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the
Trustee will instruct the Depository to transfer to the Authorized Participant Swiss Francs corresponding to the Shares delivered for redemption. 
 R1
REDEMPTION T (REDEMPTION ORDER TRADE DATE) 
 R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the
following process. 
 R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information
required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the
Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below. 

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off
Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes
to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if
the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected. 
 R1.1.5 During the phone call from the Authorized Person of
the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the
Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.7 The Redemption Order Form provides, among
other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the Swiss Francs
to the Authorized Participant on REDEMPTION T+2. 
 R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized
Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the
Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

  
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 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time
in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees prior to delivery of the Swiss Francs on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swiss Francs the Participant will receive upon redemption of the indicated Basket(s). 

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of
Swiss Francs to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 3:30 p.m. Zurich time (usually 9:30
a.m. NYC time) on REDEMPTION T+2. 
 R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming
the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
 R1.4.2 If an Authorized Participant has placed its
Redemption Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swiss
Francs to be delivered to the Authorized Participant on REDEMPTION T+2. 
 R2 REDEMPTION T+1 

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Swiss Francs the Authorized Participant will
receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Swiss Francs Amount”). 
 R3 REDEMPTION T+2 

R3.1 Prior to the delivery of the Basket Swiss Francs Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the
Authorized Participant (SPO/DTC Charge). 
 R3.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), the Authorized Participant delivers
free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized
Participant’s Shares through DTC. 
 R3.2.1 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), the Trustee’s DTC operations
desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R3.2.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), if the Shares being redeemed by the Authorized Participant have been received
into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the
Authorized Participant from whom the Shares have been received. 
 R3.2.3 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), if the
Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized
Participant, and identifies the Authorized Participant from whom Shares have not been received. 

  
 75 

 R3.3 By 9:30 a.m. NYC time (usually 3:30 p.m. Zurich time), the Trustee sends an authenticated
electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Swiss Francs Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Swiss Francs will be sent to the
designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository). 
 R3.4 As of 3:30
p.m. Zurich time (usually 9:30 a.m. NYC time), following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Swiss Francs Amount from the
Trust Account and to transfer the Basket Swiss Francs Amount to the Authorized Participant’s designated account. 
 R3.4.1 By DTC free
delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption. 

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer
agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R3.5 Following the close of business (usually 4:00 p.m. Zurich time) on REDEMPTION T+2, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R3.6 Following the close of business (usually 4:00 p.m. Zurich time) on REDEMPTION T+2, the
Depository Swiss Francs system updates its account records, recording the movements of Swiss Francs in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Zurich time) on
REDEMPTION T+2. 
 R3.7 Following the close of business (usually 4:00 p.m. Zurich time) on REDEMPTION T+2, the Depository Swiss Francs
system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

  
 76 

 EXHIBIT B – FXA 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES AUSTRALIAN DOLLAR TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXA             
            Redemption of FXA                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXA):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Australian Dollar Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Australian Dollar Amount disseminated the previous business day and
recognizes the final Basket Australian Dollar Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and
the Basket Australian Dollar Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as
otherwise set forth in the Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of Australian Dollars
                                         
                	  		  	Final # of FXA Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 77 

 EXHIBIT B – FXB 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES BRITISH POUND STERLING TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXB             
            Redemption of FXB                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXB):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® British Pound Sterling Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and
warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket British Pound Amount disseminated the previous business day and
recognizes the final Basket British Pound Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the
Basket British Pound Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise
set forth in the Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of British Pounds
                                         
                       	  		  	Final # of FXB Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 78 

 EXHIBIT B – FXC 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES CANADIAN DOLLAR TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXC             
            Redemption of FXC                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXC):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Canadian Dollar Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the
Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Canadian Dollar Amount disseminated the previous business day and recognizes
the final Basket Canadian Dollar Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Canadian
Dollar Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the
Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of Canadian Dollars
                                         
                  	  		  	Final # of FXC Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 79 

 EXHIBIT B – FXE 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES EURO TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXE             
            Redemption of FXE                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXE):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Euro Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the
Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Euro Amount disseminated the previous business day and recognizes
the final Basket Euro Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the
Basket Euro Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set
forth in the Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of Euros                                 
                                         
        	  		  	Final # of FXE Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 80 

 EXHIBIT B – FXY 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES JAPANESE YEN TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXY             
            Redemption of FXY                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXY):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Japanese Yen Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Japanese Yen Amount disseminated the previous business day and
recognizes the final Basket Japanese Yen Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and
the Basket Japanese Yen Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as
otherwise set forth in the Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of Japanese Yen
                                         
                         	  		  	Final # of FXY Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 81 

 EXHIBIT B – FXSG 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES SINGAPORE DOLLAR TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXSG             
            Redemption of FXSG                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXSG):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Singapore Dollar Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Singapore Dollar Amount disseminated the previous business day and
recognizes the final Basket Singapore Dollar Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and
the Basket Singapore Dollar Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as
otherwise set forth in the Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of Singapore Dollars
                                         
                 	  		  	Final # of FXSG Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 82 

 EXHIBIT B – FXS 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES SWEDISH KRONA TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXS             
            Redemption of FXS                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXS):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Swedish Krona Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Swedish Krona Amount disseminated the previous business day and
recognizes the final Basket Swedish Krona Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and
the Basket Swedish Krona Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as
otherwise set forth in the Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of Swedish
Kronor                                        
                      	  		  	Final # of FXS Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 83 

 EXHIBIT B – FXF 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES SWISS FRANC TRUST ETF 
  

 

					
		  	CONTACT INFORMATION FOR ORDER EXECUTION:
		  	Telephone order number:	  	(718) 315 - 7500
		  	Fax order number:	  	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
		  	Custodian Instructions	  	(000-000-0000) / SWIFT CHASGB2L

  
 Participant must
complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:                                     
                                         
                         	  		  	Time:                                     
                                         
                  
	Broker
Name:                                        
                                         
     	  		  	Firm
Name:                                        
                                         
    
	DTC Participant
Number:                                        
                        	  		  	Fax
Number:                                        
                                         
  
	Telephone
Number:                                        
                                   	  		  	
	
	Type of Order (Check Creation or Redemption):
	
	 Creation of FXF             
            Redemption of FXF                 

	
	Number of Creation Units (CU) Transacted (One CU = 50,000 FXF):
	
	
Number:                     
                 Number Written
Out:                             

			
	Order #                                 	  		  	

 This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Swiss Franc Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Swiss Franc Amount disseminated the previous business day and
recognizes the final Basket Swiss Franc Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and
the Basket Swiss Franc Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as
otherwise set forth in the Participant Agreement. 
  

					
	Date	  		  	Authorized Person’s Signature
			
	 II.     TO BE COMPLETED BY TRUSTEE:
	  		  	
			
	This certifies that the above order has been:	  		  	
			
	              Accepted by the Trustee
	  		  	
	
	              Declined by the
Trustee –
Reason:                                        
                                         
                        

			
	Final # of Swiss
Francs                                        
                            	  		  	Final # of FXF Shares                   
			
	Final Cash Due to Trustee                              
                                  	  		  	Final Cash Due to AP                     
	
                          
                              

Date
	  	                     

Time
	  	
                          
                              

Authorized Signature of Trustee

  
 84FS Investment Corporation III 8-K

 

Exhibit
10.1

ISDA

 

International
Swaps and Derivatives Association, Inc.

 

2002
MASTER AGREEMENT

 

dated
as of June 26, 2014

 

Citibank,
N.A. and Center City Funding LLC

 

have
entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or
will be governed by this 2002 Master Agreement, which includes the schedule (the “Schedule”), and the
documents and other confirming evidence (each a “Confirmation”) exchanged between the parties or otherwise
effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement and the Schedule are together
referred to as this “Master Agreement”.

 

Accordingly,
the parties agree as follows:

 

		1.	Interpretation

 

		(a)	Definitions.
                                         The terms defined in Section 14 and elsewhere in this Master Agreement will have the
                                         meanings therein specified for the purpose of this Master Agreement.

 

		(b)	Inconsistency.
                                         In the event of any inconsistency between the provisions of the Schedule and the other
                                         provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency
                                         between the provisions of any Confirmation and this Master Agreement, such Confirmation
                                         will prevail for the purpose of the relevant Transaction.

 

		(c)	Single
                                         Agreement. All Transactions are entered into in reliance on the fact that this Master
                                         Agreement and all Confirmations form a single agreement between the parties (collectively
                                         referred to as this “Agreement”), and the parties would not
                                         otherwise enter into any Transactions.

 

		2.	Obligations

 

		(a)	General
                                         Conditions.

 

		(i)	Each
                                         party will make each payment or delivery specified in each Confirmation to be made by
                                         it, subject to the other provisions of this Agreement.

 

		(ii)	Payments
                                         under this Agreement will be made on the due date for value on that date in the place
                                         of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement,
                                         in freely transferable funds and in the manner customary for payments in the required
                                         currency. Where settlement is by delivery (that is, other than by payment), such delivery
                                         will be made for receipt on the due date in the manner customary for the relevant obligation
                                         unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.

 

    

     

    

 

		(iii)	Each
                                         obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent
                                         that no Event of Default or Potential Event of Default with respect to the other party
                                         has occurred and is continuing, (2) the condition precedent that no Early Termination
                                         Date in respect of the relevant Transaction has occurred or been effectively designated
                                         and (3) each other condition specified in this Agreement to be a condition precedent
                                         for the purpose of this Section 2(a)(iii).

 

		(b)	Change
                                         of Account. Either party may change its account for receiving a payment or delivery
                                         by giving notice to the other party at least five Local Business Days prior to the Scheduled
                                         Settlement Date for the payment or delivery to which such change applies unless such
                                         other party gives timely notice of a reasonable objection to such change.

 

		(c)	Netting
                                         of Payments. If on any date amounts would otherwise be payable:

 

		(i)	in
                                         the same currency; and

 

		(ii)	in
                                         respect of the same Transaction,

 

by
each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically
satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate
amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger
aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller
aggregate amount.

 

The
parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect
of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts
are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that
“Multiple Transaction Payment Netting” applies to the Transactions identified as being subject to the election (in
which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions,
it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if
a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing.
This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices
through which the parties make and receive payments or deliveries.

 

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		(d)	Deduction
                                         or Withholding for Tax.

 

		(i)	Gross-Up.
                                         All payments under this Agreement will be made without any deduction or withholding for
                                         or on account of any Tax unless such deduction or withholding is required by any applicable
                                         law, as modified by the practice of any relevant governmental revenue authority, then
                                         in effect. If a party is so required to deduct or withhold, then that party (“X”)
                                         will:

 

(1)
promptly notify the other party (“Y”) of such requirement;

 

(2)
pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be
deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining
that such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

 

(3)
promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing
such payment to such authorities; and

 

(4)
if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement,
such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes,
whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required.

 

However,
X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:

 

 (A)             the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

 

 (B)             the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law.

 

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		(ii)	Liability.
                                         If:

 

 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

 

 (2) X does not so deduct or withhold; and a liability resulting from such Tax is assessed directly against X,

 

then,
except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount
of such liability (including any related liability for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

 

3.             Representations

 

Each
party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule
as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which
a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this
Agreement). If any “Additional Representation” is specified in the Schedule or any Confirmation as applying, the party
or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation
at the time or times specified for such Additional Representation.

 

		(a)	Basic
                                         Representations.

 

		(i)	Status.
                                         It is duly organised and validly existing under the laws of the jurisdiction of its organisation
                                         or incorporation and, if relevant under such laws, in good standing;

 

		(ii)	Powers.
                                         It has the power to execute this Agreement and any other documentation relating to this
                                         Agreement to which it is a party, to deliver this Agreement and any other documentation
                                         relating to this Agreement that it is required by this Agreement to deliver and to perform
                                         its obligations under this Agreement and any obligations it has under any Credit Support
                                         Document to which it is a party and has taken all necessary action to authorise such
                                         execution, delivery and performance;

 

		(iii)	No
                                         Violation or Conflict. Such execution, delivery and performance do not violate or
                                         conflict with any law applicable to it, any provision of its constitutional documents,
                                         any order or judgment of any court or other agency of government applicable to it or
                                         any of its assets or any contractual restriction binding on or affecting it or any of
                                         its assets;

 

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		(iv)	Consents.
                                         All governmental and other consents that are required to have been obtained by it with
                                         respect to this Agreement or any Credit Support Document to which it is a party have
                                         been obtained and are in full force and effect and all conditions of any such consents
                                         have been complied with; and

 

		(v)	Obligations
                                         Binding. Its obligations under this Agreement and any Credit Support Document to
                                         which it is a party constitute its legal, valid and binding obligations, enforceable
                                         in accordance with their respective terms (subject to applicable bankruptcy, reorganisation,
                                         insolvency, moratorium or similar laws affecting creditors’ rights generally and
                                         subject, as to enforceability, to equitable principles of general application (regardless
                                         of whether enforcement is sought in a proceeding in equity or at law)).

 

		(b)	Absence
                                         of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge,
                                         Termination Event with respect to it has occurred and is continuing and no such event
                                         or circumstance would occur as a result of its entering into or performing its obligations
                                         under this Agreement or any Credit Support Document to which it is a party.

 

		(c)	Absence
                                         of Litigation. There is not pending or, to its knowledge, threatened against it,
                                         any of its Credit Support Providers or any of its applicable Specified Entities any action,
                                         suit or proceeding at law or in equity or before any court, tribunal, governmental body,
                                         agency or official or any arbitrator that is likely to affect the legality, validity
                                         or enforceability against it of this Agreement or any Credit Support Document to which
                                         it is a party or its ability to perform its obligations under this Agreement or such
                                         Credit Support Document.

 

		(d)	Accuracy
                                         of Specified Information. All applicable information that is furnished in writing
                                         by or on behalf of it to the other party and is identified for the purpose of this Section
                                         3(d) in the Schedule is, as of the date of the information, true, accurate and complete
                                         in every material respect.

 

		(e)	Payer
                                         Tax Representation. Each representation specified in the Schedule as being made by
                                         it for the purpose of this Section 3(e) is accurate and true.

 

		(f)	Payee
                                         Tax Representations. Each representation specified in the Schedule as being made
                                         by it for the purpose of this Section 3(f) is accurate and true.

 

		(g)	No
                                         Agency. It is entering into this Agreement, including each Transaction, as principal
                                         and not as agent of any person or entity.

 

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4.             Agreements

 

Each
party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit
Support Document to which it is a party:

 

		(a)	Furnish
                                         Specified Information. It will deliver to the other party or, in certain cases under
                                         clause (iii) below, to such government or taxing authority as the other party reasonably
                                         directs:

 

		(i)	any
                                         forms, documents or certificates relating to taxation specified in the Schedule or any
                                         Confirmation;

 

		(ii)	any
                                         other documents specified in the Schedule or any Confirmation; and

 

		(iii)	upon
                                         reasonable demand by such other party, any form or document that may be required or reasonably
                                         requested in writing in order to allow such other party or its Credit Support Provider
                                         to make a payment under this Agreement or any applicable Credit Support Document without
                                         any deduction or withholding for or on account of any Tax or with such deduction or withholding
                                         at a reduced rate (so long as the completion, execution or submission of such form or
                                         document would not materially prejudice the legal or commercial position of the party
                                         in receipt of such demand), with any such form or document to be accurate and completed
                                         in a manner reasonably satisfactory to such other party and to be executed and to be
                                         delivered with any reasonably required certification,

 

in
each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

 

		(b)	Maintain
                                         Authorisations. It will use all reasonable efforts to maintain in full force and
                                         effect all consents of any governmental or other authority that are required to be obtained
                                         by it with respect to this Agreement or any Credit Support Document to which it is a
                                         party and will use all reasonable efforts to obtain any that may become necessary in
                                         the future.

 

		(c)	Comply
                                         With Laws. It will comply in all material respects with all applicable laws and orders
                                         to which it may be subject if failure so to comply would materially impair its ability
                                         to perform its obligations under this Agreement or any Credit Support Document to which
                                         it is a party.

 

		(d)	Tax
                                         Agreement. It will give notice of any failure of a representation made by it under
                                         Section 3(f) to be accurate and true promptly upon learning of such failure.

 

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		(e)	Payment
                                         of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed
                                         upon it or in respect of its execution or performance of this Agreement by a jurisdiction
                                         in which it is incorporated, organised, managed and controlled or considered to have
                                         its seat, or where an Office through which it is acting for the purpose of this Agreement
                                         is located (“Stamp Tax Jurisdiction”), and will indemnify the
                                         other party against any Stamp Tax levied or imposed upon the other party or in respect
                                         of the other party’s execution or performance of this Agreement by any such Stamp
                                         Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other
                                         party.

 

		5.	Events
                                         of Default and Termination
                                         Events

 

		(a)	Events
                                         of Default. The occurrence at any time with respect to a party or, if applicable,
                                         any Credit Support Provider of such party or any Specified Entity of such party of any
                                         of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event
                                         of default (an “Event of Default”) with respect to such party:

 

		(i)	Failure
                                         to Pay or Deliver. Failure by the party to make, when due, any payment under this
                                         Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made
                                         by it if such failure is not remedied on or before the first Local Business Day in the
                                         case of any such payment or the first Local Delivery Day in the case of any such delivery
                                         after, in each case, notice of such failure is given to the party;

 

		(ii)	Breach
                                         of Agreement; Repudiation of Agreement.

 

		(1)	Failure
                                         by the party to comply with or perform any agreement or obligation (other than an obligation
                                         to make any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2)
                                         or (4) or to give notice of a Termination Event or any agreement or obligation under
                                         Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in
                                         accordance with this Agreement if such failure is not remedied within 30 days after notice
                                         of such failure is given to the party; or

 

		(2)	the
                                         party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges
                                         the validity of, this Master Agreement, any Confirmation executed and delivered by that
                                         party or any Transaction evidenced by such a Confirmation (or such action is taken by
                                         any person or entity appointed or empowered to operate it or act on its behalf);

 

		(iii)	Credit
                                         Support Default.

