Document:

Form of Marketing Agent Agreement

 Exhibit 10.2 

 

 MARKETING AGENT AGREEMENT 

This MARKETING AGENT AGREEMENT (the “Agreement”) is made as of September     , 2012 by and among ALPS Distributors, Inc., a
Colorado corporation (the “Marketing Agent”), the United States Commodity Funds LLC, a Delaware limited liability company (the “Sponsor”), and the United States Currency Funds Trust, a Delaware statutory trust (the
“Trust”), on its own behalf and on behalf of the series established and designated by the Trust and listed on Annex A, including the US Golden Currency Fund (the “Fund”). 
 This Agreement shall constitute a separate agreement between the Marketing Agent, the Sponsor, the Trust and each Fund, as if such Fund had executed a separate Marketing Agent Agreement. The Marketing
Agent hereby acknowledges that its rights and obligations with respect to a Fund shall not create any right or other obligations with respect to any other Fund listed on Annex A, as amended from time to time, and acknowledges the additional
limitation on liability of the Sponsor, Trust and the Fund described in Section 4.2 of this Agreement. Any Fund that becomes a party hereto by executing an amendment to this Agreement substantially in the form of Annex B (each such amendment
together with the schedules attached thereto, an “Amendment”) shall become a party to this Agreement and any references herein to the Fund shall be treated as references to such Fund. The obligations of the Sponsor, Trust, the Marketing
Agent and any Fund other than US Golden Currency Fund, will be subject to the terms and conditions of the Amendment to this Agreement to be entered into with that Fund. 
 WITNESSETH: 
 WHEREAS, the Sponsor and the Trust wish to retain the Marketing Agent to provide
certain assistance with respect to the marketing of the Units and in connection with the creation or redemption of the Baskets; 
 NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Sponsor, the Trust and the Marketing Agent hereby agree as follows: 
 SECTION 1 
 DEFINITIONS 
 1.1 Definitions. In addition to the other terms that are defined in this Agreement, the following terms shall have the following meanings assigned to them. All other capitalized terms used herein,
but not otherwise defined herein, shall have the meanings assigned to such terms in the Trust Agreement. 
 “1933 Act”
means the Securities Act of 1933, as amended from time to time. 
 “Authorized Purchaser” means the broker-dealer who
enters into an Authorized Purchaser Agreement with the Sponsor, including the initial Authorized Purchaser, Merrill Lynch Professional Clearing Corp. 
 “Authorized Purchaser Agreement” means any authorized purchaser agreement entered into by the Sponsor, the Trust and certain broker dealers from time to time in the form attached hereto as
Exhibit A. 

  

 “Basket” means an aggregation of fifty thousand (50,000) Units. 

“Business Day” means any day other than a day when any the Futures Exchanges upon which a Benchmark Futures Contract is traded
is closed for regular trading. “Benchmark Futures Contract” shall mean the Futures Contracts that at any given time make up the basket of the Fund. 
 “Commission” or “SEC” means the U.S. Securities and Exchange Commission. 
 “Control” means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. 
 “Creation Basket” means a Basket created by an Authorized
Purchaser. 
 “Governmental Entity” means any supranational, national, state, local, foreign, political subdivision,
court, administrative agency, commission or department or other governmental authority or instrumentality. 
 “Law”
means any law, statute, treaty, rule, directive, regulation or guideline or Order of any Governmental Entity. 

“Orders” means judgments, writs, decrees, compliance agreements, injunctions or orders of any Governmental Entity or
arbitrator. 
 “Person” shall be construed broadly and shall include an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or another entity, including a Governmental Entity (or any department, agency or political subdivision thereof). 

“Prospectus” means, except when otherwise specified, the prospectus, in the form filed by the Sponsor on behalf of the Fund
with the Commission on or before the second business day after the date hereof (or such earlier time as may be required under the 1933 Act) or, if no such filing is required, the final prospectus and disclosure document of the Trust, constituting a
part of the Registration Statement filed with the SEC and declared effective thereby. 
 “Redemption Basket,” means a
Basket redeemed by an Authorized Purchaser. 
 “Representative” means officers, directors, employees, agents,
attorneys, accountants and financial advisors of a Person, as the case may be. 
 “Trust Agreement” means the
Declaration of Trust and Trust Agreement dated as of                     , as may be amended or supplemented from time to time, by and between the
Sponsor, as sponsor, and Wilmington Trust National Association, as Delaware trustee. 
 “Units” means units of
fractional undivided beneficial interest in and ownership of the Fund. 

  
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 SECTION 2 
 REPRESENTATIONS AND WARRANTIES 
 OF THE SPONSOR 

2.1 Representations and Warranties of the Sponsor. The Sponsor, on its own behalf and in its capacity as sponsor of the Trust and the Fund,
represents and warrants to, and agrees with, the Marketing Agent that: 
  

	 	(a)	At the time of purchase of a Creation Basket by an Authorized Purchaser under the Authorized Purchaser Agreement, the Registration Statement shall have become effective
and no stop order of the SEC with respect thereto has been issued and no proceedings for such purpose have been instituted or, to the Sponsor’s knowledge after due inquiry, is contemplated by the SEC; any Preliminary Prospectus provided to
prospective investors, at the time of filing thereof, complied in all material respects to the requirements of the 1933 Act; the Registration Statement complies and will comply when it becomes effective and at the time of purchase of a Creation
Basket by an Authorized Purchaser, in all material respects with the requirements of the 1933 Act and the Prospectus will comply, as of its date and at the time of purchase of a Creation Basket by an Authorized Purchaser, in all material respects
with the requirements of the 1933 Act and any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been
and will be so described or filed; the conditions to the use of Form S-1 or Form S-3 have been satisfied; the Registration Statement does not and will not when it becomes effective and at the time of purchase of a Creation Basket by an Authorized
Purchaser contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and the Prospectus will not, as of its date and at the time of
purchase of the Creation Baskets by the Authorized Purchaser, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in any Preliminary Prospectus, the Registration Statement or any Prospectus in reliance upon
and in conformity with information concerning the Marketing Agent and furnished in writing by or on behalf of the Marketing Agent to the Sponsor expressly for use in the Registration Statement or such Prospectus; and the Sponsor has not distributed
nor will distribute any offering material in connection with the offering or creation of the Baskets by the Authorized Purchaser other than any Preliminary Prospectus provided to prospective investors, the Registration Statement or the Prospectus;

  

	 	(b)	as of the date of this Agreement, and as of the time of purchase of a Creation Basket by an Authorized Purchaser, respectively, the statement of financial position as
set forth in the section of the Registration Statement and the Prospectus entitled “Financial Condition of UAC” accurately reflects the financial condition of the Fund as of the date specified in such statement of financial position;

  
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	 	(c)	the Trust has been duly formed and is validly existing as a statutory trust with separate series under the laws of the State of Delaware and the Fund has been duly
established and designated as a separate series of the Trust, in each case as described in the Registration Statement and the Prospectus; 

  

	 	(d)	the Sponsor has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and
authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement; 

 

	 	(e)	the Sponsor is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; 

 

	 	(f)	at the time of purchase of a Creation Basket by an Authorized Purchaser, the Units in a Creation Basket will have been duly and validly authorized and, when issued and
delivered against payment therefor, will be duly and validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 

 

	 	(g)	at the time of purchase of a Creation Basket by an Authorized Purchaser, the Units will conform in all material respects to the description thereof contained in the
Registration Statement and the Prospectus and the holders of the Units will not be subject to personal liability by reason of being such holders, except as set forth in the Trust Agreement as in effect at that time; 

 

	 	(h)	this Agreement has been duly authorized, executed and delivered by the Sponsor, constitutes the valid and binding obligations of the Sponsor, enforceable against the
Sponsor in accordance with its terms; 

  

	 	(i)	 the Sponsor is not in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time or both would result in
any breach or violation of, constitute a default under or give the holder of any indebtedness (or a Person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness) its
respective constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Sponsor is a party or by
which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of this Agreement, the issuance and sale of Units in Creation Baskets to the Authorized Purchaser and the consummation of the
transactions contemplated hereby will not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or violation of or

  
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constitute a default under), respectively, the amended and restated limited liability company agreement of the Sponsor, as the same may be amended from time to time, or any indenture, mortgage,
deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Sponsor is a party or by which, respectively, the Sponsor or any of its properties may be
bound or affected, or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Sponsor; 

  

	 	(j)	no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or
agency is required in connection with the issuance and sale of the Units other than registration of the Units under the 1933 Act and the registration of the Sponsor as a Commodity Pool Operator with the National Futures Association (the
“NFA”) under the Commodities Exchange Act (the “CEA”) and the filing of the Prospectus with the NFA, which has been or will be effected, and any necessary qualification under the securities or blue sky laws of the various
jurisdictions in which the Units are being offered or any requirements for listing under the rules and regulations of the NYSE Arca, Inc. (“NYSE Arca”); 

 

	 	(k)	except as set forth in the Registration Statement and the Prospectus (i) no Person has the right, contractual or otherwise, to cause the Fund to issue or sell to
it any Units or other equity interests of the Fund, and (ii) no Person has the right to act as an underwriter or as a financial advisor to the Fund in connection with the offer and sale of the Units, in the case of each of the foregoing clauses
(i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; no Person has the right, contractual or otherwise, to cause the Sponsor on behalf of the
Fund or the Fund to register under the 1933 Act any other equity interests of the Fund, or to include any such units or interests in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness
of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; 

  

	 	(l)	the Sponsor has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign
law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other Persons, in order to conduct its respective business; the Sponsor is not in violation of, or in default under, or has not received notice of
any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Sponsor;

  

	 	(m)	all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents of a character
required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required; 

  
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	 	(n)	except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings pending or threatened or, to
the Sponsor’s knowledge after due inquiry, contemplated to which the Sponsor, or (to the extent that is or could be material in the context of the offering and sale of the Baskets to the Authorized Purchaser) any of the Sponsor’s directors
or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or
agency; 

  

	 	(o)	Spicer Jeffries LLP, whose report on the audited financial statements of the Fund is filed with the Commission as part of the Registration Statement and the Prospectus,
are independent public accountants as required by the 1933 Act; 

  

	 	(p)	the audited financial statements included in the Prospectus, together with the related notes and schedules, present fairly the financial position of the Fund as of the
date indicated and have been prepared in compliance with the requirements of the 1933 Act and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro forma) that are required to be included
in the Registration Statement and the Prospectus that are not included as required and the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the
Registration Statement and the Prospectus; 

  

	 	(q)	Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, and prior to the purchase by the Authorized
Purchaser of the Baskets, there has not been, except as otherwise disclosed (i) any material adverse change, (ii) any transaction which is material to the Sponsor or the Fund taken as a whole, (iii) any obligation, direct or
contingent (including any off-balance sheet obligations), incurred by the Sponsor, which is material to the Fund, (iv) any change in the outstanding indebtedness of the Sponsor or the Fund, or (v) any dividend or distribution of any kind
declared, paid or made on the Units; 

  

	 	(r)	the Fund is not and, after giving effect to the offering and sale of the Baskets, will not be an “investment company” or an entity “controlled” by
an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”); 

  

	 	(s)	 except as set forth in the Registration Statement and the Prospectus, the Sponsor and the Trust own, or have obtained valid and enforceable licenses
for, or other rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), trade names, copyrights, trade secrets and other proprietary information applicable to the Fund and described in the
Registration Statement and the Prospectus as being owner or licensed by the Sponsor or the 

  
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Trust for use by the Fund (collectively, “Intellectual Property”); (i) except as set forth in the Registration Statement and the Prospectus, to the knowledge of the Sponsor, there
are no third parties who have or will be able to establish rights to any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the Sponsor or the Trust; (ii) to the knowledge of
the Sponsor, there is no infringement by third parties of any Intellectual Property; (iii) there is no pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others challenging the Sponsor’s or the
Fund’s rights in or to any Intellectual Property, and the Sponsor is not aware of any facts which could form a reasonable basis for any such claim; (iv) there is no pending or, to the knowledge of the Sponsor, threatened action, suit,
proceeding or claim by others challenging the validity or scope of any Intellectual Property; (v) there is no pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others that the Sponsor or the Fund
infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Sponsor is not aware of any facts which could form a reasonable basis for any such claim; and (vi) to the knowledge of
the Sponsor, there is no patent or patent application that contains claims that interfere with the issued or pending claims of any of the Intellectual Property; 

 

	 	(t)	all tax returns required to be filed by the Sponsor have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or through
withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to the Trust as of the date of this Agreement;

  

	 	(u)	the Sponsor has not sent or received any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or described in,
or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Sponsor or any other party to any such contract or agreement; 

 

	 	(v)	on behalf of the Fund, the Sponsor has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the
Exchange Act of 1934, as amended (the “Exchange Act”), giving effect to the rules and regulations, and SEC staff interpretations thereunder); such disclosure controls and procedures are designed to ensure that material information relating
to the Fund, is made known to the Sponsor, and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of the Fund, the Sponsor has been advised of: (i) any significant
deficiencies in the design or operation of internal controls which could adversely affect the Fund’s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not material, that involves management or
other employees who have a role in the Fund’s internal controls; and any material weaknesses in internal controls have been identified for the Fund’s auditors; 

  
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	 	(w)	any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the Sponsor believes to be
reliable and accurate, and the Sponsor has obtained the written consent to the use of such data from such sources to the extent required; and 

  

	 	(x)	neither the Sponsor, nor any of the Sponsor’s directors, members, officers, affiliates or controlling Persons has taken, directly or indirectly, any action
designed, or which has constituted or might reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Fund to facilitate the sale or resale of
the Units; and to the Sponsor’s knowledge after due inquiry, there are no affiliations or associations between any member of the NYSE Arca and any of the Sponsor’s officers, directors or 5% or greater securityholders, except as may be set
forth in the Registration Statement and the Prospectus. 

 In addition, any certificate signed by any officer of the Sponsor and
delivered to the Marketing Agent or counsel for the Marketing Agent in connection with the offering of the Units shall be deemed to be a representation and warranty by the Sponsor as to matters covered thereby, to the Marketing Agent. 

SECTION 3 

REPRESENTATIONS OF THE MARKETING AGENT 
 The Marketing Agent represents and warrants and covenants the following: 
 3.1 The Marketing Agent
(a) is either (i) registered as a broker-dealer under the Exchange Act, and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), or (ii) 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 business so requires; and (b) has all other necessary licenses,
authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other Persons, in order
to conduct its activities as contemplated by this Agreement. The Marketing Agent will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Marketing
Agent will comply with all applicable federal laws, including but not limited to, federal securities and commodities 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) and, to the extent applicable, the rules and regulations of the NFA, and is solely responsible for determining the application of any such laws or regulations in all cases at
its own expense. The Marketing Agent will not directly or indirectly offer, sell or deliver Baskets in or from any state or jurisdiction where they may not lawfully be offered, sold and/or delivered; 

3.2 If the Marketing Agent is offering or selling Units 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 3.1 above, the Marketing 

  
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Agent will (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the 1933 Act, and the rules
and regulations promulgated thereunder, and (iii) conduct its business in accordance with the spirit of FINRA Conduct Rules; 
 3.3 The
Marketing Agent is in compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “PATRIOT Act”), and the
regulations promulgated thereunder, if the Marketing Agent is subject to the requirements of the PATRIOT Act; 
 3.4 The Marketing Agent agrees
to comply with the prospectus delivery and disclosure requirements of the 1933 Act, as well as the disclosure delivery requirements under the CEA; 
 3.5 The Marketing Agent (i) has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Colorado, with full power and authority to conduct its
business and has all requisite power and authority to execute and deliver this Agreement and (ii) is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; and 

3.6 This Agreement has been duly authorized, executed and delivered by the Marketing Agent and constitutes the valid and binding obligations of the
Marketing Agent, enforceable against the Marketing Agent in accordance with its terms. 
 SECTION 4 

EXCLUSIVE MARKETING AGENT AND STRUCTURE OF THE FUND 
 4.1 Appointment. The Sponsor and the Trust hereby appoint the Marketing Agent as the exclusive marketing agent for Units on the terms and for the periods set forth in this Agreement, and as set
forth in the Authorized Purchaser Agreements as may be entered into from time to time. The Marketing Agent hereby accepts such appointment and agrees to act in such capacity hereunder. 
 4.2 Name of the Fund; Liability of the Fund. For the term of this Agreement, the Sponsor shall cause the name of the Fund to be as defined in the relevant Schedule to the Fund attached hereto. The
Marketing Agent agrees to look solely to the assets of the Fund and to the Sponsor and its assets in respect of any claim against or obligation of the Fund. The Marketing Agent acknowledges and agrees that liability of the Fund, as a series of the
Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory Trust Act, such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforceable
against the assets of the Fund only, and not against the assets of the Trust generally or the assets of any other series of the Trust, and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise
existing with respect to the Trust generally and any other series of the Trust shall be enforceable against the assets of the Fund. 
 4.3
Marketing Agent Fee. The Marketing Agent shall be paid by the Sponsor for the services of the Marketing Agent as marketing agent to the Trust and each Fund hereunder, a fee for its services per Fund hereunder, calculated daily and payable
monthly, as follows (the “Fee”): 
  

	 	•	 	 .06% on each Fund’s assets up to $3,000,000,000 

  
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	 	•	 	 .04% on each Fund’s assets in excess of $3,000,000,000 

 In no event will the Marketing Agent Fee exceed 10% of the gross proceeds of the Fund’s offering. 
 The Marketing Agent will provide an annual marketing budget equal to 33% of the Fee per Fund for purposes of marketing the Units. The above fees do not include the following expenses, which will be billed
back to the Sponsor: cost of placing advertisements in various periodicals; web construction and development; or the printing and production of various marketing materials. 
 4.4 Expenses. Except as otherwise expressly provided in this Agreement or agreed to in writing by the parties, each party hereto shall bear its own fees and expenses incurred in connection with
this Agreement and the transactions contemplated hereby and thereby (including, without limitation, the legal, accounting and due diligence fees, costs and expenses incurred by such party). 

