Document:

EX-10.2

 Exhibit 10.2 

Execution Copy 
 HSBC
BANK PLC 
 and 

WORLD CURRENCY GOLD TRUST 

 
  

UNALLOCATED BULLION ACCOUNT AGREEMENT 

 
  

 

 THIS AGREEMENT is made as of October 27, 2016. 

BETWEEN 
  

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

 

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

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

IT IS AGREED AS FOLLOWS 
  

	1.	INTERPRETATION 

  

	1.1	Definitions: In this Agreement: 

 “Account Balance” means, in
relation to an Unallocated Account, if a positive balance, that amount of Precious Metal owed to a Fund by us and, if a negative balance, that amount of Precious Metal owed by a Fund to us, in each case as may be recorded from time to time on the
Unallocated Account. 
 “Agreement” means this Unallocated Bullion Account Agreement, as the same may be amended from time
to time. 
 “Allocated Account” means, in relation to Precious Metal, the account maintained by us in a Fund’s name
pursuant to the Allocated Bullion Account Agreement. 
 “Allocated Bullion Account Agreement” means that certain Allocated
Bullion Account Agreement between the Trust and us dated as of the date of this Agreement, as amended and/or restated from time to time. 

“Availability Date” means the Business Day on which a Fund wishes us to credit to the Fund’s Unallocated Account either
Bullion from its Allocated Account or Precious Metal from a Third Party Unallocated Account. 
 “Bullion” means the
Precious Metal standing to a Fund’s credit in its Unallocated Account or held for a Fund in its Allocated Account, as the case may be. 

  
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 “Business Day” means a day other than (i) a day on which the Fund’s
listing exchange is closed for regular trading or (ii), if the transaction involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a) a day on which banking institutions in the
United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b) a day on which banking institutions in the United Kingdom or in such other jurisdiction,
as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be executed or completed before the close of the
business day may not be so executed or completed. 
 “LBMA” means The London Bullion Market Association or its successors.

 “LBMA Gold Price” means the London gold price per troy ounce of gold for delivery in London through a member of the LBMA
authorized to effect such delivery, stated in U.S. Dollars, as calculated and administered by independent service provider(s) and published by the LBMA on its website at www.lbma.org.uk or by its successor that publicly displays prices. 

“Participant” means a person who (i) is a registered broker-dealer or other securities market participant such as a bank
or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (ii) is a participant in the Depository Trust Company, (iii) has entered into a Participant Agreement, and
(iv) has established a Participant Unallocated Account with us. 
 “Participant Agreement” means an agreement entered
into by each Participant with respect to a Fund which provides the procedures for the creation and redemption of Creation Units of the Fund and for the delivery of the Bullion and cash, if any, required for such creations and redemptions. 

“Participant Unallocated Account” means the Precious Metal account a Participant is required by the Participant Agreement to
have maintained by us for such Participant on an Unallocated Basis. 
 “Participant Unallocated Bullion Account Agreement”
means that certain Participant Unallocated Bullion Account Agreement in effect from time to time between us and each Participant pursuant to which we maintain the Participant’s Participant Unallocated Account. 

“Point of Delivery” means such date and time that the recipient or its agent acknowledges in written form its receipt of
delivery of Precious Metal. 
 “Precious Metal” means gold that meets the requirements of “good delivery” under
the Rules. 
 “Rules” means the rules, regulations, practices and customs of the LBMA (including the rules of the LBMA as
to good delivery), the Financial Services Authority, the Bank of England and such other regulatory authority or body applicable to the activities contemplated by this Agreement. 

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

  
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 “Third Party Unallocated Account” means a Precious Metal account maintained by
us on an Unallocated Basis in the name of a person other than the Trust. 
 “Unallocated Account” means, in relation to
Precious Metal, the account maintained by us in a Fund’s name recording the amount of Precious Metal held on an Unallocated Basis pursuant to this Agreement that, in the case of a positive balance, we have a contractual obligation to transfer
to the Fund and that, in the case of a negative balance, if so permitted by us, the Fund has a contractual obligation to transfer to us. 

“Unallocated Basis” means, with respect to a Precious Metal account maintained with us, that the person in whose name the
account is held is entitled to delivery in accordance with the Rules of an amount of Precious Metal equal to the amount of Precious Metal standing to the credit of the person’s account but has no ownership interest in any Precious Metal that we
own or hold. 
 “Withdrawal Date” means the Business Day on which a Fund wishes to debit Bullion from its Unallocated
Account and credit such Bullion either to the Fund’s Allocated Account or to a Third Party Unallocated Account. 
  

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

  

	1.3	Singular and plural; other usages: 

  

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

  

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

  

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

  

	2.	UNALLOCATED ACCOUNT 

  

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

  

	2.2	Transfers into and out of Unallocated Account: The Unallocated Account shall evidence and record the amount of Bullion standing to a Fund’s credit therein and increases and
decreases to that amount. 

  

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

 

	2.4	 Reports: For each Business Day, by no later than the following Business Day,
we will transmit to a Fund by authenticated SWIFT message(s) information showing the increases and decreases to the Bullion standing to a Fund’s credit in the Fund’s Unallocated Account, and identifying separately each transaction and the
Business Day on which it occurred. On each Business Day that is a Withdrawal Date, we will send a Fund a notification as of 2:00 p.m. (London time) (i) as to each Participant, of the amount

  
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of Precious Metal transferred from the Participant’s Participant Unallocated Account to a Fund’s Unallocated Account, (ii) of the amount of Bullion transferred from a Fund’s
Unallocated Account to a Fund’s Allocated Account and (iii) of the amount of any remaining Bullion in a Fund’s Unallocated Account, provided that, when New York is on daylight savings time and London is not on daylight savings time,
we shall send the notification by 1:00 p.m. (London time). Notwithstanding anything else to the contrary and in the absence of manifest error, the information contained in such notification shall represent our official and conclusive records. In
addition, we will provide a Fund such information about the increases and decreases to the Bullion standing to its credit in a Fund’s Unallocated Account on a same-day basis at such other times and in such other form as a Fund and we shall
agree. In the case of any difference between the information provided by authenticated SWIFT message and the information we provide to a Fund pursuant to the immediately preceding sentence, the SWIFT message will be controlling, and we shall not be
liable for a Fund’s or any third party’s reliance on the information we provide to the Fund by means other than SWIFT message. For each calendar month, we will provide each Fund within a reasonable time after the end of the month a
statement of account for the Fund’s Unallocated Account. 

  

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

  

	2.6	 Access: Upon reasonable prior written notice, we will, during our normal
business hours, allow a Fund’s or the Sponsor’s representatives, not more than twice during any calendar year, and a Fund’s independent public accountants, in connection with their audit of the financial statements of a Fund, to visit
our premises and examine such records maintained by us in relation to the Fund’s Unallocated Account as they may reasonably require. Any such visit shall be conducted over such number of Business Days as may be reasonably necessary to complete
the examination which is the purpose of such visit. The applicable Fund shall bear all costs relating to such visits and exams, including any out of pocket or other costs we may incur in connection therewith. Our providing of any such visits or
exams is conditioned on the relevant parties complying with all our security rules and procedures and undertaking to keep confidential all information they obtain in accordance with a form of confidentiality agreement we will provide. Any visits by
a Fund’s or the Sponsor’s representatives pursuant to clause 2.6 of the Allocated Bullion Account Agreement shall be deemed to be a visit for purposes of this clause 2.6. To the

  
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extent that our activities under this Agreement are relevant to the preparation of the filings required of the Trust under the securities laws of the United States, we will, to the extent
permitted by applicable law, the Rules or applicable regulatory authority, cooperate with the Trust and the Sponsor and the Trust’s and the Sponsor’s representatives to provide such information concerning our activities as may be necessary
for such filings to be completed. 

