Document:

EX-4.1

 Exhibit 4.1 

FORM OF SECOND 
 AMENDED
AND RESTATED AGREEMENT AND DECLARATION OF TRUST 
 OF 

WORLD CURRENCY GOLD TRUST 

(formerly known as Global Currency Gold Trust) 

DATED AS OF AUGUST     , 2016 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  	NAME, PURPOSE AND DEFINITIONS	  	 	1	  
			
	 Section 1.01
	  	Name	  	 	1	  
			
	 Section 1.02
	  	Purpose	  	 	2	  
			
	 Section 1.03
	  	Definitions	  	 	2	  
			
	 ARTICLE II
	  	SERIES AND SHARES	  	 	5	  
			
	 Section 2.01
	  	Division of Beneficial Interest; Establishment of Series	  	 	5	  
			
	 Section 2.02
	  	Ownership of Shares	  	 	6	  
			
	 Section 2.03
	  	Transfer of Shares	  	 	7	  
			
	 Section 2.04
	  	Investments in a Series	  	 	7	  
			
	 Section 2.05
	  	Status of Shares and Limitation of Personal Liability	  	 	7	  
			
	 Section 2.06
	  	Designation and Rights of Shares	  	 	8	  
			
	 Section 2.07
	  	Fixing of Record Date	  	 	10	  
			
	 Section 2.08
	  	Creations and Issuance of Creation Baskets	  	 	10	  
			
	 Section 2.09
	  	Requirements for Deposits of Gold	  	 	11	  
			
	 Section 2.10
	  	Redemption of Creation Baskets	  	 	11	  
			
	 ARTICLE III
	  	TRUSTEE	  	 	12	  
			
	 Section 3.01
	  	Term; Resignation	  	 	12	  
			
	 Section 3.02
	  	Duties	  	 	12	  
			
	 Section 3.03
	  	Compensation and Expenses of the Trustee	  	 	12	  
			
	 Section 3.04
	  	Liability of Trustee	  	 	13	  
			
	 Section 3.05
	  	Indemnification	  	 	14	  
			
	 Section 3.06
	  	Successor Trustee	  	 	14	  
			
	 ARTICLE IV
	  	THE SPONSOR	  	 	15	  
			
	 Section 4.01
	  	Management of the Trust	  	 	15	  
			
	 Section 4.02
	  	Authority of Sponsor	  	 	15	  
			
	 Section 4.03
	  	Obligations of Sponsor	  	 	16	  
			
	 Section 4.04
	  	Compensation of the Sponsor	  	 	17	  
			
	 Section 4.05
	  	Liability of Sponsor and Indemnification	  	 	17	  
			
	 ARTICLE V
	  	BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST	  	 	18	  
			
	 Section 5.01
	  	Books of Account	  	 	18	  
			
	 Section 5.02
	  	Certificate of Trust	  	 	18	  
			
	 ARTICLE VI
	  	AMENDMENT OF DECLARATION OF TRUST	  	 	19	  

  
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	 ARTICLE VII
	  	TERM	  	 	19	  
			
	 ARTICLE VIII
	  	TERMINATION/REORGANIZATION	  	 	19	  
			
	 Section 8.01
	  	Termination of the Trust or any Series	  	 	19	  
			
	 Section 8.02
	  	Merger and Consolidation	  	 	20	  
			
	 Section 8.03
	  	Dissolution of Sponsor Not to Terminate Trust	  	 	20	  
			
	 ARTICLE IX
	  	MISCELLANEOUS PROVISIONS	  	 	20	  
			
	 Section 9.01
	  	Certain Matters Relating to Shareholders	  	 	20	  
			
	 Section 9.02
	  	Delaware Law to Govern	  	 	22	  
			
	 Section 9.03
	  	Provisions in Conflict with Law or Regulations	  	 	23	  
			
	 Section 9.04
	  	Notices	  	 	23	  
			
	 Section 9.05
	  	Headings	  	 	23	  
			
	 Section 9.06
	  	Counterparts	  	 	24	  

  
 ii 

 WORLD CURRENCY GOLD TRUST 

FORM OF SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST 

WHEREAS, THIS SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST is made and entered into as of
August     , 2016, by WGC USA ASSET MANAGEMENT COMPANY, LLC, as sponsor, and DELAWARE TRUST COMPANY, as trustee, for the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set
forth; 
 WHEREAS, WGC USA Asset Management Company, LLC and Delaware Trust Company (formerly known as CSC Trust Company of Delaware) have
heretofore created a Delaware statutory trust under the name “Global Currency Gold Trust” pursuant to the Delaware Act (as hereinafter defined) by entering into an agreement and declaration of trust, dated as of August 27, 2014 (the
“Original Agreement and Declaration of Trust”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust; 

WHEREAS, the Original Agreement and Declaration of Trust was amended and restated as of June 30, 2016 (the “Amended and Restated
Agreement and Declaration of Trust”); 
 WHEREAS, a Certificate of Amendment to the Certificate of Trust was executed and filed with
the Secretary of State of the State of Delaware on August 22, 2016 to change the name of the Trust from “Global Currency Gold Trust” to “World Currency Gold Trust”; and 

WHEREAS, the parties hereto desire to amend and restate the Amended and Restated Agreement and Declaration of Trust in its entirety to reflect
the Trust’s name change and make certain other changes as set forth herein; 
 NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, hereby amends and restates the Amended and Restated Agreement and Declaration of Trust in its
entirety and agrees as follows: 
 ARTICLE I 

NAME, PURPOSE AND DEFINITIONS 

Section 1.01 Name. This trust shall be known as the “World Currency Gold Trust.” The Sponsor and the Trustee
shall conduct the business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the Sponsor of an instrument setting forth
the new name and the filing of a certificate of amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any such instrument shall not require the approval of the Shareholders but shall have the status of an amendment to this Declaration
of Trust. 

  
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 Section 1.02 Purpose. The purpose of the Trust is to provide the Shareholders
of each Series with the economic effect of holding physical Gold in terms of one or more non-U.S. currencies. Each Series of the Trust will hold physical gold and will be a passive investment vehicle. The Sponsor intends for each Series to
be operated and treated for U.S. federal income tax purposes as an “‘investment’ trust” as defined in Treasury Regulation § 301.7701-4(c)(1). All provisions in this Declaration of Trust are intended to be construed
such that the Trust or any Series thereof does not lose its status as an “‘investment’ trust”. It is not the intention of the Sponsor to create a general partnership, limited partnership, limited liability company, joint
stock association, corporation, bailment or any form of legal relationship other than a Delaware Statutory Trust. The Trust shall be entitled to exercise all of the powers and privileges granted to a statutory trust formed under the laws of the
State of Delaware, now or hereafter in force. 
 Section 1.03 Definitions. Whenever used herein, unless otherwise
required by the context or specifically provided: 
 (a) “Administrator” means any Person from time to time engaged to perform
administration services for the Trust and each Series pursuant to authority delegated by the Sponsor. 
 (b) “Affiliate” shall
mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 

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

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

(g) “Commodity Pool Operator” means the Sponsor or any Person who is registered as a commodity pool operator with the Commodity
Futures Trading Commission and engaged by the Trust or the Sponsor to serve as a commodity pool operator of the Trust and each Series. 

(h) “Creation Basket” shall mean a block of 10,000 Shares or more or such other amount as established from time to time by the
Sponsor. Multiple blocks are called “Creation Baskets.” 

  
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 (i) “Creation Basket Gold Delivery Amount” means the total deposit of Gold required to
create a Creation Basket. The Creation Basket Gold Delivery Amount is the number of ounces of Gold required to be delivered to a Series by a Participant in connection with a creation order for a single Creation Basket. The Creation Basket Gold
Delivery Amount also refers to the amount of gold to be paid out by a Series in connection with the redemption of a Creation Basket. 
 (j)
“Custodian” means, with respect to any Series, an entity designated to act as custodian of the assets of such Series pursuant to a written agreement with the Trust or Sponsor on behalf of such Series. 

(k) “Custody Agreement” means a written agreement entered into by the Trust or Sponsor with a Custodian providing for the deposit,
safekeeping or delivery of Gold held by a Series and related services. 
 (l) “Declaration of Trust” shall mean this Second
Amended and Restated Agreement and Declaration of Trust, as amended or restated from time to time. 
 (m) “Delaware Act” shall
mean the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.), as such statute may be amended or interpreted from time to time, and any legislative enactment which may replace or supersede such Act. 

