Document:

EX-4.4

 Exhibit 4.4 

FORM OF 4.950% SENIOR NOTE 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE. 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

			
	No. A-[    ]	 	**$[            ]**

 21ST CENTURY FOX AMERICA, INC. 

4.950% SENIOR NOTES DUE OCTOBER 15, 2045 

CUSIP 90131HBX2 
 see reverse
for certain definitions 
 21ST CENTURY FOX AMERICA, INC., a Delaware corporation (“21CFA” or the “Company”, which terms include any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to 
 **CEDE & CO.**

 or registered assigns; 
 the principal amount of
**[            ] DOLLARS** 
 on October 15, 2045 and to pay interest thereon from
October 21, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 15 and October 15 each year, commencing April 15,
2016, at the rate of 4.950% per annum, until the principal hereof is fully paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date, which shall be the April 1 or October 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Note may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in such Indenture. 
 This Note is unconditionally guaranteed by Twenty-First Century Fox, Inc., a Delaware
corporation (“21st Century Fox”), as set forth in Article Twelve of the Indenture and in the Guarantee endorsed hereon. 
 Payment
of the principal of, and interest on, this Note will be made at the offices or agencies of the Company maintained for that purpose in The City of New York, New York in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public debts; provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such

 
address shall appear in the Security Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register. 

Reference is hereby made to the further provisions of this Note set forth herein which further provisions shall for all purposes have the same
effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to herein
by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, 21CFA has caused this Note to be signed manually or by facsimile by its duly
authorized officers. 
 Dated: October     , 2015 

 

													
	    21ST CENTURY FOX AMERICA, INC.
					
	By:	 	 	 		 	By:	 	 
		 	Name: 	 	Paula M. Wardynski	 		 		 	Name: 	 	Janet Nova
		 	Title:	 	Senior Vice President and Treasurer	 		 		 	Title:	 	Executive Vice President and Deputy General Counsel

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred 
 to in the within-mentioned Indenture 
 THE BANK OF NEW YORK MELLON, as Trustee 

 

			
	By:	 	 
		 	 Authorized Signatory
 Date:
October     , 2015

 21ST CENTURY FOX AMERICA, INC. 

4.950% SENIOR NOTES DUE OCTOBER 15, 2045 

Indenture 
 This Security is one of a duly
authorized series (this series being the “Securities”) of debt securities of 21st Century Fox America, Inc., a Delaware corporation (“21CFA” or the “Company”), issued under an Indenture dated as of August 25, 2009,
as amended and restated on February 16, 2011 (the “Indenture”), among 21CFA, Twenty-First Century Fox, Inc., a Delaware corporation (“21st Century Fox” or the “Guarantor”), and The Bank of New York Mellon, as
Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), which provides for the issuance by 21CFA from time to time of debt securities (the “Debt Securities”) in one or more series, in which the
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Debt
Securities and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as in effect on the date of the Indenture (the “TIA”), and as provided in the Indenture. The terms of the Securities and Guarantee set forth in this certificate are qualified in their entirety by reference to the terms of the
Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. The Securities are unconditionally guaranteed on a senior basis (the “Guarantee”) by the
Guarantor. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 
  

	 	1.	Paying Agent and Security Registrar 

 Initially, the Trustee will act as Paying Agent and
Security Registrar. 21CFA may appoint and change any Paying Agent or Security Registrar without notice, other than notice to the Trustee. 21CFA or any Subsidiary or an Affiliate of either of them may act as Paying Agent, Security Registrar or co-registrar. 
  

	 	2.	Optional Redemption by the Company 

 This Note is redeemable, as a whole or in part, at
the Company’s option, at any time or from time to time, upon mailed notice to the registered address of the Holder at least 30 days but not more than 60 days prior to the redemption. Except as provided below, the redemption price will be equal
to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments (as defined below) on such Notes discounted to the date of redemption, on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 35 basis points. Accrued interest will be paid to the date of redemption. All
calculations hereunder shall be made by the Company. On and after April 15, 2045, the Notes are redeemable at the Company’s option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal
amount of the 

 
Notes to be redeemed, plus accrued and unpaid interest on the principal amount of such Notes being redeemed to such date of redemption. 

‘‘Treasury Rate’’ means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield
to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for that redemption date. 
 ‘‘Comparable Treasury Issue’’ means the
United States Treasury security selected by the Reference Treasury Dealer (as defined below) as having a maturity comparable to the remaining term of the Notes, that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

‘‘Comparable Treasury Price’’ means, with respect to any redemption date, the Reference Treasury Dealer Quotations (as
defined below) for that redemption date. 
 ‘‘Reference Treasury Dealer’’ means J.P. Morgan Securities LLC and its
successor. If the Reference Treasury Dealer shall cease to be a primary U.S. Government securities dealer, the Company will substitute another nationally recognized investment banking firm that is a primary U.S. Government securities dealer. 

‘‘Reference Treasury Dealer Quotations’’ means, with respect to the Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by the Reference Treasury Dealer at 3:30 p.m., New
York City time, on the third business day preceding that redemption date. 
 ‘‘Remaining Scheduled Payments’’ means the
remaining scheduled payments of principal and interest on the Notes that would be due after the related redemption date but for that redemption. If that redemption date is not an interest payment date with respect to the Notes, the amount of the
next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued on the Notes to such redemption date. 

On and after the redemption date, interest will cease to accrue on this Note or any portion of this Note called for redemption (unless the
Company defaults in the payment of the redemption price and accrued interest). On or before the redemption date, the Company will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on
the Notes to be redeemed on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by a method the trustee deems to be fair and appropriate. 

 

	 	3.	Repurchase Upon Change of Control Triggering Event 

 Subject to the terms and conditions
of the Indenture, 21CFA shall become immediately obligated to offer to purchase the Securities pursuant to Section 13.01 of the Indenture upon the 

 
occurrence of a Change of Control Triggering Event at a purchase price in cash equal to 101% of aggregate principal amount, plus accrued and unpaid interest, if any, to the date of repurchase.

  

	 	4.	Denominations; Transfer; Exchange 

 The Securities are in registered form, without
coupons, in denominations of US$2,000 of principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the terms of the Indenture. The Security Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not register the transfer or exchange of any Securities for a
period of 15 days before the selection of any Securities for redemption or of any Securities so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

 

	 	5.	Persons Deemed Owners 

 The registered Holder of this Security may be treated as the
owner of the Security for all purposes. 
  

	 	6.	Amendment; Waiver 

 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of Securities under the Indenture and the waiver of compliance by the Company with certain provisions of the Indenture at any time
with the consent of the Holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding (or, in case less than all of the several series of Debt Securities then outstanding are affected, of the Holders of a
majority in principal amount of the Debt Securities at the time outstanding of each affected series). The Indenture also permits the Holders of a majority in principal amount of any series of Outstanding Securities, on behalf of the Holders of all
the Securities of that series, to waive certain past Defaults under the Indenture and their consequences with respect to that series. Any such consent or waiver by the Holder hereof shall be conclusive and binding upon such Holder and upon all
future Holders hereof and of any Securities issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made hereon. 

 

	 	7.	Discharge and Defeasance 

 The Indenture contains provisions for discharge and defeasance
at any time of (i) the entire indebtedness of the Securities and (ii) certain restrictive covenants and certain Events of Default applicable to the Securities, upon compliance by the Company with certain conditions set forth in the
Indenture. 
  

	 	8.	Defaults and Remedies 

 Under the Indenture, Events of Default include (i) default
in payment of the principal amount, premium, if any, or interest, in respect of the Securities when the same becomes due and 

 
payable subject, in the case of interest, to the grace period contained in the Indenture; (ii) failure by the Company or the Guarantor to perform any other covenant or warranty (other than a
covenant included in the Indenture solely for the benefit of another series of Debt Securities), subject to notice and lapse of time; or (iii) certain events of bankruptcy or insolvency of News Corporation, the Company or any Significant
Subsidiary of News Corporation. If an Event of Default, other than an Event of Default as a result of certain events of bankruptcy, insolvency or reorganization, occurs and is continuing, the Holders of at least 25% in aggregate principal amount of
the Outstanding Securities of that series may declare all the Securities of that series to be due and payable immediately. If an Event of Default occurs and is continuing as a result of certain events of bankruptcy, insolvency or reorganization, the
principal amount and interest, if any, of all the debt securities of that series automatically will become immediately due and payable without any declaration or other act on the part of the Trustee or any holder of such securities. 

Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture
or the Securities unless it receives indemnity or security satisfactory to the Trustee. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Outstanding Securities of a series may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of amounts specified in clause (i) above) if it determines in good faith that withholding notice is in the
interests of the Holders. 
  