 

 (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;

 

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 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or

 

 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

 

		(iv)	Misrepresentation.
                                         A representation (other than a representation under Section 3(e) or 3(f)) made or repeated
                                         or deemed to have been made or repeated by the party or any Credit Support Provider of
                                         such party in this Agreement or any Credit Support Document proves to have been incorrect
                                         or misleading in any material respect when made or repeated or deemed to have been made
                                         or repeated;

 

		(v)	Default
                                         Under Specified Transaction. The party, any Credit Support Provider of such party
                                         or any applicable Specified Entity of such party:

 

		(1)	defaults
                                         (other than by failing to make a delivery) under a Specified Transaction or any credit
                                         support arrangement relating to a Specified Transaction and, after giving effect to any
                                         applicable notice requirement or grace period, such default results in a liquidation
                                         of, an acceleration of obligations under, or an early termination of, that Specified
                                         Transaction;

 

		(2)	defaults,
                                         after giving effect to any applicable notice requirement or grace period, in making any
                                         payment due on the last payment or exchange date of, or any payment on early termination
                                         of, a Specified Transaction (or, if there is no applicable notice requirement or grace
                                         period, such default continues for at least one Local Business Day);

 

		(3)	defaults
                                         in making any delivery due under (including any delivery due on the last delivery or
                                         exchange date of) a Specified Transaction or any credit support arrangement relating
                                         to a Specified Transaction and, after giving effect to any applicable notice requirement
                                         or grace period, such default results in a liquidation of, an acceleration of obligations
                                         under, or an early termination of, all transactions outstanding under the documentation
                                         applicable to that Specified Transaction; or

 

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		(4)	disaffirms,
                                         disclaims, repudiates or rejects, in whole or in part, or challenges the validity of,
                                         a Specified Transaction or any credit support arrangement relating to a Specified Transaction
                                         that is, in either case, confirmed or evidenced by a document or other confirming evidence
                                         executed and delivered by that party, Credit Support Provider or Specified Entity (or
                                         such action is taken by any person or entity appointed or empowered to operate it or
                                         act on its behalf);

 

		(vi)	Cross
                                         Default. If “Cross-Default” is specified in the Schedule as applying
                                         to the party, the occurrence or existence of:

 

		(1)	a
                                         default, event of default or other similar condition or event (however described) in
                                         respect of such party, any Credit Support Provider of such party or any applicable Specified
                                         Entity of such party under one or more agreements or instruments relating to Specified
                                         Indebtedness of any of them (individually or collectively) where the aggregate principal
                                         amount of such agreements or instruments, either alone or together with the amount, if
                                         any, referred to in clause (2) below, is not less than the applicable Threshold Amount
                                         (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming,
                                         or becoming capable at such time of being declared, due and payable under such agreements
                                         or instruments before it would otherwise have been due and payable; or

 

		(2)	a
                                         default by such party, such Credit Support Provider or such Specified Entity (individually
                                         or collectively) in making one or more payments under such agreements or instruments
                                         on the due date for payment (after giving effect to any applicable notice requirement
                                         or grace period) in an aggregate amount, either alone or together with the amount, if
                                         any, referred to in clause (1) above, of not less than the applicable Threshold Amount;

 

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		(vii) 	Bankruptcy.
                                         The party, any Credit Support Provider of such party or any applicable Specified Entity
                                         of such party:

 

		(1)
                                                                                                                                                                                                                                    is                                          dissolved (other than pursuant to a consolidation, amalgamation or merger); (2)
                                                                                                                                                                                                                               becomes                                          insolvent or is unable to pay its debts or fails or admits in writing its
                                                                                                                                                                                                                               inability generally                                          to pay its debts as they become due; (3) makes a general
                                                                                                                                                                                                                               assignment, arrangement or composition                                          with or for the benefit of its creditors; (4)
                                                                                                                                                                                                                               (A) institutes or has instituted against                                          it, by a regulator, supervisor or any
                                                                                                                                                                                                                               similar official with primary insolvency, rehabilitative                                          or regulatory jurisdiction
                                                                                                                                                                                                                               over it in the jurisdiction of its incorporation or organisation                                          or the jurisdiction
                                                                                                                                                                                                                               of its head or home office, a proceeding seeking a judgment of insolvency                                          or
                                                                                                                                                                                                                               bankruptcy or any other relief under any bankruptcy or insolvency law or other similar
                                                                                                                                                                                                                               law affecting creditors’ rights, or a petition is presented for its winding-up
                                                                                                                                                                                                                               or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted
                                                                                                                                                                                                                               against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
                                                                                                                                                                                                                               under any bankruptcy or insolvency law or other similar law affecting creditors’
                                                                                                                                                                                                                               rights, or a petition is presented for its winding-up or liquidation, and such proceeding
                                                                                                                                                                                                                               or petition is instituted or presented by a person or entity not described in clause
                                                                                                                                                                                                                               (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry
                                                                                                                                                                                                                               of an order for relief or the making of an order for its winding-up or liquidation or
                                                                                                                                                                                                                               (II) is not dismissed, discharged, stayed or restrained in each case within 15 days of
                                                                                                                                                                                                                               the institution or presentation thereof; (5) has a resolution passed for its winding-up,
                                                                                                                                                                                                                               official management or liquidation (other than pursuant to a consolidation, amalgamation
                                                                                                                                                                                                                               or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional
                                                                                                                                                                                                                               liquidator, conservator, receiver, trustee, custodian or other similar official for it
                                                                                                                                                                                                                               or for all or substantially all its assets; (7) has a secured party take possession of
                                                                                                                                                                                                                               all or substantially all its assets or has a distress, execution, attachment, sequestration
                                                                                                                                                                                                                               or other legal process levied, enforced or sued on or against all or substantially all
                                                                                                                                                                                                                               its assets and such secured party maintains possession, or any such process is not dismissed,
                                                                                                                                                                                                                               discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes
                                                                                                                                                                                                                               or is subject to any event with respect to it which, under the applicable laws of any
                                                                                                                                                                                                                               jurisdiction, has an analogous effect to any of the events specified in clauses (1) to
                                                                                                                                                                                                                               (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent
                                                                                                                                                                                                                               to, approval of, or acquiescence in, any of the foregoing acts; or

 

		(viii)  	Merger
                                         Without Assumption. The party or any Credit Support Provider of such party consolidates
                                         or amalgamates with, or merges with or into, or transfers all or substantially all its
                                         assets to, or reorganises, reincorporates or reconstitutes into or as, another entity
                                         and, at the time of such consolidation, amalgamation, merger, transfer, reorganisation,
                                         reincorporation or reconstitution:

 

 (1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or

 

 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement.

 

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 (b)        Termination Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below, a Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below:

 

		(i)	Illegality.
                                         After giving effect to any applicable provision, disruption fallback or remedy specified
                                         in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to
                                         an event or circumstance (other than any action taken by a party or, if applicable, any
                                         Credit Support Provider of such party) occurring after a Transaction is entered into,
                                         it becomes unlawful under any applicable law (including without limitation the laws of
                                         any country in which payment, delivery or compliance is required by either party or any
                                         Credit Support Provider, as the case may be), on any day, or it would be unlawful if
                                         the relevant payment, delivery or compliance were required on that day (in each case,
                                         other than as a result of a breach by the party of Section 4(b)):

 

		(1)	for
                                         the Office through which such party (which will be the Affected Party) makes and receives
                                         payments or deliveries with respect to such Transaction to perform any absolute or contingent
                                         obligation to make a payment or delivery in respect of such Transaction, to receive a
                                         payment or delivery in respect of such Transaction or to comply with any other material
                                         provision of this Agreement relating to such Transaction; or

 

		(2)	for
                                         such party or any Credit Support Provider of such party (which will be the Affected Party)
                                         to perform any absolute or contingent obligation to make a payment or delivery which
                                         such party or Credit Support Provider has under any Credit Support Document relating
                                         to such Transaction, to receive a payment or delivery under such Credit Support Document
                                         or to comply with any other material provision of such Credit Support Document;

 

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		(ii)	Force
                                         Majeure Event. After giving effect to any applicable provision, disruption fallback
                                         or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this
                                         Agreement, by reason of force majeure or act of state occurring after a Transaction is
                                         entered into, on any day:

 

		(1)	the
                                         Office through which such party (which will be the Affected Party) makes and receives
                                         payments or deliveries with respect to such Transaction is prevented from performing
                                         any absolute or contingent obligation to make a payment or delivery in respect of such
                                         Transaction, from receiving a payment or delivery in respect of such Transaction or from
                                         complying with any other material provision of this Agreement relating to such Transaction
                                         (or would be so prevented if such payment, delivery or compliance were required on that
                                         day), or it becomes impossible or impracticable for such Office so to perform, receive
                                         or comply (or it would be impossible or impracticable for such Office so to perform,
                                         receive or comply if such payment, delivery or compliance were required on that day);
                                         or

 

		(2)	such
                                         party or any Credit Support Provider of such party (which will be the Affected Party)
                                         is prevented from performing any absolute or contingent obligation to make a payment
                                         or delivery which such party or Credit Support Provider has under any Credit Support
                                         Document relating to such Transaction, from receiving a payment or delivery under such
                                         Credit Support Document or from complying with any other material provision of such Credit
                                         Support Document (or would be so prevented if such payment, delivery or compliance were
                                         required on that day), or it becomes impossible or impracticable for such party or Credit
                                         Support Provider so to perform, receive or comply (or it would be impossible or impracticable
                                         for such party or Credit Support Provider so to perform, receive or comply if such payment,
                                         delivery or compliance were required on that day),

 

so
long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as
appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require
such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention,
impossibility or impracticability;

 

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		(iii)	Tax
                                         Event. Due to (1) any action taken by a taxing authority, or brought in a court of
                                         competent jurisdiction, after a Transaction is entered into (regardless of whether such
                                         action is taken or brought with respect to a party to this Agreement) or (2) a Change
                                         in Tax Law, the party (which will be the Affected Party) will, or there is a substantial
                                         likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required
                                         to pay to the other party an additional amount in respect of an Indemnifiable Tax under
                                         Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive
                                         a payment from which an amount is required to be deducted or withheld for or on account
                                         of a Tax (except in respect of interest under Section 9(h)) and no additional amount
                                         is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by
                                         reason of Section 2(d)(i)(4)(A) or (B));

 

		(iv)	Tax
                                         Event Upon Merger. The party (the “Burdened Party”) on
                                         the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional
                                         amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect
                                         of interest under Section 9(h)) or (2) receive a payment from which an amount has been
                                         deducted or withheld for or on account of any Tax in respect of which the other party
                                         is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A)
                                         or (B)), in either case as a result of a party consolidating or amalgamating with, or
                                         merging with or into, or transferring all or substantially all its assets (or any substantial
                                         part of the assets comprising the business conducted by it as of the date of this Master
                                         Agreement) to, or reorganising, reincorporating or reconstituting into or as, another
                                         entity (which will be the Affected Party) where such action does not constitute a Merger
                                         Without Assumption;

 

		(v)	Credit
                                         Event Upon Merger. If “Credit Event Upon Merger” is specified in the
                                         Schedule as applying to the party, a Designated Event (as defined below) occurs with
                                         respect to such party, any Credit Support Provider of such party or any applicable Specified
                                         Entity of such party (in each case, “X”) and such Designated
                                         Event does not constitute a Merger Without Assumption, and the creditworthiness of X
                                         or, if applicable, the successor, surviving or transferee entity of X, after taking into
                                         account any applicable Credit Support Document, is materially weaker immediately after
                                         the occurrence of such Designated Event than that of X immediately prior to the occurrence
                                         of such Designated Event (and, in any such event, such party or its successor, surviving
                                         or transferee entity, as appropriate, will be the Affected Party). A “Designated
                                         Event” with respect to X means that:

 

		(1)	X
                                         consolidates or amalgamates with, or merges with or into, or transfers all or substantially
                                         all its assets (or any substantial part of the assets comprising the business conducted
                                         by X as of the date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes
                                         into or as, another entity;

 

		(2)	any
                                         person, related group of persons or entity acquires directly or indirectly the beneficial
                                         ownership of (A) equity securities having the power to elect a majority of the board
                                         of directors (or its equivalent) of X or (B) any other ownership interest enabling it
                                         to exercise control of X; or

 

		(3)	X
                                         effects any substantial change in its capital structure by means of the issuance, incurrence
                                         or guarantee of debt or the issuance of (A) preferred stock or other securities convertible
                                         into or exchangeable for debt or preferred stock or (B) in the case of entities other
                                         than corporations, any other form of ownership interest; or

 

    Page 13

     

    

 

		(vi)	Additional
                                         Termination Event. If any “Additional Termination Event” is specified
                                         in the Schedule or any Confirmation as applying, the occurrence of such event (and, in
                                         such event, the Affected Party or Affected Parties will be as specified for such Additional
                                         Termination Event in the Schedule or such Confirmation).

 

 (c)           Hierarchy of Events.

 

		(i)	An
                                         event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure
                                         Event will not, for so long as that is the case, also constitute or give rise to an Event
                                         of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or
                                         circumstance relates to the failure to make any payment or delivery or a failure to comply
                                         with any other material provision of this Agreement or a Credit Support Document, as
                                         the case may be.

 

		(ii)	Except
                                         in circumstances contemplated by clause (i) above, if an event or circumstance which
                                         would otherwise constitute or give rise to an Illegality or a Force Majeure Event also
                                         constitutes an Event of Default or any other Termination Event, it will be treated as
                                         an Event of Default or such other Termination Event, as the case may be, and will not
                                         constitute or give rise to an Illegality or a Force Majeure Event.

 

		(iii)	If
                                         an event or circumstance which would otherwise constitute or give rise to a Force Majeure
                                         Event also constitutes an Illegality, it will be treated as an Illegality, except as
                                         described in clause (ii) above, and not a Force Majeure Event.

 

(d)          Deferral
of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing
with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will
be deferred to, and will not be due until: 

 

		(i)	the
                                         first Local Business Day or, in the case of a delivery, the first Local Delivery Day
                                         (or the first day that would have been a Local Business Day or Local Delivery Day, as
                                         appropriate, but for the occurrence of the event or circumstance constituting or giving
                                         rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting
                                         Period in respect of that Illegality or Force Majeure Event, as the case may be; or

 

		(ii)	if
                                         earlier, the date on which the event or circumstance constituting or giving rise to that
                                         Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business
                                         Day or, in the case of a delivery, a Local Delivery Day, the first following day that
                                         is a Local Business Day or Local Delivery Day, as appropriate.

 

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(e)             Inability
of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section
5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies,
(iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the Affected Party’s
head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence
of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and
receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force
Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect
to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred
to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure
will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

 

		6.	Early
                                         Termination; Close-Out
                                         Netting

 

		(a)	Right
                                         to Terminate Following Event of Default. If at any time an Event of Default with
                                         respect to a party (the “Defaulting Party”) has occurred and
                                         is then continuing, the other party (the “Non-defaulting Party”)
                                         may, by not more than 20 days notice to the Defaulting Party specifying the relevant
                                         Event of Default, designate a day not earlier than the day such notice is effective as
                                         an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic
                                         Early Termination” is specified in the Schedule as applying to a party, then an
                                         Early Termination Date in respect of all outstanding Transactions will occur immediately
                                         upon the occurrence with respect to such party of an Event of Default specified in Section
                                         5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time
                                         immediately preceding the institution of the relevant proceeding or the presentation
                                         of the relevant petition upon the occurrence with respect to such party of an Event of
                                         Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

 

		(b)	Right
                                         to Terminate Following Termination Event.

 

		(i)	Notice.
                                         If a Termination Event other than a Force Majeure Event occurs, an Affected Party will,
                                         promptly upon becoming aware of it, notify the other party, specifying the nature of
                                         that Termination Event and each Affected Transaction, and will also give the other party
                                         such other information about that Termination Event as the other party may reasonably
                                         require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware
                                         of it, use all reasonable efforts to notify the other party, specifying the nature of
                                         that Force Majeure Event, and will also give the other party such other information about
                                         that Force Majeure Event as the other party may reasonably require.

 

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		(ii)	Transfer
                                         to Avoid Termination Event. If a Tax Event occurs and there is only one Affected
                                         Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party,
                                         the Affected Party will, as a condition to its right to designate an Early Termination
                                         Date under Section 6(b)(iv), use all reasonable efforts (which will not require such
                                         party to incur a loss, other than immaterial, incidental expenses) to transfer within
                                         20 days after it gives notice under Section 6(b)(i) all its rights and obligations under
                                         this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates
                                         so that such Termination Event ceases to exist.

 

If
the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day
period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).

 

Any
such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the
other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to
enter into transactions with the transferee on the terms proposed.

 

		(iii)	Two
                                         Affected Parties. If a Tax Event occurs and there are two Affected Parties, each
                                         party will use all reasonable efforts to reach agreement within 30 days after notice
                                         of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.

 

		(iv)	Right
                                         to Terminate.

 

		(1)	If:

 

(A)
a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect
to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or

 

(B)
a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party
is not the Affected Party,

 

    Page 16

     

    

 

the
Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination
Event if there are two Affected Parties, or the Non-affected Party in the case of a Credit Event Upon Merger or an Additional
Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than
20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date
in respect of all Affected Transactions.

 

		(2)	If
                                         at any time an Illegality or a Force Majeure Event has occurred and is then continuing
                                         and any applicable Waiting Period has expired:

 

(A)
Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier
than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II)
by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as an Early Termination
Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination
Date in respect of less than all Affected Transactions. Upon receipt of a notice designating an Early Termination Date in respect
of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on
or before the day so designated, designate that same day as an Early Termination Date in respect of any or all other Affected
Transactions.

 

(B)
An Affected Party (if the Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider
of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the
relevant Credit Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A)
as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation
by the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions.

 

		(c)	Effect
                                         of Designation.

 

		(i)	If
                                         notice designating an Early Termination Date is given under Section 6(a) or 6(b), the
                                         Early Termination Date will occur on the date so designated, whether or not the relevant
                                         Event of Default or Termination Event is then continuing.

 

		(ii)	Upon
                                         the occurrence or effective designation of an Early Termination Date, no further payments
                                         or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions
                                         will be required to be made, but without prejudice to the other provisions of this Agreement.
                                         The amount, if any, payable in respect of an Early Termination Date will be determined
                                         pursuant to Sections 6(e) and 9(h)(ii).

 

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		(d)	Calculations;
                                         Payment Date.

 

		(i)	Statement.
                                         On or as soon as reasonably practicable following the occurrence of an Early Termination
                                         Date, each party will make the calculations on its part, if any, contemplated by Section
                                         6(e) and will provide to the other party a statement (1) showing, in reasonable detail,
                                         such calculations (including any quotations, market data or information from internal
                                         sources used in making such calculations), (2) specifying (except where there are two
                                         Affected Parties) any Early Termination Amount payable and (3) giving details of the
                                         relevant account to which any amount payable to it is to be paid. In the absence of written
                                         confirmation from the source of a quotation or market data obtained in determining a
                                         Close-out Amount, the records of the party obtaining such quotation or market data will
                                         be conclusive evidence of the existence and accuracy of such quotation or market data.

 

		(ii)	Payment
                                         Date. An Early Termination Amount due in respect of any Early Termination Date will,
                                         together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable
                                         (1) on the day on which notice of the amount payable is effective in the case of an Early
                                         Termination Date which is designated or occurs as a result of an Event of Default and
                                         (2) on the day which is two Local Business Days after the day on which notice of the
                                         amount payable is effective (or, if there are two Affected Parties, after the day on
                                         which the statement provided pursuant to clause (i) above by the second party to provide
                                         such a statement is effective) in the case of an Early Termination Date which is designated
                                         as a result of a Termination Event.

 

		(e)	Payments
                                         on Early Termination. If an Early Termination Date occurs, the amount, if any, payable
                                         in respect of that Early Termination Date (the “Early Termination Amount”)
                                         will be determined pursuant to this Section 6(e) and will be subject to Section 6(f).

 

		(i)	Events
                                         of Default. If the Early Termination Date results from an Event of Default the Early
                                         Termination Amount will be an amount equal to (1) the sum of (A) the Termination Currency
                                         Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative)
                                         determined by the Non-Defaulting Party for each Terminated Transaction or group of Terminated
                                         Transactions, as the case may be, and (B) the Termination Currency Equivalent of the
                                         Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent
                                         of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount
                                         is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if
                                         it is a negative number, the Non-defaulting Party will pay the absolute value of the
                                         Early Termination Amount to the Defaulting Party.

 

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		(ii)	Termination
                                         Events. If the Early Termination Date results from a Termination Event:

 

		(1)	One
                                         Affected Party. Subject to clause (3) below, if there is one Affected Party, the
                                         Early Termination Amount will be determined in accordance with Section 6(e)(i), except
                                         that references to the Defaulting Party and to the Non-defaulting Party will be deemed
                                         to be references to the Affected Party and to the Non-affected Party, respectively.

 

		(2)	Two
                                         Affected Parties. Subject to clause (3) below, if there are two Affected Parties,
                                         each party will determine an amount equal to the Termination Currency Equivalent of the
                                         sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each
                                         Terminated Transaction or group of Terminated Transactions, as the case may be, and the
                                         Early Termination Amount will be an amount equal to (A) the sum of (I) one-half of the
                                         difference between the higher amount so determined (by party “X”) and the
                                         lower amount so determined (by party “Y”) and (II) the Termination Currency
                                         Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent
                                         of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number,
                                         Y will pay it to X; if it is a negative number, X will pay the absolute value of the
                                         Early Termination Amount to Y.

 

		(3)	Mid-Market
                                         Events. If that Termination Event is an Illegality or a Force Majeure Event, then
                                         the Early Termination Amount will be determined in accordance with clause (1) or (2)
                                         above, as appropriate, except that, for the purpose of determining a Close-out Amount
                                         or Close-out Amounts, the Determining Party will:

 

(A)
if obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third
party or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support
Document and (II) to provide mid-market quotations; and

 

(B)
in any other case, use mid-market values without regard to the creditworthiness of the Determining Party.

 

    Page 19

     

    

 

		(iii)	Adjustment
                                         for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic
                                         Early Termination applies in respect of a party, the Early Termination Amount will be
                                         subject to such adjustments as are appropriate and permitted by applicable law to reflect
                                         any payments or deliveries made by one party to the other under this Agreement (and retained
                                         by such other party) during the period from the relevant Early Termination Date to the
                                         date for payment determined under Section 6(d)(ii).

 

		(iv)	Adjustment
                                         for Illegality or Force Majeure Event. The failure by a party or any Credit Support
                                         Provider of such party to pay, when due, any Early Termination Amount will not constitute
                                         an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the
                                         occurrence of an event or circumstance which would, if it occurred with respect to payment,
                                         delivery or compliance related to a Transaction, constitute or give rise to an Illegality
                                         or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated
                                         as an Unpaid Amount owing to the other party if subsequently an Early Termination Date
                                         results from an Event of Default, a Credit Event Upon Merger or an Additional Termination
                                         Event in respect of which all outstanding Transactions are Affected Transactions and
                                         (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).

 

		(v)	Pre-Estimate.
                                         The parties agree that an amount recoverable under this Section 6(e) is a reasonable
                                         pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain
                                         and the loss of protection against future risks, and, except as otherwise provided in
                                         this Agreement, neither party will be entitled to recover any additional damages as a
                                         consequence of the termination of the Terminated Transactions.

 

		(f)	Set-Off.
                                         Any Early Termination Amount payable to one party (the “Payee”)
                                         by the other party (the “Payer”), in circumstances where there
                                         is a Defaulting Party or where there is one Affected Party in the case where either a
                                         Credit Event Upon Merger has occurred or any other Termination Event in respect of which
                                         all outstanding Transactions are Affected Transactions has occurred, will, at the option
                                         of the Non-defaulting Party or the Non-affected Party, as the case may be (“X”)
                                         (and without prior notice to the Defaulting Party or the Affected Party, as the case
                                         may be), be reduced by its set-off against any other amounts (“Other Amounts”)
                                         payable by the Payee to the Payer (whether or not arising under this Agreement, matured
                                         or contingent and irrespective of the currency, place of payment or place of booking
                                         of the obligation). To the extent that any Other Amounts are so set off, those Other
                                         Amounts will be discharged promptly and in all respects. X will give notice to the other
                                         party of any set-off effected under this Section 6(f).