(n) “DTC” shall mean the Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a
member of the U.S. Federal Reserve System and a clearing agency registered with the SEC registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC will act as the securities depository for the
Shares. 
 (o) “DTC Participant” shall mean a Participant in DTC, such as a bank, broker, dealer or trust company. 

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

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

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

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

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

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

  
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 (v) “London Good Delivery” shall have the meaning assigned to such term in the Good
Delivery Rules for Gold and Silver Bars contained in the rules promulgated by the LBMA. 
 (w) “Participant” means a person who
(1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in DTC,
(3) has entered into a Participant Agreement and (4) has established a Participant Unallocated Account with the Custodian. Only Participants may place orders to create or redeem one or more Creation Baskets. 

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

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

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

(aa) “Prospectus” shall have the meaning assigned to such term in Section 4.02(d) herein. 

(bb) “Redemption Order” shall have the meaning assigned to such term in Section 2.10(a) herein. 

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

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

(ee) “Series” refers to each Series of Shares established and designated under or in accordance with the provisions of
Article II. 
 (ff) “Series Allocated Account” means the allocated Gold account of the Trust established with the Custodian
on behalf of a Series. The Series Allocated Account will be used to hold the physical Gold that is transferred from a Series Unallocated Account to be held by that Series in allocated form (i.e., as individually identified bars of Gold).

 (gg) “Series Unallocated Account” means the unallocated Gold account of the Trust established with the Custodian on behalf of a
Series. The Series Unallocated Account will be used to facilitate the transfer of Gold in and out of that Series. Specifically, it will be used to 

  
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transfer Gold deposits and Gold redemption distributions between Participants and the Series in connection with the creation and redemption of Creation Baskets, in connection with the transfers
of Gold to or from the gold delivery provider of the Series, and in connection with sales of Gold for the Series. 
 (hh)
“Shareholder” means a record owner of at least one outstanding Share. 
 (ii) “Share” shall mean an equal proportionate
unit of beneficial interest into which the beneficial interest of each Series shall be divided. “Shares” includes fractions of Shares as well as whole Shares. 

(jj) “Sponsor” means WGC USA Asset Management Company, LLC, or any entity into which it may be merged or with which it may be
consolidated, or any entity resulting from any merger or consolidation to which it shall be a party, or any entity succeeding to all or substantially all of its business as sponsor of the Trust, or any successor Sponsor designated as such by
operation of law or any successor Sponsor appointed as herein provided. 
 (kk) “Sponsor Agreement” means an agreement between the
Trust and the Sponsor setting forth, among other things, the Sponsor’s compensation for its services as Sponsor of the Trust. 
 (ll)
“Sponsor Indemnified Party” shall have the meaning assigned to such term in Section 4.05(c) herein. 
 (mm) “Trust”
refers to the Delaware statutory trust established under the Delaware Act by the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware on August 27, 2014, inclusive of each and every Series established
as part of the Trust hereunder now or in the future. 
 (nn) “Trust Property” means the property of the Trust and, specifically,
the Gold owned or held by or for the account of the Trust or any Series. 
 (oo) “Trustee” refers to Delaware Trust Company or any
successor Trustee designated as such by operation of law or appointed as herein, acting not in its individual capacity but solely as trustee of the Trust. 

ARTICLE II 
 SERIES AND
SHARES 
 Section 2.01 Division of Beneficial Interest; Establishment of Series. The beneficial interest in the Trust
shall be divided into one or more Series. Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series, and each holder of Shares of a Series shall be entitled to receive such holder’s
pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of the Shares of any Series, the applicable Shareholder shall be paid solely out of the Series and property of such Series of
the Trust. 

  
 5 

 All references to Shares in this Declaration of Trust shall be deemed to be Shares of any or all
Series, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, except as the context otherwise requires. 

All Shares issued hereunder shall be fully paid and non-assessable. No Share shall have any priority or preference over any other Share
of the same Series with respect to assets of such Series. All distributions, if any, shall be made ratably among all Shareholders of a Series from the assets held with respect to such Series according to the number of Shares of such Series held
of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor Shareholders shall have no preemptive or other right to subscribe
to any additional Shares or other securities issued by the Trust. Every Shareholder, by virtue of having purchased or acquired a Share, shall have expressly consented and agreed to be bound by the terms of this Declaration of Trust. 

The Sponsor shall have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders of
any Series (i) to establish and designate and to change in any manner any Series and to fix such preferences, voting powers, rights, duties and privileges of each Series as the Sponsor may from time to time determine, which preferences, voting
powers, rights, duties and privileges may be senior or subordinate to any existing Series and may be limited to specified property or obligations of the Trust or gains and losses associated with specified property or obligations of the Trust, (ii)
to divide the beneficial interest in each Series into an unlimited amount of Shares, with or without par value, as the Sponsor shall determine, (iii) to issue Shares without limitation as to number (including fractional Shares), to such Persons and
for such amount of consideration, subject to any restriction set forth in the By-Laws, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (iv) to divide or combine the Shares or any Series into a greater or lesser
number without thereby materially changing the proportionate beneficial interest of the Shares of such Series in the assets held with respect to that Series, (v) to classify or reclassify any issued Shares of any Series into shares of one or more
Series, and (vi) to take such other action with respect to the Shares as the Sponsor may deem desirable. 
 Section 2.02 Ownership
of Shares. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series. No certificates certifying the
ownership of Shares shall be issued except as the Sponsor may otherwise determine from time to time. The Sponsor may make such rules as it considers appropriate for the issuance of Share certificates, transfer of Shares of each Series and
similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders of each Series and as to the number of Shares of each Series
held from time to time by each. 

  
 6 

 Section 2.03 Transfer of Shares. Except as otherwise provided by the Sponsor,
Shares shall be transferable on the books of the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Sponsor, the Trust’s transfer or similar agent or other Person designated by the Sponsor of a duly
executed instrument of transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such
delivery, and subject to any further requirements specified by the Sponsor or contained in the By-Laws, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be
deemed to be the holder of such Shares for all purposes hereunder. 
 Section 2.04 Investments in a Series. Investments
in each Series may be accepted by the Trust from such Persons, at such times and on such terms as the Sponsor from time to time may authorize. Each investment shall be credited to the Shareholder’s account in the form of full and
fractional Shares of the Trust, in such Series as the purchaser shall select, at the net asset value per Share next determined for such Series after receipt of the investment; provided, however, that the Sponsor may, in its sole discretion, impose a
sales charge, transaction fee or other charges upon investments in a Series or place such other restrictions on investments in a Series as the Sponsor, in its sole discretion, deems appropriate. 

Section 2.05 Status of Shares and Limitation of Personal Liability. The ownership of the Trust Property and the right to
conduct the business of the Trust and each Series described herein are vested exclusively in the Sponsor and the Trustee. The Shareholders of a Series shall have no interest therein other than the beneficial interest in such Series conferred by
their Shares, and they shall have no right to call for any partition or division of any Trust Property, rights or interests of the Trust or a Series, nor can they be called upon to share or assume any losses of the Trust or, subject to the right of
the Sponsor to charge certain expenses directly to Shareholders, suffer an assessment of any kind by virtue of their ownership of Shares. Every Shareholder, by virtue of having purchased a Share, shall become a Shareholder of the Series whose
Share or Shares it has purchased and shall be held to have expressly assented and agreed to be bound by the terms hereof and to have become a party hereto. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during
the existence of the Trust or a Series shall not operate to terminate the Trust or such Series, nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or such Series,
the Sponsor or the Trustee, but entitles such representative only to the rights of such Shareholder under this Declaration of Trust. Ownership of Shares shall not constitute the Shareholders as partners. The Shares shall not entitle the
holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Declaration of Trust or as specified by the Trust or the Sponsor when creating the Shares). No Shareholder of a Series shall be subject in
such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of
a private corporation for profit incorporated under the Delaware General Corporation Law. 