SECTION 5 

COVENANTS OF THE SPONSOR 
 5.1
Certain Covenants of the Sponsor. The Sponsor, on its own behalf and in its capacity as sponsor of the Trust and the Fund„ covenant and agree: 
  

	 	(a)	to furnish such information as may be required and otherwise to cooperate in qualifying the Units for offering and sale under the securities or blue sky laws of such
states and foreign jurisdictions as the Marketing Agent may reasonably designate and to maintain such qualifications in effect so long as the Marketing Agent may request during the term of this Agreement; provided that the Trust shall not be
required to qualify to do business in or to consent to the service of process under the laws of any such jurisdiction (except service of process with respect to the offering and sale of the Units); and to promptly advise the Marketing Agent of the
receipt by the Sponsor, the Trust or the Fund of any notification with respect to the suspension of the qualification of the Units for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

  

	 	(b)	to take all necessary action to register the Units under the 1933 Act in order to sell the initial Creation Basket and take, from time to time, such steps, including
payment of the related filing fees, as may be necessary to register additional Units under the 1933 Act to the end that all Units sold in additional Creation Baskets will be properly registered under the 1933 Act and to keep the Registration
Statement effective and current during the term of this Agreement; 

  

	 	(c)	to make available to the Marketing Agent, as soon as practicable after the Registration Statement becomes effective, and thereafter from time to time, furnish to the
Marketing Agent, as many copies of the Prospectus (or of the Prospectus as amended or supplemented if any amendments or supplements have been made thereto after the effective date of the Registration Statement) as the Marketing Agent may request for
the purposes contemplated by the 1933 Act; 

  
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	 	(d)	to advise the Marketing Agent promptly and, if requested by the Marketing Agent, to confirm such advice in writing when the Registration Statement and any
post-effective amendment thereto has become effective, and upon receipt of request from the Marketing Agent therefore, to file a post-effective amendment removing any reference to the Marketing Agent thereunder; 

 

	 	(e)	to prepare, at the expense of the Fund, such amendments or supplements to the Registration Statement or the Prospectus and to file such amendments or supplements with
the Commission, when and as required, by the 1933 Act, the Exchange Act, and the rules and regulations of the Commission thereunder, including if requested by the Marketing Agent; to advise the Marketing Agent promptly of any proposal to amend or
supplement the Registration Statement or the Prospectus and to provide the Marketing Agent and the Marketing Agent’s counsel with copies of any such documents for review and comment within a reasonable amount of time prior to any proposed
filing and to file no such amendment or supplement to which the Marketing Agent or its counsel shall reasonably object in writing; and to advise the Marketing Agent promptly, confirming such advice in writing, of any request by the Commission for
amendments or supplements to the Registration Statement or the Prospectus or for additional information with respect thereto, or of notice of institution of proceedings for, or the entry of a stop order suspending the effectiveness of the
Registration Statement and, if the Commission should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible; 

 

	 	(f)	to file promptly all reports and any information statement required to be filed on behalf of the Fund with the Commission in order to comply with the Exchange Act and
the CEA subsequent to the date of the Prospectus and for so long as the term of this Agreement; and to provide the Marketing Agent and the Marketing Agent’s counsel with a copy of such reports and statements and other documents to be filed on
behalf of the Fund pursuant to Section 13, 14 or 15(d) of the Exchange Act (excluding filings under Rule 12b-25) and under 17 C.F.R. §4.22 during such period for review and comment within a reasonable amount of time prior to any proposed
filing and to file no such amendment or supplement to which the Marketing Agent or its counsel shall reasonably object in writing; 

  

	 	(g)	if necessary or appropriate, to file a registration statement pursuant to Rule 462(b) under the 1933 Act; 

 

	 	(h)	 to advise the Marketing Agent promptly of the happening of any event with respect to the Fund during the term of this Agreement which could require the
making of any change in the Prospectus then being used so that such 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

  
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under which they are made, not misleading, and, during such time, to prepare and furnish, at the expense of the Fund, to the Marketing Agent promptly such amendments or supplements to such
Prospectus as may be necessary to reflect any such change; 

  

	 	(i)	to furnish to the holders of the Units as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income and
cash flow of the Fund for such fiscal year, accompanied by a copy of the certificate or report thereon of nationally recognized independent certified public accountants); 

 

	 	(j)	to furnish to the Marketing Agent a copy of the Registration Statement, as initially filed with the Commission, and of all amendments thereto (including all exhibits
thereto); 

  

	 	(k)	to (1) furnish with respect to the Fund to the Marketing Agent promptly during the term of this Agreement (i) copies of any reports, proxy statements, or
other communications which are sent to the holders of the Units or shall from time to time publish or publicly disseminate, (ii) copies of all annual, quarterly and current reports filed with the Commission on Forms 10-K, 10-Q and 8-K, or such
other similar forms as may be designated by the Commission, (iii) copies of documents or reports filed with the NYSE Arca, (iv) copies of documents or reports filed with the NFA and with the Commodity Futures Trading Commission, and
(v) such other information as the Marketing Agent may reasonably request regarding the Fund; and (2) make available for inspection by the Marketing Agent, its attorneys, accountants and other advisors or agents, all financial and other
records, pertinent corporate documents and properties, and cause the officers, directors and employees of the Sponsor and independent accountants to supply all information reasonably requested by the Marketing Agent, its attorneys, accountants and
other advisors and agents; 

  

	 	(l)	to use its best efforts to cause the Units to be listed on the NYSE Arca; 

  

	 	(m)	to furnish to the Marketing Agent (i) at the time of the purchase of the initial Creation Basket by the Initial Authorized Purchaser and (ii) at such other
times as the Marketing Agent reasonably requests, which may include when the Registration Statement or the Prospectus is amended or supplemented, and an opinion of Reed Smith LLP, counsel for the Sponsor, addressed to the Marketing Agent and
substantially in the form attached hereto as Exhibit B; 

  

	 	(n)	 to cause Spicer Jeffries LLP to deliver to the Marketing Agent with respect to the Fund (i) at the time of the effectiveness of the purchase of
the Baskets by the Authorized Purchaser and (ii) at each time (A) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (B) a new Registration Statement is filed to
register additional Units in reliance on Rule 429, and there is financial information incorporated by reference into the Registration Statement or the Prospectus, letters dated such

  
 - 12 -

	 	
dates and addressed to the Marketing Agent, containing statements and information of the type ordinarily included in accountants’ letters to underwriters with respect to the financial
statements and other financial information contained in or incorporated by reference into the Registration Statement and the Prospectus; 

  

	 	(o)	to deliver to the Marketing Agent with respect to the Fund (i) at the time of the effectiveness of the purchase of a Creation Basket by an Authorized Purchaser,
(ii) at each time the Registration Statement or the Prospectus is amended or supplemented, (iii) at each time the Registration Statement or the Prospectus files any report, statement or other document pursuant to Section 13, 14 or
15(d) of the Exchange Act (excluding filings required by Rule 12b-25), and (iv) at such other times as the Marketing Agent reasonably requests, an officer’s certificate in the form attached as Exhibit D hereto; 

 

	 	(p)	to furnish to the Marketing Agent with respect to the Fund (i) at the time of the effectiveness of the purchase of a Creation Basket by an Authorized Purchaser and
(ii) at each time (A) the Registration Statement or the Prospectus is amended or supplemented, (iii) at each time any report, statement or other document pursuant to Section 13, 14 or 15(d) of the Exchange Act (excluding filings
required by Rule 12b-25) is filed on behalf of the Fund, and (iv) at such other times as the Marketing Agent reasonably requests, such other documents and certificates as of such dates as the Marketing Agent may reasonably request; and

 For the purposes of this Section 5.1, the term “Registration Statement” shall mean the Registration Statement as
amended or supplemented from time to time to and including the date as of which the relevant representation is made, and the term “Prospectus” shall mean the Prospectus as amended or supplemented from time to time to and including the date
as of which the relevant covenant is made. 
 SECTION 6 
 MARKETING PLAN DEVELOPMENT 
 AND MARKETING AGENT COVENANTS 

 

	6.1	Pre-Launch Development. 

  

	 	(a)	The Sponsor and the Marketing Agent will develop the Fund and its marketing plan prior to the effective date of the Registration Statement in accordance with the
provisions of this Section 6.1 and the marketing strategy as described in Exhibit C. 

  

	 	(b)	The Sponsor and the Marketing Agent will use commercially reasonable efforts to commit sufficient resources to finalize the Registration Statement and the agreements
with the service providers of the Trust and the Fund, communicate with the Commission to obtain approval of the Registration Statement and communicate with the NYSE Arca to obtain approval of the listing of the Units on the NYSE Arca.

  
 - 13 -

	6.2	Post-Launch Activities. 

  

	 	(a)	The Sponsor and the Marketing Agent will market the Fund and the Units on an ongoing basis after the Registration Statement is declared effective and the Units have
been listed on the NYSE Arca in accordance with the provisions of this Section 6.2. 

  

	 	(b)	Subject to necessary regulatory approvals and compliance with all applicable legal and regulatory requirements, the Marketing Agent shall: 

 

	 	(i)	in good faith, and subject to existing market conditions, use commercially reasonable efforts to market the Fund; and 

 

	 	(ii)	include the basket (as defined in the Fund’s prospectus) in strategic and tactical research of the Marketing Agent. 

 

	 	(c)	The Marketing Agent shall provide the Sponsor with copies of all written marketing materials distributed by it connected with the Fund. 

 

	 	(d)	The Marketing Agent shall process orders for Baskets as set forth in the Authorized Purchaser Agreement. 

 

	6.3	Joint Reviews. 

  

	 	(a)	In order to oversee the pre-launch development and post-launch performance of the Fund on a regular basis, the parties shall: 

 

	 	(i)	conduct at least once each calendar quarter in which the annual review described in clause (ii) below is not conducted, a review of the performance of the Fund,
with such review to include the senior management of the Sponsor and the senior management of the Marketing Agent and to cover such topics as asset growth/decline, sales strategy, new business efforts, new product initiatives and stock exchange
trading activity; and 

  

	 	(ii)	conduct at least once each calendar year, a review of the overall performance of the Fund, which will include a review of the most recent quarterly period, with such
review to include the chief executive officer of the Sponsor and senior management of the Marketing Agent and to cover such topics as strategic direction and new business initiatives. 

 

	 	(b)	Prior to each of the quarterly and annual reviews which will take place pursuant to this Section 6.3, the Sponsor and the Marketing Agent will jointly prepare and
circulate among the parties, a report covering the quarterly or annual period which is the subject of each review, with such report to cover such topics described above. 

  
 - 14 -

 6.4 Information Provided to Marketing Agent. In performing its duties hereunder, the Marketing Agent
shall be entitled to rely on and shall not be responsible in any way for information provided to it by the Sponsor and its service providers and shall not be liable or responsible for the errors and omissions of such service providers, provided that
the foregoing shall not be construed to protect the Marketing Agent against any liability to the Sponsor, the Trust or the Fund to which the Marketing Agent would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence
in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement. 
 6.5 Conditions
to Marketing Agent’s Obligations. The obligations of the Marketing Agent hereunder are subject in the Marketing Agent’s discretion, to the condition that (i) all representations and warranties and other statements of the Sponsor
herein or delivered pursuant hereto be true and correct (a) at and as of the date made, (b) at the time of the purchase of the Baskets by the Authorized Purchaser, (c) at each time the Registration Statement or the Prospectus is
amended or supplemented, (d) at each time any report, statement or other document pursuant to Section 13, 14 or 15(d) of the Exchange Act (excluding filings under Rule 12b-25) is filed on behalf of the Fund, (e) at each time the Fund
issues any Baskets and (f) at such other times the Marketing Agent reasonably requests, in each case as though made at and as of such dates, and the Sponsor agrees that all such representations, warranties and other statements are expressly
made on and as of such dates (except, in all cases, that such representations, warranties and statements relating to the Registration Statement and the Prospectus shall be deemed to relate to the Registration Statement and the Prospectus as amended
and supplemented to such date) and (ii) the Sponsor shall have performed all of its covenants, agreements and obligations hereunder theretofore to be performed in all respects. The respective indemnities, agreements, representations, warranties
and other statements by the Sponsor set forth in or made pursuant to this Agreement shall remain in full force and effect regardless of any investigation (or any statement as to the results thereof) made by or on behalf of the Marketing Agent or any
controlling Person of the Marketing Agent, or the Sponsor, or any officer or director or any controlling Person thereof, and shall survive the execution, delivery, performance and termination of this Agreement. 

SECTION 7 

INDEMNIFICATION 
 7.1
Indemnification of Marketing Agent. The Sponsor agrees to indemnify, defend and hold harmless the Marketing Agent, its partners, stockholders, members, directors, officers and employees of the foregoing, and the successors and assigns of all of the
foregoing Persons, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Marketing Agent or any such Person may incur under the 1933 Act, the Exchange Act, the common law or
otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon: 
  

	 	(a)	 any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as
amended or supplement) or in a Prospectus (the term Prospectus for the purpose of this Section 7 being deemed to include the Prospectus and the Prospectus as amended or supplemented), or arises out of or is based upon any omission or alleged

  
 - 15 -

	 	
omission to state a material fact required to be stated in either such Registration Statement or such Prospectus or necessary to make the statements made therein not misleading, except insofar as
any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information concerning the Marketing Agent furnished in writing
by or on behalf of the Marketing Agent to the Sponsor expressly for use in such Registration Statement or such Prospectus; 

  

	 	(b)	any untrue statement or alleged untrue statement of a material fact or breach by the Sponsor of any representation or warranty contained in Section 2 hereof or in
any certificate delivered by the Sponsor pursuant to paragraph (o) of Section 5.1 hereof; 

  

	 	(c)	the failure by the Sponsor to perform when and as required any agreement or covenant contained herein; 

 

	 	(d)	any untrue statement of any material fact contained in any audio or visual materials provided by the Sponsor or based upon written information furnished by or on behalf
of the Sponsor including, without limitation, slides, videos, films or tape recordings used in connection with the marketing of the Units; 

  

	 	(e)	the Marketing Agent’s performance of its duties under this Agreement except in the case of this clause (e), for any loss, damage, expense, liability or claim
resulting from the gross negligence or willful misconduct of the Marketing Agent; provided, however, that the indemnity agreement contained in clause (a) above with respect to any amended Preliminary Prospectus shall not inure to the benefit of
the Marketing Agent (or to the benefit of any Person controlling the Marketing Agent) from whom the Person asserting any such loss, damage, expense, liability or claim purchased the Units which is the subject thereof if the Prospectus corrected any
such alleged untrue statement or omission in any case where the Marketing Agent was required to send or give a copy of the Prospectus to such Person by the 1933 Act, the Sponsor had notified the Marketing Agent of the amendment or supplement prior
to the sending of the written confirmation of sale and the Marketing Agent failed to send or give a copy of the Prospectus to such Person, unless the failure is the result of noncompliance by the Sponsor with paragraph (c) of Section 5.1
hereof. 

 In no case is the indemnity of the Sponsor in favor of the Marketing Agent and such other Persons as are
specified in this Section 7.1 to be deemed to protect the Marketing Agent and such Persons against any liability to the Sponsor, the Trust or the Fund to which the Marketing Agent would otherwise be subject by reason of willful misfeasance, bad
faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement. 
 If any action, suit or proceeding (each, a “Proceeding”) is brought against the Marketing Agent or any such Person in respect of which indemnity may be sought against the

  
 - 16 -

 
Sponsor pursuant to the foregoing paragraph, the Marketing Agent or such Person shall promptly notify the Sponsor in writing of the institution of such Proceeding and the Sponsor shall assume the
defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses; provided, however, that the omission to so notify the Sponsor shall not relieve the Sponsor from
any liability which it may have to the Marketing Agent or any such Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The Marketing Agent or such Person shall have the
right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Marketing Agent or of such Person unless the employment of such counsel shall have been authorized in writing by the
Sponsor in connection with the defense of such Proceeding or the Sponsor shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or
parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Sponsor (in which case the Sponsor shall not have the right to direct the
defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Sponsor and paid as incurred (it being understood, however, that the Sponsor shall not be liable for the
expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding). 

The Sponsor shall not be liable for any settlement of any Proceeding effected without the Sponsor’s written consent but if settled
with the Sponsor’s written consent, the Sponsor agrees to indemnify and hold harmless the Marketing Agent and any such Person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any
time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the indemnifying party agrees that it shall be
liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 Business Days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying
party shall not have fully reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 Business Days’ prior
notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been
a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does
not include an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party. 
 7.2 The Marketing Agent agrees
to indemnify, defend and hold harmless each of the Fund, the Sponsor and its partners, holders of Units, members, directors, officers, employees and any 

  
 - 17 -

 
Person who controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing Persons, from
and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Sponsor any such Person may incur under the 1933 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage,
expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of the Marketing Agent to the Sponsor
expressly for use in the Registration Statement (or in the Registration Statement as amended or supplemented by any post-effective amendment thereof) or in a Prospectus, or arises out of or is based upon any omission or alleged omission to state a
material fact in connection with such information required to be stated in such Registration Statement or such Prospectus or necessary to make such information not misleading. 
 The Marketing Agent will also indemnify the Sponsor as stated above insofar as such loss, damage, expense, liability or claim arises out of or is based upon the Marketing Agent’s performance of its
duties under this Agreement, except in the case of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of the Sponsor. In no case is the indemnity of the Marketing Agent in favor of the Sponsor to
be deemed to protect the Sponsor and such Persons against any liability to the Marketing Agent to which the Sponsor would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by
reason of its reckless disregard of its obligations and duties under this Agreement. 
 If any Proceeding is brought against the Sponsor or any
Person referred to in the preceding paragraph in respect of which indemnity may be sought against the Marketing Agent pursuant to the foregoing paragraph, the Sponsor or such Person shall promptly notify the Marketing Agent in writing of the
institution of such Proceeding and the Marketing Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses; provided, however, that
the omission to so notify the Marketing Agent shall not relieve the Marketing Agent from any liability which it may have to the Sponsor or any such Person except to the extent that it has been materially prejudiced by such failure and has not
otherwise learned of such Proceeding. The Sponsor or such Person shall have the right to employ their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sponsor or such Person unless the employment
of such counsel shall have been authorized in writing by the Marketing Agent in connection with the defense of such Proceeding or the Marketing Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel
to defend such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Marketing Agent
(in which case the Marketing Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Marketing Agent may employ counsel and participate in the defense thereof but the fees and
expenses of such counsel shall be at the expense of the Marketing Agent), in any of which events such fees and expenses shall be borne by the Marketing Agent and paid as incurred (it being understood, however, that the Marketing Agent shall not be
liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).

