Document:

Rule 10b5-1 Sales Plan

 Exhibit 10.1 
 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 

Symbol: OME 
 Start Date: 03/16/2011

 End Date: 03/16/2012 
 Rule 10b5-1 Sales Plan, Client Representations, and Sales Instructions 
 I,
John D. Held, as of the date below, establish this Sales Plan (“Plan”) in order to sell shares of the common stock (“Shares”) of Omega Protein Corporation (“Issuer”) pursuant to the requirements of Rule
10b5-1 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). I request that Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) execute the Plan as follows: 

 

	1.	Sales Instructions for Sales/Exercise and Sale of Employee Stock Options 

 1.1 For securities other than stock options, you are authorized to execute transactions in accordance with the attached SEC Rule 10b5-1 Sales Instruction and Notice Provision –Annex
(“Sales Instruction”) with respect to the security type “Shares”. 
 1.2 For employee stock options,
you are authorized to exercise my options and sell the underlying Shares in accordance with the Sales Instruction with respect to the security type “ESOP”. 
 For purposes of this Section 1.2: 
  

	 	1.	Merrill Lynch will not exercise any stock option unless its exercise price is less than the market price of the underlying Shares. 

 

	 	2.	To the extent that the exercise price and any withholding tax relating to the exercise of a stock option and sale of the underlying Shares under this plan are to be
paid from the proceeds of such exercise and sale, Merrill Lynch will deduct from the proceeds of each stock option exercised and the underlying Shares sold the sum of the exercise price and any withholding tax. The resulting amount will be then
remitted to the Issuer. 

  

	 	3.	After remitting payment to the Issuer for the applicable exercise price and withholding tax pursuant to 1.2.2, supra, any commissions and/or fees due and payable to
Merrill Lynch shall be deducted from the proceeds of such exercise and sale and paid to Merrill Lynch. 

  

	 	4.	Check which of the following apply: 

  

	 	[    ]	The Issuer of the Shares has executed a servicing agreement with Merrill Lynch for stock option services for the Issuer and its optionees. 

 

	 	[X]	The Issuer of the Shares has not executed a servicing agreement with Merrill Lynch for stock option services for the Issuer and its optionees and therefore I hereby
agree to and authorize the following: 

 In connection with the exercise of my employee stock options under the
Plan I authorize and instruct the Issuer to register or cause its agent(s) to register, the Shares to be issued upon the exercise of my stock option(s) in the name of Merrill Lynch (or its designated nominee), which is my agent and nominee (or in
the event that is not permissible, in my name). 

  
 1 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

 I also authorize and instruct the Issuer to deliver, or cause its agent(s) to deliver
within three business days, the Shares issued pursuant to the stock option exercise to Merrill Lynch in exchange for funds from Merrill Lynch representing the exercise price (plus any applicable taxes). 

I cannot revoke or rescind this authorization and instruction under any circumstance while the Plan is in effect. I hereby grant a
security interest to Merrill Lynch in the Shares to be issued pursuant to the exercise of my employee stock option(s). This security interest will not terminate even if the securities are delivered to me contrary to these instructions. 

If I am selling all or some of the Shares to be issued pursuant to the exercise of my employee stock option, I agree that I am
responsible for any and all dividends, rights or payments of any kind that are or may become payable to any purchaser of the Shares prior to the registration of the Shares in the name of Merrill Lynch and, if I am holding all or some of these
Shares, I agree that I shall not be entitled to such dividends, rights or payments prior to the issuance of the Shares. I agree to pay or deliver to Merrill Lynch upon demand, any and all funds, securities, dividends or distributions due to it, if,
for any reason, the Shares to be issued pursuant to the exercise of my employee stock option are not promptly delivered to Merrill Lynch. 
  

	2.	Execution, Average Pricing and Pro Rata Allocation of Sales 

 I agree and acknowledge that: 
 2.1 If my order to sell Shares pursuant to
the Plan, whether market or limit, is handled by a Merrill Lynch trading desk, my order shall be handled as “not held”. A “not held” or “working order” permits a Merrill Lynch trader to use reasonable brokerage
judgment, exercising price and time discretion, as to when to execute the order. This provision shall only apply to orders handled by a Merrill Lynch trading desk. 
 2.2 Merrill Lynch may execute my order: (a) in a single transaction or multiple transactions during the course of the trading day, or (b) it may aggregate my order with other orders for
other sellers of the Issuer’s securities that may or may not have been accepted pursuant to a Rule 10b5-1 sales plan, execute them as a block or in multiple smaller transactions, and allocate an average price to each seller. 

  
 2 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

 2.3 When orders are aggregated, Merrill Lynch shall allocate the proceeds of
shares sold pro rata among the sellers, based on the ratio of (x) the shares to be sold and (y) the sum of the proceeds of all shares sold, and Merrill Lynch will provide each seller an “average price confirmation” that
identifies the amount of securities sold for the applicable seller together with an average price for sales. 
  

	3.	Stock Splits/Reincorporation/Reorganizations 

 3.1 In the event of a stock split or reverse stock split, the quantity and price at which the Shares are to be sold will be adjusted proportionately. 

3.2 In the event of a stock dividend or spin-off, the quantity and price at which the Shares are to be sold will be adjusted as
instructed by the Issuer. Any adjustment shall only become effective upon receipt by Merrill Lynch of written notice from Issuer as to the occurrence of the dividend or spin-off, as well as specific instructions as to the adjustment to the quantity
and price at which Shares are to be sold. 
 3.3 In the event of a reincorporation or other corporate reorganization
resulting in an automatic share-for-share exchange of new shares of the Issuer for the Shares subject to the Plan, then the new shares will automatically replace the Shares originally specified in the Plan. 

 

	4.	Account Credit 

 In
the event any scheduled sale of Shares or exercise of stock options and sale of the underlying Shares is not executed as provided for in Section 1 (or Section 7, if applicable) of the Plan, upon Merrill Lynch’s knowledge of such
event, Merrill Lynch shall exercise stock options (if applicable) and sell Shares that should have been sold as soon as reasonably practicable, and will credit my account as if such sale had been executed as instructed in Section 1 (or
Section 7, if applicable). 
  

	5.	Compliance with Rule 144 and Rule 145 

 5.1 I understand and agree that if I am an affiliate or control person for purposes of Rule 144 under the Securities Act of 1933, as amended (“Securities Act”), or if the Shares
subject to the Plan are restricted securities subject to limitations under Rule 144 or eligible for resale under Rule 145, then all sales of Shares under the Plan will be made in accordance with the applicable provisions of Rule 144.

 5.2 I request and authorize Merrill Lynch to complete and file on my behalf any Forms 144 (pre-signed by me) necessary
to effect sales under the Plan. 
 5.3 If appropriate, I understand and agree that, upon my prompt signature and delivery
to Merrill Lynch of Form 144, Merrill Lynch will either: (a) make one Form 144 filing at the beginning of each three-month period commencing with the date of the first sale made in connection with the Plan or (b) file Form 144 for each
sale made in connection with the Plan. 

  
 3 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

 5.4 A Form 144 shall be filed for all applicable sales pursuant to this Plan and
shall indicate that the sales are made pursuant to this Plan. 
 5.5 Merrill Lynch will conduct sales pursuant to Rule
144 or Rule 145 if appropriate, including applying Rule 144 volume limitations as if the sales under the Plan were the only sales subject to the volume limitations. 
 5.6 I agree not to take any action or to cause any other person or entity to take any action that would require me to aggregate sales of Shares pursuant to Rule 144; and not to take any action that
would cause the sales of Shares under the Plan not to comply with Rule 144 or Rule 145. 
  

	6.	Representations, Warranties and Covenants 

 In consideration of Merrill Lynch accepting orders to sell securities under this Plan, I make the following representations, warranties and covenants: 

6.1 I have established the Plan in good faith, in compliance with the requirements of Rule 10b5-1, and at a time when I was not
aware of material nonpublic information about the Shares or the Issuer. 
 6.2 I have consulted with legal counsel and
other advisors in connection with my decision to enter into the Plan and have confirmed that the Plan meets the criteria set forth in Rule 10b5-1. I have not received or relied on any representations by Merrill Lynch regarding the Plan’s
compliance with Rule 10b5-1. 
 6.3 I have provided, or caused the Issuer to provide, Merrill Lynch with a certificate
completed by the Issuer, substantially in the form of Annex A hereto (“Issuer Certificate”). 
 6.4 I own all
Shares that are subject to the Plan free and clear of liens or encumbrances of any kind, and/or I will own all such Shares free and clear of liens or encumbrances of any kind at the time of their Sale as provided for in this Plan. I will own any
Shares acquired under employee stock options exercised pursuant to the Plan free and clear of liens or encumbrances, except for any liens or encumbrances in favor of Merrill Lynch. There are no restrictions imposed on me, the Shares or the Issuer
that would prevent Merrill Lynch or me from complying with the Plan. 
 6.5 While the Plan is in effect, except as
provided in the Plan, I will not engage in offsetting or hedging transactions in violation of Rule10b5-1; and I will notify Merrill Lynch in advance of any sales or purchases of, or derivative transactions on, any of the Issuer’s securities
initiated by me. 

  
 4 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

 6.6 While the Plan is in effect, I will not disclose to any employee of Merrill
Lynch, including my Private Wealth Advisor or Financial Advisor, any material nonpublic information concerning the Shares or the Issuer. 
 6.7 While the Plan is in effect, I will not attempt to exercise any influence over how, when or whether to effect sales of Shares. 

6.8 The Plan does not violate the Issuer’s insider trading policies. 

6.9 I agree to make or cause to be made all filings required under the Securities Act and/or the Exchange Act, including under
Rule 144 and pursuant to Section 13 and Section 16 of the Exchange Act, and any other filings necessary. 
 6.10
As to delivery requirements: 
  

	 	1.	For securities other than stock options, prior to the date of execution of any sales specified under the Plan, I agree to have delivered into the custody of Merrill
Lynch the total amount of the Shares that may be sold pursuant to the Plan, together with all transfer documents and other authorizations required for Merrill Lynch to effect settlement of sales of such Shares on my behalf. 

 

	 	2.	For employee stock options, the number of options granted to me by the Issuer that are vested, exercisable and registered is equal to or greater than the number of
options to be exercised and the underlying Shares to be sold under the Plan. I agree to provide to Merrill Lynch all necessary documentation, properly executed, to effect the timely exercise of the stock options and the subsequent sale and
settlement of the Shares. 

  

	 	3.	I agree that Merrill Lynch’s obligation to execute sales under the Plan is conditioned on the satisfaction of the foregoing delivery requirements.

 6.11 I agree to inform Merrill Lynch as soon as possible of any of the following: 

 

	 	1.	any subsequent restrictions imposed on me due to changes in the securities (or other) laws or of any contractual restrictions imposed on the Issuer that would prevent
Merrill Lynch or me from complying with the Plan, and 

  
 5 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

	 	2.	the occurrence of any event as set forth in the Plan that would cause the Plan to be suspended or terminated under Section 7 or Section 8 of the Plan,
respectively. 

