Document:

EX-10.1

 Exhibit 10.1 

JPMorgan Chase Bank N.A, London Branch 

and 
 Global Currency Gold
Trust 
  
  

FORM OF CUSTODIAN AGREEMENT 
  

 

 THIS AGREEMENT is made on 

[DATE] 
 BETWEEN 

 

	(1)	JPMorgan Chase Bank N.A, London Branch, a company incorporated with limited liability as a National Banking Association, whose principal London office is at 125 London Wall, London EC2Y 5AJ (“we” or
“us”); and 

  

	(2)	Global Currency Gold Trust, a Delaware statutory trust organized in series, having its principal office and place of business at 510 Madison Avenue, 9th Floor New York, New York 10022 (the “Trust”).

 INTRODUCTION 
 We have agreed to open
and maintain Accounts (as defined below) for each series of the Trust listed on Schedule A, attached hereto (each, a “Fund” and together, the “Funds”), and to provide other services to the Funds in connection with
such Accounts. We shall maintain books and records segregating the assets of each Fund from the assets of any other Fund. This agreement sets out the terms under which we will provide those services to each Fund 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” refers to
either of the Allocated Account or the Unallocated Account, and collectively to both Accounts. 
 “Account Balance” means,
in relation to an Account, all of a Fund’s rights to and interest in the balance from time to time identified in, and recorded on, that Account. 

“Allocated Account” means an account maintained by us in the name of a Fund, recording the amount of, and identifying, the
Bullion received and held by us for the applicable Fund, on an allocated basis pursuant to this Agreement. 
 “Availability
Date” means the Business Day on which the Trust, on behalf of a Fund, wishes to transfer or deliver Gold to us for deposit into an Account. 

“Bullion” means any Gold held by us or any Sub-Custodian in an Allocated Account from time to time. 

“Business Day” means a Custodian Day (as defined in the Procedures). 

“Customs” means HM Revenue and Customs. 

“eBTS” or “Website” means the electronic Bullion Transfer System website developed by us. 

“Fees” means the fees and charges referred to in clause 10.1 of this Agreement. 

“Gold” means LBMA Gold. 

“LBMA” means the London Bullion Market Association or its successors. 

 “LBMA Gold” means gold that meets the requirements of “good delivery”
under the rules of the LBMA. 
 “HMRC Agreement” means the agreement between Customs and the LBMA in relation to supplies of
bullion (as set out in Section 1 of Customs’ Notice 700/57/04— Administrative agreements entered into with trade bodies).  

“Procedures” means the document entitled “Global Currency Gold Trust Creation and Redemption Procedures” attached as
Schedule 1 (as amended from time to time). 
 “Rules” means the rules, regulations, practices and customs of the LBMA, the
Bank of England and such other regulatory authority applicable to the activities contemplated by this Agreement. 

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

“Sub-Custodian” means a sub-custodian, agent or depository (including an entity within our corporate group) appointed by us in
accordance with Section 8.1 to perform any of our duties under this Agreement including the custody and safekeeping of Bullion. 

“Unallocated Account” means an account maintained by us in the name of a Fund recording the amount of Gold which either we or
the Trust, on behalf of the applicable Fund, as the case may be, have a right to call upon the other party to deliver to it. 

“VAT” means value added tax as imposed by the VATA (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. 

“VAT Group” means a group for the purposes of the VAT Grouping Legislation. 

“VAT Grouping Legislation” means: 

(a) sections 43 to 43D (inclusive) of VATA; and 

(b) the Value Added Tax (Groups: eligibility) Order 2004 (SI 2004/1931). 

“VATA” means the Value Added Tax Act 1994. 

“Vault Location” means our vault premises in London. 

“Withdrawal Date” means the Business Day on which the Trust, on behalf of a Fund, wishes to withdraw Gold from an Account.

  

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

  

	 	1.3.	Singular and plural: References to the singular include the plural and vice versa. 

  

	 	1.4.	VAT Groups: References to any right, entitlement or obligation of any person under the laws in relation to VAT shall (where appropriate and unless the context otherwise requires) be construed, at any time
when such person is treated as a member of a VAT Group, to include a reference to the right, entitlement or obligation under such laws of the representative member of such VAT Group at such time. 