  
 7 

 Section 2.06 Designation and Rights of Shares. Each Series shall be separate
and distinct from any other Series. Separate and distinct records on the books of the Trust shall be maintained for each Series. The assets and liabilities belonging to any such Series shall be held and accounted for separately from the
assets and liabilities of the Trust or any other Series. Shares of each Series, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences: 

(a) Assets Held with Respect to a Particular Series. All consideration received by the Trust for the issue or sale of Shares of a
particular Series, including distributions paid by, and reinvested in such Series together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived,
including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any Series or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with
respect to that Series for all purposes, subject only to the rights of creditors of such Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from
whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any Series or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are
herein referred to as “assets held with respect to” that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, Series or payments which are not readily identifiable as assets held with respect
to any particular Series (collectively “General Assets”), the Sponsor shall allocate such General Assets to, between or among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair
and equitable, and any General Assets as allocated to a particular Series shall be held with respect to that Series. Each such allocation by the Sponsor shall be conclusive and binding upon the Shareholders of all Series for all
purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and General Assets of
the Trust not allocated to such Series. 
 (b) Liabilities Held with Respect to a Particular Series. The assets of the Trust
held with respect to each particular Series shall be charged against the liabilities of the Trust held with respect to that Series and all expenses, costs, charges and reserves attributable to that Series, and any general liabilities of the Trust
which are not readily identifiable as being held with respect to any particular Series shall be allocated and charged by the Sponsor to and among any one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion,
deems fair and equitable. The liabilities, expenses, costs, charges, and reserves so charged to a Series are herein referred to as “liabilities held with respect to” that Series. Any liabilities, debts, obligations, expenses,
costs, charges and reserves of the Trust that are not readily identifiable as being liabilities held with respect to any particular Series (collectively “General Liabilities”) shall be allocated and charged by the Sponsor to and among any
one or more of the Series in such manner and on such basis as the Sponsor, in its sole discretion, deems fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Sponsor shall be conclusive and binding
upon the Shareholders of all Series for all purposes. All Persons who have extended credit which has been allocated to a particular Series, or who have a 

  
 8 

 
claim or contract which has been allocated to any particular Series, shall look, and shall be required by contract to look, exclusively to the assets of that particular Series for payment of such
credit, claim, or contract, and not any other Series or the Trust as a whole. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and contract providers, each creditor, claimant and contract
provider will be deemed nevertheless to have impliedly agreed to such limitation. 
 Subject to the right of the Sponsor in its discretion
to allocate General Liabilities as provided herein, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to
this Declaration of Trust or is hereafter authorized and existing pursuant to this Declaration of Trust, shall be enforceable against the assets held with respect to such particular Series only, and not against the assets of any other Series or the
General Assets of the Trust and none of the General Liabilities of the Trust or the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any other Series thereof shall be enforceable against the
assets held with respect to such particular Series. Notice of this limitation on liabilities between and among Series is set forth in the Certificate of Trust, and by giving such notice in the Certificate of Trust, the statutory provisions of
Section 3804 of the Delaware Act relating to limitations on liabilities between and among Series (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) are applicable to the Trust and each Series. 

(c)
Dividends, Distributions, Redemptions, and Repurchases. Notwithstanding any other provisions of this Declaration of Trust, no distribution including, without
limitation, any distribution paid upon termination of the Trust or paid on or in respect to any Series, nor any redemption or repurchase of the Shares of any Series, shall be effected by the Trust other than from the assets held with respect to such
Series, nor, except as specifically provided in Section 2.06, shall any Shareholder of any particular Series, otherwise have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder has
such a right or claim hereunder as a Shareholder of such other Series. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital;
and each such determination and allocation shall be conclusive and binding upon the Shareholders. 
 (d) Voting. All Shares of
the Trust entitled to vote on a matter shall vote without differentiation between the separate Series on a one vote per each Share (including fractional votes for fractional shares) basis; provided, however, if a matter to be voted on affects only
the interests of some but not all Series of Shareholders or as otherwise required by applicable law, then only the Shareholders of such affected Series shall be entitled to vote on the matter, separately by Series and on the same one vote per each
Share (including fractional votes for fractional shares) basis. 
 (e) Equality. All the Shares of each particular Series shall
represent an equal proportionate undivided interest in the assets held with respect to that Series (subject to the liabilities held with respect to that Series), and each Share of any particular Series shall be equal to each other Share of that
Series. 

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

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

Section 2.07 Fixing of Record Date. Whenever any distribution will be made, or whenever the Trust receives notice of any
solicitation of proxies or consents from Shareholders, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Sponsor shall find it necessary or convenient in respect of any matter, the
Sponsor shall fix a record date for the determination of the Shareholders who shall be (i) entitled to receive such distribution or the net proceeds of the sale thereof, (ii) entitled to give such proxies or consents in respect of any such
solicitation, (iii) entitled to receive Shares of a Series as a result of any such split, reverse split or other change and (iv) entitled to act in respect of any other matter for which the record date was set. Subject to applicable law and
this Declaration of Trust, Sponsor shall have sole discretion to fix such record date. 
 Section 2.08 Creations and Issuance of
Creation Baskets. 
 (a) The following procedures, except to the extent otherwise provided in the Participant Agreement for each
Participant, which may be amended from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Declaration of Trust), apply to the creation and issuance of
Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by the Trust is unlimited.

 

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

  

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

(b) After accepting a Participant’s Purchase Order, the Sponsor will issue and deliver Creation Baskets to fill a Participant’s
Purchase Order in the manner provided in the Participant Agreement, but only if the Sponsor has received (A) the non-refundable transaction fee due for such Purchase Order, (B) for the account of the Trust on behalf of a Series cash, if any,
required for such Purchase Order and (C) notice from the Custodian that the Custodian has allocated to the Series Allocated Account the requisite amount of physical Gold based on the number of Creation Baskets associated with the
Participant’s Purchase Order. The Custodian 

  
 10 

 
will allocate Gold to the Series Allocated Account from the Series Unallocated Account after having transferred the requisite amount of Gold from the Participant Unallocated Account to the Series
Unallocated Account. Upon issuing a Creation Basket pursuant to a Purchase Order of a Participant, the Sponsor will deposit the Creation Basket with DTC in accordance with DTC’s customary procedures, for credit to the account of the Participant
that placed the Purchase Order.
 (c) The procedures set forth in this Section 2.08 may be changed from time-to-time at the sole discretion
of the Sponsor. 
 Section 2.09 Requirements for Deposits of Gold. 

(a) Except as provided in paragraph (b) of this Section, Gold may be delivered for deposit to the Trust on behalf of a Series only by transfer
to the Series Unallocated Account maintained by the Custodian on behalf of that Series from a Participant Unallocated Account pursuant to the procedures specified in the Participant Agreement. The expense and risk of delivery, ownership and
safekeeping of Gold until such Gold has been received by the Trust on behalf of a Series shall be borne solely by the depositor. 
 (b) The
Sponsor shall accept delivery of Gold by such other means as the Sponsor, from time to time, may determine to be acceptable for the Trust on behalf of a Series. If Gold is to be delivered other than as described in Section 2.09(a), the Sponsor is
authorized to establish such procedures and to appoint such custodians and establish such custody accounts in addition to those described herein, as the Sponsor determines in its sole discretion. 

Section 2.10 Redemption of Creation Baskets. 

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

 

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

 

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

  

	 	(iii)	 After accepting a Participant’s Redemption Order, the Sponsor will deliver the redemption distribution to
fill a Participant’s Redemption Order in the manner 

  
 11 

	 	
provided in the Participant Agreement, but only if the Sponsor has received (A) the non-refundable transaction fee due for such Redemption Order and (B) notice that the Sponsor’s account at
DTC has been credited with all Shares comprising the Creation Baskets being tendered for redemption. 

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

TRUSTEE 
 Section
3.01 Term; Resignation. 
 (a) The Trustee shall be appointed by the Sponsor and shall serve for the duration of the Trust or
until the earlier of (i) the effective date of the Trustee’s resignation, or (ii) the effective date of the removal of the Trustee by the Sponsor. 

(b) The Trustee may resign at any time by giving sixty (60) days’ written notice to the Sponsor; provided, however, that said resignation
of the Trustee shall not be effective until such time as a successor Trustee has accepted appointment as Trustee of the Trust. The Trustee may be removed at any time by the Sponsor upon sixty (60) days’ written notice to the Trustee; provided,
however, such removal shall not be effective until such time as a successor Trustee has accepted such appointment. 
 Section 3.02
Duties. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee with a
principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor. The duties of the Trustee shall be limited to (i) accepting legal process served
on the Trust in the State of Delaware, (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Delaware Trust
Statute, (iii) taking such action under this Declaration of Trust as it may be directed in writing by the Sponsor from time to time; provided, however, that the Trustee shall not be required to take any such action if it shall have determined, or
shall have been advised by counsel, that such performance is likely to involve the Trustee in personal liability or is contrary to the terms of this Declaration of Trust or of any document contemplated hereby to which the Trust or the Trustee is a
party or is otherwise contrary to law, and (iv) any other duties specifically allocated to the Trustee in this Declaration of Trust or agreed in writing with the Sponsor from time to time. 