  

	7.	Suspension  

7.1 Sales pursuant to Section 1 above shall be suspended where: 

 

	 	1.	trading of the Shares on the principal exchange or market on which the Shares are traded (“Exchange”) is suspended for any reason; 

 

	 	2.	there is insufficient demand for any or all of the Shares at or above the specified price (e.g., the specified price met but all Shares could not be sold at or
above the specified price); 

  

	 	3.	Merrill Lynch, in its sole discretion, determines that there is a legal, regulatory or contractual reason why it cannot effect a sale of Shares;

  

	 	4.	Merrill Lynch is notified in writing by the Issuer that a sale of Shares should not be effected due to legal, regulatory or contractual restrictions applicable to the
Issuer or to me (including without limitation, Regulation M); 

  

	 	5.	Merrill Lynch is notified in writing by the Issuer that (i) in the case of Shares being sold pursuant to a registration statement filed under the Securities Act,
the registration statement has terminated, been suspended, expired or is otherwise unavailable; or (ii) a public announcement of a public offering of securities by the Issuer has been made. 

7.2 Merrill Lynch will resume sales in accordance with the Plan as promptly as practicable after (a) Merrill Lynch receives
notice in writing from the Issuer that it may resume sales in accordance with Section 1 of the Plan in the case of the occurrence of an Event described in 7.1.4 or 7.1.5 above or (b) Merrill Lynch determines, in its sole discretion, that
it may resume sales in accordance with the Plan in the case of the occurrence of an Event described in 7.1.1, 7.1.2 or 7.1.3 above. 
 7.3 Shares allocated under the Plan for sale during a period that has elapsed due to a suspension under this Section will be carried forward to be sold with the next amount of shares to be sold in
accordance with Section 1 of the Plan. In the event Section 1 of the Plan provides for an amount of Shares to be sold during a given period pursuant to a limit order, Shares that would otherwise be permitted to be sold during that period,
shall, upon lapse of the suspension, nonetheless be carried forward to be sold with the next amount of Shares to be sold in accordance with Section 1 of the Plan. 

  
 6 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

 7.4 Merrill Lynch is released from all liability in connection with any
suspension of sales, including, but not limited to, liability for the expiration of stock options or loss of market value. 
  

	8.	Termination 

 The
Plan shall terminate on the earliest to occur of the following: 
 8.1 the termination date listed in the Sales
Instruction; 
 8.2 the completion of all sales contemplated in Section 1 of the Plan; 

8.3 my or Merrill Lynch’s reasonable determination that: (a) the Plan does not comply with Rule 10b5-1 or other
applicable securities laws; (b) I have not complied with the Plan, Rule 10b5-1 or other applicable securities laws; or (c) I have made misstatements in my representations or warranties in Section 6, above; 

8.4 receipt by Merrill Lynch of written notice from the Issuer or me of: (a) the filing of a bankruptcy petition by the
Issuer; (b) the closing of a merger, recapitalization, acquisition, tender or exchange offer, or other business combination or reorganization resulting in the exchange or conversion of the Shares of the Issuer into shares of a company other
than the Issuer; or (c) the conversion of the Shares into rights to receive fixed amounts of cash or into debt securities and/or preferred stock (whether in whole or in part); 

8.5 receipt by Merrill Lynch of written notice of my death or legal incapacity; or 

8.6 receipt by Merrill Lynch of written notice of termination from me. 

 

	9.	Indemnification 

9.1 I agree to indemnify and hold harmless Merrill Lynch and its directors, officers, employees and affiliates from and against all
claims, losses, damages and liabilities, including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such claim, arising out of or attributable to Merrill Lynch’s actions
taken in compliance with the Plan, any breach by me of the Plan, or any violation by me of applicable federal or state laws or regulations. This indemnification shall survive termination of the Plan. 

9.2 Merrill Lynch agrees to indemnify and hold me harmless from and against all claims, losses, damages and liabilities including,
without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim, arising out of or attributable to Merrill Lynch’s gross negligence or willful misconduct in connection
with the Plan. 

  
 7 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

	10.	Modification and Amendment 

 The Plan, including the Sales Instruction, may be modified or amended only upon (a) the written agreement of me and Merrill Lynch; (b) the receipt by Merrill Lynch of written confirmation signed
by me to the effect that the representations, warranties and covenants contained in Section 6 above, are true as of the date of such written confirmation; and (c) the receipt by Merrill Lynch of a new Issuer Certificate or written
confirmation signed by the Issuer that the representations, warranties and covenants contained in the original Issuer Certificate are true as of the date of such written confirmation. 

 

	11.	Counterparts 

 The
Plan may be signed in counterparts, each of which will be an original. 
  

	12.	Entire Agreement 

The Plan, including the representations, warranties and covenants in Section 6, constitutes the entire agreement between me and
Merrill Lynch regarding the Plan and supersedes any prior agreements or understandings regarding the Plan. 
  

	13.	Governing Law 

This Plan will be governed by and construed in accordance with the laws of the State of New York. 

 

	14.	Officer & Director Equity Service 

 If seller is subject to the reporting requirements of Section 16 of the Exchange Act, complete the following to have transaction information for open market transactions under the Plan forwarded
to a designated third party. 
 14.1 I authorize Merrill Lynch to transmit transaction information via facsimile
and/or email regarding open market transactions under the Plan to: 
  

			
	Name: Karin Belding	  	Name: Judith Brinkman
	Title:	  	Title:
	Organization: Omega Protein Corporation	  	Organization: Omega Protein Corporation
	Fax:	  	Fax:
	Tel:	  	Tel:
	e-mail: 	  	e-mail: 

  
 8 

 Issuer Name: Omega Protein Corporation 
 Client Name: John D. Held 
 Symbol: OME 

Start Date: 03/16/2011 
 End Date:
03/16/2012 
  

 14.2 I understand that reasonable efforts will be made to transmit transaction
information for open market transactions under the Plan (purchase or sale) by the close of business on the day of the purchase or sale, but no later than the close of business on the first trading day following the purchase or sale. 

14.3 I acknowledge that Merrill Lynch (a) has no obligation to confirm receipt of any email or faxed information by the
designated contact and (b) has no responsibility or liability for filing a Form 4 with the SEC or for compliance with Section 16 of the Exchange Act. 
 14.4 If any of the above contact information changes, or I would like to terminate this authorization, I will promptly notify Merrill Lynch in writing. I further authorize Merrill Lynch to transmit
transaction information to a third party service provider who will make the information available to my designated representative(s) listed above. 
  

	15.	Notices 

 All
notices given by the parties under the Plan will be as set forth in the Sales Instruction. 
  

			
	By:	 	 /s/ John D. Held

	Name:	 	John D. Held
		
	Date:	 	 March 9, 2011

 

			
	Merrill Lynch, Pierce, Fenner & Smith
	Incorporated
	
	Acknowledged and Agreed this 9th day of
	March, 2011

			
		
	By:	 	 /s/ Susan Moss

	Name:	 	Susan Moss
	Title:	 	Administrative Manager

  
 9Depositary Trust Agreement

 Exhibit 4.1 
 RYDEX SPECIALIZED PRODUCTS LLC, d/b/a “RYDEX INVESTMENTS”, 
 as Sponsor,

 THE BANK OF NEW YORK MELLON, 
 as Trustee, 
 ALL REGISTERED OWNERS AND BENEFICIAL OWNERS OF SOUTH AFRICAN

 RAND SHARES ISSUED HEREUNDER 
 and 
 ALL DEPOSITORS 

 
  

Depositary Trust Agreement 
 CurrencySharesSM South
 African Rand Trust 
  
  

Dated as of August 7, 2008 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE 1
	  	DEFINITIONS AND RULES OF CONSTRUCTION	  	 	2	  
			
	 Section 1.1
	  	Definitions	  	 	2	  
	 Section 1.2
	  	Rules of Construction	  	 	8	  
			
	 ARTICLE 2
	  	STATEMENT OF PURPOSE; CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES; DEPOSIT OF SOUTH AFRICAN RAND; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF
SHARES	  	 	9	  
			
	 Section 2.1
	  	Statement of Purpose; Duties and Powers of the Trust	  	 	9	  
	 Section 2.2
	  	Creation and Declaration of Trust; Business of the Trust	  	 	9	  
	 Section 2.3
	  	Form of Certificates; Book-Entry System; Transferability of Shares	  	 	10	  
	 Section 2.4
	  	Deposit of South African Rand	  	 	12	  
	 Section 2.5
	  	Delivery of Shares	  	 	14	  
	 Section 2.6
	  	Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates	  	 	14	  
	 Section 2.7
	  	Surrender of Shares and Withdrawal of Trust Property	  	 	15	  
	 Section 2.8
	  	Limitations on Delivery, Registration of Transfer and Surrender of Shares	  	 	17	  
	 Section 2.9
	  	Lost Certificates, Etc.	  	 	17	  
	 Section 2.10
	  	Cancellation and Destruction of Surrendered Certificates	  	 	18	  
	 Section 2.11
	  	Splits and Reverse Splits of Shares	  	 	18	  
			
	 ARTICLE 3
	  	CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES	  	 	19	  
			
	 Section 3.1
	  	Liability of Registered Owner for Taxes and Other Governmental Charges	  	 	19	  
	 Section 3.2
	  	Warranties on Deposit of South African Rand	  	 	19	  
			
	 ARTICLE 4
	  	ADMINISTRATION OF THE TRUST	  	 	20	  
			
	 Section 4.1
	  	Evaluation of South African Rand; Calculation of Net Asset Value	  	 	20	  
	 Section 4.2
	  	Responsibility of the Trustee for Evaluations	  	 	21	  
	 Section 4.3
	  	Interest Account and Non-Interest Account	  	 	21	  
	 Section 4.4
	  	Cash Distributions	  	 	21	  
	 Section 4.5
	  	Distributions of Surplus Property	  	 	22	  
	 Section 4.6
	  	Fixing of Record Date	  	 	22	  
	 Section 4.7
	  	Payment of Trust Expenses	  	 	23	  
	 Section 4.8
	  	Statements and Reports	  	 	24	  

  
 i 

							
	 Section 4.9
	  	Further Provisions for Sales of Trust Property; Currency Conversion	  	 	25	  
	 Section 4.10
	  	Counsel	  	 	26	  
	 Section 4.11
	  	Grantor Trust	  	 	27	  
			
	 ARTICLE 5
	  	THE SPONSOR	  	 	27	  
			
	 Section 5.1
	  	Duties of the Sponsor	  	 	27	  
	 Section 5.2
	  	Obligations of the Sponsor	  	 	28	  
	 Section 5.3
	  	Prevention or Delay in Performance by the Sponsor	  	 	29	  
	 Section 5.4
	  	Certain Matters Regarding Successor Sponsor	  	 	29	  
	 Section 5.5
	  	Resignation of Sponsor; Successors	  	 	30	  
	 Section 5.6
	  	Compensation of the Sponsor	  	 	31	  
	 Section 5.7
	  	Federal Securities Law Filings	  	 	31	  
	 Section 5.8
	  	Discretionary Actions by Sponsor; Consultation	  	 	32	  
			
	 ARTICLE 6
	  	THE TRUSTEE	  	 	33	  
			
	 Section 6.1
	  	Maintenance of Office and Transfer Books by the Trustee	  	 	33	  
	 Section 6.2
	  	Obligations of the Trustee	  	 	33	  
	 Section 6.3
	  	Prevention or Delay in Performance by the Trustee	  	 	34	  
	 Section 6.4
	  	Resignation or Removal of the Trustee; Appointment of Successor Trustee	  	 	35	  
	 Section 6.5
	  	Transfers Between Interest Account and Non-Interest Account	  	 	37	  
	 Section 6.6
	  	The Depository	  	 	37	  
	 Section 6.7
	  	Compensation of the Trustee	  	 	38	  
	 Section 6.8
	  	Retention of Trust Documents	  	 	38	  
	 Section 6.9
	  	Prospectus Delivery	  	 	38	  
	 Section 6.10
	  	Discretionary Actions by Trustee; Consultation	  	 	39	  
			