	2.	ACCOUNTS 

  

	 	2.1.	Opening Accounts: We shall open and maintain the following Accounts: 

  

	 	(a)	an Allocated Account in respect of Gold which the Trust, on behalf of a Fund, asks us to hold Bullion for the Fund on an allocated basis; and 

 

	 	(b)	an Unallocated Account in respect of Gold which the Trust, on behalf of a Fund, asks us to hold Gold for the Fund on an unallocated basis. 

 

	 	2.2.	Deposits and withdrawals: The balance of each Fund’s Allocated Account shall reflect the amount of the Fund’s Bullion held by us. The balance of each Fund’s Unallocated Account shall reflect
the Fund’s or our entitlement to delivery of an amount of Gold from the other party, in each case equal to the amount of deposits less withdrawals of Gold made by the Trust, on behalf of such Fund, pursuant to the terms of this Agreement in
relation to the Fund’s Unallocated Account. 

  

	 	2.3.	Denomination of Account: Each Account shall be denominated in troy ounces of Gold. 

  

	 	2.4.	Delivery, Receipt and Maintenance of Gold: We will receive, hold, release and deliver Gold from each Account only in accordance with this Agreement and the Procedures. In the event of a conflict between
the terms of this Agreement and those of the Procedures. the Procedures shall prevail: provided, however, that any amendment to the Procedures after the date of this Agreement which modifies the scope of our duties or liabilities shall only
be binding upon us to the extent that it has been adopted by the Trust, on behalf of each Fund, and the Sponsor with our prior written consent (which consent will not be unreasonably withheld or delayed). 

 

	 	2.5.	Reports: We will provide reports to the Trust, on behalf of each Fund, relating to deposits into and withdrawals from each Account and each Account Balance in such form and with such frequency as may be
agreed between the Trust, on behalf of each Fund, and us including the reports specified in sub-clauses (a) and (b) below. 

  

	 	(a)	For each Business Day, not later than 9:00 a.m., New York time on the following Business Day, we will transmit to the Trust, on behalf of each Fund, information showing the movement of Gold into and out of the Accounts,
identifying separately each transaction and any substitution of Gold made under clause 2.7. 

  

	 	(b)	We will supply to the Trust, on behalf of each Fund, at least monthly, within ten Business Days following the end of each calendar month, a written statement which: 

 

	 	(i)	lists all property held in the Accounts including a weight list for the Gold in the Allocated Accounts containing information sufficient to uniquely identify each bar of Gold; 

 

	 	(ii)	identifies the entity having physical possession of each bar; and 

  

	 	(iii)	details all transactions involving the Accounts, including daily balances held in the Unallocated Accounts and all transfers to or from the Accounts and to or from any account with a Sub-Custodian containing Gold held
for the Trust on behalf of a Fund and any substitutions or relocations of Gold held in the Accounts. 

	 	(c)	We will maintain a secure website, whereby the Trust, on behalf of each Fund, shall gain access to the list of all bars of Gold in the Accounts, which list shall be updated each Business Day and include the following
information for each bar of Gold: 

  

	 	(i)	relevant Vault Location; 

  

	 	(ii)	gross weight; 

  

	 	(iii)	fineness; 

  

	 	(iv)	serial identification number: 

  

	 	(v)	size; 

  

	 	(vi)	fine Gold Ounces; and 

  

	 	(vii)	applicable refinery name. 

 Such reports shall also include any other information that the Trust
may reasonably request. We will provide additional weight lists to the Trust, on behalf of each Fund, upon the Trust’s request. 
  

	 	2.6.	Reversal of entries: We at all times reserve the right to reverse any provisional or erroneous entries to the Accounts with effect back-valued to the date upon which the final or correct entry (or no
entry) should have been made. 

  

	 	2.7.	Substitution of Gold: With the prior approval of the Trust, on behalf of each Fund (in consultation with the Sponsor), we may substitute other Gold for Bullion, provided that there is no change in the
total number of troy ounces of Bullion. 

