Document:

EX-4.2

 Exhibit 4.2 

FORM OF 
 WORLD CURRENCY GOLD
TRUST 
 AUTHORIZED PARTICIPANT AGREEMENT 

This Authorized Participant Agreement (“Agreement”), dated as of
            , is entered into by and between             (the “Authorized Participant”), WGC USA Asset Management
Company, LLC, as sponsor (the “Sponsor”) of the World Currency Gold Trust (the “Trust”), and BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (the “Administrator”), as administrator of the Trust.

 SUMMARY 
 As provided in the
Agreement and Declaration of Trust, as amended and restated (the “Declaration of Trust”), as currently in effect and described in the Prospectus (defined below), units of fractional undivided beneficial interest in and ownership of a
series of the Trust (each, a “Fund” and together, the “Funds”) may be created or redeemed in aggregations of shares (“Shares”) (each such aggregation, a “Creation Unit”). Creation Units of a Fund are offered
only pursuant to a registration statement of the Trust on Form S-1, as amended, as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time
to time thereafter or any successor registration statement in respect of Shares of any Fund of the Trust (collectively, the “Registration Statement”) together with the prospectus of any Fund of the Trust (the “Prospectus”)
included therein. Under the Declaration of Trust, each Fund may issue Creation Units to, and redeem Creation Units from, authorized participants, only through the facilities of the Depository Trust Company (“DTC”), or a successor
depository, and only in exchange for an amount of gold meeting the standards set forth in Section 5 below (“Gold”). This Agreement and the Procedures (defined below) set forth the specific procedures by which the Authorized
Participant may create or redeem Creation Units. 
 The Authorized Participant understands and acknowledges that some activities on its
part, depending on the circumstances and under certain possible interpretations of applicable law, could be interpreted as resulting in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and
subject it to the prospectus-delivery and liability provisions of the 1933 Act. 
 Capitalized terms used but not defined in this Agreement
shall have the meanings assigned to such terms in the Prospectus or the World Currency Gold Trust Procedures set forth in Attachment A hereto (the “Procedures”). To the extent there is a conflict between any provision of the Prospectus or
this Agreement and the provisions of the Procedures, the Prospectus shall control. To the extent there is a conflict between any provision of this Agreement and the provisions of the Procedures, this Agreement shall control. Nothing in this
Agreement shall obligate the Authorized Participant to create or redeem one or more Creation Units or to sell or offer to sell Shares. 

 To give effect to the foregoing premises and in consideration of the mutual covenants and
agreements set forth below, the parties hereto agree as follows: 
 Section 1. Order Placement. To place orders for the
Administrator to create or redeem one or more Creation Units, Authorized Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the
“Procedures”), as each may be amended, modified or supplemented from time to time. 
 Section 2. Status of Authorized
Participant. The Authorized Participant represents and warrants and covenants the following: 
 (a) The Authorized Participant is a
participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Administrator of such event, and this Agreement
shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 
 (b) Unless Section 2(c)
applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority, Inc.
(“FINRA”), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the
nature of its obligations under this Agreement so requires. In connection with the purchase or redemption of Creation Units and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations, qualifications
and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply in all material aspects with all applicable United States federal laws, the laws of the states or other
jurisdictions concerned, and the rules and regulations promulgated thereunder and with the Constitution, By-Laws and Conduct Rules of FINRA, if it is a FINRA member, to the extent the foregoing relates to and are applicable to the Authorized
Participant’s transactions in and activities with respect to, Shares, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 

(c) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of
the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(b) above, the Authorized Participant will, in connection with such offers and sales, (i) comply in all material
respects with the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the prospectus delivery requirements of the 1933 Act, and the regulations promulgated thereunder applicable to it, and
(iii) conduct its business in accordance with the FINRA Conduct Rules, to the extent the foregoing relates to and is applicable to the Authorized Participant’s transactions in, and activities with respect to, Shares. 

  
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 (d) The Authorized Participant has policies, procedures, and internal controls in place that are
reasonably designed to comply with applicable anti-money laundering laws and regulations, including applicable provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (the “USA PATRIOT Act”), and the regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. 

(e) With respect to the transfers of Gold contemplated by this Agreement, the Authorized Participant shall establish with the Funds’
custodian (the “Custodian”) in London or at such other location as the Sponsor and the Administrator agree an account in relation to Gold which shall be maintained on an Unallocated Basis (the “Participant Unallocated Account”),
which shall be used only to effect transactions between the Authorized Participant and the Trust and which shall be in addition to any separate Gold account maintained for the Authorized Participant on an Unallocated Basis by the Custodian. The
Participant Unallocated Account shall be established and maintained pursuant to a Participant Unallocated Bullion Account Agreement with the Custodian in the form attached to this Agreement as Attachment B, as the same may be amended from time to
time. In addition, if the Authorized Participant does not already have a Gold account maintained for it on an Unallocated Basis by the Custodian (separate from the Participant Unallocated Account), the Authorized Participant must establish such an
account, which shall be established and maintained pursuant to such agreement as it and the Custodian shall agree. 
 (f) The Authorized
Participant has the capability to send and receive communications via authenticated telecommunication facility to and from the Administrator and the Custodian. The Authorized Participant shall confirm such capability to the satisfaction of the
Administrator and the Custodian by the end of the Business Day before placing its first order with the Administrator (whether such order is to create or to redeem Creation Units). 

(g) The Authorized Participant acknowledges and agrees that it shall inform any party for which it is acting (whether such party is a customer
or otherwise) that a disclosure document satisfying the requirements under the Commodity Exchange Act is available on each Fund’s website and provide such party with the Fund’s website address. 

Section 3. Orders. (a) All orders to create or redeem Creation Units shall be made in accordance with the terms of the
Prospectus, this Agreement and the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use
is reflected in the Procedures. The Administrator and Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Creation Units which are not related to the Procedures, and the Authorized
Participant will comply with such procedures. 
 (b) The Authorized Participant acknowledges and agrees on behalf of itself and any party
for which it is acting (whether such party is a customer or otherwise) that each order to create a Creation Unit (a “Purchase Order”) and each order to redeem a Creation Unit (a “Redemption Order”, and each Purchase Order and
Redemption Order, an “Order”) may not be revoked by the Authorized Participant upon its delivery to the Administrator. A form of Purchase/Redemption Order is attached hereto as Exhibit B. 

  
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 (c) The Administrator shall have the absolute right, but shall have no obligation, to reject any
Purchase Order or Redemption Order (i) determined by the Administrator not to be in proper form as described herein; (ii) the fulfillment of which would, in the opinion of counsel to the Administrator or the Trust, be unlawful;
(iii) if the Administrator determines that acceptance of an Order from an Authorized Participant would expose a Fund to credit risk; or (iv) if circumstances outside the control of the Custodian, the Administrator or the Sponsor make it
for all practical purposes not feasible to process creations or redemptions, as applicable, of Creation Units. Neither the Administrator nor the Sponsor shall be liable to any person by reason of the rejection of any Purchase Order or Redemption
Order. 
 (d) The Administrator may, in its discretion, and will when so directed by the Sponsor, suspend the right of redemption, or
postpone the applicable redemption settlement date, (i) for any period during which the Exchange is closed other than for customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an
emergency exists as a result of which delivery, disposal or evaluation of the Gold or any swap or other instrument held by a Fund is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the
protection of the Beneficial Owners. Neither the Administrator nor the Sponsor shall be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 

Section 4. Gold Transfers. (a) Any Gold to be transferred in connection with any Order shall be transferred between the
Participant Unallocated Account and the Fund Unallocated Account and between the Fund Unallocated Account and the Fund Allocated Account in accordance with the Procedures. The Authorized Participant shall be responsible for all costs and expenses
relating to or connected with any transfer of Gold between its Participant Unallocated Account and the Fund Unallocated Account. 
 (b) Each
of the Trust, the Funds, the Sponsor and the Administrator will have no liability for loss or damages suffered by an Authorized Participant in respect of the Authorized Participant’s Participant Unallocated Account. The liability of the
Custodian with respect to any such loss or damage will be governed by the terms of the Participant Unallocated Bullion Account Agreement attached hereto as Attachment B. The Authorized Participant acknowledges that it is an unsecured creditor of the
Custodian with respect to the Gold held in the Authorized Participant’s Participant Unallocated Account and that such Gold is at risk in the event of the Custodian’s insolvency. 

Section 5. Gold Standards. All Gold to be transferred between the Trust, on behalf of a Fund, and the Authorized Participant in
connection with any Order shall meet the applicable requirements of the Good Delivery Rules for Gold and Silver Bars (the “Good Delivery Rules”) promulgated by the London Bullion Market Association (the “LBMA”), which include
standards for fineness. As provided in the Authorized Participant’s Participant Unallocated Bullion Account Agreement and in the Trust’s Unallocated Bullion Account Agreement, amounts of Gold standing to the credit of an Authorized
Participant’s Participant Unallocated Account or the Fund Unallocated Account, as the case may be, are held on an Unallocated Basis, which, as 

  
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provided by those agreements, means only that each of the Authorized Participant or the Trust, as the case may be, is entitled to call on the Custodian to deliver in accordance with the Good
Delivery Rules an amount of Gold equal to the amount of Gold standing to the credit of the Authorized Participant’s or the Trust’s relevant unallocated bullion account, as the case may be. The Sponsor and the Administrator may, from time
to time, pursuant to the Declaration of Trust and as disclosed in the Prospectus, specify other gold bullion to be held by the Trust and which therefore may be transferred between the Trust and an Authorized Participant in connection with any Order,
provided that such other gold bullion meets the standard of fineness specified under the Good Delivery Rules. A copy of the Good Delivery Rules may be obtained from the LBMA. 

Section 6. Fees. In connection with each Order by an Authorized Participant to create or redeem one or more Creation Units, the
Administrator shall charge, and the Authorized Participant shall pay to the Administrator, a transaction processing fee in the amount of $500 per Order. This amount may be changed from time to time at the sole discretion of the Sponsor and upon
written notice to the Authorized Participant, which notice may be provided by disclosure in the Funds’ prospectus. These transaction processing fees are paid directly by the Authorized Participants and not by a Fund or the Trust. 

Section 7. Authorized Persons. Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized
Participant shall deliver to the Administrator notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the names and signatures of all persons authorized to
give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Administrator may accept and rely upon such
certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Administrator receives a superseding certificate bearing a subsequent date and duly certified as described
above or other written notice, including electronic mail, from the Authorized Participant that one or more individuals should be added or removed from the certificate. Upon the termination or revocation of authority of any Authorized Person by the
Authorized Participant, the Authorized Participant shall give immediate written notice, including, but not limited to, electronic mail, of such fact to the Administrator and such notice shall be effective upon receipt by the Administrator. The
Administrator shall thereafter revoke access of such Authorized Person to the electronic entry systems through which Orders are submitted and, from that time, no longer accept Orders submitted by such person on behalf of the Authorized Participant.
The Administrator shall issue to each Authorized Person a unique personal identification number (the “PIN Number”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder
shall be authenticated. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN Number is changed, the new PIN Number shall
become effective on a date mutually agreed upon by the Authorized Participant and the Administrator. 
 Section 8. Redemption.
The Authorized Participant represents and warrants that it will not obtain an Order Number (as described in the Procedures) from the Administrator for the purpose of redeeming a Creation Unit unless it first ascertains that (i) it or its
customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for 

  
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redemption the Creation Units to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Creation Units have not been loaned or pledged to another party and are not
the subject of a repurchase agreement, securities lending agreement or any other arrangement which would preclude the delivery of such Creation Units to the Administrator the third Business Day following the Redemption Order Date. 

Section 9. Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all purposes of this
Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Funds, the Sponsor, the Administrator or the Custodian in any matter or in any
respect. 
 (b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to
consult with the Sponsor, the Administrator and the Custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

(c) With respect to any creation or redemption transaction made by the Authorized Participant pursuant to this Agreement for the benefit of
any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in
addition to any obligations that it undertakes hereunder or in accordance with the Declaration of Trust. 
 (d) The Authorized Participant
will maintain records of all sales of Shares made by or through it and will furnish copies of such records to the Sponsor upon the reasonable request of the Sponsor. 

Section 10. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless the Custodian, the Trust, each Fund, the Administrator, the Sponsor,
their respective direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses
(including attorney’s fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provisions of this Agreement, including
its representations, warranties and covenants; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with
applicable laws and the rules and regulations of self-regulatory organizations; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures believed by the AP Indemnified Party to be
genuine and to have been given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is
not consistent with the Trust’s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any
research reports, marketing material 

  
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and sales literature described in Section 14(b) or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the
written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not
misleading. The Authorized Participant shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized
Participant in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the AP Indemnified Party (or after the AP Indemnified Party
shall have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against
whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give
notice. 
 (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates,
directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and against any losses, liabilities, damages,
costs and expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of this Agreement that relates to the Sponsor;
(ii) any failure on the part of the Sponsor to perform any obligation of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws; or (iv) any untrue statement or alleged untrue
statement of a material fact contained in the registration statement of the Trust as originally filed with the SEC or in any amendment thereof, or in any prospectus, or in any amendment thereof or supplement thereto, or arising out of or based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements in the Registration Statement or the Prospectus based on information
furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or the Prospectus. The Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim
made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature
of the claim shall have been served upon the Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the
Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under
this paragraph to the extent it has been materially prejudiced by such failure to give notice. 

  
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 (c) The Sponsor and the Authorized Participant each agrees promptly to notify each other of the
commencement of any proceedings or litigation against it, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the Prospectus. 

(d) The indemnifying party in each of Section 10(a) and 10(b) above shall be entitled, at its option, to exercise sole control and
authority over the defense and settlement of such action. The indemnifying party is not authorized to accept any settlement that does not provide the applicable indemnified party with a complete release or that imposes liability not covered by these
indemnifications or places restrictions on the indemnified party or causes reputational harm to the indemnified party, in each case, without the prior written consent of the indemnified party. 

(e) This Section 10 shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result or
in connection with any negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or the Sponsor Indemnified Party, as the case may be. The term “affiliate” in this Section 10 shall include, with respect to
any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 

(f) The indemnity and contribution agreements contained in this Section 10 shall remain in full force and effect and shall survive any
termination of this Agreement. 
 Section 11. (a) Limitation of Liability. In the absence of negligence, bad faith or willful
misconduct, none of the Sponsor, the Administrator, nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses,
liabilities, damages, costs or expenses arising out of any error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. 

(b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax,
recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Creation Unit made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the
Authorized Participant. To the extent the Administrator, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable
penalties, additions to tax or interest thereon. 
 Section 12. Acknowledgment. The Authorized Participant acknowledges receipt
of a (i) copy of the Declaration of Trust and (ii) the current Prospectus of the Trust and represents that it has reviewed and understands such documents. 

Section 13. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become
effective in this form as of the date first set forth 

  
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above, and may be terminated at any time by any party with respect to a Fund or the Trust as a whole upon thirty (30) days prior written notice to the other parties unless earlier
terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Participant by the Administrator in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated
herein; (iii) immediately in the circumstances described in Section 20(j); or (iv) at such time as the Trust or a Fund is terminated pursuant to the Declaration of Trust. 

Section 14. Marketing Materials; Representations Regarding Shares; Identification in Registration Statement. 