	 ARTICLE 7
	  	INDEMNIFICATION	  	 	39	  
			
	 Section 7.1
	  	Indemnification of the Sponsor and Trustee	  	 	39	  
			
	 ARTICLE 8
	  	AMENDMENT AND TERMINATION	  	 	43	  
			
	 Section 8.1
	  	Amendment	  	 	43	  
	 Section 8.2
	  	Termination	  	 	43	  
			
	 ARTICLE 9
	  	MISCELLANEOUS	  	 	46	  
			
	 Section 9.1
	  	Counterparts	  	 	46	  
	 Section 9.2
	  	Third-Party Beneficiaries	  	 	47	  
	 Section 9.3
	  	Severability	  	 	47	  
	 Section 9.4
	  	Registered Owners, Beneficial Owners and Depositors as Parties; Binding Effect	  	 	47	  
	 Section 9.5
	  	Notices	  	 	47	  
	 Section 9.6
	  	Agent for Service; Submission to Jurisdiction	  	 	50	  
	 Section 9.7
	  	Governing Law	  	 	50	  

  
 ii 

 EXHIBIT A –DEPOSIT ACCOUNT AGREEMENT 
 EXHIBIT B –FORM OF CERTIFICATES 

  
 iii

 DEPOSITARY TRUST AGREEMENT 

THIS DEPOSITARY TRUST AGREEMENT dated as of August 7, 2008, between Rydex Specialized Products LLC, a Delaware limited liability
company d/b/a “RYDEX INVESTMENTS”, as sponsor, THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee, all Registered Owners and Beneficial Owners from time to time of South African Rand Shares issued hereunder and all
Depositors. 
 W I T N E S S E T H : 

WHEREAS the Sponsor desires to establish a trust, to be known as the “CurrencySharesSM South African Rand Trust”, pursuant to the laws of the State of
New York; 
 WHEREAS the Sponsor desires to establish the terms on which South African Rand (as herein defined) may be deposited
in the trust and provide for the creation of South African Rand Shares in Baskets (as herein defined) representing fractional undivided interests in the net assets of the trust and the execution and delivery of Certificates (as herein defined)
evidencing the South African Rand Shares; and 
 WHEREAS the Sponsor desires to provide for other terms and conditions upon
which the trust shall be established and administered, as hereinafter provided. 

 NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein
contained, the Sponsor and the Trustee hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions. 
 Except as otherwise specified in this Trust
Agreement or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Depositary Trust Agreement. 
 “Agreement” means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms. 
 “Authorized Participant” means a Person that, at the time of submitting a Purchase Order or a Redemption Order, (i) is a registered broker-dealer or other securities market participant,
(ii) is a DTC Participant or an Indirect Participant and (iii) has in effect a valid Authorized Participant Agreement. 
 “Authorized Participant Agreement” means an agreement among the Trustee, the Sponsor and an Authorized Participant that authorizes the Authorized Participant to submit Purchase Orders and
Redemption Orders under this Agreement. 
 “Basket” means 50,000 Shares, except that the Trustee, in
consultation with the Sponsor, may from time to time increase or decrease the number of Shares comprising a Basket. 

“Basket South African Rand Amount” is the amount of South African Rand that must be deposited for issuance of one Basket or
that, subject to the exception stated in Section 2.7, is deliverable upon Surrender of one Basket. The Basket South African Rand Amount will be determined as provided in Section 2.4(b). 

“Beneficial Owner” means any Person owning, through DTC, a DTC Participant, or an Indirect Participant, a Share. 

  
 2 

 “Certificate” means a certificate that may be executed and delivered by the
Trustee under this Agreement evidencing Shares. 
 “Closing Spot Rate” means the South African Rand/Dollar exchange
rate, as determined and published by WM/Reuters each New York Business Day at approximately 4:00 PM (London time). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the Securities and Exchange Commission of the United States or any successor governmental agency in the
United States. 
 “Corporate Trust Office” means the office of the Trustee at which its depositary receipt business is
administered which, at the date of this Agreement, is located at 101 Barclay Street, New York, New York 10286. 

“Deliver” means (a) when used with respect to South African Rand, either (i) a wire transfer of immediately available
South African Rand to the account specified by the Person entitled to the Delivery or (ii) if requested by the Person entitled to the Delivery, delivery of a certified or official bank check for South African Rand payable as requested by the
person entitled to the Delivery and (b) when used with respect to Shares, either (i) one or more book-entry transfers of those Shares to an account or accounts at DTC designated by the Person entitled to such delivery for further credit as
specified by that Person or (ii) in the circumstances specified in Section 2.3(e), execution and delivery at the Corporate Trust Office of the Trustee of one or more Certificates evidencing those Shares. 

“Deposit Account Agreement” means the Deposit Account Agreement entered into between the Trustee and the Depository,
substantially in the form annexed hereto as Exhibit A, as it may be amended or supplemented in accordance with this Agreement. 

  
 3 

 “Depositor” means any Authorized Participant that deposits South African Rand into
the Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of those South African Rand. 
 “Depository” means JPMorgan Chase Bank, N.A., London Branch. 

“Dollars” or “$” means the official currency of the United States of America. 

“DTC” means The Depository Trust Company, its nominees and their respective successors. 

“DTC Participant” means a Person that, pursuant to DTC’s governing documents, is entitled to deposit securities with DTC
in its capacity as a “participant.” 
 “Exchange” means the exchange on which the Shares are principally
traded, as specified by the Sponsor, initially the New York Stock Exchange. 
 “Fiscal Year” means the annual
accounting periods of the Trust which will end on October 31 of each year. 
 “Indemnified Amounts” is defined in
Section 7.1. 
 “Indemnitee” is defined in Section 7.1. 

“Indemnitor” is defined in Section 7.1. 
 “Indirect Participant” means a Person that, by clearing securities through, or maintaining a custodial relationship with, a DTC Participant, has access to the DTC clearing system. 

“Interest Account” means the interest-bearing account for the Trust’s assets maintained with the Depository pursuant to
the Deposit Account Agreement. 

  
 4 

 “Local Business Day” means any day other than (i) a Saturday or Sunday or
(ii) a day which has been designated a bank holiday in South Africa. 
 “NAV” means the net asset value of the
Trust determined under Section 4.1. 
 “NAV per Basket” means the value of a Basket determined under
Section 2.4. 
 “NAV per Share” means the value of a Share determined under Section 4.1. 

“New York Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which the Exchange is not
open for regular trading at noon, New York time. 
 “Non-Interest Account” means the non-interest-bearing account
maintained with the Depository pursuant to the Deposit Account Agreement. 
 “Order Cutoff Time” means (i) 4:00
PM (New York time) or (ii) another time agreed to by the Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been notified by the Trustee. 

“Order Date” means, with respect to a Purchase Order, the date specified in Section 2.4(a) and, with respect to a
Redemption Order, the date specified in Section 2.7. 
 “Person” means any natural person or any limited
liability company, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

  
 5 

 “Proceeding” is defined in Section 7.1. 

“Purchase Order” is defined in Section 2.4. 
 “Qualified Bank” means a bank, trust company, corporation or national banking association organized and doing business under the laws of the United States or any State of the United States that
is authorized under those laws to exercise corporate trust powers and that (i) is a DTC Participant or a participant in such other securities depository as is then acting with respect to the Shares, (ii) unless counsel to the Sponsor
determines that the following requirement is not necessary for the exception under Section 408(m) of the Code to apply, is a banking institution as defined in Section 408(n) of the Code and (iii) had, as of the date of its most recent
annual financial statements, an aggregate capital, surplus and undivided profits of at least $500,000,000. 
 “Redemption
Order” is defined in Section 2.7. 
 “Registered Owner” means the Person in whose name Shares are registered
on the books of the Trustee maintained for that purpose. 
 “Registrar” means any bank or trust company that is
appointed to register Shares and transfers of Shares as herein provided. 
 “Relevant Price” means the Closing Spot
Rate, except as provided below. If, on a particular evaluation day, WM/Reuters does not announce a Closing Spot Rate by 6:00 PM (London time), then the most recent WM/Reuters determination of the Closing Spot Rate will be the “Relevant
Price” and be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such valuation. In the event that the Trustee and the Sponsor
determine that the most recent WM/Reuters determination of the Closing Spot Rate is not an appropriate basis for valuation of the Trust’s South African Rand, the Trustee and the Sponsor shall determine an alternative basis for such evaluation
to be employed by the Trustee, which will be the “Relevant Price.” 

  
 6 

 “Settlement Date” means, with respect to a Purchase Order, the date specified in
Section 2.4(a) and, with respect to a Redemption Order, the date specified in Section 2.7. 
 “Shares” means
South African Rand Shares created under this Agreement, each representing a fractional undivided ownership interest in the net assets of the Trust, which interest shall equal a fraction, the numerator of which is 1 and the denominator of which is
the total number of Shares outstanding. 
 “South African Rand” means the official currency of South Africa.

 “Sponsor” means Rydex Specialized Products LLC, a Delaware limited liability company, d/b/a “Rydex
Investments”. 
 “Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal
to (.004/365 or 366, depending on the number of days in the year) multiplied by (the South African Rand in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees,
each as accrued through the immediately preceding day). 
 “Sponsor Indemnified Persons” is defined in
Section 7.1. 
 “Surplus Property” means any Trust Property other than (i) South African Rand deposited by
or on behalf of Authorized Participants pursuant to Section 2.4, in the Interest Account or the Non-Interest Account, (ii) South African Rand received as interest on South African Rand in the Interest Account, (iii) amounts withdrawn
from the Interest Account in order to make a redemption described in Section 2.7, or (iv) amounts being held for the payment of estimated Trust expenses. 
 “Surrender” means, when used with respect to Shares, (a) one or more book-entry transfers of Shares to the DTC account of the Trustee or (b) surrender to the Trustee at its Corporate
Trust Office of one or more Certificates evidencing Shares. 

  
 7 

 “Trust” means the CurrencyShares South African Rand Trust, the trust entity
created by this Agreement. 
 “Trust Property” means the South African Rand that are deposited under this Agreement
and any other money or other property that is received by the Trustee in respect of Trust Property and that is being held under this Agreement. Trust Property shall not include any property subject to distribution for which the record date for
determining Registered Owners entitled to such distribution has passed. 
 “Trustee” means The Bank of New York
Mellon, a New York banking corporation, in its capacity as trustee under this Agreement, or any successor as trustee under this Agreement. 
 “Trustee Indemnified Persons” is defined in Section 7.1. 

“WM/Reuters” means the joint venture of The WM Company PLC and Thomson Reuters. 

Section 1.2 Rules of Construction. 
 Unless the context otherwise requires: 
 (i) a term has the meaning assigned to
it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted
accounting principles as in effect in the United States; 
 (iii) “or” is not exclusive; 

(iv) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Article, Section or other subdivision; 

  
 8 

 (v) “including” means including without limitation; and 

(vi) words in the singular include the plural and words in the plural include the singular. 