 

For
this purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted
by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith
and using commercially reasonable procedures, to purchase the relevant amount of such currency.

 

    Page 20

     

    

 

If
an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to
the relevant party accounting to the other when the obligation is ascertained.

 

Nothing
in this Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice
and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right
or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).

 

		7.	Transfer

 

Subject
to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or
under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent
of the other party, except that:

 

		(a)	a
                                         party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation
                                         with, or merger with or into, or transfer of all or substantially all its assets to,
                                         another entity (but without prejudice to any other right or remedy under this Agreement);
                                         and

 

		(b)	a
                                         party may make such a transfer of all or any part of its interest in any Early Termination
                                         Amount payable to it by a Defaulting Party, together with any amounts payable on or with
                                         respect to that interest and any other rights associated with that interest pursuant
                                         to Sections 8, 9(h) and 11.

 

Any
purported transfer that is not in compliance with this Section 7 will be void.

 

		8.	Contractual
                                         Currency

 

		(a)	Payment
                                         in the Contractual Currency. Each payment under this Agreement will be made in the
                                         relevant currency specified in this Agreement for that payment (the “Contractual
                                         Currency”). To the extent permitted by applicable law, any obligation to
                                         make payments under this Agreement in the Contractual Currency will not be discharged
                                         or satisfied by any tender in any currency other than the Contractual Currency, except
                                         to the extent such tender results in the actual receipt by the party to which payment
                                         is owed, acting in good faith and using commercially reasonable procedures in converting
                                         the currency so tendered into the Contractual Currency, of the full amount in the Contractual
                                         Currency of all amounts payable in respect of this Agreement. If for any reason the amount
                                         in the Contractual Currency so received falls short of the amount in the Contractual
                                         Currency payable in respect of this Agreement, the party required to make the payment
                                         will, to the extent permitted by applicable law, immediately pay such additional amount
                                         in the Contractual Currency as may be necessary to compensate for the shortfall. If for
                                         any reason the amount in the Contractual Currency so received exceeds the amount in the
                                         Contractual Currency payable in respect of this Agreement, the party receiving the payment
                                         will refund promptly the amount of such excess.

 

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		(b)	Judgments.
                                         To the extent permitted by applicable law, if any judgment or order expressed in a currency
                                         other than the Contractual Currency is rendered (i) for the payment of any amount owing
                                         in respect of this Agreement, (ii) for the payment of any amount relating to any early
                                         termination in respect of this Agreement or (iii) in respect of a judgment or order of
                                         another court for the payment of any amount described in clause (i) or (ii) above, the
                                         party seeking recovery, after recovery in full of the aggregate amount to which such
                                         party is entitled pursuant to the judgment or order, will be entitled to receive immediately
                                         from the other party the amount of any shortfall of the Contractual Currency received
                                         by such party as a consequence of sums paid in such other currency and will refund promptly
                                         to the other party any excess of the Contractual Currency received by such party as a
                                         consequence of sums paid in such other currency if such shortfall or such excess arises
                                         or results from any variation between the rate of exchange at which the Contractual Currency
                                         is converted into the currency of the judgment or order for the purpose of such judgment
                                         or order and the rate of exchange at which such party is able, acting in good faith and
                                         using commercially reasonable procedures in converting the currency received into the
                                         Contractual Currency, to purchase the Contractual Currency with the amount of the currency
                                         of the judgment or order actually received by such party.

 

		(c)	Separate
                                         Indemnities. To the extent permitted by applicable law, the indemnities in this Section
                                         8 constitute separate and independent obligations from the other obligations in this
                                         Agreement, will be enforceable as separate and independent causes of action, will apply
                                         notwithstanding any indulgence granted by the party to which any payment is owed and
                                         will not be affected by judgment being obtained or claim or proof being made for any
                                         other sums payable in respect of this Agreement.

 

		(d)	Evidence
                                         of Loss. For the purpose of this Section 8, it will be sufficient for a party to
                                         demonstrate that it would have suffered a loss had an actual exchange or purchase been
                                         made.

 

		9.	Miscellaneous

 

		(a)	Entire
                                         Agreement. This Agreement constitutes the entire agreement and understanding of the
                                         parties with respect to its subject matter. Each of the parties acknowledges that in
                                         entering into this Agreement it has not relied on any oral or written representation,
                                         warranty or other assurance (except as provided for or referred to in this Agreement)
                                         and waives all rights and remedies which might otherwise be available to it in respect
                                         thereof, except that nothing in this Agreement will limit or exclude any liability of
                                         a party for fraud.

 

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		(b)	Amendments.
                                         An amendment, modification or waiver in respect of this Agreement will only be effective
                                         if in writing (including a writing evidenced by a facsimile transmission) and executed
                                         by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic
                                         messages on an electronic messaging system.

 

		(c)	Survival
                                         of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations
                                         of the parties under this Agreement will survive the termination of any Transaction.

 

		(d)	Remedies
                                         Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
                                         privileges provided in this Agreement are cumulative and not exclusive of any rights,
                                         powers, remedies and privileges provided by law.

 

		(e)	Counterparts
                                         and Confirmations.

 

		(i)	This
                                         Agreement (and each amendment, modification and waiver in respect of it) may be executed
                                         and delivered in counterparts (including by facsimile transmission and by electronic
                                         messaging system), each of which will be deemed an original.

 

		(ii)	The
                                         parties intend that they are legally bound by the terms of each Transaction from the
                                         moment they agree to those terms (whether orally or otherwise). A Confirmation will be
                                         entered into as soon as practicable and may be executed and delivered in counterparts
                                         (including by facsimile transmission) or be created by an exchange of telexes, by an
                                         exchange of electronic messages on an electronic messaging system or by an exchange of
                                         e-mails, which in each case will be sufficient for all purposes to evidence a binding
                                         supplement to this Agreement. The parties will specify therein or through another effective
                                         means that any such counterpart, telex, electronic message or e-mail constitutes a Confirmation.

 

		(f)	No
                                         Waiver of Rights. A failure or delay in exercising any right, power or privilege
                                         in respect of this Agreement will not be presumed to operate as a waiver, and a single
                                         or partial exercise of any right, power or privilege will not be presumed to preclude
                                         any subsequent or further exercise, of that right, power or privilege or the exercise
                                         of any other right, power or privilege.

 

		(g)	Headings.
                                         The headings used in this Agreement are for convenience of reference only and are not
                                         to affect the construction of or to be taken into consideration in interpreting this
                                         Agreement.

 

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		(h)	Interest
                                         and Compensation.

 

		(i)	Prior
                                         to Early Termination. Prior to the occurrence or effective designation of an Early
                                         Termination Date in respect of the relevant Transaction:

 

		(1)	Interest
                                         on Defaulted Payments. If a party defaults in the performance of any payment obligation,
                                         it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest
                                         (before as well as after judgment) on the overdue amount to the other party on demand
                                         in the same currency as the overdue amount, for the period from (and including) the original
                                         due date for payment to (but excluding) the date of actual payment (and excluding any
                                         period in respect of which interest or compensation in respect of the overdue amount
                                         is due pursuant to clause (3)(B) or (C) below), at the Default Rate.

 

		(2)	Compensation
                                         for Defaulted Deliveries. If a party defaults in the performance of any obligation
                                         required to be settled by delivery, it will on demand (A) compensate the other party
                                         to the extent provided for in the relevant Confirmation or elsewhere in this Agreement
                                         and (B) unless otherwise provided in the relevant Confirmation or elsewhere in this Agreement,
                                         to the extent permitted by applicable law and subject to Section 6(c), pay to the other
                                         party interest (before as well as after judgment) on an amount equal to the fair market
                                         value of that which was required to be delivered in the same currency as that amount,
                                         for the period from (and including) the originally scheduled date for delivery to (but
                                         excluding) the date of actual delivery (and excluding any period in respect of which
                                         interest or compensation in respect of that amount is due pursuant to clause (4) below),
                                         at the Default Rate. The fair market value of any obligation referred to above will be
                                         determined as of the originally scheduled date for delivery, in good faith and using
                                         commercially reasonable procedures, by the party that was entitled to take delivery.

 

		(3)	Interest
                                         on Deferred Payments. If:

 

(A)
a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by
applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that
amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from
(and including) the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount
actually becomes payable, at the Applicable Deferral Rate;

 

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(B)
a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will,
to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of
Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount
of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred
payment, for the period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding)
the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon
which an Event of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or

 

(C)
a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any
deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c)
and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event continues and no Event of Default
or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after
judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and
including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event
(or, if later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date
the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period
upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect
of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable Deferral
Rate.

 

		(4)	Compensation
                                         for Deferred Deliveries. If:

 

(A)
a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery;

 

(B)
a delivery is deferred pursuant to Section 5(d); or

 

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(C)
a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any
applicable Waiting Period has expired, the party required (or that would otherwise have been required) to make the delivery
will, to the extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party
on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in
the relevant Confirmation or elsewhere in this Agreement.

 

		(ii)	Early
                                         Termination. Upon the occurrence or effective designation of an Early Termination
                                         Date in respect of a Transaction:

 

		(1)	Unpaid
                                         Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant
                                         Transaction, and to the extent permitted by applicable law, interest will accrue on the
                                         amount of any payment obligation or the amount equal to the fair market value of any
                                         obligation required to be settled by delivery included in such determination in the same
                                         currency as that amount, for the period from (and including) the date the relevant obligation
                                         was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed
                                         to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate.

 

		(2)	Interest
                                         on Early Termination Amounts. If an Early Termination Amount is due in respect of
                                         such Early Termination Date, that amount will, to the extent permitted by applicable
                                         law, be paid together with interest (before as well as after judgment) on that amount
                                         in the Termination Currency, for the period from (and including) such Early Termination
                                         Date to (but excluding) the date the amount is paid, at the Applicable Close-out Rate.

 

		(iii)	Interest
                                         Calculation. Any interest pursuant to this Section 9(h) will be calculated on the
                                         basis of daily compounding and the actual number of days elapsed.

 

		10.	Offices;
                                         Multibranch Parties

 

		(a)	If
                                         Section 10(a) is specified in the Schedule as applying, each party that enters into a
                                         Transaction through an Office other than its head or home office represents to and agrees
                                         with the other party that, notwithstanding the place of booking or its jurisdiction of
                                         incorporation or organisation, its obligations are the same in terms of recourse against
                                         it as if it had entered into the Transaction through its head or home office, except
                                         that a party will not have recourse to the head or home office of the other party in
                                         respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the
                                         payment or delivery is so deferred. This representation and agreement will be deemed
                                         to be repeated by each party on each date on which the parties enter into a Transaction.

 

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		(b)	If
                                         a party is specified as a Multibranch Party in the Schedule, such party may, subject
                                         to clause (c) below, enter into a Transaction through, book a Transaction in and make
                                         and receive payments and deliveries with respect to a Transaction through any Office
                                         listed in respect of that party in the Schedule (but not any other Office unless otherwise
                                         agreed by the parties in writing).

 

		(c)	The
                                         Office through which a party enters into a Transaction will be the Office specified for
                                         that party in the relevant Confirmation or as otherwise agreed by the parties in writing,
                                         and, if an Office for that party is not specified in the Confirmation or otherwise agreed
                                         by the parties in writing, its head or home office. Unless the parties otherwise agree
                                         in writing, the Office through which a party enters into a Transaction will also be the
                                         Office in which it books the Transaction and the Office through which it makes and receives
                                         payments and deliveries with respect to the Transaction. Subject to Section 6(b)(ii),
                                         neither party may change the Office in which it books the Transaction or the Office through
                                         which it makes and receives payments or deliveries with respect to a Transaction without
                                         the prior written consent of the other party.

 

		11.	Expenses

 

A
Defaulting Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses,
including legal fees, execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of
its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early
termination of any Transaction, including, but not limited to, costs of collection.

 

		12.	Notices

 

		(a)	Effectiveness.
                                         Any notice or other communication in respect of this Agreement may be given in any manner
                                         described below (except that a notice or other communication under Section 5 or 6 may
                                         not be given by electronic messaging system or e-mail) to the address or number or in
                                         accordance with the electronic messaging system or e-mail details provided (see the Schedule)
                                         and will be deemed effective as indicated:

 

		(i)	if
                                         in writing and delivered in person or by courier, on the date it is delivered;

 

		(ii)	if
                                         sent by telex, on the date the recipient’s answerback is received;

 

		(iii)	if
                                         sent by facsimile transmission, on the date it is received by a responsible employee
                                         of the recipient in legible form (it being agreed that the burden of proving receipt
                                         will be on the sender and will not be met by a transmission report generated by the sender’s
                                         facsimile machine);

 

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		(iv)	if
                                         sent by certified or registered mail (airmail, if overseas) or the equivalent (return
                                         receipt requested), on the date it is delivered or its delivery is attempted;

 

		(v)	if
                                         sent by electronic messaging system, on the date it is received; or

 

		(vi)	if
                                         sent by e-mail, on the date it is delivered,

 

unless
the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication
is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that
communication will be deemed given and effective on the first following day that is a Local Business Day.

 

		(b)	Change
                                         of Details. Either party may by notice to the other change the address, telex or
                                         facsimile number or electronic messaging system or e-mail details at which notices or
                                         other communications are to be given to it.

 

13.
Governing Law and Jurisdiction

 

		(a)	Governing
                                         Law. This Agreement will be governed by and construed in accordance with the law
                                         specified in the Schedule.

 

		(b)	Jurisdiction.
                                         With respect to any suit, action or proceedings relating to any dispute arising out of
                                         or in connection with this Agreement (“Proceedings”), each
                                         party irrevocably:

 

		(i)	submits:

 

		(1)	if
                                         this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction
                                         of the English courts if the Proceedings do not involve a Convention Court and (B) the
                                         exclusive jurisdiction of the English courts if the Proceedings do involve a Convention
                                         Court; or

 

		(2)	if
                                         this Agreement is expressed to be governed by the laws of the State of New York, to the
                                         non-exclusive jurisdiction of the courts of the State of New York and the United States
                                         District Court located in the Borough of Manhattan in New York City;

 

		(ii)	waives
                                         any objection which it may have at any time to the laying of venue of any Proceedings
                                         brought in any such court, waives any claim that such Proceedings have been brought in
                                         an inconvenient forum and further waives the right to object, with respect to such Proceedings,
                                         that such court does not have any jurisdiction over such party; and

 

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		(iii)	agrees,
                                         to the extent permitted by applicable law, that the bringing of Proceedings in any one
                                         or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction.

 

		(c)	Service
                                         of Process. Each party irrevocably appoints the Process Agent, if any, specified
                                         opposite its name in the Schedule to receive, for it and on its behalf, service of process
                                         in any Proceedings. If for any reason any party’s Process Agent is unable to act
                                         as such, such party will promptly notify the other party and within 30 days appoint a
                                         substitute process agent acceptable to the other party. The parties irrevocably consent
                                         to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii)
                                         or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve
                                         process in any other manner permitted by applicable law.

 

		(d)	Waiver
                                         of Immunities. Each party irrevocably waives, to the extent permitted by applicable
                                         law, with respect to itself and its revenues and assets (irrespective of their use or
                                         intended use), all immunity on the grounds of sovereignty or other similar grounds from
                                         (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order
                                         for specific performance or recovery of property, (iv) attachment of its assets (whether
                                         before or after judgment) and (v) execution or enforcement of any judgment to which it
                                         or its revenues or assets might otherwise be entitled in any Proceedings in the courts
                                         of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law,
                                         that it will not claim any such immunity in any Proceedings.

 

14.
Definitions

 

As
used in this Agreement:

 

“Additional
Representation” has the meaning specified in Section 3.

 

“Additional
Termination Event” has the meaning specified in Section 5(b).

 

“Affected
Party” has the meaning specified in Section 5(b).

 

“Affected
Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event,
Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case
of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the
relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit
Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination
Event, all Transactions.

 

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“Affiliate”
means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity
that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For
this purpose, “control” of any entity or person means ownership of a majority of the voting power of
the entity or person.

 

“Agreement”
has the meaning specified in Section 1(c).

 

“Applicable
Close-out Rate” means:

 

		(a)	in
                                         respect of the determination of an Unpaid Amount:

 

		(i)	in
                                         respect of obligations payable or deliverable (or which would have been but for Section
                                         2(a)(iii)) by a Defaulting Party, the Default Rate;

 

		(ii)	in
                                         respect of obligations payable or deliverable (or which would have been but for Section
                                         2(a)(iii)) by a Non-defaulting Party, the Non-default Rate;

 

		(iii)	in
                                         respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party
                                         and for so long as the deferral period continues, the Applicable Deferral Rate; and

 

		(iv)	in
                                         all other cases following the occurrence of a Termination Event (except where interest
                                         accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and

 

		(b)	in
                                         respect of an Early Termination Amount:

 

		(i)	for
                                         the period from (and including) the relevant Early Termination Date to (but excluding)
                                         the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable:

 

		(1)	if
                                         the Early Termination Amount is payable by a Defaulting Party, the Default Rate;

 

		(2)	if
                                         the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate;
                                         and

 

		(3)	in
                                         all other cases, the Applicable Deferral Rate; and

 

		(ii)	for
                                         the period from (and including) the date (determined in accordance with Section 6(d)(ii))
                                         on which that amount is payable to (but excluding) the date of actual payment:

 

		(1)	if
                                         a party fails to pay the Early Termination Amount due to the occurrence of an event or
                                         circumstance which would, if it occurred with respect to a payment or delivery under
                                         a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and
                                         for so long as the Early Termination Amount remains unpaid due to the continuing existence
                                         of such event or circumstance, the Applicable Deferral Rate;

 

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		(2)	if
                                         the Early Termination Amount is payable by a Defaulting Party (but excluding any period
                                         in respect of which clause (1) above applies), the Default Rate;

 

		(3)	if
                                         the Early Termination Amount is payable by a Non-defaulting Party (but excluding any
                                         period in respect of which clause (1) above applies), the Non-default Rate; and

 

		(4)	in
                                         all other cases, the Termination Rate.

 

“Applicable
Deferral Rate” means:

 

		(a)	for
                                         the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be
                                         a rate offered to the payer by a major bank in a relevant interbank market for overnight
                                         deposits in the applicable currency, such bank to be selected in good faith by the payer
                                         for the purpose of obtaining a representative rate that will reasonably reflect conditions
                                         prevailing at the time in that relevant market;

 

		(b)	for
                                         purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable
                                         Close-out Rate, the rate certified by the relevant payer to be a rate offered to prime
                                         banks by a major bank in a relevant interbank market for overnight deposits in the applicable
                                         currency, such bank to be selected in good faith by the payer after consultation with
                                         the other party, if practicable, for the purpose of obtaining a representative rate that
                                         will reasonably reflect conditions prevailing at the time in that relevant market; and

 

		(c)	for
                                         purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the
                                         definition of Applicable Close-out Rate, a rate equal to the arithmetic mean of the rate
                                         determined pursuant to clause (a) above and a rate per annum equal to the cost (without
                                         proof or evidence of any actual cost) to the relevant payee (as certified by it) if it
                                         were to fund or of funding the relevant amount.

 

“Automatic
Early Termination” has the meaning specified in Section 6(a).

 

“Burdened
Party” has the meaning specified in Section 5(b)(iv).

 

“Change
in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any
law (or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction.

 

“Close-out
Amount” means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining
Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances
(expressed as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances
(expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material
terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties
under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence
of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent
in Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated
Transactions.

 

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Any
Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially
reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount
for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all
Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially
reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable.

 

Unpaid
Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out-of-pocket expenses referred
to in Section 11 are to be excluded in all determinations of Close-out Amounts.

 

In
determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one
or more of the following types of information:

 

		(i)	quotations
                                         (either firm or indicative) for replacement transactions supplied by one or more third
                                         parties that may take into account the creditworthiness of the Determining Party at the
                                         time the quotation is provided and the terms of any relevant documentation, including
                                         credit support documentation, between the Determining Party and the third party providing
                                         the quotation;

 

		(ii)	information
                                         consisting of relevant market data in the relevant market supplied by one or more third
                                         parties including, without limitation, relevant rates, prices, yields, yield curves,
                                         volatilities, spreads, correlations or other relevant market data in the relevant market;
                                         or

 

		(iii)	information
                                         of the types described in clause (i) or (ii) above from internal sources (including any
                                         of the Determining Party’s Affiliates) if that information is of the same type
                                         used by the Determining Party in the regular course of its business for the valuation
                                         of similar transactions.