(a) The Authorized Participant represents, warrants and covenants that, without the written consent of the Sponsor, (i) it will not, in
connection with any sale or solicitation of a sale of Shares, make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations not inconsistent with (A) the
then-current Prospectus of the Trust, (B) printed information approved by the Sponsor as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by the
Sponsor, and (ii) it will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares or any AP Indemnified Party or the Trust that is not consistent with the Prospectus (but not
including any materials prepared and used for the Authorized Participant’s internal use only and not communicated or shared with potential or actual investors, brokerage communications prepared by the Authorized Participant in the normal course
of its business or research reports) that have not been approved by the Sponsor. 
 (b) Notwithstanding the foregoing or anything to the
contrary in this Agreement, the Authorized Participant and its affiliates may without the written approval of the Sponsor or the Trust prepare and circulate in the regular course of their businesses research, reports, and other similar materials
that include information, opinions or recommendations relating to the Shares for public dissemination and for internal use by the Authorized Participant, provided that such research, reports and other similar materials: (i) comply with
applicable FINRA rules; and (ii) are consistent with the Trust’s prospectus and do not otherwise contain an untrue statement of a material fact or omission to state therein a material fact required to be stated therein or necessary to make
the research reports and other similar materials not misleading. 
 (c) The Authorized Participant and its affiliates may prepare and
circulate in the regular course of their businesses, without having to refer to the Shares or the Trust’s then-current Prospectus, data and information relating to the price of gold or currencies referenced in a Fund’s underlying index.

 (d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor, or its designee, may deliver the
then-current Prospectus, and any revisions, supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail to such address as shall be provided by the
Authorized Participant from time to time in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by 

  
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delivering written notice to the Sponsor, or the Sponsor’s designee, and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable
quantities of the Prospectus, and any revisions, supplements or amendments thereto or recirculation thereof, in paper form from the Sponsor or its designee. The Authorized Participant acknowledges that it has the capability to access, view, save and
print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the Authorized Participant, make available, or cause to be made
available, at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus. 

(e) For as long as this Agreement is effective, the Authorized Participant agrees to be identified solely as an authorized participant of the
Trust and each Fund, as applicable, (i) in any section of the Prospectus included within the Registration as may be required by the SEC or its Staff and (ii) on the Trust’s website. Upon the termination of this Agreement,
(i) during the period prior to when the Sponsor qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after
the date of the termination of this Agreement and, during the period after when the Sponsor qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the
Authorized Participant as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website to remove any identification of the Authorized Participant as an authorized participant of the Trust and the
Funds. 
 Section 15. Certain Covenants of the Sponsor. The Sponsor, on its own behalf and as sponsor of each Fund, covenants
and agrees to notify the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the making of any change in the Prospectus then being used so that the Prospectus would not include an
untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during such time, to prepare and furnish, at the expense
of the Trust, to the Authorized Participant promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change at such time and in such numbers as necessary to enable the Authorized Participant to comply with
any obligation it may have to deliver such revised, supplemented or amended Prospectus to its customers. 
 Section 16. Title To
Gold. The Authorized Participant represents and warrants on behalf of itself and any party for which it acts that upon delivery of a Creation Unit Deposit to a Fund’s unallocated account in accordance with the terms of the Declaration of
Trust and this Agreement, the applicable Fund will acquire good and unencumbered title to the Gold which is the subject of such Creation Unit Deposit, free and clear of all pledges, security interests, liens, charges, taxes, assessments,
encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse claims, including any restriction upon the sale or transfer of all or any part of such Gold which is imposed by any
agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a Purchase Order. 

  
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 Section 17. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is
not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized
Participant in its own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 

Section 18. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 

Section 19. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order
terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Administrator will attempt to contact one of the Authorized Persons of the Authorized Participant to request
confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and
a corrected Order must be received by the Administrator, as the case may be, not later than the earlier of: (i) within 15 minutes of such contact with the Authorized Person; or (ii) 45 minutes after the Order Cut-Off Time (as described in
the Procedures). If the Administrator is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the
event that an Order contains terms that are illegible, the Order will be deemed invalid and the Administrator will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. A corrected
Order must be received by the Administrator not later than the earlier of (i) within 15 minutes of such contact with the Authorized Person or (ii) 45 minutes after the Order Cut-Off Time, as the case may be. 

Section 20. Miscellaneous. 

(a) Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all
the parties. The Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trust, the Administrator and the Sponsor, without consent of the Authorized Participant from time to time by the following
procedure. After the proposed amendment, modification or supplement has been agreed to, the Administrator will mail or send via email a copy of the proposed amendment, modification or supplement to the Authorized Participant in accordance with
Section 20(c) below. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within fifteen
(15) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the 

  
 11 

 
Attachments or the Exhibits, as the case may be, in accordance with its terms unless the Authorized Participant objects to the proposed amendment, modification or supplement in writing, which
shall include objection by electronic mail. 
 (b) Waiver of Compliance. Any failure of any of the parties to comply with any
obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict
compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(c) Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to
this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation
received) or by electronic mail or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy by regular mail, postage prepaid. Unless otherwise notified in writing, all notices to the
Trust or any Fund shall be given or sent to the Administrator. All notices shall be directed to the address or telephone or facsimile numbers or electronic mail addresses as follows: 

if to the Sponsor, at: 
 WGC USA
Asset Management Company, LLC 
 685 Third Avenue, 27th Floor 

New York, New York 10017, United States of America 

if to the Administrator, at: 

BNY Mellon Asset Servicing 
 2
Hanson Place 
 Brooklyn, New York 11217, United States of America 

if to the Authorized Participant, at: 
  

					
	Address:	 	 	 	
			
	Telephone:	 	 	 	
			
	Facsmile:	 	 	 	
			
	E-mail:	 	 	 	

  
 12 

 (d) Successors and Assigns. This Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 
 (e) Assignment.
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or
with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the
successor of the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall
be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Sponsor at such time such successor qualifies as a successor Sponsor under the terms of the Declaration of Trust. 

(f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware (regardless of the laws that might otherwise govern under applicable Delaware conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably
consents to the jurisdiction of the courts of the State of Delaware and of any federal court located in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted
hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or
registered mail directed to such party at such party’s address for purposes of notices hereunder. 
 (g) Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be
necessary in making proof of this Agreement as to any party hereto to produce or account for more than one such counterpart executed and delivered by such party. 

(h) Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part
of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (i) Entire
Agreement. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof. 

(j) Severance. If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other
governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the
validity, legality or enforceability of the other provisions of this Agreement and this Agreement 

  
 13 

 
will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, unless the Sponsor determines in its discretion that the provision of this Agreement
that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid,
illegal or unenforceable, and in that case, this Agreement shall immediately terminate and the Sponsor will so notify the Authorized Participant immediately. 

(k) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rule of strict construction will be applied against any party. 
 (l) Survival. Sections 10
(Indemnification) and 17 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement. 
 (m) Other Usages. The
following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency,
authority or instrumentality; and (ii) “including” means “including, but not limited to.” 
 [Signature Page
Follows] 

  
 14 

 IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Administrator have caused
this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

					
	[Name of Authorized Participant]	 	
			
	By:	 	 	 	
			
	Name:	 	 	 	
			
	Title:	 	 	 	
	
	 Name of Authorized Participant’s Participant Unallocated

Account:

		
	 	 	
		
	 WGC USA Asset Management Company, LLC

Sponsor of the World Currency Gold Trust
	 	
			
	By:	 	 	 	
			
	Name:	 	 	 	
			
	Title:	 	 	 	
		
	 BNY Mellon Asset Servicing, a division of

The Bank of New York Mellon
 Administrator of the World Currency
Gold Trust
	 	
			
	By:	 	 	 	
			
	Name:	 	 	 	
			
	Title:	 	 	 	

  
 15 

 EXHIBIT A 

WORLD CURRENCY GOLD TRUST 
 FORM
OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the World Currency Gold
Trust Participant Agreement. 
  

							
	
Authorized Participant:              
                                         
                                         
 

							
				
	 Name:
	  	 	  	Name:	  	 

							
				
	 Title:
	  	 	  	Title:	  	 

							
				
	 Signature:
	  	 	  	Signature:	  	 

							
				
	 Name:
	  	 	  	Name:	  	 

							
				
	 Title:
	  	 	  	Title:	  	 

							
				
	 Signature:
	  	 	  	Signature:	  	 

 The undersigned, [name], [title] of [company], does hereby certify that the persons listed above have been
duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the World Currency Gold Trust Participant Agreement by and between
[Authorized Participant] and the Sponsor and Administrator of the World Currency Gold Trust, dated [date], and that their signatures set forth above are their own true and genuine signatures. 

In Witness Whereof, the undersigned has hereby set his/her hand and the seal of [company] on the date set forth below. 

 

					
	 Subscribed and sworn to before me
	  	By:	  	 

					
			
	 this              day of
            , 20        
	  	Name:	  	 

					
			
		  	Title:	  	 

					
			
		  	Date:	  	 

					
	 Notary
Public                                        
                    
	  		  	

  
 A-1 

 EXHIBIT B 

THE BANK OF NEW YORK MELLON, ADMINISTRATOR 

CREATION/REDEMPTION ORDER FORM 

WORLD CURRENCY GOLD TRUST 
  

 
 CONTACT INFORMATION
FOR ORDER EXECUTION: 
 Telephone Order Number: 

Fax Order Number: 
  

 
 Participant must complete all items in Part 1. The
Administrator, in its discretion, may reject any order not submitted in complete form. 
 I. TO BE COMPLETED BY PARTICIPANT: 

 

			
	
Date:                  
                                         
                                         
                  
	  	Time:                                     
                                         
                                 
		
	
Broker Name:                
                                         
                                         
   
	  	Firm Name:                                   
                                         
                        
		
	
Participant Unallocated Account Name:          
                                         
 
	  	DTC Participant Number:                                
                                         

		
	Telephone Number:                                  
                                         
               	  	Fax Number:                                   
                                         
                      

  

							
	Type of order (Check Creation or Redemption please)	  	(One CU = 10,000 GLDW)
	 Participant intends to sell or otherwise dispose of the units being created as
soon, as is reasonably practicable.

  

			
	
Creation of GLDW’s             
                                         
                                  
	  	Redemption of GLDW’s                                
                                         
  
		
	# Of Creation Units (CU) Transacted:	  	Number:                                    
                                         
                             
		
	Order #                                    
                                         
                                     	  	Number written out:                                 
                                         
          

 This Purchase Order is subject to the terms and conditions of the Declaration of Trust of the World Currency Gold Trust as
currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Sponsor and the Administrator named therein. All representations and warranties of the Authorized Participant set forth in such Authorized
Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
 The undersigned does hereby certify as of the
date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase Order to the Administrator on behalf of the Authorized Participant. The Authorized
Participant enters into this agreement based on an estimated Basket disseminated the previous business day and recognizes the final Basket ounces of Gold represented will be decreased based on the Trust’s daily accrual. When a Final NAV is
calculated it will be disseminated to all Authorized Participants, and the Basket and or cash required for the creation/redemption order entered into on this day will be finalized and this Order Form will serve as a legally binding contract for
settlement in 3 business days. 
  

					
	 	 		  	 
	 Date
	 		  	Authorized Person’s Signature

 II. TO BE COMPLETED BY ADMINISTRATOR: 

This certifies that the above order has been: 

                        
Accepted by the Administrator 

                        
Declined-Reason: 
 Final # of Ounces
                                         
           Final # of GLDW Shares 
 Final Cash Due to BNY 

 

											
	 	 		 	 	  		 	 	 	
	Date	 		 	Time	  		 	Authorized Signature of Administrator	 	

  
 2 

 FORM OF 

WORLD CURRENCY GOLD TRUST 

PARTICIPANT AGREEMENT 
 ATTACHMENT
A 
 WORLD CURRENCY GOLD TRUST PROCEDURES 

CREATION AND REDEMPTION OF WORLD CURRENCY GOLD TRUST SHARES AND RELATED GOLD TRANSACTIONS 

Scope of Procedures and Overview 
 These procedures (the
“Procedures”) describe the processes by which one or more Creation Units of shares (the “Shares”) of a series (“Fund”) of World Currency Gold Trust (the “Trust”) may be purchased
or, once Shares have been issued, redeemed by an Authorized Participant (a “Participant”). Shares may be created or redeemed only in blocks of 10,000 Shares (each such block, a “Creation Unit”). Because the issuance
and redemption of Creation Units also involve the transfer of Gold between the Participant and the Trust, certain processes relating to the underlying Gold transfers also are described. 

Under these Procedures, Creation Units may be issued only with respect to Gold transferred to and held in the Trust’s allocated and unallocated Gold
accounts maintained in London, England by HSBC Bank plc, as custodian (the “Custodian”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Participant Agreement entered
into by each Participant with BNYM as Administrator and WGC USA Asset Management, LLC (the “Sponsor”). 
 For purposes of these Procedures,
a “Business Day” is defined as any day other than (i) a day on which the Exchange is closed for regular trading or (ii), if the transaction involves the receipt or delivery of Gold or confirmation thereof in the United Kingdom
or in some other jurisdiction, (a) a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b) a day
on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and
transaction procedures required to be executed or completed before the close of the business day may not be so executed or completed. 
 Creation Units are
issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Participant Agreement. Creation Units may be issued
and redeemed on any Business Day by the Custodian in exchange for Gold, which the Custodian receives from Participants or transfers to Participants, after receiving appropriate instructions from the Administrator, in each case on behalf of the
Trust. Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Administrator (the “Transaction Fee”). 

  
 ATTACHMENT A-1 

 Participants and the Trust, on behalf of each Fund, transfer Gold between each other using the unallocated
bullion account system of the London bullion market. Transfers of Gold to and from the Trust, on behalf of a Fund, are effected pursuant to (i) the Allocated Bullion Account Agreement between the Trust and the Custodian (the “Allocated
Bullion Account Agreement”) establishing a Fund’s allocated account (the “Fund Allocated Account”) and the Unallocated Bullion Account Agreement between the Trust and the Custodian (the “Unallocated Bullion Account
Agreement”) establishing a Fund’s unallocated account (the “Fund Unallocated Account”; the Allocated Bullion Account Agreement and the Unallocated Bullion Account Agreement are collectively referred to as the
“Custody Agreements”); and (ii) the Participant Unallocated Bullion Account Agreement between the Participant and HSBC Bank plc (the “Participant Unallocated Agreement”) establishing the Participant’s
unallocated account (the “Participant Unallocated Account”). 
 Gold is transferred between a Fund and Participants through a Fund
Unallocated Account. When Gold is to be transferred to a Fund from a Participant (in exchange for the issuance of Baskets), the Gold is transferred from the Participant Unallocated Account to the Fund Unallocated Account and then transferred from
there to the Fund Allocated Account. When Gold is to be transferred to a Participant (in connection with the redemption of Baskets), the Gold is transferred from the Fund Allocated Account to the Fund Unallocated Account and is transferred from
there to the Participant Unallocated Account. 
 The Participant Unallocated Account is only to be used in connection with the creation and redemption of
Baskets. Use of the Participant Unallocated Account for transferring Gold to a Fund does not require Participants to acquire Gold from HSBC Bank plc, or to maintain Gold in the Participant Unallocated Account longer than the time required to create
or redeem Baskets as described in these Procedures. Each Participant is responsible for ensuring that the Gold it intends to transfer to a Fund in exchange for Baskets is available for transfer to the Fund in the manner and at the times described in
these Procedures. In meeting this responsibility, the Participant may make such independent arrangements as it sees fit, including borrowing Gold, to ensure that the relevant amount of Gold is credited in time. 

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

Important Notes: 
  

	 	•	 	Any Order is subject to rejection by the Administrator for the reasons set forth in the Participant Agreement. 