ARTICLE 2 

STATEMENT OF PURPOSE; 
 CREATION AND DECLARATION OF TRUST; 
 FORM OF CERTIFICATES; DEPOSIT OF
SOUTH AFRICAN RAND; 
 DELIVERY, 
 REGISTRATION OF TRANSFER AND SURRENDER OF SHARES 
 Section 2.1
Statement of Purpose; Duties and Powers of the Trust. 
 (a) The Trust is a passive investment vehicle that is not
actively managed. The sole purpose of the Trust is to hold South African Rand on behalf of the Registered Owners. The Trust shall have no directors or persons acting in similar capacity and no officers or employees, and shall act only through the
Trustee and the Sponsor. 
 (b) The Trust shall have the power to receive and hold deposits of South African Rand, issue Baskets
representing those deposits, distribute South African Rand upon surrenders of Baskets, and perform acts incidental to the foregoing as provided in this Agreement, but the Trust shall not have the power to engage in any other business activities.

 Section 2.2 Creation and Declaration of Trust; Business of the Trust. 

(a) The Trustee acknowledges that an initial deposit of 1,000 South African Rand under and in accordance with this Agreement has been
made in the Interest Account by the Sponsor on the date hereof in exchange for one Share. The Sponsor is purchasing the initial Share solely for the purpose of forming the Trust. The Sponsor will redeem the initial Share for 1,000 South African Rand
as promptly as practicable after the 

  
 9 

 
Form S-1 registration statement filed with the Commission with respect to the Shares is declared effective by the Commission and the Initial Purchaser, as defined in the registration statement,
deposits South African Rand in accordance with the registration statement. 
 (b) The Trustee declares that
it will hold that initial deposit and all other Trust Property as trustee for the benefit of the Registered Owners for the purposes of, and subject to and limited by the terms and conditions set forth in, this Agreement. The trust created by this
Agreement shall be known as the “CurrencySharesSM
South African Rand Trust”. 
 Section 2.3 Form of Certificates; Book-Entry System; Transferability of Shares.

 (a) The Certificates evidencing Shares shall be substantially in the form set forth in Exhibit B annexed to this Agreement,
with appropriate insertions, modifications and omissions, as hereinafter provided. No Shares shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless a Certificate evidencing those Shares has been
executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly
authorized officer of the Registrar. The Trustee shall maintain books on which the registered ownership of each Share and transfers, if any, of such registered ownership shall be recorded. Certificates evidencing Shares bearing the manual or
facsimile signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized officer of the Registrar, if applicable, who was, at the time such Certificates were executed, a proper signatory of the Trustee or
Registrar, if applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Certificates. 

  
 10 

 (b) The Certificates may be endorsed with or have incorporated in the text thereof such
legends or recitals or modifications not inconsistent with the provisions of this Agreement as may be required by the Trustee or required to comply with any applicable law or regulations thereunder or with the rules and regulations of the Exchange
or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject. 

(c) The Sponsor and the Trustee will apply to DTC for acceptance of the Shares in its book-entry settlement system. Shares deposited with
DTC shall be evidenced by one or more global Certificates which shall be registered in the name of Cede & Co., as nominee for DTC, and shall bear the following legend: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE AGENT AUTHORIZED BY THE ISSUER FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
 (d) So long as the Shares are eligible for book-entry settlement with DTC and such settlement is available,
unless otherwise required by law, notwithstanding the provisions of Section 2.3(a) and Section 2.3(b), all Shares shall be evidenced by one or more global Certificates the Registered Owner of which is DTC or a nominee of DTC and
(i) no Beneficial Owner of Shares will be entitled to receive a separate Certificate evidencing those Shares, (ii) the interest of a Beneficial Owner in Shares represented by a global Certificate will be shown only on, and transfer of that
interest will be effected only 

  
 11 

 
through, records maintained by DTC or a DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and (iii) the rights of a Beneficial Owner with respect
to Shares represented by a global Certificate will be exercised only to the extent allowed by, and in compliance with, the arrangements in effect between such Beneficial Owner and DTC or the DTC Participant or Indirect Participant through which that
Beneficial Owner holds an interest in Shares. 
 (e) If, at any time when Shares are evidenced by a global Certificate, DTC
ceases to make its book-entry settlement system available for such Shares, the Trustee shall execute and deliver separate Certificates evidencing Shares to the DTC Participants entitled thereto, with such additions, deletions and modifications to
this Agreement and to the form of Certificate evidencing Shares as the Sponsor and the Trustee may agree. 
 (f) Title to a
Certificate evidencing Shares (and to the Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the
laws of New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof for the purpose of determining the person entitled to any
distribution or to any notice provided for in this Agreement and for all other purposes. 
 Section 2.4 Deposit of South
African Rand. 
 (a) After the deposit of South African Rand in the Trust by the Initial Purchaser, as defined in the
registration statement, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized
Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a “Purchase Order”).
Purchase Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day will 

  
 12 

 
have that day as the Order Date. Purchase Orders received on a day that is not a New York Business Day or received after the Order Cutoff Time on a New York Business Day will have the next
following New York Business Day as the Order Date. The “Settlement Date” for a Purchase Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the
Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day. As consideration for each Basket acquired, Authorized Participants must deposit with the Depository the Basket South African Rand Amount
determined by the Trustee on the Business Day prior to the Settlement Date for the corresponding Purchase Order. The Basket South African Rand Amount shall be deposited in the Non-Interest Account. Pursuant to Section 6.5, the Trustee shall
contemporaneously instruct the Depository to transfer the portion of the Basket South African Rand Amount representing principal from the Non-Interest Account to the Interest Account. The portion of the Basket South African Rand Amount representing
a pro rata portion of accrued but unpaid interest will remain in the Non-Interest Account. 
 (b) The Trustee shall determine
the Basket South African Rand Amount for each New York Business Day. The initial “Basket South African Rand Amount” is 50,000,000 South African Rand. After the initial deposit, the “Basket South African Rand Amount”
shall be an amount of South African Rand equal to the quotient obtained by dividing the NAV per Basket on the date on which the determination is being made by the Relevant Price on such date. For purposes of this computation, “NAV per
Basket” is the product obtained by multiplying (x) the NAV per Share determined in compliance with Section 4.1, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made.
Fractions of a South African Rand smaller than .001 shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each New York Business Day, the Basket South African Rand Amount. 

  
 13 

 (c) If the Trust Property includes Surplus Property, no deposits of South African Rand will
be accepted until after a record date for distribution of that money or property, or proceeds from that property, has passed. 

(d) All deposited South African Rand shall be owned by the Trust and held for the Trust by the Depository in the Interest Account or the
Non-Interest Account. Any assets of the Trust other than South African Rand shall be held by the Trustee or the Depository at such place and in such manner as the Trustee shall determine. 

Section 2.5 Delivery of Shares. 
 Upon receipt by the Trustee of any deposit in accordance with Section 2.4, together with a Purchase Order and the other documents required under this Agreement, if any, and a confirmation from the
Depository that the Basket South African Rand Amount has been Delivered to the Depository for each Basket of Shares and the Depository is holding those South African Rand for the account of the Trust, the Trustee, subject to the terms and conditions
of this Agreement, shall Deliver to the Depositor the number of Baskets of Shares issuable in respect of such deposit as requested in the corresponding Purchase Order, but only upon payment to the Trustee of the fees and expenses of the Trustee as
provided in Section 6.7 and of all taxes and governmental charges and fees payable in connection with such deposit, the transfer of the South African Rand and the issuance and Delivery of the Shares. 

Section 2.6 Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates. 

(a) The Trustee shall keep or cause to be kept a register of Registered Owners of Shares and shall provide for the registration of Shares
and the registration of transfers of Shares. 
 (b) The Trustee, subject to the terms and conditions of this Agreement, shall
register transfers of ownership of Shares on its transfer books from time to time, 

  
 14 

 
upon any Surrender of a Certificate evidencing such Shares, by the Registered Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer,
and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon the Trustee shall execute a new Certificate or Certificates evidencing such Shares, and deliver the same to or upon the order of
the Person entitled thereto. 
 (c) The Trustee, subject to the terms and conditions of this Agreement, shall, upon Surrender of
a Certificate or Certificates evidencing Shares for the purposes of effecting a split-up or combination of that certificate or certificates, execute and deliver one or more new Certificates evidencing those Shares. 

(d) The Trustee may, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint one or more
co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and split-ups of Certificates at designated transfer offices on behalf of the Trustee at the Trustee’s expense. In carrying out its functions,
a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Registered Owners or Persons entitled to Shares and will be entitled to protection and indemnity to the same extent as the Trustee.

 Section 2.7 Surrender of Shares and Withdrawal of Trust Property. 

Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and
upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the
terms and conditions of this Agreement, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures
attached to an applicable Authorized Participant 

  
 15 

 
Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket South African Rand
Amounts corresponding to such Baskets for the New York Business Day prior to the Settlement Date (as defined below), but excluding from those Basket South African Rand Amounts any portion that represents the value of Trust Property that is not held
as South African Rand. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York
Business Day will have that day as the Order Date. Redemption Orders received by the Trustee after the Order Cutoff Time on a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order
Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that
is both a New York Business Day and a Local Business Day. Any Trust Property other than South African Rand will be delivered by the Trustee. 
 The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a
Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Depository to Deliver, to or to the order of the Surrendering Authorized Participant, the
amount of South African Rand represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by
the Surrendered Baskets of Shares. Any Delivery of South African Rand other than by wire transfer or at the office of the Depository will be at the expense and risk of the Authorized Participant. 

  
 16 

 Section 2.8 Limitations on Delivery, Registration of Transfer and Surrender of
Shares. 
 (a) As a condition precedent to the Delivery, registration of transfer, split-up, combination or Surrender of any
Shares or withdrawal of any Trust Property, the Trustee or Registrar may require payment from the Depositor or the Authorized Participant Surrendering the Shares of a sum sufficient to reimburse it for any tax or other governmental charge and any
stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory
to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement, including this Section 2.8. 

(b) The Delivery of Shares against deposits of South African Rand or the registration of transfer of Shares may be suspended generally,
or refused with respect to particular requested Deliveries or transfers, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any
time or from time to time. 
 (c) The Surrender of Shares for purposes of withdrawing Trust Property may be suspended by the
Trustee only if (i) the Trust holds Surplus Property that has not been distributed in accordance with Section 4.5 or (ii) the Trustee determines, in its sole discretion, that a suspension is necessary or desirable. In either case, the
Trustee and the Depository shall consult with each other and use good faith efforts to resume accepting and honoring Redemption Orders as soon as possible. 
 Section 2.9 Lost Certificates, Etc. 
 The Trustee shall execute and
deliver a new Certificate of like tenor in exchange and substitution for a mutilated Certificate upon cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate if the Registered Owner

  
 17 

 
thereof has (a) filed with the Trustee (i) a request for such execution and delivery before the Trustee has notice that the Shares evidenced by the Certificate have been acquired by a
protected purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Trustee. 
 Section 2.10 Cancellation and Destruction of Surrendered Certificates. 

All Certificates Surrendered to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy Certificates so
canceled. 
 Section 2.11 Splits and Reverse Splits of Shares. 

If requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by the
Trustee in accordance with procedures determined by the Trustee. 
 The Trustee is not required to distribute any fraction of a
Share in connection with a split or reverse split of the Shares. The Trustee may sell the aggregated fractions of Shares that would otherwise be distributed in a split or reverse split of the Shares or the amount of Trust Property that would be
represented by those Shares and distribute the net proceeds of those Shares or that Trust Property to the Registered Owners entitled to them. 
 The amount of Trust Property represented by each Share and the Basket South African Rand Amount shall be adjusted as appropriate as of the open of business on the New York Business Day following the
record date for a split or reverse split of the Shares. 