  
 - 18 -

 The Marketing Agent shall not be liable for any settlement of any such Proceeding effected without the
written consent of the Marketing Agent but if settled with the written consent of the Marketing Agent, the Marketing Agent agrees to indemnify and hold harmless the Sponsor and any such Person from and against any loss or liability by reason of such
settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this
paragraph, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 Business Days after receipt by such indemnifying
party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the
indemnifying party at least 30 Business Days’ prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in
respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such Proceeding. 
 7.3 The indemnity agreements contained in this Section 7 and the covenants,
warranties and representations of the Sponsor contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Marketing Agent, its partners, stockholders, members, directors, officers,
employees and or any Person (including each partner, stockholder, member, director, officer or employee of such Person) who controls the Marketing Agent within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, or
by or on behalf of each of the Sponsor, the Trust, the Fund, their partners, stockholders, members, trustees, directors, officers, employees or any Person who controls the Sponsor, the Trust or the Fund within the meaning of Section 15 of the
1933 Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the initial issuance and delivery of the Units. The Sponsor and the Marketing Agent agree promptly to notify each other of the commencement of
any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors in connection with the issuance and sale of the Units, or in connection with the Registration Statement or the Prospectus. 

SECTION 8 

DURATION 
 This Agreement shall
become effective on the date hereof and continue for an initial term of one (1) year from the date of this Agreement and will include any renewal term of this Agreement and will last until the expiration of this Agreement or the earlier
termination of this Agreement in accordance with its terms (the “Term”). This Agreement will automatically be renewed for successive one (1) year periods unless, no later than thirty (30) calendar days prior to the end of the
then-current Term, either the Marketing Agent, on the one hand, or the Sponsor, on the other hand, elects to terminate this Agreement by delivering written notice thereof to the other party. 

  
 - 19 -

 Upon the completion of the initial term, either the Marketing Agent, on the one hand, or the Sponsor, on the
other hand, may elect to terminate this Agreement by delivering 90 days notice thereof to the other party. Notwithstanding the foregoing, this Agreement may be terminated by any party upon written notice to the other parties if (a) the Fund is
terminated, (b) any other party becomes insolvent or bankrupt or files a voluntary petition, or is subject to an involuntary petition, in bankruptcy or attempts to or makes an assignment for the benefit of its creditors or consents to the
appointment of a trustee or receiver, provided that the Sponsor may not terminate this Agreement pursuant to this provision if the event relates to the Sponsor, the Trust or the Fund or (c) any other party willfully and materially breaches its
obligations under this Agreement and such breach has not been cured to the reasonable satisfaction of the non-breaching party prior to the expiration of ninety (90) days after notice by the non-breaching party to the breaching party of such
breach. Termination of this Agreement with respect to any Fund shall not result in the termination of this Agreement with respect to any other Fund listed on Annex A. 
 SECTION 9 
 CONFIDENTIALITY 

 

	9.1	Confidentiality. 

  

	 	(a)	The Sponsor and the Marketing Agent shall during the Term and for one (1) year thereafter maintain in confidence, use only for the purposes provided for in this
Agreement, and not disclose to any third party, without first obtaining the other party’s consent in writing, any and all Confidential Information (as defined below) such party receives from the other party; provided, however, that either party
may disclose Confidential Information received from the other party to those of its Representatives as may be necessary for such party to carry out its obligations under this Agreement. 

“Confidential Information” shall mean all information or data of a party that is disclosed to or received by the other party,
whether orally, visually or in writing, in any form, including, without limitation, information or data which relates to such party’s business or operations, research and development, marketing plans or activities, or actual or potential
products. 
  

	 	(b)	Notwithstanding the provisions of this Agreement to the contrary, a party shall have no liability to the other party for the disclosure or use of any Confidential
Information of the other party if the Confidential Information: 

  

	 	(i)	is known to such party at the time of disclosure other than as the result of a breach of this Section 9 by such party; 

 

	 	(ii)	has been or becomes publicly known, other than as the result of a breach of this Section 9 by such party, or has been or is publicly disclosed by the other party;

  
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	 	(iii)	is received by such party after the date of this Agreement from a third party (unless such third party breaches an obligation of confidentiality to the other party); or

  

	 	(iv)	is required to be disclosed by Law or similar compulsion or in connection with any legal proceeding, provided that such party shall promptly inform the other party in
writing of such requirement and that such disclosure shall be limited to the extent so required and, except to the extent prohibited by Law, such party shall reasonably cooperate with the other party (at the expense of the other party) in seeking a
protective order or other suitable confidentiality protections. 

  

	 	(c)	The parties recognize and acknowledge that a breach or threatened breach by a party of the provisions of this Section 9 may cause irreparable and material loss and
damage to the other party which cannot be adequately remedied at law and that, accordingly, in addition to, and not in lieu of, any damages or other remedy to which the non-breaching party may be entitled, the issuance of an injunction or other
equitable remedy (without the requirement that a bond or other security be posted) is an appropriate remedy for the non-breaching party for any breach or threatened breach of the obligations set forth in this Section 9.

  

	 	(d)	Each party agrees that it will use the same degree of care, but no less than a reasonable degree of care, in safeguarding the Confidential Information of the other
party as it uses for its own Confidential Information of a similar nature. Each party shall promptly notify the other party in writing of any misuse, misappropriation or unauthorized disclosure of the Confidential Information of the other party
which may come to such party’s attention. 

  

	 	(e)	Upon the termination of this Agreement, if requested in writing by a party, the other party shall, at such party’s option, promptly destroy or return to the party
all Confidential Information received from the other party, all copies and extracts of such Confidential Information and all documents or other media containing any such Confidential Information. 

SECTION 10 

MISCELLANEOUS 
 10.1 No Third
Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any Person other than the parties hereto, the indemnities referred to in this Agreement and their respective successors and assigns. 

10.2 Entire Agreement. This Agreement (including any schedules and exhibits attached hereto and thereto) contains all of the agreements among the
parties hereto and thereto with respect to the transactions contemplated hereby and thereby and supersedes all prior agreements or understandings, whether written or oral, among the parties with respect thereto. 

10.3 Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all the parties.

  
 - 21 -

 10.4 Successors and Assigns; Assignment. All the terms and provisions of this Agreement shall be
binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other parties and any assignment without such
consent shall be null and void. 
 10.5 Waiver of Compliance. Except as otherwise provided in this Agreement, 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 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 or breach. 

10.6 Severability. The parties hereto desire that the provisions of this Agreement be enforced to the fullest extent permissible under the Law and
public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision,
as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision
could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction. 
 10.7 Notices. All notices, waivers, or other communications
pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered Personally, by facsimile (and, if sent by facsimile, followed by delivery by nationally-recognized express courier), sent by nationally-recognized
express courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

 

	 	(a)	if to Sponsor, to: 

 United
States Commodity Funds LLC 
 1999 Harrison Street, Suite 1530 

Oakland, California 94612 
 Attention: Nicholas D. Gerber 
  

	 	(b)	if to the Marketing Agent, to: 

ALPS Distributors, Inc. 
 1290 Broadway, Suite 1100 
 Denver, CO 80203 

Attention: General Counsel 
 All such notices and other communications shall be deemed to have been delivered and received (i) in the case of Personal delivery or delivery by facsimile or e-mail, on the date of such delivery if
delivered during business hours on a Business Day or, if not delivered during 

  
 - 22 -

 
business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized express courier, on the first Business Day following dispatch, and
(iii) in the case of mailing, on the third Business Day following such mailing. 
 10.8 Governing Law; Jurisdiction. 

 

	 	(a)	All questions concerning the construction, interpretation and validity of this Agreement shall be governed by, and construed and enforced in accordance with, the
domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of New York. In furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis,
the substantive law of some other jurisdiction would ordinarily or necessarily apply. 

  

	 	(b)	Each party irrevocably consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against it with respect to its obligations,
liabilities or any other matter arising out of or in connection with this Agreement may be brought in the courts of the State of New York and hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in Personam,
generally and unconditionally with respect to any action, suit or proceeding for itself and in respect of its properties, assets and revenues. Each party irrevocably waives any immunity to jurisdiction to which it may otherwise be entitled or become
entitled (including sovereign immunity, immunity to pre¬judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement or the transactions contemplated hereby or thereby which is
instituted in any court of the State of New York. 

 The provisions of this Section 10.8 shall survive any termination of
this Agreement, in whole or in part. 
 10.9 No Partnership. Nothing in this Agreement is intended to, or will be construed to constitute
the Sponsor or the Trust, on the one hand, and the Marketing Agent, on the other hand, as partners or joint venturers; it being intended that the relationship between them will at all times be that of independent contractors. 

10.10 Force Majeure. Neither party will be liable to any other party for any delay or failure to perform its obligations under this Agreement
(except for the payment of money) if such delay or failure arises from or is due to any cause or causes beyond the reasonable control of the party affected which impedes, delays or aggravates any obligation under this Agreement, including, without
limitation, acts of God, acts of any Governmental Entity, labor disturbances, act of terrorism or act of public enemy due to war, the outbreak or escalation of hostilities, riot, fire, flood, civil commotion, insurrection, severe or adverse weather
conditions, power failure or computer or communications line failure. 

  
 - 23 -

 10.11 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. 
 10.12 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. 
 10.13 Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile counterpart signatures to this Agreement shall be acceptable and binding. 

  
 - 24 -

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day and year first
written above. 
 UNITED STATES COMMODITY FUNDS LLC 
  

			
	By:	 	  

		 	 Name: Howard Mah
 Title:
Management Director
 Date: September     , 2012

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

By: United States Commodity Funds LLC, as Sponsor 
  

					
		 	By:	 	  

		 		 	 Name: Howard Mah
 Title:
Management Director
 Date: September     , 2012

  

			
	ALPS DISTRIBUTOS, INC
		
	By:	 	  

		 	Name: Thomas A. Carter
		 	Title: President

  
 - 25 -

 Exhibit 10.2 
 EXHIBIT A 
 FORM OF 

AUTHORIZED PURCHASER AGREEMENT 

  
 1 

 EXHIBIT B 
 FORM OF REED SMITH LLP OPINION 

  
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 EXHIBIT C 
 MARKETING STRATEGY OF 
 ALPS DISTRIBUTORS, INC. (“ALPS”)

 ALPS agrees to carry out the following duties. 
  

	 	(a)	ALPS senior management will: 

  

	 	•	 	 Develop an overall strategic sales and marketing plan with the National Accounts Manager of ALPS, the Fund and the Sponsor.

  

	 	•	 	 Supervise sales related activities. 

  

	 	•	 	 Participate in field sales activities. 

  

	 	(b)	ALPS will provide a dedicated National Accounts Manager on a full-time basis who will: 

 

	 	•	 	 Implement a tactical sales strategy. 

  

	 	•	 	 Establish home office contacts with targeted broker/dealers. 

 

	 	•	 	 Develop product education presentations. 

  

	 	•	 	 Conduct product education presentations with fee based financial advisors. 

 

	 	•	 	 Attend major fee based advisor conferences. 

  

	 	(a)	ALPS will provide two shared External Wholesalers who will: 

  

	 	•	 	 Assist the National Accounts Manager in implementing the tactical sales strategy. 

 

	 	•	 	 Establish regional relationships with wire houses and fee based advisors. 

 

	 	•	 	 Deliver product education presentations. 

  

	 	•	 	 Conduct product education presentations with wire house brokers and fee based financial advisors. 

 

	 	•	 	 Attend major fee based advisor conferences. 

  

	 	(b)	ALPS will provide one shared Internal Wholesaler who will: 

  

	 	•	 	 Support the National Accounts Manager’s and Wholesaler’s field activities. 

 

	 	•	 	 Telemarket to independent financial planners. 

  

	 	•	 	 Coordinate conference participation. 

  

	 	•	 	 Attend various conferences. 

  

	 	(e)	ALPS will provide resources from its call center to: 

  

	 	•	 	 Place outbound follow-up calls on 100% of phone and internet requests for information. 

  
 - 3 -

	 	•	 	 Receive creation/redemption calls and communicate with authorized purchasers, advisors and the custodian. 

 

	 	•	 	 Transfer “hot” advisor leads to Internal Wholesaler. 

 

	 	•	 	 Support a dedicated Fund toll-free line for advisors. 

 

	 	(f)	ALPS will provide marketing staff to: 

  

	 	•	 	 Write, design and produce FINRA approved sales and marketing materials. 

 

	 	•	 	 Create FINRA approved seminars and product presentations. 

 

	 	•	 	 Coordinate advisor specific advertising with the advertising agency. 

 

	 	•	 	 Manage marketing budget. 

  

	 	•	 	 Create and maintain website. 

  
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 EXHIBIT D 
 OFFICER’S CERTIFICATE 
 The undersigned, a duly authorized officer of the United States
Commodity Funds LLC, a Delaware limited liability company (the “Sponsor”), and pursuant to Section 13(d) of the Marketing Agent Agreement (the “Agreement”), dated as of
                    by and between the Sponsor, the Trust and ALPS Distributors, Inc. (“Marketing Agent”) hereby certifies that:

 1. Each of the following representations and warranties of the Sponsor is true and correct in all material respects as of the date hereof:

  

	 	(a)	the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading; the Registration Statement complies in all material respects with the requirements of the 1933 Act and the Prospectus complies in all material respects
with the requirements of the 1933 Act and any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so
described or filed; the conditions to the use of Form S-1 or S-3, if applicable, have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading and the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the Registration Statement or any Prospectus in reliance upon
and in conformity with information concerning the Authorized Purchaser and furnished in writing by or on behalf of the Authorized Purchaser to the Sponsor expressly for use in the Registration Statement or such Prospectus; and neither the Sponsor
nor any Person known to the Sponsor acting on behalf of the Fund has distributed nor will distribute any offering material other than the Registration Statement or the Prospectus; 

 

	 	(b)	the Trust has been duly formed and is validly existing as a statutory trust with separate series under the laws of the State of Delaware, as described in the
Registration Statement and the Prospectus, and as described in the Prospectus, the Marketing Agent is authorized to issue and deliver the Baskets to the Authorized Purchaser; 

 

	 	(c)	the Sponsor has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and
authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement; 

  
 - 5 -

	 	(d)	the Sponsor is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; 

 

	 	(e)	the outstanding Units have been duly and validly issued and are fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first
refusal and similar rights; 

  

	 	(f)	the Units conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus and the holders of the Units will not
be subject to personal liability by reason of being such holders; 

  

	 	(g)	the Agreement has been duly authorized, executed and delivered by the Sponsor and constitutes the valid and binding obligations of the Sponsor, enforceable against the
Sponsor in accordance with its terms; 

  

	 	(h)	the Sponsor is not in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time or both would result in any breach or
violation of, constitute a default under or give the holder of any indebtedness (or a Person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness) its constitutive
documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Sponsor is a party or by which any of them or any of
their properties may be bound or affected, and the execution, delivery and performance of the Agreement, the issuance and sale of Units to the Authorized Purchaser hereunder and the consummation of the transactions contemplated hereby does not
conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or violation of or constitute a default under), respectively, the amended
and restated limited liability company agreement of the Sponsor, as the same may be amended from time to time, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease,
contract or other agreement or instrument to which the Sponsor is a party or by which, respectively, the Sponsor or any of its properties may be bound or affected, or any federal, state, local or foreign law, regulation or rule or any decree,
judgment or order applicable to the Sponsor; 

  

	 	(i)	no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or
agency is required in connection with the issuance and sale of the Units other than registration of the Units under the 1933 Act and the registration of the Sponsor as a Commodity Pool Operator with the NFA under the CEA and the filing of the
Prospectus with the NFA, which has been or will be effected, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Units are being offered or any requirements for listing under the rules and
regulations of NYSE Arca; 

  
 - 6 -

	 	(j)	except as set forth in the Registration Statement and the Prospectus (i) no Person has the right, contractual or otherwise, to cause the Fund to issue or sell to
it any Units or other equity interests of the Fund, and (ii) no Person has the right to act as an underwriter or as a financial advisor to the Fund in connection with the offer and sale of the Units, in the case of each of the foregoing clauses
(i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; no Person has the right, contractual or otherwise, to cause the Sponsor on behalf of the
Fund or the Fund to register under the 1933 Act any other equity interests of the Fund, or to include any such units or interests in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness
of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; 

  

	 	(k)	each of the Sponsor and the Fund has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal,
state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other Persons, in order to conduct its respective business; the Sponsor is not in violation of, or in default under, or has
not received notice of any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the
Sponsor; 

  

	 	(l)	all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents of a character
required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required; 

 

	 	(m)	except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings pending or threatened or , to
the Sponsor’s knowledge after due inquiry, contemplated to which the Sponsor or the Fund, or (to the extent that such action, suit, claim, investigation or proceeding is or could be material in the context of the offering and sale of the Units)
any of the Sponsor’s directors or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency; 

  

	 	(n)	Spicer Jeffries LLP, whose report on the audited financial statements of the Fund is filed with the SEC as part of the Registration Statement and the Prospectus, are
independent public accountants as required by the 1933 Act; 

  

	 	(o)	 the audited financial statement(s) included in the Prospectus, together with the related notes and schedules, presents fairly the financial position of
the Fund as of the date indicated and has been prepared in compliance with the requirements of 

  
 - 7 -

	 	
the 1933 Act and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro forma) that are required to be included in the Registration
Statement and the Prospectus that are not included as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the Registration Statement and
the Prospectus; 

  

	 	(p)	subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been (i) any material adverse
change, (ii) any transaction which is material to the Sponsor or the Fund taken as a whole, (iii) any obligation, direct or contingent (including any off-balance sheet obligations), incurred by the Sponsor or the Fund, which is material to
the Fund, (iv) any change in the Units purchased by the Authorized Purchaser or outstanding indebtedness of the Sponsor or the Fund or (v) any dividend or distribution of any kind declared, paid or made on such Units;

  

	 	(q)	the Fund is not and, after giving effect to the offering and sale of the Units, will not be an “investment company” or an entity “controlled” by an
“investment company,” as such terms are defined in the Investment Company Act; 

  

	 	(r)	except as set forth in the Registration Statement and the Prospectus, the Sponsor and the Trust own, or have obtained valid and enforceable licenses for, or other
rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade secrets and other proprietary information applicable to the Fund and described in the Registration Statement
and the Prospectus as being owned or licensed by the Sponsor or the Trust for use by the Fund (collectively, “Intellectual Property”); 

 (i) except as set forth in the Registration Statement and the Prospectus, to the knowledge of the Sponsor, there are no third parties who have or will be able to establish rights to any Intellectual
Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the Sponsor or the Trust; 
 (ii) to the knowledge of the Sponsor, there is no infringement by third parties of any Intellectual Property; 
 (iii) there is no pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others challenging the Sponsor’s or the Fund’s rights in or to any Intellectual
Property, and the Sponsor is not aware of any facts which could form a reasonable basis for any such claim; 
 (iv) there is no
pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property; 
 (v) there is no pending or, to the knowledge of the Sponsor, threatened action, suit, proceeding or claim by others that the Sponsor or the Fund infringes or otherwise violates any patent, trademark,
copyright, trade secret or other proprietary rights of others, and the Sponsor is not aware of any facts which could form a reasonable basis for any such claim; and 

  
 - 8 -

 (vi) to the knowledge of the Sponsor, there is no patent or patent application that contains
claims that interfere with the issued or pending claims of any of the Intellectual Property. 
  