  

	3.	TRANSFERS INTO THE UNALLOCATED ACCOUNT 

  

	3.1	Procedure: We will credit to a Fund’s Unallocated Account only the amount of Bullion we receive from the Fund’s Allocated Account or the amount of Precious Metal we receive
from a Third Party Unallocated Account for credit to the Fund’s Unallocated Account. Unless we otherwise agree in writing, the only Precious Metal we will accept in physical form for credit to a Fund’s Unallocated Account is Bullion the
Fund has transferred from the Fund’s Allocated Account. By 9:00 a.m. (London time) on the day that is two Business Days prior to the Availability Date, a Fund will notify us regarding each amount of Bullion or Precious Metal that the Fund is
expecting to be credited to the Fund’s Unallocated Account from a Participant Unallocated Account, and the identity of the Participant Unallocated Account from which such credit will be made. If, on any Business Day, a Participant’s
instruction to us to transfer Bullion to the Fund’s Unallocated Account is revoked pursuant to the provisions of the Participant’s Participant Unallocated Bullion Account Agreement, we shall send the Fund a notification by email
identifying such Participant by the close of business in London on that day. We shall use commercially reasonable efforts to send a Fund such notification by 5:00 p.m. (London time). When by reference to a Fund’s notifications and instructions
to us we reasonably believe an amount of Bullion has been credited to the Fund’s Unallocated Account in error, we will notify the Fund promptly and, pending our joint resolution of the error, will treat such amount as not being subject to the
standing instruction in clause 4.5 below. 

  

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

  

	4.	TRANSFERS FROM THE UNALLOCATED ACCOUNT 

  

	4.1	Procedure: We will transfer Bullion from a Fund’s Unallocated Account to such persons and at such times and on such terms as specified in a Fund’s instructions to us and not
otherwise. A transfer of Bullion from a Fund’s Unallocated Account may only be made by: 

  

	 	(a)	transfer of Bullion to a Third Party Unallocated Account; or 

  
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	 	(b)	transfer of Bullion to the Fund’s Allocated Account, including pursuant to the standing instruction provided in clause 4.5; or 

  

	 	(c)	subject to clause 4.4, by either (i) making the Bullion available for collection at our vault premises, or as we may direct or (ii), if separately agreed, delivering the Bullion to such location as we agree at the
Fund’s expense and risk. 

 Any Bullion to be made available in physical form pursuant to clause 4.1(b) or (c) will
be in a form which complies with the Rules or in such other form as may be agreed between the applicable Fund and us, and in all cases will comprise one or more whole bars selected by us (or other form as agreed), the combined fine weight of which
will not exceed the number of fine ounces of Bullion the Fund has instructed us to debit. Any withdrawal of the aggregate balance of the Bullion standing to a Fund’s credit in the Fund’s Allocated Account and Unallocated Account will be
effected only after we have caused the repayment to us of any overdraft balance then outstanding pursuant to the provisions of clause 4.8. 
  

	4.2	Instruction requirements: A Fund may at any time instruct us to transfer Bullion standing to the credit of the Fund’s Unallocated Account. Any instruction relating to a transfer of Bullion
other than pursuant to a standing instruction must: 

  

	 	(a)	if it relates to a transfer pursuant to clause 4.1 (a), be received by us no later than 3:00 p.m. (London time) on the Withdrawal Date or 3:30 p.m. (London time) on a Withdrawal Date occurring when London is and New
York is not on daylight savings time unless otherwise agreed and specify the details of the Third Party Unallocated Account(s) to which the Bullion is to be transferred; 

 

	 	(b)	if it relates to a transfer pursuant to clause 4.1(b), be received by us no later than 9:00 a.m. (London time) on the day that is two Business Days prior to the Withdrawal Date unless otherwise agreed and specify the
details of the Fund’s Allocated Account to which the Bullion is to be transferred; 

  

	 	(c)	if it relates to a withdrawal pursuant to clause 4.1(c), be received by us no later than 9:00 a.m. (London time) on the day that is two Business Days prior to the Withdrawal Date unless otherwise agreed and specify the
name of the person or carrier that will collect the Bullion from us or the identity of the person to whom delivery is to be made, as the case may be; and 

  

	 	(d)	in all cases, specify the number of fine ounces of Bullion to be debited to the Unallocated Account, the Withdrawal Date and any other information which we may from time to time require. 

 

	4.3	 Power to amend procedure and notice of amendments to agreements: We may amend
our procedures for the transfer of Bullion from a Fund’s Unallocated Account or impose additional procedures therefor upon the prior written consent of each Fund and the Sponsor, provided that we may make any such amendment or imposition
without such consent where such amendment or imposition is required by a change in the Rules or applicable law. We will notify each Fund within a commercially reasonable time before

  
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we amend our procedures or impose additional ones in relation to the transfer of Bullion from a Fund’s Unallocated Account, and in doing so we will consider the Fund’s needs to
communicate any such change to Participants and others. We also will provide each Fund a copy of any proposed amendment to the form of the Participant Unallocated Bullion Account Agreement no later than 15 Business Days before the amendment’s
scheduled effectiveness. 

  

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

  

	4.5	Standing Instruction: We shall comply with the following instruction, which we acknowledge each Fund is giving to us for execution as a standing instruction: 

As early as we can but in any event by the close of business (London time) on each Business Day, we will allocate to a Fund’s Allocated
Account all of the Bullion that remains standing to the Fund’s credit in its Unallocated Account after the completion of any transfers made on that day pursuant to clause 4.1, provided that, if the overdraft facility between the Fund and us set
forth in clause 4.7 is not in effect for any reason, we will so allocate an amount of Bullion such that the amount of Bullion that remains standing to the Fund’s credit in its Unallocated Account does not exceed 430 fine ounces. 

In order to comply with the foregoing instruction, we agree to make available to each Fund an on demand overdraft facility as described in
clause 4.7. 

  
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	4.6	Physical withdrawal of entire Unallocated Account balance: If, when a Fund notifies us in connection with a physical withdrawal of Bullion from the Fund’s Unallocated Account
under clause 4.4 that the Fund is withdrawing the entire balance in the Fund’s Unallocated Account (or when a physical withdrawal under clause 4.4 would, in our determination, result in the entire balance in the Fund’s Unallocated Account
being withdrawn), the physical withdrawal instruction may not be effected by our selection of one or more whole bars of Bullion the combined fine weight of which does not exceed the balance of the Fund’s Unallocated Account that the Fund is
withdrawing, then we will make available to the Fund in accordance with clause 4.4 the number of whole bars that can be accommodated under the Fund’s instruction, and will purchase for cash the remainder of the Bullion in a Fund’s
Unallocated Account based on (i) the morning or afternoon LBMA Gold Price on the date you are withdrawing the Bullion physically or (ii) if there is no morning or afternoon LBMA Gold Price available for such withdrawal date, the next available
morning or afternoon LBMA Gold Price following such withdrawal date. 