  

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

  
 ATTACHMENT A-2 

 CREATION PROCESS 

An order to purchase one or more Creation Units of a Fund placed by a Participant with the Administrator between 4:00 p.m. and 5:30 p.m. N.Y. time on a
Business Day (such day, “CREATION T-1”) results in the following taking place, in most instances, by 11:00 a.m. N.Y. time (usually 4:00 p.m. London time) on CREATION T+3: 

 

	 	•	 	Transfer to the applicable Fund Allocated Account of Gold satisfying the Good Delivery Rules in the amount corresponding to the Creation Units to be issued; and 

 

	 	•	 	Transfer to the Participant’s account at The Depository Trust Company (“DTC”) of Creation Units corresponding to the Gold the Participant has transferred to the Fund. 

CREATION PROCEDURES 
 CREATION T-1 (PURCHASE
ORDER SUBMISSION DATE) 
 The Participant submitting an order to create shall submit such orders containing the information required to the
Administrator by the Cut-Off time (5:30pm N.Y. Time) in the following manner: (a) through the BNYM ETF Center Interface electronic order entry system portal), as such may be made available and constituted from time to time, the use of which
shall be subject to the terms and conditions of the Electronic Services Agreement incorporated herein by reference, or (b) by telephone to the BNYM ETF Order Desk Administrator, followed up with the faxed order form (within 15 minutes of
the verbal phone order) according to the procedures set forth below. 
 The order so transmitted (either orally and in writing, or electronic
form) is hereinafter referred to as the “Submission” or the “Purchase Order” as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the “Transmittal Date”. 

 

	 	1.a	Orders submitted through the BNYM ETF Center Interface: an Authorized Person of the Participant logs on the BNYM ETF Center Interface and places a Purchase Order. Each Order is given an order number (an
“Order Number”). 

  

	 	1.b	Orders submitted by phone: an Authorized Person of the Participant must telephone the BNYM ETF Order Desk Administrator at (718) 315-7501 or other number that BNYM designates in writing to the Participant.
Upon verifying the authenticity of the Participant (as determined by the use of the appropriate PIN Number), the Participant will need to provide the details of the intended Purchase Order. After the Participant has placed the Purchase Order, the
BNYM ETF Order Desk Administrator will read the Purchase Order back to the Participant and provide the system-generated order number. Any discrepancies between the order intended and the details read back to the Participant need to be acknowledged
during the call. 

  
 ATTACHMENT A-3 

	 	2.	If the Administrator has not received the Purchase Order Form from the Participant within 15 minutes after the Administrator receives the phone call from the Participant referenced in item (1.b) above, the
Administrator places a phone call to the Participant to enquire about the status of the faxed order form. Any extensive additional delay of receipt of the Purchase Order Form may result in the rejection of the Purchase Order. The Administrator will
then notify the Participant that the Order has been cancelled via telephone call. 

  

	 	3.	If the Administrator has received the Participant’s Purchase Order Form on time in accordance with the preceding timing rules, the Participant will receive electronic e-mail notification that the order has been
accepted. The next day, the Administrator returns to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed.” 

CREATION T (PURCHASE ORDER EXECUTION DATE) 
  

	 	1.	Based on the Purchase Orders placed with it on CREATION T-1, by 12:00 p.m. N.Y. Time the Administrator indicates to the Participant the amount of Gold and cash, if any, necessary for the Creation Deposit, and provides
details of the method of payment required for the Transaction Fee and the cash portion, if any, of the Creation Deposit. 

 CREATION T+1
(PURCHASE ORDER CONFIRMATION DATE) 
  

	 	1.	By 10:00 a.m. N.Y. time, based on the Purchase Orders placed with it on CREATION T-1, the Administrator sends an authenticated electronic message (Swift MT699) to the Custodian indicating the total ounces of Gold for
which the Administrator will require an allocation into the Fund Allocated Account on CREATION T+3. In addition, the authenticated electronic message (Swift MT699) will separately identify all expected unallocated Gold receipts from each
Participant. If the Administrator rejects a Purchase Order pursuant to the Participant Agreement after the foregoing messages are given to the Custodian, the Administrator will notify the Custodian of such rejection, identifying the Participant
whose Purchase Order was rejected and the number of ounces of Gold contained in the rejected Purchase Order. 

  

	 	2.	 By the close of business (usually 5:00 p.m. N.Y. time), each Participant acquiring Creation Units on CREATION T+3
sends an authenticated electronic message (Swift MT604) to HSBC Bank plc, with a copy to the Administrator, to transfer on CREATION T+3 from the Participant’s Participant Unallocated Account Gold in the relevant amount(s) to the Fund
Unallocated Account. If the Participant’s instruction does not conform to the Administrator’s instruction specified in the preceding item 1, the Administrator will either (i) send a correcting authenticated

  
 ATTACHMENT A-4 

	 	
electronic message (Swift MT699) to the Custodian which specifies the delivery of an amount of Gold which conforms to the Participant’s Purchase Order and the Participant’s instruction
or (ii) send the Participant an email message notifying the Participant of the discrepancy. 

  

	 	3.	By the close of business (usually 5:00 p.m. N.Y. time), each Participant acquiring Creation Units on CREATION T+3 sends an authenticated electronic message (Swift MT605) to HSBC Bank plc, identifying that
Participant’s Participant Unallocated Account into which Gold, in the relevant amount(s), is to be received on CREATION T+2. 

 CREATION
T+2 
  

	 	1.	By the close of business in London (usually 4:00 p.m. London time; 11:00 a.m. N.Y. time), each Participant submitting a Purchase Order must ensure that Gold in the relevant amount(s) is credited to the
Participant’s Participant Unallocated Account. 

  

	 	2.	If by 4:00 p.m. (London time) either (i) unless otherwise resolved beforehand by a correcting authenticated electronic message from the Administrator (Swift MT699) or a correcting authenticated electronic message
from the Participant (Swift MT604) to the satisfaction of the Custodian, the amount of Gold specified in the Participant’s instruction given under item (1) of CREATION T to transfer Gold from the Participant’s Participant Unallocated
Account to the Fund Unallocated Account is not the same as the amount of Gold specified in the advice given by the Administrator under item (1) of CREATION T with regard to the expected unallocated Gold receipts from each Participant or
(ii) sufficient Gold to permit the Custodian to effect such Participant’s instruction is not credited to the Participant’s Participant Unallocated Account, such Participant’s instruction shall be automatically postponed as of
4:00 p.m. London time and the Custodian will notify the Participant of such postponement. 

  

	 	3.	The Custodian will send the Administrator an email message by 5:00 p.m. London time (usually 12:00 noon N.Y. time) identifying each Participant’s instruction that has been postponed pursuant to the preceding item
2. 

 CREATION T+3 
  

	 	1.	The Custodian transfers the relevant amount(s) of Gold from the Participant’s Participant Unallocated Account to the Fund Unallocated Account. 

 

	 	2.	 As of 2:00 p.m. London time (usually 9:00 a.m. N.Y. time), the Custodian will notify the Administrator by email
and fax of the status of the allocation process, including (i) the amount of Gold transferred to the Fund Unallocated Account from each Participant’s Participant Unallocated Account, separately stated; (ii) the amount of Gold that has
been transferred into the Fund Allocated Account from the Fund Unallocated Account, and (iii) the amount of Gold, if any, remaining in 

  
 ATTACHMENT A-5 

	 	
the Fund Unallocated Account. In the event there is any need for clarification of the status of the allocation process, the Administrator will telephone the Custodian to obtain such
clarification. This notice does not reflect the official transfer record of the Custodian, which is completed as of the conclusion of the Custodian’s Business Day. 

 

	 	3.	At 11:00 a.m. N.Y. time (usually 4:00 p.m. London time), following receipt of the notice from the Custodian of the status of the allocation process described in item (2) above, the Administrator authorizes the
creation and issuance of the Creation Units ordered by each Participant on CREATION T for which the Administrator has received confirmation from the Custodian of receipt of the relevant amount(s) of Gold. If the Custodian, despite using commercially
reasonable efforts, is unable to complete the allocation process by such time, the Administrator will issue Creation Units as soon as practical after the Custodian has notified the Administrator by email and fax that is has completed the allocation
of Gold to the Fund Unallocated Account in the relevant amount(s). The creation and issuance of Creation Units will occur through the DTC system known as “Deposit and Withdrawal at Custodian” or “DWAC”. 

[Redemption Process Follows on Next Page] 

  
 ATTACHMENT A-6 

 REDEMPTION PROCESS 

An order to redeem one or more Creation Units placed by a Participant with the Administrator between 4:00 and 5:30 p.m. N.Y. time on a
Business Day (such day, “REDEMPTION T-1”) results in the following taking place by 12:00 p.m. N.Y. time (usually 5:00 p.m. London time) on REDEMPTION T+3: 
  

	 	•	 	Transfer to the Administrator’s account at DTC and the subsequent cancellation of the relevant number of the Participant’s Creation Units; and 

 

	 	•	 	Transfer to the Participant by credit to the Participant’s Participant Unallocated Account of Gold and cash, if any, in the relevant amount(s) corresponding to the Creation Units delivered for redemption (the
“Redemption Distribution”). 

 REDEMPTION PROCEDURES 

REDEMPTION T-1 (REDEMPTION ORDER SUBMISSION DATE) 

The Participant submitting an order to redeem shall submit such orders containing the information required to the Administrator by the Cut-Off
time (5:30pm N.Y. Time) in the following manner: (a) through the BNYM ETF Center Interface (electronic order entry system portal), as such may be made available and constituted from time to time, the use of which shall be subject to the terms
and conditions of the Electronic Services Agreement incorporated herein by reference, or (b) by telephone to the BNYM ETF Order Desk Administrator, followed up with the faxed order form (within 15 minutes of the verbal phone order)
according to the procedures set forth below. 
 The order so transmitted (either orally and in writing, or electronic form) is hereinafter
referred to as the “Submission” or the “Redemption Order” as applicable, and the Business Day on which a Submission is made is hereinafter referred to as the “Transmittal Date”. 

 

	 	1.a	Orders submitted through the BNYM ETF Center Interface: an Authorized Person of the Participant logs on the BNYM ETF Center Interface and places a Redemption Order. Each Order is given an order number (an “Order
Number”). 

  

	 	1.b	 Orders submitted by phone: an Authorized Person of the Participant must telephone the BNYM ETF Order Desk
Administrator at (718) 315-7500 or other number that BNYM designates in writing to the Participant. This telephone call must be made by an Authorized Person of the Participant and answered by the BNYM ETF Order Desk before the established
cut-off time of the Fund(s) (Eastern Standard Time “Listing Exchange Closing Time or Order Cutoff Time,” as applicable). Upon verifying the authenticity of the Participant (as determined by the use of the appropriate PIN Number),
the BNYM ETF Order 

  
 ATTACHMENT A-7 

 
Desk Administrator will request that the Participant place the Redemption Order. To do so, the Participant must provide the appropriate ticker symbols when referring to each Fund. After the
Participant has placed the Redemption Order, the BNYM ETF Order Desk Administrator will read the Purchase Order back to the Participant. The Participant then must confirm that the Redemption Order has been taken correctly by the BNYM ETF Order Desk
Administrator. If the Participant confirms that the Redemption Order has been taken correctly, the BNYM ETF Order Desk Administrator will issue an order number (an “Order Number”) to the Participant. 

 

	 	2.	If the Administrator has not received the Redemption Order Form from the Participant within 15 minutes after the Administrator receives the phone call from the Participant referenced in item (1.b) above, the
Administrator places a phone call to the Participant to enquire about the status of the Order. If the Participant does not fax the Redemption Order Form to the Administrator within 15 minutes after the Administrator’s phone call, the
Participant’s Order is cancelled. The Administrator will then notify the Participant that the Order has been cancelled via telephone call. 

  

	 	3.	If the Administrator has received the Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 6:30 p.m. N.Y. time the Administrator returns to the Participant a copy of the
Purchase Order Form submitted, marking it “Affirmed.” 

 REDEMPTION T (REDEMPTION ORDER EXECUTION DATE) 

 

	 	1.	Based on the Redemption Orders placed with it on REDEMPTION T-1, by 12:00 p.m. N.Y. time, the Administrator indicates the amount of Gold and cash, if any, to be delivered in the Redemption Distribution, and provides
details of the method of payment required for the Transaction Fee and the cash portion, if any, of the Redemption Distribution. 

 REDEMPTION
T+1 (REDEMPTION ORDER CONFIRMATION DATE) 
  

	 	1.	By the close of business (usually 5:00 p.m. N.Y. time), each Participant redeeming Creation Units on REDEMPTION T+3 sends an authenticated electronic message (Swift MT605) to HSBC Bank plc, identifying that
Participant’s Participant Unallocated Account into which Gold, in the relevant amount(s), is to be received on REDEMPTION T+3. 

  

	 	2.	 By 10:00 a.m. N.Y. time, the Administrator sends an authenticated electronic message (SWIFT MT699) containing
instructions to the Custodian to transfer on REDEMPTION T+3 from the Fund Allocated Account to the Fund Unallocated 

  
 ATTACHMENT A-8 

 
Account (“deallocate”) the total amount of Gold required to settle the Redemption Orders received by the Administrator on REDEMPTION T. If the Administrator rejects a Redemption Order
pursuant to the Trust’s Declaration of Trust or the Participant Agreement after the foregoing message is sent, the Administrator will notify the Custodian of such rejection, identifying the Participant whose Redemption Order was rejected and
the number of ounces of Gold contained in the rejected Redemption Order. 
 REDEMPTION T+3 

 

	 	1.	Between 1:00 p.m. London time (usually 8:00 a.m. N.Y. time) and 5:00 p.m. London time (usually 12:00 p.m. N.Y. time), the Custodian deallocates Gold in the amount(s) specified in the Administrator’s instructions
sent on REDEMPTION T. 

  

	 	2.	By 10:00 a.m. N.Y. time, the Participant delivers free to the Administrator’s Participant account at DTC (#2209) the Creation Units to be redeemed. 

 

	 	3.	If the Administrator does not receive from a redeeming Participant all Shares comprising the Creation Units being redeemed by 10:00 a.m. N.Y. time, the Administrator will keep the Redemption Order open until 10 a.m.
N.Y. time on the following Business Day (REDEMPTION T+4). For each day (whether or not a Business Day) the Redemption Order is held open, the Participant will be charged by the Administrator the greater of $300 or $30 times the number of Creation
Units included in the Redemption Order. 

  

	 	4.	By 10:00 a.m. N.Y. time (usually 3:00 p.m. London time), the Administrator sends an authenticated electronic message (Swift MT699) to the Custodian directing the Custodian to transfer Gold in the relevant amount from
the Fund Unallocated Account to the Participant Unallocated Account. When London is, and New York is not, on daylight savings time, such message must be received by the Custodian no later than 3:30 p.m. London time. The Custodian will make
reasonable commercial efforts to allocate Gold remaining in the Fund Unallocated Account after this transfer to the Fund Allocated Account by the close of business in London, in accordance with the standing instruction in the Trust Custody
Agreements. 

 * * * * 

  
 ATTACHMENT A-9 

 FORM OF 

WORLD CURRENCY GOLD TRUST 

PARTICIPANT AGREEMENT 
 ATTACHMENT
B 
 HSBC BANK PLC 
 and 

[NAME OF PARTICIPANT] 
  

 
 WORLD CURRENCY
GOLD TRUST 
 PARTICIPANT UNALLOCATED BULLION ACCOUNT AGREEMENT 

 
  

THIS AGREEMENT (“Agreement”) is made on [date] BETWEEN 
  

	(1)	HSBC BANK PLC, a company incorporated under the laws of England and Wales, whose principal place of business is at 8 Canada Square, London E14 5HQ (“WE” or “US”); and 

 

	(2)	[NAME OF PARTICIPANT] a company incorporated under the laws of [     ], whose [registered office][principal place of business] is at [    ] (“YOU”). 