	 	(s)	all tax returns required to be filed by the Sponsor have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or through
withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to the Trust as of the date of this
Certificate; 

  

	 	(t)	the Sponsor has not sent or received any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or described in,
or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Sponsor or any other party to any such contract or agreement; 

 

	 	(u)	on behalf of the Fund, the Sponsor has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the
Exchange Act, giving effect to the rules and regulations, and SEC staff interpretations, thereunder)); such disclosure controls and procedures are designed to ensure that material information relating to the Fund, is made known to the Sponsor, and
such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of the Fund, the Sponsor has been advised of: (i) any significant deficiencies in the design or operation of internal
controls which could adversely affect the Fund’s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not material, that involves management or other employees who have a role in the Fund’s
internal controls; any material weaknesses in internal controls have been identified for the Fund’s auditors; 

  

	 	(v)	any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the Sponsor believes to be
reliable and accurate, and the Sponsor has obtained the written consent to the use of such data from such sources to the extent required; and 

  

	 	(w)	neither the Sponsor, nor any of the Sponsor’s directors, members, officers, affiliates or controlling Persons has taken, directly or indirectly, any action
designed, or which has constituted or might reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Fund to facilitate the sale or resale of
the Units. 

  
 - 9 -

 For purposes hereof, the term “Registration Statement” means the Registration
Statement as amended or supplemented from time to time through and including the date hereof; the term “Preliminary Prospectus” means the preliminary prospectus dated September 18, 2009, relating to the Units and any other prospectus
dated prior to effectiveness of the Registration Statement relating to the Units; and the term “Prospectus” means the final prospectus and disclosure document of the Trust, constituting a part of the Registration Statement filed with the
SEC and declared effective thereby as amended or supplemented from time to time through and including the date hereof. 
 2. Each of the
obligations of the Sponsor to be performed by it on or before the date hereof pursuant to the terms of the Agreement, and each of the provisions thereof to be complied with by the Sponsor on or before the date hereof, has been duly performed and
complied with in all material respects. Capitalized terms used, but not defined herein shall have the meanings assigned to such terms in the Agreement. 

  
 - 10 -

 IN WITNESS WHEREOF, I have hereunto, on behalf of the Sponsor, subscribed my name this
    day of September, 2012. 
  

			
	UNITED STATES COMMODITY FUNDS LLC
		
	By:	 	  

		 	Name: Nicholas D. Gerber
		 	Title: President

 I, Howard Mah, in my capacity as Secretary, hereby certify that Nicholas D. Gerber is the duly
elected President of the Sponsor, and that the signature set forth immediately above is his genuine signature. 
 IN WITNESS WHEREOF, I have
hereunto set my hand as of the, date first set forth above. 
  

			
	By:	 	  

		 	Name: Howard Mah
		 	Title: Secretary

  
 - 11 -

 ANNEX A 
 LIST OF SERIES TRUST(S) ESTABLISHED 
 BY THE UNITED STATES CURRENCY FUNDS
TRUST 
  

					
	 	  	 Fund
	  	 Relevant Schedule

	1.	  	US Golden Currency Fund	  	Schedule 1 to this Agreement

  
 - 12 -

 Exhibit 10.2 
 SCHEDULE 1 
 TO THE MARKETING AGENT AGREEMENT 

DATED                     

 DEFINED TERMS RELATING TO 
 US GOLDEN CURRENCY FUND FUND 
 Benchmark Futures Contract shall mean the
Futures Contracts (as defined in the Prospectus) that at any given time make up the basket of the Fund. 
 The Fund shall mean US
Golden Currency Fund. 
 Preliminary Prospectus means the preliminary prospectus dated
            , 2012, relating to the Units and any other prospectus dated prior to effectiveness of the Registration Statement relating to the Units. 

Registration Statement means, except when otherwise specified, the Fund’s registration statement on Form S-1 (File
No. 333-182443) filed by the Sponsor with the Commission as amended when it becomes effective under the 1933 Act, including all documents filed as a part thereof. 

  
 1 

 ANNEX B 
 FORM OF AMENDMENT AGREEMENT TO ADD SERIES TRUST(S) TO 
 TO THE MARKETING
AGENT AGREEMENT 
 This Amendment to the Marketing Agent Agreement dated
                    (this “Amendment”), is made and entered into by and among UNITED STATES COMMODITY FUNDS LLC, a Delaware limited
liability company (the “Sponsor”), the UNITED STATES CURRENCY FUNDS TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of the US GOLDEN CURRENCY FUND and [INSERT FUND
NAME] (each, a “Fund”), and ALPS DISTRIBUTORS INC. (the “Marketing Agent Agreement”) (each, a “Party” and collectively, “the Parties”). 

WHEREAS, the Parties have entered into a certain Marketing Agent Agreement dated
                    (the “Agreement”); and 
 WHEREAS, the parties hereto desire to amend the Agreement as provided herein by amending Annex A of this Agreement and supplementing this Agreement with the attached Schedule 1 and 2 to this Amendment.

 NOW THEREFORE, for and in consideration of the agreements herein made and other good and valuable consideration, the parties
hereto agree as follows: 
  

	I.	AMENDMENTS 

 The
Agreement is hereby amended by making the following change to Annex A thereto: 
 LIST OF SERIES TRUST(S) ESTABLISHED

 BY THE UNITED STATES CURRENCY FUNDS TRUST 

 

					
	 	  	 Fund
	  	 Relevant Schedule

	1.	  	US Golden Currency Fund	  	Schedule 1 to this Agreement
			
	2.	  	[INSERT FUND NAME]	  	Schedule 1-A to the Amendment Agreement dated
			
	3.	  	[INSERT FUND NAME]	  	Schedule 1-B to the Amendment Agreement dated
			
	4.	  		  	
			
	5.	  		  	

 The Parties acknowledge that Schedule 1 of this Amendment shall supplement and not supersede Schedule 1
of the Agreement. 

  
 - 2 -

	II.	REPRESENTATIONS 

Each Party represents to the other Parties that: 
 (a) Status. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing; 

(b) Powers. It has the power to execute and deliver this Amendment and to perform its obligations hereunder, and has taken all
necessary action to authorize such execution, delivery and performance; 
 (c) No Violation or Conflict. Such execution,
delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets; 
 (d) Consents. All governmental and other
consents that are required to have been obtained by it with respect to this Amendment have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(e) Obligations Binding. Its obligations under this Amendment constitute its legal, valid and binding obligations, enforceable in
accordance with its respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  

	III.	MISCELLANEOUS 

 (a)
Entire Agreement. The Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as other wise provided herein) with respect
thereto. 
 (b) Counterparts. This Amendment may be executed in multiple counterparts, each of which when executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. 

(c) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of
or to be taken into consideration in interpreting this Amendment. 
 (d) Governing Law. This Amendment shall be governed
by and construed in accordance with the laws of the State of New York. 
 (e) Terms. Terms used in this Amendment, unless
otherwise defined herein, shall have the meanings ascribed to them in the Agreement. 
 (f) Agreement. Any and all
references to the Agreement shall hereafter refer to the Agreement as amended by this Amendment and as the same may be amended, supplemented or modified from time to time. Unless otherwise defined herein, capitalized terms not defined herein shall
have the same meanings assigned to such terms in the Agreement as amended by this Amendment. 

  
 - 3 -

 Except as amended hereby, all other terms and conditions of the Agreement shall remain the
same and in full force and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the
date first written above. 
 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

By: United States Commodity Funds LLC, as Sponsor 
  

					
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on behalf of [INSERT FUND NAME] 

By: United States Commodity Funds LLC, as Sponsor 
  

					
		 	 By:
	 	  

		 		 	 Name:

		 		 	 Title:

 ALPS DISTRIBUTORS INC. 
  

			
	By:	 	  

		 	Name:
		 	Title:
		 	Address:
		 	Telephone:
		 	Facsimile:

  
 - 4 -

 SCHEDULE 1 
 TO THE AMENDMENT AGREEMENT DATED                      

DEFINED TERMS RELATING TO 
 [INSERT NAME OF FUND] 
 Benchmark Futures Contract shall mean
                    . 
 The
Fund shall mean                     . 
 Preliminary Prospectus means                     . 

Registration Statement means
                    . 

  
 - 5 -Form of Custodian Agreement

 Exhibit 10.3 
 CUSTODIAN AGREEMENT 
 THIS CUSTODIAN AGREEMENT (this
“Agreement”), dated as of September     , 2012, is entered into among the UNITED STATES COMMODITY FUNDS LLC, a Delaware limited liability company (the “Sponsor”), the UNITED STATES
CURRENCY FUNDS TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of each series established and designated by the Trust as a fund and listed on Annex A, including the US Global Currency Fund (each,
a “Fund”), and BROWN BROTHERS HARRIMAN & CO. (“BBH&Co.” or the “Custodian”), a limited partnership formed under the laws of the State of New York. 

This Agreement shall constitute a separate agreement between the Custodian, the Sponsor, the Trust and each Fund, as if such Fund had executed a separate
Custodian Agreement. The Custodian hereby acknowledges that its rights and obligations with respect to a Fund shall not create any right or other obligations with respect to any other Fund listed on Annex A, as amended from time to time, and
acknowledges the additional limitation on liability of the Sponsor, Trust and the Fund described in Section 9.3 of this Agreement. Any Fund that becomes a party hereto by executing an amendment to this Agreement substantially in the form of
Annex B (each such amendment together with the schedules attached thereto, an “Amendment”) shall become a party to this Agreement and any references herein to the Fund shall be treated as references to such Fund. The obligations of
the Sponsor, Trust, the Custodian and any Fund other than US Global Currency Fund, will be subject to the terms and conditions of the Amendment to this Agreement to be entered into with that Fund. 

WITNESSETH: 
 WHEREAS, the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and the Fund; and 

WHEREAS, the Sponsor and the Trust wish to employ BBH&Co. to act as custodian for the Fund’s Investments (as
defined in Section 13.15) and to provide related services, all as provided herein, and BBH&Co. is willing to accept such employment, subject to the terms and conditions herein set forth; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Sponsor, the Trust, on its
own behalf and on behalf of the Fund, and BBH&Co. hereby agree, as follows: 
 1. Appointment of Custodian. The Trust
and the Sponsor hereby appoint BBH&Co. as the Fund’s custodian for its Investments, and BBH&Co. hereby accepts such appointment. All Investments of the Fund delivered to the Custodian or its agents or Subcustodians (as defined in
Section 13) shall be dealt with as provided in this Agreement. The duties of the Custodian with respect to the Fund’s Investments shall be only as set forth expressly in this Agreement, which duties are generally comprised of safekeeping
and various administrative duties that will be performed in accordance with Instructions and as reasonably required to effect Instructions. 

 2. Representations, Warranties and Covenants. The Trust, on its own behalf and on
behalf of the Fund, and the Sponsor each hereby represents, warrants and covenants each of the following: 
 2.1 This Agreement
has been, and at the time of delivery of each Instruction (as defined in Section 4) such Instruction will have been, duly authorized, executed and delivered by the Trust, on its own behalf and on behalf of the Fund, and the Sponsor. This
Agreement (including without limitation, the grant of a security interest under Section 7.6 below) does not violate any Applicable Law (as defined in Section 13) or conflict with or constitute a default under the Fund’s prospectus or
other organic document, agreement, judgment, order or decree applicable to the Fund to which the Trust or the Sponsor is a party or by which the Fund or its Investments are bound. 

2.2 By providing an Instruction with respect to the first acquisition of an Investment in a jurisdiction other than the United States of
America, the Trust and the Sponsor shall be deemed to have confirmed to the Custodian that the Fund has (a) made all determinations required to be made by the Fund under Applicable Law, and (b) appropriately and adequately disclosed to its
unitholders and all persons who have rights in or to such Investments, all material investment risks, including those relating to the custody and settlement infrastructure or the servicing of securities in such jurisdiction. 

2.3 The Trust and the Sponsor shall safeguard and shall be solely responsible for the safekeeping of any testkeys, identification codes,
passwords, other security devices or statements of account with which the Custodian provides them. In furtherance and not limitation of the foregoing, in the event the Trust and/or the Sponsor utilizes any on-line service offered by the Custodian,
the Trust, the Sponsor and the Custodian shall be fully responsible for the security of each party’s respective connecting terminal, access thereto and the proper and authorized use thereof and the initiation and application of continuing
effective safeguards in respect thereof. Additionally, if the Trust and/or the Sponsor uses any on-line or similar communications service made available by the Custodian, the Trust and the Sponsor shall be solely responsible for ensuring the
security of their access to the service and for the use of the service, and shall only attempt to access the service and the Custodian’s computer systems as directed by the Custodian. If the Custodian provides any computer software to the Trust
and/or the Sponsor relating to the services described in this Agreement, the Trust and/or the Sponsor will only use the software for the purposes for which the Custodian provided the software to the Trust and/or the Sponsor, and will abide by the
license agreement accompanying the software and any other security policies which the Custodian provides to the Trust and the Sponsor. 
 2.4 By providing an Instruction in respect of an Investment (which Instruction may relate to among other things, the execution of trades), the Trust, on its own behalf and on behalf of the Fund, and the
Sponsor hereby (i) authorize BBH&Co. to complete such documentation as may be required or appropriate for the execution of the Instruction, and agree to be contractually bound to the terms of such documentation “as is” (subject to
Section 9 of this Agreement) without recourse against BBH&Co.; (ii) represent, warrant and covenant that the Trust, on its own behalf and on behalf of the Fund, and the Sponsor have accepted and agreed to comply with all Applicable
Law, terms and conditions to which the Fund’s Investment may be bound, including without limitation, requirements imposed by the Investment prospectus or offering 

  
 - 2 -

 
circular, subscription agreement, any application or other documentation relating to an Investment (e.g., compliance with suitability requirements and eligibility restrictions);
(iii) acknowledge and agree that BBH&Co. will not be responsible for the accuracy of any information provided to BBH&Co. by or on behalf of the Trust, Fund and/or the Sponsor, or for any underlying commitment or obligation inherent to
an Investment; (iv) except as otherwise provided for in Section 2.4 below, represent, warrant and covenant that the Trust, on its own behalf and on behalf of the Fund, and/or Sponsor will not effect any sale, transfer or disposition of
Investment(s) held in the BBH&Co.’s name by any means other than the issuance of an Instruction on behalf of the Fund by the Trust and/or Sponsor to BBH&Co.; (v) acknowledge that collective investment schemes (and/or their
agent(s)) in which the Fund and/or Sponsor invests may pay to BBH&Co. certain fees (including without limitation, shareholder servicing and/or trailer fees) in respect of the Fund’s investments in such schemes; (vi) agrees that
BBH&Co. shall have no obligation or responsibility whatsoever to respond to, or provide capital in connection with any capital calls, letters of intent or other requirements as set out in the prospectus or offering circular of an Investment;
(vii) represent, warrant and covenant that the Trust, on its own behalf and on behalf of the Fund, and/or Sponsor will provide BBH&Co. with such information as is necessary or appropriate to enable BBH&Co.’s performance pursuant to
an Instruction or under this Agreement; (viii) represent that the Fund is not a “Plan” (which term includes (1) employee benefit plans that are subject to the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), or plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the US Internal Revenue Code of 1986, as amended (the “Code”), (2) plans, individual retirement accounts and
other arrangements that are subject to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and (3) entities the underlying assets of which are considered to include “plan assets” of
such plans, accounts and arrangements), or an entity purchasing shares on behalf of, or with the “plan assets” of, a Plan; (ix) undertake to inform BBH&Co. and to keep the same updated as to its status under ERISA or
Section 4975 of the Code, each as amended, of the beneficial investor to the Investment, and as to any tax withholding or benefit to which an Investment may be subject; and (x) acknowledges that BBH&Co. shall have no obligation to fund
any order placed by the Fund and/or Sponsor for which the Fund does not have sufficient cash on deposit with BBH&Co. 
 2.4.1 To the extent that the Fund holds Investments in an account opened in the name of BBH&Co. as custodian for and at the direction of the Fund and/or Sponsor, and the Fund and/or Sponsor requests
that BBH&Co. provide the Fund and/or Sponsor with the capability to place orders and execute trades in fund shares directly with such fund companies and/or their transfer agents which shall be settled in an account established with each such
fund company or its transfer agent, the Fund and/or Sponsor hereby acknowledges that BBH&Co. is under no obligation to agree to such arrangement but if BBH&Co. so agrees, the Fund and/or Sponsor (i) acknowledges that all relevant terms
under Section 2.4 above apply thereto, (ii) authorizes BBH&Co. as custodian to grant a limited power of attorney to the Fund, Sponsor or their designated agent to enable the Fund and/or Sponsor to so execute, (iii) agrees to
ensure that any instructions issued by the Fund and/or Sponsor or their designated agent shall also be concurrently submitted to BBH&Co., and (iv) shall adhere to any BBH&Co. procedures established with each such fund or its transfer
agent with respect thereto including, but not limited to, the terms of the limited power of attorney. The Fund and/or Sponsor also acknowledges and agrees 

  
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that (1) BBH&Co. is acting solely in its capacity as custodian and is not acting as broker or introducing broker on behalf of the Fund or Sponsor, (2) BBH&Co. is not receiving
compensation in connection with the Fund and/or Sponsor’s execution hereunder of trades with each such fund other than its usual and customary custody fees and transaction charges, (3) it will provide such account opening information to
each such fund and/or transfer agent as and when requested by such fund and/or transfer agent, and (4) BBH&Co. is not responsible for (a) providing information published by the relevant distributor or each such fund including, but not
limited to, the prospectus for each such Investment in a fund or for resolving execution queries or complaints relative to any such Investment, and (b) assessing the suitability of any such Investment executed directly by the Fund and/or
Sponsor. 
 2.5 The Sponsor is, and will continue to be until the termination of this Agreement, duly authorized to enter into
this Agreement on behalf of the Trust and the Fund, to bind the Trust and the Fund in connection with the obligations hereunder, and to otherwise perform the terms herein. 
 3. Representations and Warranties of BBH&Co. BBH&Co. hereby represents and warrants that this Agreement has been duly authorized, executed and delivered by BBH&Co. and
does not violate any Applicable Law or conflict with or constitute a default under BBH&Co.’s limited partnership agreement or any agreement, instrument, judgment, order or decree to which BBH&Co. is a party or by which it is bound.