  
 18 

 ARTICLE 3 
 CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES 
 Section 3.1
Liability of Registered Owner for Taxes and Other Governmental Charges. 
 If any tax or other governmental charge shall
become payable by the Trustee with respect to any transfer or redemption of Shares, such tax or other governmental charge shall be payable by the Registered Owner of such Shares to the Trustee. The Trustee shall refuse to effect any registration of
transfer of such Shares or any withdrawal of Trust Property represented by such Shares until such payment is made, and may withhold any distributions, or may sell for the account of the Registered Owner thereof Trust Property or Shares, and may
apply such distributions or the proceeds of any such sale in payment of such tax or other governmental charge, and the Registered Owner of such Shares shall remain liable for any deficiency. The Trustee shall distribute any net proceeds of a sale
made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Registered Owners entitled thereto as in the case of a distribution in cash. 

Section 3.2 Warranties on Deposit of South African Rand. 

Every Person depositing South African Rand under this Agreement shall be deemed thereby to represent and warrant that the Person making
such deposit is duly authorized to do so and that at the time of delivery, the South African Rand are free and clear of any lien, pledge, encumbrance, right, charge or claim (other than the rights created by this Agreement). All representations and
warranties deemed made under this Section 3.2 shall survive the deposit of South African Rand, Delivery or Surrender of Shares or termination of this Agreement. 

  
 19 

 ARTICLE 4 
 ADMINISTRATION OF THE TRUST 
 Section 4.1 Evaluation of South
African Rand; Calculation of Net Asset Value. 
 As promptly as practicable after the determination of the Relevant Price on
each New York Business Day, ordinarily no later than 4:00 PM (New York time), the Trustee will calculate, and the Sponsor or a person designated by the Sponsor will publish, the Trust’s net asset value (“NAV”). To calculate the
NAV, the Trustee will: 
 (a) take the sum of South African Rand in the Interest Account and Non-Interest Account as of the
close of business on the preceding Local Business Day, as reported by the Depository; 
 (b) add interest accrued but unpaid on
the Interest Account through the preceding day; 
 (c) subtract the accrued but unpaid Sponsor’s Fee through the preceding
day; 
 (d) add South African Rand receivable by the Trust under Purchase Orders having Order Dates on or before the preceding
New York Business Day; 
 (e) subtract South African Rand payable by the Trust under Redemption Orders having Order Dates on or
before the preceding New York Business Day; 
 (f) convert the result after step (e) into Dollars using the Relevant Price;

 (g) add the Dollar value of any other assets included in the Trust Property as of the close of business on the preceding New
York Business Day; and 
 (h) subtract the Dollar value of any other expenses and liabilities of the Trust as of the close of
business on the preceding New York Business Day. 

  
 20 

 The result is the NAV of the Trust for that New York Business Day. The Trustee shall also
divide the NAV of the Trust by the number of Shares outstanding for the date of the evaluation then being made, which figure is the “NAV per Share.” For purposes of the preceding sentence, the number of Shares deemed outstanding
shall include Shares to be Delivered under Purchase Orders having Order Dates on or before the preceding New York Business Day and shall exclude Shares to be Surrendered under Redemption Orders having Order Dates on or before the preceding New York
Business Day. 
 Section 4.2 Responsibility of the Trustee for Evaluations. 

The Sponsor, Depositors, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount made by the
Trustee, and the Sponsor shall have no responsibility for the accuracy thereof. The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis of, and the Trustee shall not be liable for any errors contained
in, information reasonably available to it. The Trustee shall be under no liability to the Sponsor, or to Depositors, Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that this provision shall not
protect the Trustee against any liability to which it would otherwise be subject by reason of negligence or bad faith in the performance of its duties. 
 Section 4.3 Interest Account and Non-Interest Account. 
 The Trustee
will deposit all South African Rand into the Interest Account or the Non-Interest Account in accordance with Section 6.5. The Interest Account will accrue interest in accordance with the terms of the Deposit Account Agreement. The Non-Interest
Account will not accrue interest. 
 Section 4.4 Cash Distributions. 

On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest
for the previous 

  
 21 

 
month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued
Sponsor’s Fee for the previous month plus any other Trust expenses. In the event that the interest deposited exceeds the sum of the Sponsor’s Fee for the previous month plus other Trust expenses, if any, then the Trustee shall convert the
excess into Dollars in accordance with Section 4.9, and, as promptly as practicable declare a record date and distribute the net proceeds to Registered Owners on a pro rata basis (in accordance with the number of Shares that they own);
provided, however, that in the event that the Trustee shall be required to withhold and does withhold from such cash an amount on account of taxes, the amount distributed to the Registered Owners shall be reduced accordingly; and
provided, further, that the Trustee shall round the amount paid to each Registered Owner to the nearest whole cent. 

Section 4.5 Distributions of Surplus Property. 
 At any time that the Trust Property includes Surplus Property, the Trustee shall, as promptly as practicable, (a) distribute all Surplus Property consisting of Dollars to the Registered Owners in
proportion to the number of Shares held by them, and (b) convert into Dollars or sell for Dollars all other Surplus Property and distribute the Dollar proceeds, net of the fees and expenses of the Trustee, to the Registered Owners in proportion
to the number of Shares held by them. If the Trust Property includes any Surplus Property that is not South African Rand, the Trustee shall suspend deposits of South African Rand for the purpose of issuance of Shares until after a record date for
distribution of that Surplus Property, or proceeds of that Surplus Property, has passed. 
 Section 4.6 Fixing of Record
Date. 
 Whenever any distribution will be made, or whenever the Trustee receives notice of any solicitation of proxies or
consents from Registered Owners, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Trustee shall find it necessary or convenient in respect of any matter, the

  
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Trustee, in consultation with the Sponsor, shall fix a record date for the determination of the Registered Owners who shall be (i) entitled to receive such distribution or the net proceeds
of the sale thereof, (ii) entitled to give such proxies or consents in respect of any such solicitation or (iii) entitled to act in respect of any other matter for which the record date was set. 

Section 4.7 Payment of Trust Expenses. 
 (a) The following expenses are or may be accrued and paid by the Trust: 
 (1) the
Sponsor’s Fee and other fees and expenses of the Sponsor set forth in Section 5.6; 
 (2) expenses of the Trust not
assumed by the Sponsor pursuant to Section 5.1(b); 
 (3) taxes and other governmental charges; 

(4) expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by
the Trustee or the Sponsor to protect the Trust or the interests of Registered Owners; and 
 (5) indemnification of the Sponsor
as provided in Section 7.1(d). 
 (b) On first day of each month that is both a Local Business Day and a New York Business
Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder. In the event that the expenses exceed the balance of the
Non-Interest Account, such excess shall be withdrawn from the Interest Account. The Trustee will withdraw and sell sufficient South African Rand to purchase an amount of currency other than South African Rand sufficient to pay any Trust expenses
payable other than in South African Rand and the costs of currency conversion. 

  
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 (c) Notwithstanding the foregoing, if requested by the Sponsor and agreed to by the Trustee,
the Trustee will advance amounts out of its own funds for the payment of Trust expenses, provided that the amount advanced at any time shall not exceed $20,000. The amount of such advances, together with interest thereon at a percentage rate equal
to then-current overnight federal funds rate, shall be expenses of the Trust. The Trustee shall have a lien on the balances on hand in the Interest Account and Non-Interest Account to the extent of all amounts advanced by it pursuant to this
Section 4.7(c), which lien shall be superior to the interest of the Registered Owners. 
 (d) The Trustee is conclusively
authorized to sell South African Rand in the smallest amounts required to permit payment of Trust expenses, it being the intention to minimize the Trust’s holdings of assets other than South African Rand. Neither the Trustee nor the Sponsor
shall have any liability for loss or depreciation resulting from sales of South African Rand so made. The Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made in accordance with this
Section 4.7(d). 
 Section 4.8 Statements and Reports. 

After the end of each Fiscal Year and within the time period required by applicable laws, rules and regulations, at the Sponsor’s
expense, the Trustee shall send to the Registered Owners as of the end of such Fiscal Year, an annual report of the Trust containing financial statements audited by independent accountants designated by the Sponsor and such other information as may
be required by such laws, rules and regulations or otherwise, or which the Sponsor determines shall be included. The Trustee may distribute the annual report by any means acceptable to the Registered Owners and that complies with applicable laws,
rules and regulations. 

  
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 Section 4.9 Further Provisions for Sales of Trust Property; Currency Conversion.

 In addition to selling South African Rand in accordance with Section 4.7, the Trustee shall sell South African Rand
whenever any one or more of the following conditions exist: 
 (i) the Sponsor has notified the Trustee that such sale is
required by applicable law or regulation; or 
 (ii) the Trust is to be terminated and its assets liquidated in accordance with
Section 8.2. 
 When the Trustee is required or permitted to sell Trust Property, it may sell that Trust Property by public
or private sale in any manner and on any terms that are (i) commercially reasonable in the circumstances and (ii) reasonably calculated to maximize the value of the Trust Property while taking into account any duty of the Trustee under
this Agreement to sell that Trust Property as promptly as practicable. 
 However, whenever the Trustee is required or permitted
to sell Trust Property that is currency, if at the time the currency can, in the judgment of the Trustee, be converted on a reasonable basis into the required currency that, if applicable, is transferable to the United States, the Trustee shall
place orders with dealers (which may include the Depository or the Trustee or any of their affiliates) through which it may reasonably expect to obtain a commercially reasonable rate of exchange (net of commission) and good execution of orders.

 If such conversion can be effected only with the approval or license of any government or agency thereof, the Trustee shall
file such application for approval or license, if any, as it may deem desirable. 

  
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 If at any time the Trustee shall determine that in its judgment the currency is not
convertible on a reasonable basis into the required currency or that, if applicable, is transferable to the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the
opinion of the Trustee is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Trustee, the Trustee may distribute the currency without conversion (or an appropriate document evidencing
the right to receive such currency) to, or in its discretion may hold such currency for the respective accounts of, the persons entitled to receive it. Any interest earned or investment gains attributable to amounts withheld from distribution shall
be held by the Trustee for distribution to the Registered Owners entitled to the amount to which the interest or gain is attributable. 
 If any such conversion of currency, in whole or in part, cannot be effected for distribution to some of the persons entitled to it, the Trustee may, in its discretion, make such conversion and
distribution to the extent permissible to the persons entitled to it and may distribute the balance of the currency without conversion to, or in its discretion may hold such currency for the respective accounts of, the persons entitled to receive
it. Any interest earned or investment gains attributable to amounts withheld from distribution shall be held by the Trustee for distribution to the Registered Owners entitled to the amount to which the interest or gain is attributable. 

The Trustee and the Sponsor shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made
pursuant to this Section 4.9. 
 Section 4.10 Counsel. 

The Sponsor may from time to time employ counsel to act on behalf of the Trust and perform any legal services in connection with the
South African Rand and the Trust, including any legal matters relating to the possible disposition or acquisition of any South African Rand. The reasonable fees and expenses of such counsel shall be paid by the Sponsor up to an aggregate maximum of
$100,000 per year, with any excess amount to be paid by the Trust. 

  
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 Section 4.11 Grantor Trust. 