  

	4.7	Overdraft facility: We agree to make available to each Fund an on demand overdraft facility (the “Facility”) and, pursuant thereto, to advance to the Fund’s
Unallocated Account from time to time such number of ounces of Precious Metal as may be needed in order for us to fully allocate all of the Bullion standing to the Fund’s credit in the Fund’s Unallocated Account (after repayment to us of
any overdraft balance existing prior to such allocation as provided hereafter in this in clause 4.7) to the Fund’s Allocated Account pursuant to the standing instruction set forth in clause 4.5 hereof, provided that the maximum amount of
Bullion that we will make available to a Fund pursuant to the Facility is 430 fine ounces. We shall not charge a Fund any fees, interest or costs in connection with the Facility. Any amount of Precious Metal advanced by us shall not create any
right, charge, security interest, lien or claim against the Bullion held in a Fund’s Allocated Account. Without limiting our right to repayment as hereafter provided in clause 4.8, we will not have any right to set off against the Bullion held
in a Fund’s Allocated Account or the Bullion standing to the Fund’s credit in the Fund’s Unallocated Account any claim or amount related to any amount of Precious Metal advanced by us. We shall identify on our books and records and in
the reports we send to a Fund pursuant to clause 2.4 any overdraft balance in the Fund’s Unallocated Account as of the date of such reports, which shall be accepted as conclusive evidence of such balance, save in the case of manifest error.

  

	4.8	 Repayment of overdraft: Each Fund agrees that, on each Business Day, we may
repay ourselves the amount of any overdraft from, and to the extent of, the positive balance of the Fund’s Unallocated Account determined taking into account all credits to and debits from the Fund’s Unallocated Account on such Business
Day but prior to our execution of the standing instruction to allocate contained in clause 4.5. For avoidance of doubt, our right to repay ourselves may be illustrated by the following example: Prior to all transactions for the day, there is an
overdraft in a Fund’s Unallocated Account in the amount of (400) fine ounces. In the course of the day, a Fund’s Unallocated Account receives 4,000 fine ounces in connection with deposits made by Participants, and 3,000 fine ounces
are withdrawn to pay Participants in connection with redemptions. From the remaining 1,000 fine ounces, we are authorized to repay the overdraft of (400) fine 

  
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ounces, leaving a balance of 600 fine ounces. In order to fully allocate this balance pursuant to the standing instruction contained in clause 4.5 and assuming two gold bars totaling 825 fine
ounces were selected for the allocation, an additional 225 fine ounces are required to complete the allocation. Accordingly, we will make this amount available to the Fund pursuant to the Facility, resulting in an overdraft balance in the
Fund’s Unallocated Account as of the close of the day of (225) fine ounces. In addition to the foregoing repayment provisions, we shall have the right to immediately repay ourselves the full amount of any overdraft existing at the time of
a termination of this Agreement pursuant to clause 10.1 or in the event of, and prior to, a full withdrawal of the aggregate balance of the Bullion standing to the Fund’s credit in the Fund’s Allocated Account and the Fund’s
Unallocated Account. 

  

	5.	INSTRUCTIONS 

  

	5.1	Trust representatives: We will act only on instructions given in accordance with this clause 5.1 and clause 11 and will not otherwise act on instructions given by any person claiming
to have a beneficial interest in the Trust. Each Fund shall notify us promptly in writing of the names of the people who are authorized to give instructions on its behalf. Until we receive written notice to the contrary, we are entitled to assume
that any of those people have full and unrestricted power to give us instructions on the Fund’s behalf. We are also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have such
authority. 

  

	5.2	Amendments: Once given, instructions continue in full force and effect until we receive further instructions that they are cancelled, amended or superseded. We must
receive an instruction cancelling, amending or superseding a prior instruction before the time the prior instruction is acted upon. Any instructions shall have effect only after actual receipt by us in accordance with clause 11 of this Agreement.

  

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

  

	5.4	Refusal to execute: We reserve the right to refuse to execute instructions if (i) in our commercially reasonable opinion they are or may be contrary to the Rules or any applicable
law; or (ii), with respect to instructions relating to the full withdrawal of the aggregate balance of Bullion standing to your credit in your Allocated Account and your Unallocated Account, a negative balance is outstanding on your Unallocated
Account. Any such refusal will be promptly notified to the Trust. 

  
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	6.	CONFIDENTIALITY 

  

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

  

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

  

	7.	REPRESENTATIONS 

  

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

  

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

  

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

  

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

  

	 	(d)	 this Agreement and the obligations created under it constitute the Trust’s legal and valid obligations which
are binding upon the Trust and enforceable against 

  
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the Trust in accordance with their terms (subject to applicable principles of equity) and do not and will not violate the terms of the Rules, any applicable laws or any order, charge or agreement
by which the Trust is bound. 

  

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

  

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

 

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

  

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

  

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

  

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

  

	8.	EXPENSES 

  

	8.1	Fees: There will be no fees charged by us for the services provided by us under this Agreement. 

  

	8.2	Expenses: Pursuant to a separate written agreement between the Sponsor and us, the Sponsor has agreed to pay us on demand all ordinary and customary out-of-pocket costs, charges and
expenses incurred by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with the Bullion. A Fund will pay on demand, solely from and to the extent of the assets of the Fund, any other
costs, charges and expenses (including any (i) relevant taxes charged to us, duties and other governmental charges, and (ii) indemnification claims payable by a Fund pursuant to clause 9.5) incurred by us in connection with the performance
of our duties and obligations under this Agreement or otherwise in connection with any Unallocated Account that are not payable to us by the Sponsor under its separate written agreement with us. Additionally, a Fund will pay on demand, solely from
and to the extent of the assets of the Fund, any amount of our ordinary and customary out-of-pocket costs, charges or expenses which the Sponsor has failed to pay pursuant to this clause 8.2. 

  
 11 

	8.3	Credit balances: No interest or other amount will be paid by us on any credit balance on an Unallocated Account unless otherwise agreed between a Fund and us. 

 

	8.4	Debit balances: A Fund is not entitled to overdraw an Unallocated Account except as provided under clause 4.7 or except to the extent that the Fund and we otherwise agree in writing.
In the absence of such agreement and except as provided under clause 4.7, we shall not be obliged to carry out any instruction of a Fund which will cause any Unallocated Account to be overdrawn. If for any reason a Fund’s Unallocated Account is
overdrawn other than as permitted under clause 4.7 or this clause 8.3, the Fund will be required to pay us interest on the debit balance at the rate agreed between the Fund and us or, if no such agreement exists, at such rate as we determine to be
appropriate. The amount of such overdraft and any accrued interest will be repayable by the Fund on our demand. A Fund’s obligation to pay interest to us will continue until such overdraft is repaid by the Fund in full. 

 

	8.5	Default interest: If a Fund or the Sponsor, as the case may be, fails to pay us any amount when it is due, we reserve the right to charge the relevant party interest (both before and
after any judgment) on any such unpaid amount calculated at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount is due. Both overdraft and default interest will accrue on a daily basis
and will be due and payable by the relevant party as a separate debt. In the event of any inconsistency between this Agreement and an overdraft facility agreement between a Fund and us, the terms of the overdraft facility shall govern.