 4. Instructions. Unless otherwise explicitly indicated herein, the Custodian shall perform its duties pursuant to
Instructions. As used herein, the term Instruction shall mean a directive initiated by the Fund and/or the Sponsor, acting directly or through its board of directors, officers or other Authorized Persons, which directive shall conform to the
requirements of this Section 4. 
 4.1 Authorized Persons. For purposes hereof, an Authorized Person
shall be a person or entity authorized to give Instructions for or on behalf of the Fund, the Trust and/or the Sponsor by written notices to the Custodian or otherwise in accordance with procedures delivered to and acknowledged by the Custodian,
including without limitation the Fund’s Investment Advisor (as defined in Section 13). The Custodian may treat any Authorized Person as having full authority to issue Instructions for or on behalf of the Fund, Trust and/or Sponsor
hereunder unless the notice of authorization contains explicit limitations as to said authority. The Custodian shall be entitled to rely upon the authority of Authorized Persons until it receives appropriate written notice from the Trust or the
Sponsor to the contrary. 
 The Sponsor and the Trust, on its own behalf and on behalf of the Fund, hereby designate the
Marketing Agent (as such term is defined under an Marketing Agent Agreement entered into by the Sponsor and the Trust, on its own behalf and on behalf of the Fund, as approved by the Custodian (the Marketing Agent Agreement)) as an Authorized
Person from whom the Custodian is hereby authorized to receive Instructions to accept deposits of cash and securities in connection with the purchase of Units (as such term is defined in the Prospectus) and the distribution of cash and securities in
connection with the redemption of Units. 

  
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 4.2 Form of Instruction. Each Instruction shall be transmitted by such secured
or authenticated electro-mechanical means as the Custodian shall make available to the Trust, Fund or the Sponsor from time to time unless the Trust and/or the Sponsor shall elect to transmit such Instruction in accordance with Subsections 4.2.1
through 4.2.3 of this Section. 
 4.2.1 Fund Designated Secured-Transmission Method. Instructions
may be transmitted through a secured or tested electro-mechanical means identified on behalf of the Fund by the Trust, the Sponsor or by an Authorized Person entitled to give Instructions and acknowledged and accepted by the Custodian; it being
understood that such acknowledgment shall authorize the Custodian to receive and process such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the method determined by the Authorized
Person. 
 4.2.2 Written Instructions. Instructions may be transmitted in a writing that bears the
manual signature of Authorized Persons. 
 4.2.3 Other Forms of Instruction. Instructions may also
be transmitted by another means determined by the Trust, the Sponsor or Authorized Persons and acknowledged and accepted by the Custodian (subject to the same limits as to acknowledgements as is contained in Subsection 4.2.1, above) including
Instructions given orally or by SWIFT, telex or telefax (whether tested or untested). 
 When an Instruction is given by means
established under Subsections 4.2.1 through 4.2.3, it shall be the responsibility of the Custodian to use reasonable care to adhere to any security or other procedures established in writing between the Custodian and the Authorized Person with
respect to such means of Instruction, but such Authorized Person shall be solely responsible for determining that the particular means chosen is reasonable under the circumstances. Oral Instructions shall be binding upon the Custodian only if and
when the Custodian takes action with respect thereto. With respect to telefax instructions, the parties agree and acknowledge that receipt of legible instructions cannot be assured, that the Custodian cannot verify that authorized signatures on
telefax instructions are original or properly affixed, and that the Custodian shall not be liable for losses or expenses incurred through actions taken in reliance on inaccurately stated, illegible or unauthorized telefax instructions. The
provisions of Section 4A of the Uniform Commercial Code as currently in effect in the State of New York shall apply to the Fund’s transfers performed in accordance with Instructions. The Funds Transfer Services Schedule (as defined in
Section 13) and the Electronic and Online Services Schedule to this Agreement shall each comprise a designation of form of a means of delivering Instructions for purposes of this Section 4.2. 

4.3 Completeness and Contents of Instructions. The Authorized Person shall be responsible for assuring the adequacy and
accuracy of Instructions. Particularly, upon any acquisition or disposition or other dealing in the Fund’s Investments and upon any delivery and transfer of any Investment or moneys, the person initiating such Instruction shall give the
Custodian an Instruction with appropriate detail, including, without limitation: 
 4.3.1 The transaction date and the date and
location of settlement; 

  
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 4.3.2 The specification of the type of transaction; 

4.3.3 A description of the Investments or moneys in question, including, as appropriate, quantity, price per unit, amount
of money to be received or delivered and currency information. Where an Instruction is communicated by electronic means, or otherwise where an Instruction contains an identifying number such as a CUSIP, SEDOL or ISIN number, the Custodian shall be
entitled to rely on such number as controlling notwithstanding any inconsistency contained in such Instruction, particularly with respect to the Investment description; and 

4.3.4 The name of the broker or similar entity concerned with execution of the transaction. 

If the Custodian shall determine that an Instruction is either unclear or incomplete, the Custodian may give prompt notice of such
determination to the Trust and/or the Sponsor, and the Trust and/or the Sponsor shall thereupon amend or otherwise reform such Instruction. In such event, the Custodian shall have no obligation to take any action in response to the Instruction
initially delivered until the redelivery of an amended or reformed Instruction. 
 4.4 Timeliness of Instructions.
In giving an Instruction, the Trust and/or the Sponsor shall take into consideration delays which may occur due to the involvement of a Subcustodian or agent, differences in time zones, and other factors particular to a given market, exchange or
issuer. When the Custodian has established specific timing requirements or deadlines with respect to particular classes of Instruction, or when an Instruction is received by the Custodian at such a time that it could not reasonably be expected to
have acted on such Instruction due to time zone differences or other factors beyond its reasonable control, the execution of any Instruction received by the Custodian after such deadline or at such time (including any modification or revocation of a
previous Instruction) shall be at the risk of the Fund. 
 5. Safekeeping of Fund Assets. The Custodian shall hold
Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it
or its Subcustodians; (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians; or (c) the safekeeping of Currency Interests and Futures Contracts (each as defined in the Fund’s
prospectus). The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an
Instruction or in consequence of any corporate action. The Custodian shall hold Investments for the account of the Fund and shall segregate Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate Investments
from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian. 

5.1 Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository (as
defined in Section 13), either directly or through one or more Subcustodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or

  
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other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or in bulk segregation
in an account maintained for the non-proprietary assets of the entity holding such Investments in the Securities Depository. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or any
agent of either from holding its client assets in such a separate account, the Custodian, the Subcustodian or other agent shall as appropriate segregate such Investments for benefit of the Fund or for the benefit of clients of the Custodian
generally on its own books. 
 5.2 Certificated Assets. Investments which are certificated may be held in
registered or bearer form: (a) in the Custodian’s vault; (b) in the vault of a Subcustodian or agent of the Custodian or a Subcustodian; or (c) in an account maintained by the Custodian, Subcustodian or agent at a Securities
Depository; all in accordance with customary market practice in the jurisdiction in which any Investments are held. 
 5.3
Registered Assets. Investments which are registered may be registered in the name of the Custodian, a Subcustodian, or in the name of the Fund or a nominee for any of the foregoing, and may be held in any manner set forth in
Section 5.2 above with or without any identification of fiduciary capacity in such registration. 
 5.4 Book Entry
Assets. Investments which are represented by book-entry may be so held in an account maintained by the Book-entry Agent (as defined in Section 13) on behalf of the Custodian, a Subcustodian or another agent of the Custodian, or a
Securities Depository. 
 5.5 Replacement of Lost Investments. In the event of a loss of Investments for which the
Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Investment, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund the fair market value of such Investment based on
the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such loss, or, if less, such other amount as shall be agreed by the parties as the date for
settlement. 
 6. Administrative Duties of the Custodian. The Custodian shall perform the following administrative duties
with respect to Investments of the Fund. 
 6.1 Purchase of Investments. Pursuant to Instructions, Investments
purchased for the account of the Fund shall be paid for (a) against delivery thereof to the Custodian or a Subcustodian, as the case may be, either directly or through a Clearing Corporation (as defined in Section 13) or a Securities
Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (b) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument
representing such Investment. 
 6.2 Sale of Investments. Pursuant to Instructions, Investments sold for the
account of the Fund shall be delivered (a) against payment therefor in cash, by check or by bank wire transfer, (b) by credit to the account of the Custodian or the applicable Subcustodian, as the case may be, with a Clearing Corporation
or a Securities Depository (in accordance with the rules of 

  
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such Securities Depository or such Clearing Corporation), or (c) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the
instrument representing such Investment. 
 6.3 Delivery and Receipt in Connection with Borrowings of the Fund or other
Collateral and Margin Requirements. Pursuant to Instructions and subject to the last sentence in Section 6.4 below, the Custodian may deliver or receive Investments or cash of the Fund in connection with borrowings or loans by the Fund
and other collateral and margin requirements. 
 6.4 Futures and Over-the-Counter (OTC) Contracts. If, pursuant to
an Instruction, the Custodian shall become a party to an agreement with the Trust or the Sponsor, on behalf of the Fund, and a futures commission merchant regarding margin or a counterparty to an OTC contract (Tri-Party Agreement), the
Custodian shall (a) receive and retain, to the extent the same is provided to the Custodian, confirmations or other documents evidencing the purchase or sale by the Fund of exchange-traded futures contracts or the entering into of an option,
forward or other derivatives transaction by the Fund; (b) when required by such Tri-Party Agreement, deposit and maintain in an account opened pursuant to such Agreement (Margin Account) segregated either physically or by book-entry in a
Securities Depository for the benefit of any futures commission merchant, such Investments of the Fund as shall have been designated as initial, maintenance or variation “margin” deposits or other collateral intended to secure the
Fund’s performance of its obligations under the terms of any exchange-traded futures contracts and currency options; and (c) thereafter pay, release or transfer Investments into or out of the Margin Account in accordance with the
provisions of such Tri-Party Agreement. Alternatively, the Custodian may deliver Investments, in accordance with an Instruction, to a futures commission merchant for margin purposes or to the counterparty or its custodian. The Custodian shall in no
event be responsible for the acts and omissions of any futures commission merchant or the counterparty or its custodian, to whom Investments are delivered pursuant to this Section; for the sufficiency of Investments held in any Margin Account; for
funding margin deposits or otherwise providing Advances (as defined in Section 13) for the purpose of margin or other collateral in any Margin Account; or, for the performance of any terms of any exchange-traded futures contracts, currency
options, forward contracts and other derivative transactions. In addition, the Custodian shall not be required to transfer margin or any other assets of the Fund to a Margin Account if at the time of such request, such transfer would reduce the
aggregate market value of all unencumbered securities, cash, cash equivalents and other unencumbered liquid assets of the Fund in the custody of the Custodian to less than ten (10) percent of the then current net asset value of the Fund.

 6.5 Contractual Obligations and Similar Investments. From time to time, the Fund’s Investments may include
Investments that are not ownership interests as may be represented by certificate (whether registered or bearer), by entry in a Securities Depository or by book entry agent, registrar or similar agent for recording ownership interests in the
relevant Investment. If the Fund shall at any time acquire such Investments, including without limitation deposit obligations, loan participations, repurchase agreements and derivative arrangements, the Custodian shall (a) receive and retain,
to the extent the same are provided to the Custodian, confirmations or other documents evidencing the arrangement; and (b) perform on the Fund’s account in accordance with the terms of the applicable arrangement, but only to the extent
directed to do so by an Instruction. The Custodian shall have no responsibility for agreements on 

  
 - 8 -

 
behalf of the Fund running to the Trust or the Sponsor as to which it is not a party other than to retain, to the extent the same are provided to the Custodian, documents or copies of documents
evidencing the arrangement and, in accordance with an Instruction, to include such arrangements in reports made to the Fund. 

6.6 Exchange of Securities. Unless otherwise directed by an Instruction, the Custodian shall: (a) exchange securities
held for the account of the Fund for other securities in connection with any reorganization, recapitalization, conversion, split-up, change of par value of shares or similar event, and (b) deposit any such securities in accordance with the
terms of any reorganization or protective plan. 
 6.7 Surrender of Securities. Unless otherwise directed by an
Instruction, the Custodian may surrender securities: (a) in temporary form for definitive securities; (b) for transfer into the name of an entity allowable under Section 5.3; and (c) for a different number of certificates or
instruments representing the same number of shares or the same principal amount of indebtedness. 
 6.8 Rights, Warrants,
Etc. Pursuant to an Instruction, the Custodian shall (a) deliver warrants, puts, calls, rights or similar securities to the issuer or trustee thereof, or to any agent of such issuer or trustee, for purposes of exercising such rights or
selling such securities, and (b) deposit securities in response to any invitation for the tender thereof. 
 6.9
Mandatory Corporate Actions. Unless otherwise directed by an Instruction, the Custodian shall: (a) comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions or similar rights of securities
ownership affecting securities held on the Fund’s account and promptly notify the Sponsor for the benefit of the Fund of such action, and (b) collect all stock dividends, rights and other items of like nature with respect to such
securities. 
 6.10 Income Collection. Unless otherwise directed by an Instruction, the Custodian shall collect
any amount due and payable to the Fund with respect to Investments and promptly credit the amount collected to a Principal Account or an Agency Account (each defined in Section 13); provided, however, that the Custodian shall not be responsible
for: (a) the collection of amounts due and payable with respect to Investments that are in default, or (b) the collection of cash or share entitlements with respect to Investments that are not registered in the name of the Custodian or its
Subcustodians. The Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Investments. 

6.11 Ownership Certificates and Disclosure of the Fund’s Interest. The Custodian is hereby authorized to execute on
behalf of the Fund ownership certificates, affidavits or other disclosure required under Applicable Law or established market practice in connection with the receipt of income, capital gains or other payments by the Fund with respect to Investments,
or in connection with the sale, purchase or ownership of Investments. 
 With respect to securities issued in the United States
of America, the Custodian [      ] may [ X ] may not release the identity of the Fund to an issuer which requests such 

  
 - 9 -

 
information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications between such issuer and the Fund. IF NO BOX IS CHECKED, THE CUSTODIAN SHALL
RELEASE SUCH INFORMATION UNTIL IT RECEIVES CONTRARY INSTRUCTIONS FROM THE FUND. With respect to securities issued outside of the United States of America, information shall be released in accordance with law or custom of the particular country
in which such security is located. 
 6.12 Proxy Materials. The Custodian shall deliver, or cause to be delivered,
to the Sponsor for the benefit of the Fund proxy forms, notices of meeting, and any other notices or announcements materially affecting or relating to Investments received by the Custodian or any nominee. 

6.13 Taxes. The Custodian shall, where applicable, assist the Sponsor and the Trust in the reclamation of taxes withheld on
dividends and interest payments received by the Fund. In the performance of its duties with respect to tax withholding and reclamation, the Custodian shall be entitled to rely on the advice of counsel and upon information and advice regarding the
Fund’s tax status that is received on behalf of the Fund from the Sponsor or the Trust without duty of separate inquiry. 

6.14 Other Dealings. The Custodian shall otherwise act as directed by Instructions, including without limitation effecting
the free payments of moneys or the free delivery of securities, provided that such Instruction shall indicate the purpose of such payment or delivery and that the Custodian shall record the party to whom such payment or delivery is made. 

The Custodian shall attend to all nondiscretionary details in connection with the sale or purchase or other administration of
Investments, except as otherwise directed by an Instruction, and may make payments to itself or others for minor expenses of administering Investments under this Agreement; provided that the Sponsor or the Trust shall have the right to request an
accounting on behalf of the Fund with respect to such expenses. 
 In fulfilling the duties set forth in Sections 6.6 through
6.10 above, the Custodian shall provide to the Sponsor for the benefit of the Fund all material information pertaining to a corporate action which the Custodian actually receives; provided that the Custodian shall not be responsible for the
completeness or accuracy of such information. Information relative to any pending corporate action made available to the Sponsor for the benefit of the Fund via any of the services described in the Electronic and Online Services Schedule shall
constitute the delivery of such information by the Custodian hereunder. Any advance credit of cash or shares expected to be received as a result of any corporate action shall be subject to actual collection and may, when the Custodian deems
collection unlikely, be reversed by the Custodian. 
 The Custodian may at any time or times in its discretion appoint (and may
at any time remove) agents (other than Subcustodians) to carry out some or all of the administrative provisions of this Agreement (Agents), provided, however, that the appointment of such agent shall not relieve the Custodian of its
administrative obligations under this Agreement. 