Section 3.03 Compensation and Expenses of the Trustee. The Trustee (or any successor Trustee) shall be entitled to receive
compensation from the Sponsor or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time in writing by the Trustee and the Sponsor or the Trust. Subject to prior written

  
 12 

 
notification and approval of the Sponsor, which shall not be unreasonably withheld, the Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable
legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section 3.03, provided that no such fees shall be payable to the extent that they are incurred as a result of the Trustee’s
gross negligence, bad faith or willful misconduct. 
 Section 3.04 Liability of Trustee. The Trustee shall not be liable
for the acts or omissions of the Sponsor, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under this Declaration of Trust, except as otherwise set forth
herein. The Trustee shall not be liable under any circumstances, except for a breach of its obligations pursuant to this Declaration of Trust or its own willful misconduct, bad faith or gross negligence. In particular, but not by way of
limitation: 
 (i) the Trustee shall not be liable for any error of judgment made in good faith, except to the extent such error of judgment
constitutes gross negligence on its part; 
 (ii) no provision in this Declaration of Trust shall require the Trustee to expend or risk its
personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to it; 
 (iii) under no circumstances shall the Trustee be liable for any representation,
warranty, covenant, agreement, or indebtedness of the Trust; 
 (iv) the Trustee shall not be personally responsible for or in respect of
the validity or sufficiency of this Declaration of Trust or for the due execution hereof by the Sponsor; 
 (v) the Trustee shall incur no
liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be
signed by the proper party or parties. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such
body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to
such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon; 

(vi) in the exercise or administration of the trust hereunder, the Trustee (a) may act directly or through agents or attorneys pursuant to
agreements entered into with any 

  
 13 

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

(ix) the Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder. 

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

  
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 ARTICLE IV 

THE SPONSOR 
 Section
4.01 Management of the Trust. Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the Sponsor and the conduct of the Trust’s business shall be controlled and conducted
solely by the Sponsor in its sole discretion in accordance with this Declaration of Trust. Any determination as to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this
Declaration of Trust, the presumption shall be in favor of a grant of power to the Sponsor. The enumeration of any specific power in this Declaration of Trust shall not be construed as limiting the aforesaid or any other power. 

Section 4.02 Authority of Sponsor. In addition to and not in limitation of any rights and powers conferred by law or other
provisions of this Declaration of Trust, and except as limited, restricted or prohibited by the express provisions of this Declaration of Trust (e.g., see Section 1.02) or the Delaware Act, the Sponsor shall have and may exercise on behalf of the
Trust and each Series, all powers and rights the Sponsor, in its sole discretion, deems necessary, proper, convenient or advisable to effectuate and carry out the purposes, activities and objectives of the Trust and each Series, which shall include,
without limitation, the following: 
 (a) To enter into, execute, deliver and maintain, and to cause the Trust and each Series to perform its
obligations under, contracts, agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares and the
conduct of Trust activities and administration, and the activities and administration of each Series, including, but not limited to contracts with third parties for services; provided, however, that such services may be performed by an Affiliate or
Affiliates of the Sponsor so long as the Sponsor has made a good faith determination that the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are commercially reasonable; 

(b) To establish, maintain, deposit into, and/or otherwise draw upon accounts on behalf of the Trust or each Series with appropriate
custodial, banking or other institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s or a Series’ business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by
the Sponsor in the Sponsor‘s name shall be deemed executed and accepted on behalf of the Trust or a Series, as applicable, by the Sponsor; 

(c) To deposit, withdraw, pay, retain and distribute Gold and Trust Property, or any portion thereof, in any manner consistent with the
provisions of this Declaration of Trust; 

  
 15 

 (d) To supervise the preparation and filing of the Registration Statement and the Trust’s
prospectus (the “Prospectus”) and to execute the Registration Statement on behalf of the Trust; 
 (e) To pay or authorize the
payment of distributions to the Shareholders and pay or authorize the payment of the expenses of the Trust and each Series; 
 (f) To hold
or dispose of Trust Property and to subscribe for, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, or otherwise deal in Trust Property, and to do any and all acts and things for the maintenance,
preservation, and protection of Trust Property; 
 (g) To exercise powers and right of subscription or otherwise with respect to the
ownership of Trust Property; 
 (h) To hold Gold or property in a form not indicating that it is Trust Property, whether in bearer,
unregistered or other negotiable form, or in its own name or in the name of a custodian or subcustodian or a nominee or nominees or otherwise or to authorize the custodian or a subcustodian or a nominee or nominees to deposit the same in a
securities depository; 
 (i) To litigate, compromise, arbitrate, settle or otherwise adjust claims in favor of or against the Trust or a
Series, or any matter in controversy, including but not limited to claims for taxes; and 
 (j) To contract with any Person(s) appointing
such Person(s), including any Affiliate, to provide services to the Trust or any Series, including without limitation, accountants, administrators, auditors, gold delivery providers, index providers, transfer agents, shareholder servicing agents,
marketing agents or other agents for the Trust or any Series. 
 (k) To enter into the Sponsor Agreement on terms and conditions acceptable
to the Sponsor. 
 (l) To serve as Commodity Pool Operator for the Funds or appoint any Person, including any Affiliate, to serve as
Commodity Pool Operator for the Funds. 
 (m) The agreement pursuant to which an Affiliate is to perform services for the Trust shall be
terminable by the Trust without penalty upon discovery of acts of fraud or willful malfeasance of the Affiliate in performing its duties thereunder.

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

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

  
 16 

 (c) Employ attorneys to represent the Trust; 

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

(e) Oversee the operation of the service providers of the Trust and each Series in connection with their dealings with the Trust and each
Series. 
 The Sponsor shall be entitled to delegate its obligations under this Declaration of Trust and applicable law to third parties,
including any Affiliate, and shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such Affiliate was made in accordance with
Section 4.02(a). 
 Section 4.04 Compensation of the Sponsor. The Sponsor shall be entitled to compensation for its
services as Sponsor of the Trust as set forth in the Sponsor Agreement. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor may, at its sole discretion and from time
to time, waive all or a portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the
applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder. 
 Section
4.05 Liability of Sponsor and Indemnification. 
 (a) The Sponsor shall not be under any liability to the Trust, the Trustee or
any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to this Declaration of Trust, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Gold or other
assets held in trust hereunder; provided, however, that this provision shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor
may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee’s
counsel or by any other Person for any matters arising hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for
herein. 
 (b) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the
other hand; or 
 (ii) whenever this Declaration of Trust or any other agreement contemplated herein or therein provides that the Sponsor
shall act in a manner that is, or provides 

  
 17 

 
terms that are, fair and reasonable to the Trust, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of
each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad
faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Declaration of Trust or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law
or in equity or otherwise. 
 (c) The Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries
(each a “Sponsor Indemnified Party”) shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such Sponsor
Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of this Declaration of Trust. Any amounts payable to a Sponsor Indemnified Party under this
Section 4.05 may be payable in advance or shall be secured by a lien on the Trust. The Sponsor shall not be under any obligation to appear in, prosecute or defend any legal action which in its opinion may involve it in any expense or liability;
provided, however, that the Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable in respect of this Declaration of Trust and the rights and duties of the parties hereto and the interests of the Shareholders
and, in such event, the legal expenses and costs of any such action shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor
Indemnified Parties as provided herein shall survive the termination of this Declaration of Trust. 
 ARTICLE V 

BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST 

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

  
 18 

 ARTICLE VI 

AMENDMENT OF DECLARATION OF TRUST 

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

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

ARTICLE VIII 

TERMINATION/REORGANIZATION 

Section 8.01 Termination of the Trust or any Series. 

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

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

  
 19 

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

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

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

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

Section 8.02 Merger and Consolidation. The Sponsor may cause (i) the Trust to be merged into or consolidated with,
converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) a Series of the Trust to be consolidated with, or to sell all or substantially all of its assets to, another Series of the Trust or another series of
another trust or company; (iii) the Shares of a class of a Series to be converted into another class of the same Series; (iv) the Shares of the Trust or any Series to be converted into beneficial interests in another statutory trust (or series
thereof); or (v) the Shares of the Trust or any Series to be exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by law. 

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

MISCELLANEOUS PROVISIONS 

Section 9.01 Certain Matters Relating to Shareholders. 

(a) By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be deemed to be a beneficiary of
the Trust created by this Declaration of Trust and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Declaration of Trust. Upon
issuance as provided herein, Shares shall be fully paid and non-assessable. 

  
 20 

 (b) The death or incapacity of any Shareholder shall not operate to terminate this Declaration of
Trust or the Trust, nor entitle such Shareholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the rights, obligations
and liabilities of the parties hereto or any of them. Each Shareholder expressly waives any right such Shareholder may have under any rule of law, or the provisions of any statute, or otherwise, to require the Trust, Sponsor or the Trustee at any
time to account, in any manner other than as expressly provided in this Declaration of Trust, in respect of the Gold or moneys from time to time received, held and applied by the Sponsor hereunder. 