	 	9.	Trustee Dealings with 21CFA 

 Subject to certain limitations imposed by the TIA, the
Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by 21CFA or its Affiliates and may otherwise deal with 21CFA or its
Affiliates with the same rights it would have if it were not Trustee. 
  

	 	10.	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of
21CFA shall not have any liability for any obligations of 21CFA under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	 	11.	Abbreviations 

 Customary abbreviations may be used in the name of a Principal or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gifts to Minors Acts). 

 

	 	12.	Governing Law 

 THE INDENTURE, THIS SECURITY AND THE GUARANTEE ENDORSED HEREON SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have this Security purchased by the Company pursuant to Section 13.01 of the Indenture, check the Box.  ̈ 
 If you wish to have a portion of this Security purchased by the Company
pursuant to Section 13.01 of the Indenture, state the amount (in original principal amount): 

$                       
          
  

  
  

 

			
	Date:                            	 	Your
Signature                                

  

	
	  

	(Sign exactly as your name appears in this Note)

 Signature
Guarantee:                                       
                  
 Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 GUARANTEE 

Twenty-First Century Fox, Inc. (the “Guarantor”) has unconditionally guaranteed on a senior basis (i) the due and punctual
payment of the principal of, premium, if any, and interest (including post-petition interest) on the Securities, when and as the same shall become due and payable, whether at maturity, by acceleration, as a
result of redemption, upon a Change of Control Triggering Event, by acceleration or otherwise, (ii) the due and punctual payment of interest on the overdue principal of, premium and interest, if any, on the Securities, to the extent lawful,
(iii) the due and punctual performance of all other obligations of 21CFA to the Holders or the Trustee under the Indenture and (iv) in case of any extension of time of payment or renewal of any Securities or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

The obligations of the Guarantor to the Holders of the Securities and to the Trustee, pursuant to the Guarantee and the Indenture, are
expressly set forth to the extent and in the manner provided in Article Twelve of the Indenture and reference is hereby made to such Indenture for the precise terms of the Guarantee therein made. 

No stockholder, officer, director or incorporator, as such, past, present or future, of the Guarantor shall have any personal liability under
the Guarantee by reason of his or its status as such stockholder, officer, director or incorporator. 
 The Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication on the Securities upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories. 

 
					
	GUARANTOR
	
	Twenty-First Century Fox, Inc.
		
	By:	 	 
		 	Name: 	 	Janet Nova
		 	Title:	 	 Executive Vice President and
 Deputy Group
General Counsel

		 	Date:	 	October     , 2015

 ASSIGNMENT FORM 

To assign the Security, fill in the form below: 
 I or we assign
and transfer this security to 
 INSERT ASSIGNEE’S SOC. SEC. OR TAX ID NO. 

			
	 	  	 
	 	  	 
	 	  	 

 (Print or type assignee’s name, address and zip code) 

 

			
	 and irrevocably appoint
	  	 

               

 
 to transfer this Security on the books of 21CFA.
The agent may substitute another to act for him. 
  

									
	Date:	 	 	 		 	Your Signature:	 	 
		 		 		 	(Sign exactly as your name appears in this Security)

  

									
	Guaranteed:	 	 	 		 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 FORM OF 4.950% SENIOR NOTE 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE. 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

			
	No. S-[    ]	 	**$[            ]**

 21ST CENTURY FOX AMERICA, INC. 

4.950% SENIOR NOTES DUE OCTOBER 15, 2045 

CUSIP U88803AE8 
 see reverse
for certain definitions 
 21ST CENTURY FOX AMERICA, INC., a Delaware corporation (“21CFA” or the “Company”, which terms include any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to 
 **CEDE & CO.**

 or registered assigns; 
 the principal amount of
**[            ] DOLLARS** 
 on October 15, 2045 and to pay interest thereon from
October 21, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 15 and October 15 each year, commencing April 15,
2016, at the rate of 4.950% per annum, until the principal hereof is fully paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date, which shall be the April 1 or October 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Note may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in such Indenture. 
 This Note is unconditionally guaranteed by Twenty-First Century Fox, Inc., a Delaware
corporation (“21st Century Fox”), as set forth in Article Twelve of the Indenture and in the Guarantee endorsed hereon. 
 Payment
of the principal of, and interest on, this Note will be made at the offices or agencies of the Company maintained for that purpose in The City of New York, New York in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public debts; provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such 

 address shall appear in the Security Register or by wire transfer to an account maintained by the Person entitled
thereto as specified in the Security Register. 
 Reference is hereby made to the further provisions of this Note set forth herein which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to herein by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, 21CFA has caused this Note to be signed manually or by facsimile by its duly
authorized officers. 
 Dated: October     , 2015 

 

													
	     21ST CENTURY FOX AMERICA, INC.

					
	By:	 	 	 		 	By:	 	 
		 	Name:  Title:	 	 Paula M. Wardynski
 Senior Vice President and
Treasurer
	 		 		 	 Name: 
 Title:
	 	 Janet Nova
 Executive Vice President and Deputy
General Counsel

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred 
 to in the within-mentioned Indenture 
 THE BANK OF NEW YORK MELLON, as Trustee 

 

			
	By:	 	  

		 	Authorized Signatory
		 	Date: October     , 2015

 21ST CENTURY FOX AMERICA, INC. 

4.950% SENIOR NOTES DUE OCTOBER 15, 2045 

Indenture 
 This Security is one of a duly
authorized series (this series being the “Securities”) of debt securities of 21st Century Fox America, Inc., a Delaware corporation (“21CFA” or the “Company”), issued under an Indenture dated as of August 25, 2009,
as amended and restated on February 16, 2011 (the “Indenture”), among 21CFA, Twenty-First Century Fox, Inc., a Delaware corporation (“21st Century Fox” or the “Guarantor”), and The Bank of New York Mellon, as
Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), which provides for the issuance by 21CFA from time to time of debt securities (the “Debt Securities”) in one or more series, in which the
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Debt
Securities and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as in effect on the date of the Indenture (the “TIA”), and as provided in the Indenture. The terms of the Securities and Guarantee set forth in this certificate are qualified in their entirety by reference to the terms of the
Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. The Securities are unconditionally guaranteed on a senior basis (the “Guarantee”) by the
Guarantor. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 
  

	 	1.	Paying Agent and Security Registrar 

 Initially, the Trustee will act as Paying Agent and
Security Registrar. 21CFA may appoint and change any Paying Agent or Security Registrar without notice, other than notice to the Trustee. 21CFA or any Subsidiary or an Affiliate of either of them may act as Paying Agent, Security Registrar or co-registrar. 
  

	 	2.	Optional Redemption by the Company 

 This Note is redeemable, as a whole or in part, at
the Company’s option, at any time or from time to time, upon mailed notice to the registered address of the Holder at least 30 days but not more than 60 days prior to the redemption. Except as provided below, the redemption price will be equal
to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments (as defined below) on such Notes discounted to the date of redemption, on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 35 basis points. Accrued interest will be paid to the date of redemption. All
calculations hereunder shall be made by the Company. On and after April 15, 2045, the Notes are redeemable at the Company’s option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal
amount of the 

 Notes to be redeemed, plus accrued and unpaid interest on the principal amount of such Notes being redeemed to
such date of redemption. 
 ‘‘Treasury Rate’’ means, with respect to any redemption date, the rate per annum equal to
the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. 
 ‘‘Comparable Treasury
Issue’’ means the United States Treasury security selected by the Reference Treasury Dealer (as defined below) as having a maturity comparable to the remaining term of the Notes, that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

‘‘Comparable Treasury Price’’ means, with respect to any redemption date, the Reference Treasury Dealer Quotations (as
defined below) for that redemption date. 
 ‘‘Reference Treasury Dealer’’ means J.P. Morgan Securities LLC and its
successor. If the Reference Treasury Dealer shall cease to be a primary U.S. Government securities dealer, the Company will substitute another nationally recognized investment banking firm that is a primary U.S. Government securities dealer. 

‘‘Reference Treasury Dealer Quotations’’ means, with respect to the Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by the Reference Treasury Dealer at 3:30 p.m., New
York City time, on the third business day preceding that redemption date. 
 ‘‘Remaining Scheduled Payments’’ means the
remaining scheduled payments of principal and interest on the Notes that would be due after the related redemption date but for that redemption. If that redemption date is not an interest payment date with respect to the Notes, the amount of the
next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued on the Notes to such redemption date. 

On and after the redemption date, interest will cease to accrue on this Note or any portion of this Note called for redemption (unless the
Company defaults in the payment of the redemption price and accrued interest). On or before the redemption date, the Company will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on
the Notes to be redeemed on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by a method the trustee deems to be fair and appropriate. 