  
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 7. Cash Accounts, Deposits and Money Movements. Subject to the terms and conditions set
forth in this Section 7, the Trust and the Sponsor each hereby authorizes the Custodian to open and maintain on behalf of the Fund, with itself or with Subcustodians, cash accounts in United States Dollars, in such other currencies as are the
currencies of the countries in which the Fund maintains Investments or in such other currencies as the Trust or the Sponsor shall from time to time request by Instruction. 
 7.1 Types of Cash Accounts. Cash accounts opened on the books of the Custodian (Principal Accounts) shall be opened in the name of the Fund. Such accounts collectively shall be a
deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained in Section 9. Cash accounts opened on the books of a Subcustodian may be opened in the name of the Fund
or the Custodian or in the name of the Custodian for its customers generally (Agency Accounts). Such deposits shall be obligations of the Subcustodian and shall be treated as an Investment of the Fund. Accordingly, the Custodian shall be
responsible for exercising reasonable care in the administration of such accounts but shall not be liable for their repayment in the event such Subcustodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. 

7.1.1 Administrative Accounts. In connection with the services provided hereunder, the Custodian is hereby
directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions
(including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Fund (each an “Account”). Each such Account shall be subject to
the terms and conditions of this Agreement and the Fund and/or the Sponsor shall be liable for the satisfaction of its obligations in connection with each Account. 
 7.2 Payments and Credits with Respect to the Cash Accounts. The Custodian shall make payments from or deposits to any of said accounts in the course of carrying out its administrative
duties, including but not limited to income collection with respect to the Fund’s Investments, and otherwise in accordance with Instructions. The Custodian and its Subcustodians shall be required to credit amounts to the cash accounts only when
moneys are actually received in cleared funds in accordance with banking practice in the country and currency of deposit. Any credit made to any Principal or Agency Account before actual receipt of cleared funds shall be provisional and may be
reversed by the Custodian in the event such payment is not actually collected. Unless otherwise specifically agreed in writing by the Custodian or any Subcustodian, all deposits shall be payable only at the branch of the Custodian or Subcustodian
where the deposit is made or carried. 
 7.3 Currency and Related Risks. The Fund and the Sponsor each bears risks
of holding or transacting in any currency, including any mark to market exposure associated with a foreign exchange transaction undertaken with the Custodian. The Custodian shall not be liable for any loss or damage arising from the applicability of
any law or regulation now or hereafter in effect, or from the occurrence of any event, which may delay or affect the transferability, convertibility or availability of any currency in the country (a) in which such Principal or Agency Accounts
are maintained or (b) in which such currency is issued, and in no event shall 

  
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the Custodian be obligated to make payment of a deposit denominated in a currency during the period during which its transferability, convertibility or availability has been affected by any such
law, regulation or event. Without limiting the generality of the foregoing, neither the Custodian nor any Subcustodian shall be required to repay any deposit made at a foreign branch of either the Custodian or Subcustodian if such branch cannot
repay the deposit due to a cause for which the Custodian would not be responsible in accordance with the terms of Section 9 of this Agreement unless the Custodian or such Subcustodian expressly agrees in writing to repay the deposit under such
circumstances. All currency transactions in any account opened pursuant to this Agreement are subject to exchange control regulations of the United States and of the country where such currency is the lawful currency or where the account is
maintained. Any taxes, costs, charges or fees imposed on the convertibility of a currency held by the Fund shall be for the account of the Fund. 
 7.4 Foreign Exchange Transactions. The Custodian shall, subject to the terms of this Section, settle foreign exchange transactions (including contracts, futures, options and options on
futures) on behalf and for the account of the Fund with such currency brokers or banking institutions, including Subcustodians, as the Fund and/or Sponsor may direct pursuant to Instructions. The Custodian may act as principal in any foreign
exchange transaction with the Fund in accordance with Section 7.4.2 of this Agreement. The obligations of the Custodian in respect of all foreign exchange transactions (whether or not the Custodian shall act as principal in such transaction)
shall be contingent on the free, unencumbered transferability of the currency transacted on the actual settlement date of the transaction. 
 7.4.1 Third Party Foreign Exchange Transactions. The Custodian shall process foreign exchange transactions (including without limitation contracts, futures, options, and options on futures),
where any third party acts as principal counterparty to the Fund on the same basis it performs duties as agent for the Fund with respect to any other of the Fund’s Investments. Accordingly, the Custodian shall only be responsible for delivering
or receiving currency on behalf of the Fund in respect of such contracts pursuant to Instructions. The Custodian shall not be responsible for the failure of any counterparty (including any Subcustodian) in such agency transaction to perform its
obligations thereunder. The Custodian (a) shall transmit cash and Instructions to and from the currency broker or banking institution with which a foreign exchange contract or option has been executed pursuant hereto, (b) may make free
outgoing payments of cash in the form of United States Dollars or foreign currency without receiving confirmation of a foreign exchange contract or option or confirmation that the countervalue currency completing the foreign exchange contract has
been delivered or received or that the option has been delivered or received, and (c) shall hold all confirmations, certificates and other documents and agreements received by the Custodian and evidencing or relating to such foreign exchange
transactions in safekeeping. The Fund accepts full responsibility for its use of third-party foreign exchange dealers and for execution of said foreign exchange contracts and options and understands that the Fund shall be responsible for any and all
costs and interest charges which may be incurred by the Fund or the Custodian as a result of the failure or delay of third parties to deliver foreign exchange. 

  
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 7.4.2 Foreign Exchange with the Custodian as Principal. The
Custodian may as principal undertake foreign exchange transactions with the Fund as the Custodian and the Trust or Sponsor on behalf of the Fund may agree from time to time. In such event, the foreign exchange transaction will be performed in
accordance with the particular agreement of the parties, or in the event a principal foreign exchange transaction is initiated by an Instruction in the absence of specific agreement, such transaction will be performed in accordance with the usual
commercial terms of the Custodian. In the event that the Fund defaults on the settlement of any such foreign exchange transaction with the Custodian, the Fund shall be liable for contracted currency of the transaction together with any mark to
market exposure associated with the replacement purchase of the contracted currency undertaken with the Custodian. 
 7.5
Delays. If no event of Force Majeure shall have occurred and be continuing and in the event that a delay shall have been caused by the negligence or willful misconduct of the Custodian in carrying out an Instruction to credit or
transfer cash, the Custodian shall be liable to the Fund: (a) with respect to Principal Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Custodian on overnight deposits at the time the
delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected; and, (b) with respect to Agency Accounts, for interest to be calculated at the rate customarily paid on such deposit and
currency by the Subcustodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected. The Custodian shall not be liable for delays in carrying
out such Instructions to transfer cash, which are not due to the Custodian’s own negligence or willful misconduct. 
 7.6 Advances. If, for any reason in connection with this Agreement the Custodian or any Subcustodian makes an Advance to facilitate settlement or otherwise for the benefit of the Fund
(whether or not any Principal or Agency Account shall be overdrawn either during, or at the end of, any Business Day (defined as any day other than a day on which any of the Futures Exchanges upon which a Benchmark Futures Contract is traded is
closed for regular trading1), the Trust, on its own behalf
and on behalf of the Fund, and the Sponsor each hereby does: 
 7.6.1 acknowledge that the Fund shall have no
right, title or interest in or to any Investments purchased with such Advance or proceeds of such Investments, and that any credit to an account of Fund shall be provisional, until: (a) the debit of the Principal or Agency Account by Custodian
for an amount equal to Advance Costs; and/or (b) if such debit produces an overdraft in such account, reimbursement to the Custodian or Subcustodian for the amount of such overdraft; 

7.6.2 acknowledge that the Custodian has an automatically perfected statutory security interest in Investments purchased
with any such Advance (as defined in Section 13) pursuant to Section 9-206 of the Uniform Commercial Code as in effect in the State of New York from time to time; 

 
  

	1 	 “Futures Exchanges” shall include any exchange listed in the most current prospectus for any Fund. 

  
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 7.6.3 in addition, in order to secure the obligations of the Fund to pay or
perform any and all obligations of the Fund pursuant to this Agreement, including without limitation to repay any Advance made pursuant to this Agreement, grant to the Custodian a security interest in all Investments and proceeds thereof (as defined
in the Uniform Commercial Code as currently in effect in the State of New York); and agree to take, and agree that the Custodian may take, in respect of the security interest referenced above, any further actions that the Custodian may reasonably
require. 
 7.7 Custodian’s Rights. Neither the Custodian nor any Subcustodian shall be obligated to make any
Advance or to allow an Advance to occur to the Fund, and in the event that the Custodian or any Subcustodian does make or allow an Advance, any such Advance and any transaction giving rise to such Advance shall be for the account and risk of the
Fund and shall not be deemed to be a transaction undertaken by the Custodian for its own account and risk. If such Advance shall have been made or allowed by a Subcustodian or any other person, the Custodian may assign all or part of its security
interest referenced above and any other rights granted to the Custodian hereunder to such Subcustodian or other person. If the Fund shall fail to repay the Advance Costs when due, the Custodian or its assignee, as the case may be, shall be entitled
to a portion of the available cash balance in any Agency or Principal Account equal to such Advance Costs, and the Trust and Sponsor authorizes the Custodian, on behalf of the Fund, to pay an amount equal to such Advance Costs irrevocably to such
Subcustodian or other person, and to dispose of any property in such Account to the extent necessary to make such payment. Any Investments and funds credited to accounts subject to this Agreement created pursuant hereto shall be treated as financial
assets credited to securities accounts under Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York from time to time. Accordingly, the Custodian and any Subcustodian shall have the rights and benefits of a secured
creditor that is a securities intermediary under such Articles 8 and 9. 
 7.8 Integrated Account. For purposes
hereof, deposits maintained in all Principal Accounts (whether or not denominated in United States Dollars) shall collectively constitute a single and indivisible current account with respect to the Fund’s obligations to the Custodian or its
assignee, and balances in the Principal Accounts shall be available for satisfaction of the Fund’s obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained
hereunder to the extent that the aggregate of all Principal Accounts is overdrawn. 
 8. Subcustodians and Securities
Depositories. Subject to the provisions hereinafter set forth in this Section 8, the Trust and the Sponsor each hereby authorizes the Custodian to utilize Securities Depositories to act on behalf of the Fund and to appoint from time to
time and to utilize Subcustodians. With respect to securities and funds held by a Subcustodian, either directly or indirectly (including by a Securities Depository or Clearing Corporation), notwithstanding any provisions of this Agreement to the
contrary, payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment, respectively, and securities or payment may be received in a form, in accordance with (a) governmental
regulations, (b) rules of Securities Depositories and the Clearing Corporations, (c) generally accepted trade practice in the applicable local market, (d) the terms and characteristics of the particular Investment, or (e) the
terms of the Instructions. 

  
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 8.1 Domestic Subcustodians and Securities Depositories. The Custodian may
deposit and/or maintain, either directly or through one or more agents appointed by the Custodian, Investments of the Fund in any Securities Depository in the United States of America, including The Depository Trust Company, provided such Securities
Depository meets applicable requirements of the Federal Reserve Bank or of the Securities and Exchange Commission. The Custodian may, at any time and from time to time, appoint any bank meeting the requirements of a custodian and the rules and
regulations thereunder, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund in the United States. 
 8.2 Responsibility for Subcustodians. The Custodian shall be liable to the Fund for any loss or damage to the Fund caused by or resulting from the acts or omissions of any domestic
Subcustodian to the extent that such acts or omissions would be deemed to be negligence, gross negligence or willful misconduct in accordance with the terms of the relevant subcustodian agreement under the laws, circumstances and practices
prevailing in the place where the act or omission occurred. 
 9. Responsibility of the Custodian. In performing its duties
and obligations hereunder, the Custodian shall use reasonable care under the facts and circumstances prevailing in the market where performance is effected. Subject to the specific provisions of this Section, the Custodian shall be liable for any
direct damage incurred by the Fund in consequence of the Custodian’s negligence, bad faith or willful misconduct. In no event shall the Custodian be liable hereunder for any special, indirect, punitive or consequential damages arising out of,
pursuant to or in connection with this Agreement even if the Custodian has been advised of the possibility of such damages. It is agreed that the Custodian shall have no duty to assess the risks inherent in the Fund’s Investments or to provide
investment advice with respect to such Investments and that the Fund as principal shall bear any risks attendant to particular Investments such as failure of a counterparty or issuer. 

9.1 Limitations of Performance. The Custodian shall not be responsible under this Agreement for any failure to perform its
duties, and shall not be liable hereunder for any loss or damage in association with such failure to perform, for or in consequence of the following causes: 
 9.1.1 Force Majeure. Force Majeure shall mean any circumstance or event which is beyond the reasonable control of the Custodian, a Subcustodian or any agent of the Custodian or a
Subcustodian and which adversely affects the performance by the Custodian of its obligations hereunder, by the Subcustodian of its obligations under its Subcustody Agreement or by any other agent of the Custodian or the Subcustodian, including any
event caused by, arising out of or involving (a) an act of God, (b) accident, fire, water damage or explosion, (c) any computer, system or other equipment failure or malfunction caused by any computer virus or the malfunction or
failure of any communications medium, (d) any interruption of the power supply or other utility service, (e) any strike or other work stoppage, whether partial or total, (f) any delay or disruption resulting from or reflecting the
occurrence of any Sovereign Risk, (g) any disruption of, or suspension of trading in, the securities, commodities or foreign exchange markets, whether or not resulting from or reflecting the occurrence of any Sovereign Risk, (h) any
encumbrance on the transferability of a currency or a currency position on 

  
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the actual settlement date of a foreign exchange transaction, whether or not resulting from or reflecting the occurrence of any Sovereign Risk, or (i) any other cause similarly beyond the
reasonable control of the Custodian. 
 9.1.2 Sovereign Risk. Sovereign Risk shall mean, in respect
of any jurisdiction, including the United States of America, where Investments are acquired or held hereunder or under a subcustody agreement, (a) any act of war, terrorism, riot, insurrection or civil commotion, (b) the imposition of any
investment, repatriation or exchange control restrictions by any Governmental Authority, (c) the confiscation, expropriation or nationalization of any Investments by any Governmental Authority, whether de facto or de jure, (d) any
devaluation or revaluation of the currency, (e) the imposition of taxes, levies or other charges affecting Investments, (f) any change in the Applicable Law, or (g) any other economic or political risk incurred or experienced.

 9.2 Limitations on Liability of the Custodian. The Custodian shall not be liable for any loss, claim, damage or
other liability arising from the following causes: 
 9.2.1 Failure of Third Parties. The failure
of any third party including: (a) the Sponsor or the Trust; (b) any futures commission merchant(s); (c) any issuer of Investments or book-entry or other agent of and issuer; (d) any counterparty with respect to any Investment,
including any issuer of exchange-traded or other futures, option, derivative or commodities contract; (e) failure of an Investment Advisor or other agent of the Fund; or (f) failure of other third parties similarly beyond the control or
choice of the Custodian. 
 9.2.2 Information Sources. The Custodian may rely upon information
received from issuers of Investments or agents of such issuers, information received from Subcustodians and from other commercially reasonable sources such as commercial data bases and the like, but shall not be responsible for specific inaccuracies
in such information, provided that the Custodian has relied upon such information in good faith, or for the failure of any commercially reasonable information provider. 

9.2.3 Reliance on Instruction. Action by the Custodian or the Subcustodian in accordance with an
Instruction, even when such action conflicts with, or is contrary to any provision of, the Trust’s or the Sponsor’s constituent documents, Applicable Law, or actions by the directors of the Sponsor or unitholders of the Fund. 

9.2.4 Restricted Securities. The limitations inherent in the rights, transferability or similar investment
characteristics of a given Investment of the Fund. 
 9.3 Limitations on Liability of the Sponsor, Trust and the
Fund. The Custodian agrees to look solely to the assets of the Fund and to the Sponsor and its assets in respect of any claim against or obligation of the Fund. The Administrator acknowledges and agrees that liability of the Fund, as a
series of the Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory Trust Act, such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall
be enforceable against the assets of the Fund only, and not against the assets of the Trust generally or the assets 

  
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of any other series of the Trust, and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally and any
other series of the Trust shall be enforceable against the assets of the Fund. 
 10. Indemnification. 

10.1 The Fund and the Sponsor each hereby indemnifies the Custodian and each Subcustodian, and their respective agents, nominees and the
partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, reasonably incurred or assessed against any of them in connection with the
performance of this Agreement and any Instruction. 
 10.2 The Custodian hereby indemnifies the Fund, the Trust and the Sponsor,
and their respective agents, nominees and the partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, reasonably incurred or assessed
against any of them as a direct result of the Custodian’s negligence, willful misconduct or bad faith in its performance of this Agreement and any Instruction. 
 11. Reports and Records. The Custodian shall: 
 11.1 create
and maintain records relating to the performance of its obligations under this Agreement; 
 11.2 make available to the Fund,
the Trust and/or the Sponsor, their respective auditors, agents and employees, upon reasonable request and during normal business hours of the Custodian, all records maintained by the Custodian pursuant to Section 11.1 above, subject, however,
to all reasonable security requirements of the Custodian then applicable to the records of its custody customers generally; and 

11.3 make available to the Fund, the Trust and/or the Sponsor all Electronic Reports (as defined in Section 13); it being understood
that the Custodian shall not be liable hereunder for the inaccuracy or incompleteness thereof or for errors in any information included therein. 
 The Sponsor shall examine all records, howsoever produced or transmitted, promptly upon receipt thereof and notify the Custodian promptly of any discrepancy or error therein. Unless the Trust or the
Sponsor delivers written notice of any such discrepancy or error within a reasonable time after its receipt thereof, such records shall be deemed to be true and accurate. It is understood that the Custodian now obtains and will in the future obtain
information on the value of assets from outside sources which may be utilized in certain reports made available to the Fund, the Trust and the Sponsor. The Custodian deems such sources to be reliable but it is acknowledged and agreed that the
Custodian does not verify nor represent nor warrant as to the accuracy or completeness of such information and accordingly shall be without liability in selecting and using such sources and furnishing such information. 

  
 - 17 -

 12. Miscellaneous 

12.1 Proxies, etc. The Trust, on its own behalf and on behalf of the Fund, and/or the Sponsor will promptly execute and
deliver, upon request, such proxies, powers of attorney or other instruments as may be necessary or desirable for the Custodian to provide, or to cause any Subcustodian to provide, custody services. 