INTRODUCTION 
 We have agreed to open and maintain for you an
Unallocated Account (defined below) in connection with your being a Participant with respect to the World Currency Gold Trust (the “Trust”), a Delaware statutory trust organized in series (each, a “Fund” and together, the
“Funds”), and to provide other services to you in connection with the Unallocated Account. This agreement sets out the terms under which we will provide those services to you and the arrangements which will apply in connection with those
services. 
 IT IS AGREED AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	 	1.1	DEFINITIONS: In this agreement: 

  
 ATTACHMENT B-1 

 “ACCOUNT BALANCE” means the balance from time to time standing to your credit in your
Unallocated Account. 
 “ADMINISTRATOR” means BNY Mellon Asset Servicing, a division of The Bank of New York Mellon. 

“AVAILABILITY DATE” means the Business Day on which you wish to transfer Precious Metal to us for deposit into the Unallocated
Account. 
 “BULLION” means the Precious Metal standing to your credit in your Unallocated Account. 

“BUSINESS DAY” means any day the Exchange is open for business and the Trust accepts creation and redemption orders for Creation
Baskets. 
 “Creation Basket” means a block of 10,000 Shares or more or such other amount as established from time to time by the
Sponsor. 
 “DTC” means 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. 
 “EXCHANGE” means the primary exchange or other securities market on which the Shares of a Fund are listed for trading.

 “FUND UNALLOCATED ACCOUNT” means the unallocated Gold account of the Trust established by us on behalf of a Fund. 

“GOLD” means gold bullion meeting the London Good Delivery Standards. 

“LBMA Gold Price” means the price per troy ounce of gold for delivery in London through a member of the LBMA stated in USDs and set
via an electronic auction process run twice daily at 10:30 a.m. and 3:00 p.m. London time each Business Day as calculated and administered by the ICE Benchmark Administration Limited (“IBA”), an independent specialist benchmark
administrator who provides the price platform, methodology and overall administration and governance for the LBMA Gold Price. 
 “LBMA
Gold Price AM” means the price of an ounce of gold as fixed by the IBA on or about 10:30 a.m. London time. 
 “LBMA Gold Price
PM” means the price of an ounce of gold as fixed by the IBA on or about 3:00 p.m. London time. 
 “LBMA” means The London
Bullion Market Association or its successors. 

  
 ATTACHMENT B-2 

 “LONDON GOOD DELIVERY” has the meaning assigned in the Good Delivery Rules for Gold and
Silver Bars contained in the rules promulgated by the LBMA. 
 “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 us. Only Participants may place orders to create or redeem one or more Creation Units. 

“PARTICIPANT AGREEMENT” means that certain Participant Agreement in effect from time to time between you,the Sponsor and the
Administrator with respect to a Fund 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. 

“POINT OF DELIVERY” means such date and time that the recipient or its agent acknowledges in written form its receipt of delivery of
Precious Metal. 
 “PRECIOUS METAL” means gold. 

“RULES” means the rules, regulations, practices and customs of the LBMA (including the rules of the LBMA as to good delivery), the
Bank of England and such other regulatory authority or body as shall affect the activities contemplated by this agreement. 
 “SEC”
means the U.S. Securities and Exchange Commission. 
 “SHARE” means each unit of fractional undivided beneficial interest in and
ownership of a Fund which are issued by the World Currency Gold Trust. 
 “SPONSOR” means WGC USA Asset Management, LLC. 

“TRUSTEE” means Delaware Trust Company. 

“UNALLOCATED ACCOUNT” means the account maintained by us in your name on an Unallocated Basis pursuant to this agreement. 

“UNALLOCATED BASIS” means, with respect to a Precious Metal account maintained with us, that the person in whose name the account is
held is entitled to call on us to deliver in accordance with the Rules an amount of Precious Metal equal to the amount of Precious Metal standing to the credit of the person’s account but has no ownership interest in any Precious Metal that we
own or hold. 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to
time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature. 

  
 ATTACHMENT B-3 

 “WITHDRAWAL DATE” means the Business Day on which you wish to withdraw Precious Metal
from your Unallocated Account. 
  

	 	1.2	HEADINGS: The headings in this agreement do not affect its interpretation. 

  

	 	1.3	SINGULAR AND PLURAL; OTHER USAGES: References to the singular include the plural and vice versa. A reference to “A or B” means “A or B or both A and B”. “Including” means “including
but not limited to”. 

  

	2.	UNALLOCATED ACCOUNTS 

  

	 	2.1	OPENING UNALLOCATED ACCOUNT: We shall open and maintain an Unallocated Account for you under this Agreement solely in respect of Bullion to be transferred between you and the Funds or withdrawn in accordance with
clause 4. 

  

	 	2.2	DENOMINATION OF UNALLOCATED ACCOUNT: The Unallocated Account shall evidence and record the amount of Bullion standing to your credit therein, and increases and decreases to that amount. The Unallocated Account shall be
denominated in fine ounces of gold to three decimal places. 

  

	 	2.3	REPORTS: We will provide you with monthly statements of your Account Balance and debit and credit advices will be sent to you following each deposit into and withdrawal from the Unallocated Accounts. 

 

	 	2.4	REVERSAL OF ENTRIES: We at all times reserve the right to reverse any provisional or erroneous entries to your Unallocated Account with effect back-valued to the date upon which the final or correct entry (or no entry)
should have been made. 

  

	3.	DEPOSITS 

  

	 	3.1	PROCEDURE: You may at any time notify us of your intention to deposit Precious Metal in your Unallocated Account. A deposit may be made (in the manner and accompanied by such documentation as we may require) only by
transfer from an account of yours relating to the same kind of Precious Metal and having the same denomination as that to which this Unallocated Account relates. We will not accept physical delivery of Precious Metal into this account.

  

	 	3.2	NOTICE REQUIREMENTS: Any notice relating to a deposit of Precious Metal must be in writing and: 

  

	 	(a)	be received by us no later than 2:00 p.m. (London time) on the Availability Date unless otherwise agreed; 

  

	 	(b)	specify the details of the account from which the Precious Metal will be transferred; and 

  
 ATTACHMENT B-4 

	 	(c)	specify the amount (in the appropriate denomination) of the Precious Metal to be credited to the Unallocated Account, the Availability Date and any other information which we may from time to time require.

  

	 	3.3	TIMING: A deposit of Precious Metal will not be credited to an Unallocated Account until an account of ours with any bank, broker or other firm has been credited with an amount of Precious Metal equal to the amount of
such deposit. 

  

	 	3.4	RIGHT TO REFUSE PRECIOUS METAL OR AMEND PROCEDURE: We may refuse to accept Precious Metal, amend the procedure in relation to the deposit of Precious Metal or impose such additional procedures in relation to the deposit
of Precious Metal as we may from time to time consider appropriate. Any such refusal, amendment or additional procedures will be promptly notified to you. 

  

	4.	WITHDRAWALS 

  

	 	4.1	PROCEDURE: You may at any time notify us of your intention to withdraw Precious Metal standing to the credit of your Unallocated Account. We will transfer Bullion from your Unallocated Account only at such times and on
such terms as specified in your instructions to us. A withdrawal may be made (in the manner and accompanied by such documentation as we may require) by: 

  

	 	(a)	transfer to an account of yours relating to the same kind of Precious Metal and having the same denomination as that to which the Unallocated Account relates; or 

 

	 	(b)	the collection by you of Precious Metal from us at our vault premises, or as we may direct, at your expense and risk; or 

  

	 	(c)	by delivery of Precious Metal to you at such location as you direct, at your expense and risk; or 

  

	 	(d)	transfer to the Fund Unallocated Account. 

 Any Precious Metal made available to you pursuant to
clause 4.1(b) or (c) will be in a form which complies with the Rules or in such other form as may be agreed between us. We are entitled to select the Precious Metal to be made available to you pursuant to clause 4.1(b) or (c) which in all
cases will comprise one or more whole bars selected by us (or other form as agreed), the combined fine weight of which will not exceed the number of fine ounces of Bullion you have instructed us to withdraw. In connection with any withdrawal
pursuant to clause 4.1(d) you must have sufficient Precious Metal in the Unallocated Account by 4:00 p.m. (London time) on the day before the Withdrawal Date to permit us to complete the withdrawal. Anything in this agreement to the contrary
notwithstanding, and without limiting your right to withdraw Bullion, we shall not be obliged to effect any requested delivery if, in our reasonable opinion, this would cause us or our 

  
 ATTACHMENT B-5 

 
agents to be in breach of the Rules or other applicable law, court order or regulation, the costs incurred would be excessive or delivery is impracticable for any reason. When pursuant to your
instruction Bullion is physically withdrawn from your Unallocated Account, all right, title, risk and interest in and to the Bullion withdrawn shall pass to you at the Point of Delivery. 

 

	 	4.2	NOTICE AND INSTRUCTION REQUIREMENTS: Any notice or instruction relating to a withdrawal of Precious Metal must be in writing and specify the amount (in the appropriate denomination) of the Precious Metal to be debited
to the Unallocated Account, the Withdrawal Date and any other information which we may from time to time require. The following rules determine when we must receive your notice or instruction to withdraw Precious Metal: 

 

	 	(a)	if the notice or instruction relates to a withdrawal pursuant to clause 4.1(d) to effect a transfer of Precious Metal to the Fund Unallocated Account in accordance with the Participant Agreement, it must received by us
no later than 9:00 a.m. (London time) not less than two Business Days prior to the Withdrawal Date and specify the details of the Fund Unallocated Account to which the Precious Metal is to be transferred; 

 

	 	(b)	if the notice or instruction relates to a withdrawal pursuant to clause 4.1(a), it must be received by us no later than 2:00 p.m. (London time) on the Withdrawal Date unless otherwise agreed and must specify the details
of the account to which the Precious Metal is to be transferred; and 

  

	 	(c)	if the notice or instruction relates to a withdrawal pursuant to clause 4.1(b) or (c), it must be received by us no later than 11:30 a.m. (London time) not less than two Business Days prior to the Withdrawal Date unless
otherwise agreed and specify the name of the person or carrier that will collect the Precious Metal from us or the identity of the person to whom delivery is to be made, as the case may be. 

 

	 	4.3	RIGHT TO AMEND PROCEDURE: We may amend the procedure for the withdrawal of Precious Metal from an Unallocated Account or impose such additional procedures as we may from time to time consider appropriate. Any such
amendments or additional procedures will be promptly notified to you. 

  

	 	4.4	DELIVERY OBLIGATIONS: Unless otherwise instructed, we shall make transportation and insurance arrangements in accordance with our usual practice. Where instructions are given, we shall use all reasonable efforts to
comply with the same. We shall not be obliged to effect any requested delivery if, in our reasonable opinion, this would cause us or our agents to be in breach of the Rules or other applicable law, court order or regulation; the costs incurred would
be excessive or delivery is impracticable for any reason. All insurance and transportation costs shall be for your account. 

  
 ATTACHMENT B-6 

	 	4.5	PHYSICAL WITHDRAWAL OF ENTIRE UNALLOCATED ACCOUNT BALANCE: If, when you notify us in connection with a physical withdrawal of Bullion from your Unallocated Account under clause 4.4 that you are withdrawing the entire
balance in your Unallocated Account (or when a physical withdrawal under clause 4.4 would, in our determination, result in the entire balance in your Unallocated Account being withdrawn), the physical withdrawal instruction may not be effected by
our selection of one or more whole bars of Bullion the combined fine weight of which does not exceed the balance of your Unallocated Account that you are withdrawing, then we will make available to you in accordance with clause 4.4 the number of
whole bars that can be accommodated under your instruction. If you have another Unallocated Account with us relating to Precious Metal, we will transfer the remainder of the balance to that account, and if you do not have another Unallocated Account
with us, we will purchase for cash the remainder of the Bullion in your Unallocated Account based on the LBMA Gold Price AM on the date you are withdrawing the Bullion physically, or if there is no LBMA Gold Price AM for such date, then the LBMA
Gold Price AM for the next Business Day. 

  

	5.	INSTRUCTIONS 

  

	 	5.1	YOUR REPRESENTATIVES: You shall notify us promptly in writing of the names of the people who are authorised to give instructions on your behalf. Until we receive written notice to the contrary, we are entitled to assume
that any of those people have full and unrestricted power to give us instructions on your behalf. We are also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have such authority.

  

	 	5.2	AMENDMENTS: Once given, instructions continue in full force and effect until they are cancelled, amended or superseded. We must receive an instruction cancelling, amending or superseding a prior instruction before the
time the prior instruction is acted upon. Any such instructions shall have effect only after actual receipt by us. 

  

	 	5.3	UNCLEAR OR AMBIGUOUS INSTRUCTIONS: If, in our opinion, any instructions are unclear or ambiguous, we will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those
instructions but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or
conflict has been resolved to our satisfaction. 

  

	 	5.4	REFUSAL TO EXECUTE: We reserve the right to refuse to execute instructions if in our opinion they are or may be contrary to the Rules or any applicable law. 

 

	 	5.5	 REVOCATION OF INSTRUCTIONS: If, in connection with an instruction to effect a withdrawal pursuant to clause
4.1(d), by 4:00 p.m. (London time) on the day before the Withdrawal Date either (i) the amount of Precious Metal specified 

  
 ATTACHMENT B-7 

 
in your instruction does not agree with the amount of Precious Metal specified in the advice provided by the Administrator with regard to the receipt of Precious Metal in the Fund Unallocated
Account or (ii) sufficient Precious Metal to permit us to complete the withdrawal is not credited to your Unallocated Account, your instruction will be automatically revoked. We will notify you of the revocation of your instruction. 

 

	6.	CONFIDENTIALITY 

  

	 	6.1	DISCLOSURE TO OTHERS: Subject to clause 6.2, each party shall respect the confidentiality of information acquired under this agreement and neither will, without the consent of the other, disclose to any other person any
information acquired under this agreement. 

  

	 	6.2	PERMITTED DISCLOSURES: Each party accepts that from time to time the other party may be required by law or the Rules, or requested by a government department or agency, fiscal body or regulatory authority, to disclose
information acquired under this agreement. In addition, the disclosure of such information may be required by a party’s auditors, by its legal or other advisors or by a company which is in the same group of companies as a party (eg. a
subsidiary or holding company of a party). Each party irrevocably authorises the other to make such disclosures without further reference to such party. In connection with a notice or instruction you give to us to effect to withdraw and transfer
Precious Metal to the Fund Unallocated Account in accordance with the Participant Agreement, you hereby authorize us to disclose to the Administrator of the Trust or its agents (i) such information about your Unallocated Account that the
Administrator or its agents may reasonably request, including information about your Account Balance and instructions you have given for the deposit or withdrawal of Precious Metal in relation to your Unallocated Account, and (ii) information
about any revocation of instructions under clause 5.5 above. 

  

	7.	REPRESENTATIONS 

  

	 	7.1	YOUR REPRESENTATIONS: Upon execution of this agreement and with each notice or instruction that you give hereunder you represent and warrant and covenant to us that: 

 

	 	(a)	you have all necessary authority, powers, consents, licences and authorisations and have taken all necessary action to enable you lawfully to enter into and perform your duties and obligations under this agreement;

  

	 	(b)	you are a Participant and are not in breach of the Participant Agreement; 

  

	 	(c)	 you are in compliance with the money laundering and related provisions of (i) the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) 

  
 ATTACHMENT B-8 

 
Act of 2001 enacted by the United States of America, and the regulations promulgated thereunder, if you are subject to the requirements of the USA PATRIOT Act, and (ii) such other laws to
which you are subject; 
  

	 	(d)	the persons entering into this agreement on your behalf have been duly authorised to do so; and 

  

	 	(e)	this agreement and the obligations created under it are binding upon you and enforceable against you in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of
the Rules or any order, charge or agreement by which you are bound. 