  

	 	2.8.	 Access to Records; Inspection Rights: We will permit the Trust’s or the Sponsor’s officers and properly designated
representatives and independent public accountants for the Trust identified by the Trust reasonable access to the records of the Accounts for the purpose of confirming the content of those records. We shall permit the Trust’s or the
Sponsor’s officers and properly designated representatives and independent public accountants for the Trust identified by the Trust to examine on our premises the Gold held by us on our premises pursuant to this Agreement and our records
regarding the Gold held hereunder at a Sub-Custodian but no more than twice per calendar year (unless otherwise agreed in writing by us which agreement shall not be unreasonably withheld or delayed) and upon receipt from the Trust and/or Sponsor (as
the case may be) of properly authorised instructions to that effect. Any such visit shall be conducted at a time and date suitable to the relevant parties over a period agreeable to such parties as reasonably necessary to complete the examination
which is the purpose of such visit. Unless we have received adequate prior notice and reasonable assurances (in our sole discretion, acting reasonably) that any costs and expenses incurred in connection therewith will be indemnified to us, we shall
not be required to move to our premises any Gold held at a Sub-Custodian for purposes of making it available for inspection as provided herein. In addition, we understand that, in connection with the preparation of the financial statements of the
Trust that will be filed from time to time with the United States Securities and Exchange Commission, officers of the Sponsor will be required by law or regulation to provide written assurances regarding the reliability of the internal controls used
in the preparation of those financials. To the extent that our activities or controls in our capacity as custodian are relevant to the information presented in the financial statements of the Trust or the preparation of any other filings required by
the Trust under the Securities Laws 

	 	
of the United States, we will cooperate with the Sponsor to enable the Sponsor to provide the required written assurances referred to above, including (but not limited to) by providing the
Sponsor’s and the Trust’s internal and external auditors with any necessary information and reports regarding our internal control over financial reporting as far as such reporting relates to the scope of our duties. 

 

	3.	DEPOSITS 

  

	 	3.1.	Procedure: The Trust, on behalf of each Fund, may at any time notify us of the Trust’s intention to deposit Gold. A deposit must be made (in the manner and accompanied by such documentation as we may
require) by: 

  

	 	(a)	(in the case of an Unallocated Account only) transfer from an account relating to Gold and having the same denomination as that to which an Account relates; or 

 

	 	(b)	the delivery of Gold to us at any Vault Location, through any recognised clearing member of the LBMA (acting as delivery agent), or as we may otherwise direct, at the Trust’s expense and risk. All deposits of Gold
delivered to us must be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness) or in such other form as may be agreed between the Trust and us. 

 

	 	3.2.	Notice requirements: Any notice relating to a deposit of Gold must: 

  

	 	(a)	be received by us no later than the time specified in the Procedures unless otherwise agreed; 

  

	 	(b)	in the case of a deposit pursuant to clause 3.1(a), specify the details of the account from which the Gold will be transferred; 

  

	 	(c)	in the case of a deposit pursuant to clause 3.1(b), specify the name of the person or carrier that will deliver the Gold to us at a Vault Location, or as we may direct, and the manner in which the Gold will be packed;
and 

  

	 	(d)	specify the amount (in the appropriate denomination) of the Gold to be credited to an Account, the Availability Date, and any other information which we may from time to time require. 

 

	 	3.3.	Timing: A deposit of Gold will not be credited to an Account until: 

  

	 	(a)	in the case of a deposit pursuant to clause 3.1(a), an account of ours with any bank, broker or other firm has been credited with an amount equal to the amount of such deposit; and 

 

	 	(b)	in the case of a deposit pursuant to clause 3.1(b). we have received the Gold and verified compliance with the Rules, weighed it in accordance with LBMA practice, to confirm that it is the required weight, confirmed all
markings, and determined on the basis of a visual inspection that it is not damaged and there is no reason to believe it is not accurately described in the delivery instruction. 