12.2 Entire Agreement. This Agreement (including any schedules and exhibits attached hereto and thereto) contains all of
the agreements among the parties hereto and thereto with respect to the transactions contemplated hereby and thereby and supersedes all prior agreements or understandings, whether written or oral, among the parties with respect thereto. 

12.3 Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument
executed by all parties hereto. 
 12.4 Successors and Assigns; Assignment. All the terms and provisions of this
Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other parties and any
assignment without such consent shall be null and void. 
 12.5 Waiver of Compliance. Except as otherwise provided
in this Agreement, 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 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 or breach.

 12.6 Severability. The parties hereto desire that the provisions of this Agreement be enforced to the fullest
extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any jurisdiction to be invalid, prohibited or
unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 12.7
Notices. All notices, waivers, or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, by facsimile (and, if sent by facsimile, followed by delivery by
nationally-recognized express courier), sent by nationally-recognized express courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice): 
  

	 	(1)	if to Sponsor, to: 

 United
States Commodity Funds LLC 
 1999 Harrison Street, Suite 1530 

Oakland, California 94612 
 Attention: Nicholas D. Gerber 

  
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	 	(2)	if to the Trust or the Fund, to: 

[c/o] United States Currency Funds Trust 
 c/o United States Commodity Funds LLC 
 1999 Harrison Street, Suite 1530

 Oakland, California 94612 
 Attention: Nicholas D. Gerber 
  

	 	(3)	if to the Custodian, to: 

 Brown
Brothers Harriman & Co. 
 40 Water Street 
 Boston, Massachusetts 02109 
 Attn: 

Telephone: (617) 772-1818 
 Facsimile: (617) 772-          
 or such other
address as the Sponsor, the Trust or the Custodian may have designated in writing to the other. 
 All such notices and other
communications shall be deemed to have been delivered and received (i) in the case of personal delivery or delivery by a nationally-recognized express courier, on the date of such delivery if delivered during business hours on a Business Day
or, if not delivered during business hours on a Business Day, the first Business Day thereafter, and (ii) in the case of mailing or delivery by facsimile, upon receipt by the intended party. 

12.8 Governing Law; Jurisdiction. 
 12.8.1 All questions concerning the construction, interpretation and validity of this Agreement shall be governed by and construed and enforced in accordance with the domestic laws of the State of New
York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. In
furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some
other jurisdiction would ordinarily or necessarily apply. 
 12.8.2 Each party irrevocably consents and agrees,
for the benefit of the other parties, that any legal action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in connection with this Agreement or any related agreement may be brought
in the courts of the State of New York and hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for

  
 - 19 -

 
itself and in respect of its properties, assets and revenues. Each party irrevocably waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled (including
sovereign immunity, immunity to pre-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement or any related agreement or the transactions contemplated hereby or thereby which is
instituted in any court of the State of New York. 
 The provisions of this Section 12.8 shall survive any termination of
this Agreement, in whole or in part. 
 12.9 No Partnership. The Custodian acts as an independent contractor with
respect to the services provided under this Agreement. The terms and conditions of this Agreement do not create a partnership relationship between the Custodian and the Sponsor, the Custodian and the Trust or between the Custodian and the Fund. Each
of the Sponsor and the Trust, on its own behalf and on behalf of the Fund, acknowledges that the Custodian may enter into similar agreements with others without the consent of the Sponsor or the Trust. 

12.10 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. 

12.11 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. 
 12.12
Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile counterpart
signatures to this Agreement shall be acceptable and binding. 
 12.13 Other Usages. The following usages shall
apply in interpreting this Agreement: (i) references to a governmental or quasi-governmental 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.” 
 12.14 Confidentiality. The
parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party
hereto shall be used by the other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the
prior consent of such providing party. The foregoing shall not apply to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be
disclosed by or to any bank examiner of the Custodian or any Subcustodian, any Regulatory Authority, any auditor of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law, including for the avoidance of doubt,
any filing of this Agreement (excluding any terms relating to fees) by or on behalf of the Fund with any regulator with authority over the Fund. 

  
 - 20 -

 12.15 Counsel. In fulfilling its duties hereunder, the Custodian shall be
entitled to receive and act upon the advice of (i) counsel regularly retained by the Custodian in respect of such matters, (ii) counsel for the Fund or (iii) such counsel as the Fund, the Sponsor and the Custodian may agree upon, with
respect to all matters. The Custodian shall not be considered to have engaged in any misconduct or to have acted negligently when soliciting and following such advice. 
 12.16 Conflict. Nothing contained in this Agreement shall prevent the Custodian and its associates from (i) dealing as a principal or an intermediary in the sale, purchase or loan of
the Fund’s Investments to, or from the Custodian or its associates; (ii) acting as a custodian, a subcustodian, a trustee, an agent, securities dealer, an investment manager or in any other capacity for any other client; or
(iii) buying, holding, lending, and dealing in any way in any assets for the benefit of its own account, for the account of any other client, or for the account of the Fund. 

12.17 Privacy. In the course of carrying out its obligations under this Agreement, each party shall maintain physical,
procedural and/or electronic safeguards reasonably designed to protect information regarding the Fund and its investors that such party has obtained or to which such party has gained access. 
 13. Definitions. The following defined terms will have the respective meanings set forth below. 
 13.1 Advance(s) shall mean any extension of credit by or through the Custodian or by or through any Subcustodian and shall include, without limitation, amounts due to the Custodian as the
principal counterparty to any foreign exchange transaction with the Fund as described in Section 7.4.2 hereof, or paid to third parties for account of the Fund or in discharge of any expense, tax or other item payable by the Fund. 

13.2 Advance Costs shall mean any Advance, interest on the Advance and any related expenses, including without limitation
any mark to market loss of the Custodian or Subcustodian on any Investment to which Section 7.6.1 applies. 
 13.3
Agency Account(s) shall mean any deposit account opened on the books of a Subcustodian or other banking institution in accordance with Section 7.1. 
 13.4 Agent(s) shall have the meaning set forth in the last sentence of Section 6. 
 13.5 Applicable Law shall mean with respect to each jurisdiction, all (a) laws, statutes, treaties, regulations, guidelines (or their equivalents); (b) orders, interpretations,
licenses and permits; and (c) judgments, decrees, injunctions, writs, orders and similar actions by a court of competent jurisdiction; compliance with which is required or customarily observed in such jurisdiction. 

  
 - 21 -

 13.6 Authorized Person(s) shall mean any person or entity authorized to give
Instructions on behalf of the Fund and/or the Sponsor in accordance with Section 4.1. 
 13.7 Book-entry
Agent shall mean an entity acting as agent for the issuer of Investments for purposes of recording ownership or similar entitlement to Investments, including without limitation a transfer agent or registrar. 

13.8 Business Day shall have the meaning set forth in Section 7.6 hereof. 

13.9 Clearing Corporation shall mean any entity or system established for purposes of providing securities settlement and
movement and associated functions for a given market. 
 13.10 Electronic and Online Services Schedule shall mean
any separate agreement entered into among the Custodian, the Sponsor and the Trust, on its own behalf and on behalf of the Fund or its authorized representative with respect to certain matters concerning certain electronic and online services as
described therein and as may be made available from time to time by the Custodian to the Fund. 
 13.11 Electronic
Reports shall mean any reports prepared by the Custodian and remitted to the Fund, the Trust, the Sponsor or their respective authorized representative via the internet or electronic mail. 

13.12 Funds Transfer Services Schedule shall mean any separate agreement entered into among the Custodian, the Sponsor and
the Trust, on its own behalf and on behalf of the Fund, or their respective authorized representative with respect to certain matters concerning the processing of payment orders from Principal Accounts of the Fund. 

13.13 Instruction(s) shall have the meaning assigned in Section 4. 

13.14 Investment Advisor shall mean any person or entity who is an Authorized Person to give Instructions with respect to
the investment and reinvestment of the Fund’s Investments. 
 13.15 Investment(s) shall mean any investment
asset of the Fund, including without limitation: securities, bonds, notes, and debentures as well as receivables, derivatives, contractual rights or entitlements and other intangible assets, but excluding Futures Contracts and Currency Interests
(each as defined in the Fund’s prospectus). 
 13.16 Margin Account shall have the meaning set forth in
Section 6.4 hereof. 
 13.17 Principal Account(s) shall mean deposit accounts of the Fund carried on the
books of BBH&Co. as principal in accordance with Section 7. 
 13.18 Safekeeping Account shall mean an
account established on the books of the Custodian or any Subcustodian for purposes of segregating the interests of the Fund (or clients of the Custodian or Subcustodian) from the assets of the Custodian or any Subcustodian. 

  
 - 22 -

 13.19 Securities Depository shall mean a central or book entry system or
agency established under Applicable Law for purposes of recording the ownership and/or entitlement to investment securities for a given market. 
 13.20 Subcustodian(s) shall mean each bank appointed by the Custodian pursuant to Section 8 hereof, but shall not include Securities Depositories. 

13.21 Tri-Party Agreement shall have the meaning set forth in Section 6.4 hereof. 

14. Compensation. The Trust, on its own behalf and on behalf of the Fund, and the Sponsor agree that the Sponsor and/or the Fund
will pay to the Custodian (a) a fee in an amount set forth in the fee letter among the Trust, on its own behalf and on behalf of the Fund, the Sponsor and the Custodian in effect on the date hereof or as amended from time to time, and
(b) all reasonable out-of-pocket expenses incurred under this Agreement by the Custodian, including the fees and expenses of all Subcustodians, and payable from time to time. Amounts payable by the Sponsor and/or the Fund under and pursuant to
this Section 14 shall be payable by wire transfer to the Custodian at BBH&Co. in New York, New York. 
 15.
Termination. This Agreement may be terminated by either party in accordance with the provisions of this Section. The provisions of this Agreement and any other rights or obligations incurred or accrued by any party hereto prior to
termination of this Agreement shall survive any termination of this Agreement. Termination of this Agreement with respect to any Fund shall not result in the termination of this Agreement with respect to any other Fund listed on Annex A. 

15.1 Term, Notice and Effect. This Agreement shall have an initial term of two (2) years from the date hereof.
Thereafter, this Agreement shall automatically renew for successive one (1) year periods unless any party terminates this Agreement by providing written notice no later than seventy-five (75) days prior to the expiration of the applicable
term to the other parties at their address set forth herein. Upon the completion of the initial term, any party to this Agreement may elect to terminate this Agreement at any time by delivering 90 days notice thereof to the other parties.

 15.2 Successor Custodian. In the event of the appointment of a successor custodian, it is agreed that the
Investments of the Fund held by the Custodian or any Subcustodian shall be delivered to the successor Custodian in accordance with reasonable Instructions. The Custodian agrees to cooperate with the Fund in the execution of documents and performance
of other actions necessary or desirable in order to facilitate the succession of the new custodian. If no successor custodian shall be appointed, the Custodian shall in like manner transfer the Fund’s Investments in accordance with
Instructions. 
 15.3 Delayed Succession. If no Instruction has been given as of the effective date of
termination, the Custodian may at any time on or after such termination date and upon ten (10) consecutive calendar days written notice to the Trust and the Sponsor either (a) deliver the Investments of the Fund held hereunder to the Fund
at the address designated for the Trust and the Fund for receipt of notices hereunder; or (b) deliver any Investments held hereunder to a bank or trust company having a capitalization of $50,000,000 equivalent and operating under the Applicable
Law of the jurisdiction where such Investments are located, such delivery to be at the 

  
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risk of the Fund. In the event that Investments or moneys of the Fund remain in the custody of the Custodian or its Subcustodians after the date of termination owing to the failure of the Trust
or the Sponsor to issue Instructions with respect to their disposition or owing to the fact that such disposition could not be accomplished in accordance with such Instructions despite diligent efforts of the Custodian, the Custodian shall be
entitled to compensation for its services with respect to such Investments and moneys during such period as the Custodian or its Subcustodians retain possession of such items and the provisions of this Agreement shall remain in full force and effect
until disposition in accordance with this Section is accomplished. 

  
 - 24 -

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed as of the date
first above written. 
 BROWN BROTHERS HARRIMAN & CO. 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  

  
 - 25 -

 FUNDS TRANSFER SERVICES SCHEDULE 

(“FTSS”) 
 In
accordance with Section 4.2 of the Custodian Agreement, the Trust, on behalf of itself and the Fund, and the Sponsor acknowledge the following terms and conditions in respect of all funds transfers effected by the Custodian. Terms not otherwise
defined herein shall have the meanings accorded to them in the Custodian Agreement. 
 1. Transmission of Payment Orders. Each funds
transfer Instruction (“FT Instruction”) shall be transmitted by such secured or authenticated means and subject to such security procedures as the Custodian shall make available to the Trust and the Sponsor from time to time (such
transmission method and security procedures, a Custodian Designated Security Procedure), unless the Trust or the Sponsor shall elect to transmit such FT Instruction in accordance with a Fund Designated Security Procedure (as defined in
Section 4 below). The Trust and the Sponsor acknowledge and agree that the Custodian will use the security procedures referenced in Sections 3 and 4 below solely to authenticate a FT Instruction, as set forth herein, and not to detect any
errors or omissions therein. 
 2. Custodian Designated Security Procedure. The Custodian will make the following Custodian Designated Security
Procedures available to the Trust and the Sponsor for use in communicating FT Instructions to the Custodian: 
  

	 	•	 	 BBH Worldview® Payment Products. The Custodian offers to the Trust and the Sponsor use of its BBH Worldview Payment Products (“BBH
Worldview”), which are Custodian proprietary on-line payment order authorization facilities with built-in authentication procedures. The Custodian, the Trust and the Sponsor shall each be responsible for maintaining the confidentiality of
passwords or other codes used by them in connection with BBH Worldview. The Custodian will act on FT Instructions received through BBH Worldview without duty of further confirmation unless the Trust or the Sponsor notifies the Custodian that its
password is not secure. The Trust and the Sponsor agree that access to, and use of, BBH Worldview shall be governed by an Electronic and On-line Services Schedule, which the Trust, on behalf of itself and the Fund, and the Sponsor will execute prior
to access to BBH Worldview. 

  

	 	•	 	 SWIFT Transmission. The Custodian, the Trust and the Sponsor shall comply with SWIFT’s authentication procedures. The Custodian will act on
FT Instructions received via SWIFT provided the instruction is authenticated by the SWIFT system. 

  

	 	•	 	 Written Instructions. Instructions may be transmitted in an original writing that bears the manual signature of an Authorized Person(s).

 3. Fund Designated Security Procedure. FT Instructions may be transmitted through such other means, and subject to
such additional security procedures, as may be elected on behalf of the Fund by the Sponsor (or by an Authorized Person entitled to give Instructions) and acknowledged and accepted by the Custodian (the transmission methods and security procedures

  
 - 26 -

 
referenced below, as may be supplemented by such additional security procedures, each a Fund Designated Security Procedure); it being understood that the Custodian’s acknowledgment
shall authorize it to accept such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Trust and the Sponsor. 

 

	 	•	 	 Computer Transmission. The Custodian is able to accept transmissions sent from the Trust or the Sponsor’s computer facilities to the
Custodian’s computer facilities. If the Trust or the Sponsor determines to use its proprietary transmission or other electronic transmission method, it must provide Custodian sufficient notice and information to allow testing or other
confirmation that FT Instructions received via the Fund Designated Security Procedure can be processed in good time and order. The Custodian may require the Trust and the Sponsor to execute additional documentation prior to the use of such
transmission method. 

  

	 	•	 	 Facsimile Transmission. A FT Instruction transmitted to the Custodian by facsimile transmission must be transmitted by the Trust or the Sponsor
to a telephone number specified from time to time by the Custodian for such purposes. The Custodian will then follow one of the procedures below: 

  

	 	(i)	If the facsimile requests a non-repetitive order, the Custodian will call the Trust and the Sponsor and request to speak to a person authorized to validate orders on
behalf of the Fund and the Sponsor, and confirm the authorization and details of the payment order (a Callback); 

  

	 	(ii)	If the facsimile FT Instruction pertains to a repetitive payment order (see Section 7 below), the Custodian may (at its sole discretion) perform a Callback. Each
of the Trust, on behalf of itself and the Fund, and the Sponsor acknowledges that prior to its issuance of any repetitive payment order, it must (a) request that the appropriate repetitive payment order process be approved and set up at the
Custodian, and (b) complete such documentation as may be required by the Custodian, including a PPO (as defined in Section 7). 

 The Custodian shall rely on the purported identity of the originator but due to the lack of reliability of a facsimile signature, it will not perform signature verification on facsimiles. 

 

	 	•	 	 Telephonic. The Trust or the Sponsor may call a telephonic payment order into the Custodian at the telephone number designated from time-to-time
by the Custodian for that purpose. The caller shall identify herself/himself as an Authorized Person. The Custodian shall obtain the FT Instruction details from the caller. The Custodian shall then follow one of the procedures below:

  

	 	(i)	If the telephonic FT Instruction pertains to a non-repetitive payment order, the Custodian will perform a Callback; or 

  
 - 27 -

	 	(ii)	If the telephonic FT Instruction pertains to a repetitive payment order (see Section 7 below), the Custodian may (at its sole discretion) perform a Callback. The
Trust and the Sponsor acknowledge that prior to its issuance of any repetitive payment order, it must (a) request that the appropriate repetitive payment order process be approved and set up at the Custodian, and (b) complete such
documentation as may be required by the Custodian, including a PPO. 

 In electing to transmit a FT Instruction via a Fund
Designated Security Procedure, the Trust and the Sponsor (i) agrees to be bound by the transaction(s) or payment order(s) specified on said FT Instruction, whether or not authorized, and accepted by the Custodian in compliance with such Fund
Designated Security Procedure, and (ii) accepts the risk associated with such Fund Designated Security Procedure and confirms it is commercially reasonable for the transmission and authentication of the FT Instruction. 

The parties agree that the transmission by the Sponsor or the Trust of a FT Instruction by means of any of the above Fund Designated Security Procedures
and the Custodian’s acceptance and execution of such FT Instruction shall constitute a FT Instruction sent via a Fund Designated Security Procedure and governed by the terms of this FTSS. 