  

	8.	FEES AND EXPENSES 

  

	 	8.1	FEES: You will pay us such fees as we from time to time determine and notify to you, but we will not charge you any fees in connection with your Unallocated Account pursuant to this Agreement while (i) this account
is used solely to effect transfers of Bullion between you and the Fund Unallocated Account and (ii) we (or another member of an affiliated group of which we are a member) are receiving compensation from the Trust for maintaining the Fund
Unallocated Account. 

  

	 	8.2	EXPENSES: You must pay us on demand all costs, charges and expenses (including any relevant taxes, duties and legal fees) incurred by us in connection with the performance of our duties and obligations under this
agreement or otherwise in connection with your Unallocated Account (including delivery, collection and storage costs). 

  

	 	8.3	CREDIT BALANCES: No interest or other amount will be paid by us on any credit balance on your Unallocated Account. 

  

	 	8.4	DEBIT BALANCES: You are not entitled to overdraw your Unallocated Account except to the extent that we otherwise agree in writing. In the absence of such agreement, we shall not be obliged to carry out any instruction
of yours which will cause your Unallocated Account to be overdrawn. If for any reason your Unallocated Account is overdrawn, you will be required to pay us interest on the debit balance at the rate agreed between us or, if no such agreement exists,
at such rate as we determine to be appropriate. The amount of the overdraft and any accrued interest will be repayable by you on our demand. Your obligation to pay interest to us will continue until the overdraft is repaid by you in full. Our books
and records shall be conclusive as to the balance at any time standing to your credit in your Unallocated Account. 

  

	 	8.5	 DEFAULT INTEREST: If you fail to pay us any amount when it is due, we reserve the right to charge you interest
(both before and after any judgement) on any such unpaid amount calculated at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount is

  
 ATTACHMENT B-9 

 
due. Both overdraft and default interest will accrue on a daily basis and will be due and payable by you as a separate debt. In the event of any inconsistency between this agreement and an
overdraft facility agreement between you and us, the terms of the overdraft facility shall govern. 
  

	9.	SCOPE OF RESPONSIBILITY 

  

	 	9.1	EXCLUSION OF LIABILITY: We will use reasonable care in the performance of our duties under this agreement but will not be responsible in contract, tort or otherwise, for any direct or indirect or consequential damage,
loss or expense suffered or incurred by you arising directly or indirectly as a result of, or in connection with, this agreement (including, without limitation, economic loss, loss of profit, loss of anticipated savings or loss of goodwill) even if
advised of the likelihood of such losses arising, save for any loss or damage suffered by you as a direct result of any gross negligence, fraud or wilful default on our part in the performance of our duties under this agreement, and in which case,
our liability will not exceed the market value of the Account Balance at the time such gross negligence, fraud or wilful default is discovered by us. The value of the Account Balance shall be determined on any day using the LBMA Gold Price AM.

  

	 	9.2	NO DUTY OR OBLIGATION: We are under no duty or obligation to make or take any special arrangements or precautions beyond those required by the Rules or as specifically set forth in this agreement. 

 

	 	9.3	FORCE MAJEURE: We shall not be liable to you for any delay in performance, or for the non-performance of any of our obligations under this agreement by reason of any cause beyond our reasonable control. This includes
any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action,
acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organisations or failure of any such body, authority, or organisation for any reason, to perform its obligations.

  

	 	9.4	INDEMNITY: You shall indemnify and keep us and each of our directors, shareholders, officers, employees, agents, affiliates (as such term is defined in Regulation S-X adopted by the United States Securities and Exchange
Commission under the United States federal Securities Act of 1933, as amended) and subsidiaries (us and each such person a “Custodian Indemnified Person” for purposes of this clause 9.4) indemnified (on an after tax basis) on demand
against all costs and expenses, damages, liabilities and losses which any such Custodian Indemnified Person may suffer or incur, directly or indirectly in connection with this agreement except to the extent that such sums are due directly to our
gross negligence, wilful default or fraud or that of the Custodian Indemnified Person. The indemnity provided by this clause 9.4 shall survive termination of this agreement. 

  
 ATTACHMENT B-10 

	 	9.5	THIRD PARTIES: You are our sole customer under this agreement and we do not owe any duty or obligation or have any liability towards any person who is not a party to this agreement. This agreement does not confer a
benefit on any person who is not a party to it other than the persons named as a Custodian Indemnified Person. The parties to this agreement do not intend that any term of this agreement shall be enforceable by any person who is not a party to it
(except that each Custodian Indemnified Person may directly enforce the indemnity provision under clause 9.4) and do intend that except as so provided, the Contracts (Rights of Third Parties) 1999 Act (Eng.) shall not apply to this agreement.

  

	10.	TERMINATION 

  

	 	10.1	METHOD: This agreement shall terminate immediately upon the earlier of (i) your termination as a Participant with respect to the Trust pursuant to the Participant Agreement or otherwise, or (ii) termination of
the Trust. In addition, either party may terminate this agreement by giving not less than 10 Business Days’ written notice to the other party. Any such notice given by you must specify: 

 

	 	(a)	the date on which the termination will take effect; 

  

	 	(b)	the person to whom any Account Balance which is a credit balance is to be transferred; and 

  

	 	(c)	all other necessary arrangements for the transfer or repayment, as the case may be, of the Account Balance. 

  

	 	10.2	REDELIVERY ARRANGEMENTS: If you do not make arrangements acceptable to us for the transfer or repayment, as the case may be, of any Account Balance we may continue to maintain this Unallocated Account, in which case we
will continue to charge the fees and expenses payable under clause 8. If you have not made arrangements acceptable to us for the transfer or repayment of any Account Balance within six (6) months of the date specified in the termination notice
as the date on which the termination will take effect, we will be entitled to close the Unallocated Account and account to you for the proceeds after deducting any amounts due to us under this agreement. 

 

	 	10.3	EXISTING RIGHTS: Termination shall not affect rights and obligations then outstanding under this agreement which shall continue to be governed by this agreement until all obligations have been fully performed.

  

	11.	VALUE ADDED TAX 

  

	 	11.1	VAT EXCLUSIVE: All sums payable under this agreement by you to us shall be deemed to be exclusive of VAT. 

  
 ATTACHMENT B-11 

	 	11.2	SUPPLIES: Where pursuant to or in connection with this agreement, we make a supply to you for VAT purposes and VAT is or becomes chargeable on such supply, you shall on demand pay to us (in addition to any other
consideration for such supply) a sum equal to the amount of such VAT and we shall on receipt of such payment provide you with an invoice or receipt in such form and within such period as may be prescribed by applicable law. 

 

	 	11.3	DEEMED SUPPLIES: Where, pursuant to or in connection with this agreement, we are deemed or treated by applicable law or the practice from time to time of the relevant fiscal authority to make a supply for VAT purposes
to any person by virtue of our or any custodian for us relinquishing physical control of any Precious Metal, and VAT is or becomes chargeable on such supply, you shall on demand pay to us a sum equal to the amount of such VAT and we shall on receipt
of such payment provide an invoice or receipt in such form and within such period as may be prescribed by applicable law to the person to which we are deemed or treated to make such supply. 

 

	12.	NOTICES 

  

	 	12.1	FORM: Subject to clause 12.5, any notice, notification, instruction or other communication under or in connection with this agreement shall be given in writing. References to writing include electronic transmissions
that are of the kind specified in clause 12.2. 

  

	 	12.2	METHOD OF TRANSMISSION: With the exception of monthly statements in respect of the Unallocated Account, any notice, notification, instruction or other communication required to be in writing may be delivered personally
or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including tested telex and authenticated SWIFT) or such other electronic transmission as the parties may from time to time
agree, to the party due to receive the notice, instruction or communication, at its address, number or destination set out in this agreement or another address, number or destination specified by that party by written notice to the other.

  

	 	12.3	DEEMED RECEIPT ON NOTICE: A notice, notification, instruction, or other communication under or in connection with this agreement will be deemed received only if actually received or delivered. 

 

	 	12.4	RECORDING OF CALLS: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and, if acted upon by us, will be accepted by you as evidence of the orders or
instructions given. 

  

	 	12.5	INSTRUCTIONS RELATING TO BULLION: All notices, notifications, instructions and other communications relating to the movement of Bullion in relation to your Unallocated Account shall be by way of authenticated electronic
transmission (including tested telex and authenticated SWIFT), and shall be addressed to: 

  
 ATTACHMENT B-12 

 Precious Metals Operations 

HSBC Bank plc 
 8 Canada Square

 London E14 5HQ 
  

	13.	GENERAL 

  

	 	13.1	NO INTEREST IN THE TRUST OR ANY FUND IS CONFERRED HEREBY: You acknowledge that you do not acquire any ownership of Shares or interest in the Trust, a Fund, or any Fund assets or its assets by establishing an Unallocated
Account pursuant to this Agreement, by delivering to the Unallocated Account established hereby an amount of Precious Metal, or by giving any instruction hereunder. You acknowledge that you will acquire ownership of Shares or an interest in the
Trust, a Fund, or any Fund or any Fund assets only upon the issuance to you of Shares. Neither Sponsor nor the Administrator of the Trust shall, individually or as Sponsor or Administrator of the Trust, have any liability for loss or damages
suffered by you with respect to your Unallocated Account or any Bullion held for you pursuant to this Agreement. 

  

	 	13.2	NO ADVICE: Our duties and obligations under this agreement do not include providing you with investment advice. In asking us to open and maintain the Unallocated Account, you do so in reliance upon your own judgement
and we do not and shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any transaction you make in relation to the Unallocated Account or otherwise, including (i) any deposits into, or
withdrawals from, your Unallocated Account, (ii) any transactions to be effected in accordance with the Participant Agreement, or (iii) the acquisition or disposition of Precious Metal. 

 

	 	13.3	RIGHTS AND REMEDIES: Our rights under this agreement are in addition to, and independent of, any other rights which we may have at any time in relation to your Unallocated Account and any lien or other rights we may
have to set-off, combine or consolidate any of your accounts. 

  

	 	13.4	ASSIGNMENT: This agreement is for the benefit of and binding upon us both and our respective successors and assigns. You may not assign, transfer or encumber, or purport to assign, transfer or encumber, your right,
title or interest in relation to your Unallocated Account or any right or obligation under this agreement unless we otherwise agree in writing. 

  

	 	13.5	AMENDMENTS: Any amendment to this agreement must be agreed in writing and be signed by us both. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen.

  

	 	13.6	PARTIAL INVALIDITY: If any of the clauses (or part of a clause) of this agreement becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will
not in any way be affected or impaired. 

  
 ATTACHMENT B-13 

	 	13.7	ENTIRE AGREEMENT: This document, with the exception of any representations made fraudulently, represents the entire agreement, and supersedes and replaces any previous agreement between us relating to the establishment
of a Gold account to be maintained on an Unallocated Basis for you as a Participant in connection with the Trust. 

  

	 	13.8	JOINT AND SEVERAL LIABILITY: If there is more than one of you, your responsibilities under this agreement apply to each of you individually as well as jointly. 

 

	 	13.9	COUNTERPARTS: This agreement may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement. 

 

	 	13.10	BUSINESS DAYS: If any obligation of either you or us falls due to be performed on a day which is not a Business Day in respect of the Unallocated Account in question, then the relevant obligations shall be performed on
the next succeeding Business Day applicable to such account. 

  

	14.	GOVERNING LAW AND JURISDICTION 

  

	 	14.1	GOVERNING LAW: This agreement is governed by, and will be construed in accordance with, English law. 

  

	 	14.2	JURISDICTION: You agree the English courts are to have jurisdiction to settle any disputes or claims which may arise out of or in connection with this agreement, and for these purposes you irrevocably submit to the
non-exclusive jurisdiction of the English courts. 

  

	 	14.3	WAIVER OF IMMUNITY: To the extent that you may in any jurisdiction claim for yourself or your assets any immunity from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive
any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction. 

 

	 	14.4	SERVICE OF PROCESS: If you are situated outside England and Wales, process by which any proceedings in England are begun may be served on you by being delivered to the address specified below. This does not affect our
right to serve process in another manner permitted by law. 

 Your address for service of process 

[Participant] 
 [Address] 

[City, State, Postal Code] 

Attention: [    ] 

  
 ATTACHMENT B-14 

 EXECUTED by the parties as follows 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 ATTACHMENT B-15 

 World Currency Gold Trust 

Participant Unallocated Bullion Account Agreement 

EXECUTED by the parties 
 Signed on behalf of HSBC BANK PLC by

  

			
	Signature	 	 
		
	Name	 	 
		
	Title	 	 

 Signed on behalf of [NAME OF PARTICIPANT] by 
  

			
	Signature	 	 
		
	Name	 	 
		
	Title	 	 

  
 ATTACHMENT B-16 

 FORM OF 

World Currency Gold Trust 

PARTICIPANT AGREEMENT 
 ATTACHMENT
C 
 HSBC Bank plc 
 Resolution
Form—Telefax Instructions 
 To: HSBC Bank plc 
 ACCOUNT
NAME:                                        
                                         
                                        

We hereby request and authorize, pursuant to the powers delegated to us by a resolution of the Board of Directors of (the “Company”) (a certified
copy of which has been supplied to you), HSBC Bank plc (the “Bank”) to accept and to execute instructions and/or give effect to requests to the Bank to enter into contracts with or on behalf of the Company where such instructions and/or
requests are given by facsimile machine (“Telefax”) and purport to come from us acting on behalf of the Company and are honestly believed by the Bank to come from the Company. We agree to mark clearly on any confirmation of any
communications by Telefax the words “Confirmation only—Do not duplicate”. 
 We on behalf of the Company agree, that 

 

	(a)	the Bank will be under no duty to challenge or make any enquiries concerning any communication by Telefax which it believes in good faith to be a genuine instruction from an authorized representative of the Company;

  

	(b)	the Company shall assume all risks involved in connection with any communications by Telefax, and in particular (but without prejudice to the generality of the foregoing) risks due to errors in transmission
misunderstandings or errors on the part of the Bank regarding the identity of the Company’s authorized representatives or otherwise and that the Bank be discharged from all responsibility in respect thereof; 

 

	(c)	the Company shall indemnify the Bank and its directors, officers, employees or agents on demand and shall keep the Bank and its directors, officers, employees or agents on demand indemnified against any loss arising to
the Bank in consequence of acting in reliance on any such communication and any actions, proceedings, costs, claims and demands in respect thereof; 

  

	(d)	that we will have no claim against the Bank or its directors, officers, employees or agents by reason or account of the Bank or its directors, officers, employees or agents either acting or declining or omitting to act
in accordance with any communication by Telefax; and 

  

	(e)	the Company shall agree to perform and ratify any contracts entered into by the Bank and/or any action taken by the Bank as a result of such communications made or purporting to be made on behalf of the Company and
honestly believed by the Bank to have been made on behalf of the Company. 

  
 ATTACHMENT C-1 

 Such assumption of risk, discharge, indemnity and agreement to perform and ratify shall extend to communications
made or purporting to be made by us and/or any other persons now or hereafter nominated from time to time by the Company, such nomination having been duly and properly advised to the Bank and honestly believed by the Bank to have been made on behalf
of the Company. 
 Notwithstanding the foregoing, the Bank may at any time and at its absolute discretion decline to execute any instruction or request
given or to accept any offer made by Telefax notwithstanding that at the time of such instruction or request or offer the employee of the Bank receiving such instruction or request may have indicated assent to the same. 