 

	 	3.4.	 Capacity; Right to refuse Precious Metal or amend procedure: We will use commercially reasonable efforts to have available the necessary
capacity to take delivery of Gold on a Fund’s behalf at the locations specified in clause 7.4 of this Agreement by parties making such deliveries; for this purpose we are authorised to, at our own risk and expense, and in compliance with our
obligations under 

	 	
clauses 7.2 and 7.3, move Gold held in an Account from one location to another location otherwise permitted under this Agreement; provided, that we will not be required to take any
additional delivery of Gold if after giving effect to such delivery, the aggregate value of Bullion in an Account would exceed U.S.$ 50 billion. 

  

	4.	WITHDRAWALS 

  

	 	4.1.	Release of Gold: No Gold held in an Account shall be released in any manner whatsoever except upon the Trust’s written instructions and in accordance with the Procedures. We will deliver Gold by
making Gold bars available for collection at our office or at the office of a Sub-Custodian at which the Gold is held. However, we will, upon the Trust’s order, deliver amounts of up to 430 troy ounces of Gold from an Unallocated Account.

  

	 	4.2.	Procedure: The Trust, on behalf of a Fund, may at any time notify us of its intention to withdraw Gold standing to the credit of an Account. A withdrawal may be made (in the manner and accompanied by such
documentation as we may require) by: 

  

	 	(a)	(in the case of a Fund’s Unallocated Account only) transfer to an account relating to Gold and having the same denomination as that to which an Account relates: or 

 

	 	(b)	the collection of Gold from us at any Vault Location or at the vault premises of such Sub-Custodian as we may direct at the expense and risk of the Fund on whose behalf the withdrawal is made. Any Gold made available to
the Trust, on behalf of a Fund, will be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness) or in such other form as may be agreed between the Trust and us. We are entitled to select which
bars are to be made available to the Trust, on behalf of each Fund. 

  

	 	4.3.	Notice requirements: Any notice relating to a withdrawal of Gold must: 

  

	 	(a)	be received by us no later than the time set out in the Procedures; 

  

	 	(b)	specify the details of the account to which the Gold is to be transferred or the name of the person or carrier that will collect the Gold from us (as applicable); and 

 

	 	(c)	specify the amount of Gold to be withdrawn from an Allocated Account and the amount (in the appropriate denomination) of any Gold to be debited to an Unallocated Account, the Withdrawal Date, and any other information
which we may from time to time require. 

  

	 	4.4.	Collection of Bullion: The Trust must collect, or arrange for the collection of Bullion being withdrawn from us or the Sub-Custodian at the Trust’s expense and risk. We will advise the Trust of the
Vault Location from which the Bullion may be collected no later than one Business Day prior to the Withdrawal Date. 

  

	5.	INSTRUCTIONS 

  

	 	5.1.	 Trust representatives: Whenever in this Agreement it is provided that we are authorised to act or refrain from acting on instructions,
approval or consent of, or notice from, the Trust, we are so authorised to act or refrain from acting only on instructions, approval, consent or notice given in accordance with this clause 5.

 
We are authorised to rely and act upon written instructions signed by an authorised person designated in Schedule 2 (“Authorised Persons”), as amended from time to time by
written notice to us. Until we receive written notice to the contrary, we are entitled to assume that any Authorised Person has full and unrestricted power to give us instructions on the Trust’s behalf. 

 

	 	5.2.	eBTS: All transfers into and out of the Account(s) shall be made upon receipt of, and in accordance with instructions given by the Trust to us. Such instructions may be given either: a. through eBTS,
accessible through the JPMorgan Chase Bank website (the “Website”) by the Trust pursuant to the terms of the Website agreement; or b. if, for any reason the Website is not operational, and unless otherwise agreed, any such instruction or
communication shall be effective if given by authenticated electronic transmission (including tested telex and SWIFT) or such other electronic messaging system as the parties may from time to time agree. 

 

	 	5.3.	Amendments: Once given, instructions continue in full force and effect until they are cancelled, amended or superseded. Any such instructions shall have effect only after actual receipt by us.

  

	 	5.4.	Unclear or ambiguous instructions: If in our commercially reasonable 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 the Trust’s 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. 