(c) Except as required under applicable Federal law or under the rules or regulations of an Exchange, Shareholders shall have no voting rights
hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Trust Statute default voting rights are provided
to holders of beneficial interests.) The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that federal or Delaware law is amended, modified
or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to vote on any specific matter, the Shareholders’ right to vote shall be deemed to be amended, modified
or interpreted in accordance therewith without further approval by the Sponsor or the Shareholders. Nothing set forth in this Declaration of Trust shall be construed so as to constitute the Shareholders from time to time as partners or members of an
association; nor shall any Shareholder ever be liable to any third person by reason of any action taken by the parties to this Declaration of Trust, or for any other cause whatsoever. 

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

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

Section 9.02 Delaware Law to Govern. The validity and construction of this Declaration of Trust and all amendments hereto
shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of
laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 9.02, and provided further, that the parties hereto intend that
the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust,
the Series, the Trustee, the Sponsor, the Shareholders or this Declaration of Trust any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate to or regulate in a manner
inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or
employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or
employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling,
storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on
liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Declaration of Trust. Section 3540 of Title 12 of the Delaware Act shall not apply to the Trust. The Trust shall be of the type commonly called a
“statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the
powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 

  
 22 

 Section 9.03 Provisions in Conflict with Law or Regulations. 

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

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

Section 9.04 Notices. 

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

			
	 If to the Sponsor, to:
	  	 WGC USA Asset Management Company, LLC
 Attn:
General Counsel
 685 Third Avenue
 Suite 2702

New York, NY 10017

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

 Any notice to be given to a Shareholder shall be duly given if mailed or delivered to DTC Participants designated by DTC for
delivery to Shareholders. 
 Section 9.05 Headings. The headings used in this Declaration of Trust have been inserted for
convenience and shall not modify, define, limit or expand the express provisions of this Declaration of Trust. 

  
 23 

 Section 9.06 Counterparts. This Declaration of Trust may be
simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 24 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amended and Restated Agreement and
Declaration of Trust to be duly executed and delivered as of August     , 2016. 
  

			
	 WGC USA Asset Management Company, LLC,

as Sponsor

 
			
		
	By:	 	  

 
			
		
	Title:	 	  

 
			
		
	Name:	 	  

 
			
	
	 Delaware Trust Company,
 as
Trustee

 
			
		
	By:	 	  

 
			
		
	Title:	 	  

 
			
		
	Name:	 	  

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

World Currency Gold TrustEX-4.2

 Exhibit 4.2 

FORM OF 
 WORLD CURRENCY GOLD
TRUST 
 AUTHORIZED PARTICIPANT AGREEMENT 

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

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

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

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

  
 2 

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

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

(g) The Authorized Participant acknowledges that it may have an obligation to comply with the disclosure document delivery requirements under
the Commodity Exchange Act (the “CEA”). The Sponsor agrees that if it becomes aware of any new delivery or disclosure requirement(s) under the 1933 Act or the CEA relating to Shares it shall use best efforts to notify the Authorized
Participant of such requirement(s). 
 Section 3. Orders. (a) All orders to create or redeem Creation Units shall be made in
accordance with the terms of the Prospectus, this Agreement and the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded
telephone lines whether or not such use is reflected in the Procedures. The Administrator and Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Creation Units which are not related to
the Procedures, and the Authorized Participant will comply with such procedures. 

  
 3 

 (b) The Authorized Participant acknowledges and agrees on behalf of itself and any party for
which it is acting (whether such party is a customer or otherwise) that each order to create a Creation Unit (a “Purchase Order”) and each order to redeem a Creation Unit (a “Redemption Order”, and each Purchase Order and
Redemption Order, an “Order”) may not be revoked by the Authorized Participant upon its delivery to the Administrator. A form of Purchase/Redemption Order is attached hereto as Exhibit B. 

(c) The Administrator shall have the absolute right, but shall have no obligation, to reject any Purchase Order or Redemption Order (i)
determined by the Administrator not to be in proper form as described herein; (ii) the fulfillment of which would, in the opinion of counsel to the Administrator or the Trust, be unlawful; (iii) if the Administrator determines that acceptance of an
Order from an Authorized Participant would expose a Fund to credit risk; or (iv) if circumstances outside the control of the Custodian, the Administrator or the Sponsor make it for all practical purposes not feasible to process creations or
redemptions, as applicable, of Creation Units. Neither the Administrator nor the Sponsor shall be liable to any person by reason of the rejection of any Purchase Order or Redemption Order. 

(d) The Administrator may, in its discretion, and will when so directed by the Sponsor, suspend the right of redemption, or postpone the
applicable redemption settlement date, (i) for any period during which the Exchange is closed other than for customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a
result of which delivery, disposal or evaluation of the Gold or any swap or other instrument held by a Fund is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of the Beneficial
Owners. Neither the Administrator nor the Sponsor shall be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

(e) The Trust may, in its sole discretion, permit or require a quantity of Gold to be added to or subtracted from an Order when issuing or
redeeming shares (a “Gold Adjustment Amount”). A Gold Adjustment Amount reflects the actual amount of Gold due to be delivered to or from the Trust’s gold delivery provider (the “Gold Delivery Amount”), in case that
Gold Delivery Amount differs from Gold Delivery Amount used to calculate the applicable Fund’s net asset value. If the Trust notifies the Administrator that a Gold Adjustment Amount is required, the Administrator will notify the Participant and
the Trust’s transfer agent. In the case of a Creation Order, the Participant shall, on behalf of itself or the party on whose behalf it is acting, deliver a quantity of Gold into the Fund Unallocated Account that takes into account the Gold
Adjustment Amount. In the case of a Redemption Order, the quantity of Gold to be delivered into the Participant Unallocated Account will reflect the Gold Adjustment Amount. 

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

  
 4 

 Section 5. Gold Standards. All Gold to be transferred between the Trust, on behalf of a
Fund, and the Authorized Participant in connection with any Order shall meet the applicable requirements of the Good Delivery Rules for Gold and Silver Bars (the “Good Delivery Rules”) promulgated by the London Bullion Market Association
(the “LBMA”), which include standards for fineness. As provided in the Authorized Participant’s Participant Unallocated Bullion Account Agreement and in the Trust’s Unallocated Bullion Account Agreement, amounts of Gold standing
to the credit of an Authorized Participant’s Participant Unallocated Account or the Fund Unallocated Account, as the case may be, are held on an Unallocated Basis, which, as provided by those agreements, means only that each of the Authorized
Participant or the Trust, as the case may be, is entitled to call on the Custodian to deliver in accordance with the Good Delivery Rules an amount of Gold equal to the amount of Gold standing to the credit of the Authorized Participant’s or the
Trust’s relevant unallocated bullion account, as the case may be. The Sponsor and the Administrator may, from time to time, pursuant to the Declaration of Trust and as disclosed in the Prospectus, specify other gold bullion to be held by the
Trust and which therefore may be transferred between the Trust and an Authorized Participant in connection with any Order, provided that such other gold bullion meets the standard of fineness specified under the Good Delivery Rules. A copy of the
Good Delivery Rules may be obtained from the LBMA. 
 Section 6. Fees. In connection with each Order by an Authorized Participant to
create or redeem one or more Creation Units, the Administrator shall charge, and the Authorized Participant shall pay to the Administrator, a transaction processing fee in the amount of $[2,000] per Order. This amount may be changed from time to
time at the sole discretion of the Sponsor and upon written notice to the Authorized Participant, which notice may be provided by disclosure in the Funds’ prospectus. These transaction processing fees are paid directly by the Authorized
Participants and not by a Fund or the Trust. 
 Section 7. Authorized Persons. Concurrently with the execution of this Agreement and
from time to time thereafter, the Authorized Participant shall deliver to the Administrator notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the
names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The
Administrator may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Administrator receives a superseding certificate bearing a
subsequent date and duly certified as described above or other written notice, including electronic mail, from the Authorized Participant that one or more individuals should be added or removed from the certificate. Upon the termination or
revocation of authority of any Authorized Person by the Authorized 

  
 5 

 
Participant, the Authorized Participant shall give immediate written notice, including, but not limited to, electronic mail, of such fact to the Administrator and such notice shall be effective
upon receipt by the Administrator. The Administrator shall thereafter revoke access of such Authorized Person to the electronic entry systems through which Orders are submitted and, from that time, no longer accept Orders submitted by such person on
behalf of the Authorized Participant. The Administrator shall issue to each Authorized Person a unique personal identification number (the “PIN Number”) by which such Authorized Person shall be identified and by which instructions issued
by the Authorized Participant hereunder shall be authenticated. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN Number
is changed, the new PIN Number shall become effective on a date mutually agreed upon by the Authorized Participant and the Administrator. 