This request and authority shall continue in force unless and until expressly revoked by fifteen days’ (or such lesser period as the Bank may accept)
written notice delivered to the Bank and signed in a manner complying with the Company’s current mandate. 
  

			
	Signed	 	  

	for and on behalf of
		
	Signed	 	  

	for and on behalf of
		
	Date	 	  

  
 ATTACHMENT C-2EX-10.1

 Exhibit 10.1 

Execution Copy 
 HSBC
BANK PLC 
 and 

WORLD CURRENCY GOLD TRUST 
  

 

ALLOCATED BULLION ACCOUNT AGREEMENT 

 
  

 THIS AGREEMENT is made as of October 27, 2016. 

BETWEEN 
  

	(1)	HSBC BANK PLC, a company incorporated in England, whose principal place of business in England is at 8 Canada Square, London E14 5HQ (“we” or “us”); and 

 

	(2)	WORLD CURRENCY GOLD TRUST, a Delaware statutory trust organized in series, having its principal office and place of business at 685 Third Avenue, Suite 2702, New York, NY 10017 (the “Trust”).

 INTRODUCTION 
 We have agreed to open
and maintain an Allocated Account for each series of the Trust listed on Schedule A hereto (each, a “Fund” and together the “Funds”) and to provide other services to the Funds in connection with the Allocated
Accounts. This Agreement sets out the terms under which we will provide those services to the Trust and the arrangements which will apply in connection with those services and each Fund’s Allocated Account. 

IT IS AGREED AS FOLLOWS 
  

	1.	INTERPRETATION 

  

	1.1	Definitions: In this Agreement: 

 “Account
Balance” means, in relation to an Allocated Account, the specific Precious Metal held by us for a Fund as from time to time identified in, and recorded on, the Allocated Account. 

“Agreement” means this Allocated Bullion Account Agreement, as the same may be amended from time to time. 

“Allocated Account” means, in relation to Precious Metal, the account maintained by us in a Fund’s name recording the
amount of, and identifying, the Bullion received and held by us for the Fund on an allocated basis pursuant to this Agreement. 

“Availability Date” means the Business Day on which a Fund wishes us to credit to the Fund’s Allocated Account an amount
of Bullion debited from its Unallocated Account. 
 “Bullion” means the Precious Metal held for a Fund under this Agreement
or standing to a Fund’s credit in its Unallocated Account, as the case may be. 
 “Business Day” means a day other
than (i) a day on which the Fund’s listing exchange is closed for regular trading or (ii), if the transaction involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a) a day
on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b) a day on which banking institutions in the United
Kingdom or in such other jurisdiction, as the case may 

  
 1 

 
be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be executed
or completed before the close of the business day may not be so executed or completed. 
 “LBMA” means The London Bullion
Market Association or its successors. 
 “LBMA Gold Price” means the London gold price per troy ounce of gold for delivery
in London through a member of the LBMA authorized to effect such delivery, stated in U.S. Dollars, as calculated and administered by independent service provider(s), and published by the LBMA on its website at wwvv.lbma.org.uk or by its successor
that publicly displays prices. 
 “Participant” means a person who (i) 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, (ii) is a participant in the Depository Trust Company, (iii) has entered
into a Participant Agreement, and (iv) has established a Participant Unallocated Account with us. 
 “Participant
Agreement” means an agreement entered into by each Participant with respect to a Fund which provides the procedures for the creation and redemption of Creation Units of the Fund and for the delivery of the Bullion and cash, if any, required
for such creations and redemptions. 
 “Participant Unallocated Account” means the Precious Metal account a Participant is
required by the Participant Agreement to have maintained by us for such Participant on an Unallocated Basis. 
 “Point of
Delivery” means such date and time that the recipient or its agent acknowledges in written form its receipt of delivery of Precious Metal. 

“Precious Metal” means gold that meets the requirements of “good delivery” under the Rules. 

“Rules” means the rules, regulations, practices and customs of the LBMA (including the rules of the LBMA as to good
delivery), the Financial Services Authority, the Bank of England and such other regulatory authority or body applicable to the activities contemplated by this Agreement, including the activities of any Sub-Custodian. 

“Sponsor” means WGC USA Asset Management Company, LLC. 

“Sub-Custodian” means a sub-custodian, agent or depository (including an entity within our corporate group) selected by us to
perform any of our duties under this Agreement, including the custody and safekeeping of Bullion. 
 “Third Party Unallocated
Account” means a Precious Metal account maintained by us on an Unallocated Basis in the name of a person other than the Trust. 

“Unallocated Account” means, in relation to Precious Metal, the account maintained by us in a Fund’s name recording the
amount of Precious Metal held on an Unallocated Basis 

  
 2 

 
pursuant to the Unallocated Bullion Account Agreement that, in the case of a positive balance, we have a contractual obligation to transfer to the Fund and that, in the case of a negative
balance, if so permitted by us, a Fund has a contractual obligation to transfer to us. 
 “Unallocated Basis” means, with
respect to a Precious Metal account maintained with us, that the person in whose name the account is held is entitled to delivery in accordance with the Rules of an amount of Precious Metal equal to the amount of Precious Metal standing to the
credit of the person’s account but has no ownership interest in any Precious Metal that we own or hold. 
 “Unallocated Bullion
Account Agreement” means that certain Unallocated Bullion Account Agreement between the Trust and us dated as of the date of this Agreement, as amended and/or restated from time to time. 

“VAT” means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and
legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature. 

“Withdrawal Date” means the Business Day on which a Fund wishes to withdraw Bullion from the Fund’s Allocated Account.

  

	1.2	Headings: The headings in this Agreement do not affect its interpretation. 

  

	1.3	Singular and plural; other usages: 

  

	 	(a)	References to the singular include the plural and vice versa. 

  

	 	(b)	“A or B” means “A or B or both.” 

  

	 	(c)	“Including” means “including but not limited to.” 

  

	2.	ALLOCATED ACCOUNT 

  

	2.1	Opening the Allocated Account: We shall open and maintain the Allocated Account for each Fund in respect of Bullion, and we shall hold the Bullion in the Allocated Account on an allocated basis
pursuant to this Agreement. 

  

	2.2	Deposits and withdrawals: The Allocated Account shall evidence and record the holdings of Bullion in, and the movements of Bullion into and out of, the Allocated Account. 

 

	2.3	Denomination of the Allocated Account: The Precious Metal recorded in the Allocated Account shall be denominated in fine ounces of gold to three decimal places. 

  
 3 

	2.4	Reports: 

  

	 	(a)	For each Business Day, by no later than the following Business Day, we will transmit to a Fund by authenticated SWIFT message(s) information showing the movement of Bullion into and out of the Fund’s Allocated
Account, and identifying separately each transaction and the Business Day on which it occurred. In addition, we will provide a Fund such information about the movement of Bullion into and out of the Fund’s Allocated Account on a same-day basis
at such other times and in such other form as a Fund and we shall agree. In the case of any difference between the information provided by authenticated SWIFT message and the information we provide to a Fund pursuant to the immediately preceding
sentence, the SWIFT message will be controlling, and we shall not be liable for a Fund’s or any third party’s reliance on the information we provide to the Fund by means other than SWIFT message. 

 

	 	(b)	For each calendar month, we will provide each Fund within a reasonable time after the end of the month a statement of account for the Fund’s Allocated Account, accompanied by one or more weight lists in respect of
the Bullion in the Fund’s Allocated Account as of the last Business Day of the calendar month, containing information sufficient to identify each bar of Bullion held in the Fund’s Allocated Account and the party having physical possession
thereof. We also will provide each Fund additional weight lists in respect of the Bullion in the Fund’s Allocated Account from time to time upon the Fund’s request, but only on the condition that the Fund may not request weight lists as a
way to obtain them routinely on a more frequent basis than the monthly basis on which we are undertaking to provide them. Each weight list shall include information sufficient to identify each bar of Bullion held by any Sub-Custodian or any
sub-custodian of a Sub-Custodian. 

  

	 	(c)	We will maintain a secure website, whereby the Trust, on behalf of each Fund, shall have access to the list of all bars of Bullion in the Fund’s Allocated Account, which list shall be updated at least daily and
include the following information for each bar of Bullion: (i) relevant vault location, (ii) gross weight, (iii) fineness, (iv) serial identification number, (v) size, (vi) fine ounces, and (vii) applicable
refinery name. 

  

	2.5	 Reversal of entries: In order to maintain the accuracy of our books and records, but without
limiting our responsibilities or liability under this Agreement, we shall reverse or amend any entries to a Fund’s Allocated Account to correct errors that we discover or of which we are notified with, if we deem it necessary, effect
back-valued to the date upon which the correct entry (or no entry) should have been made. Without limiting the foregoing, if Bullion delivered to a Fund’s Allocated Account upon withdrawal from a Fund’s Unallocated Account is determined to
be of a fineness or weight different from the fineness or weight we have reported to the Fund, (i) we shall debit the Fund’s Allocated Account and credit the Fund’s Unallocated Account with the requisite amount of Bullion if the
determination reduces the total fine ounces of Bullion that should have been credited to the Fund’s Allocated Account, and (ii) we shall credit the Fund’s 

  
 4 

	 	
Allocated Account and debit the Fund’s Unallocated Account with the requisite amount of Bullion if the determination increases the total fine ounces of Bullion that should have been credited
to the Fund’s Allocated Account. 

  

	2.6	Access: Upon reasonable prior written notice, we will, during our normal business hours, allow a Fund’s or the Sponsor’s representatives, not more than twice during any calendar year, and
a Fund’s independent public accountants, in connection with their audit of the financial statements of a Fund, to visit our premises and examine the Bullion and such records maintained by us in relation to the Fund’s Allocated Account as
they may reasonably require. Any such visit shall be conducted over such number of Business Days as may be reasonably necessary to complete the examination which is the purpose of such visit. The applicable Fund shall bear all costs relating to such
visits and exams, including any out of pocket or other costs we may incur in connection therewith. Our providing of any such visits or exams is conditioned on the relevant parties complying with all our security rules and procedures and undertaking
to keep confidential all information they obtain in accordance with a form of confidentiality agreement we will provide. If at the time of any visit none of the Bullion is at our premises, the relevant parties will not be permitted to visit our
vault. Any visits by a Fund’s or the Sponsor’s representatives pursuant to clause 2.6 of the Unallocated Bullion Account Agreement shall be deemed to be a visit for purposes of this clause 2.6. To the extent that our activities under this
Agreement arc relevant to the preparation of the filings required of the Trust under the securities laws of the United States, we will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate with the Trust
and the Sponsor and Trust’s and the Sponsor’s representatives to provide such information concerning our activities as may be necessary for such filings to be completed. 

 

	3.	TRANSFERS INTO THE ALLOCATED ACCOUNT 

  

	3.1	 Procedure: We shall receive transfers of Bullion into a Fund’s Allocated Account only
at the Fund’s instruction given pursuant to the Fund’s Unallocated Bullion Account Agreement, by debiting Bullion from the Fund’s Unallocated Account and allocating such Bullion to the Fund’s Allocated Account, unless we
otherwise agree in writing. For any instruction we have received to transfer Bullion standing to a Fund’s credit in its Unallocated Account to the Fund’s Allocated Account pursuant to clause 4.2(b) of the Unallocated Bullion Account
Agreement, we shall allocate the amount of Bullion indicated in such instruction as soon as practicable and by no later than 2:00 p.m. (London time) on the date of allocation, provided that, if we are required to use one or more Sub-Custodians for
the allocation process, we shall use our best efforts to complete such allocation by no later than 2:00 p.m. (London time) on the date of allocation. As of 2:00 p.m. (London time) on the date of allocation, we shall send a Fund an authenticated
electronic message (Swift MT199) notifying the Fund of the status of the allocation process and including (i) the amount of Bullion transferred to the Fund’s Unallocated Account from each Participant’s Participant Unallocated Account,
separately stated; (ii) the amount of Bullion that has been transferred into the Fund’s Allocated Account from the Fund’s Unallocated Account and (iii) the amount of Bullion, if any, remaining in the Fund’s Unallocated
Account. Notwithstanding the foregoing, when New York is on 

  
 5 

	 	
daylight savings time and London is not on daylight savings time, the references to 2:00 p.m. (London time) in this clause 3.1 shall be deemed to be 1:00 p.m. (London time). Notwithstanding
anything else to the contrary and in the absence of manifest error, the information contained in such authenticated electronic message shall represent our official and conclusive records. Additionally, we shall send a Fund promptly after the
foregoing message an e-mail (or other agreed upon form of communication) including a bar list for the Bullion that has been allocated. 

  

	3.2	Right to Amend Procedure: We may amend our procedure for the transfer of Bullion into a Fund’s Allocated Account or impose additional procedures therefore upon the prior written consent of each
Fund and the Sponsor, provided that we may make any such amendment or imposition without such consent where such amendment or imposition is required by a change in the Rules or applicable law. We will notify each Fund within a commercially
reasonable time before we amend our procedures or impose additional ones in relation to the withdrawal of Bullion, and in doing so we will consider a Fund’s needs to communicate any such change to Participants and others. 

 

	4.	TRANSFERS FROM THE ALLOCATED ACCOUNT 

  

	4.1	Procedure and instructions: We will transfer Bullion from a Fund’s Allocated Account To such persons and at such times and on such terms as specified in a Fund’s instructions to us and not
otherwise. Unless a Fund instructs us otherwise, we will transfer Bullion from a Fund’s Allocated Account only by debiting Bullion from the Fund’s Allocated Account and crediting the Bullion to the Fund’s Unallocated Account. When a
Fund instructs us in accordance with clause 4.4, we will transfer Bullion from a Fund’s Allocated Account by debiting Bullion from the Fund’s Allocated Account and making Such Bullion available for collection or delivery as provided in
clause 4.4. All instructions to transfer Bullion from a Fund’s Allocated Account must: 

  

	 	(a)	in the normal course, be received by us no later than 9:00 a.m. (London time) on (i) the day that is two Business Days prior to the Withdrawal Date or (ii) in the case of a transfer of Bullion to a Fund’s
Unallocated Account in connection with a redemption of Fund shares that has been held open one Business Day, on the Withdrawal Date, unless we otherwise agree; 

  

	 	(b)	specify (i) the minimum number of fine ounces of Bullion to be debited from a Fund’s Allocated Account and (ii) if the Fund is identifying the Bullion to be debited, the serial numbers of the Bullion to
be debited; and 

  

	 	(c)	provide any other information which we may from time to time require, including, where applicable, the name of the person that will collect the Bullion from us or, if applicable, to whom we are to deliver it, and the
Withdrawal Date. 

  

	4.2	 Power to amend procedure: We may amend our procedure for the withdrawal of Bullion from a
Fund’s Account Balance or impose additional procedures therefor upon the prior written consent of each Fund and the Sponsor, provided that we may make any such amendment or imposition without such consent where such amendment or imposition is

  
 6 

	 	
required by a change in the Rules or applicable law. We will notify each Fund within a commercially reasonable time before we amend our procedures or impose additional ones in relation to the
withdrawal of Bullion, and in doing so we will consider the Fund’s needs to communicate any such change to Participants and others. 

  

	4.3	Specification of Bullion: Unless a Fund instructs us as to the serial numbers of the Bullion to be debited, we are entitled to select the Bullion to be debited from a Fund’s Allocated Account.
When a Fund instructs us to debit a minimum amount of Bullion from the Fund’s Allocated Account for credit to the Fund’s Unallocated Account without specifying the serial numbers of the Bullion to be debited, we will select the Bullion to
be debited and will use commercially reasonable efforts to select for deallocation the smallest amount of Bullion necessary to satisfy the Fund’s instruction. When a Fund notifies us of a debit of Bullion pursuant to clause 4.1 in the case of a
redemption of Fund shares that has been held open one Business Day, the Fund may not specify the serial numbers of the Bullion to be debited to the Fund’s Allocated Account. 