 

	 	3.	Repurchase Upon Change of Control Triggering Event 

 Subject to the terms and conditions
of the Indenture, 21CFA shall become immediately obligated to offer to purchase the Securities pursuant to Section 13.01 of the Indenture upon the 

 occurrence of a Change of Control Triggering Event at a purchase price in cash equal to 101% of aggregate
principal amount, plus accrued and unpaid interest, if any, to the date of repurchase. 
  

	 	4.	Denominations; Transfer; Exchange 

 The Securities are in registered form, without
coupons, in denominations of US$2,000 of principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the terms of the Indenture. The Security Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not register the transfer or exchange of any Securities for a
period of 15 days before the selection of any Securities for redemption or of any Securities so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

 

	 	5.	Persons Deemed Owners 

 The registered Holder of this Security may be treated as the
owner of the Security for all purposes. 
  

	 	6.	Amendment; Waiver 

 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of Securities under the Indenture and the waiver of compliance by the Company with certain provisions of the Indenture at any time
with the consent of the Holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding (or, in case less than all of the several series of Debt Securities then outstanding are affected, of the Holders of a
majority in principal amount of the Debt Securities at the time outstanding of each affected series). The Indenture also permits the Holders of a majority in principal amount of any series of Outstanding Securities, on behalf of the Holders of all
the Securities of that series, to waive certain past Defaults under the Indenture and their consequences with respect to that series. Any such consent or waiver by the Holder hereof shall be conclusive and binding upon such Holder and upon all
future Holders hereof and of any Securities issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made hereon. 

 

	 	7.	Discharge and Defeasance 

 The Indenture contains provisions for discharge and defeasance
at any time of (i) the entire indebtedness of the Securities and (ii) certain restrictive covenants and certain Events of Default applicable to the Securities, upon compliance by the Company with certain conditions set forth in the
Indenture. 
  

	 	8.	Defaults and Remedies 

 Under the Indenture, Events of Default include (i) default
in payment of the principal amount, premium, if any, or interest, in respect of the Securities when the same becomes due and 

 
payable subject, in the case of interest, to the grace period contained in the Indenture; (ii) failure by the Company or the Guarantor to perform any other covenant or warranty (other than a
covenant included in the Indenture solely for the benefit of another series of Debt Securities), subject to notice and lapse of time; or (iii) certain events of bankruptcy or insolvency of News Corporation, the Company or any Significant
Subsidiary of News Corporation. If an Event of Default, other than an Event of Default as a result of certain events of bankruptcy, insolvency or reorganization, occurs and is continuing, the Holders of at least 25% in aggregate principal amount of
the Outstanding Securities of that series may declare all the Securities of that series to be due and payable immediately. If an Event of Default occurs and is continuing as a result of certain events of bankruptcy, insolvency or reorganization, the
principal amount and interest, if any, of all the debt securities of that series automatically will become immediately due and payable without any declaration or other act on the part of the Trustee or any holder of such securities. 

Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture
or the Securities unless it receives indemnity or security satisfactory to the Trustee. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Outstanding Securities of a series may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of amounts specified in clause (i) above) if it determines in good faith that withholding notice is in the
interests of the Holders. 
  

	 	9.	Trustee Dealings with 21CFA 

 Subject to certain limitations imposed by the TIA, the
Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by 21CFA or its Affiliates and may otherwise deal with 21CFA or its
Affiliates with the same rights it would have if it were not Trustee. 
  

	 	10.	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of
21CFA shall not have any liability for any obligations of 21CFA under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	 	11.	Abbreviations 

 Customary abbreviations may be used in the name of a Principal or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gifts to Minors Acts). 

 

	 	12.	Governing Law 

 THE INDENTURE, THIS SECURITY AND THE GUARANTEE ENDORSED HEREON SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have this Security purchased by the Company pursuant to Section 13.01 of the Indenture, check the Box.   ̈ 
 If you wish to have a portion of this Security purchased by the Company
pursuant to Section 13.01 of the Indenture, state the amount (in original principal amount): 

$                       
          
  

  
  

 

			
	Date:                            	 	Your
Signature                                

  

	
	  

	(Sign exactly as your name appears in this Note)

 Signature
Guarantee:                                       
                  
 Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 GUARANTEE 

Twenty-First Century Fox, Inc. (the “Guarantor”) has unconditionally guaranteed on a senior basis (i) the due and punctual
payment of the principal of, premium, if any, and interest (including post-petition interest) on the Securities, when and as the same shall become due and payable, whether at maturity, by acceleration, as a
result of redemption, upon a Change of Control Triggering Event, by acceleration or otherwise, (ii) the due and punctual payment of interest on the overdue principal of, premium and interest, if any, on the Securities, to the extent lawful,
(iii) the due and punctual performance of all other obligations of 21CFA to the Holders or the Trustee under the Indenture and (iv) in case of any extension of time of payment or renewal of any Securities or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

The obligations of the Guarantor to the Holders of the Securities and to the Trustee, pursuant to the Guarantee and the Indenture, are
expressly set forth to the extent and in the manner provided in Article Twelve of the Indenture and reference is hereby made to such Indenture for the precise terms of the Guarantee therein made. 

No stockholder, officer, director or incorporator, as such, past, present or future, of the Guarantor shall have any personal liability under
the Guarantee by reason of his or its status as such stockholder, officer, director or incorporator. 
 The Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication on the Securities upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories. 

 
					
	 GUARANTOR

	
	 Twenty-First Century Fox, Inc.

		
	By:	 	 
		 	Name: 	 	Janet Nova
		 	Title:	 	 Executive Vice President and
 Deputy Group
General Counsel

		 	Date:	 	October     , 2015

 ASSIGNMENT FORM 

To assign the Security, fill in the form below: 
 I or we assign
and transfer this security to 
 INSERT ASSIGNEE’S SOC. SEC. OR TAX ID NO. 

			
	 	  	 
	 	  	 
	 	  	 

 (Print or type assignee’s name, address and zip code) 

 

			
	 and irrevocably appoint  
	  	 

               

 
 to transfer this Security on the books of 21CFA.
The agent may substitute another to act for him. 
  

									
	Date:	 	 	 		 	Your Signature:	 	 
		 		 		 	(Sign exactly as your name appears in this Security)

  

									
	Guaranteed:	 	 	 		 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.EXHIBIT 4.1