 

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The
Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant
to clause (i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in
good faith that such quotations or relevant market data are not readily available or would produce a result that would not satisfy
those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include
costs of funding, to the extent costs of funding are not and would not be a component of the other information being utilised.
Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without
limitation, dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources
of market information.

 

Without
duplication of amounts calculated based on information described in clause (i), (ii) or (iii) above, or other relevant information,
and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount
any loss or cost incurred in connection with its terminating, liquidating or re-establishing any hedge related to a Terminated
Transaction or group of Terminated Transactions (or any gain resulting from any of them).

 

Commercially
reasonable procedures used in determining a Close-out Amount may include the following:

 

		(1)	application
                                         to relevant market data from third parties pursuant to clause (ii) above or information
                                         from internal sources pursuant to clause (iii) above of pricing or other valuation models
                                         that are, at the time of the determination of the Close-out Amount, used by the Determining
                                         Party in the regular course of its business in pricing or valuing transactions between
                                         the Determining Party and unrelated third parties that are similar to the Terminated
                                         Transaction or group of Terminated Transactions; and

 

		(2)	application
                                         of different valuation methods to Terminated Transactions or groups of Terminated Transactions
                                         depending on the type, complexity, size or number of the Terminated Transactions or group
                                         of Terminated Transactions.

 

“Confirmation”
has the meaning specified in the preamble.

 

“consent”
includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

 

“Contractual
Currency” has the meaning specified in Section 8(a).

 

“Convention
Court” means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention
on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on
Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters.

 

“Credit
Event Upon Merger” has the meaning specified in Section 5(b).

 

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“Credit
Support Document” means any agreement or instrument that is specified as such in this Agreement.

 

“Credit
Support Provider” has the meaning specified in the Schedule.

 

“Cross
Default” means the event specified in Section 5(a)(vi).

 

“Default
Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee
(as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum.

 

“Defaulting
Party” has the meaning specified in Section 6(a).

 

“Designated
Event” has the meaning specified in Section 5(b)(v).

 

“Determining
Party” means the party determining a Close-out Amount.

 

“Early
Termination Amount” has the meaning specified in Section 6(e).

 

“Early
Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

 

“electronic
messages” does not include e-mails but does include documents expressed in markup languages, and “electronic
messaging system” will be construed accordingly.

 

“English
law” means the law of England and Wales, and “English” will be construed accordingly.

 

“Event
of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

 

“Force
Majeure Event” has the meaning specified in Section 5(b).

 

“General
Business Day” means a day on which commercial banks are open for general business (including dealings in foreign
exchange and foreign currency deposits).

 

“Illegality”
has the meaning specified in Section 5(b).

 

“Indemnifiable
Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for
a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient
of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient
or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present
or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business
in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document).

 

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“law”
includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority), and “unlawful” will be construed accordingly.

 

“Local
Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place
or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified
in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in
writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of
determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes
or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General
Business Day in the place where the relevant account is located and, if different, in the principal financial centre, if any,
of the currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which
the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including
notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for
the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related
to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new
account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance
with respect to such Specified Transaction.

 

“Local
Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish
the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with
customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined
in accordance with customary market practice for the relevant delivery.

 

“Master
Agreement” has the meaning specified in the preamble.

 

“Merger
Without Assumption” means the event specified in Section 5(a)(viii).

 

“Multiple
Transaction Payment Netting” has the meaning specified in Section 2(c).

 

“Non-affected
Party” means, so long as there is only one Affected Party, the other party.

 

“Non-default
Rate” means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a
major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good
faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing
at the time in that relevant market.

 

     Page 35

     

    

 

“Non-defaulting
Party” has the meaning specified in Section 6(a).

 

“Office”
means a branch or office of a party, which may be such party’s head or home office.

 

“Other
Amounts” has the meaning specified in Section 6(f).

 

“Payee”
has the meaning specified in Section 6(f).

 

“Payer”
has the meaning specified in Section 6(f).

 

“Potential
Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute
an Event of Default.

 

“Proceedings”
has the meaning specified in Section 13(b).

 

“Process
Agent” has the meaning specified in the Schedule.

 

“rate
of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase
of or conversion into the Contractual Currency.

 

“Relevant
Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised,
managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this
Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which
such payment is made.

 

“Schedule”
has the meaning specified in the preamble.

 

“Scheduled
Settlement Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to
a Transaction.

 

“Specified
Entity” has the meaning specified in the Schedule.

 

“Specified
Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise,
as principal or surety or otherwise) in respect of borrowed money.

 

     Page 36

     

    

 

“Specified
Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such
transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider
of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but
(i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity
or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction,
floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit
protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index
transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option
with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred
to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including
terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative
on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments,
economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made,
(b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement
or the relevant confirmation.

 

“Stamp
Tax” means any stamp, registration, documentation or similar tax.

 

“Stamp
Tax Jurisdiction” has the meaning specified in Section 4(e).

 

“Tax”
means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement
other than a stamp, registration, documentation or similar tax.

 

“Tax
Event” has the meaning specified in Section 5(b).

 

“Tax
Event Upon Merger” has the meaning specified in Section 5(b).

 

“Terminated
Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force
Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any
other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either
immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination
applies, immediately before that Early Termination Date.

 

“Termination
Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely available,
that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if
this Agreement is expressed to be governed by the laws of the State of New York.

 

     Page 37

     

    

 

“Termination
Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”),
the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase
such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined
as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign
exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about
11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination
of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The
foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith
by that party and otherwise will be agreed by the parties.

 

“Termination
Event” means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable,
a Credit Event Upon Merger or an Additional Termination Event.

 

“Termination
Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost)
to each party (as certified by such party) if it were to fund or of funding such amounts.

 

“Threshold
Amount” means the amount, if any, specified as such in the Schedule.

 

“Transaction”
has the meaning specified in the preamble.

 

“Unpaid
Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of
all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due
but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain
unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i)
which was (or would have been but for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior
to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair
market value of that which was (or would have been) required to be delivered and (c) if the Early Termination Date results from
an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions
are Affected Transactions, any Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of
such Early Termination Date, in each case together with any amount of interest accrued or other compensation in respect of that
obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market
value of any obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in
good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or,
if each party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined
by both parties.

 

     Page 38

     

    

 

“Waiting
Period” means:

 

		(a)	in
                                         respect of an event or circumstance under Section 5(b)(i), other than in the case of
                                         Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required
                                         on the relevant day (in which case no Waiting Period will apply), a period of three Local
                                         Business Days (or days that would have been Local Business Days but for the occurrence
                                         of that event or circumstance) following the occurrence of that event or circumstance;
                                         and

 

		(b)	in
                                         respect of an event or circumstance under Section 5(b)(ii), other than in the case of
                                         Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required
                                         on the relevant day (in which case no Waiting Period will apply), a period of eight Local
                                         Business Days (or days that would have been Local Business Days but for the occurrence
                                         of that event or circumstance) following the occurrence of that event or circumstance.

 

     Page 39

     

    

 

IN
WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified
on the first page of this document.

 

	Citibank, N.A.	 	Center City Funding LLC	 
	(Name of Party)	 	(Name of Party)	 
	 	 	 	 	 	 
	By: 	/s/ Linda Cook	 	By: 	/s/ Gerald F. Stahlecker	 
	 	Name: Linda Cook	 	 	Name: Gerald F. Stahlecker	 
	 	Title: Vice President	 	 	Title: Executive Vice President	 
	 	Date: 06/26/2014	 	 	Date: 06/26/2014	 

  

     Page 40

     

    

 

SCHEDULE

 

to
the

 

ISDA
2002 Master Agreement

 

dated
as of June 26, 2014

 

between

 

CITIBANK,
N.A., 

a
national banking association organized under the laws of the United States 

(“Party
A”)

 

and

 

CENTER
CITY FUNDING LLC, 

a
limited liability company formed 

under
the laws of the State of Delaware 

(“Party
B”)

 

Part
1 

Termination
Provisions

 

In
this Agreement:

 

(a)          “Specified
Entity” means:

 

(i)          in
relation to Party A, for the purpose of Section 5(a)(v) of this Agreement, Citigroup Global Markets Limited, Citigroup Global
Markets Inc., Citigroup Forex Inc., Global Markets Commercial Corp., Citicorp Securities Services, Inc., Citibank Europe PLC,
Citigroup Financial Products Inc., Citigroup Global Markets Deutschland AG & Co. KGaA, Citigroup Energy Inc., Citibank Canada,
Citigroup Energy Canada ULC, and Citibank Japan Ltd., (individually a “Section 5(a)(v) Affiliate”),
and for all other purposes not applicable; and

 

(ii)          in
relation to Party B, for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v) of this Agreement, FS Investment Corporation
III, a Maryland corporation (the “Party B Investor”).

 

(b)          “Specified
Transaction” will have the meaning specified in Section 14 of this Agreement. For purposes of clause (c) of such definition,
Specified Transaction includes any securities options, margin loans, short sales, and any other similar transaction now existing
or hereafter entered into between Party A or any Section 5(a)(v) Affiliate, on the one hand, and Party B or any Specified Entity
of Party B, on the other hand.

 

(c)          The
“Cross Default” provisions of Section 5(a)(vi) will apply to Party A and will apply to Party B; provided
that, notwithstanding the foregoing, an Event of Default shall not occur under either (1) or (2) therein if (a) the event
or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay caused by an error or omission of
an administrative or operational nature; (b) funds were available to such party to enable it to make the relevant payment when
due; and (c) such relevant payment is made within three Local Business Days following the discovery of the error or failure.

 

     

     

    

 

For
purposes of Section 5(a)(vi), the following provisions apply:

 

“Specified
Indebtedness” shall have the meaning set forth in Section 14 of this Agreement; provided that Specified Indebtedness
shall not include deposits received in the course of a party’s ordinary banking business.

 

“Threshold
Amount” means

 

(i)
with respect to Party A, 2% of the stockholders’ equity of Party A; and

 

(ii)
with respect to Party B, the lesser of USD10,000,000 and 2% of the Net Asset Value of the Party B Investor;

 

including
the U.S. Dollar equivalent on the date of any default, event of default or other similar condition or event of any obligation
stated in any other currency.

 

For
purposes of the above, stockholders’ equity shall be determined by reference to the relevant party’s most recent consolidated
(quarterly, in the case of a U.S. organized party) balance sheet and shall include, in the case of a U.S. organized party, legal
capital, paid-in capital, retained earnings and cumulative translation adjustments. Such balance sheet shall be prepared in accordance
with accounting principles that are generally accepted in such party’s country of organization.

 

(d)          The
“Credit Event Upon Merger” provisions of Section 5(b)(v) of this Agreement will apply to Party A and will apply
to Party B (and to the Party B Investor).

 

(e)          The
“Automatic Early Termination” provisions of Section 6(a) will not apply to Party A and will not apply to Party
B.

 

(f)           “Termination
Currency” means United States Dollars.

 

(g)          “Additional
Termination Event”: The following shall constitute Additional Termination Events (and Party B will be the sole Affected
Party, and all Transactions will be Affected Transactions, with respect to each such Additional Termination Event):

 

(1)          Without
Party A’s prior written consent, (x) the Party B Investor changes its jurisdiction of organization and/or organizational
form from a corporation incorporated under the laws of the State of Maryland or (y) any amendment, supplement or other modification
is made to the articles of incorporation or bylaws of the Party B Investor, in each case, to the extent such change, amendment,
supplement or other modification has, or could reasonably be expected to have, a Material Adverse Effect.

 

(2)          Without
Party A’s prior written consent, (x) Party B changes its jurisdiction of organization and/or organizational form from a
limited liability company formed under the laws of the State of Delaware or (y) any amendment, supplement or other modification
is made to the limited liability company agreement of Party B, in each case, to the extent such change, amendment, supplement
or other modification has, or could reasonably be expected to have, a Material Adverse Effect.

 

(3)          The
Party B Investor ceases to be the sole owner, beneficially and of record, of all of the equity ownership interests issued by Party
B.

 

    2 

     

    

 

(4)          FSIC
III Advisor, LLC or any legal successor thereto (the “Manager”) ceases to be the manager of Party B
or ceases to have authority to enter into transactions pursuant to this Agreement on behalf of Party B and shall not have been
replaced by another person or entity as to which Party A has not made an objection, having a reasonable basis, in writing within
10 Business Days following notice.

 

(5)          The
Party B Investor fails to maintain FSIC III Advisor, LLC, or a successor thereto acceptable to Party A in its sole discretion
(the “Investment Advisor”) as its sole investment adviser.

 

(6)          The
Investment Advisor fails to maintain GSO/Blackstone Debt Funds Management LLC (“GDFM”) or an Affiliate
thereof, or a successor thereto acceptable to Party A in its sole discretion, as the sole sub-adviser to the Investment Advisor
in managing the investment and reinvestment of the assets of the Party B Investor.

 

(7)          Party
B fails to comply with its investment strategies and/or restrictions as in effect on the date hereof to the extent such non-compliance
has, or could reasonably be expected to have, a Material Adverse Effect.

 

(8)          Party
B incurs, assumes or otherwise becomes liable in respect of any Specified Indebtedness (other than any Specified Indebtedness
arising under any Transaction hereunder).

 

(9)          The
Party B Investor or Party B shall dissolve or liquidate.

 

(10)        There
occurs any material change to or departure from a Fundamental Policy of the Party B Investor or Party B that relates to Party
B’s performance of its obligations under this Agreement without the prior consent of Party A (which consent shall not be
unreasonably withheld).

 

(11)        The
Party B Investor violates Section 18, as modified by Section 61, of the 1940 Act.

 

(12)        The
Party B Investor violates Section 55(a) of the 1940 Act.

 

(13)        The
Party B Investor’s election to be subject to the provisions of Sections 55 through 65 of the 1940 Act pursuant to Section
54(a) of the 1940 Act is revoked by order of the Securities and Exchange Commission or is withdrawn by the Party B Investor pursuant
to Section 54(c) of the 1940 Act.

 

As
used herein:

 

“1940
Act” means the Investment Company Act of 1940, as amended.

 

“Fundamental
Policy” means any policies of the Party B Investor that may not be changed without the vote of the owners of shares
of common stock of the Party B Investor.

 

“Material
Adverse Effect” means a material adverse effect on (a) the ability of Party B or its Credit Support Provider to
perform any of its obligations under this Agreement or any Credit Support Document to which Party B or its Credit Support Provider
is a party, (b) the rights of or benefits available to Party A under this Agreement or any Credit Support Document to which Party
B or its Credit Support Provider is a party, (c) the authority of the Manager to act as Party B’s agent in entering into
and confirming Transactions and in receiving notices to Party B under this Agreement or (d) whether any Transaction shall be consistent
with the then-current and applicable investment policies, trading strategies and/or restrictions of Party B and the Party B Investor.

 

    3 

     

    

 

“Net
Asset Value” means, in relation to the Party B Investor, its net asset value calculated in accordance with the requirements
of the 1940 Act, and all applicable rules and regulations promulgated under the U.S. Federal securities laws, including Regulation
S-X.

 

Part
2 

Tax
Representations

 

(a)         Payer
Representations. For the purpose of Section 3(e) of this Agreement, Party A will make the following representation and Party
B will make the following representation:

 

It
is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant
Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section
9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on
(i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction
of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document
provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement
of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where
reliance is placed on clause (ii) above and the other party does not deliver a form or documents under Section 4(a)(iii) by reason
of material prejudice to its legal or commercial position.

 

(b)         Payee
Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified
below, if any:

 

The
following representations will apply to Party A:

 

It
is a national banking association organized under the laws of the United States, and its U.S. taxpayer identification number is
13-5266470.

 

It
is “exempt” within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting
on Form 1099 and backup withholding.

 

The
following representations will apply to Party B:

 

Party
B is a limited liability company organized under the laws of the State of Delaware.

 

Party
B is a disregarded entity for U.S. Federal income tax purposes.

 

The
Party B Investor is a corporation incorporated under the laws of the State of Maryland, and its U.S. taxpayer identification number
is 90-0994912.

 

The
Party B Investor is a regulated investment company for U.S. Federal income tax purposes.

 

    4 

     

    

 

Part
3 

Agreement
to Deliver Documents

 

For
the purpose of Section 4(a) of this Agreement:

 

I.
Tax forms, documents or certificates to be delivered are:

 

	Party
required to 

        deliver
document 
	Form/Document/ 

        Certificate 
	Date
by which to 

        Be
delivered 

	 	 	 
	Party
    A	An
    executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to Party A.	Upon
    execution and delivery of this Agreement; and promptly upon learning that any form previously provided by such party has become
    obsolete or incorrect.
	 	 	 
	Party
    B	An
    executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to the Party B Investor,
    indicating Party B as the disregarded entity name with respect to the Party B Investor.	Upon
    execution and delivery of this Agreement; and promptly upon learning that any form previously provided by such party has become
    obsolete or incorrect.

 

II.
Other documents to be delivered are:

 

	Party
required

        to
deliver 

        document 
	Form/Document/ 

        Certificate 
	Date
by which to 

        be
delivered 
	Covered
by 

Section 3(d)

	 	 	 	 
	Party
    A and Party B	Evidence
reasonably satisfactory to the other party of the (i) authority of such party to enter into this Agreement and any Transactions
and (ii) the authority and genuine signature of the individual signing this Agreement on behalf of such party to execute the same. 
	Upon
                                         execution and delivery of this Agreement and, if requested by the other party, as soon
                                         as practicable after execution of any Confirmation of any other Transaction.

         
	Yes

 

    5 

     

    

 

	Party
    B	The
                                         annual report of the Party B Investor containing audited consolidated financial statements
                                         prepared in accordance with accounting principles that are generally accepted in the
                                         United States of America and certified by independent certified public accountants for
                                         each fiscal year.

         
	As
    soon as available and in any event within 120 days (or as soon as practicable after becoming publicly available) after the
    end of each of the Party B Investor’s fiscal years.	Yes;
                                         provided that the phrase “is, as of the date of the information, true, accurate
                                         and complete in every material respect” in Section 3(d) shall be deleted and the
                                         phrase “fairly presents, in all material respects, the financial condition and
                                         results of operations as of their respective dates and for the respective periods covered
                                         thereby” shall be inserted in lieu thereof.

         

	Party
    B	The
                                         unaudited consolidated financial statements, the consolidated balance sheet and related
                                         statements of income of the Party B Investor for each of the first three fiscal quarters
                                         of each fiscal year prepared in accordance with accounting principles that are generally
                                         accepted in the United States of America.

         
	As
    soon as available and in any event within 60 days (or as soon as practicable after becoming publicly available) after the
    end of each of the Party B Investor’s fiscal quarters.	Yes;
provided that the phrase “is, as of the date of the information, true, accurate and complete in every material respect”
in Section 3(d) shall be deleted and the phrase “fairly presents, in all material respects, the financial condition and
results of operations as of their respective dates and for the respective periods covered thereby” shall be inserted in
lieu thereof. 

 

    6 

     

    

 

	Party
    B	Certified
                                         copies of (a) the articles of incorporation and bylaws of the Party B Investor; (b) the
                                         limited liability company agreement of Party B, (c) the Investment Management Agreement
                                         dated June 26, 2014 between Party B and the Manager, (d) the Investment Advisory and
                                         Administrative Services Agreement dated December 20, 2013 between the Party B Investor
                                         and the Investment Advisor and (e) the Investment Sub-Advisory Agreement dated January
                                         2, 2014 between the Investment Advisor and GDFM.

         
	Upon
                                         execution and delivery of this Agreement and as soon as practicable after any amendment,
                                         supplement or other modification of any thereof.

         
	Yes
	Party
    B	A
                                         confirmation, addressed to Party A, from each of the Investment Advisor and GDFM to the
                                         effect that no advice given by Party A or its Affiliates shall form a primary basis for
                                         any investment advice provided by it relating to any Transaction under or in connection
                                         with this Agreement, that neither Party A nor any of its Affiliates is or shall be a
                                         fiduciary or advisor with respect to the Party B Investor or Party B and that no amounts
                                         paid or to be paid to Party A or its Affiliates are attributable to any advice provided
                                         by Party A or its Affiliates.

         
	Upon
    execution and delivery of this Agreement.	Yes
	Party
    A and Party B	A
                                         duly executed copy of each of the Credit Support Documents specified in Part 4(f) of
                                         this Schedule.