 

	4.4	Physical withdrawals of Bullion: Subject to clause 5.4, upon a Fund’s instruction, we will debit Bullion from the Fund’s Allocated Account and make the Bullion available for collection by
the Fund or, if separately agreed, for delivery by us, at the Fund’s expense and risk. Each Fund expects to withdraw Bullion physically from the Fund’s Allocated Account (rather than by crediting it to the Fund’s Unallocated Account)
only in exceptional circumstances, as for example when we are unable to transfer Precious Metal on an Unallocated Basis. In the case of all physical withdrawals of Bullion from a Fund’s Allocated Account, unless we agree to undertake delivery,
the Fund must collect, or arrange for the collection of, the Bullion being withdrawn from us, the Sub-Custodian or other party having physical possession thereof. We will advise the Fund of the location from which the Bullion may be collected no
later than one Business Day prior to the Withdrawal Date. When we have agreed separately to deliver Bullion in connection with a physical withdrawal, we shall make transportation and insurance arrangements on the Fund’s behalf in accordance
with our usual practice unless we have agreed in writing to other arrangements, with which we shall use commercially reasonable efforts to comply. Anything in this Agreement to the contrary notwithstanding, and without limiting a Fund’s right
to withdraw Bullion physically, we shall not be obliged to effect any requested delivery if, in our commercially reasonable opinion, this would cause us or our agents to be in breach of the Rules or other applicable law, court order or regulation,
the costs incurred would be excessive or delivery is impracticable for any reason. When pursuant to a Fund’s instruction Bullion, including Bullion allocated to the Fund’s Allocated Account in connection with the overdraft facility
provided for in clause 4.7 of the Unallocated Bullion Account Agreement, is physically withdrawn from the Fund’s Allocated Account, all right, title, risk and interest in and to the Bullion withdrawn shall pass at the Point of Delivery to the
person to whom or to or for whose account such Bullion is transferred, delivered or collected. If a Fund instructs us as to the serial number of one or more whole bars of Bullion to be debited, the Bullion the Fund specifies will be made available
for collection or delivery as soon as reasonably practicable. 

  
 7 

	5.	INSTRUCTIONS 

  

	5.1	Trust representatives: We will act only on instructions given in accordance with this clause 5.1 and clause 14 and will not otherwise act on instructions given by any person claiming to have a
beneficial interest in the Trust. Each Fund shall notify us promptly in writing of the names of the people who are authorized to give instructions on its behalf. Until we receive written notice to the contrary, we are entitled to assume that any of
those people have full and unrestricted power to give us instructions on the Fund’s behalf. We are also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have such authority.

  

	5.2	Amendments: Once given, instructions continue in full force and effect until we receive further instructions that they are cancelled, amended or superseded. We must receive an instruction canceling,
amending or superseding a prior instruction before the time the prior instruction is acted upon. Any instructions shall have effect only after actual receipt by us in accordance with clause 14 of this Agreement. 

 

	5.3	Unclear or ambiguous instructions: If, in our commercially reasonable opinion, any instructions are unclear or ambiguous, we shall use reasonable efforts (taking into account any relevant time
constraints) to obtain clarification of those instructions but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe in good faith such instructions to be or refuse to take any action or
execute such instructions until any ambiguity or conflict has been resolved to our satisfaction. 

  

	5.4	Refusal to execute: We reserve the right to refuse to execute instructions if (i) in our commercially reasonable opinion they are or may be contrary to the Rules or applicable law or
(ii) with respect to instructions relating to the full withdrawal of the aggregate balance of Bullion standing to a Fund’s credit in the Fund’s Allocated Account and the Fund’s Unallocated Account, a negative balance is
outstanding on the Fund’s Unallocated Account. Additionally, we shall in no circumstances have any obligation to act upon any instruction which in our commercially reasonable opinion would result in a negative balance on a Fund’s Allocated
Account. Any such refusal or inaction will be promptly notified to the Trust. 

  

	6.	CONFIDENTIALITY 

  

	6.1	Disclosure to others: Subject to clause 6.2, we shall treat as confidential and will not, without the Trust’s consent, disclose to any other person any transaction or other information we
acquire about the Trust’s, a Fund’s, or the Sponsor’s business pursuant to this Agreement. Subject to clause 6.2, the Trust shall treat as confidential and will not, without our consent, disclose to any other person any information
that we provide to the Trust about us or our business pursuant to this Agreement and that we tell the Trust, at or before the time we provide it, we are providing to the Trust on a confidential basis. Notwithstanding the foregoing, nothing in this
Agreement will prevent or condition the public or non-public filing with the U.S. Securities and Exchange Commission of a copy of this Agreement in connection with the registration of the public offering of its shares by the Trust.

  
 8 

	6.2	Permitted disclosures: Each party accepts that from time to time the other party may be required by law or the Rules, or by a court proceeding or similar process, or requested by or required in
connection with filings made with a government department or agency, fiscal body or regulatory or self-regulatory authority, to disclose information acquired under this Agreement. In the event that a party becomes compelled by law to disclose any
such confidential information as described in the preceding sentence, such party shall, if permitted under applicable law and Rules, provide the other party with prompt written notice so that the other party may seek a protective order or other
appropriate remedy. In addition, the disclosure of such information may be required by a party’s auditors, by its legal or other advisors, by a company which is in the same group of companies as a party (e.g., a subsidiary or holding company of
a party) or by a Sub-Custodian. Subject to the agreement of the party to which information is disclosed to maintain it in confidence in accordance with clause 6.1, each party irrevocably authorizes the other to make such disclosures without further
reference to such party. 

  

	7.	CUSTODY SERVICES 

  

	7.1	Appointment: Each Fund hereby appoints us to act as custodian and bailee of the Bullion comprising the Fund’s Account Balance in accordance with this Agreement and any Rules and laws which
apply to us, and we hereby accept such appointment. Except as otherwise provided under this Agreement, we do not undertake the responsibility of a trustee or any other duties in relation to such Bullion not implied by the law of bailment.

  

	7.2	Segregation of Bullion: We will be responsible for the safekeeping of the Bullion on the terms and conditions of this Agreement. We will physically segregate the Precious Metal comprising each
Fund’s Account Balance in the Fund’s Allocated Account from any Precious Metal or other assets which we own or which we hold for any other Fund or for other customers or persons. We shall make entries in our books and records to identify
such Precious Metal as being held for the Fund’s Allocated Account. We will require each Sub-Custodian to physically segregate the Precious Metal held by them for us for the benefit of the Trust from any Precious Metal which they own or which
they hold for others by making entries in their books and records to identify such Precious Metal as being held for us for the benefit of the Trust. It is understood that our undertaking to require each Sub-Custodian to segregate Bullion from
Precious Metal they own or hold for others reflects the current custody practice in the London bullion market, and that accordingly we will be deemed to have communicated that requirement prior to the execution of this Agreement by our participation
in that market. Entries on our books and records to identify Bullion will refer to each bar of Bullion by refiner, assay, serial number and gross and fine weight. Additionally, we will require each Sub-Custodian to identify on its books and records
each bar of Bullion held by them for us for the benefit of the Trust by refiner, assay, serial number and gross and fine weight and to provide such information to the Fund upon request. Under current LBMA market practices, the weight lists provided
to us by our Sub-Custodians are expected to identify each bar of Bullion held for us for the benefit of the Trust by refiner, assay, serial number and gross and fine weight and by any other marks required for the identification of a bar of Bullion
under the Rules. 

  
 9 

	7.3	Ownership of Bullion: We will identify in our books and records that the Bullion belongs solely to the Trust on behalf of the applicable Fund, and not to any other Fund or other party.

  

	7.4	Location of Bullion: Unless otherwise agreed between a Fund and us, the Bullion held for a Fund in the Fund’s Allocated Account must be held by us at our London vault premises or, when Bullion
has been allocated in a vault other than our London vault premises, by or for any Sub-Custodian employed by us as permitted by clause 8.1. We agree that we shall use commercially reasonable efforts promptly to transport any Bullion held for a Fund
by or for a Sub-Custodian to our London vault premises and such transport shall be at our cost and risk. We agree that all delivery and packing shall be in accordance with the Rules and LBMA good market practices. 

 

	7.5	Replacement of Bullion: Upon a determination by us that any Bullion credited to a Fund’s Allocated Account does not comply with the Rules, we shall as soon as practical replace such Bullion
with Bullion which complies with the Rules by (i) debiting the Fund’s Allocated Account and crediting the Fund’s Unallocated Account with the requisite amount of Bullion to be replaced, (ii) providing replacement Bullion which
complies with the Rules and which is of an amount that approximates the amount of Bullion to be replaced as closely as practical and (iii) debiting the Fund’s Unallocated Account and crediting the Fund’s Allocated Account with the
requisite amount of replacement Bullion. We shall not start the foregoing replacement process on a particular Business Day unless we are reasonably sure that such replacement process can be started and completed in the same Business Day. We shall
notify a Fund by authenticated electronic transmission (including tested telex and authenticated SWIFT) as soon as practical on the Business Day (but no later than the end of business on such Business Day) when (i) we have determined that
Bullion credited to the Fund’s Allocated Account does not comply with the Rules and will be replaced and (ii) when replacement Bullion has been credited to the Fund’s Allocated Account in accordance with the above instructions.

  

	8.	SUB-CUSTODIANS 

  

	8.1	 Sub-Custodians: We may appoint Sub-Custodians solely for the temporary custody and
safekeeping of Bullion until transported to our London vault premises as provided in clause 7.4, unless otherwise agreed between the Trust and us with the consent of the Sponsor. Any such Sub-Custodian shall be a member of the LBMA. The
Sub-Custodians we select may themselves select subcustodians to provide such temporary custody and safekeeping of Bullion, but such subcustodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is
used herein. We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, ICBC Standard Bank,
JPMorgan Chase Bank, N.A., and UBS AG. We will notify the Trust if we select any additional Sub-

  
 10 

	 	
Custodian, or stop using any Sub-Custodian for such purpose. The Trust’s receipt of notice that we have selected a Sub-Custodian (including those named in this clause 8.1) shall not be
deemed to limit our responsibility in selecting such Sub-Custodian. Not more frequently than annually, upon the Trust’s request, we shall confirm to the Trust that from time to time we may hold Precious Metal for our own account with one or
more of each of the Sub-Custodians, provided that this confirmation shall not constitute a representation by us regarding the solvency or creditworthiness of any Sub-Custodian. 

 

	8.2	Liability for Sub-Custodian: Except for our obligations under clause 7.4 related to obtaining delivery of Bullion from Sub-Custodians, we shall not be liable for any loss suffered by you as a result
of any act or omission or insolvency of any Sub-Custodian and any direct or indirect sub-custodian selected or used by such Sub-Custodian, except to the extent directly resulting from our fraud, negligence or bad faith in the appointment of that
Sub-Custodian. 

  

	8.3	Notice. We will provide the Trust on request with the name and address of any Sub-Custodian we select and any direct or indirect sub-custodian selected or used by such Sub-Custodian, along with any other
information which the Trust may reasonably require concerning the appointment or use of such Sub-Custodian or such direct or indirect sub-custodian. 

  

	8.4	Monitoring. We will monitor the conduct of each Sub-Custodian and promptly advise the Trust of any difficulties or problems (financial, operational, or otherwise) existing with respect to such
Sub-Custodian of which we are aware and will take appropriate and lawful action to protect and safekeep each Fund’s Precious Metal deposited with such Sub-Custodian, including to the extent feasible, the withdrawal of such Precious Metal from
such Sub-Custodian. 

  

	9.	REPRESENTATIONS 

  

	9.1	Trust representations: The Trust represents and warrants to us that (such representations and warranties being deemed to be repeated upon each occasion Bullion is credited to or debited from a
Fund’s Allocated Account under this Agreement): 

  

	 	(a)	the Trust is duly constituted and validly existing under the laws of its jurisdiction of constitution; 

  

	 	(b)	the Trust has all necessary authority, powers, consents, licenses and authorizations (which have not been revoked) and has taken all necessary action to enable it lawfully to enter into and perform its duties and
obligations under this Agreement; 

  

	 	(c)	the person entering into this Agreement on the Trust’s behalf has been duly authorized to do so; and 

  

	 	(d)	this Agreement and the obligations created under it constitute the Trust’s legal and valid obligations which are binding upon the Trust and enforceable against the Trust in accordance with their terms (subject to
applicable principles of equity) and do not and will not violate the terms of the Rules, any applicable laws or any order, charge or agreement by which the Trust is bound. 

  
 11 

	9.2	Our representations: We represent and warrant to the Trust that (such representations and warranties being deemed to be repeated on each occasion Bullion is credited to or debited from a Fund’s
Allocated Account under this Agreement): 

  

	 	(a)	we are a bank, duly organized under the laws of our country of organization as set forth above, and are regulated as such by that country’s government or any agency thereof; 

 

	 	(b)	the bank is duly constituted with all necessary authority, powers, consents, licenses and authorizations (which have not been revoked) and all necessary action has been taken to enable us lawfully to enter into and
perform our duties and obligations under this Agreement; 

  

	 	(c)	the person entering into this Agreement on our behalf has been duly authorized to do so; 

  

	 	(d)	we are a member of the LBMA; and 

  

	 	(e)	this Agreement and the obligations created under it constitute our legal and valid obligations which are binding upon us and enforceable against us in accordance with their terms (subject to applicable principles of
equity) and do not and will not violate the terms of the Rules, any applicable laws or any order, charge or agreement by which we are bound. 

  

	10.	FEES AND EXPENSES 

  

	10.1	Fees: Pursuant to a separate written agreement between the Sponsor and us, the Sponsor has agreed to pay the fee for our services under this Agreement. Such fee is inclusive of fees for storage and
insurance of the Bullion and any fees and expenses of Sub-Custodians. 

  

	10.2	Expenses: Pursuant to a separate written agreement between the Sponsor and us, the Sponsor has agreed to pay us on demand all ordinary and customary out-of-pocket costs, charges and expenses
incurred by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with the Bullion. A Fund will pay on demand, solely from and to the extent of the assets of the Fund, any other costs,
charges and expenses (including any (i) relevant taxes charged to us, duties and other governmental charges (other than VAT, which is addressed in clause 11.1), and (ii) indemnification claims payable by a Fund pursuant to clause 12.5)
incurred by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with the Bullion that are not payable to us by the Sponsor under its separate written agreement with us. Additionally, a
Fund will pay on demand, solely from and to the extent of the assets of the Fund, any amount of our ordinary and customary out-of-pocket costs, charges or expenses which the Sponsor has failed to pay pursuant to this clause 10.2. 

  
 12 

	10.3	Default interest: If a Fund or the Sponsor, as the case may be, fails to pay us any amount when it is due, we reserve the right to charge the relevant party interest (both before and after any
judgment) on any such unpaid amount calculated at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount is due. Interest will accrue on a daily basis and will be due and payable by the
relevant party as a separate debt. 

  

	11.	VALUE ADDED TAX 

  

	11.1	VAT inclusive: All sums payable under this Agreement by a Fund to us, or under the separate written agreement referenced in clause 10.1, by the Sponsor or a Fund, as the case may be, shall be deemed
to be inclusive of VAT. 