Section 8. Redemption. The Authorized Participant represents and warrants that it will not obtain an Order Number (as described in the
Procedures) from the Administrator for the purpose of redeeming a Creation Unit unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for
redemption the Creation Units to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Creation Units have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending
agreement or any other arrangement which would preclude the delivery of such Creation Units to the Administrator the third Business Day following the Redemption Order Date. 

Section 9. Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all purposes of this Agreement, the
Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Funds, the Sponsor, the Administrator or the Custodian in any matter or in any respect. 

(b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with the
Sponsor, the Administrator and the Custodian or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

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

  
 6 

 Section 10. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless the Custodian, the Trust, each Fund, the Administrator, the Sponsor,
their respective direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses
(including attorney’s fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provisions of this Agreement, including its
representations, warranties and covenants; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws and
the rules and regulations of self-regulatory organizations; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures believed by the AP Indemnified Party to be genuine and to have been
given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the
Trust’s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing
material and sales literature described in Section 14(b) or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent that such statement or omission
relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or is based upon any omission
or alleged omission by the Sponsor to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading. The Authorized Participant shall not be liable
under its indemnity agreement contained in this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim within a reasonable time
after the summons or other first written notification giving information of the nature of the claim shall have been served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated
agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of
its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. 

(b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors,
officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and against any losses, liabilities, damages, costs and
expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of this Agreement that relates to the Sponsor; (ii) any
failure on the part of the Sponsor to perform any obligation of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws; or (iv) any untrue statement or alleged untrue statement of a material fact
contained in the registration statement of the Trust as originally filed with the SEC or in any amendment thereof, or in any prospectus, or in any amendment thereof or supplement 

  
 7 

 
thereto, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, except those statements in the Registration Statement or the Prospectus based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or the Prospectus. The
Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim
within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall have received notice
of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such action is brought otherwise than on
account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. 

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

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

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

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

(b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax,
recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Creation Unit made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the
Authorized Participant. To the extent the Administrator, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable
penalties, additions to tax or interest thereon. 

  
 8 

 Section 12. Acknowledgment. The Authorized Participant acknowledges receipt of a (i) copy
of the Declaration of Trust and (ii) the current Prospectus of the Trust and represents that it has reviewed and understands such documents. 

Section 13. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become
effective in this form as of the date first set forth above, and may be terminated at any time by any party with respect to a Fund or the Trust as a whole upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i)
in accordance with Section 2(a); (ii) upon notice to the Authorized Participant by the Administrator in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in
the circumstances described in Section 20(j); or (iv) at such time as the Trust or a Fund is terminated pursuant to the Declaration of Trust. 

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

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

  
 9 

 
untrue statement of a material fact or omission to state therein a material fact required to be stated therein or necessary to make the research reports and other similar materials not
misleading. 
 (c) The Authorized Participant and its affiliates may prepare and circulate in the regular course of their businesses,
without having to refer to the Shares or the Trust’s then-current Prospectus, data and information relating to the price of gold or currencies referenced in a Fund’s underlying index. 

(d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor, or its designee, may deliver the then-current
Prospectus, and any revisions, supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail to such address as shall be provided by the Authorized
Participant from time to time in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice to the Sponsor, or the Sponsor’s designee, and, whether or
not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any revisions, supplements or amendments thereto or recirculation thereof, in paper form from the Sponsor or its
designee. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper
form. The Sponsor will, when requested by the Authorized Participant, make available, or cause to be made available, at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF
version of the Prospectus. 
 (e) For as long as this Agreement is effective, the Authorized Participant agrees to be identified solely as
an authorized participant of the Trust and each Fund, as applicable, (i) in any section of the Prospectus included within the Registration as may be required by the SEC or its Staff and (ii) on the Trust’s website. Upon the termination of this
Agreement, (i) during the period prior to when the Sponsor qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring
after the date of the termination of this Agreement and, during the period after when the Sponsor qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal
of the Authorized Participant as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website to remove any identification of the Authorized Participant as an authorized participant of the Trust and the
Funds. 
 Section 15. Certain Covenants of the Sponsor. The Sponsor, on its own behalf and as sponsor of each Fund, covenants and
agrees to notify the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue
statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during such time, to prepare and furnish, at the expense of the
Trust, to the Authorized Participant promptly such amendments or supplements to such Prospectus as may be necessary to reflect any 

  
 10 

 
such change at such time and in such numbers as necessary to enable the Authorized Participant to comply with any obligation it may have to deliver such revised, supplemented or amended
Prospectus to its customers. 
 Section 16. Title To Gold. The Authorized Participant represents and warrants on behalf of itself and
any party for which it acts that upon delivery of a Creation Unit Deposit to the Administrator in accordance with the terms of the Declaration of Trust and this Agreement, the Trust will acquire good and unencumbered title to the Gold which is the
subject of such Creation Unit Deposit, free and clear of all pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any
adverse claims, including any restriction upon the sale or transfer of all or any part of such Gold which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a
Purchase Order. 
 Section 17. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this
Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own
name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary.

Section 18. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 
 Section
19. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order
number, the Administrator will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order
will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Administrator, as the case may be, not later than the earlier of: (i) within 15
minutes of such contact with the Authorized Person; or (ii) 45 minutes after the Order Cut-Off Time (as described in the Procedures). If the Administrator is not able to contact an Authorized Person, then the Order shall be accepted and processed in
accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are illegible, the Order will be deemed invalid and the Administrator will attempt to contact one
of the Authorized Persons of the Authorized Participant to request retransmission of the Order. A corrected Order must be received by the Administrator not later than the earlier of (i) within 15 minutes of such contact with the Authorized Person or
(ii) 45 minutes after the Order Cut-Off Time, as the case may be. 

  
 11 

 Section 20. Miscellaneous. 

(a) Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all
the parties. The Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trust, the Administrator and the Sponsor, without consent of the Authorized Participant from time to time by the following
procedure. After the proposed amendment, modification or supplement has been agreed to, the Administrator will mail or send via email a copy of the proposed amendment, modification or supplement to the Authorized Participant in accordance with
Section 20(c) below. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within fifteen
(10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms unless the Authorized Participant
objects to the proposed amendment, modification or supplement in writing, which shall include objection by electronic mail.
 (b) Waiver
of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such
waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

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

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

New York, New York 10017, United States of America 

if to the Administrator, at: 
 BNY
Mellon Asset Servicing 
 2 Hanson Place 

Brooklyn, New York 11217, United States of America 

  
 12 

 if to the Authorized Participant, at: 

 

					
		 	  Address:	 	 

					
			
		 	   Telephone:	 	 

					
			
		 	   Facsmile:	 	 

					
			
		 	  E-mail:	 	 

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

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

  
 13 

 (h) Interpretation. The article and section headings contained in this Agreement are
solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 

(i) Entire Agreement. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersede all
prior agreements and understandings between the parties with respect to the subject matter hereof. 
 (j) Severance. If any provision
of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it
shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or
unenforceable provision had never been contained herein, unless the Sponsor determines in its discretion that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one
or more other provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, this Agreement shall immediately terminate and the Sponsor will so
notify the Authorized Participant immediately. 
 (k) No Strict Construction. The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(l) Survival. Sections 10 (Indemnification) and 17 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.

 (m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or
quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited to.”