         
	Upon
    execution and delivery of this Agreement.	No
	Party
    B	Such
    other documents that may be reasonably requested by Party A from time to time.	As
    per written request by Party A.	Yes

 

    7 

     

    

 

Part
4 

Miscellaneous

 

(a)           Addresses
for Notices. For the purpose of Section 12(a) of this Agreement:

 

Address
for notices or communications to Party A:

 

Address:               Capital
Markets Documentation Unit 

388
Greenwich Street, 17th Floor 

New
York, New York 10013

 

   Attention:          Director
Derivatives Operations

 

Facsimile
No.:  212-816-5550

 

(For
all purposes)

 

Address
for notices or communications to Party B:

 

Address:               Center
City Funding LLC 

c/o
FS Investment Corporation III 

Cira
Centre 

2929
Arch Street, Suite 675 

Philadelphia,
PA 19104

 

Attention:
Gerald F. Stahlecker 

Phone:
215-495-1169 

Fax:
215-222-4649 

Email:
jerry.stahlecker@franklinsquare.com

 

    8 

     

    

 

With
copy to:

 

GSO
Capital Partners 

280
Park Ave., 11th Floor 

New
York, N.Y. 10028 

 

Attention:
Angelina Perkovic 

Angelina.perkovic@gso.com 

Phone:
212-503-2146 

Fax:
212-503-6921

 

-
and -

 

Isabelle
Pradel 

Isabelle.pradel@gsocap.com 

Phone:
212-503-2149 

Fax:
212-503-2149

 

(b)          Process
Agent. For the purpose of Section 13(c) of this Agreement:

 

Party
A appoints as its Process Agent: Not Applicable 

Party
B appoints as its Process Agent: Not Applicable

 

(c)          Offices.
The provisions of Section 10(a) will apply to this Agreement.

 

(d)          Multibranch
Party. For the purpose of Section 10(b) of this Agreement:

 

Party
A is a Multibranch Party and may enter into a Transaction through any of the following offices: New York, London, Singapore and
Sydney. 

 

Party
B is not a Multibranch Party.

 

(e)          Calculation
Agent. The Calculation Agent will be Party A unless otherwise specified in a Confirmation in reference to the relevant Transaction.

 

(f)          Credit
Support Document.

 

(i)
          In relation to Party A, the Credit Support Annex dated as of the date hereof and attached
hereto between the parties hereto; and

 

(ii)
         In relation to Party B, (1) the Credit Support Annex dated as of the date hereof and
attached hereto between the parties hereto and (2) the Account Control Agreement referred to in said Credit Support Annex.

 

(g)         Credit
Support Provider.

 

(i)
In relation to Party A, none; and

 

(ii)
In relation to Party B, none.

 

    9 

     

    

 

(h)         Governing
Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating in
any way whatsoever to this Agreement (whether in contract, tort or otherwise) shall be governed by, the law of the State of New
York.

 

(i)           Jurisdiction.
Section 13(b)(i) of this Agreement is hereby amended by deleting in line 2 of paragraph 2 the word “non-” and
by deleting paragraph (iii) thereof. The following shall be added at the end of Section 13(b): “Nothing in this provision
shall prohibit a party from bringing an action to enforce a money judgment in any other jurisdiction.”

 

(j)           “Affiliate”
will have the meaning specified in Section 14 of this Agreement.

 

(k)          Absence
of Litigation. For the purpose of Section 3(c), “Specified Entity” means in relation to Party A, any Affiliate
of Party A, and in relation to Party B, each Specified Entity referred to in Part 1 of this Schedule.

 

(l)           No
Agency. The provisions of Section 3(g) will apply to this Agreement.

 

(m)         Additional
Representation will apply. Section 3(a) of this Agreement is hereby amended by the deletion of “and” at the end
of Section 3(a)(iv); the substitution of a semi-colon for the period at the end of Section 3(a)(v) and the addition of Sections
3(a)(vi) to (viii), as follows:

 

“(vi)       Relationship
Between Parties. Each party will be deemed to represent to the other party on the date on which it enters into a Transaction
that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

 

(1)          No
Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and
as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors
as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or
as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms
and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction.
It has not received from the other party any assurance or guarantee as to the expected results of that Transaction.

 

(2)         Evaluation
and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and
assumes, the financial and other risks of that Transaction.

 

(3)         Status
of Parties. The other party is not acting as a fiduciary for or an advisor to it in respect of that Transaction.

 

(vii)        Eligible
Contract Participant. (a) It is an “eligible contract participant” within the meaning of Section 1a of the Commodity
Exchange Act, as amended (the “CEA”), (b) this Agreement and each Transaction are subject to individual
negotiation by each party, and (c) neither this Agreement nor any Transaction will be executed or traded on a “trading facility”
within the meaning of Section 1a of the CEA.

 

(viii)       ERISA.
The assets that are used in connection with the execution, delivery and performance of this Agreement and the Transactions
entered into pursuant hereto are not the assets of an employee benefit or other plan subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), a plan described in Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”), an entity whose underlying assets include “plan
assets” by reason of Department of Labor regulation section 2510.3-101, or a governmental plan that is subject to any federal,
state, or local law that is substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the Code.”

 

    10 

     

    

 

(n)          “Netting
of Payments” Either party may notify the other in writing, not less than one Local Business Day in advance of one or
more Scheduled Payment Dates, that with regard to payments due on that date, Multiple Transaction Payment Netting will apply;
provided that no such notice shall be required with respect to any Transaction if the related Confirmation expressly provides
that Multiple Transaction Payment Netting will apply. Except to the extent that such advance written notice shall have been given
or as is specified in a related Confirmation, subparagraph Multiple Transaction Payment Netting will not apply for purposes of
Section 2(c) of this Agreement.

 

Part
5 

Other
Provisions

 

(a)          Waiver
of Right to Trial by Jury. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Each party hereby (i) certifies that no representative, agent
or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek
to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Agreement by, among other things,
the mutual waivers and certifications in this paragraph.

 

(b)          Severability.
Except as otherwise provided in Sections 5(b)(i) or 5(b)(ii) in the event that any one or more of the provisions contained in
this Agreement should be held invalid, illegal, or unenforceable in any jurisdiction, the validity, legality and enforceability
of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor,
in good faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

(c)          Netting.
In the event that any Terminated Transaction cannot be aggregated and netted against all other Terminated Transactions under
Section 6(e) of this Agreement, such excluded Terminated Transactions shall be aggregated and netted amongst themselves to the
fullest extent permitted by law.

 

(d)          Escrow
Payments. If by reason of the time difference between the cities in which payments are to be made, it is not possible for
simultaneous payments to be made on any date on which both parties are required to make payments hereunder, either party may at
its option and in its sole discretion notify the other party that payments on that date are to be made in escrow. In this case
the deposit of the payment due earlier on that date shall be made by 2:00 p.m. (local time at the place for the earlier payment)
on that date with an escrow agent selected by the party giving the notice, accompanied by irrevocable payment instructions (i)
to release the deposited payment to the intended recipient upon receipt by the escrow agent of the required deposit of the corresponding
payment from the other party on the same date accompanied by the irrevocable payment instructions to the same effect or (ii) if
the required deposit of the corresponding payment is not made on that same date, to return the payment deposited to the party
that paid it into escrow. The party that elects to have payments made in escrow shall pay the costs of the escrow arrangements
and shall cause those arrangements to provide that the intended recipient of the payment due to be deposited first shall be entitled
to interest on that deposited payment for each day in the period of its deposit at the rate offered by the escrow agent for that
day for overnight deposits in the relevant currency in the office where it holds that deposited payment (at 11:00 a.m. local time
on that day) if that payment is not released by 5:00 p.m. on the date it is deposited for any reason other than the intended recipients’
failure to make the escrow deposit it is required to make hereunder in a timely fashion.

 

    11 

     

    

 

(e)          Recording
of Conversations. Each party hereto consents to the recording of its telephone conversations relating to this Agreement or
any potential Transaction. To the extent that one party records telephone conversations (the “Recording Party”)
and the other party does not (the “Non-Recording Party”), the Recording Party shall, in the event of
any dispute, make a complete and unedited copy of such party’s tape of the entire day’s conversations with the Non-Recording
Party’s personnel available to the Non-Recording Party. The Recording Party will retain tapes for a consistent period of
time in accordance with the Recording Party’s policy unless one party notifies the other that a particular transaction is
under review and warrants further retention.

 

(f)           Notification
of Right To Segregate Independent Amounts. With respect to funds or other property provided to margin, guarantee or secure
obligations under uncleared CFTC-regulated “swaps” (as defined in Commodity Exchange Act section 1a(47)) entered into
on or after December 31, 2012, to the extent mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Party
B has the right to require segregation of such funds (other than variation margin) at an independent third party custodian. This
notification is deemed repeated at the time of entry into each Transaction that is an uncleared swap.

 

(g)          2002
Master Agreement Protocol. The parties agree that the definitions and provisions contained in Annexes 1 to 16 and Section
6 of the 2002 Master Agreement Protocol published by the International Swaps and Derivatives Association, Inc. on 15th July 2003
are incorporated into and apply to this Agreement.

 

(h)          Additional Party B Representations. Section 3 of this Agreement is hereby amended by the addition of the following representations
(which shall be made solely by Party B to Party A):

 

(h)           Compliance
with Investment Policies. The execution, delivery, and performance by Party B of this Agreement and each Confirmation does
not conflict with or violate the investment policies, trading strategies and/or restrictions of the Party B Investor as set forth
in the offering and organizational documents, in each case as in effect from time to time, of the Party B Investor.

 

(i)            Manager
Authorized as Agent. The Manager is duly authorized to act as Party B’s agent in entering into and confirming Transactions
and receiving notices to Party B under this Agreement, and the Manager’s entering into or confirmation of any Transaction
shall be sufficient to bind Party B, with the result that Party B’s signature shall not be required on any Confirmation.

 

(j)            Compliance
with 1940 Act. The Party B Investor has elected to be subject to the provisions of Sections 55 through 65 of the 1940 Act
pursuant to Section 54(a) of the 1940 Act. Party B will enter into any Transaction in compliance with its investment policies;
the execution of this Agreement by Party B, the entry by Party B into any Transaction hereunder, and the performance of its obligations
hereunder and under each Transaction, will not result in a violation by the Party B Investor of any provision of the 1940 Act
applicable to business development companies. The Party B Investor has disclosed in its prospectus or other offering documents
that it may enter into transactions of the type contemplated by this Agreement, to the extent required by applicable laws and
regulations. The Board of Directors of the Party B Investor, or its equivalent, has given all necessary approvals for the Party
B Investor (either directly or through a subsidiary) to enter into this Agreement and any Transaction. The Party B Investor is
not a person of which Party A is an “affiliated person”, or an affiliated person of an affiliated person, within the
meaning of Section 2(a)(3) of the 1940 Act.

 

    12 

     

    

 

(k)           Assets
of Party B. All of the assets of Party B are available to satisfy the obligations of Party B under this Agreement.

 

(l)            Obligations
Pari Passu. The obligations of Party B to Party A under this Agreement rank at least pari passu with all other senior unsecured
indebtedness of Party B.

 

Party
B covenants that (i) it will not take any action during the term of any Transaction that would render any of the representations
and warranties in this Part 5(h) untrue and (ii) it will take all necessary action during the term of each Transaction to cause
such representations and warranties to continue at all times to be true.

 

(i)
          Manager Representations. The following representations shall be made by the Manager
in accordance with Section 3 of this Agreement as if the Manager was a party to this Agreement:

 

“(i)
Manager Representations. The Manager represents and warrants to Party A (x) that it is duly authorized to act as Party
B’s agent in entering into and confirming Transactions and in receiving notices to Party B under this Agreement, and (y)
that any Transaction shall be entered into in accordance with the applicable investment policies, trading strategies and/or restrictions
of Party B and the Party B Investor as are then in effect.

 

(ii)
No Investment Advice from Party A. The Manager represents and agrees that no advice given by Party A or its Affiliates
shall form a primary basis for any decision by or on behalf of the Manager relating to any Transaction under or in connection
with this Agreement, that neither Party A nor any of its Affiliates is or shall be a fiduciary or advisor with respect to the
Manager or Party B and that no amounts paid or to be paid to Party A or its Affiliates are attributable to any advice provided
by Party A or its Affiliates.”

 

(j)           Additional
Party B Covenant. For purposes of Section 4 of this Agreement, the following shall be added immediately following paragraph
(e) thereof:

 

“(f)
Notification Requirements. Party B shall notify Party A in writing immediately upon the occurrence of any of the following:
(i) any Additional Termination Event in relation to Party B, (ii) a material change in the investment policies of Party B or the
Party B Investor as they relate to derivatives transactions, borrowing, leverage or other matters arising under Section 18 of
the 1940 Act (as modified by Section 61 of the 1940 Act) and Section 55(a) of the 1940 Act; (iii) the entry by Party B, the Party
B Investor or the Manager into an agreement that would result in the merger, change in control or reorganization of Party B, the
Party B Investor or the Manager; (iv) Party B or the Party B Investor or the Manager becomes aware of the commencement of litigation
or regulatory action against Party B, the Party B Investor or the Manager that has, or could reasonably be expected to have, a
Material Adverse Effect; or (v) the independent public accountant of the Party B Investor resigns, is dismissed, or issues a report
on the Party B Investor’s financial statements that contains an adverse opinion or disclaimer of opinion, or issues an opinion
that is qualified or modified as to uncertainty, audit scope or audit principles.”

 

(k)          Confirmation
Procedures. Except as otherwise expressly provided in a Confirmation with respect to a Transaction, for each Transaction that
Party A and Party B enter hereunder, Party A shall promptly send to Party B a Confirmation setting forth the terms of such Transaction.
Party B shall promptly execute and return the Confirmation to Party A or request correction of any error. Failure of Party B to
respond within such period shall not affect the validity or enforceability of such Transaction and shall be deemed to be an affirmation
and acceptance of such terms.

 

    13 

     

    

 

(l)           Recourse
Limited to Party B. Notwithstanding anything to the contrary contained in this Agreement, the Schedule or any Confirmation
or other document issued or delivered in connection with any Transaction entered into under this Agreement, any amounts owed or
liabilities incurred by Party B hereunder or in respect of any Transaction entered into under this Agreement, shall be satisfied
solely from the assets of Party B and no recourse whether by set-off or otherwise, shall be had to the assets of the Manager or
any director, officer or employee or partner of Party B or the Manager or any of their Affiliates, except that the foregoing will
not limit service of process on Party B by delivery of notice on its behalf to Party B.

 

(m)         Limitation
on Damages. To the fullest extent permitted by applicable law, each party agrees that it shall not assert, and hereby waives,
any claim against the other party, on any theory of liability, for special, indirect, consequential or punitive damages; provided
that the foregoing shall not limit any party’s obligation to make any amount otherwise payable in accordance with the
express provisions of this Agreement.

 

(n)          Foreign
Account Tax Compliance Act. The parties agree that the definitions and provisions contained in the ISDA 2012 FATCA Protocol
as published by the International Swaps and Derivatives Association, Inc. on August 15, 2012, are incorporated into and apply
to this Agreement as if set forth in full herein.

 

(o)          ISDA
2010 Short Form HIRE Act Protocol. The parties agree that solely as between Party A and Party B, the definitions and provisions
contained in the Attachment to the ISDA 2010 Short Form HIRE Act Protocol published by the International Swaps and Derivatives
Association, Inc. on November 30, 2010 (“Short Form Protocol Attachment”) will be deemed to be incorporated
herein, mutatis mutandis, as though such definitions and provisions were set out in full herein, with any such conforming changes
as are necessary to deal with what would otherwise be inappropriate or incorrect cross references. The parties further agree that
the Implementation Date (as such term is defined in the Short Form Protocol Attachment) shall be the date of execution of this
Agreement.

 

    14 

     

    

 

IN
WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified
on the first page of this document.

 

	CITIBANK, N.A.	 	CENTER CITY FUNDING LLC	 
	 	 	 	 	 	 
	By:	/s/ Linda Cook	 	By:	/s/ Gerald F. Stahlecker	 
	 	Name: Linda Cook	 	 	Name: Gerald F. Stahlecker	 
	 	Title: Vice President	 	 	Title: Executive Vice President	 

 

	 	FS INVESTMENT CORPORATION III,
    in its individual capacity in respect of the representations made by the Manager in Part 5(i) of this Schedule.
	 	 	 	 
	 	By:	 /s/ Gerald F. Stahlecker	 

 

	 	Name:	 Gerald F. Stahlecker	 

 

	 	Title:	 Executive Vice President	 
	 	 	 	 
	 	Date:	 06/26/2014	 

 

ISDA
Master Schedule – Signature Page 

 

     

     

    

 

	(Bilateral
Form)	(ISDA
                                         Agreements Subject to New York Law Only)

 

ISDA
®

 

International
Swaps and Derivatives Association, Inc.

 

CREDIT
SUPPORT ANNEX

 

to
the Schedule to the

 

2002
ISDA Master Agreement

 

dated
as of June 26, 2014

 

between

 

	Citibank,
    N.A.	and	Center City Funding LLC
	(“Party A”)	 	(“Party B”)

 

This
Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule and is a Credit Support
Document under this Agreement with respect to each party.

 

Accordingly,
the parties agree as follows:—

 

Paragraph
1. Interpretation

 

		(a)	Definitions
                                         and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere
                                         in this Agreement have the meanings specified pursuant to Paragraph 12, and all references
                                         in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency
                                         between this Annex and the other provisions of this Schedule, this Annex will prevail,
                                         and in the event of any inconsistency between Paragraph 13 and the other provisions of
                                         this Annex, Paragraph 13 will prevail.

 

		(b)	Secured
                                         Party and Pledgor. All references in this Annex to the “Secured Party”
                                         will be to either party when acting in that capacity and all corresponding references
                                         to the “Pledgor” will be to the other party when acting in that capacity;
                                         provided, however, that if Other Posted Support is held by a party to this
                                         Annex, all references herein to that party as the Secured Party with respect to that
                                         Other Posted Support will be to that party as the beneficiary thereof and will not subject
                                         that support or that party as the beneficiary thereof to provisions of law generally
                                         relating to security interests and secured parties.

 

    1

     

    

 

Paragraph
2. Security Interest

 

Each
party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to
the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral
Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral,
the security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to the extent possible,
without any further action by either party.

 

Paragraph
3. Credit Support Obligations

 

		(a)	Delivery
                                         Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party
                                         on or promptly following a Valuation Date, if the Delivery Amount for that Valuation
                                         Date equals or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor
                                         will Transfer to the Secured Party Eligible Credit Support having a Value as of the date
                                         of Transfer at least equal to the applicable Delivery Amount (rounded pursuant to Paragraph
                                         13). Unless otherwise specified in Paragraph 13, the “Delivery Amount”
                                         applicable to the Pledgor for any Valuation Date will equal the amount by which:

 

		(i)	the
                                         Credit Support Amount

 

exceeds

 

		(ii)	the
                                         Value as of that Valuation Date of all Posted Credit Support held by the Secured Party.

 

		(b)	Return
                                         Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or
                                         promptly following a Valuation Date, if the Return Amount for that Valuation Date equals
                                         or exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party
                                         will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that demand
                                         having a Value as of the date of Transfer as close as practicable to the applicable Return
                                         Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13,
                                         the “Return Amount” applicable to the Secured Party for any
                                         Valuation Date will equal the amount by which:

 

		(i)	the
                                         Value as of that Valuation Date of all Posted Credit Support held by the Secured Party

 

exceeds

 

		(ii)	the
                                         Credit Support Amount.

 

“Credit
Support Amount” means, unless otherwise specified in Paragraph 13, for any Valuation Date (i) the Secured Party’s
Exposure for that Valuation Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii)
all Independent Amounts applicable to the Secured Party, if any, minus (iv) the Pledgor’s Threshold; provided, however,
that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields a number less
than zero.

 

    2

     

    

 

Paragraph
4. Conditions Precedent, Transfer Timing, Calculations and Substitutions

 

		(a)	Conditions
                                         Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and
                                         of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions
                                         precedent that:

 

		(i)	no
                                         Event of Default, Potential Event of Default or Specified Condition has occurred and
                                         is continuing with respect to the other party; and

 

		(ii)	no
                                         Early Termination Date for which any unsatisfied payment obligations exist has occurred
                                         or been designated as the result of an Event of Default or Specified Condition with respect
                                         to the other party.

 

		(b)	Transfer
                                         Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a
                                         demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by
                                         the Notification Time, then the relevant Transfer will be made not later than the close
                                         of business on the next Local Business Day; if a demand is made after the Notification
                                         Time, then the relevant Transfer will be made not later than the close of business on
                                         the second Local Business Day thereafter.

 

		(c)	Calculations.
                                         All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d)
                                         will be made by the Valuation Agent as of the Valuation Time. The Valuation Agent will
                                         notify each party (or the other party, if the Valuation Agent is a party) of its calculations
                                         not later than the Notification Time on the Local Business Day following the applicable
                                         Valuation Date (or in the case of Paragraph 6(d), following the date of calculation).

 

		(d)	Substitutions.

 

		(i)	Unless
                                         otherwise specified in Paragraph 13, upon notice to the Secured Party specifying the
                                         items of Posted Credit Support to be exchanged, the Pledgor may, on any Local Business
                                         Day, Transfer to the Secured Party substitute Eligible Credit Support (the “Substitute
                                         Credit Support”); and

 

		(ii)	subject
                                         to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted
                                         Credit Support specified by the Pledgor in its notice not later than the Local Business
                                         Day following the date on which the Secured Party receives the Substitute Credit Support,
                                         unless otherwise specified in Paragraph 13 (the “Substitution Date”); provided
                                         that the Secured Party will only be obligated to Transfer Posted Credit Support with
                                         a Value as of the date of Transfer of that Posted Credit Support equal to the Value as
                                         of that date of the Substitute Credit Support.