  

	12.	SCOPE OF RESPONSIBILITY 

  

	12.1	Exclusion of liability: We will use reasonable care in the performance of our duties under this Agreement and will only be responsible to a Fund for any loss or damage suffered by the Fund as a
direct result of any negligence, fraud or willful default on our part in the performance of our duties, in which case our liability will not exceed the aggregate market value of the Account Balance at the time such negligence, fraud or willful
default is discovered by us (such market value calculated using the nearest available morning or afternoon LBMA Gold Price following the occurrence of such negligence, fraud or willful default), provided that we notify the Fund promptly after we
discover such negligence, fraud or willful default. If we credit Bullion to the Fund’s Allocated Account that is not of the fine weight we have represented to the Fund, recovery by the Fund, to the extent such recovery is otherwise allowed,
shall not be barred by the Fund’s delay in asserting a claim because of the failure to discover such loss or damage regardless of whether such loss or damage could or should have been discovered. We shall not in any event be liable for any
consequential loss, or loss of profit or goodwill. 

  

	12.2	No duty or obligation: We are under no duty or obligation to make or take, or require any Sub-Custodian to make or take, any special arrangements or precautions beyond those required by the Rules or
as specifically set forth in this Agreement. 

  

	12.3	Trust liability: This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or
shareholders of the Trust individually. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust.
We acknowledge that we are not entitled to use the assets of a particular Fund to discharge the debts, liabilities, obligations, and expenses of the Trust generally or any other Fund, and none of the debts, liabilities, obligations and expenses
incurred, contracted for, or otherwise existing with respect to the Trust generally or any such other Fund shall be enforceable against the assets of that particular Fund. The Trust’s Declaration of Trust is on file with the Trust.

  
 13 

	12.4	Insurance: We shall maintain insurance in regard to our business, including our bullion and custody business, on such terms and conditions as we consider appropriate. We will annually provide the
Trust with a copy of our certificate of insurance and, additionally, we will, upon reasonable prior notice, allow our insurance to be reviewed by the Trust and the Sponsor in connection with any registration statement or amendment thereto under the
United States federal Securities Act of 1933, as amended, covering shares of the Trust. Any permission to review our certificate of insurance or insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a
form of confidentiality agreement we will provide, or if the confidentiality agreement is already in force, acknowledging that the review is subject to it. The foregoing permission for the Sponsor to review our certificate of insurance or insurance
shall cease when the Sponsor ceases to serve the Trust as sponsor. 

  

	12.5	Force majeure: We shall not be liable to a Fund for any delay in performance, or for the non-performance, of any of our obligations under this Agreement by reason of any cause beyond our reasonable
control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of, or in connection with, any transmission, clearing or settlement facilities, communication or computer facilities, any transport, port, or airport
disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities or relevant regulatory or self-regulatory organization or failure of any such body, authority, or relevant regulatory or
self-regulatory organizations to perform its obligations for any reason. 

  

	12.6	Indemnity: Each Fund shall, solely out of the assets of the Fund, indemnify and keep us, and each of our directors, shareholders, officers, employees, agents, affiliates (as such term is defined in
Regulation S-X adopted by the United States Securities and Exchange Commission under the United States federal Securities Act of 1933, as amended) and subsidiaries (us and each such person a “Custodian Indemnified Person” for
purposes of this clause 12.6) indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which any such Custodian Indemnified Person may suffer or incur, directly or indirectly, in connection with
services provided to the Fund under this Agreement except to the extent that such sums are due directly to our negligence, willful default or fraud or that of such Custodian Indemnified Person. The foregoing indemnity shall not apply to our fees
that are paid by the Sponsor pursuant to clause 10.1. 

  

	12.7	Third parties: Except with respect to the Trust and each Fund, which shall be considered beneficiaries of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable) of
clauses 2.6, 4.2, 8.1 and 12.3, we do not owe any duty or obligation or have any liability towards any person who is not a party to this Agreement, and, other than the Sponsor and the Custodian Indemnified Persons, this Agreement does not confer a
benefit on any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement shall be enforceable by any person who is not a party to it, except for the Sponsor and the Custodian Indemnified Persons,
and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement. Nothing in this paragraph is intended to limit the obligations hereunder of any successor Trustee of the Trust or to limit the right of any
successor Trustee of the Trust to enforce our obligations hereunder. 

  
 14 

	12.8	No Liens: We will not create any right, charge, security interest, lien or claim against the Bullion, except those in our favor arising under this Agreement or the Unallocated Bullion Account
Agreement, and we will not loan, hypothecate, pledge or otherwise encumber any Bullion except pursuant to a Fund’s instructions. Notwithstanding the foregoing sentence, we will not create any right, charge, security interest, lien or claim
against the Bullion with respect to the payment or non-payment by the Sponsor of our fees pursuant to clause 10.1. 

  

	12.9	Other Activities: We and any of our affiliates may act as a Participant or own or hold Precious Metal or shares issued by a Fund or both and may deal with them in any manner, including acting as
underwriter for the shares, with the same rights and powers as if we were not a custodian and bailee hereunder. 

  

	13.	TERMINATION 

  

	13.1	Termination by the Trust: This Agreement may be terminated by the Trust, with respect to one or more Funds: 

  

	 	(i)	by giving not less than 90 Business Days’ written notice to us; or 

  

	 	(ii)	immediately by written notice in the event the Trust has determined in its commercially reasonable opinion the existence of the presentation of a winding- up order, bankruptcy or analogous event in relation to us.

 Any such notice given by the Trust, on behalf of a Fund must specify: 

 

	 	(a)	the date on which the termination will take effect; 

  

	 	(b)	the person to whom the Bullion is to be delivered; and 

  

	 	(c)	all other necessary arrangements for the delivery of the Bullion to the Fund or to the Fund’s order. 

  

	13.2	Termination by Us: This Agreement may be terminated by us, with respect to one or more Funds: 

  

	 	(i)	by giving not less than 90 Business Days’ written notice to the Trust; or 

  

	 	(ii)	immediately by written notice in the event we have determined in our commercially reasonable opinion the existence of the presentation of a winding- up order, bankruptcy or analogous event in relation to the Trust.

  

	13.3	Effect of Termination. Termination of this Agreement with respect to the coverage of any one Fund shall in no way affect the rights and duties under this Agreement with respect to any other Fund.

  
 15 

	13.4	Redelivery arrangements: Following any termination of this Agreement, if the Trust does not make arrangements acceptable to us for the redelivery of the Bullion, we may continue to store the
Bullion, in which case we will continue to charge the fees and expenses payable under clause 10. If the Trust has not made arrangements acceptable to us for the redelivery of the Bullion within 6 months of the date specified in the termination
notice as the date on which the termination will take effect, we will be entitled to sell the Bullion and account to the applicable Fund for the proceeds after deducting any amounts due to us under this Agreement. 

 

	13.5	Existing rights: Termination shall not affect rights and obligations then outstanding under this Agreement, which rights and obligations shall continue to be governed by this Agreement until all
obligations have been fully performed. 

  

	14.	NOTICES 

  

	14.1	Form: Subject to clause 14.5, any notice, notification, instruction or other communication under or in connection with this Agreement shall be given in writing. References to writing include
electronic transmissions that are of the kind specified in clause 14.2. 

  

	14.2	Method of transmission: Any notice, notification, instruction or other communication required to be in writing may be delivered personally or sent by first class post, pre-paid recorded delivery (or
air mail if overseas), authenticated electronic transmission (including tested telex and authenticated SWIFT) or such other electronic transmission as the parties may from time to time agree to the party due to receive the notice, notification,
instruction or communication, at its address, number or destination set out in this Agreement or another address, number or destination specified by that party by written notice to the other. 

 

	14.3	Deemed receipt on notice: A notice, notification, instruction or other communication under or in connection with this Agreement will be deemed received only if actually received or delivered.

  

	14.4	Recording of calls: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and accepted by the Trust as evidence of the orders or instructions
given that are permitted to be given orally under this Agreement. 

  

	14.5	Instructions Relating to Bullion: All notices, notifications, instructions and other communications relating to the movement of Bullion in relation to a Fund’s Allocated Account shall be by way
of authenticated electronic transmission (including tested telex and authenticated SWIFT), and shall be addressed to: 

Precious Metals Operations 
 HSBC
Bank Plc 
 8 Canada Square 

London E14 5HQ 
 Tested Telex:
889217 RNB 
 SWIFT: BLIC GB2L 

  
 16 

	15.	GENERAL 

  

	15.1	No advice: We are under no duty or obligation under this Agreement to provide the Trust or any Fund with investment advice. The Trust and each Fund has relied upon its own judgment in asking us to
open and maintain the Allocated Accounts, and we shall not owe the Trust or any Fund any duty to exercise any judgment on its behalf as to the merits or suitability of any deposits into, or withdrawals from, a Fund’s Allocated Account.

  

	15.2	Rights and remedies: Our rights under this Agreement are in addition to, and independent of, any other rights which we may have at any time in relation to the Account Balance, except that we will
not have any right to set-off against any account we maintain or property that we hold for a Fund under this Agreement any claim or amount that we may have against the Fund or that may be owing to us other than pursuant to this Agreement, no matter
how that claim or amount arose. Notwithstanding the foregoing, we will not have any such right of set-off for any such claim or amount with respect to the payment by the Sponsor of our fee under clause 10.1. 

 

	15.3	Addition of parties: Additional series of the Trust (each a “New Fund”) may from time to time become parties to this Agreement by (A) delivery to us of (i) an instrument of
adherence agreeing to become bound by and party to this Agreement executed by the Trust on behalf of such New Fund, and (ii) an amendment and restatement of Schedule A setting forth the New Fund, and (B) upon receipt of the foregoing
documents, we may agree in writing to the addition of such New Fund, which agreement shall not be unreasonably withheld. 

  

	15.4	Assignment: This Agreement is for the benefit of and binding upon each party and their respective successors and assigns. Except as otherwise provided herein, this Agreement may not be assigned by
either party without the written consent of the other party. 

  

	15.5	Amendments: Any amendment to this Agreement must be agreed in writing and be signed by each party to the Agreement. Unless otherwise agreed, an amendment will not affect any legal
rights or obligations which may already have arisen. 

  

	15.6	Partial invalidity: If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or
part of a clause) will not in any way be affected or impaired. 

  

	15.7	Entire agreement: This document and the Unallocated Bullion Account Agreement represents our entire agreement, and supersedes any previous agreements between the parties, relating to the subject
matter of this Agreement. 

  

	15.8	Counterparts: This Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement.

  
 17 

	15.9	Business Days: If any obligation of a party falls due to be performed on a day which is not a Business Day in respect of the Allocated Account in question, then the relevant obligations shall be
performed on the next succeeding Business Day applicable to such account. 

  

	15.10	Processing of account entries: Except for physical withdrawals as to which transfer of ownership is determined at the Point of Delivery, records of (i) all deposits to and withdrawals from an
Allocated Account and all debits and credits to an Unallocated Account which, pursuant to instructions given in accordance with this Agreement and the Unallocated Bullion Account Agreement, occur on a Business Day and (ii) all end of Business
Day account balances in such Allocated Account and such Unallocated Account are prepared overnight as at the close of our business (usually 4:00 p.m. London time) on that Business Day. For avoidance of doubt, the foregoing sentence is illustrated by
the following examples, which are not intended to create any separate obligations on our part: 

 Reports of a transfer of
Precious Metal from a Third Party Unallocated Account for credit to a Fund’s Unallocated Account on a Business Day and a debit of Bullion from the Fund’s Unallocated Account for credit to the Fund’s Allocated Account on that Business
Day pursuant to the standing instruction contained in the Unallocated Bullion Account Agreement and of the balances in the Fund’s Allocated Account and the Fund’s Unallocated Account for that Business Day shall be prepared overnight as at
the close of our business on that Business Day. 
 Reports of a transfer of Bullion which we debit from a Fund’s Allocated Account for
credit to the Fund’s Unallocated Account on a Business Day and a transfer of Bullion which we debit from the Fund’s Unallocated Account for credit to a Third Party Unallocated Account on that Business Day and of the balances in the
Fund’s Allocated Account and Unallocated Account for that Business Day shall be prepared overnight as at the close of our business on that Business Day. 

When a Fund instructs us to debit Bullion from the Fund’s Allocated Account for credit to the Fund’s Unallocated Account and directs
us to execute such instruction on the same Business Day as and in connection with one or more instructions that the Fund gives to us to debit Bullion from the Fund’s Unallocated Account, we will use commercially reasonable efforts to execute
the instructions in a manner that minimizes the time the Bullion to be debited from the Fund’s Allocated Account stands to the Fund’s credit in its Unallocated Account, save that we shall not be responsible for any delay caused by late,
incorrect or garbled instructions or information from the Fund or any third party. 
  

	15.11	Maintenance of this Agreement: Concurrently with this Agreement, the parties are entering into the Unallocated Bullion Account Agreement. That agreement shall remain in effect as long
as this Agreement remains in effect, and if that agreement is terminated, this Agreement terminates with immediate effect. 

  

	15.12	Prior Agreements: The Agreement supersedes and replaces any prior existing agreement between the parties relating to the same subject matter. 

  
 18 

	15.13	Cooperation: During the term of this Agreement, each party will cooperate with the other and make available to the other upon reasonable request any information or documents necessary
to insure that each party’s respective books and records are accurate and current. 

  

	16.	GOVERNING LAW AND JURISDICTION 

  

	16.1	Governing law: This Agreement and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non-contractual in nature, such as claims in
tort, for breach of statute or regulation or otherwise) are governed by, and will be construed in accordance with, English law. 

  

	16.2	Jurisdiction: The parties agree that the courts of the State of New York, in the United States of America, and the United States federal court located in the Borough of Manhattan in
such state are to have jurisdiction to settle any disputes or claims which may arise out of or in connection with this Agreement and, for these purposes each party irrevocably submits to the non-exclusive jurisdiction of such courts, waives any
claim of forum non conveniens and any objections to the laying of venue, and further waives any personal service. 

  

	16.3	Waiver of immunity: To the extent that a party may in any jurisdiction claim for itself or for its assets any immunity from suit, judgment, enforcement or otherwise howsoever, the
party agrees not to claim and irrevocably waives any such immunity to which it would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction. 

 

	16.4	Service of process: Process by which any proceedings are begun may be served by being delivered to the addresses specified below. This does not affect the right of either of us to
serve process in another manner permitted by law. 

  

			
	Our address for service of process:	  	Your address for service of process
		
	HSBC Bank Plc	  	World Currency Gold Trust
	8 Canada Square	  	c/o WGC USA Asset Management
	London, E14 5HQ, United Kingdom	  	Company, LLC
	Attention: Precious Metals Department	  	685 Third Avenue, 27th Floor
	                 Legal Department	  	New York, NY 10017
		  	Attention: General Counsel

 [Remainder of page intentionally left blank] 

  
 19 

 EXECUTED by the parties as follows 

Signed on behalf of  
  

			
	HSBC BANK PLC
		
	By:	 	/s/ JILLIAN MELTON
		 	Name: JILLIAN MELTON
		 	Title: AUTHORISED SIGNATORY
		 	27/10/16

 Signed on behalf of 
 WORLD
CURRENCY GOLD TRUST, 
 On behalf of each of its series listed on Schedule A, attached hereto 

 

			
	By:	 	/s/ Gregory S. Collett
		 	Name: Gregory S. Collett
		 	Title: Principal Executive Officer*

  

	*	Authorized to sign on behalf of the Trust in this capacity since an officer of the Trust’s sponsor 

  
 20 

 Schedule A 

Name of Fund (each a series of the Trust) 

1. SPDR® Long Dollar Gold Trust 

2. Euro Gold Fund 

  
 21

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