  

	9.	SCOPE OF RESPONSIBILITY 

  

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

  

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

  
 12 

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

  

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

  

	9.5	Indemnity: Each Fund, shall solely out of the assets of the Fund, indemnify and keep us and each of our directors, shareholders, officers, employees, agents, affiliates (as such term
is defined in Regulation S-X adopted by the United States Securities and Exchange Commission under the United States federal Securities Act of 1933, as amended) and subsidiaries (us and each such person a “Custodian Indemnified
Person” for purposes of this clause 9.5) indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which any such Custodian Indemnified Person may suffer or incur, directly or indirectly,
in connection with services provided to the Fund under this Agreement except to the extent that such sums are due directly to our negligence, willful default or fraud or that of such Custodian Indemnified Person. 

 

	9.6	Third Parties: Except with respect to the Trust and each Fund, which shall be considered beneficiaries of this entire Agreement, and the Sponsor, which shall be a beneficiary (as
applicable) of clauses 2.6, 3.2 and 4.3, we do not owe any duty or obligation or have any liability towards any person who is not a party to this Agreement, and, other than the Sponsor and the Custodian Indemnified Persons, this Agreement does not
confer a benefit on any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement shall be enforceable by any person who is not a party to it, except for the Sponsor and the Custodian Indemnified
Persons, and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement. Nothing in this paragraph is intended to limit the obligations hereunder of any successor Trustee of the Trust or to limit the right of
any successor Trustee of the Trust to enforce our obligations hereunder. 

  
 13 

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

 

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

  

	10.	TERMINATION 

  

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

 

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

  

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

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

 

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

  

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

  

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

  

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

  

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

  

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

  

	 	(iii)	by us immediately by written notice to a Fund upon a Fund’s failure to cure any failure to transfer Precious Metal or repay any sum due by a Fund to us in connection with the Facility within 30 Business Days from
the date of receipt of written notice from us (which notice shall describe such failure to transfer or repay in reasonable detail). 

  
 14 

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

  

	10.4	Redelivery arrangements: Following any termination of this Agreement, if the Trust does not make arrangements acceptable to us for the transfer or repayment, as the case may be, of any
Account Balance, we may continue to maintain any Fund’s Unallocated Account, in which case we will continue to charge any expenses payable under clause 8. If the Trust has not made arrangements acceptable to us for the transfer or repayment of
any Account Balance within 6 months of the date specified in the termination notice as the date on which the termination will take effect, we will be entitled to close each Unallocated Account and account to the applicable Fund for the proceeds
after deducting any amounts due to us under this Agreement. 

  

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

  

	11.	NOTICES 

  

	11.1	Form: Subject to clause 11.5, any notice, notification, instruction or other communication under or in connection with this Agreement shall be given in writing. References to writing
include electronic transmissions that are of the kind specified in clause 11.2. 

  

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

 

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

  

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

  

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

  
 15 

 Precious Metals Operations 

HSBC Bank Plc 
 8 Canada Square

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

	12.	GENERAL 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  
 16 

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

  

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

  

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

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

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

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

  
 17 

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

 

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

  

	13.	GOVERNING LAW AND JURISDICTION 

  

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

  

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

  

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

 

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

  

			
	Our address for service of process:	  	Your address for service of process
		
	HSBC Bank Plc	  	World Currency Gold Trust
	8 Canada Square	  	c/o WGC USA Asset Management
	 London, E14 5HQ, United Kingdom

Attention: Precious Metals Department
 Legal
Department
	  	 Company, LLC
 685 Third Avenue, 27th Floor

New York, NY 10017
 Attention: General Counsel

  
 18 

 EXECUTED by the parties as follows 

Signed on behalf of 
  

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

27/10/16
	 	
	  
 Signed on behalf of
	 	
	  
 WORLD CURRENCY GOLD TRUST,
	 	
	On behalf of each of its series listed on Schedule A, attached hereto
			
	By:	 	 /s/ Gregory S. Collett
	 	
		 	Name:	 	Gregory S. Collett	 	
		 	Title:	 	Principal Executive Officer*	 	

  

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

  
 19 

 Schedule A 

Name of Fund (each a series of the Trust) 

1. SPDR® Long Dollar Gold Trust 

2. Euro Gold Fund 
  

  
 20EX-10.3

 Exhibit 10.3 

Index License Agreement 

by and between 
 Solactive AG 

Guiollettstr. 54 
 60325 Frankfurt
am Main 
 — hereinafter referred to as “Solactive” — 

and 
 WGC USA Asset Management
Company, LLC 
 685 Third Avenue, Suite 2702 

New York, NY 10075 
 —
hereinafter referred to as “Licensee” — 
 jointly referred to hereinafter as “Parties” — 

 Content 
  

					
	 § 1 Index Calculation
	  	 	3	  
	 § 2 Dissemination of Indices
	  	 	4	  
	 § 3 Rights in Indices and Index Prices
	  	 	5	  
	 § 4 Obligations of Parties regarding calculated Indices
	  	 	5	  
	 § 5 Issuer’s Statement
	  	 	5	  
	 § 6 Trade Mark Rights
	  	 	6	  
	 § 7 Obligations of Solactive
	  	 	7	  
	 § 8 Limitation of Liability
	  	 	7	  
	 § 9 Remuneration
	  	 	8	  
	 § 10 Taxes
	  	 	10	  
	 § 11 Term of agreement
	  	 	10	  
	 § 12 Termination of agreement
	  	 	11	  
	 § 13 Transfer of Solactive’ Rights and Obligations to a Third Party
	  	 	11	  
	 § 14 Transfer of Duties to Third Parties
	  	 	11	  
	 § 15 Confidentiality
	  	 	12	  
	 § 16 Contact
	  	 	13	  
	 § 17 Final Provisions
	  	 	14	  
	 Addendum 1 Order Schedule
	  	 	15	  
	 Addendum 2 CUSIP
	  	 	17	  
	 Addendum 3 SEDOL
	  	 	18	  

 § 1 Index Calculation; License Grant 

 

	 	1.	Subject to the provisions of this agreement Solactive will continually calculate the Indices set out in the relevant Order Schedule and will continually maintain and disseminate them from (and including), in each case,
the relevant Index calculation start date. 

  

	 	2.	Solactive shall use its best efforts to ensure that the Indices are calculated and maintained correctly. Except as otherwise provided for in this agreement or any Order Schedule, Solactive is responsible for any
third-party fees related to its calculation and maintenance of the Indices, including any such fees for Index Data (as defined below). 

  

	 	3.	Solactive shall also post the current Index composition (Index name, elements and weighting) of certain Indices on the Internet at its due discretion. 

 

	 	4.	Solactive shall maintain the Indices in accordance with the Index guidelines. 

  

	 	5.	Solactive shall use the criteria for compiling and calculating the Indices, and the weighting and the calculation formula set out in the respective Index guidelines. 

 

	 	6.	Solactive is entitled to develop Index guidelines providing information on the Indices for investors and other third parties and to publish such guidelines on its websites. Solactive shall consult Licensee if it wants
to add material changes to its guidelines. 

  

	 	7.	If there should be unforeseeable circumstances which necessitate an extraordinary Index adjustment, Solactive shall prepare the adjustment taking account of the stipulations of the Index guideline. 

 

	 	8.	Notwithstanding the foregoing, Solactive shall not exercise its rights to post, publish, or otherwise distribute information described above to the extent such posting, publication, or other distribution would, or would
reasonably be expected to, undermine the Licensee’s: (a) exclusive rights granted hereunder or (b) subject the Licensee to potential liability. 