 Exhibit 4.1 

FORM OF 
 AMENDED AND
RESTATED AGREEMENT AND DECLARATION OF TRUST 
 OF 

GLOBAL CURRENCY GOLD TRUST 

DATED AS OF [DATE] 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  	NAME, PURPOSE AND DEFINITIONS	  	 	1	  
			
	 Section 1.01
	  	Name	  	 	1	  
			
	 Section 1.02
	  	Purpose	  	 	1	  
			
	 Section 1.03
	  	Definitions	  	 	2	  
			
	 ARTICLE II
	  	SERIES AND SHARES	  	 	5	  
			
	 Section 2.01
	  	Division of Beneficial Interest; Establishment of Series	  	 	5	  
			
	 Section 2.02
	  	Ownership of Shares	  	 	6	  
			
	 Section 2.03
	  	Transfer of Shares	  	 	6	  
			
	 Section 2.04
	  	Investments in a Series	  	 	6	  
			
	 Section 2.05
	  	Status of Shares and Limitation of Personal Liability	  	 	7	  
			
	 Section 2.06
	  	Designation and Rights of Shares	  	 	7	  
			
	 Section 2.07
	  	Fixing of Record Date	  	 	9	  
			
	 Section 2.08
	  	Creations and Issuance of Creation Baskets	  	 	10	  
			
	 Section 2.09
	  	Requirements for Deposits of Gold	  	 	10	  
			
	 Section 2.10
	  	Redemption of Creation Baskets	  	 	11	  
			
	 ARTICLE III
	  	TRUSTEE	  	 	12	  
			
	 Section 3.01
	  	Term; Resignation	  	 	12	  
			
	 Section 3.02
	  	Duties	  	 	12	  
			
	 Section 3.03
	  	Compensation and Expenses of the Trustee	  	 	12	  
			
	 Section 3.04
	  	Liability of Trustee	  	 	13	  
			
	 Section 3.05
	  	Indemnification	  	 	14	  
			
	 Section 3.06
	  	Successor Trustee	  	 	14	  
			
	 ARTICLE IV
	  	THE SPONSOR	  	 	14	  
			
	 Section 4.01
	  	Management of the Trust	  	 	14	  
			
	 Section 4.02
	  	Authority of Sponsor	  	 	14	  
			
	 Section 4.03
	  	Obligations of Sponsor	  	 	16	  
			
	 Section 4.04
	  	Compensation of the Sponsor	  	 	16	  
			
	 Section 4.05
	  	Liability of Sponsor and Indemnification	  	 	17	  
			
	 ARTICLE V
	  	BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST	  	 	18	  
			
	 Section 5.01
	  	Books of Account	  	 	18	  
			
	 Section 5.02
	  	Certificate of Trust	  	 	18	  
			
	 ARTICLE VI
	  	AMENDMENT OF DECLARATION OF TRUST AND WAIVER	  	 	18	  

  
 i 

							
	 	  	 	  	Page	 
			
	 ARTICLE VII
	  	TERM	  	 	18	  
			
	 ARTICLE VIII
	  	TERMINATION/REORGANIZATION	  	 	19	  
			
	 Section 8.01
	  	Termination of the Trust or any Series	  	 	19	  
			
	 Section 8.02
	  	Merger and Consolidation	  	 	19	  
			
	 Section 8.03
	  	Dissolution of Sponsor Not to Terminate Trust	  	 	20	  
			
	 ARTICLE IX
	  	MISCELLANEOUS PROVISIONS	  	 	20	  
			
	 Section 9.01
	  	Certain Matters Relating to Shareholders	  	 	20	  
			
	 Section 9.02
	  	Delaware Law to Govern	  	 	21	  
			
	 Section 9.03
	  	Provisions in Conflict with Law or Regulations	  	 	22	  
			
	 Section 9.04
	  	Notices	  	 	22	  
			
	 Section 9.05
	  	Headings	  	 	23	  
			
	 Section 9.06
	  	Counterparts	  	 	23	  

  
 ii 

 GLOBAL CURRENCY GOLD TRUST 

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST 

WHEREAS, THIS AMENDED AND RESTATED TRUST AGREEMENT is made and entered into as of
                    , 2015, by WGC USA ASSET MANAGEMENT COMPANY, LLC, as sponsor, and DELAWARE TRUST COMPANY, as trustee, for the purpose of
continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth; 
 WHEREAS, WGC USA Asset Management Company,
LLC and Delaware Trust Company (formerly known as CSC Trust Company of Delaware) have heretofore created a Delaware statutory trust pursuant to the Delaware Act (as hereinafter defined) by entering into an agreement and declaration of trust, dated
as of August 27, 2014 (the “Original Agreement and Declaration of Trust”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust; and 

WHEREAS, the parties hereto desire to amend and restate the Original Agreement and Declaration of Trust in its entirety and to provide for the
matters set forth herein; 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, hereby amends and restates the Original Agreement and Declaration of Trust in its entirety and agrees as follows: 

ARTICLE I 
 NAME,
PURPOSE AND DEFINITIONS 
 Section 1.01 Name. This trust shall be known as the “Global Currency Gold
Trust.” The Sponsor and the Trustee shall conduct the business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the
Sponsor of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any such instrument shall not require the approval of the Shareholders but shall have the
status of an amendment to this Declaration of Trust. 
 Section 1.02 Purpose. The purpose of the Trust is to provide the
Shareholders of each Series with exposure to physical gold bullion whose price is referenced in one or more non-U.S. currencies. Each Series of the Trust will hold physical gold exclusively and will be a passive investment vehicle. The Sponsor
intends for each Series to be operated and treated for U.S. federal income tax purposes as an “‘investment’ trust” as defined in Treasury Regulation § 301.7701-4(c)(1). All provisions in this Declaration of Trust are
intended to be construed such that the Trust or any Series thereof does not lose its status as an “‘investment’ trust”. It is not the intention of the Sponsor to create a general partnership, limited partnership, limited
liability company, joint stock association, corporation, bailment or any form of legal relationship other 

  
 1 

 
than a Delaware Statutory Trust. The Trust shall be entitled to exercise all of the powers and privileges granted to a statutory trust formed under the laws of the State of Delaware, now or
hereafter in force. 
 Section 1.03 Definitions. Whenever used herein, unless otherwise required by the context or
specifically provided: 
 (a) “Administrator” means any Person from time to time engaged to perform administration services for the
Trust pursuant to authority delegated by the Sponsor. 
 (b) “Affiliate” shall mean, with respect to any Person, any other Person
that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 

(c) “Business Day” shall mean any day the Exchange is open for business and the Trust accepts creation and redemption orders for
Creation Baskets. 
 (d) “By-Laws” shall mean the By-Laws of the Trust, if any, as amended from time to time which By-Laws are
expressly herein incorporated by reference as part of the “governing instrument” within the meaning of the Delaware Act (defined herein). 

(e) “Certificate of Trust” means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of
Delaware pursuant to Section 3810 of the Delaware Act as amended or restated from time to time. 
 (f) “Control” and/or
“Controlled” mean that the specified party, directly or indirectly, has the power to direct or cause the direction of the management and policies of an entity through the ownership of voting securities, by contract or otherwise. 

(g) “Commodity Pool Operator” means the Sponsor or any Person engaged by the Trust or the Sponsor who, in connection therewith,
solicits, accepts, or receives monies or in-kind contributions for the purpose of trading in any commodity for future delivery or commodity option on or subject to the rules of any contract market for the benefit of the Trust. 

(h) “Creation Basket” shall mean a block of 25,000 Shares or more or such other amount as established from time to time by the
Sponsor. Multiple blocks are called “Creation Baskets.” 
 (i) “Creation Basket Gold Delivery Amount” means the total
deposit of Gold required to create a Creation Basket. The Creation Basket Gold Delivery Amount is the number of ounces of Gold required to be delivered to a Series by a Participant in connection with a creation order for a single Creation Basket.
The Creation Basket Gold Delivery Amount also refers to the amount of gold to be paid out by a Series in connection with the redemption of a Creation Basket. 

(j) “Custodian” means, with respect to any Series, an entity designated to act as custodian of the assets of such Series pursuant to
a written agreement with the Trust or Sponsor on behalf of such Series. 

  
 2 

 (k) “Custody Agreement” means a written agreement entered into by the Trust or Sponsor
with a Custodian providing for the deposit, safekeeping or delivery of Gold held by a Series and related services. 
 (l) “Declaration
of Trust” shall mean this Amended and Restated Agreement and Declaration of Trust, as amended or restated from time to time. 
 (m)
“Delaware Act” shall mean the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.), as such statute may be amended or interpreted from time to time, and any legislative enactment which may replace or supersede such
Act. 
 (n) “DTC” shall mean the Depository Trust Company. DTC is a limited purpose trust company organized under New York
law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC will act as the securities depository
for the Shares. 
 (o) “DTC Participant” shall mean a Participant in DTC, such as a bank, broker, dealer or trust company. 

(p) “Exchange” means the primary exchange or other securities market on which the Shares of a Series are listed for trading. 

(q) “Expenses” shall have the meaning assigned to such term in Section 3.05 herein. 

(r) “General Assets” shall have the meaning assigned to such term in Section 2.06(a) herein. 

(s) “Gold” means gold bullion meeting the London Good Delivery Standards. 

(t) “Indemnified Person” shall have the meaning assigned to such term in Section 3.05 herein. 

(u) “LBMA” means The London Bullion Market Association. 

(v) “London Good Delivery” shall have the meaning assigned to such term in the Good Delivery Rules for Gold and Silver Bars
contained in the rules promulgated by the LBMA. 
 (w) “Order Cut-Off Time” shall mean the close of regular trading on the
Exchange, usually 4:00 p.m. New York time, or such other time as designated by the Sponsor. 
 (x) “Participant” means a person
who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in
DTC, (3) has entered into a Participant Agreement and (4) has established a Participant Unallocated Account with the Custodian. Only Participants may place orders to create or redeem one or more Creation Units. 

  
 3 

 (y) “Participant Agreement” shall mean an agreement entered into by each Participant
with respect to a Series which provides the procedures for the creation and redemption of Creation Baskets and for the delivery of the Gold and cash, if any, required for such creations and redemptions. 

(z) “Participant Unallocated Account” means the account maintained on an unallocated basis by the Custodian for a Participant. 

(aa) “Person” means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other
entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign. 

(bb) “Prospectus” shall have the meaning assigned to such term in Section 3.06(d) herein. 

(cc) “Redemption Order” shall have the meaning assigned to such term in Section 2.11(a) herein. 

(dd) “Redemption Order Date” shall have the meaning assigned to such term in Section 2.11(b) herein. 

(ee) “Registration Statement” means the registration statement of the Trust with respect to a Series as filed with the SEC and
declared effective thereby, or becoming automatically effective, as applicable, as the same may at any time and from time to time be amended or supplemented. 

(ff) “SEC” means the U.S. Securities and Exchange Commission. 

(gg) “Series” refers to each Series of Shares established and designated under or in accordance with the provisions of Article II.

 (hh) “Shareholder” means a record owner of at least one outstanding Share. 

(ii) “Share” shall mean an equal proportionate unit of beneficial interest into which the beneficial interest of each Series shall
be divided. “Shares” includes fractions of Shares as well as whole Shares. 
 (jj) “Sponsor” means WGC USA Asset
Management Company, LLC, or any entity into which it may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which it shall be a party, or any entity succeeding to all or substantially all of
its business as sponsor of the Trust, or any successor Sponsor designated as such by operation of law or any successor Sponsor appointed as herein provided. 