 [Signature Page Follows] 

  
 14 

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

			
	[Name of Authorized Participant]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

Name of Authorized Participant’s Participant Unallocated Account: 

					
		
	  
	 	

 WGC USA Asset Management Company, LLC 

Sponsor of the World Currency Gold Trust 
  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 BNY Mellon Asset Servicing, a division of 

The Bank of New York Mellon 
 Administrator of the World Currency
Gold Trust 
  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 15 

 EXHIBIT A 

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

											
	Authorized Participant:	 		 	  
	 		 		 	

 

			
		
	Name:	  	 

			
		
	Title:	  	 

			
		
	Signature:	  	 

			
		
	Name:	  	 

			
		
	Title:	  	 

			
		
	Signature:	  	 

 

			
		
	Name:	  	 

 
			
		
	Title:	  	 

 
			
		
	Signature:	  	 

 
			
		
	Name:	  	 

 
			
		
	Title:	  	 

 
			
		
	Signature:	  	 

 
 

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

 

			
	Subscribed and sworn to before me this      day of             , 20    
		
		 	
		
		 	
		
		 	
		
	Notary Public	 	 

 

			
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 
			
		
	Date:	 	 

 
			
		
		 	

 
 

  
 A-1 

 EXHIBIT B 

THE BANK OF NEW YORK MELLON, ADMINISTRATOR 

CREATION/REDEMPTION ORDER FORM 

WORLD CURRENCY GOLD TRUST 
  

 
 CONTACT INFORMATION FOR
ORDER 
 EXECUTION: 
 Telephone
Order Number: 
 Fax Order Number: 
  

 
 Participant must complete all items in Part 1. The
Administrator, in its discretion, may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

							
	Date:	 	  
	  	Time:                                

  

							
	Broker Name:	 	  
	  	Firm Name:                      

 

					
	Participant Unallocated Account Name:	 	  
	  	DTC Participant Number:                      

 

					
	Telephone Number:	 	  
	  	Fax Number:                    

 

			
	Type of order (Check Creation or Redemption please)	  	(One CU = 10,000 GGLD)

 Participant intends to sell or otherwise dispose of the units being created as soon, as is reasonably practicable. 

 

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

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

									
		 	  
	 		 	  
	 	
		 	Date	 		 	Authorized Person’s Signature	 	

	II.	TO BE COMPLETED BY TRUSTEE: 

  

							
	 This certifies that the above order has been:
	  		  	
	 	 	Accepted by the Administrator	  		  	
	 	 	Declined-Reason:	  		  	
			
	Final # of Ounces	  	Final # of GGLD Shares	  	
			
	Final Cash Due to BNY	  	Final Cash Due to Authorized Participant	  	

											
						
	  
	 		 	  
	 		  	  
	  	
	 Date
	 		 	 Time
	 		  	 Authorized Signature of Administrator
	  	

  
 2 

 FORM OF 

WORLD CURRENCY GOLD TRUST 

PARTICIPANT AGREEMENT 
 ATTACHMENT
A 
 WORLD CURRENCY GOLD TRUST PROCEDURES 

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

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

Under these Procedures, Creation Units may be issued only with respect to Gold transferred to and held in the Trust’s allocated and unallocated Gold
accounts maintained in London, England by HSBC Bank plc, as custodian (the “Custodian”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Participant Agreement
entered into by each Participant with BNYM as Administrator and WGC USA Asset Management, LLC (the “Sponsor”). 
 For purposes of these
Procedures, a “Business Day” is defined as any day other than (i) a day on which the Exchange is closed for regular trading or (ii), if the transaction involves the receipt or delivery of Gold or confirmation thereof in the United
Kingdom or in some other jurisdiction, (a) a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b) a day on
which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and
transaction procedures required to be executed or completed before the close of the business day may not be so executed or completed. 
 Creation Units are
issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Participant Agreement. Creation Units may be issued
and redeemed on any Business Day by the Administrator in exchange for Gold, which the Administrator receives from Participants or transfers to Participants, in each case on behalf of the Trust. Participants will be required to pay a nonrefundable
per order transaction fee of [$2,000] to the Administrator (the “Transaction Fee”). 

  
 ATTACHMENT A-1 

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

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

Important Notes: 
  

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

  

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

  
 ATTACHMENT A-2 

 CREATION PROCESS 

An order to purchase one or more Creation Units of a Fund placed by a Participant with the Administrator between 4:00 p.m. and 5:30 p.m. N.Y. time on a
Business Day (such day, “CREATION T-1”) results in the following taking place, in most instances, by 10:00 a.m. N.Y. time (usually 3:00 p.m. London time) on CREATION T+3: 

 

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

 

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

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

 

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

  

	 	1.b	 Orders submitted by phone: an Authorized Person of the Participant must telephone the BNYM ETF Order Desk
Administrator at (718) 315-7500 or other number that BNYM designates in writing to the Participant. This telephone call must be made by an Authorized Person of the Participant and answered by the BNYM ETF Order Desk. Upon verifying the
authenticity of the Participant (as determined by the use of the appropriate PIN Number), the BNYM ETF Order Desk Administrator will request that the Participant place the Purchase Order. To do so, the Participant must provide the appropriate ticker
symbols when referring to each Fund. After the Participant has placed the Purchase Order, the BNYM ETF Order Desk Administrator will read the Purchase Order back to 

  
 ATTACHMENT A-3 

	 	
the Participant. The Participant then must confirm that the Purchase Order has been taken correctly by the BNYM ETF Order Desk Administrator. If the Participant confirms that the Purchase Order
has been taken correctly, the BNYM ETF Order Desk Administrator will issue an order number (an “Order Number”) to the Participant. 

  

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

  

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

 CREATION T (PURCHASE ORDER EXECUTION DATE) 

 

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

 CREATION T+1
(PURCHASE ORDER CONFIRMATION DATE) 
  

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

  

	 	2.	 By the close of business (usually 5:00 p.m. N.Y. time), each Participant acquiring Creation Units on
CREATION T+3 sends an authenticated electronic message 

  
 ATTACHMENT A-4 

	 	
(Swift MT604) to HSBC Bank plc, with a copy to the Administrator, to transfer on CREATION T+3 from the Participant’s Participant Unallocated Account Gold in the relevant amount(s) to the
Fund Unallocated Account. If the Participant’s instruction does not conform to the Administrator’s instruction specified in the preceding item 4, the Administrator will either (i) send a correcting authenticated electronic message (Swift
MT699) to the Custodian which specifies the delivery of an amount of Gold which conforms to the Participant’s Purchase Order and the Participant’s instruction or (ii) send the Participant an email message notifying the Participant of the
discrepancy. 

  

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

 CREATION
T+2 
  

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

  

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

  

	 	3.	The Custodian will send the Administrator an email message by 5:00 p.m. London time (usually 12:00 noon N.Y. time) identifying each Participant’s instruction that has been revoked pursuant to the preceding
item 2. The relevant Participant’s Purchase Order shall be automatically cancelled as of 4:00 p.m. London time upon such revocation and the Administrator will send an email message to each Participant with a cancelled Purchase Order
informing the Participant of such cancellation. 

  
 ATTACHMENT A-5 

 CREATION T+3 
  

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

 

	 	2.	As of 2:00 p.m. London time (usually 9:00 a.m. N.Y. time), the Custodian will notify the Administrator by email and fax of the status of the allocation process, including (i) the amount of Gold transferred to the Fund
Unallocated Account from each Participant’s Participant Unallocated Account, separately stated; (ii) the amount of Gold that has been transferred into the Fund Allocated Account from the Fund Unallocated Account, and (iii) the amount of Gold,
if any, remaining in the Fund Unallocated Account. In the event there is any need for clarification of the status of the allocation process, the Administrator will telephone the Custodian to obtain such clarification. This notice does not reflect
the official transfer record of the Custodian, which is completed as of the conclusion of the Custodian’s Business Day. 

  

	 	3.	[At 9:00 a.m. N.Y. time (usually 2:00 p.m. London time), following receipt of the notice from the Custodian of the status of the allocation process described in item (2) above, the Administrator authorizes the creation
and issuance of the Creation Units ordered by each Participant on CREATION T for which the Administrator has received confirmation from the Custodian of receipt of the relevant amount(s) of Gold. If the Custodian, despite using commercially
reasonable efforts, is unable to complete the allocation process by such time, the Administrator will issue Creation Units as soon as practical after the Custodian has notified the Administrator by email and fax that is has completed the allocation
of Gold to the Fund Unallocated Account in the relevant amount(s). The creation and issuance of Creation Units will occur through the DTC system known as “Deposit and Withdrawal at Custodian” or “DWAC”.] 

[Redemption Process Follows on Next Page] 

  
 ATTACHMENT A-6 

 REDEMPTION PROCESS 

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

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

 

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

 REDEMPTION PROCEDURES 

REDEMPTION T-1 (REDEMPTION ORDER SUBMISSION DATE) 

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

 

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

  

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

  
 ATTACHMENT A-7 

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

  

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

  

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

 REDEMPTION T (REDEMPTION ORDER EXECUTION DATE) 

 

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

 REDEMPTION
T+1 (REDEMPTION ORDER CONFIRMATION DATE) 
  

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

  

	 	2.	 By 10:00 p.m. N.Y. time, the Administrator sends an authenticated electronic message (SWIFT MT699) containing
instructions to the Custodian to transfer on REDEMPTION T+3 from the Fund Allocated Account to the Fund Unallocated Account (“deallocate”) the total amount of Gold required to settle the Redemption Orders received by the Administrator on
REDEMPTION T. If the Administrator 

  
 ATTACHMENT A-8 

	 	
rejects a Redemption Order pursuant to the Trust’s Declaration of Trust or the Participant Agreement after the foregoing message is sent, the Administrator will notify the Custodian of such
rejection, identifying the Participant whose Redemption Order was rejected and the number of ounces of Gold contained in the rejected Redemption Order. 