  

	 	9.	Solactive hereby grants to the Licensee, a non-transferable (except pursuant to §13), worldwide, exclusive right and license in relation to collective investment vehicles to: 

 

	 	a.	use, publish in a non-commercial way the Indices, including any published methodology, Index guidelines, performance data, index levels, and any additional data/information identified on an applicable Order Schedule
(collectively “Index Data”), to create, issue and launch the Licensee’s investment products and use the Index Data in marketing materials and authorize service providers, agents and custodians to do so (such products, including those
sponsored or advised by the Licensee, are collectively referred to herein as“Investment Products”); 

	 	b.	use and refer to Solactive’s applicable names, trademarks, and/or service marks (collectively the “Solactive Marks”) as reasonably necessary to: (i) create, issue, launch, and market the Investment
Products, including to identify and describe Solactive’s role with respect to the Indices, and/or (ii) otherwise to exercise its rights and perform its obligations under this Agreement and the applicable Order Schedules; and

  

	 	c.	use the applicable Indices (including the Index Data) to: (i) create derivative data from the applicable Indices and Index Data for use with the Investment Products (collectively “Derived Data”), and
(ii) publish the applicable Indices and Derived Data on Licensee’s website(s) relating to the applicable Investment Products. 

  

	 	d.	For clarity, the licenses granted in § 1(9) may be sublicensed by the Licensee to: (i) the Licensee’s affiliates if and as long as the affiliates are in the development and maintenance of the relevant
Investment Products, and (ii) the Licensee’s and/or its affiliates’ applicable Third-party Service Providers as defined in addendum 2; provided however, that any such service providers are acting for the benefit of the Licensee and/or
its affiliates. The licenses granted in § 1(9) shall be exclusive to the Licensee, meaning that neither Solactive nor any of its affiliates shall create, issue, launch, or market any collective investment vehicle based on any of the Indices,
and/or license any of the Indices to any affiliate or third party for the purpose of creating or issuing any collective investment vehicle. Such exclusivity shall be perpetual, and shall survive expiration or termination of this agreement for any
reason. Licensee’s exclusivity shall not be construed to limit Solactive’s ability to license the Solactive Marks to third parties with respect to other Solactive indices (i.e., other than the Indices), and any products based on
such other indices. 

 § 2 Dissemination of Indices 
  

	 	1.	Solactive is entitled and obliged to include and distribute the Indices in a market data dissemination. Dissemination of the Indices entails the prices of the Indices (hereinafter “Index Prices”) and the name
of the Index. Solactive shall stipulate the technical format of Dissemination and may modify this as required at its own discretion without prior coordination with the Licensee. 

 

	 	2.	To the extent that Indices and the Index Prices of the Licensee which have been disseminated via price marketing activities are used by the contractual Parties to the Market Price Dissemination Agreements or third
parties in breach of the provisions of the Price Marketing Agreement for Vendors and Re-vendors this shall not give rise to any claims on the part of the Licensee against Solactive. If Solactive becomes aware of any abuse, it will however endeavour
to prohibit it as soon as possible. 

  

	 	3.	Any revenue obtained from the market price dissemination of the Indices and the Index Prices shall inure solely to Solactive. 

 § 3 Rights in Indices and Index Prices 

 

	1.	Except as expressly permitted herein, the Licensee may not disseminate Indices and Index Prices itself via Vendors or disseminate non-public information provided to it by Solactive internally or externally or grant
third parties access to such information. The Licensee is permitted to use and name the Indices in marketing materials and on its own website and to issue financial products, particularly exchange traded funds, linked to the Indices.

  

	2.	As far as commercially reasonable, the Licensee shall make the following statement at the beginning (or other substantially similar placement) of any written or electronic use of one of the Indices: “Index
calculated by Solactive AG”. This may take the form of a clearly marked footnote. 

  

	3.	At the request of Solactive the Licensee shall provide evidence that the aforementioned obligations have been fulfilled. Except as may be covered by Solactive’s indemnification obligations in § 7(2), the
Licensee shall indemnify and hold harmless Solactive for any claims which may be asserted against Solactive by third parties in connection with the use of the Indices or Index Prices in the context of the dissemination pursuant to § 3(1) or the
publication pursuant to § 1(9)(a). 

 § 4 Obligations of Parties regarding calculated Indices 

 

	1.	As far as is possible and can reasonably be expected each Party shall provide the other on request with all information available to it on the Indices. This obligation to provide information is limited to information
and Index Data which are publicly available. In particular it does not include information and data which are classified as operating or business secrets of the Parties or for which one Party is obliged to observe confidentiality for other reasons.

  

	2.	The calculations of the Indices are generated automatically and only monitored by an employee of Solactive during the trading hours of the Stuttgart Stock Exchange (Baden-Württembergische Wertpapierbörse),
however at most between 09:00 a.m. to 8:00 p.m. CET. At all other times the calculations are generated automatically without being monitored by a Solactive employee. 

 

	3.	If Solactive notices that it has made an error in calculating the Index it shall notify the Licensee without undue delay through the usual information channels and, as far as necessary, shall notify the Licensee without
undue delay of any necessary corrections. 

 § 5 Issuer’s Statement 

 

	1.	 The Licensee’s regulatory and promotional materials shall under no circumstance give the impression that the
Investment Products issued are issued by Solactive. When relevant, these materials shall include the following text or at least material components thereof: “The financial instrument is not sponsored, promoted, sold or

	 	
supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade
mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the
Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the
licensing of the Index or Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance
or opinion of Solactive AG with regard to any investment in this financial instrument.” 

  

	2.	The Licensee and not Solactive is responsible for fulfilling the legal requirements concerning the accuracy and completeness of a securities prospectus for the Investment Products permitted hereunder. 

§ 6 Trade Mark Rights 
  

	1.	The name of the Indices shall be as set forth in the applicable Order Schedule. The Licensee warrants that it is the owner of the trade marks specified in the relevant Order Schedule (collectively, the “Licensee
Marks”) or that is granted sufficient rights of use in the trade marks to implement this agreement including the right to grant rights to Solactive as provided for in this agreement. 

 

	2.	The Licensee hereby grants Solactive for the term of the agreement the non-exclusive and non-transferable right to use the Licensee Marks listed in the relevant Order Schedule subject to the provisions of this agreement
and to extend necessary to fulfil its obligations under this agreement. Solactive acknowledges and agrees that Licensee owns (and shall retain) all right, title, and interest in and to the Licensee Marks, and that any use of the Licensee Marks by
Solactive and any associated goodwill will inure solely to the Licensee’s benefit. Solactive will not itself (and will not permit any affiliate or any third party to) register any Licensee Mark or any confusingly similar marks or domain names,
or any variation or extension of them, anywhere in the world. 