  
 4 

 (kk) “Sponsor Agreement” means an agreement between the Trust and the Sponsor setting
forth, among other things, the Sponsor’s compensation for its services as Sponsor of the Trust. 
 (ll) “Sponsor Indemnified
Party” shall have the meaning assigned to such term in Section 4.05(c) herein. 
 (mm) “Trust” refers to the Delaware
statutory trust established under the Delaware Act by the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware on August 27, 2014, inclusive of each and every Series established as part of the
Trust hereunder now or in the future. 
 (nn) “Trust Unallocated Account” means the unallocated Gold account of the Trust
established with the Custodian on behalf of a Series. The Trust Unallocated Account will be used to facilitate the transfer of Gold in and out of the Series. Specifically, it will be used to transfer Gold deposits and Gold redemption distributions
between Participants and the Series in connection with the creation and redemption of Creation Baskets, in connection with the transfers of Gold to or from the gold delivery provider of the Trust, and in connection with sales of Gold made by the
Administrator for any Series. 
 (oo) “Trust Property” means the property of the Trust and, specifically, the Gold owned or held
by or for the account of the Trust or any Series. 
 (pp) “Trustee” refers to Delaware Trust Company or any successor Trustee
designated as such by operation of law or appointed as herein, acting not in its individual capacity but solely as trustee of the Trust. 

ARTICLE II 
 SERIES AND
SHARES 
 Section 2.01 Division of Beneficial Interest; Establishment of Series. The beneficial interest in the Trust
shall be divided into one or more Series. Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series, and each holder of Shares of a Series shall be entitled to receive such holder’s pro
rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of the Shares of any Series, the applicable Shareholder shall be paid solely out of the Series and property of such Series of the
Trust. 
 All references to Shares in this Declaration of Trust shall be deemed to be Shares of any or all Series, as the context may
require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, except as the context otherwise requires. 

All Shares issued hereunder shall be fully paid and non-assessable. No Share shall have any priority or preference over any other Share of the
same Series with respect to assets of such Series. All distributions, if any, shall be made ratably among all Shareholders of a Series from the assets held with respect to such Series according to the number of Shares of such Series held of record
by such Shareholders on the record date for any distribution or on the date of 

  
 5 

 
termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other
securities issued by the Trust. Every Shareholder, by virtue of having purchased or acquired a Share, shall have expressly consented and agreed to be bound by the terms of this Declaration of Trust. 

The Sponsor shall have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders of
any Series (i) to establish and designate and to change in any manner any Series and to fix such preferences, voting powers, rights, duties and privileges of each Series as the Sponsor may from time to time determine, which preferences, voting
powers, rights, duties and privileges may be senior or subordinate to any existing Series and may be limited to specified property or obligations of the Trust or gains and losses associated with specified property or obligations of the Trust,
(ii) to divide the beneficial interest in each Series into an unlimited amount of Shares, with or without par value, as the Sponsor shall determine, (iii) to issue Shares without limitation as to number (including fractional Shares), to
such Persons and for such amount of consideration, subject to any restriction set forth in the By-Laws, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (iv) to divide or combine the Shares or any Series into
a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Series in the assets held with respect to that Series, (v) to classify or reclassify any issued Shares of any Series into
shares of one or more Series, and (vi) to take such other action with respect to the Shares as the Sponsor may deem desirable. 

Section 2.02 Ownership of Shares. The ownership of Shares shall be recorded on the books of the Trust or a transfer or
similar agent for the Trust, which books shall be maintained separately for the Shares of each Series. No certificates certifying the ownership of Shares shall be issued except as the Sponsor may otherwise determine from time to time. The Sponsor
may make such rules as it considers appropriate for the issuance of Share certificates, transfer of Shares of each Series and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be,
shall be conclusive as to the identity of the Shareholders of each Series and as to the number of Shares of each Series held from time to time by each. 

Section 2.03 Transfer of Shares. Except as otherwise provided by the Sponsor, Shares shall be transferable on the books of
the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Sponsor, the Trust’s transfer or similar agent or other Person designated by the Sponsor of a duly executed instrument of transfer, together with a
Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any further requirements specified
by the Sponsor or contained in the By-Laws, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the holder of such Shares for all purposes hereunder.

 Section 2.04 Investments in a Series. Investments in each Series may be accepted by the Trust from such Persons, at
such times and on such terms as the Sponsor from time to time may authorize. Each investment shall be credited to the Shareholder’s account in the form of 

  
 6 

 
full and fractional Shares of the Trust, in such Series as the purchaser shall select, at the net asset value per Share next determined for such Series after receipt of the investment; provided,
however, that the Sponsor may, in its sole discretion, impose a sales charge, transaction fee or other charges upon investments in a Series or place such other restrictions on investments in a Series as the Sponsor, in its sole discretion, deems
appropriate. 
 Section 2.05 Status of Shares and Limitation of Personal Liability. The ownership of the Trust Property
and the right to conduct the business of the Trust and each Series described herein are vested exclusively in the Sponsor and the Trustee. The Shareholders of a Series shall have no interest therein other than the beneficial interest in such Series
conferred by their Shares, and they shall have no right to call for any partition or division of any Trust Property, rights or interests of the Trust or a Series, nor can they be called upon to share or assume any losses of the Trust or, subject to
the right of the Sponsor to charge certain expenses directly to Shareholders, suffer an assessment of any kind by virtue of their ownership of Shares. Every Shareholder, by virtue of having purchased a Share, shall become a Shareholder of the Series
whose Share or Shares it has purchased and shall be held to have expressly assented and agreed to be bound by the terms hereof and to have become a party hereto. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during
the existence of the Trust or a Series shall not operate to terminate the Trust or such Series, nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or such Series,
the Sponsor or the Trustee, but entitles such representative only to the rights of such Shareholder under this Declaration of Trust. Ownership of Shares shall not constitute the Shareholders as partners. The Shares shall not entitle the holder to
preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Declaration of Trust or as specified by the Trust or the Sponsor when creating the Shares). No Shareholder of a Series shall be subject in such capacity to
any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private
corporation for profit incorporated under the Delaware General Corporation Law. 
 Section 2.06 Designation and Rights of
Shares. Each Series shall be separate and distinct from any other Series. Separate and distinct records on the books of the Trust shall be maintained for each Series. The assets and liabilities belonging to any such Series shall be held and
accounted for separately from the assets and liabilities of the Trust or any other Series. Shares of each Series, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences: 

(a) Assets Held with Respect to a Particular Series. All consideration received by the Trust for the issue or sale of Shares of a
particular Series, including distributions paid by, and reinvested in such Series together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived,
including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any Series or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with
respect to that Series for all purposes, subject only to the rights of creditors of such Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from
whatever source derived, including, without limitation, any proceeds 

  
 7 

 
derived from the sale, exchange or liquidation of such assets, and any Series or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to
as “assets held with respect to” that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, Series or payments which are not readily identifiable as assets held with respect to any particular
Series (collectively “General Assets”), the Sponsor shall allocate such General Assets to, between or among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and equitable,
and any General Assets as allocated to a particular Series shall be held with respect to that Series. Each such allocation by the Sponsor shall be conclusive and binding upon the Shareholders of all Series for all purposes. Separate and distinct
records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and General Assets of the Trust not allocated to such
Series. 
 (b) Liabilities Held with Respect to a Particular Series. The assets of the Trust held with respect to each particular
Series shall be charged against the liabilities of the Trust held with respect to that Series and all expenses, costs, charges and reserves attributable to that Series, and any general liabilities of the Trust which are not readily identifiable as
being held with respect to any particular Series shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and equitable. The
liabilities, expenses, costs, charges, and reserves so charged to a Series are herein referred to as “liabilities held with respect to” that Series. Any liabilities, debts, obligations, expenses, costs, charges and reserves of the Trust
that are not readily identifiable as being liabilities held with respect to any particular Series (collectively “General Liabilities”) shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner
and on such basis as the Sponsor, in its sole discretion, deems fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Sponsor shall be conclusive and binding upon the Shareholders of all Series for all
purposes. All Persons who have extended credit which has been allocated to a particular Series, or who have a claim or contract which has been allocated to any particular Series, shall look, and shall be required by contract to look, exclusively to
the assets of that particular Series for payment of such credit, claim, or contract, and not any other Series or the Trust as a whole. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and
contract providers, each creditor, claimant and contract provider will be deemed nevertheless to have impliedly agreed to such limitation. 