Nothing in this Agreement, any agreement with a Depository, or otherwise, shall be construed to give the Trustee or Sponsor the power to
vary the investment of the Beneficial Owners within the meaning of Section 301.7701-4(c) of the regulations under the Code or any similar or successor provision of the regulations under the Code, nor shall the Sponsor give the Trustee any
direction that would vary the investment of the Beneficial Owners. However, the Trustee shall not be liable to any Person for any failure of the Trust to qualify as a grantor trust under the Code or any comparable provision of the laws of any State
or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee’s responsibility for the administration of the Trust in accordance with this Agreement. Neither the Trustee nor the Sponsor will
agree to any amendment of the Deposit Account Agreement unless the Sponsor obtains and delivers to the Trustee a prior written opinion of counsel to the effect that such amendment will have no adverse effect on the classification of the Trust as a
“grantor trust” under the Code. 
 ARTICLE 5 

THE SPONSOR 
 Section 5.1 Duties of the Sponsor. 
 (a) The Sponsor shall select the
Depository and shall be solely responsible for that selection. The Sponsor is responsible for establishing the Trust and for the registration of the Shares. The Sponsor will generally oversee the performance of the Trustee and the Trust’s
principal service providers, but will not exercise day-to-day oversight over the Trustee or such service providers. The Sponsor will regularly communicate with the Trustee to monitor the overall performance of the Trust. The Sponsor will also
designate the independent certified public accountants of the Trust and may from time to time employ legal counsel for the Trust. 

  
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 (b) The Sponsor shall be responsible for all organizational expenses of the Trust, and for
the following administrative and marketing expenses of the Trust: the Trustee’s monthly fee, routine transaction and maintenance fees charged by the Depository, listing fees of the Exchange, registration fees charged by the Commission, printing
and mailing costs, audit fees, legal expenses not in excess of $100,000 per year and any applicable license fees. 
 (c) The
Sponsor will monitor the interest rate paid by the Depository and has the right and duty to instruct the Trustee to terminate the Deposit Account Agreement if the Sponsor considers the interest rate to be noncompetitive. 

Section 5.2 Obligations of the Sponsor. 
 (a) The Sponsor does not assume any obligation nor shall it be subject to any liability under this Agreement to any Registered Owner or Beneficial Owner or Depositor (including liability with respect to
the worth of the Trust Property), except that the Sponsor agrees to perform its obligations specifically set forth in this Agreement without negligence or bad faith. 
 (b) The Sponsor shall not be under any obligation to prosecute any action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial
Owner, Depositor or other Person. 
 (c) The Sponsor shall not be liable for any action or non-action by it in reliance upon the
advice of or information from legal counsel, accountants, any Depositor, any Registered Owner or any other person believed by it in good faith to be competent to give such advice or information. 

(d) The Sponsor shall not be liable for any acts or omissions made by a successor sponsor whether in connection with a previous act or
omission of the Sponsor 

  
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or in connection with any matter arising wholly after the resignation of the Sponsor, provided that in connection with the issue out of which such potential liability arises the Sponsor performed
its obligations without negligence or bad faith while it acted as sponsor. 
 (e) The Sponsor shall have no obligation to comply
with any direction or instruction from any Registered Owner or Beneficial Owner or Depositor regarding Shares except to the extent specifically provided in this Agreement. 
 Section 5.3 Prevention or Delay in Performance by the Sponsor. 
 The
Sponsor and its directors, employees, agents and affiliates shall not incur any liability to any Registered Owner, Beneficial Owner or Depositor if, by reason of any provision of any present or future law or regulation of the United States or any
other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor is prevented or forbidden from, or would be subject to any
civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or performed and accordingly the Sponsor does not do that act or thing or does that act
or thing at a later time than would otherwise be required. The Sponsor will not incur any liability to any Registered Owner or Beneficial Owner or Depositor by reason of any non-performance or delay in the performance of any act or thing which by
the terms of this Agreement it is provided may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement. 
 Section 5.4 Certain Matters Regarding Successor Sponsor. 
 The
covenants, provisions and agreements herein contained shall in every case be binding upon any successor to the business of the Sponsor. The Sponsor may transfer all or substantially all of its assets to an entity which carries on the business of the
Sponsor, if at the time of such transfer such successor duly assumes all the obligations of the Sponsor under this Agreement, and in such event, the Sponsor shall be relieved of all further liability under this Agreement. 

  
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 Section 5.5 Resignation of Sponsor; Successors. 

If at any time the Sponsor desires to resign its position as Sponsor hereunder, it may resign by delivering to the Trustee an instrument
of resignation executed by the Sponsor. Such resignation shall become effective upon the earliest of the following: (i) the effective date of the appointment by the Trustee of a successor sponsor and the acceptance by the successor sponsor of
that appointment, with such compensation from the Trust as the Trustee may deem reasonable under the circumstances, by an instrument of appointment and assumption executed by the Trustee and the successor sponsor; or (ii) an agreement by the
Trustee to act as sponsor hereunder succeeding to all the rights and duties of the resigning Sponsor without appointing a successor sponsor and without terminating this Agreement; or (iii) termination of this Agreement in accordance with its
terms and completion of distribution of all remaining assets to Registered Owners. The Trustee shall have no obligation to appoint a successor sponsor or to assume the duties of the Sponsor and shall have no liability to any person because the Trust
is terminated by reason of the Sponsor’s resignation. 
 If the Sponsor shall fail to undertake or perform or become
incapable of undertaking or performing its duties hereunder or shall become bankrupt or its affairs shall be taken over by public authorities, the effect of that event shall be the same as if the Sponsor had given a notice of resignation as provided
in the preceding paragraph. 
 Upon its resignation becoming effective, the resigning Sponsor shall be discharged and shall no
longer be liable in any manner hereunder except as to acts or omissions occurring before its resignation became effective, and the successor sponsor shall thereupon undertake and perform all duties and be entitled to all rights and compensation as
sponsor under this Agreement. The successor sponsor shall not be under any liability hereunder for acts or omissions occurring prior to the effective date stated in the instrument appointing it successor sponsor. The Trustee shall notify Registered
Owners of the appointment of a successor sponsor. 

  
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 Section 5.6 Compensation of the Sponsor. 

(a) The Sponsor is entitled to receive from the Trust, as an expense of the Trust, the Sponsor’s Fee. The Sponsor’s Fee shall
be accrued daily but paid monthly in arrears. 
 (b) In addition to the Sponsor’s Fee, the Sponsor is entitled to receive
reimbursement from the Trust for all expenses and disbursements incurred by it. Such reimbursement shall be made promptly after such expenses are incurred by the Sponsor. Notwithstanding the foregoing, the Sponsor is not entitled to charge the Trust
for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (ii) expenses for performing, or fees of agents for performing, services the Sponsor is required to perform under this
Agreement. 
 (c) Within 30 days following the end of each Fiscal Year, the Sponsor shall certify to the Trustee the amount of
its actual expenses and disbursements incurred by it during the preceding Fiscal Year by it in connection with action taken by it pursuant to Section 5.8 and shall reimburse the Trust any amounts received by it from the Trust that exceed the
amount so certified. 
 (d) The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to
this Section 5.6. 
 Section 5.7 Federal Securities Law Filings. 

The Sponsor shall (i) prepare and file a registration statement with the Commission and take such action as is necessary from time
to time to qualify the Shares for offering and sale under the federal securities laws of the United States, including the preparation and filing of amendments and supplements to such registration statement, (ii) promptly notify the Trustee of
any amendment or supplement to the registration 

  
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statement or prospectus, of any order preventing or suspending the use of any prospectus, of any request for the amending or supplementing of the registration statement or prospectus or if any
event or circumstance occurs that is known to the Sponsor as a result of which the registration statement or prospectus, as then amended or supplemented, would include an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) provide the Trustee from time to time with copies, including copies in electronic form, of the prospectus, as amended
and supplemented, in such quantities as the Trustee may reasonably request and (iv) prepare and file any periodic reports or updates that may be required under the Securities Exchange Act of 1934, as amended. The Trustee shall furnish to the
Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing that is needed to prepare any filing or submission that the Sponsor or the Trust is required to make under the federal securities laws of the
United States. 
 Section 5.8 Discretionary Actions by Sponsor; Consultation. 

(a) The Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable to protect the rights of the
Registered Owners. The expenses incurred by the Sponsor in connection with taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Sponsor shall be entitled to be
promptly reimbursed for those expenses by the Trust. 
 (b) The Sponsor shall promptly notify the Trustee (i) regarding any
action it takes pursuant to Section 5.8(a) or (ii) if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. 

  
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 ARTICLE 6 
 THE TRUSTEE 
 Section 6.1 Maintenance of Office and Transfer Books
by the Trustee. 
 (a) Until termination of this Agreement in accordance with its terms, the Trustee shall maintain
facilities for the Delivery, registration, registration of transfers and Surrender of Shares in accordance with the provisions of this Agreement. 
 (b) The Trustee shall keep books for the registration of Shares and registration of transfers of Shares which at all reasonable times shall be open for inspection by the Registered Owners. 

(c) Subject to the limitations set forth in Section 2.8(b), the Trustee may, and at the reasonable written request of the Sponsor
shall, close the transfer books at any time or from time to time if such action is deemed necessary or advisable in the reasonable judgment of the Trustee or the Sponsor. 
 (d) Pursuant to Section 2.8(c), the Trustee may, at its sole discretion, suspend withdrawals of Trust Property if the Trustee, at its sole discretion, determines that such a suspension is necessary
or desirable. 
 (e) If any Shares are listed on one or more stock exchanges in the United States, the Trustee shall act as
Registrar or, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint a registrar or one or more co-registrars for registry of such Shares in accordance with any requirements of such exchange or
exchanges. 
 Section 6.2 Obligations of the Trustee. 

(a) The Trustee assumes no obligation nor shall it be subject to any liability under this Agreement to any Registered Owner or Beneficial
Owner or Depositor (including liability with respect to the worth of the Trust Property), except that the Trustee agrees to perform its obligations specifically set forth in this Agreement without negligence or bad faith. 

  
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 (b) The Trustee shall not be under any obligation to prosecute any action, suit or other
proceeding in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or other Person. 
 (c) The Trustee shall not be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Depositor, any Registered Owner or any other
person believed by it in good faith to be competent to give such advice or information. 
 (d) The Trustee shall not be liable
for any acts or omissions made by a successor trustee whether in connection with a previous act or omission of the Trustee or in connection with any matter arising wholly after the resignation of the Trustee, provided that in connection with the
issue out of which such potential liability arises the Trustee performed its obligations without negligence or bad faith while it acted as Trustee. 
 (e) The Trustee shall have no obligation to comply with any direction or instruction from any Registered Owner or Beneficial Owner or Depositor regarding Shares except to the extent specifically provided
in this Agreement. 
 Section 6.3 Prevention or Delay in Performance by the Trustee. 

The Trustee and its directors, employees, agents and affiliates shall not incur any liability to any Registered Owner, Beneficial Owner
or Depositor if, by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or
other circumstances beyond its control, the Trustee is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing which by the

  
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terms of this Agreement it is provided shall be done or performed and accordingly the Trustee does not do that act or thing or does that act or thing at a later time than would otherwise be
required. The Trustee will not incur any liability to any Registered Owner or Beneficial Owner or Depositor by reason of any non-performance or delay in the performance of any act or thing which by the terms of this Agreement it is provided may be
done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement. 

Section 6.4 Resignation or Removal of the Trustee; Appointment of Successor Trustee. 

(a) Resignation. The Trustee may at any time resign as Trustee hereunder by notice of its election so to do, delivered to the
Sponsor, and such resignation shall take effect upon the appointment of a successor trustee and its acceptance of such appointment. 
 (b) Removal by the Sponsor. In case at any time the Trustee shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or a trustee or liquidator
or any public officer shall take charge or control of the Trustee or of its property or affairs for the purposes of rehabilitation, conservation or liquidation, then in any such case the Sponsor shall, subject to the requirements of
Section 6.4(e), remove the Trustee by notice to the Trustee, and such removal shall take effect upon the appointment of a successor trustee and its acceptance of such appointment. 