4. Rejection of Payment Orders; Rescission of Designated Security Procedure. The Custodian shall give the Trust and the Sponsor timely notice of
the Custodian’s rejection of a FT Instruction. Such notice may be given in writing, via a Custodian Designated Security Procedure or any Fund Designated Security Procedure used by the Trust and the Sponsor, or orally by telephone, each of which
is hereby deemed commercially reasonable. In the event the Custodian fails to execute a properly executable FT Instruction and fails to give the Trust and the Sponsor notice of the Custodian’s non-execution, the Custodian shall be liable only
for the actual damages of the Trust, the Fund or the Sponsor and only to the extent that such damages are recoverable under UCC 4A (as defined in Section 13 below). The Custodian, after providing prior written notice, may decide to no longer
accept a particular Fund or Custodian Designated Security Procedure, or to do so only on revised terms, in the event that it determines that such agreed or established method of transmission represents a security risk or is attendant to any general
change in the Custodian’s policy regarding FT Instructions. Notwithstanding anything in this FTSA and the Agreement to the contrary, the Custodian shall in no event be liable for any consequential, indirect, special or punitive damages under
this FTSA, whether or not such damages relate to services covered by UCC 4A, even if the Custodian was advised of the possibility of such damages. 
 5. Cancellation of Payment Orders. The Trust and the Sponsor may cancel a FT Instruction but the Custodian shall have no liability for the Custodian’s failure to act on a cancellation FT
Instruction unless the Custodian has received such cancellation FT Instruction at a time and in a manner affording the Custodian reasonable opportunity to act prior to the Custodian’s execution of the original FT Instruction. Any cancellation
FT Instruction shall be sent and confirmed by such means as is set forth in Section 3 or 4 above. 
 6. Preauthorized Repetitive Payment
Orders. The Trust and the Sponsor may establish with the Custodian a process to preauthorize certain repetitive payments or transfers. The Trust and 

  
 - 28 -

 
the Sponsor will execute all documentation required by the Custodian, including a separate Preauthorized Repetitive Payment Order (PPO) form. The PPO shall be delivered to the Custodian in
writing or by another Custodian Designated Security Procedure or Fund Designated Security Procedure, and will become effective after the Custodian shall have had a reasonable opportunity to act thereon (or if later, two (2) banking days after
receipt by the Custodian). The PPO may take the form of either: 
  

	 	(i)	A standing instruction in which the Trust and the Sponsor provides in the PPO all required information for a FT Instruction (except for the transfer date and
amount) on a “standing instructions” basis. The Trust and the Sponsor may from time-to-time instruct the Custodian to make a payment under the PPO, in writing or another Custodian Designated Security Procedure or Fund Designated Security
Procedure, which instruction shall reference the repetitive line number (a number assigned to it by the Custodian after execution of the PPO), details of the payment, the transfer date and the amount of the transfer; or 

 

	 	(ii)	A recurring instruction in which the Trust and the Sponsor supplies all required information for a FT Instruction with an instruction to process such payments
with a specific frequency. 

 7. Responsibility for the Detection of Errors in Payment Orders; Liability of the Parties.
The purpose of any Fund Designated Security Procedure or Custodian Designated Security Procedure is to confirm the authenticity of any FT Instruction and is not designed to detect errors or omissions in such FT Instructions. Therefore, the Custodian
is not responsible for detecting any Trust and/or Sponsor error or omission contained in any FT Instruction received by the Custodian. In the event that the FT Instruction either (i) identifies the beneficiary by both a name and an identifying
account number and the name and number identify different persons or entities, or (ii) identifies the beneficiary by both a name and an identifying number and the number identifies a person or entity different from the beneficiary identified by
name, execution of the relevant payment order, payment to the beneficiary, cancellation of the payment order or actions taken by the Custodian or the Trust and the Sponsor in respect of such payment order may be made solely on the basis of the
number. 
 The Custodian shall not be liable for interest on the amount of any FT Instruction that was not authorized or was erroneously
executed unless the Trust and the Sponsor so notifies the Custodian within thirty (30) days following the Trust and the Sponsor’s receipt of notice that such FT Instruction was processed. Any compensation payable in the form of interest
shall be payable in accordance with UCC 4A. If a FT Instruction in the name of the Fund and the Sponsor and accepted by the Custodian was not authorized by the Trust and/or the Sponsor, the liability of the parties will be governed by the applicable
provisions of UCC 4A. 

  
 - 29 -

 ELECTRONIC AND ON-LINE SERVICES SCHEDULE 

This Electronic and On-Line Services Schedule (this Schedule) to a Custodian Agreement dated as of September     , 2012 (as
amended from time to time hereafter, the Agreement) by and among Brown Brothers Harriman & Co. (we, us our), United States Commodity Funds LLC (the Sponsor), the United States Currency Funds Trust, a Delaware statutory
trust (the Trust), on its own behalf and on behalf of the series established and designated by the Trust, the [INSERT NAME OF FUND] (the Fund) (the Sponsor and the Trust, on its own behalf and on behalf of the Fund, collectively, you, your),
provides general provisions governing your use of and access to the Services (as hereinafter defined) provided to you by us via the Internet (at www.bbhco.com or such other URL as we may instruct you to use to access our products) and via a
direct dial-up connection between your computer and our computers, as of September     , 2012 (the Effective Date). Use of the Services constitutes acceptance of the terms and conditions of this Schedule, any Appendices hereto,
the Terms and Conditions posted on our web site, and any terms and conditions specifically governing a particular Service or our other products, which may be set forth in the Agreement or in a separate related agreement (collectively, the Related
Agreements). 
  

	1.	General Terms. 

 You will
be granted access to our suite of online products, which may include, but shall not be limited to the following services via the Internet or dial-up connection (each separate service is a Service; collectively referred to as the
Services): 
  

	 	1.1.	BBH WorldView®, a system for effectuating securities and fund trade instruction and execution, processing and handling instructions, and for the input and retrieval
of other information; 

  

	 	1.2.	F/X WorldView, a system for executing foreign exchange trades; 

  

	 	1.3.	Fund WorldView, a system for receiving fund and prospectus information; 

  

	 	1.4.	BBHCOnnect, a system for placing securities trade instructions and following the status and detail of trades; 

 

	 	1.5.	ActionViewSM, a system for receiving certain corporate action information; 

 

	 	1.6.	Risk View, an interactive portfolio risk analysis tool; and 

  

	 	1.7.	Such other services as we shall from time to time offer. 

  

	2.	Security / Passwords. 

  

	 	2.1.	A digital certificate and/or an encryption key may be required to access certain Services. You may apply for a digital certificate and/or an encryption key by following
the procedures set forth at http://www.bbh.com/certs/. You also will need an identification code (ID) and password(s) (Password) to access the Services. 

  
 - 30 -

	 	2.2.	You agree to safeguard your digital certificate and/or encryption key, ID, and Password and not to give or make available, intentionally or otherwise, your digital
certificate, ID, and/or Password to any unauthorized person. You must immediately notify us in writing if you believe that your digital certificate and/or encryption key, Password, or ID has been compromised or if you suspect unauthorized access to
your account by means of the Services or otherwise, or when a person to whom a digital certificate and/or an encryption key, Password, or ID has been assigned leaves or is no longer permitted to access the Services. 

 

	 	2.3.	We will not be responsible for any breach of security, or for any unauthorized trading or theft by any third party, caused by your failure (be it intentional,
unintentional, or negligent) to maintain the confidentiality of your ID and/or Password and/or the security of your digital certificate and/or encryption key. 

 

	3.	Instructions. 

  

	 	3.1.	Proper instructions under this Schedule shall be provided as designated in the Related Agreements (Instructions). 

 

	 	3.2.	The following additional provisions apply to Instructions provided via the Services: 

 

	 	a.	Instructions sent by electronic mail will not be accepted or acted upon. 

  

	 	b.	You authorize us to act upon Instructions received through the Services utilizing your digital certificate, ID, and/or Password as though they were duly authorized
written instructions, without any duty of verification or inquiry on our part, and agree to hold us harmless for any losses you experience as a result. 

  

	 	c.	From time to time, the temporary unavailability of third party telecommunications or computer systems required by the Services may result in a delay in processing
Instructions. In such an event, we shall not be liable to you or any third party for any liabilities, losses, claims, costs, damages, penalties, fines, obligations, or expenses of any kind (including without limitation, reasonable attorneys',
accountants', consultants', or experts' fees and disbursements) that you experience due to such a delay. 

  

	4.	Electronic Documents. 

 We
may make periodic statements, disclosures, notices, and other documents available to you electronically, and, subject to any delivery and receipt verification procedures required by law, you agree to receive such documents electronically and to
check the statements for accuracy. If you believe any such statement contains incorrect information, you must follow the procedures set forth in the Related Agreement(s). 

  
 - 31 -

	5.	Malicious Code. 

 You
understand and agree that you will be responsible for the introduction (by you, your employees, agents, or representatives) into the Services, whether intentional or unintentional, of (i) any virus or other code, program, or sub-program that
damages or interferes with the operation of the computer system containing the code, program or sub-program, or halts, disables, or interferes with the operation of the Services themselves; or (ii) any device, method, or token whose knowing or
intended purpose is to permit any person to circumvent the normal security of the Services or the system containing the software code for the Services (Malicious Code). You agree to take all necessary actions and precautions to prevent the
introduction and proliferation of any Malicious Code into those systems that interact with the Services. 
  

	6.	Indemnification. 

 For
avoidance of doubt, you hereby agree that the provisions in the Related Agreement(s) related to your indemnification of us and any limitations on our liability and responsibilities to you shall be applicable to this Agreement, and are hereby
expressly incorporated herein. You agree that the Services are comprised of telecommunications and computer systems, and that it is possible that Instructions, information, transactions, or account reports might be added to, changed, or omitted by
electronic or programming malfunction, unauthorized access, or other failure of the systems which comprise the Services, despite the security features that have been designed into the Services. You agree that we will not be liable for any action
taken or not taken in complying with the terms of this Schedule, except for our willful misconduct or gross negligence. The provisions of this paragraph shall survive the termination of this Schedule and the Related Agreements. 

 

	7.	Payment. 

 You may be
charged for services hereunder as set forth in a fee schedule from time to time agreed by us. 
  

	8.	Term/Termination. 

  

	 	8.1.	This Schedule is effective as of the date you sign it or first use the Services, whichever is first, and continues in effect until such time as either you or we
terminate the Schedule in accordance with this Section 8 and/or until your off-line use of the Services is terminated. 

  

	 	8.2.	We may terminate your access to the Services at any time, for any reason, with five (5) business days prior notice; provided that we may terminate your access to
the Services with no prior notice (i) if your account with us is closed, (ii) if you fail to comply with any of the terms of this Agreement, (iii) if we believe that your continued access to the Services poses a security risk, or
(iv) if we believe that you are violating or have violated applicable laws, and we will not be liable for any loss you may experience as a result of such termination. You may terminate your access to the Services at any time by giving us ten
(10) business days notice. Upon termination, we will cancel all your Passwords and IDs and any in-process or pending Instructions will be carried out or cancelled, at our sole discretion. 

  
 - 32 -

	9.	Miscellaneous. 

  

	 	9.1.	Notices. All notices, requests, and demands (other than routine operational communications, such as Instructions) shall be in such form and effect as provided in
the Related Agreement(s). 

  

	 	9.2.	Inconsistent Provisions. Each Service may be governed by separate terms and conditions in addition to this Schedule and the Related Agreement(s). Except where
specifically provided to the contrary in this Schedule, in the event that such separate terms and conditions conflict with this Schedule and the Related Agreement(s), the provisions of this Schedule shall prevail to the extent this Schedule applies
to the transaction in question. 

  

	 	9.3.	Binding Effect; Assignment; Severability. This Schedule shall be binding on you, your employees, officers and agents. We may assign or delegate our rights and
duties under this Schedule at any time without notice to you. Your rights under this Schedule may not be assigned without our prior written consent. In the event that any provision of this Schedule conflicts with the law under which this Schedule is
to be construed or if any such provision is held invalid or unenforceable by a court with jurisdiction over you and us, such provision shall be deemed to be restated to effectuate as nearly as possible the purposes of the Schedule in accordance with
applicable law. The remaining provisions of this Schedule and the application of the challenged provision to persons or circumstances other than those as to which it is invalid or unenforceable shall not be affected thereby, and each such provision
shall be valid and enforceable to the full extent permitted by law. 

  

	 	9.4.	Choice of Law; Jury Trial. This Schedule shall be governed by and construed, and the legal relations between the parties shall be determined, in accordance with
the laws of the State of New York, without giving effect to the principles of conflicts of laws. Each party agrees to waive its right to trial by jury in any action or proceeding based upon or related to this Agreement. The parties agree that all
actions and proceedings based upon or relating to this Schedule shall be litigated exclusively in the federal and state courts located within New York City, New York. 

  
 - 33 -

 ANNEX A 
 LIST OF SERIES TRUST(S) ESTABLISHED 
 BY THE UNITED STATES CURRENCY FUNDS
TRUST 
  

					
	 	  	 Fund
	  	 Relevant Schedule

	1.	  	US Golden Currency Fund	  	Schedule 1 to this Agreement

	

  
 - 34 -

 SCHEDULE 1 
 TO THE CUSTODIAN AGREEMENT 
 DATED SEPTEMBER     ,
2012 
 DEFINED TERMS RELATING TO 
 US GOLDEN CURRENCY FUND 
 Benchmark Futures Contract shall mean the Futures
Contracts (as defined in the Prospectus) that at any given time make up the basket of the Fund. 
 The Fund shall mean US Golden
Currency Fund. 

  
 - 35 -

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed as of the date
first above written. 
 BROWN BROTHERS HARRIMAN & CO. 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 - 36 -

 ANNEX B 
 FORM OF AMENDMENT AGREEMENT TO ADD SERIES TRUST(S) TO 
 TO THE CUSTODIAN
AGREEMENT 
 This Amendment to the Custodian Agreement dated
                    (this “Amendment”), is made and entered into by and among UNITED STATES COMMODITY FUNDS LLC, a Delaware limited
liability company (the “Sponsor”), the UNITED STATES CURRENCY FUNDS TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of the US GOLDEN CURRENCY FUND and [INSERT FUND
NAME] (each, a “Fund”), and BROWN BROTHERS HARRIMAN & CO. (“BBH&Co.” or the “Custodian”) (each, a “Party” and collectively, “the Parties”). 

WHEREAS, the Parties have entered into a certain Custodian Agreement dated July 22, 2010 (the “Agreement”); and

 WHEREAS, the parties hereto desire to amend the Agreement as provided herein by amending Annex A of this Agreement and
supplementing this Agreement with the attached Schedule 1 to this Amendment. 
 NOW THEREFORE, for and in consideration of the
agreements herein made and other good and valuable consideration, the parties hereto agree as follows: 
  

	 	I.	AMENDMENTS 

 The
Agreement is hereby amended by making the following change to Annex A thereto: 
 LIST OF SERIES TRUST(S) ESTABLISHED

 BY THE UNITED STATES CURRENCY FUNDS TRUST 

 

					
	 	  	 Fund
	  	 Relevant Schedules

	1.	  	US Golden Currency Fund	  	Schedule 1 to this Agreement
			
	2.	  	[INSERT FUND NAME]	  	Schedule 1 to the Amendment Agreement dated             
			
	3.	  	[INSERT FUND NAME]	  	Schedule 1 to the Amendment Agreement dated             
			
	4.	  		  	
			
	5.	  		  	

  
 - 37 -

 The Parties acknowledge that Schedule 1-    of this Amendment shall
supplement and not supersede Schedule 1 of the Agreement. 
  

	 	II.	REPRESENTATIONS 

Each Party represents to the other Parties that:- 
 (a) Status. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing; 

(b) Powers. It has the power to execute and deliver this Amendment and to perform its obligations hereunder, and has taken all
necessary action to authorize such execution, delivery and performance; 
 (c) No Violation or Conflict. Such execution,
delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets; 
 (d) Consents. All governmental and other
consents that are required to have been obtained by it with respect to this Amendment have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(e) Obligations Binding. Its obligations under this Amendment constitute its legal, valid and binding obligations, enforceable in
accordance with its respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  

	 	III.	MISCELLANEOUS 

 (a)
Entire Agreement. The Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as other wise provided herein) with respect
thereto. 
 (b) Counterparts. This Amendment may be executed in multiple counterparts, each of which when executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. 

(c) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of
or to be taken into consideration in interpreting this Amendment. 
 (d) Governing Law. This Amendment shall be governed
by and construed in accordance with the laws of the State of New York. 

  
 - 38 -

 (e) Terms. Terms used in this Amendment, unless otherwise defined herein, shall have
the meanings ascribed to them in the Agreement. 
 (f) Agreement. Any and all references to the Agreement shall hereafter
refer to the Agreement as amended by this Amendment and as the same may be amended, supplemented or modified from time to time. Unless otherwise defined herein, capitalized terms not defined herein shall have the same meanings assigned to such terms
in the Agreement as amended by this Amendment. 
 Except as amended hereby, all other terms and conditions of the Agreement
shall remain the same and in full force and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment
effective as of the date first written above. 
 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed as
of the date first written above. 
 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf of [INSERT FUND NAME] 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

BROWN BROTHERS HARRIMAN & CO. 
  

			
	By:	 	  

		 	Name:
		 	Title:
		 	Address:
		 	Telephone:
		 	Facsimile:

  
 - 39 -

 SCHEDULE 1 
 TO THE AMENDMENT AGREEMENT DATED                      

DEFINED TERMS RELATING TO 
 [INSERT NAME OF FUND] 
 Benchmark Futures Contract shall mean
                    . 
 The
Fund shall mean                     . 

  
 - 40 -

 IN WITNESS WHEREOF, each of the parties hereto has caused this Schedule to be duly executed as of the date
first above written. 
 The undersigned acknowledges that (I/we) have received a copy of this document. 

UNITED STATES COMMODITY FUNDS LLC 
  

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of [INSERT FUND NAME] 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 BROWN BROTHERS HARRIMAN & CO. 

 

			
	By:	 	  

		 	Name:
		 	Title:
		 	Address:
		 	Telephone:
		 	Facsimile:

  
 - 41 -

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