  

	 	5.5.	Refusal to execute: We reserve the right to refuse to execute instructions if in our commercially reasonable opinion they are or may be contrary to the Rules or any applicable law. Any such refusal will be
promptly notified to the Trust. 

  

	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 provided that nothing in this Agreement will prevent or condition the public or non-public filing with the United States Securities and Exchange Commission of a copy of this Agreement in
connection with the registration of the public offering of its shares by the Trust. 

  

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

	7.	CUSTODY SERVICES 

  

	 	7.1.	Appointment: The Trust hereby appoints us to act as custodian of each Fund’s Bullion in accordance with this Agreement and any laws, regulations, and Rules which apply to us. 

 

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

  

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

 

	 	7.4.	Location of Bullion: The Bullion must be held by us at a Vault Location or at the vaults of any Sub-Custodian in London, England unless otherwise agreed between the parties hereto (with the Sponsor’s
prior written approval). We agree that we shall use commercially reasonable efforts promptly to transport any Bullion held for a Fund by or for a Sub-Custodian to our Vault Location and such transport shall be at our cost and risk. We agree that all
delivery and packing shall be in accordance with the Rules and LBMA good market practices. 

  

	 	7.5.	 Replacement of Bullion: Upon a determination by us that any Bullion credited to the Allocated Account does not comply with the Rules, we
shall soon as practical replace such Bullion with Bullion which complies with the Rules by (i) debiting the Fund’s Allocated Account and crediting the Fund’s Unallocated Account with the requisite amount of Bullion to be replaced,
(ii) providing a replacement Bullion which complies with the Rules and which is of an amount that approximates the amount of Bullion to be replaced as closely as practical, and (iii) debiting the Unallocated Account and crediting the
Allocated Account with the requisite amount of replacement Bullion. We shall not start the foregoing 

	 	
replacement process on a particular Business Day unless we are reasonably sure that such replacement process can be started and completed in the same Business Day. We shall notify you as soon as
practical on the Business Day (but no later than the end of business on such Business Day) when (i) we have determined that the Bullion credited to the Allocated Account does not comply with the Rules and will be replaced and (ii) when
replacement Bullion has been credited to the Allocated Account in accordance with the above instructions. 

  

	 	7.6.	Standing Instructions with Respect to Unallocated Accounts: As early as we can but in any event by the close of business (London time) on each Business Day, we will allocate to a Fund’s Allocated
Account all of the Bullion that remains standing to such Fund’s credit in its Unallocated Account after the completion of any transfers made on that day, provided that if the overdraft facility set forth in clause 7.7 is not in effect for any
reason, we will so allocate an amount of Bullion such that the amount of Bullion that remains standing to a Fund’s credit in its Unallocated Account does not exceed 430 troy ounces of Gold. 

 

	 	7.7.	Overdraft Facility: We agree to make available to you an on demand overdraft facility and, pursuant thereto, to advance to your Unallocated Account from time to time such number of Gold ounces as may be
needed in order for us to fully allocate all of the Gold standing to your credit in your Unallocated Account (after repayment to us of any overdraft balance existing prior to such allocation as provided hereafter in this clause 7.7) to your
Allocated Account pursuant to clause 7.6 hereof, provided that the maximum amount of Bullion that we will make available to you pursuant to the Facility is 430 fine ounces. We shall not charge you any fees, interests or costs in connection with the
facility. Any amount of Bullion advanced by us shall not create any right, charge, security interest, lien or claim against the Bullion held in a Fund’s Allocated Account. Without limiting our right to repayment as hereafter provided, we will
not have any right to set off against the Bullion held in a Fund’s Allocated Account or the Gold standing to a Fund’s credit in its Unallocated Account any claim or amount related to any amount of Bullion advanced by us. We shall identify
in our books and records and in the reports we send to you any overdraft balance in a Fund’s Unallocated Account as of the date of such reports. Each Fund agrees that, on each Business Day, we may repay ourselves the amount of any overdraft
with respect to a Fund from, and to the extent of, the positive balance of such Fund’s Unallocated Account determined taking into account all credits to and debits from the Fund’s Unallocated Account on such Business Day but prior to the
execution of the standing instruction to allocate contained in clause 7.6. We shall have the right to immediately repay ourselves the full amount of any overdraft with respect to a Fund existing at the time of a termination of this Agreement or in
the event of, and prior to, a full withdrawal of the aggregate balance of the Bullion standing in such Fund’s Allocated Account and Unallocated Account. 