  

	3.	 Solactive agrees only to use the Licensee Marks listed in the relevant Order Schedule in their registered form,
and/or in the form set forth in the relevant Order Schedule. All items or materials bearing the Licensee Marks produced or distributed by Solactive, and any activities conducted by Solactive in connection with the Licensee Marks shall be maintained
at a level of quality reasonably acceptable to the Licensee, and Solactive shall use the Licensee Marks in compliance with all applicable laws, rules, and regulations, and standards of quality at least comparable to those of Licensee immediately
before the effective date of this agreement, as well as any other quality standards that Licensee may from time to time reasonably impose with respect to the display of and nature of activities associated with the Licensee Marks. Any new use (i.e.,
any proposed use of the Licensee Marks that has not been previously approved by 

	 	
the Licensee) will require the Licensee’s prior written approval. Solactive shall submit any such request for approval in writing to the Licensee at the contact information set forth in
§ 16 below. The Licensee shall have ten (10) business days after receiving all requested information to approve or reject the proposed use. If the proposed use is neither approved nor rejected within such period, the proposed use shall be
deemed rejected. Any subsequent use of the Licensee Marks that does not materially differ from a previously approved use shall not require additional express approval by the Licensee. Upon written request by the Licensee, Solactive shall deliver to
the Licensee, representative samples of each item using the Licensee Marks. If the Licensee reasonably determines that Solactive fails to maintain a consistent and appropriate level of quality in accordance with the terms of this agreement, then
Licensee may request that Solactive take reasonable steps to remedy any such deficiencies and Solactive shall promptly comply with such requests. 

  

	4.	As far as technically possible, Solactive shall post a license statement of the Licensee Marks listed in the relevant Order Schedule at the beginning of any written or electronic use. Unless specific circumstances make
a different procedure more appropriate the license statement shall take the form of the ® symbol and a footnote explaining that the trade mark is a registered trade mark of the Licensee or a
third party, as applicable. If a particular Index consists of trade marks which have different owners it is sufficient for the “®” symbol to be used once only at the end of the full
name provided that the footnote makes it clear that there is more than one trade mark owner. 

  

	5.	The Licensee shall indemnify, defend, and hold Solactive harmless from and against any claims which may be filed against Solactive by third parties with regard to Solactive’s use of the Licensee Marks listed in the
relevant Order Schedule in as far as these are used by Solactive in accordance with the provisions of this agreement and to the extent necessary to fulfil its obligations under this agreement. 

§ 7 Obligations of Solactive 
  

	1.	Solactive shall fulfil its contractual obligations, in particular calculation of the Indices with the care of a prudent businessman and dissemination of such indexes. Solactive shall only be liable for direct or
indirect losses particularly those arising from incorrect calculation and dissemination of the Indices as provided for under § 8. 

  

	2.	Solactive shall indemnify, defend, and hold the Licensee and its applicable affiliates and sublicensees harmless against any claims which may be filed against any of them by third parties with regard to the use of the
Indices, the Index Data, the Index guidelines, and/or the Solactive Marks in as far as these are used by the Licensee and its affiliates, sublicensees, and/or service providers in accordance with the provisions of this agreement. 

§ 8 Limitation of Liability 
  

	1.	 Solactive has unlimited liability for injury to life, body or health; and losses incurred by the Licensee caused
by intent and gross negligence. Neither Party shall be liable to the 

	 	
other Party for any losses to the other Party caused by simple negligence. The Parties agree that incorrect calculation by Solactive of the Index as a result of negligence shall merely constitute
simple negligence as opposed to gross negligence unless in an individual case the Licensee proves that the incorrect calculation was the result of gross negligence. 

 

	2.	Nothing in this agreement excludes or limits Solactive’s liability to the extent that any applicable law precludes or prohibits any exclusion or limitation of liability. Except in connection with each Party’s
indemnification obligations hereunder, neither Party shall be liable to the other Party for any indirect or consequential damages, including, but not limited to, lost time, lost money, lost profits or good-will, whether in contract, tort, strict
liability or otherwise, and whether or not such damages are foreseen or unforeseen. 

  

	3.	Each Party’s claims for compensation shall be time barred after one year, except in the case of liability owing to intent. The limitation period shall begin at the end of the year in which the claim arose and the
Party bringing the claim gains knowledge of the circumstances giving rise to the claim or would have gained knowledge thereof had it not been committing gross negligence.

 

	4.	Neither Party shall be liable for losses incurred by the other Party owing to force majeure, unrest, war and natural occurrences or other events for which it is not responsible (e.g. strikes, lock-outs, disruption to
transport, orders issued by domestic and foreign authorities not caused by culpable conduct) or disruptions to technical installations such as the IT system which have not been caused by culpable conduct. Force majeure shall also include computer
viruses or attacks on IT systems by hackers provided that suitable precautionary measures have been taken and the Party claiming force majeure did not act in a culpable manner in making the virus or hacker attack possible. 

 

	5.	Each Party shall take all commercially reasonable steps to mitigate the losses and damages it incurs in relation to any claim or action which it brings against the other Party. A breach of this duty may lead to a
reduction of the claim for damages of the Party bringing the claim against the other Party. 

  

	6.	Except as may be covered by Solactive’s indemnification obligations in §7(2): (a) Solactive does not accept liability for losses of any type whatsoever caused to the Licensee or third parties in
connection with the issue, marketing, quoting, trade or advertising of the Investment Products issued by the Licensee, and (b) the Licensee indemnifies Solactive in this respect for any third party claims related to the Licensee’s
Investment Products. 

 § 9 Remuneration 

If applicable: 
  

	1.	 The Licensee shall pay remuneration in return for calculation, maintenance and dissemination of the Indices from
(and including) the Index calculation start date set out in the applicable Order Schedule in accordance with the remuneration schedule set out 

	 	
in the present Section 9 in conjunction with the applicable Order Schedule plus value added tax at the applicable statutory rate as provided for in § 10 below. For the purposes of
determining the remuneration, it does not matter whether the transactions are private placements or OTC which do not have an ISIN. 

  

	2.	In case of inflation in Europe, the fix remuneration will be adjusted annually depending on the 12 months average performance of the Harmonized Index of Consumer Prices (HICP) – All items of the Euro area,
published by Eurostat on a monthly basis on their website: http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/data/main_tables. The relevant month will be November which is published by Eurostat in December of each year. 

 

	3.	If agreed between the Parties, regular reporting to Solactive on the financial instruments issued will be necessary so that the remuneration can be calculated and billed. 

The issues shall be reported quarterly by the seventh trading day (according to the trading calendar of the Stuttgart Stock Exchange) of the
month following a quarter’s end (“Reporting Deadline”). 
 If the remuneration for an index is calculated on the basis
of the average assets under management, the average assets under management must be reported as well as the frame data of the financial instruments which refer to the corresponding Index. 

 

	4.	The agreed fixed remuneration will be charged annually in advance. In case a security has not been outstanding over an entire month, the remuneration is reduced respectively. 

 

	5.	The agreed variable remuneration will be charged per calendar quarter. Remuneration will be due for each calendar month for each Index. This remuneration shall be the product of 

 

	 	a)	the average assets under management of a financial instrument issued on the basis of the respective Index during the month and 

  

	 	b)	the remuneration per annum shown in the applicable Order Schedule in basis points divided by 12. 

In case a security has not been outstanding over an entire month, the remuneration is reduced respectively. 

Variable remuneration will be charged to the Licensee as soon as the data has been reported and evaluated. 

 If the regular Reporting Deadline has expired and the Licensee has not submitted the outstanding
report to Solactive by the end of the next reporting deadline following the expired reporting deadline despite having been sent a reminder, Solactive may make a provisional estimate of the remuneration due at its due discretion using suitable
criteria (such as data reported for the previous months) and charge this to the Licensee as an advance on the actual amount due. This shall have no effect on the right to terminate without notice. 