 

    3

     

    

 

Paragraph
5. Dispute Resolution

 

If
a party (a “Disputing Party”) disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return
Amount or (II) the Value of any Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party will
notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business
on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the
date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed
amount to the other party not later than the close of business on the Local Business Day following (X) the date that the demand
is made under Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of (II) above, (3) the parties will
consult with each other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the Resolution Time,
then:

 

		(i)	In
                                         the case of a dispute involving a Delivery Amount or Return Amount, unless otherwise
                                         specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the
                                         Value as of the Recalculation Date by:

 

		(A)	utilizing
                                         any calculations of Exposure for the Transactions (or Swap Transactions) that the parties
                                         have agreed are not in dispute;

 

		(B)	calculating
                                         the Exposure for the Transactions (or Swap Transactions) in dispute by seeking four actual
                                         quotations at mid-market from Reference Market-makers for purposes of calculating Market
                                         Quotation, and taking the arithmetic average of those obtained; provided that
                                         if four quotations are not available for a particular Transaction (or Swap Transaction),
                                         then fewer than four quotations may be used for that Transaction (or Swap Transaction);
                                         and if no quotations are available for a particular Transaction (or Swap Transaction),
                                         then the Valuation Agent’s original calculations will be used for that Transaction
                                         (or Swap Transaction); and

 

		(C)	utilizing
                                         the procedures specified in Paragraph 13 for calculating the Value, if disputed, of Posted
                                         Credit Support.

 

		(ii)	In
                                         the case of a dispute involving the Value of any Transfer of Eligible Credit Support
                                         or Posted Credit Support, the Valuation Agent will recalculate the Value as of the date
                                         of Transfer pursuant to Paragraph 13.

 

Following
a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent
is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party
will, upon demand following that notice by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraphs
4(a) and 4(b), make the appropriate Transfer.

 

    4

     

    

 

Paragraph
6. Holding and Using Posted Collateral

 

		(a)	Care
                                         of Posted Collateral. Without limiting the Secured Party’s rights under
                                         Paragraph 6(c), the Secured Party will exercise reasonable care to assure the safe custody
                                         of all Posted Collateral to the extent required by applicable law, and in any event the
                                         Secured Party will be deemed to have exercised reasonable care if it exercises at least
                                         the same degree of care as it would exercise with respect to its own property. Except
                                         as specified in the preceding sentence, the Secured Party will have no duty with respect
                                         to Posted Collateral, including, without limitation, any duty to collect any Distributions,
                                         or enforce or preserve any rights pertaining thereto.

 

		(b)	Eligibility
                                         to Hold Posted Collateral; Custodians.

 

		(i)	General.
                                         Subject to the satisfaction of any conditions specified in Paragraph 13 for holding
                                         Posted Collateral, the Secured Party will be entitled to hold Posted Collateral or to
                                         appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured
                                         Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian,
                                         the Pledgor’s obligations to make any Transfer will be discharged by making the
                                         Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed
                                         to be the holding of that Posted Collateral by the Secured Party for which the Custodian
                                         is acting.

 

		(ii)	Failure
                                         to Satisfy Conditions. If the Secured Party or its Custodian fails to satisfy
                                         any conditions for holding Posted Collateral, then upon a demand made by the Pledgor,
                                         the Secured Party will, not later than five Local Business Days after the demand, Transfer
                                         or cause its Custodian to Transfer all Posted Collateral held by it to a Custodian that
                                         satisfies those conditions or to the Secured Party if it satisfies those conditions.

 

		(iii)	Liability.
                                         The Secured Party will be liable for the acts or omissions of its Custodian to
                                         the same extent that the Secured Party would be liable hereunder for its own acts or
                                         omissions.

 

		(c)	Use
                                         of Posted Collateral. Unless otherwise specified in Paragraph 13 and without
                                         limiting the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d)
                                         and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect
                                         to a Specified Condition and no Early Termination Date has occurred or been designated
                                         as the result of an Event of Default or Specified Condition with respect to the Secured
                                         Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform
                                         Commercial Code, have the right to:

 

		(i)	sell,
                                         pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise
                                         use in its business any Posted Collateral it holds, free from any claim or right of any
                                         nature whatsoever of the Pledgor, including any equity or right of redemption by the
                                         Pledgor; and

 

		(ii)	register
                                         any Posted Collateral in the name of the Secured Party, its Custodian or a nominee for
                                         either.

 

    5

     

    

 

For
purposes of the obligation to Transfer Eligible Credit Support or Posted Credit Support pursuant to Paragraphs 3 and 5 and any
rights or remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral
and to receive Distributions made thereon, regardless of whether the Secured Party has exercised any rights with respect to any
Posted Collateral pursuant to (i) or (ii) above.

 

		(d)	Distributions
                                         and Interest Amount.

 

		(i)	Distributions.
                                         Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive
                                         Distributions on a Local Business Day, it will Transfer to the Pledgor not later than
                                         the following Local Business Day any Distributions it receives or is deemed to receive
                                         to the extent that a Delivery Amount would not be created or increased by that Transfer,
                                         as calculated by the Valuation Agent (and the date of calculation will be deemed to be
                                         a Valuation Date for this purpose).

 

		(ii)	Interest
                                         Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a),
                                         in lieu of any interest, dividends or other amounts paid or deemed to have been paid
                                         with respect to Posted Collateral in the form of Cash (all of which may be retained by
                                         the Secured Party), the Secured Party will Transfer to the Pledgor at the times specified
                                         in Paragraph 13 the Interest Amount to the extent that a Delivery Amount would not be
                                         created or increased by that Transfer, as calculated by the Valuation Agent (and the
                                         date of calculation will be deemed to be a Valuation Date for this purpose). The Interest
                                         Amount or portion thereof not Transferred pursuant to this Paragraph will constitute
                                         Posted Collateral in the form of Cash and will be subject to the security interest granted
                                         under Paragraph 2.

 

Paragraph
7. Events of Default

 

For
purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if:

 

		(i)	that
                                         party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible
                                         Collateral, Posted Collateral or the Interest Amount, as applicable, required to be made
                                         by it and that failure continues for two Local Business Days after notice of that failure
                                         is given to that party;

 

(ii)

that
party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified
in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party;
or

 

		(iii)	that
                                         party fails to comply with or perform any agreement or obligation other than those specified
                                         in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of that
                                         failure is given to that party.

 

    6

     

    

 

Paragraph
8. Certain Rights and Remedies

 

		(a)	Secured
                                         Party’s Rights and Remedies. If at any time (1) an Event of Default or
                                         Specified Condition with respect to the Pledgor has occurred and is continuing or (2)
                                         an Early Termination Date has occurred or been designated as the result of an Event of
                                         Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor
                                         has paid in full all of its Obligations that are then due, the Secured Party may exercise
                                         one or more of the following rights and remedies:

 

		(i)	all
                                         rights and remedies available to a secured party under applicable law with respect to
                                         Posted Collateral held by the Secured Party;

 

		(ii)	any
                                         other rights and remedies available to the Secured Party under the terms of Other Posted
                                         Support, if any;

 

		(iii)	the
                                         right to Set-off any amounts payable by the Pledgor with respect to any Obligations against
                                         any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured
                                         Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and

 

		(iv)	the
                                         right to liquidate any Posted Collateral held by the Secured Party through one or more
                                         public or private sales or other dispositions with such notice, if any, as may be required
                                         under applicable law, free from any claim or right of any nature whatsoever of the Pledgor,
                                         including any equity or right of redemption by the Pledgor (with the Secured Party having
                                         the right to purchase any or all of the Posted Collateral to be sold) and to apply the
                                         proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral
                                         to any amounts payable by the Pledgor with respect to any Obligations in that order as
                                         the Secured Party may elect.

 

Each
party acknowledges and agrees that Posted Collateral in the form of securities may decline speedily in value and is of a type
customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted
Collateral by the Secured Party, except any notice that is required under applicable law and cannot be waived.

 

		(b)	Pledgor’s
                                         Rights and Remedies. If at any time an Early Termination Date has occurred or
                                         been designated as the result of an Event of Default or Specified Condition with respect
                                         to the Secured Party, then (except in the case of an Early Termination Date relating
                                         to less than all Transactions (or Swap Transactions) where the Secured Party has paid
                                         in full all of its obligations that are then due under Section 6(e) of this Agreement):

 

		(i)	the
                                         Pledgor may exercise all rights and remedies available to a pledgor under applicable
                                         law with respect to Posted Collateral held by the Secured Party;

 

		(ii)	the
                                         Pledgor may exercise any other rights and remedies available to the Pledgor under the
                                         terms of Other Posted Support, if any;

 

    7

     

    

 

		(iii)	the
                                         Secured Party will be obligated immediately to Transfer all Posted Collateral and the
                                         Interest Amount to the Pledgor; and

 

		(iv)	to
                                         the extent that Posted Collateral or the Interest Amount is not so Transferred pursuant
                                         to (iii) above, the Pledgor may:

 

		(A)	Set-off
                                         any amounts payable by the Pledgor with respect to any Obligations against any Posted
                                         Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party
                                         (or any obligation of the Secured Party to Transfer that Posted Collateral); and

 

		(B)	to
                                         the extent that the Pledgor does not Set-off under (iv)(A) above, withhold payment of
                                         any remaining amounts payable by the Pledgor with respect to any Obligations, up to the
                                         Value of any remaining Posted Collateral held by the Secured Party, until that Posted
                                         Collateral is Transferred to the Pledgor.

 

		(c)	Deficiencies
                                         and Excess Proceeds. The Secured Party will Transfer to the Pledgor any proceeds
                                         and Posted Credit Support remaining after liquidation, Set-off and/or application under
                                         Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor
                                         with respect to any Obligations; the Pledgor in all events will remain liable for any
                                         amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs
                                         8(a) and 8(b).

 

		(d)	Final
                                         Returns. When no amounts are or thereafter may become payable by the Pledgor
                                         with respect to any Obligations (except for any potential liability under Section 2(d)
                                         of this Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit
                                         Support and the Interest Amount, if any.

 

Paragraph
9. Representations

 

Each
party represents to the other party (which representations will be deemed to be repeated as of each date on which it, as the Pledgor,
Transfers Eligible Collateral) that:

 

		(i)	it
                                         has the power to grant a security interest in and lien on any Eligible Collateral it
                                         Transfers as the Pledgor and has taken all necessary actions to authorize the granting
                                         of that security interest and lien;

 

		(ii)	it
                                         is the sole owner of or otherwise has the right to Transfer all Eligible Collateral it
                                         Transfers to the Secured Party hereunder, free and clear of any security interest, lien,
                                         encumbrance or other restrictions other than the security interest and lien granted under
                                         Paragraph 2;

 

		(iii)	upon
                                         the Transfer of any Eligible Collateral to the Secured Party under the terms of this
                                         Annex, the Secured Party will have a valid and perfected first priority security interest
                                         therein (assuming that any central clearing corporation or any third-party financial
                                         intermediary or other entity not within the control of the Pledgor involved in the Transfer
                                         of that Eligible Collateral gives the notices and takes the action required of it under
                                         applicable law for perfection of that interest); and

 

    8

     

    

 

		(iv)	the
                                         performance by it of its obligations under this Annex will not result in the creation
                                         of any security interest, lien or other encumbrance on any Posted Collateral other than
                                         the security interest and lien granted under Paragraph 2.

 

Paragraph
10. Expenses

 

		(a)	General.
                                         Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay
                                         its own costs and expenses in connection with performing its obligations under this Annex
                                         and neither party will be liable for any costs and expenses incurred by the other party
                                         in connection herewith.

 

		(b)	Posted
                                         Credit Support. The Pledgor will promptly pay when due all taxes, assessments
                                         or charges of any nature that are imposed with respect to Posted Credit Support held
                                         by the Secured Party upon becoming aware of the same, regardless of whether any portion
                                         of that Posted Credit Support is subsequently disposed of under Paragraph 6(c), except
                                         for those taxes, assessments and charges that result from the exercise of the Secured
                                         Party’s rights under Paragraph 6(c).

 

		(c)	Liquidation/Application
                                         of Posted Credit Support. All reasonable costs and expenses incurred by or on
                                         behalf of the Secured Party or the Pledgor in connection with the liquidation and/or
                                         application of any Posted Credit Support under Paragraph 8 will be payable, on demand
                                         and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if
                                         there is no Defaulting Party, equally by the parties.

 

Paragraph
11. Miscellaneous

 

		(a)	Default
                                         Interest. A Secured Party that fails to make, when due, any Transfer of Posted
                                         Collateral or the Interest Amount will be obligated to pay the Pledgor (to the extent
                                         permitted under applicable law) an amount equal to interest at the Default Rate multiplied
                                         by the Value of the items of property that were required to be Transferred, from (and
                                         including) the date that Posted Collateral or Interest Amount was required to be Transferred
                                         to (but excluding) the date of Transfer of that Posted Collateral or Interest Amount.
                                         This interest will be calculated on the basis of daily compounding and the actual number
                                         of days elapsed.

 

		(b)	Further
                                         Assurances. Promptly following a demand made by a party, the other party will
                                         execute, deliver, file and record any financing statement, specific assignment or other
                                         document and take any other action that may be necessary or desirable and reasonably
                                         requested by that party to create, preserve, perfect or validate any security interest
                                         or lien granted under Paragraph 2, to enable that party to exercise or enforce its rights
                                         under this Annex with respect to Posted Credit Support or an Interest Amount or to effect
                                         or document a release of a security interest on Posted Collateral or an Interest Amount.

 

		(c)	Further
                                         Protection. The Pledgor will promptly give notice to the Secured Party of, and
                                         defend against, any suit, action, proceeding or lien that involves Posted Credit Support
                                         Transferred by the Pledgor or that could adversely affect the security interest and lien
                                         granted by it under Paragraph 2, unless that suit, action, proceeding or lien results
                                         from the exercise of the Secured Party’s rights under Paragraph 6(c).

 

    9

     

    

 

		(d)	Good
                                         Faith and Commercially Reasonable Manner. Performance of all obligations under
                                         this Annex, including, but not limited to, all calculations, valuations and determinations
                                         made by either party, will be made in good faith and in a commercially reasonable manner.

 

		(e)	Demands
                                         and Notices. All demands and notices made by a party under this Annex will be
                                         made as specified in the Notices Section of this Agreement, except as otherwise provided
                                         in Paragraph 13.

 

		(f)	Specifications
                                         of Certain Matters. Anything referred to in this Annex as being specified in
                                         Paragraph 13 also may be specified in one or more Confirmations or other documents and
                                         this Annex will be construed accordingly.

 

Paragraph
12. Definitions

 

As
used in this Annex:

 

“Cash”
means the lawful currency of the United States of America.

 

“Credit
Support Amount” has the meaning specified in Paragraph 3.

 

“Custodian”
has the meaning specified in Paragraphs 6(b)(i) and 13.

 

“Delivery
Amount” has the meaning specified in Paragraph 3(a).

 

“Disputing
Party” has the meaning specified in Paragraph 5.

 

“Distributions”
means with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions of cash
or other property with respect thereto, regardless of whether the Secured Party has disposed of that Posted Collateral under Paragraph
6(c). Distributions will not include any item of property acquired by the Secured Party upon any disposition or liquidation of
Posted Collateral or, with respect to any Posted Collateral in the form of Cash, any distributions on that collateral, unless
otherwise specified herein.

 

“Eligible
Collateral” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13.

 

“Eligible
Credit Support” means Eligible Collateral and Other Eligible Support.

 

“Exposure”
means for any Valuation Date or other date for which Exposure is calculated and subject to Paragraph 5 in the case of a dispute,
the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number)
or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A)
of this Agreement as if all Transactions (or Swap Transactions) were being terminated as of the relevant Valuation Time; provided
that Market Quotation will be determined by the Valuation Agent using its estimates at mid-market of the amounts that would
be paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”).

 

“Independent
Amount” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount
is specified, zero.

 

    10

     

    

 

“Interest
Amount” means, with respect to an Interest Period, the aggregate sum of the amounts of interest calculated for each
day in that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party on that
day, determined by the Secured Party for each such day as follows:

 

		(x)	the
                                         amount of that Cash on that day; multiplied by

 

		(y)	the
                                         Interest Rate in effect for that day; divided by

 

		(z)	360.

 

“Interest
Period” means the period from (and including) the last Local Business Day on which an Interest Amount was Transferred
(or, if no Interest Amount has yet been Transferred, the Local Business Day on which Posted Collateral in the form of Cash was
Transferred to or received by the Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount
is to be Transferred.

 

“Interest
Rate” means the rate specified in Paragraph 13.

 

“Local
Business Day”, unless otherwise specified in Paragraph 13, has the meaning specified in the Definitions Section
of this Agreement, except that references to a payment in clause (b) thereof will be deemed to include a Transfer under this Annex.

 

“Minimum
Transfer Amount” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if
no amount is specified, zero.

 

“Notification
Time” has the meaning specified in Paragraph 13.

 

“Obligations”
means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations
specified for that party in Paragraph 13.

 

“Other
Eligible Support” means, with respect to a party, the items, if any, specified as such for that party in Paragraph
13.

 

“Other
Posted Support” means all Other Eligible Support Transferred to the Secured Party that remains in effect for the
benefit of that Secured Party.

 

“Pledgor”
means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph
3(a) or (ii) has Transferred Eligible Credit Support under Paragraph 3(a).

 

“Posted
Collateral” means all Eligible Collateral, other property, Distributions, and all proceeds thereof that have been
Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to Paragraph 3(b),
4(d)(ii) or 6(d)(i) or released by the Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred
pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash.

 

“Posted
Credit Support” means Posted Collateral and Other Posted Support.

 

    11

     

    

 

“Recalculation
Date” means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however,
that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute, then the “Recalculation
Date” means the most recent Valuation Date under Paragraph 3.

 

“Resolution
Time” has the meaning specified in Paragraph 13.

 

“Return
Amount” has the meaning specified in Paragraph 3(b).

 

“Secured
Party” means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support
under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support.

 

“Specified
Condition” means, with respect to a party, any event specified as such for that party in Paragraph 13.

 

“Substitute
Credit Support” has the meaning specified in Paragraph 4(d)(i).

 

“Substitution
Date” has the meaning specified in Paragraph 4(d)(ii).

 

“Threshold”
means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero.

 

“Transfer”
means, with respect to any Eligible Credit Support, Posted Credit Support or Interest Amount, and in accordance with the instructions
of the Secured Party, Pledgor or Custodian, as applicable:

 

		(i)	in
                                         the case of Cash, payment or delivery by wire transfer into one or more bank accounts
                                         specified by the recipient;

 

		(ii)	in
                                         the case of certificated securities that cannot be paid or delivered by book-entry, payment
                                         or delivery in appropriate physical form to the recipient or its account accompanied
                                         by any duly executed instruments of transfer, assignments in blank, transfer tax stamps
                                         and any other documents necessary to constitute a legally valid transfer to the recipient;

 

		(iii)	in
                                         the case of securities that can be paid or delivered by book-entry, the giving of written
                                         instructions to the relevant depository institution or other entity specified by the
                                         recipient, together with a written copy thereof to the recipient, sufficient if complied
                                         with to result in a legally effective transfer of the relevant interest to the recipient;
                                         and

 

		(iv)	in
                                         the case of Other Eligible Support or Other Posted Support, as specified in Paragraph
                                         13.

 

“Valuation
Agent” has the meaning specified in Paragraph 13.

 

“Valuation
Date” means each date specified in or otherwise determined pursuant to Paragraph 13.

 

    12

     

    

 

“Valuation
Percentage” means, for any item of Eligible Collateral, the percentage specified in Paragraph 13.

 

“Valuation
Time” has the meaning specified in Paragraph 13.

 

“Value”
means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute,
with respect to:

 

		(i)	Eligible
                                         Collateral or Posted Collateral that is:

 

		(A)	Cash,
                                         the amount thereof; and

 

		(B)	a
                                         security, the bid price obtained by the Valuation Agent multiplied by the applicable
                                         Valuation Percentage, if any;

 

		(ii)	Posted
                                         Collateral that consists of items that are not specified as Eligible Collateral, zero;
                                         and

 

		(iii)	Other
                                         Eligible Support and Other Posted Support, as specified in Paragraph 13.

 

    13

     

    

 

With
effect from and after September 5, 2017, this Paragraph 13 of the Credit Support Annex amends and restates the prior Paragraph
13 of the Credit Support Annex dated as of June 26, 2014 (the “Original Paragraph 13”), which Original
Paragraph 13 (with respect to the period from and after September 5, 2017) is hereby superseded and shall be of no further force
or effect.

 

Paragraph
13. Elections and Variables

 

(a)       Security
Interest for “Obligations”. The term “Obligations” shall have the meaning set forth in Paragraph 12.

 

(b)       Credit
Support Obligations.