Subject to the right of the Sponsor in its discretion to allocate General Liabilities as provided herein, the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to this Declaration of Trust or is hereafter authorized and existing pursuant to this
Declaration of Trust, shall be enforceable against the assets held with respect to such particular Series only, and not against the assets of any other Series or the General Assets of the Trust and none of the General Liabilities of the Trust or the
debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any other Series thereof shall be enforceable against the assets held with respect to such particular Series. Notice of this limitation on
liabilities between and among Series is set forth in the Certificate of Trust, and by giving such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the Delaware Act relating to limitations on liabilities between
and among Series (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) are applicable to the Trust and each Series. 

  
 8 

 (c) Dividends, Distributions, Redemptions, and Repurchases.
Notwithstanding any other provisions of this Declaration of Trust, no distribution including, without limitation, any distribution paid upon termination of the Trust or paid on or in respect to any Series, nor any redemption or repurchase of the
Shares of any Series, shall be effected by the Trust other than from the assets held with respect to such Series, nor, except as specifically provided in Section 2.07, shall any Shareholder of any particular Series, otherwise have any right or
claim against the assets held with respect to any other Series except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Sponsor shall have full discretion, to the extent not
inconsistent with applicable law, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders. 

(d) Voting. All Shares of the Trust entitled to vote on a matter shall vote without differentiation between the separate Series on a
one vote per each Share (including fractional votes for fractional shares) basis; provided, however, if a matter to be voted on affects only the interests of some but not all Series of Shareholders or as otherwise required by applicable law, then
only the Shareholders of such affected Series shall be entitled to vote on the matter, separately by Series and on the same one vote per each Share (including fractional votes for fractional shares) basis. 

(e) Equality. All the Shares of each particular Series shall represent an equal proportionate undivided interest in the assets held
with respect to that Series (subject to the liabilities held with respect to that Series), and each Share of any particular Series shall be equal to each other Share of that Series. 

(f) Fractions. Any fractional Share of a Series shall carry proportionately all the rights and obligations of a whole Share of that
Series, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust. 

(g) Exchange Privilege. The Sponsor shall have the authority to provide that the holders of Shares of any Series shall have the right
to exchange said Shares for Shares of one or more other Series of Shares, in accordance with such requirements and procedures as may be established by the Sponsor. 

Section 2.07 Fixing of Record Date. Whenever any distribution will be made, or whenever the Trust receives notice of any
solicitation of proxies or consents from Shareholders, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Sponsor shall find it necessary or convenient in respect of any matter, the
Sponsor shall fix a record date for the determination of the Shareholders 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, (iii) entitled to receive Shares of a Series as a result of any such split, reverse split or other change and (iv) entitled to act in respect of any other matter for which the record date was set. Subject to applicable law
and this Declaration of Trust, Sponsor shall have sole discretion to fix such record date. 

  
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 Section 2.08 Creations and Issuance of Creation Baskets. 

(a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each Participant, which may be amended
from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Declaration of Trust), apply to the creation and issuance of Creation Baskets. Subject to the
limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by the Trust is unlimited. 

 

	 	(i)	On any Business Day, a Participant may submit a request to create one or more Creation Baskets (such request by a Participant, a “Purchase Order”) in the manner provided in the Participant Agreement. Purchase
Orders must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order Date”) as set forth in the Participant Agreement. Purchase Orders will be processed only from Participants with respect to which a Participant
Agreement is in full force and effect. 

  

	 	(ii)	Any Purchase Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement. 

  

	 	(iii)	After accepting a Participant’s Purchase Order, the Sponsor will issue and deliver Creation Baskets to fill a Participant’s Purchase Order at or shortly after 9:00 a.m. New York time on the third Business Day
after the Purchase Order Date, but only if by such time the Sponsor has received (A) the non-refundable transaction fee due for such Purchase Order, (B) for the account of the Trust cash, if any, required for such Purchase Order and
(C) notice from the Custodian (which need not be the Custodian’s official report of transactions for such day) that the Custodian has received for the account of the Trust to the credit of the Trust Unallocated Account (or other Custody
Account provided for in the relevant Custody Agreement), from the Participant Unallocated Account (or other account of the Participant from which Gold may be transferred to the Trust in accordance with the relevant Custody Agreement) the Creation
Basket Gold Delivery Amount due from the Participant submitting the Purchase Order. 

 (b) Upon issuing a Creation Basket
pursuant to a Purchase Order of a Participant, the Sponsor will deposit the Creation Basket with DTC in accordance with DTC’s customary procedures, for credit to the account of the Participant that placed the Purchase Order. 

(c) The procedures set forth in this Section 2.08 may be changed from time-to-time at the sole discretion of the Sponsor. 

Section 2.09 Requirements for Deposits of Gold. 

(a) Except as provided in paragraph (b) of this Section, Gold may be delivered for deposit to the Trust only by transfer to the Trust
Unallocated Account maintained 

  
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by the Custodian on behalf of the Trust from a Participant Unallocated Account pursuant to the procedures specified in the Participant Agreement. The expense and risk of delivery, ownership and
safekeeping of Gold until such Gold has been received by the Trust shall be borne solely by the depositor. 
 (b) The Sponsor shall accept
delivery of Gold by such other means as the Sponsor, from time to time, may determine to be acceptable for the Trust. If Gold is to be delivered other than as described in Section 2.10(a), the Sponsor is authorized to establish such procedures
and to appoint such custodians and establish such custody accounts in addition to those described herein, as the Sponsor determines in its sole discretion. 

Section 2.10 Redemption of Creation Baskets. 

(a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each Participant, which may be amended
from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Declaration of Trust), apply to the redemption of Creation Baskets. 

 

	 	(i)	On any Business Day, a Participant may submit a request to redeem one or more Creation Baskets standing to the credit of the Participant on the records of DTC in kind (such request, a “Redemption Order”) in
the manner provided in the Participant Agreement. Redemption Orders must be received by the Order Cut-Off Time on a Business Day (the “Redemption Order Date”) as set forth in the Participant Agreement. Redemption Orders will be processed
only from Participants with respect to which a Participant Agreement is in full force and effect. 

  

	 	(ii)	Any Redemption Order is subject to rejection by the Sponsor at its sole discretion as set forth in the Participant Agreement. 

  

	 	(iii)	After accepting a Participant’s Redemption Order, the Sponsor will deliver the redemption distribution to fill a Participant’s Redemption Order at or shortly after 9:00 a.m. New York time on the third Business
Day after the Redemption Order Date, but only if by such time the Sponsor has received (A) the non-refundable transaction fee due for such Redemption Order and (B) notice that the Sponsor’s account at DTC has been credited with all
Shares comprising the Creation Baskets being tendered for redemption. 

 (b) The procedures set forth in this
Section 2.10 may be changed from time-to-time at the sole discretion of the Sponsor. 

  
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 ARTICLE III 

TRUSTEE 

Section 3.01 Term; Resignation. 

(a) The Trustee shall be appointed by the Sponsor and shall serve for the duration of the Trust or until the earlier of (i) the effective
date of the Trustee’s resignation, or (ii) the effective date of the removal of the Trustee by the Sponsor. 
 (b) The Trustee may
resign at any time by giving sixty (60) days’ written notice to the Sponsor; provided, however, that said resignation of the Trustee shall not be effective until such time as a successor Trustee has accepted appointment as Trustee of the
Trust. The Trustee may be removed at any time by the Sponsor upon sixty (60) days’ written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor Trustee has accepted such appointment.

 Section 3.02 Duties. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the
purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee
shall have none of the duties or liabilities of the Sponsor. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution of any certificates required to be
filed with the Secretary of State of the State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Delaware Trust Statute, and (iii) any other duties specifically allocated to the Trustee in this
Declaration of Trust or agreed in writing with the Sponsor from time to time. 
 Section 3.03 Compensation and Expenses of
the Trustee. The Trustee (or any successor Trustee) shall be entitled to receive compensation from the Sponsor or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time in
writing by the Trustee and the Sponsor or the Trust. Subject to prior written notification and approval of the Sponsor, which shall not be unreasonably withheld, the Trustee may consult with counsel (who may be counsel for the Sponsor or for the
Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section 3.03, provided that no such fees shall be payable to the extent that they are incurred as a
result of the Trustee’s gross negligence, bad faith or willful misconduct. 