 

	6.	If applicable, the Licensee shall pay remuneration to Solactive in the amount of an agreed fixed annual amount set out in the applicable Order Schedule in return for the licenses granted by Solactive hereunder, and
Solactive’s calculation, maintenance and dissemination of the Indices and performance of its other obligations hereunder. Solactive shall issue an invoice annually in advance for such fixed remuneration due. Any such invoices shall be due
within 30 days of Licensee’s receipt. If the Licensee has not rendered payment within 30 days of receiving the invoice, default interest of five percentage points per annum above the respective base interest rate as announced by the Deutsche
Bundesbank in the Federal Gazette shall be due calculated as of delivery of the invoice, and Solactive is entitled to claim a lump sum amounting to 40 Euro. This shall have no effect on Solactive’ right to reimbursement of any default loss over
and above this. 

  

	7.	The Parties agree that there shall be no entitlement to remuneration over and above that set out in the applicable Order Schedule or to reimbursement of expenses or costs. 

§ 10 Taxes 
  

	1.	The Licensee shall pay any applicable value-added, sales, goods and services or similar taxes that Solactive might be required to charge and remit. The Licensee shall not be responsible for taxes payable by Solactive,
if and to the extent that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by Solactive. 

 

	2.	The Licensee shall make all payments to be made by it without deduction of any taxes, unless a tax deduction is required by law. If a tax deduction is required by law to be made by the Licensee, the amount of the
payment due from the Licensee shall be increased to an amount which (after making any tax deduction) leaves an amount equal to the payment which would have been due if no tax deduction had been required. 

 

	3.	The Parties will reasonably cooperate with each other to determine and minimize their respective tax liabilities. Solactive will cooperate with the Licensee’s reasonable requests for tax-related information and
documents. 

 § 11 Term of agreement 
  

	 	1.	This agreement takes effect when it has been signed by both Parties. 

  

	 	2.	This agreement shall remain in effect until terminated pursuant to § 12. 

 § 12 Termination of agreement 

 

	1.	This agreement may be terminated by either Party upon one year’s prior written notice to the other Party. 

  

	2.	Each party may also terminate this agreement without notice for good cause. Good cause shall be deemed present, in particular, if the other party to the agreement is in breach of material contractual obligations and if
such party does not put an end to the breach within a reasonable deadline set in writing despite a formal warning. Inter alia there is a breach of material contractual obligations if a third party asserts a right with regard to a trade mark which
falls under the subject of the agreement. Each Party shall report this to the other Party unrequested. 

  

	4.	Instead of terminating the entire agreement for good cause the Parties may also prohibit the calculation of individual Indices by way of partial termination, allowing the rest of the agreement to continue to apply.

  

	5.	Solactive has a special termination right allowing it to terminate this agreement in whole or in part upon no less than thirty (30) days’ prior written notice to the Licensee if the costs in one calendar
quarter to Solactive for necessary use of the data of the stock exchanges in connection with calculation of an Index increase to such an extent that they exceed the remuneration received by Solactive pursuant to § 10 in the same period for
this Index. Subject to § 8(3) and statutory provisions on statute of limitations, all provisions of this agreement which expressly or by implication are intended to survive its expiration or termination will survive and continue to bind the
Parties, including but not limited to the provisions regarding the Parties’ ownership of their respective intellectual property (including trade marks), limitations of liability, indemnification obligations, and Licensee’s exclusive rights
hereunder. 

  

	6.	Any termination declarations associated with this agreement shall be made in writing. 

 § 13 Transfer
of Rights and Obligations to a Third Party 
 At the request of a Party the other Party is obliged to consent to this agreement being transferred to a
third party; provided however, that any such third party shall agree in writing to be bound by the terms and conditions of this agreement. The obligation to consent shall not apply if there are cogent reasons associated with the identity of the
third party which preclude such consent and if such reasons make it unreasonable to expect the non-transferring Party to consent to such third parties assuming this agreement, even if the interests of the Party requesting the transfer are taken into
account. 
 § 14 Transfer of Duties to Third Parties 

Solactive may use third parties as vicarious agents; provided however, that Solactive shall remain responsible and liable for the acts or omissions of any such
third parties. This includes in particular companies which take decisions jointly with Solactive on the composition and amendments to the composition of the Indices. For the avoidance of doubt, the limitations and exclusions of liability as provided
for in this agreement are also applicable with regard to such vicarious agents. 

 § 15 Confidentiality 
  

	1.	The Parties shall use all matters, facts and information concerning the Parties (hereinafter “Confidential Information”) solely for the purposes described in this agreement and shall treat such Confidential
Information confidentially unless they are required to disclose it by statute. This applies in particular to the amount of remuneration due under this agreement and to the content of this agreement. The Parties shall impose this confidentiality
obligation on any vicarious agents, members of corporate bodies, employees or advisers who are given access to the Confidential Information. In so doing, the Parties shall ensure, to the extent admissible under employment law, that the
confidentiality obligation imposed on the employees shall continue to apply in the event that employees leave the services of a party under obligation during the term of this confidentiality obligation. If Confidential Information is disclosed to
third parties the other party shall be informed without undue delay. 

  

	2.	These confidentiality obligations shall apply for the term of this agreement and for a five-year period after it has ended or after complete fulfilment. 

 

	3.	This confidentiality obligation shall not apply to such information which can be proved to have been 

  

	 	a)	known to the recipient prior to communication, 

  

	 	b)	publicly known at the time of communication, 

  

	 	c)	publicly known after its communication without the recipient being responsible for this, 

  

	 	d)	made available to the recipient by a third party by lawful means after communication and without restriction with respect to confidentiality or use, 

 

	 	e)	developed by the recipient independently prior to communication. 

 § 16 Contact 

Unless otherwise agreed in writing all communications or other notifications under this agreement shall be in English, and addressed as follows: 

Solactive: 
 Solactive AG 

Guiollettstr. 54 
 60325 Frankfurt am Main 

Germany 
 Attn. 

Mr Steffen Scheuble 
 Telephone: +49 69 719 160 20 

Fax: +49 69 719 160 25 
 E-Mail: scheuble@solactive.com 

Licensee: 
 WGC USA Asset Management Company, LLC 

685 Third Avenue, Suite 2702 
 New York, NY 10075 

USA 
 Attn. 

Mr. Greg Collett 
 Telephone: +1 212 317 3843 

Fax: +1 212 688 0410 
 E-mail: Greg.Collett@gold.org 

 § 17 Final Provisions 
  

	1.	The place of performance and fulfillment is the registered office of Solactive. 

  

	2.	This agreement shall be governed by the laws of England and Wales. The sole place of jurisdiction shall be the Courts of England and Wales. 

 

	3.	If Licensee receives CUSIPs as part of this agreement, Addendum 3 applies. These terms are mandated by Standard & Poors and may not be altered by Licensee. 

 

	4.	If Licensee receives SEDOL codes as part of this agreement, Addendum 4 applies. These terms are mandated by London Stock Exchange and may not be altered by Licensee. 

 

	5.	Amendments to the agreement and collateral agreements must be in writing to be valid. This also applies to any agreement waiving or restricting the written form requirement pursuant to sentence 1. No oral collateral
agreements have been made. 

  

	6.	If an individual provision of this agreement should be or become invalid this shall not affect the validity of the other provisions. The invalid provision shall be replaced by a valid provision which as far as possible
shall reflect the economic intent of the invalid provision. The same shall apply if this agreement contains a lacuna. This shall be remedied by a clause which reflects the original intention of the Parties or what they would have intended had they
been aware of the lacuna. 