 

(i)
Delivery Amount, Return Amount and Credit Support Amount; Addition to Paragraph 3.

 

(A)
“Delivery Amount” has the meaning set forth in Paragraph 3(a).

 

(B)
“Return Amount” has the meaning set forth in Paragraph 3(b).

 

(C)
“Credit Support Amount” means for any Valuation Date (i) the Secured Party’s Exposure for that Valuation
Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) the aggregate of all Independent
Amounts applicable to the Secured Party, if any, minus (iv) the Pledgor’s Threshold, if any; provided, however, that (x)
in the case where the sum of all Independent Amounts applicable to the Pledgor exceeds zero, the Credit Support Amount will not
be less than the sum of all Independent Amounts applicable to the Pledgor and (y) in all other cases, the Credit Support Amount
will be deemed to be zero whenever the calculation of the Credit Support Amount yields an amount less than zero.

 

Solely
for purposes of calculating the Credit Support Amount for any Valuation Date, the amount referred to in clause (ii) of the foregoing
definition of “Credit Support Amount” will be increased by the excess, if any, of (x) the aggregate of all Supplemental
Independent Amounts applicable to the Pledgor, if any, over (y) the greater of (1) zero and (2) the Secured Party’s Exposure
for that Valuation Date.

 

(D)
Delivery of Independent Amounts. Notwithstanding anything herein to the contrary (including without limitation the provisions
of Paragraph 3), with regard to Transfers of Independent Amounts, the relevant Transfer shall be made in full by the close of
business on the Local Business Day following the Trade Date (or, in the case of the Subject Confirmation, the Obligation Trade
Date) of the applicable Transaction.

 

(ii)
Eligible Collateral. The items set forth on Schedule I hereto will qualify as “Eligible Collateral”
for the party specified (with the respective Valuation Percentages set forth opposite such items in said Schedule).

 

(iii)
Other Eligible Support. There shall be no “Other Eligible Support” for Party A for purposes of this Annex.
There shall be no “Other Eligible Support” for Party B for purposes of this Annex, except that, although the parties
intend that Transactions entered into under the Confirmation dated June 26, 2014 (as amended, supplemented, restated and otherwise
modified and in effect from time to time, the “Subject Confirmation”) shall be subject to, and interpreted
and performed in accordance with, the representations and warranties made in Clause 7 of the Subject Confirmation, in the event
that any such Transaction is for any purpose deemed to be a loan made by Party A to Party B, any Reference Obligation (as defined
in the Subject Confirmation) held by any Citibank Holder (as defined in the Subject Confirmation) as a hedge for any Transaction
and all proceeds thereof shall be deemed to be Other Eligible Support and Other Posted Support.

 

    14

     

    

 

(iv)
Thresholds.

 

(A)
“Independent Amount” shall mean, (x) with respect to Party A and with regard to any Transaction, zero and,
(y) with respect to Party B and with regard to any Transaction, the amount specified as such in the relevant Confirmation.

 

(B)
“Supplemental Independent Amount” shall mean, (x) with respect to Party A and with regard to any Transaction,
zero and, (y) with respect to Party B and with regard to any Transaction, the amount specified as such in the relevant Confirmation.

 

(C)
“Threshold” shall mean, with respect to both Party A and Party B, zero.

 

(D)
“Minimum Transfer Amount” for purposes of computing a Delivery Amount pursuant to Paragraph 3(a) and a Return
Amount pursuant to Paragraph 3(b), as of any date shall be USD250,000.

 

(E)
Rounding. The Delivery Amount and the Return Amount will not be rounded.

 

(c)       Valuation
and Timing.

 

(i)
“Valuation Agent” means Party A.

 

(ii)
“Valuation Date” means each Local Business Day.

 

(iii)
“Valuation Time” means, with respect to the determination of Exposure, Value of Eligible Credit Support and
Posted Credit Support, the close of business on the Local Business Day immediately before the Valuation Date or date of calculation,
as applicable.

 

(iv)
“Notification Time” means 10:00 a.m. New York time on a Valuation Date; provided, however, that, notwithstanding
Paragraph 4(b) and any other terms in this Paragraph 13 that specify the time or date as of which transfers of Eligible Credit
Support or Posted Credit Support are made upon demand, subject to Paragraph 4(a) and 5, if a demand for Transfer of Eligible Credit
Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer shall be made not later than the
close of business on the same Local Business Day as the date of demand, and if a demand is received after the Notification Time,
then the relevant Transfer shall be made not later than the close of business on the Local Business Day following the same Local
Business Day of the date of demand.

 

    15

     

    

 

(d)       Conditions
Precedent and Secured Party’s Rights and Remedies. Each Termination Event specified below with respect to a party will
be a “Specified Condition” for that party (the specified party being the Affected Party if a Termination
Event or Additional Termination Event occurs with respect to such party):

 

	 	Party
    A	Party
    B
	Illegality	[
      ]	[
      ]
	Tax
    Event	[
      ]	[
      ]
	Tax
    Event Upon Merger	[
      ]	[
      ]
	Credit
    Event Upon Merger	[X]	[X]
	Additional
    Termination Events specified in the Schedule to this Agreement	[X]	[X]

 

(e)       Substitution.
“Substitution Date” has the meaning specified in Paragraph 4(d)(ii).

 

(f)       Dispute
Resolution.

 

(i)       “Resolution
Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which notice is given that gives
rise to a dispute under Paragraph 5.

 

(ii)       Value.
For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support will be calculated as follows:

 

The
Value of Posted Credit Support consisting of Cash shall be the amount thereof.

 

(iii)
      Alternative. The provisions of Paragraph 5 will apply as amended by deleting Paragraphs
5(1) and 5(2) in their entirety and replacing them with the following:

 

“(1)
the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later
than the close of business on (X) the date that the Transfer is due in respect of such Delivery Amount or Return Amount in the
case of (I) above, or (Y) the Local Business Day following the date of Transfer in the case of (II) above,

 

(2)
subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close
of business on (X) the date that the Transfer is due in respect of such Delivery Amount or Return Amount in the case of (I) above,
or (Y) the Local Business Day following the date of Transfer in the case of (II) above.”

 

(g)       Holding
and Using Posted Collateral.

 

(i)
Eligibility to Hold Posted Collateral; Custodians.

 

(A)       With
respect to Party A as Secured Party: Party B’s custodian will be entitled to hold Posted Collateral Transferred to Party
A as Secured Party; provided that Party A is not a Defaulting Party. Any custodian selected to act as Party B’s custodian
shall be a Qualified Institution, and all Posted Collateral held by such custodian shall be held only in the United States.

 

With
respect to Party B as Secured Party: Party B will not be entitled to hold Posted Collateral except through a Custodian acceptable
to Party A in the reasonable exercise of its discretion. Any such Custodian shall be a Qualified Institution.

 

    16

     

    

 

(B)       Any
Eligible Collateral, including as applicable securities, financial assets, funds Cash and other property credited thereto from
time to time, Transferred by Party B as Pledgor shall be transferred to the Account (the “Collateral Account”)
established under and as defined in the account control agreement dated as of the date hereof, among Party A (as Secured Party),
Party B (as Pledgor), and Citibank, N.A. (as Custodian), and attached hereto as Exhibit I (the “Account Control Agreement”),
provided that such Account Control Agreement shall provide that Cash credited to the Collateral Account be invested overnight
in money market funds if and to the extent agreed by Party A and Party B. Except as otherwise provided in such Account Control
Agreement, Party B will at all times cause Party A to have “control” (as such term is defined in Section 9-104 of
the Uniform Commercial Code as in effect in the State of New York) over said Account.

 

(C)       The
Collateral Account (and all assets credited thereto) shall constitute Posted Collateral Transferred to or received by Party A
as Secured Party, and Eligible Collateral Transferred by Party B as Pledgor, for all purposes of this Annex including, without
limitation, Paragraph 2. For the avoidance of doubt, references in this Annex to Posted Collateral or Posted Credit Support “held
by the Secured Party” shall be deemed to also refer to Posted Collateral or Posted Credit Support, as applicable, held at
the Custodian pursuant to this Paragraph 13(g).

 

(D)       In
the event that Party B’s Custodian ceases to be a Qualified Institution or Party B otherwise wishes to have another Qualified
Institution serve as custodian, then such Posted Collateral shall be Transferred to another Qualified Institution selected by
Party B, subject to the entry by Party A, Party B and such successor custodian into an agreement in substantially the form of
Exhibit I hereto.

 

(E)       “Qualified
Institution” shall mean: a trust company or commercial bank (a) with trust powers, organized under the laws of the
United States of America or any state thereof, and subject to supervision or examination by federal or state authority, having
a combined capital and surplus of at least $500,000,000; and (b) having general unsecured short-term obligations rated at least
“P-1” by Moody’s or “A-2” by S&P or have outstanding long term unsecured unsubordinated debt
securities rated at least “Baa2” by Moody’s or “BBB” by S&P.

 

(ii)
Use of Posted Collateral. Paragraph 6(c) shall not apply to either party. Solely with respect to Independent Amounts, in
the event of a conflict between this Paragraph 13(g)(ii) and any other provision relating to Independent Amounts, including any
separate segregation election, such other provision shall prevail.

 

(h)       Distributions
and Interest Amount.

 

(i)
Interest Rate. With respect to (x) Cash held by Party A (or by Party B’s Custodian for the benefit of Party A) as
Secured Party, zero and (y) Cash held by Party B as Secured Party, the “Interest Rate” with respect
to U.S. Dollars will be the “Federal Funds Rate”, set forth in H.15 (519) for that day opposite the
caption “Federal Funds (Effective).” If on any day such rate is not yet published in H.15 (519), the
rate for such day will be the rate set forth in Bloomberg Screen page FEDL01<INDEX><HP><GO> for that day under
the caption “FED FUNDS EFFECTIVE”, or such other rate as may be agreed by the parties. For this purpose
“H.15 (519)” shall have the meaning specified in the Annex to the 2000 Definitions as published by the
International Swaps and Derivatives Association, Inc.

 

(ii)
Transfer of Interest Amount. Transfers of any Interest Amount with respect to either party as Secured Party will be made
in arrears on the last Local Business Day of each calendar month.

 

    17

     

    

 

(iii)
Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will not apply.

 

(iv)
Negative Interest Amount. If an Interest Amount transferable by the Secured Party to the Pledgor in accordance with Paragraph
6(d)(ii) is a negative number (either due to a quoted negative Interest Rate or by operation of a negative spread and/or margin
(howsoever called) that is expressed to be applied to the Interest Rate), then the Interest Amount required to be transferred
by the Transferee will be deemed to be zero and the Transferor will instead transfer to the Transferee, on such date, the absolute
value of such negative Interest Amount as calculated (each such Interest Amount, a “Negative Interest Amount”).
Such transfer of a Negative Interest Amount shall not be subject to the requirement that it should not result in the creation
or increase in a Delivery Amount. Party A may purposively construe certain technical provisions of this Annex in order to give
overriding effect to and accommodate the provisions set out herein.

 

(i)       Additional
Representations.

 

(i)
Notwithstanding anything to the contrary contained herein, (“X”) shall be the beneficial owner, within the meaning
of the U.S. tax laws, of any securities it shall Transfer as collateral to the other party (“Y”) pursuant to the terms
hereof.

 

(ii)
X shall promptly provide to Y, upon written request, any tax documentation reasonably requested by Y to allow Y to make gross
interest payments to X in respect of any Posted Collateral Transferred to Y pursuant hereto.

 

(j)       Other
Eligible Support and Other Posted Support.

 

(i)
“Value” with respect to Other Eligible Support and Other Posted Support shall not be applicable.

 

(ii)
“Transfer” with respect to Other Eligible Support and Other Posted Support shall not be applicable.

 

(k)       Demands
and Notices.

 

All
demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Annex, provided, that
the address for Party A for such purposes shall be:

 

Citibank,
N.A. 

Collateral
Management Group 

499
Washington Blvd., 7th Floor 

Jersey
City, NJ 07310 

Telephone
no. (212) 816-8090 

Email:
derivatives.margin@citi.com;

 

and
the address for Party B for such purposes shall be:

 

Center
City Funding LLC 

c/o
FS Investment Corporation III 

201
Rouse Boulevard 

Philadelphia,
PA 19112

 

    18

     

    

 

Attention:
Edward T. Gallivan, Jr. 

Phone:
215-220-4531 

Fax:
215-222-4649 

Email:
credit.notices@fsinvestments.com

 

With
copy to:

 

GSO
Capital Partners 

280
Park Ave., 11th Floor 

New
York, NY 10028

 

Attention:
Angelina Perkovic 

Angelina.perkovic@gso.com

Phone:
212-503-2146 

Fax:
212-503-6921

 

-
and -

 

Isabelle
Pradel 

Isabelle.pradel@gsocap.com 

Phone:
212-503-2149

 Fax:
212-503-2149

 

(l)       Accounts.

 

All
Transfers of Eligible Collateral for the benefit of Party A as Secured Party shall be made to the Collateral Account.

 

All
Transfers of Posted Credit Support to Party B shall be made to the following account:

 

To
an account at a commercial bank located in the

United States of America most recently

identified for such purpose

by Party B in a notice in Party A

 

(m)       Other
Provisions.

 

(i)
Actions Hereunder. Either party may take any actions hereunder, including liquidation rights, through its Custodian or
other agent.

 

(ii)
Events of Default. Paragraph 7(i) shall be amended and restated in its entirety as follows: “(i) that party fails
(or fails to cause its Custodian) to make, when due any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount
as applicable, required to be made by it and that failure continues for one Local Business Day after notice of that failure is
given to that party;”

 

(iii)
Local Business Day. Notwithstanding anything to the contrary contained herein, Local Business Day shall, in addition to
any other meaning specified herein, include a day on which commercial banks are open for business (including dealings in foreign
exchange and foreign currency deposits) in New York.

 

    19

     

    

 

(iv)
Conflicts. For the avoidance of doubt and notwithstanding Paragraph 1(a) of this Annex to the contrary, in the event of
any conflict between the elections made in this Paragraph 13 and any definitions amended in or added to Paragraph 12 that specifically
refer to, limit, alter or condition elections made in Paragraph 13, such amended or added definitions will prevail.

 

    20

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Annex as of the date first above written.

 

	CITIBANK, N.A.	 	CENTER CITY FUNDING LLC
	 	 	 	 	 
	By:	 /s/
    Jennifer Suarez Jankes	 	By:	 /s/ Edward T. Gallivan,
    Jr. 
	 	Name: Jennifer Suarez Jankes	 	 	Name: Edward T. Gallivan, Jr.
	 	Title:  Vice President	 	 	Title: Chief Financial Officer

 

    

    

    

 

Schedule
I

 

	 	Party
    A	Party
    B	Valuation
    Percentage
	 	 	 	 
	Cash	X	X	100%

 

    

    

    

 

Exhibit
I

Account Control Agreement

 

    

    

    

 

 

 

ACCOUNT
CONTROL AGREEMENT

 

among

 

CENTER
CITY FUNDING LLC, as PLEDGOR

 

CITIBANK,
N.A., as SECURED PARTY

 

and

 

CITIBANK,
N.A., as BANK

 

     

     

    

 

THIS
ACCOUNT CONTROL AGREEMENT (this “Agreement”), dated as of June 26, 2014, by and among Center City Funding
LLC, a limited liability company formed under the laws of the State of Delaware, as pledgor (the “Pledgor”),
Citibank, N.A., a national banking association organized and existing under the laws of the United States, as secured party (the
“Secured Party”), and Citibank, N.A., a national banking association organized and existing under the laws
of the United States (the “Bank”).

 

WHEREAS,
the Pledgor and the Secured Party are parties to a 2002 ISDA Master Agreement dated as of June 26, 2014 (the “Master
Agreement”), including a Credit Support Annex (such Credit Support Annex, as amended, supplemented and otherwise modified
and in effect from time to time, the “Pledge Agreement”) to the Schedule to said Master Agreement.

 

WHEREAS,
pursuant to the Pledge Agreement the Pledgor has granted to the Secured Party a security interest in an “Account”
established under (and as defined in) this Agreement.

 

WHEREAS,
the parties wish to enter into this Agreement in order to provide for the “control” (as defined in Section 9-104(a)
of the Uniform Commercial Code in effect in the State of New York (“UCC”), in the case of a deposit account,
or Section 8-106 of the UCC, in the case of a security account) of such “Account” (referred to herein as the “Account”)
as a means to perfect the security interest of the Secured Party.

 

WHEREAS,
capitalized terms used herein without definition and that are defined in Article 8 or Article 9 of the UCC shall have the respective
meanings set forth therein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby irrevocably acknowledged, the
parties hereto agree as follows:

 

1.             The
Account. The Pledgor and the Bank represent and warrant to, and agree with the Secured Party that:

 

(a)            
The Bank maintains the Account for the Pledgor, and all property (including, without limitation, all funds and financial assets)
held by the Bank for the account of the Pledgor are, and will continue to be, credited to the Account. The Bank will from time
to time accept funds from the Pledgor for deposit into the Account.

 

(b)
            To the extent that cash is credited to the Account, the Account is a deposit account; and to the extent that financial assets
(other than cash) are credited to the Account, the Account is a securities account. The Bank is (i) the bank with which the Account
is maintained and (ii) the securities intermediary with respect to financial assets held in the Account. The Pledgor is (A) the
Bank’s customer with respect to the Account and (B) the entitlement holder with respect to all financial assets credited
from time to time to the Account.

 

    -1- 

     

    

 

(c)
            Notwithstanding any other agreement to the contrary, the Bank’s jurisdiction (including its securities intermediary’s
jurisdiction) with respect to the Account for purposes of the UCC is, and will continue to be for so long as the Secured Party’s
security interest shall be in effect, the State of New York.

 

(d)
            The Bank does not know of any claim to or interest in the Account or any property (including, without limitation, funds and financial
assets) credited to the Account, except for claims and interests of the parties referred to in this Agreement.

 

(e)
            Notwithstanding anything in this Agreement to the contrary, the Pledgor agrees that no assets other than cash shall be deposited
into the Account without the prior written consent of the Secured Party.

 

(f)              For
purposes of this Agreement “Business Day” shall mean any day that the Bank is open for business.

 

		2.	Control
                                         over Account. [CHECK ONE BOX ONLY]

 

The
Bank shall comply with (a) all instructions directing disposition of the funds in the Account, (b) all notifications and entitlement
orders that the Bank receives directing it to transfer or redeem any financial assets in the Account and (c) all other directions
concerning the Account, including, without limitation, directions to distribute proceeds of any such transfer or redemption of
interest or dividends on financial assets in the Account (any such instruction, notification or direction referred to in clauses
(a), (b) and (c) above being an “Account Direction”), in each case of clauses (a), (b) and (c) above originated
exclusively by:

 

(  )              the Pledgor, until the time that that the Bank receives a notice, substantially in the form attached hereto as Exhibit A
(a “Notice Of Exclusive Control”) from the Secured Party that the Secured Party is exercising its right
to exclusive control over the Account, and after such time that the Bank receives a Notice of Exclusive Control, the Secured Party,
without further consent by the Pledgor. Until the Bank receives a Notice of Exclusive Control from the Secured Party that the
Secured Party will exercise exclusive control over the Account, the Bank shall distribute to the Pledgor all interest and cash
dividends on property (including, without limitation, funds and financial assets) in the Account on a quarterly basis. If the
Bank receives from the Secured Party a Notice of Exclusive Control, the Bank shall cease complying with Account Directions of
the Pledgor, and shall cease distributing to the Pledgor any interest and dividends on property (including, without limitation,
funds and financial assets) in the Account.

 

(X)              the
Secured Party. The Account shall be under the sole dominion and control of the Secured Party. None of the Pledgor, nor any other
person or entity, acting through or under the Pledgor, shall have any control over the use of, or any right to withdraw any amount
from, the Account.

 

Without
limiting the generality of the foregoing, (a) the Bank agrees that it will comply with all such instructions, notifications and
directions originated by the Secured Party with respect to the Account and all assets credited thereto without further consent
by the Pledgor and (b) the Bank may from time to time accept funds from the Pledgor for deposit into the Account.

 

    -2- 

     

    

 

		3.	Priority
                                         of Secured Party’s Security Interest.

 

The
Bank subordinates in favor of the Secured Party any interest, lien or right of setoff it may have, now or in the future, against
the Account or assets in the Account; provided, however, that, subject to the foregoing, the Bank may set off all amounts
due to it in respect of its expenses (including without limitation the payment of any legal fees or expenses).

 

		4.	Interest
                                         on and Investment of Funds.

 

(a)             Collected
funds from time to time standing to the credit of the Account shall remain uninvested and shall bear no interest.

 

(b)             The
Pledgor shall upon execution of this Agreement provide the Bank with a duly completed and properly executed original IRS Form
W-9 (or applicable Form W-8, in the case of a non-U.S. person).

 

(c)             Citigroup,
Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup,
Inc. and its affiliates. This Agreement and any amendments or attachments are not intended or written to be used, and cannot be
used or relied upon, by any such taxpayer or for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based
on the taxpayer’s particular circumstances for an independent tax advisor.