REDEMPTION T+3 
  

	 	1.	Between 9:00 a.m. London time and 1:00 p.m. London time, the Custodian deallocates Gold in the amount(s) specified in the Administrator’s instructions sent on REDEMPTION T. 

 

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

 

	 	3.	If the Administrator does not receive from a redeeming Participant all Shares comprising the Creation Units being redeemed by 9:00 a.m. N.Y. time, the Administrator will (i) settle the Redemption Order to the extent of
whole Creation Units received from the Participant and (ii) keep the redeeming Participant’s Redemption Order open until 9:00 a.m. N.Y. time on the following Business Day (REDEMPTION T+4) as to the balance of the Redemption Order (such balance,
the “Suspended Redemption Order”). For each day (whether or not a Business Day) the Redemption Order is held open, the Participant will be charged by the Administrator the greater of $300 or $30 times the number of Creation Units included
in the Suspended Redemption Order. 

  

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

  

	 	5.	By close of business in New York (usually 6:30 p.m. N.Y. time), the Administrator sends an authenticated electronic message (Swift MT699) containing instructions to the Custodian to transfer the total amount of
Gold involved in that day’s Suspended Redemption Order(s) from the Fund Allocated Account to the Fund Unallocated Account by 9:00 a.m. N.Y. time (usually 2:00 p.m. London time) the following Business Day. This amount will be in addition to any
amount being transferred pursuant to an existing instruction to deallocate in respect of redemptions settling in the normal schedule, for which the following day will be REDEMPTION T+3. 

 

	 	6.	By the close of business in New York (usually [6:30] p.m. N.Y. time), each Participant redeeming Creation Units on REDEMPTION T+4 with respect to a Suspended Redemption Order sends an authenticated electronic message
(Swift MT699) to HSBC plc, identifying that Participant’s Participant Unallocated Account into which Gold, in the relevant amount(s), is to be received on REDEMPTION T+4. 

  
 ATTACHMENT A-9 

 REDEMPTION T+4 
  

	 	1.	By 10:00 a.m. N.Y. time (usually 2:00 p.m. London time), the redeeming Participant must deliver free to the Administrator’s Participant account at DTC (#2209) the Creation Unit(s) comprising the Suspended
Redemption Order. The Administrator will settle the Suspended Redemption Order to the extent of whole Creation Units received. Any balance of the Suspended Redemption Order will be cancelled. 

 

	 	2.	The sequence of instructions and events related to the settlement of the Suspended Redemption Order on REDEMPTION T+4 will be made in the manner provided for a Redemption Order under REDEMPTION T+3. 

* * * * 

  
 ATTACHMENT A-10 

 FORM OF 

WORLD CURRENCY GOLD TRUST 

PARTICIPANT AGREEMENT 
 ATTACHMENT
B 
 HSBC BANK PLC 
 and 

[NAME OF PARTICIPANT] 
  

 
 WORLD CURRENCY
GOLD TRUST 
 PARTICIPANT UNALLOCATED BULLION ACCOUNT AGREEMENT 

 
  

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

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

 

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

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

	1.	INTERPRETATION 

  

	 	1.1	DEFINITIONS: In this agreement: 

 “ACCOUNT BALANCE” means the balance from time to
time standing to your credit in your Unallocated Account. 

  
 ATTACHMENT B-1 

 “ADMINISTRATOR” means BNY Mellon Asset Servicing, a division of The Bank of New York
Mellon. 
 “AVAILABILITY DATE” means the Business Day on which you wish to transfer Precious Metal to us for deposit into the
Unallocated Account. 
 “BULLION” means the Precious Metal standing to your credit in your Unallocated Account. 

“BUSINESS DAY” means any day the Exchange is open for business and the Trust accepts creation and redemption orders for Creation
Baskets. 
 “Creation Basket” means a block of 10,000 Shares or more or such other amount as established from time to time by the
Sponsor. 
 “DTC” means the Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a
member of the U.S. Federal Reserve System and a clearing agency registered with the SEC registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC will act as the securities depository for the
Shares. 
 “EXCHANGE” means the primary exchange or other securities market on which the Shares of a Fund are listed for trading.

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

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

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

  
 ATTACHMENT B-2 

 “LONDON GOOD DELIVERY” has the meaning assigned in the Good Delivery Rules for Gold and
Silver Bars contained in the rules promulgated by the LBMA. 
 “PARTICIPANT” means a person who (1) is a registered
broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in DTC, (3) has entered into
a Participant Agreement and (4) has established a Participant Unallocated Account with us. Only Participants may place orders to create or redeem one or more Creation Units. 

“PARTICIPANT AGREEMENT” means that certain Participant Agreement in effect from time to time between you, the Sponsor and the
Administrator with respect to a Fund which provides the procedures for the creation and redemption of Creation Baskets and for the delivery of the Gold and cash, if any, required for such creations and redemptions. 

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

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

“TRUSTEE” means Delaware Trust Company. 

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

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

  
 ATTACHMENT B-3 

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

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

  

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

  

	2.	UNALLOCATED ACCOUNTS 

  

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

  

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

  

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

 

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

  

	3.	DEPOSITS 

  

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

  

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

  

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

  

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

  

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

  
 ATTACHMENT B-4 

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

  

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

  

	4.	WITHDRAWALS 

  

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

  

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

 

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

  

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

  

	 	(d)	transfer to the Fund Unallocated Account. 

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

  
 ATTACHMENT B-5 

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

 

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

 

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

 

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

  

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

 

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

  

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

  
 ATTACHMENT B-6 

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

  

	5.	INSTRUCTIONS 

  

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

  

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

  

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

  

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

 

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

  
 ATTACHMENT B-7 

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

  

	6.	CONFIDENTIALITY 

  

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

  

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

  

	7.	REPRESENTATIONS 

  

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

 

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

  

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

  

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

  
 ATTACHMENT B-8 

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

  

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

  

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

  

	8.	FEES AND EXPENSES 

  

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

  

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

  

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

  

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

  

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

  
 ATTACHMENT B-9 

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

  

	9.	SCOPE OF RESPONSIBILITY 

  

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

  

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

 

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

  

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

  
 ATTACHMENT B-10 

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

  

	10.	TERMINATION 

  

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

 

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

  

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

  

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

  

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

 

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

  

	11.	VALUE ADDED TAX 

  

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

  
 ATTACHMENT B-11 

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

 

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

 

	12.	NOTICES 

  

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

  

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

  

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

 

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

  

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

 Precious Metals Operations 

HSBC Bank plc 
 8 Canada Square

 London E14 5HQ 

  
 ATTACHMENT B-12 

	13.	GENERAL 

  

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

  

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

 

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

  

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

  

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

  

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

  
 ATTACHMENT B-13 

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

  

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

 

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

 

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

  

	14.	GOVERNING LAW AND JURISDICTION 

  

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

  

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

  

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

 

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

 Your address for service of process 

[Participant] 
 [Address] 

[City, State, Postal Code] 

Attention: [                    ] 

  
 ATTACHMENT B-14 

 EXECUTED by the parties as follows 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 ATTACHMENT B-15 

 World Currency Gold Trust 

Participant Unallocated Bullion Account Agreement 
  

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

		
	Signature	 	  

		
	Name	 	  

		
	Title	 	  

	
	Signed on behalf of
	[NAME OF PARTICIPANT]
	by	 	
		
	Signature	 	  

		
	Name	 	  

		
	Title	 	  

  
 ATTACHMENT B-16 

 FORM OF 

World Currency Gold Trust 

PARTICIPANT AGREEMENT 
 ATTACHMENT
C 
 HSBC Bank plc 
 Resolution
Form - Telefax Instructions 
  

					
	To: HSBC Bank plc	 		 	
	ACCOUNT NAME:	 	  
	 	

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

 

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

  

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

 

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

  

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

  

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

  
 ATTACHMENT C-1 

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

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

			
	 Signed
	 	  

	 for and on behalf of

		
	 Signed
	 	  

	 for and on behalf of

		
	 Date
	 	  

  
 ATTACHMENT C-2

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