(c) Removal by Registered Owners. Registered Owners of at least two-thirds (66-2/3 %) of the Shares then outstanding may at any
time remove the Trustee by a notice delivered to the Trustee and Sponsor, and such removal shall take effect upon the appointment of a successor trustee and its acceptance of such appointment. 

(d) Removal for Material Breach. If at any time the Trustee ceases to be a Qualified Bank or is in material breach of its
obligations under this Agreement and the 

  
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Trustee fails to cure such breach within 30 days after receipt by the Trustee of notice from the Sponsor or Registered Owners acting on behalf of at least 25% of the outstanding Shares specifying
such default and requiring the Trustee to cure such default, the Sponsor may remove the Trustee by notice delivered to the Trustee, and such removal shall take effect upon the appointment of a successor trustee and its acceptance of such appointment
as hereinafter provided. 
 (e) Appointing Successor Trustees. If the Trustee acting hereunder resigns or is removed, the
Sponsor, acting on behalf of the Registered Owners, shall use its reasonable efforts to appoint a successor trustee, which shall be a Qualified Bank. Every successor trustee shall execute and deliver to its predecessor and to the Sponsor, acting on
behalf of the Registered Owners, an instrument in writing accepting its appointment hereunder, and thereupon such successor trustee, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of
its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Sponsor, acting on behalf of the Registered Owners, shall execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Trust Property to such successor, and shall deliver to such successor a list of the Registered Owners of all outstanding
Shares. The Sponsor or any such successor trustee shall promptly notify the Registered Owners of the appointment of such successor trustee. 
 (f) Liability of Trustee. Upon effective resignation hereunder, the resigning or removed Trustee shall be discharged and shall no longer be liable in any manner hereunder except as to acts or
omissions occurring prior to such resignation or removal, and the new trustee shall thereupon undertake and perform all duties and be entitled to all rights and compensation as trustee under this Agreement. The successor trustee shall not be under
any liability hereunder for acts or omissions occurring prior to execution of an instrument accepting its appointment as trustee. 

  
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 (g) Effect of Merger of the Trustee. Any corporation into which the Trustee may be
merged, consolidated or converted in a transaction in which the Trustee is not the surviving corporation shall be the successor of the Trustee without the execution or filing of any document or any further act. 

Section 6.5 Transfers Between Interest Account and Non-Interest Account. 

(a) Proceeds from creation of Baskets shall be deposited into the Non-Interest Account. The Trustee shall contemporaneously instruct the
Depository to transfer the portion of the Basket South African Rand Amount representing principal from the Non-Interest Account to the Interest Account. The portion of the Basket South African Rand Amount representing a pro rata portion of accrued
but unpaid interest will remain in the Non-Interest Account. 
 (b) Amounts payable upon Surrender of Shares in whole Baskets
shall be paid from the Non-Interest Account. The Trustee shall contemporaneously instruct the Depository to transfer the portion of the Basket South African Rand Amount representing principal from the Interest Account to the Non-Interest Account.

 Section 6.6 The Depository. 
 The parties acknowledge that the Depository was selected solely by the Sponsor. The Trustee will have no duty or liability to any Person on account of that selection or the terms of the Deposit Account
Agreement. The Depository will be subject at all times and in all respects to the directions of the Trustee and will be responsible solely to it. The rights and duties of the Depository with reference to the Trust will be determined by the Deposit
Account Agreement and applicable law. The Trustee shall not amend or terminate the Deposit Account Agreement without the written consent of the Sponsor. The Trustee shall terminate the Deposit Account Agreement if the Sponsor directs it in writing
to do so. 

  
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 Section 6.7 Compensation of the Trustee. 

(a) Each Depositor, and each person surrendering Shares for the purpose of withdrawing Trust Property, shall pay to the Trustee a fee of
$500.00 per Purchase Order pursuant to Section 2.5 or Redemption Order pursuant to Section 2.7 or surrender of Shares after termination of this Agreement pursuant to Section 8.2(e). 

(b) The Trustee is entitled to receive from the Sponsor fees for its services and reimbursement for its out-of-pocket expenses in
accordance with written agreements between the Sponsor and the Trustee. 
 (c) The Trustee is entitled to charge the Trust for
all expenses and disbursements incurred by it in connection with action taken by it under Section 6.10(a) (including the reasonable fees and disbursements of its legal counsel), except that the Trustee is not entitled to charge the Trust
for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (ii) fees of agents for performing services the Trustee is required to perform under this Agreement. 

Section 6.8 Retention of Trust Documents. 
 The Trustee is authorized to destroy those documents, records, bills and other data compiled during the term of this Agreement at the times permitted by the laws or regulations governing the Trustee,
unless the Sponsor reasonably requests the Trustee in writing to retain those items for a longer period. 
 Section 6.9
Prospectus Delivery. 
 The Trustee shall, if required by the federal securities laws of the United States, in any manner
permitted by such laws, deliver, at the time of issuance of Shares, a copy of the relevant prospectus, as most recently furnished to the Trustee by the Sponsor, to each Depositor. 

  
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 Section 6.10 Discretionary Actions by Trustee; Consultation. 

(a) The Trustee may, in its discretion, undertake any action which it may deem necessary or desirable to protect the rights of the
Registered Owners. The expenses incurred by the Trustee in connection with taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Trustee shall be entitled to be
promptly reimbursed for those expenses by the Trust. 
 (b) The Trustee shall notify and consult with the Sponsor before
undertaking any action under subsection (a) above or if the Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. 

ARTICLE 7 

INDEMNIFICATION 
 Section 7.1 Indemnification of the Sponsor and Trustee. 
 (a) The
Sponsor shall indemnify the Trustee, its directors, employees and agents (the “Trustee Indemnified Persons”) against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including, but not limited
to, the reasonable fees and expenses of counsel) (collectively “Indemnified Amounts”) that is incurred by any of them and that arises out of or is related to (i) any offer or sale by the Trust of Baskets of Shares under this
Agreement, (ii) acts performed or omitted pursuant to the provisions of this Agreement, as the same may be amended, modified or supplemented from time to time, by (A) a Trustee Indemnified Person or (B) the Sponsor or (iii) any
filings with or submissions to the Commission in connection with or with respect to the Shares (which, by way of illustration and not by way of limitation, include any registration statement and any amendments or supplements thereto filed with the
Commission or any periodic reports or updates that may be filed under the Securities Exchange Act of 1934, as amended, or any failure to make any filings with or 

  
 39 

 
submissions to the Commission which are required to be made in connection with or with respect to the Shares), except that the Sponsor shall not have any obligations under this
Section 7.1(a) to pay Indemnified Amounts incurred as a result of and attributable to (x) the negligence or bad faith of, or material breach of the terms of this Agreement by, the Trustee, (y) written information furnished in writing
by the Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the Commission relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions
made by a Depositor (other than Sponsor) in connection with such Depositor’s offer and sale of Shares. 
 (b) The Trustee
shall indemnify the Sponsor, its members, officers, employees and agents against, and hold each of them harmless from, any Indemnified Amounts (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information
furnished in writing to the Sponsor by the Trustee expressly for use in an registration statement, or any amendment thereto, a prospectus pursuant to the Securities Act of 1933 Section 10(a) or Section 10(b), or a prospectus supplement
thereto with the Commission relating to the Shares that is not materially altered by the Sponsor. 
 (c) If the indemnification
provided for in Section 7.1(a) or Section 7.1(b) is unavailable or insufficient to hold harmless the indemnified party under subsection (a) or (b) above, then the indemnifying party shall contribute to the Indemnified Amounts
referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor on the one hand and the Trustee on the other hand from the fees each receives that are
attributable to the Shares which are the subject of the action or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Sponsor on the one hand and the Trustee on the other hand in connection with the action, statement or omission which resulted in such Indemnified Amount as well as any other
relevant equitable considerations. The relative fault shall be determined by reference to, among other 

  
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things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact from which the action arises relates to information supplied
by the Sponsor or the Trustee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission or the act or omission from which the action arises. The amount of
Indemnified Amounts referred to in the first sentence of this subsection (c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim
which is the subject of this subsection (c). 
 (d) The Sponsor and its shareholders, directors, officers, employees, affiliates
(as such term is defined under the Securities Act of 1933, as amended) and subsidiaries (each, a “Sponsor Indemnified Party”) shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred
without (i) negligence, bad faith, willful misconduct or willful malfeasance on the part of the Sponsor arising out of or in connection with the performance of its obligations under this Agreement or any actions taken in accordance with the
provisions of this Agreement or (ii) reckless disregard by the Sponsor of its obligations and duties under this Agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred by such Sponsor Indemnified Party
in defending itself against any claim or liability in its capacity as Sponsor. Any amounts payable to a Sponsor Indemnified Party under this Section 7.1(d) may be payable in advance or shall be secured by a lien on the Trust. 

(e) If an action, proceeding (including, but not limited to, any governmental investigation), claim or dispute (each, a
“Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly (and in no event more
than seven (7) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify the Indemnitor shall
not impair the Indemnitee’s ability to 

  
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seek indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s ability to
adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of interest exists
as specified in clause (i) below and there are no other defenses available to Indemnitee as specified in clause (iii) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case all
attorney’s fees and expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate in the defense
thereof, but, in such case, no fees and expenses of such counsel shall be borne by the Indemnitor unless such fees and expenses are otherwise required to be indemnified under Section 7.1(a), Section 7.1(b) or Section 7.1(d), as
applicable, and (i) there is such a conflict of interest between the Indemnitor and the Indemnitee as would preclude, in compliance with the ethical rules in effect in the jurisdiction in which the Proceeding was brought, one lawyer from
representing both parties simultaneously, (ii) the Indemnitor fails, within the earlier of (x) twenty (20) days following receipt of notice of the Proceeding from the Indemnitee or (y) seven (7) days prior to the date the
first response or appearance is required to be made in such Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (iii) there are legal defenses available to Indemnitee that are different
from or are in addition to those available to the Indemnitor. No compromise or settlement of such Proceeding may be effected by either party without the other party’s consent unless (m) there is no finding or admission of any violation of
law and no effect on any other claims that may be made against such other party and (n) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect
to any compromise or settlement effected without its consent, which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the
Indemnitee as a result of a default judgment entered against the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 

  
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 ARTICLE 8 
 AMENDMENT AND TERMINATION 
 Section 8.1 Amendment. 

The Trustee and the Sponsor may amend any provisions of this Agreement without the consent of any Registered Owner; provided, however,
that the provisions of Section 2.6, Section 2.7, Section 2.10, Section 4.2 through Section 4.7, this Section 8.1 and Section 8.2 may not be amended unless (i) the provision relates solely to procedural or
logistical matters (as distinguished from core economic rights), or (ii) prior to the amendment, (a) the Sponsor obtains and delivers to the Trustee a written opinion of counsel to the effect that after such amendment the Trust will
continue to be classified as a “grantor trust” under the Code, and (b) in the event that such opinion of counsel assumes that certain actions are taken by the Sponsor or the Trustee in connection with such amendment, such actions
shall be taken by the Sponsor or the Trustee, as the case may be. Any amendment that imposes or increases any fees or charges (other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices
any substantial existing right of the Registered Owners, will not become effective as to outstanding Shares until 30 days after notice of such amendment is given to the Registered Owners. Every Registered Owner and Beneficial Owner, at the time any
amendment so becomes effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this Agreement as amended thereby. In no event shall any amendment impair the right
of the Registered Owner of Shares to Surrender Baskets of Shares and receive therefor the amount of Trust Property represented thereby, except in order to comply with mandatory provisions of applicable law. 