  

	7.	This agreement shall be read and construed, in respect of each Index, in conjunction with the relevant Order Schedule. In the case of any discrepancy between an Order Schedule and this agreement, the terms of the Order
Schedule will prevail. 

  

	8.	The Addenda named in this agreement constitute an integral part of it. 

 Addendum 1: Order Schedule 

Addendum 2: Third-party Service 
 Addendum 3: CUSIP 

Addendum 4: SEDOL 
  

			
	Frankfurt am Main,	  	  

	 /s/ Steffen Scheuble
	  	 /s/ Gregory Collett

	Solactive AG	  	WGC USA Asset Management Company, LLC

			
	Date: 5 January 2017                                
                                        	  	Date: 4 January 2017                                
                                

 Addendum 1 Order Schedule 

ORDER SCHEDULE 
 dated as
of 5 January 2017 
 relating to the Index License Agreement dated as of 5 January 2017 

entered into between Solactive AG and WGC USA Asset Management Company, LLC 

(“Index License Agreement”). 

The terms and conditions of the Index License Agreement are hereby incorporated herein by reference. Therefore, this Order Schedule shall be read and
construed in accordance with, the Index License Agreement. Capitalized terms used but not otherwise defined in the present Order Schedule shall have the meanings ascribed to such terms in the Index License Agreement. In the event of a conflict
between the terms and conditions set forth in the Index License Agreement and in the present Order Schedule, the terms and conditions set forth in the present Order Schedule shall prevail. 

1. List of Indices covered by this Order Schedule and the respective Index calculation start date 

 

					
	 No.:
	  	 Name of Index
	  	 Index calculation start date

	1.	  	GLD® Long USD Gold Index	  	16 September 2016
	2.	  	Solactive GLD JPY Gold Index (RT)	  	29 July 2016
	3.	  	Solactive GLD GBP Gold Index (RT)	  	29 July 2016
	4.	  	Solactive GLD EUR Gold Index (RT)	  	29 July 2016
	5.	  	Solactive GLD CNH Gold Index (RT)	  	11 August 2016

 2. Trade Marks of Licensee 
  

							
	 No.:
	  	 Trade Marks
	  	 Trade Mark owner
	 	 Trade Mark registered in

		  	GLD	  	World Gold Trust Services, LLC	 	U.S. – Reg. No. 3247900

 3. Table of remuneration 
  

					
	 No.:
	  	 Name of Index
	  	 remuneration

	1.	  	GLD® Long USD Gold Index	  	 •    10,000 USD p.a. licensing fee plus

 
 •    1,200 USD p.a.
publication fee (including Bloomberg) plus
  

•    5,000 GBP p.a. LBMA fee plus

 
 •    21,504 EUR p.a. WM
9am London time fixings spot + forwards plus
  

•    17,680 USD one-time for historic WM 9am London time fixing spot + forwards

	2.	  	Solactive GLD JPY Gold Index (RT)	  	 •    10,000 USD p.a. plus

 
 •    1,200 USD p.a.
publication fee (including Bloomberg)

	3.	  	Solactive GLD GBP Gold Index (RT)	  	 •    10,000 USD p.a. plus

 
 •    1,200 USD p.a.
publication fee (including Bloomberg)

	4.	  	Solactive GLD EUR Gold Index (RT)	  	 •    10,000 USD p.a. plus

 
 •    1,200 USD p.a.
publication fee (including Bloomberg)

	5.	  	Solactive GLD CNH Gold Index (RT)	  	 •    10,000 USD p.a. plus

 
 •    1,200 USD p.a.
publication fee (including Bloomberg)

 4. Special Term 

Licensee will receive the WM/Reuters 9am UK Spot and Forward rates (“Information”), and the calculation of the GLD® Long USD Gold Index (hereinafter referred to in this subsection 4 as “Index”) will be based partly on this information. In that context, Licensee accepts to be bound by the following
provision: The Information is being provided as part of and in connection the Index and solely in relation to the subscription of that Index and for no other independent purpose and that, without prejudice to the generality of this statement,
Licensee is prohibited from re-distributing the Information independently and separately from the Index. 
  

			
	Sign for and on behalf of Solactive AG	  	 Sign for and on behalf of WGC USA Asset

                Management Company, LLC

		
	Frankfurt am Main, XXXX	  	XXXX, /s/ Gregory Collett
		
	 /s/ Steffen Scheuble
 Steffen
Scheuble
	  	Gregory S. Collett, VP

 Addendum 2 

For the purposes of this agreement Third-party Service Providers means the entity or entities listed below: 

 

	 	•	 	State Street as the ETF marketing agent, 

  

	 	•	 	BNY Mellon as the ETF administrator, transfer agent and cash custodian, 

  

	 	•	 	HSBC Bank plc as the ETF gold custodian, 

  

	 	•	 	Merrill Lynch International as the gold delivery provider, 

  

	 	•	 	Delaware Trust Company as the ETF trustee 

  

	 	•	 	NYSE Arca as the listing exchange, 

 And successors and assigns of each of the foregoing; and
similar reputable third parties providing similar services. 

 Addendum 3 CUSIP 

Licensee agrees that for the duration of this agreement and any license granted hereunder, it shall comply with the following terms: 

 

	 	a)	Licensee agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, Standard & Poor’s CUSIP Service
Bureau (“CSB”) and the American Bankers Association (“ABA”), and that no proprietary rights are being transferred to Licensee in such materials or in any of the information contained therein. Any use by Licensee outside of the
clearing and settlement of transactions requires a license from the CSB, along with an associated fee based on usage. Licensee agrees that misappropriation or misuse of such materials will cause serious damage to CSB and ABA and that in such event
money damages may not constitute sufficient compensation to CSB and ABA; consequently, Licensee agrees that in the event of any misappropriation or misuse, CSB and ABA shall have the right to obtain injunctive relief in addition to any other legal
or financial remedies to which CSB and ABA may be entitled; 

  

	 	b)	Licensee agrees that Licensee shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the
normal clearing and settlement of security transactions. Licensee further agrees that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or
database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services
and/or any other future services developed by the CSB; and 

  

	 	c)	NEITHER CSB, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE
PROVIDED TO LICENSEE ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CSB, ABA NOR
THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
IN NO EVENT SHALL THE LIABILITY OF CSB, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE EXCEED THE FEE PAID BY LICENSEE FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION
IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CSB AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL. 

 Licensee agrees that the foregoing terms and conditions shall survive any termination of its right of access to
the materials identified above. 
 ISIN Data. Licensee agrees that for the duration of this agreement and any perpetual license granted hereunder, it
shall comply with the following terms: Licensee shall have an appropriate license as necessary to obtain the applicable ISIN data. “ISIN” means International Securities Identifying Number. 

 Addendum 4 SEDOL 

Licensee agrees that for the duration of this agreement and any license granted hereunder, it shall comply with the following terms: 

Licensee may not reproduce and/or extract or re-distribute SEDOLs other than with the London Stock Exchange ́s prior written consent. Solactive will
advise London Stock Exchange if it becomes aware of any breach of that prohibition by Licensee. 
 Licensee is responsible of obtaining the relevant
licenses for reproduction and / or extraction or redistribution of the SEDOL codes contained within the files provided by Solactive AG to Licensee.

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