  
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 Section 3.04 Liability of Trustee. The Trustee shall not be liable for the
acts or omissions of the Sponsor, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under this Declaration of Trust, except as otherwise set forth herein. The
Trustee shall not be liable under any circumstances, except for a breach of its obligations pursuant to this Declaration of Trust or its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation: 

(i) the Trustee shall not be liable for any error of judgment made in good faith, except to the extent such error of judgment constitutes
gross negligence on its part; 
 (ii) no provision in this Declaration of Trust shall require the Trustee to expend or risk its personal
funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to it; 
 (iii) under no circumstances shall the Trustee be liable for any representation, warranty,
covenant, agreement, or indebtedness of the Trust; 
 (iv) the Trustee shall not be personally responsible for or in respect of the
validity or sufficiency of this Declaration of Trust or for the due execution hereof by the Sponsor; 
 (v) the Trustee shall incur no
liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be
signed by the proper party or parties. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body
and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to such fact
or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon; 

(vi) in the exercise or administration of the trust hereunder, the Trustee (a) may act directly or through agents or attorneys pursuant
to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith and with due care; and
(b) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and with due care and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance
with the advice or opinion of any such counsel, accountants or other skilled persons; 
 (vii) except as expressly provided in this
Section 3.04, in accepting and performing the Trust hereby created, the Trustee acts solely as Trustee hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated
by this Declaration of Trust shall look only to the Trust’s property for payment or satisfaction thereof; 
 (viii) the Trustee shall
not be liable for punitive, exemplary, consequential, special or other similar damages for a breach of this Declaration of Trust under any circumstances; 

  
 13 

 (ix) the Trustee shall not be obligated to give any bond or other security for the performance
of any of its duties hereunder. 
 Section 3.05 Indemnification. The Trustee or any officer, Affiliate, director,
employee, or agent of the Trustee (each an “Indemnified Person”) shall be entitled to indemnification from the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses,
and liabilities (including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such Expenses arise out of or are imposed upon or asserted against such
Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of this Declaration of Trust or the transactions contemplated hereby; provided, however, that the Trust
shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Trust to indemnify the Indemnified Persons as
provided herein shall survive the termination of this Declaration of Trust. 
 Section 3.06 Successor Trustee. Upon the
resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute.
Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and
expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor shall become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under
this Declaration of Trust, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such
appointment within sixty (60) days after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

ARTICLE IV 
 THE SPONSOR

 Section 4.01 Management of the Trust. Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust
Statute, the Trust shall be managed by the Sponsor and the conduct of the Trust’s business shall be controlled and conducted solely by the Sponsor in its sole discretion in accordance with this Declaration of Trust. Any determination as to what
is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Sponsor. The enumeration of any specific
power in this Declaration of Trust shall not be construed as limiting the aforesaid or any other power. 
 Section 4.02
Authority of Sponsor. In addition to and not in limitation of any rights and powers conferred by law or other provisions of this Declaration of Trust, and except as limited, restricted or prohibited by the express provisions of this
Declaration of Trust (e.g., see 

  
 14 

 
Section 1.02) or the Delaware Act, the Sponsor shall have and may exercise on behalf of the Trust and each Series, all powers and rights the Sponsor, in its sole discretion, deems necessary,
proper, convenient or advisable to effectuate and carry out the purposes, activities and objectives of the Trust and each Series, which shall include, without limitation, the following: 

(a) To enter into, execute, deliver and maintain, and to cause the Trust and each Series to perform its obligations under, contracts,
agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares and the conduct of Trust activities and
administration, and the activities and administration of each Series, including, but not limited to contracts with third parties for services; provided, however, that such services may be performed by an Affiliate or Affiliates of the Sponsor so
long as the Sponsor has made a good faith determination that: (i) it is in the best interest of the Trust or a Fund, as applicable, to appoint such Affiliate, (ii) the Affiliate which it proposes to engage to perform such services is
qualified to do so (considering the experience of the Affiliate or the individuals employed thereby) and (iii) the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are commercially
reasonable; 
 (b) To establish, maintain, deposit into, and/or otherwise draw upon accounts on behalf of the Trust or each Series with
appropriate custodial, banking or other institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s or a Series’ business and in furtherance of its purposes, any such instrument or agreement so executed or
accepted by the Sponsor in the Sponsor‘s name shall be deemed executed and accepted on behalf of the Trust or a Series, as applicable, by the Sponsor; 

(c) To deposit, withdraw, pay, retain and distribute Gold and Trust Property, or any portion thereof, in any manner consistent with the
provisions of this Declaration of Trust; 
 (d) To supervise the preparation and filing of the Registration Statement and the Trust’s
prospectus (the “Prospectus”); 
 (e) To pay or authorize the payment of distributions to the Shareholders and pay or authorize
the payment of the expenses of the Trust and each Series; 
 (f) To hold or dispose of Trust Property and to subscribe for, purchase or
otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, or otherwise deal in Trust Property, and to do any and all acts and things for the maintenance, preservation, and protection of Trust Property; 

(g) To exercise powers and right of subscription or otherwise with respect to the ownership of Trust Property; 

(h) To hold Gold or property in a form not indicating that it is Trust Property, whether in bearer, unregistered or other negotiable form, or
in its own name or in the name of a custodian or subcustodian or a nominee or nominees or otherwise or to authorize the custodian or a subcustodian or a nominee or nominees to deposit the same in a securities depository; 

  
 15 

 (i) To litigate, compromise, arbitrate, settle or otherwise adjust claims in favor of or against
the Trust or a Series, or any matter in controversy, including but not limited to claims for taxes; and 
 (j) To contract with any
Person(s) appointing such Person(s), including any Affiliate, to provide services to the Trust or any Series, including without limitation, accountants, administrators, auditors, gold delivery providers, index providers, transfer agents, shareholder
servicing agents, marketing agents or other agents for the Trust or any Series. 
 (k) To enter into the Sponsor Agreement on terms and
conditions acceptable to the Sponsor. 
 (l) To serve as Commodity Pool Operator for the Funds or appoint any Person, including any
Affiliate, to serve as Commodity Pool Operator for the Funds. 
 (m) The maximum period covered by the agreement pursuant to which an
Affiliate is to perform services for the Trust shall not exceed two years, and such agreement shall be terminable without penalty upon sixty (60) days’ prior written notice by the Trust. 

Section 4.03 Obligations of Sponsor. In addition to the obligations expressly provided by the Delaware Act or this
Declaration of Trust, the Sponsor shall: 
 (a) Execute, file, record and/or publish all certificates, statements and other documents and do
any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 

(b) Retain independent public accountants to audit the accounts of the Trust; 

(c) Employ attorneys to represent the Trust; 

(d) Select the Trust’s or any Series’ Trustee, administrator, transfer agent, custodian, gold delivery provider(s), index provider,
marketing agent(s) and any other service provider(s) and cause the Trust or such Series to enter into contracts with such service provider(s); and 

(e) Oversee the operation of the service provides of the Trust and each Series in connection with their dealings with the Trust and each
Series. 
 The Sponsor shall be entitled to delegate its obligations under this Declaration of Trust and applicable law to third parties,
including any Affiliate, and shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such Affiliate was made in accordance with
Section 4.02(a)(i) and (ii). 
 Section 4.04 Compensation of the Sponsor. The Sponsor shall be entitled to
compensation for its services as Sponsor of the Trust as set forth in the Sponsor Agreement. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor may, at its sole
discretion and from time to time, waive all or a 

  
 16 

 
portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its fees hereunder, and any such waiver shall create no obligation to waive fees during any
period not covered by the applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder. 

Section 4.05 Liability of Sponsor and Indemnification. 

(a) The Sponsor shall not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the
taking of any action in good faith pursuant to this Declaration of Trust, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Gold or other assets held in trust hereunder; provided, however, that this
provision shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list,
affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s counsel or by any other Person for any matters arising
hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for herein. 

(b) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the
other hand; or 
 (ii) whenever this Declaration of Trust or any other agreement contemplated herein or therein provides that the Sponsor
shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, 
 the Sponsor shall resolve such conflict of interest, take
such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a
breach of this Declaration of Trust or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise. 

(c) The Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a “Sponsor Indemnified
Party”) shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in
connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of this Declaration of Trust. Any amounts payable to a Sponsor Indemnified Party under this Section 4.05 may be payable in
advance or shall be secured by a lien on the Trust. The Sponsor shall not be under any obligation to appear in, prosecute or defend any legal action which in its opinion may involve it in any expense or

  
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liability; provided, however, that the Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable in respect of this Declaration of Trust and the rights and
duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust.
The obligations of the Trust to indemnify the Sponsor Indemnified Parties as provided herein shall survive the termination of this Declaration of Trust. 

ARTICLE V 
 BOOKS OF
ACCOUNT AND CERTIFICATE OF TRUST 
 Section 5.01 Books of Account. Proper books of account for each Series shall be
kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each Series’ business as
are required by the Securities Act of 1933, as amended, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at
the principal office of the Trust. 
 Section 5.02 Certificate of Trust. Except as otherwise provided in the Delaware
Trust Statute or this Declaration of Trust, the Sponsor shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Shareholder; however, such certificates shall be maintained
at the principal office of the Trust and shall be available for inspection and copying by the Shareholders in accordance with this Declaration of Trust. 