 

		5.	Concerning
                                         the Bank.

 

(a)             Bank
Duties. Each of the Pledgor and the Secured Party acknowledges and agrees that (i) the duties, responsibilities and obligations
of the Bank shall be limited to those expressly set forth in this Agreement, each of which is administrative or ministerial (and
shall not be construed to be fiduciary in nature), and no duties, responsibilities or obligations shall be inferred or implied,
(ii) the Bank shall not be responsible for any of the agreements referred to or described herein (including without limitation
the Pledge Agreement), or for determining or compelling compliance therewith, and shall not otherwise be bound thereby, (iii)
this Agreement shall constitute the entire agreement of the parties with respect to the subject matter and supersedes all prior
oral or written agreements in regard thereto, (iv) the Bank shall not be required to expend or risk any of its own funds or otherwise
incur any financial or other liability in the performance of any of its duties hereunder and (v) the Bank shall not be obligated
to take any legal or other action hereunder which might in its judgment involve or cause it to incur any expense or liability
unless it shall have been furnished with acceptable indemnification.

 

    -3- 

     

    

 

(b)             Standard
of Care. The Bank shall be under no duty to afford the assets in the Account any greater degree of care than it gives its own
similar property. The Bank shall not be liable for any damage, loss or injury resulting from any action taken or omitted in the
absence of its gross negligence or willful misconduct (as finally adjudicated by a court of competent jurisdiction).

 

(c)             Limitation
on Liability. Notwithstanding any other provision of this Agreement, the Bank shall not be liable (i) for any indirect, incidental,
consequential, punitive or special losses or damages, regardless of the form of action and whether or not any such losses or damages
were foreseeable or contemplated, or (ii) for the investment or reinvestment of any assets in the Account, or any liquidation
of such investment or reinvestment, executed in accordance with the terms of this Agreement, including, without limitation, any
liability for any delays (not resulting from its gross negligence or willful misconduct as finally adjudicated by a court of competent
jurisdiction) in the investment or reinvestment of the Account, any loss of interest incident to any such delays, or any loss
or penalty as a result of the liquidation of any investment before its stated maturity date.

 

(d)             Reliance.
The Bank shall be entitled to rely upon any order, judgment, certification, demand, instruction, notice, instrument, consent,
authorization, receipt, power of attorney, e-mail, .pdf or other writing delivered to it without being required to determine the
authenticity or validity thereof, or the correctness of any fact stated therein or the propriety or validity or the service thereof
or the jurisdiction of the court issuing any judgment or order. The Bank may act in reliance upon any signature believed by it
to be genuine and may assume that any person purporting to make any statement or execute any document in connection with the provisions
hereof has been duly authorized to do so.

 

(e)             Consultation.
The Bank may consult with counsel satisfactory to it, and the opinion or advice of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it in good faith and in accordance with the opinion and
advice of such counsel.

 

		6.	Compensation,
                                         Expense Reimbursement and Indemnification.

 

The
Secured Party covenants and agrees to pay the Bank’s fees specified in Schedule A. All fees specified in Schedule
A shall be due and payable upon the execution of this Agreement. The Pledgor agrees to pay or reimburse the Bank promptly
following written demand for any reasonable and documented out-of-pocket expenses incurred by the Bank in connection with the
administration of its duties hereunder, including but not limited to any reasonable and documented attorney’s fees and expenses,
together with any charges for services of an extraordinary nature hereunder that the Bank may be called upon from time to time
to perform hereunder. The Pledgor covenants and agrees to indemnify the Bank and its employees, officers, directors and agents
(each, an “Indemnified Party”) for, hold each Indemnified Party harmless from, and defend each Indemnified
Party against, any and all claims, losses, actions, liabilities, costs, damages or expenses (collectively, “Losses”)
of any nature incurred by any Indemnified Party arising out of or in connection with this Agreement or with the administration
of its duties hereunder, including but not limited to reasonable and documented attorney’s fees, tax liabilities (including
any taxes, interest and penalties but excluding any income tax liabilities associated with the Bank’s fees), any liabilities
or damages that may result from any inaccuracy or misrepresentation made in any tax certification provided to the Bank, and other
costs and expenses of defending or preparing to defend against any claim of liability, except to the extent such Losses shall
have been finally adjudicated by a court of competent jurisdiction to have resulted from the Indemnified Party’s own gross
negligence or willful misconduct. The foregoing indemnification and agreement to hold harmless shall survive the termination of
this Agreement and the resignation or removal of the Bank.

 

    -4- 

     

    

 

		7.	Statements,
                                         Confirmations and Notices of Adverse Claims.

 

The
Bank will send copies of all statements and confirmations for the Account simultaneously to the Pledgor and the Secured Party.
The Bank will use reasonable efforts promptly to notify the Secured Party and the Pledgor if any other person claims that it has
a property interest in the Account or any cash or financial asset standing to the credit of the Account.

 

		8.	Exclusive
                                         Benefit.

 

Except
as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties to this Agreement and
their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable
right, remedy, or claim to any other entity or person whatsoever. No party may assign any of its rights or obligations under this
Agreement without the prior written consent of the other parties.

 

		9.	Force
                                         Majeure.

 

Notwithstanding
anything contained in this Agreement to the contrary, the Bank shall not incur any liability for not performing any act or fulfilling
any obligation hereunder by reason of any occurrence beyond its control (including, without limitation, any provision of any present
or future law or regulation or any act of any governmental authority, any act of God or war or terrorism, or the unavailability
of the Federal Reserve Bank wire services or any electronic communication facility). The Bank shall use commercially reasonable
efforts to resume performance as promptly as practicable under the circumstances.

 

		10.	Resignation
                                         and Removal.

 

(a)             The
Pledgor and the Secured Party may jointly remove the Bank at any time by giving to the Bank thirty (30) calendar days’ prior
written notice of removal signed by an Authorized Person of each of the Pledgor and the Secured Party. The Bank may resign at
any time by giving to each of the Pledgor and the Secured Party thirty (30) calendar days’ prior written notice of resignation.

 

    -5- 

     

    

 

(b)            
Within thirty (30) calendar days after giving the foregoing notice of removal to the Bank or within thirty (30) calendar days
after receiving the foregoing notice of resignation from the Bank, the Pledgor and the Secured Party shall appoint a successor
bank and give notice of such successor bank to the Bank. If a successor bank has not accepted such appointment by the end of such
(i) 30-day period, in the case of the Bank’s removal, or (ii) 30-day period, in the case of the Bank’s resignation,
the Bank may either (A) safe keep the assets in the Account until a successor bank is appointed, without any obligation to invest
the same or continue to perform under this Agreement, or (B) apply to a court of competent jurisdiction for the appointment of
a successor bank or for other appropriate relief.

 

(c)            
Upon receipt of notice of the identity of the successor bank, the Bank shall either deliver the assets in the Account then held
hereunder to the successor bank, less the Bank’s fees, costs and expenses, or hold such assets in the Account (or any portion
thereof) pending distribution, until all such fees, costs and expenses are paid to it.

 

(d)
            Upon delivery of the assets in the Account to the successor bank, the Bank shall have no further duties, responsibilities or obligations
hereunder.

 

		11.	Governing
                                         Law; Jurisdiction; Waivers.

 

(a)             This
Agreement and the Account (including all interests, duties and obligations with respect thereto) will be governed by the laws
of the State of New York, without giving effect to conflict laws rules or principles. The parties irrevocably and unconditionally
submit to the exclusive jurisdiction of the federal and state courts located in the Borough of Manhattan, City, County and State
of New York, for any proceedings commenced regarding this Agreement, including, but not limited to, any interpleader proceeding
or proceeding for the appointment of a successor bank the Bank may commence pursuant to this Agreement. The parties irrevocably
submit to the jurisdiction of such courts for the determination of all issues in such proceedings and irrevocably waive any objection
to venue or inconvenient forum for any proceeding brought in any such court.

 

(b)             The
parties irrevocably and unconditionally waive, to the fullest extent permitted by law, and agree not to plead or claim, any right
of immunity from legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, from execution of judgment,
or from any other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, and consent
to such relief and enforcement against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter
arising out of, or in connection with, this Agreement.

 

(c)             THE
PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY PROCEEDING RELATING TO THIS AGREEMENT.

 

    -6- 

     

    

 

		12.	Instructions,
                                         Verification, Communications.

 

(a)             All
instructions required under this Agreement shall be delivered to the Bank in writing, in English, and may be delivered to the
Bank by facsimile or by e-mail and, if so requested by the Bank, by an original, executed by an Authorized Person of the Pledgor
or Secured Party, as the case may be. The identity of such Authorized Persons, as well as their specimen signature, title, telephone
number and e-mail address, shall be delivered to the Bank in the list of authorized signers form as set forth on Schedule B
and shall remain in effect until the applicable party, notifies Bank of any change thereto (the person(s) so designated from
time to time, the “Authorized Persons”). The Bank, Pledgor and Secured Party agree that the above constitutes
a commercially reasonable security procedure and further agree not to comply with any direction or instruction (other than those
contained herein or delivered in accordance with this Agreement) from any party.

 

(b)             In
the event funds transfer instructions are given, whether in writing, by facsimile, .pdf, e-mail, or otherwise, such funds transfer
instructions should contain a selected test word also evidenced on Schedule B. Test words must contain at least 8 alphanumeric
characters, established at document execution. In addition or in lieu of test words, the Bank is authorized to seek confirmation
of such instructions by telephone call back to the applicable person(s) set forth on Schedule B and the Bank may rely upon
the confirmations of anyone purporting to be the person(s) so designated. To ensure the accuracy of the instructions it receives,
the Bank may record such call backs. If the Bank is unable to verify the instruction, or is not satisfied in its sole discretion
with the verification it receives, it will not execute the instruction until all issues have been resolved to its satisfaction.
The persons and telephone numbers for call backs may be changed only in writing, signed by an Authorized Person, actually received
and acknowledged by the Bank. The Pledgor and Secured Party acknowledge that these security procedures for funds transfers are
commercially reasonable.

 

(c)             To
help the U.S. government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions
to obtain, verify, and record information that identifies each person who opens an account. When an account is opened, the Bank
will ask for information that will allow the Bank to identify relevant parties. The Pledgor and Secured Party hereby acknowledge
such information disclosure requirements and agree to comply with all such information disclosure requests from time to time from
the Bank.

 

(d)
            In accordance with the Unlawful Internet Gambling Act (the “Act”),
the Pledgor and the Secured Party may not use the Account or other Bank facilities in the United States to process ‘restricted
transactions’ as such term is defined in 31 CFR Section 132.2(y). Therefore, neither the Pledgor, the Secured Party nor
any person who has an ownership interest in or control over the Account may use it to process or facilitate payments for prohibited
internet gambling transactions. For more information about the Act, including the types of transactions that are prohibited, please
refer to the following link: http://www.federalreserve.gov/NEWSEVENTS/PRESS/BCREG/20081112B.HTM.

 

    -7- 

     

    

 

(e)             Notwithstanding
anything to the contrary herein, any and all e-mail communications (both text and attachments) by or from the Bank that the Bank
deems to contain confidential, proprietary, and/or sensitive information shall be encrypted. The recipient (the “E-mail
Recipient”) of the encrypted email communication will be required to complete a registration process. Instructions on
how to register and/or retrieve an encrypted message will be included in the first secure email sent by the Bank to the E-mail
Recipient. Additional information and assistance on using the encryption technology can be found at Citibank’s Secure E-mail
website at www.citigroup.com/citi/citizen/finance/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or (904) 954-6181
(outside the U.S.).

 

(f)              The
provisions of this Section 12(a)-(e) may be amended by the Bank unilaterally upon five Business Days’ written notice to
the Pledgor and Secured Party, insofar as any such amendment relates to the subject matter of such provisions.

 

		13.	Amendments.

 

Except
as specifically set forth in this Agreement, any amendment of this Agreement shall be binding only if evidenced by a writing signed
by each of the parties to this Agreement.

 

		14.	Severability.

 

The
invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or
enforceability of any other provision. If any provision of this Agreement is held to be unenforceable as a matter of law, the
other provisions shall not be affected thereby and shall remain in full force and effect.

 

		15.	Mergers
                                         and Conversions.

 

Any
corporation or entity into which the Bank may be merged or converted or with which it may be consolidated, or any corporation
or entity resulting from any merger, conversion or consolidation to which the Bank will be a party, or any corporation or entity
succeeding to the business of the Bank will be the successor of the Bank hereunder without the execution or filing of any paper
with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment
is required by law to effect such succession, anything herein to the contrary notwithstanding.

 

		16.	Notices;
                                         Wiring Instructions.

 

(a)             Any
notice permitted or required hereunder shall be in writing in English, and shall be sent (i) by personal, overnight delivery by
a recognized courier or delivery service, (ii) by registered or certified mail, return receipt requested, postage prepaid, (iii)
by confirmed facsimile or (iv) by e-mail, in each case addressed to the address and person(s) designated below their respective
signature hereto (or to such other address as any such party may hereafter designate by written notice to the other parties).
Notices to the Bank shall only be deemed given upon actual receipt by the Bank.

 

    -8- 

     

    

 

(b)             Any
funds to be paid to or by the Bank hereunder shall be sent by wire transfer pursuant to the following instructions (or by such
method of payment and pursuant to such instruction as may have been given in advance and in writing to or by the Bank, as the
case may be, in accordance with Section 16(a) above):

 

If
to the Pledgor:

State
Street Bank and Trust Co. NA

Boston

BIC
Code: SBOSUS33XXX

ABA
No: 011000028

Account
No: 

Account
Name: FS Investment Corporation III

 

If
to the Secured Party:

Citibank,
N.A., New York

ABA
No.: 021-000-089

Account
No.: 

Ref:
Financial Futures

 

If
to the Bank:

Citibank,
N.A.

New
York, NY

ABA#
021-000-089

Account
Name: Structured Finance Incoming Wire

Account#

Reference:
11243700 Citibank, N.A. as Bank for Center City Funding LLC as Pledgor

 

		17.	Counterparts.

 

This
Agreement may be executed in any number of counterparts, all of which will constitute one and the same instrument, and any party
hereto may execute this agreement by signing and delivering one or more counterparts. Facsimile or .pdf signatures on counterparts
of this Agreement shall be deemed original signatures with all rights accruing thereto except in respect to any Non-US entity,
whereby originals are required.

 

		18.	Use
                                         of Name.

 

No
printed or other material in any language, including prospectuses, notices, reports, and promotional material which mentions “Citibank”,
“Citigroup” or “Citi” by name or the rights, powers, or duties of the Bank under this Agreement
shall be issued by either the Pledgor or Secured Party hereto, or on such party’s behalf, without the prior written consent
of the Bank; provided that the foregoing shall not prevent the filing of a copy of this Agreement or the Master Agreement with
any report required to be filed with the Securities and Exchange Commission by the Pledgor or any of its affiliates.

 

    -9- 

     

    

 

		19.	Termination.

 

This
Agreement shall terminate upon receipt by the Bank of (i) notice from the Secured Party that its security interest in the Account
and all assets therein have terminated or (ii) joint Account Directions from the Pledgor and the Secured Party confirming to the
Bank that the Pledgor is entitled to the return of all amounts held in the Account. Upon receipt of such notice or joint Account
Directions, the Secured Party shall have no further right to originate instructions with respect to the assets in the Account.
The Bank shall, upon payment of all outstanding fees and expenses hereunder, promptly forward any amounts held by the Bank in
the Account to the Pledgor, and the Bank shall be relieved and discharged of any further responsibilities with respect to its
duties hereunder.

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed by a duly authorized representative as of the day
and year first written above.

 

	 	CITIBANK, N.A.,
	 	as Bank
	 	 	 
	 	By:	/s/ Jacqueline Suarez
	 	 	Name: Jacqueline Suarez
	 	 	Title: Vice President
	 	 	Date: 06/26/2014

 

	 	Notice to:
	 	Citibank, N.A.
	 	Agency & Trust
	 	388 Greenwich Street, 14th Floor
	 	New York, NY 10013
	 	Attn.: Thomas Varcados
	 	Phone: (713) 693-6674
	 	Facsimile: (212) 657-2762
	 	Email: thomas.varcados@citi.com

 

    -10- 

     

    

 

	 	CENTER CITY FUNDING LLC
	 	 	 
	 	By:	/s/ Gerald F. Stahlecker
	 	 	Name: Gerald F. Stahlecker
	 	 	Title: Executive Vice President
	 	 	Date: 06/26/2014

 

	 	Notice to:
	 	Center City Funding LLC
	 	c/o FS Investment Corporation III
	 	Cira Centre
	 	2929 Arch Street, Suite 675
	 	Philadelphia, PA 19104
	 	 
	 	Attention: Gerald F. Stahlecker
	 	Phone: 215-495-1169
	 	Fax: 215-222-4649
	 	Email: jerry.stahlecker@franklinsquare.com

 

	 	CITIBANK, N.A., as Secured Party
	 	 	 
	 	By:	/s/ Linda Cook
	 	 	Name: Linda Cook
	 	 	Title: Vice President
	 	 	Date: 06/26/2014

 

	 	Notice to:
	 	Citibank, N.A.
	 	388 Greenwich Street
	 	11th Floor
	 	New York, NY 10013
	 	Attention: Director Derivative Operations
	 	Facsimile: 212-615-8594
	 	 
	 	with a copy to:
	 	Citibank, N.A.
	 	Collateral Management Group
	 	388 Greenwich Street, 11th Floor
	 	New York, NY 10013
	 	Telephone no. (212) 816-8090
	 	Facsimile no. (212) 994-0728
	 	Email: derivatives.margin@citi.com

 

    -11- 

     

    

 

List
of Exhibits and Schedules

 

	Exhibit A:	Form of Notice of Exclusive
    Control
	Schedule A:	Bank Fee Schedule
	Schedule B:	Authorized List of Signers

 

    -12- 

     

    

 

EXHIBIT
A

 

FORM
OF NOTICE OF EXLUSIVE CONTROL

 

[Not
Applicable]

 

     

     

    

 

SCHEDULE
A

 

BANK
FEE SCHEDULE

 

Acceptance
Fee:

 

To
cover the acceptance of Bank appointment, the review of the agreement and supporting documents submitted in connection with the
execution and delivery thereof, communication with other members of the working group:

 

$1,500
payable upon execution and delivery of this Agreement

 

Legal
Fee

 

To
cover review of the Account Control Agreement, and related legal documents by Citibank’s outside counsel on behalf of Citibank
Agency & Trust:

 

		AT COST	 (If Applicable)

 

     

     

    

 

SCHEDULE
B

 

AUTHORIZED
LIST OF SIGNERS

 

This
form supplements the Agreement and related documents and applies to instructions given by facsimile (or e-mail with .pdf attachment)
for securities or funds transfers and for other purposes under the Agreement. In giving any facsimile (or e-mail with .pdf attachment)
instruction as specified in the Agreement the Pledgor and Secured Party acknowledge that facsimile (or e-mail with .pdf attachment)
present a high degree of risk or error, security and privacy. Nevertheless the Pledgor and Secured Party wish to use facsimile
(or e-mail with .pdf attachment) as a means of instruction. The Pledgor and Secured Party designate below the individuals who
are authorized to initiate transfers or other instructions by facsimile (or e-mail with .pdf attachment) on behalf of the Pledgor
and Secured Party and select the security procedures specified herein, The Pledgor and Secured Party accept the associated risks
of unauthorized or erroneous instructions and agree to be bound by such instructions whether or not actually authorized by the
Pledgor and Secured Party, provided the Bank has complied with the stated security procedure. The Pledgor and Secured Party are
responsible for keeping confidential the contents of this Schedule B. The Pledgor and Secured Party should be careful in completing
this Schedule B as it may be rejected if it contains erasures or white outs.

 

	☐
    New	☐
    Addition	☐
    Supersede

 

Citibank,
N.A., as Secured Party

 

	 	 	 	Specimen Signature
	Name	 	 	 
	Title	 	 	 
	Phone	 	 	 
	E-mail Address	 	 	 
	 	 	 	 
	 	 	 	 
	Name	 	 	 
	Title	 	 	 
	Phone	 	 	 
	E-mail Address	 	 	 
	 	 	 	 
	 	 	 	 
	Name	 	 	 
	Title	 	 	 
	Phone	 	 	 
	E-mail Address	 	 	 
	 	 	 	 

 

Where
applicable, the Bank will confirm the instructions received by return call to one of the telephone numbers listed below.

 

	Telephone
    Number (including Country code)	Name
	 	 
	 	 
	 	 
	 	 

 

Test
Word

 

		 	 

 

Test
Words must contain at least 8 alphanumeric characters, and should be established at document execution and changed each time the
List of Authorized Signers/Approvers is updated. All instructions should clearly display the Test Word, which may be used in lieu
of a callback to confirm the authenticity of the instruction. However, Bank reserves the right to perform the callback in addition
to the Test Word if circumstances warrant.

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