Section 8.2 Termination. 
 (a) The Trustee shall set a date on which this Agreement will terminate and mail notice of that termination to the Registered Owners at least 30 days prior to the date set for termination, which date
shall be no later than 90 days from the mailing of termination notice, if any of the following occurs: 
 (i) the Sponsor has
given notice of resignation or is unable to perform its duties or becomes bankrupt or insolvent and the Trustee will not appoint a successor sponsor or agree to act as Sponsor; 

  
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 (ii) Registered Owners holding at least 75% of the outstanding Shares notify the Trustee
that they elect to terminate the Trust; 
 (iii) the Depository resigns or is removed; or 

(iv) the Trust receives notice from the Internal Revenue Service or counsel for the Trust or the Sponsor that the Trust fails to qualify
for treatment, or will not be treated, as a grantor trust under the Code. 
 (b) The Trustee shall set a date on which this
Agreement will terminate and mail notice of that termination to the Registered Owners at least 30 days prior to the date set for termination, which date shall be no later than 90 days from the mailing of termination notice, if any of the following
occurs and the Sponsor has notified the Trustee that it elects to terminate this Agreement: 
 (i) The Trustee is notified that
the Shares are delisted from a national securities exchange and are not approved for listing on another national securities exchange within five New York Business Days of their delisting; 

(ii) the Commission determines that the Trust is an investment company under the Investment Company Act of 1940, as amended; 

(iii) the NAV of the Trust remains less than $100 million for 30 consecutive New York Business Days at any time after the first 90 days
of the Shares being traded on the Exchange; 

  
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 (iv) all of the Trust’s assets are sold; 

(v) the aggregate market capitalization of the Trust, based on the closing price for the Shares remains less than $300 million at any
time for five consecutive trading days beginning after the first anniversary of this Agreement; or 
 (vi) DTC ceases providing
book-entry settlement services for the Shares. 
 (c) If 60 days have elapsed since the Trustee gave the Sponsor notice of its
election to resign and no successor trustee appointed by the Sponsor has accepted appointment as Trustee, the Trustee may set a date on which this Agreement will terminate and mail notice of that termination to the Registered Owners at least 30 days
prior to the date set for termination. 
 (d) If not terminated sooner, this Agreement shall terminate forty years from the date
of this Agreement, and the Trustee shall mail a notice of that termination to the Registered Owners and the Sponsor at least 30 days before the termination date. 
 (e) On and after the date of termination of this Agreement, the Registered Owner of Shares will, upon (i) Surrender of those Shares, (ii) payment of the fee of the Trustee for the Surrender of
Shares provided in Section 6.7, and (iii) payment of any applicable taxes or other governmental charges, be entitled to Delivery, to the Registered Owner or upon the Registered Owner’s order, of the amount of Trust Property
represented by those Shares. The Trustee shall not accept any deposits of South African Rand after the date of termination of this Agreement. If any Shares remain outstanding after the date of termination of this Agreement, the Trustee thereafter
shall discontinue the registration of transfers of Shares, shall not make any distributions to Registered Owners, and shall not give any further notices or perform any further acts under this Agreement, except that the Trustee shall
continue to collect distributions pertaining to Trust Property and hold the same uninvested and without liability for interest, pay the Trust’s expenses and sell South African Rand as necessary to meet those expenses and

  
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shall continue to deliver Trust Property, together with any distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares Surrendered
to the Trustee (after deducting or upon payment of, in each case, the fee of the Trustee set forth in 5.7 for the Surrender of Shares, any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of
this Agreement, and any applicable taxes or other governmental charges). At any time after the expiration of 90 days following the date of termination of this Agreement, the Trustee may sell for Dollars the Trust Property for then held under this
Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it under this Agreement, unsegregated and without liability for interest, for the pro rata benefit of the
Registered Owners of Shares that have not theretofore been Surrendered, such Registered Owners thereupon becoming general creditors of the Trustee with respect to such net proceeds. After making such sale, the Trustee shall be discharged from all
obligations under this Agreement, except to account for such net proceeds and other cash (after deducting, in each case, any fees, expenses, taxes or other governmental charges payable by the Trust, the fee of the Trustee for the Surrender of Shares
and any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement, and any applicable taxes or other governmental charges), and the trust created by this Agreement shall terminate.
Upon the termination of this Agreement, the Sponsor shall be discharged from all obligations under this Agreement except for its obligations to the Trustee under Section 6.7 and Section 7.1, each of which shall survive termination of this
Agreement. Section 5.6 and this Section 8.1(e) shall also survive termination of this Agreement. 
 ARTICLE 9

 MISCELLANEOUS 
 Section 9.1 Counterparts. 
 This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and the same instrument. Copies of this Agreement shall be filed with the Trustee and shall be open to inspection by any Registered
Owner during the Trustee’s business hours. 

  
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 Section 9.2 Third-Party Beneficiaries. 

This Agreement is for the exclusive benefit of the parties hereto, and shall not be deemed to give any legal or equitable right, remedy
or claim whatsoever to any other person. 
 Section 9.3 Severability. 

In case any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced or disturbed thereby. 
 Section 9.4 Registered Owners, Beneficial Owners and Depositors as Parties; Binding Effect. 
 The Registered Owners, Beneficial Owners and Depositors from time to time shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof by their acceptance of Shares or
any interest therein or by their depositing South African Rand, as the case may be. 
 Section 9.5 Notices.

 (a) All notices given under this Agreement must be in writing. 

(b) Any and all notices to be given to the Trustee or the Sponsor shall be deemed to have been duly given (i) when it is actually
delivered by a messenger or recognized courier service, (ii) five days after it is mailed by registered or certified mail, postage paid or (iii) when receipt of a facsimile transmission is acknowledged via a return receipt or receipt
confirmation as requested by the original transmission, in each case to or at the address set forth below: 
 To the Trustee:

 The Bank of New York Mellon 
 101 Barclay Street, 22-W 
 New York, New York 10286 

Attention: ADR Administration 
 Facsimile: 212-571-3050 

  
 47 

 or any other place to which the Trustee may have transferred its Corporate Trust Office with notice to the
Sponsor. 
 To the Sponsor: 
 Rydex Specialized Products LLC 
 c/o Rydex Investments 

9601 Blackwell Road, Suite 500 
 Rockville, Maryland 20850 
 Attention: Kevin Farragher, Chief Executive Officer

 Facsimile: 301-296-5112 
 or any other place to which the Sponsor may have transferred its principal office with notice to the Trustee. 
 (c) Any and all notices to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by messenger or a recognized courier service, (ii) when mailed,
postage prepaid or (iii) when sent by facsimile transmission confirmed by letter, in each case at or to the address of such Registered Owner as it appears on the transfer books of the Trustee, or, if such Registered Owner shall have filed with
the Trustee a written request that any notice or communication intended for such Registered Owner be delivered to some other address, at the address designated in such request. 

  
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 Section 9.6 Agent for Service; Submission to Jurisdiction.  

The Sponsor hereby (i) irrevocably designates and appoints CT Corporation, in the State of New York, as the Sponsor’s
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares, the Trust Property or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in The City
of New York, State of New York, in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Sponsor in any
such suit or proceeding. The Sponsor agrees to deliver, upon the execution and delivery of this Agreement, a written acceptance by such agent of its appointment as such agent. The Sponsor further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long as any Shares remain outstanding or this Agreement remains in force. In the event the Sponsor
fails to continue such designation and appointment in full force and effect, the Sponsor hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt
requested, directed to the Sponsor at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

Section 9.7 Governing Law.  
 This Agreement shall be interpreted under, and all rights and duties under this Agreement shall be governed by, the laws of the State of New York. 

  
 49 

 IN WITNESS WHEREOF, RYDEX SPECIALIZED PRODUCTS LLC and THE BANK OF NEW YORK MELLON have duly
executed this Agreement as of the day and year first set forth above. 
  

					
	RYDEX SPECIALIZED PRODUCTS LLC,
		 	    as Sponsor
		
	By:	 	     /s/ Kevin Farragher

		 	    Name:	 	Kevin Farragher
		 	    Title:	 	Chief Executive Officer
	
	THE BANK OF NEW YORK MELLON,
		 	    as Trustee
		
	By:	 	     /s/ Bruce L. Baumann

		 	    Name:	 	Bruce L. Baumann
		 	    Title:	 	Vice President

  
 50 

 EXHIBIT A 
 Form of Deposit Account Agreement 

  
 1 

 EXHIBIT B 
 Form of Certificate 
 THE SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING
TRUST PROPERTY (AS DEFINED IN THE TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

  
 2 

 SOUTH AFRICAN RAND SHARES 

ISSUED BY 

CURRENCYSHARES SOUTH AFRICAN RAND TRUST 
 REPRESENTING 
 FRACTIONAL INTERESTS IN DEPOSITED SOUTH AFRICAN RAND AND ANY

 OTHER TRUST PROPERTY 
 THE BANK OF NEW YORK MELLON, as Trustee 
  

			
	No. 1	  	* Shares

 CUSIP: 23130J
103
 THE BANK OF NEW YORK MELLON, as Trustee (hereinafter called the Trustee), hereby certifies that CEDE & CO., as
nominee of the Depository Trust Company, or registered assigns, IS THE OWNER OF * Shares issued by CurrencyShares South African Rand Trust, each representing a fractional undivided interest in the net assets of the Trust, as provided in the
Agreement referred to below. At the time of delivery of the Agreement, each 50,000 Shares represented an interest in 50,000,000 South African Rand that are deposited under the Agreement and held by the Depository referred to in the Agreement. The
amount of South African Rand in which each 50,000 Shares represents an interest may change from time to time as provided in the Agreement. The Trustee’s Corporate Trust Office is located at a different address than its principal executive
office. Its Corporate Trust Office is located at 101 Barclay Street, New York, New York 10286, and its principal executive office is located at One Wall Street, New York, New York 10286. 

This Certificate is issued upon the terms and conditions set forth in the Trust Agreement dated as of August
    , 2008 (the “Agreement”) among Rydex Specialized Products LLC d/b/a “Rydex Investments” (herein called the Sponsor), the Trustee, all Registered Owners and Beneficial Owners from time to time of
Shares issued thereunder and all Depositors. By becoming a Registered Owner or Beneficial Owner, or by depositing South African Rand, a Person becomes a party to the Agreement and is bound by all the terms and conditions of the Agreement. The
Agreement sets forth the rights of Depositors and Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies of the Agreement are on file at the Trustee’s Corporate Trust Office in New York City. 

 

	*	That number of Shares held at The Depository Trust Company at any given point in time. 

  
 3 

 The Agreement is hereby incorporated by reference into and made a part of this Certificate
as if set forth in full in this place. Capitalized terms not defined herein shall have the meanings set forth in the Agreement. 

This Certificate shall not be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is
executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly
authorized officer of the Registrar. 
  

					
	Dated:
                            	 		 	 THE BANK OF NEW YORK MELLON,

		 		 	 as Trustee

			
		 	By:	 	     /s/ Bruce Baumann

		 	Its:	 	     Vice President

THE TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW YORK, NEW YORK 10286 

  
 4

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