ARTICLE VI 
 AMENDMENT
OF DECLARATION OF TRUST AND WAIVER 
 Except as specifically provided herein, the Sponsor, in its sole discretion and without
Shareholder consent, may amend or otherwise supplement this Declaration of Trust by making an amendment, a Declaration of Trust supplemental hereto, or an amended and restated declaration of trust. Any such restatement, amendment and/or supplement
hereto shall be effective on such date as designated by Sponsor in its sole discretion. 
 ARTICLE VII 

TERM 
 The term for which
the Trust and each Series shall exist shall be perpetual, unless terminated pursuant to the provisions of Article VIII hereof or as otherwise provided by law. 

  
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 ARTICLE VIII 

TERMINATION/REORGANIZATION 

Section 8.01 Termination of the Trust or any Series. 

(a) The Sponsor may terminate the Trust or a Series for any reason in its sole discretion. 

(b) Written notice of termination with respect to the Trust or a Series, specifying the anticipated date of termination and the anticipated
period during which the assets of the Trust or such Series will be liquidated, generally shall be given by the Sponsor to Shareholders of the Trust or Series, as applicable, at least thirty (30) days prior to termination of the Trust or such
Series. Within a reasonable period of time after such termination the Sponsor shall, subject to any applicable provisions of law, sell all of the Gold not already distributed to Participants redeeming Creation Baskets, as provided herein, if any, in
such a manner so as to effectuate orderly sales and a minimal market impact. The Sponsor shall not be liable for or responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the provisions of
this Section 8.01. The Sponsor may suspend its sales of the Gold upon the occurrence of unusual or unforeseen circumstances, including, but not limited to, a suspension in trading of gold. Upon receipt of proceeds from the sale of the last Gold
held hereunder, the Sponsor shall: 
 (i) pay to itself individually from the Trust an amount equal to the sum of (1) any compensation
due it for extraordinary or other services, (2) any advances made but not yet repaid and (3) reimbursement of any other disbursements as provided herein; 

(ii) deduct from the Trust any amounts which it, in its sole discretion, shall deem necessary or appropriate to pay on behalf of the Trust
and each Series any applicable taxes or other governmental charges that may be payable by the Trust or such Series and any other contingent or future liabilities of the Trust or a Series; 

(iii) distribute each Shareholder’s interest in the remaining assets of the Trust; and 

(iv) disseminate to each Shareholder a final statement as of the date of the computation of the amount distributable to the Shareholders.

 (c) Upon termination of the Trust, following completion of winding up of its business, the Trustee, upon written directions of the
Sponsor, shall cause a certificate of cancellation of the Trust’s Certificate of Trust to be filed in accordance with the Delaware Trust Statute. 

Section 8.02 Merger and Consolidation. The Sponsor may cause (i) the Trust to be merged into or consolidated with,
converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) a Series of the Trust to be consolidated with, or to sell all or substantially all of its assets to, another Series of the Trust or another series
of another trust or company; (iii) the Shares of a class of a Series to be converted into another class of the same 

  
 19 

 
Series; (iv) the Shares of the Trust or any Series to be converted into beneficial interests in another statutory trust (or series thereof); or (v) the Shares of the Trust or any Series
to be exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by law. 

For the avoidance of doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated
under (i) — (v) above without any vote or other action of the Shareholders. 
 Section 8.03 Dissolution of
Sponsor Not to Terminate Trust. The dissolution of the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate this Declaration of Trust insofar as the duties and obligations of the Trustee are
concerned. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01 Certain Matters Relating to Shareholders. 

(a) By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be deemed to be a beneficiary of
the Trust created by this Declaration of Trust and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Declaration of Trust. Upon
issuance as provided herein, Shares shall be fully paid and non-assessable. 
 (b) The death or incapacity of any Shareholder shall not
operate to terminate this Declaration of Trust or the Trust, nor entitle such Shareholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor
otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Shareholder expressly waives any right such Shareholder may have under any rule of law, or the provisions of any statute, or otherwise, to require
the Trust, Sponsor or the Trustee at any time to account, in any manner other than as expressly provided in this Declaration of Trust, in respect of the Gold or moneys from time to time received, held and applied by the Sponsor hereunder. 

(c) Except as required under applicable Federal law or under the rules or regulations of an Exchange, Shareholders shall have no voting rights
hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Trust Statute default voting rights are provided
to holders of beneficial interests.) The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that federal or Delaware law is amended, modified
or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to vote on any specific matter, the Shareholders’ right to vote shall be deemed to be amended, modified
or interpreted in accordance therewith without further approval by the 

  
 20 

 
Sponsor or the Shareholders. Nothing set forth in this Declaration of Trust shall be construed so as to constitute the Shareholders from time to time as partners or members of an association; nor
shall any Shareholder ever be liable to any third person by reason of any action taken by the parties to this Declaration of Trust, or for any other cause whatsoever. 

(d) Except as otherwise provided under Delaware law, the Shareholders shall be entitled to the same limitation of personal liability extended
to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Shareholder shall be liable for claims against, or debts of the Trust or the applicable Series in excess of his capital contribution
and his share of the applicable Series property and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder’s Participant Agreement delivered in connection with his
purchase of Shares. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Series shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder
or amounts received by such Shareholder upon redemption unless, under Delaware law, such Shareholder is liable to repay such amount. 
 (e)
The Trust or the applicable Series shall indemnify to the full extent permitted by law and the other provisions of this Declaration of Trust, and to the extent of the applicable Series Property, each Shareholder against any claims of liability
asserted against such Shareholder solely because he is a beneficial owner of one or more Shares (other than for taxes for which such Shareholder is liable by reason of such Shareholder’s ownership of any Shares). 

(f) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the Sponsor shall give notice to the effect
that the same was executed or made by or on behalf of the Trust or the applicable Series and that the obligations of such instrument are not binding upon any Shareholder individually but are binding only upon the assets and property of the
applicable Series, and no resort shall be had to the Shareholders’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Declaration of Trust and may contain any further recital
which the Sponsor deems appropriate, but the omission thereof shall not operate to bind any Shareholder individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this
Section 9.01 shall diminish the limitation on the liability of the Trust to the extent set forth in Section 2.06 hereof. 

Section 9.02 Delaware Law to Govern. The validity and construction of this Declaration of Trust and all amendments hereto
shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of
laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 9.02, and provided further, that the parties hereto intend that
the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust,
the Series, the Trustee, the Sponsor, the Shareholders or this Declaration of Trust any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware 

  
 21 

 
Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or
schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition,
holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or
limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or
responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Declaration of Trust.
Section 3540 of Title 12 of the Delaware Act shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are
ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power,
privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 

Section 9.03 Provisions in Conflict with Law or Regulations. 

(a) The provisions of this Declaration of Trust are severable, and if the Sponsor shall determine, with the advice of counsel, that any of
such provisions is in conflict with the Code, the Delaware Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration of Trust; provided, however, that such
determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination. 

(b) If any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction. 

Section 9.04 Notices. 

All notices and other communications under this agreement shall be in writing in English, signed by the party giving it, and shall be deemed
given, if to the Trustee or the Sponsor, when delivered personally, on the next Business Day after delivery to a recognized overnight courier or mailed first class (postage prepaid) or when sent by facsimile to the parties (which facsimile copy
shall be followed, in the case of notices or other communications sent to the Trustee or the Sponsor, by delivery of the original) at the following addresses (or to such other address as a party may have specified by notice given to the other
parties pursuant to this provision): 
  

			
	 If to the Sponsor, to:
	  	 WGC USA Asset Management Company, LLC
 Attn:
General Counsel

  
 22 

			
		  	 685 Third Avenue
 Suite 2702

New York, NY 10017

		
	 If to the Trustee, to:
	  	 Delaware Trust Company
 Attn: Trust
Administration
 2711 Centerville Road, Suite 400
 Wilmington,
DE 19808

 Any notice to be given to a Shareholder shall be duly given if mailed or delivered to DTC Participants designated by DTC for
delivery to Shareholders. 
 Section 9.05 Headings. The headings used in this Declaration of Trust have been inserted for
convenience and shall not modify, define, limit or expand the express provisions of this Declaration of Trust. 
 Section 9.06
Counterparts. This Declaration of Trust may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Agreement and
Declaration of Trust to be duly executed and delivered as of                     , 2015. 

 

			
	 WGC USA Asset Management Company, LLC,

as Sponsor

 
			
		
	 By:
	 	  

 
			
		
	 Title:
	 	  

 
			
		
	 Name:
	 	  

 
			
	
	 Delaware Trust Company,

as Trustee

 
			
		
	 By:
	 	  

 
			
		
	 Title:
	 	  

 
			
		
	 Name:
	 	  

 Signature Page — Amended and Restated Agreement and Declaration of Trust of 

Global Currency Gold Trust

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