  

	 	7.8.	Charges; Liens: The Bullion and Gold held in Unallocated Accounts shall not be subject to any right, charge, security interest, lien or claim of any kind in favour of us, any Sub-Custodian or any creditor
of any of them, except a lien for payment for the safe custody and administration of the Bullion or Gold held in Unallocated Accounts. We shall not loan, hypothecate, pledge or otherwise encumber any Bullion or Gold held in Unallocated Accounts
absent prior written instructions from the Trust, on behalf of a Fund. 

  

	 	7.9.	 Insurance: We undertake that we maintain insurance in support of our custodial obligations under this Agreement including covering any
loss of Gold. Evidence of such insurance coverage is available upon request. In the event that we elect to reduce, cancel or not to renew such insurance, we will give the Trust prior written

	 	
notice as follows: in the case of a reduction, we will endeavour to provide such notice at least 30 days prior to the effective date of the reduction; and in the event of a cancellation or
expiration of the insurance without renewal we will provide such notice at least 30 days prior to the last day of insurance coverage. The Trust acknowledges that any such insurance is held for our benefit and not for the benefit of a Fund or the
Trust, and that notwithstanding clause 11.6 the Trust may not submit any claim under the terms of such insurance. 

  

	 	7.10.	Notice of Changes: Subject to the Rules and any applicable law or regulation, we will notify the Trust promptly in writing if we become aware that (i) we receive notice of any claim against an Account
other than a claim for payment of safe custody or administration permitted by this Agreement; (ii) we otherwise fail to comply with any of the material provisions of this Agreement; or (iii) any of our representations and warranties in
clause 9 shall cease to be true and correct. 

  

	 	7.11.	Other Information: We will provide to the Trust (i) our most recent audited financial statements promptly after such statements are prepared; (ii) a copy of any reports obtained by us on our
accounting system and internal accounting controls and procedures and those used by any Sub-Custodian at which any Gold is held; (iii) information regarding market policies and procedures, the local law applicable to our activities, and the
overall regulatory and economic environment in which we operate; and (iv) the names and addresses of the governmental agencies or regulatory authorities which supervise or regulate us and any Sub-Custodian with which Gold has been deposited
pursuant to this Agreement. 

  

	 	7.12.	Purchases of Gold by us: When requested by the Trust, on behalf of a Fund, on any Business Day on which Gold held by a Fund is evaluated, we will purchase from the Fund, for cash and for same day
settlement, the amount of Gold that the Trust specifies as necessary to pay the expenses of the applicable Fund at a price per troy ounce equal to the price used by the Fund for the evaluation of the Fund’s Gold on such date. We will pay to the
Fund or to the Fund’s order the proceeds of each purchase of Gold made by us under this clause when requested by the Trust, on behalf of the Fund, or otherwise on the first Business Day following the day on which the transaction occurred.

  

	8.	SUB-CUSTODIANS AND AGENTS 

  

	 	8.1.	Sub-Custodians: We may appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the Vault Location as provided in clause 7.4, provided that any such
Sub-Custodian will be a member of the LBMA. We will use reasonable care in the appointment of any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that we use are:
            . We will notify you if we select any additional Sub-Custodian, or stop using any Sub-Custodian for such purpose. Gold held by a Sub-Custodian shall be kept in our account at
such Sub-Custodian on trust in the manner contemplated by this Agreement (including, but not limited to, clauses 7.2 and 7.3), and we will separately identify on our books Gold that is so held on behalf of each Fund. Our account with each such
Sub-Custodian will be subject only to our instructions. 

  

	 	8.2.	Liability for Sub-Custodians: The use by us of any Sub-Custodian shall not relieve us of any of our responsibilities or liabilities hereunder. 

 

	 	8.3.	Notice: We will provide the Trust on request with the name and address of any Sub-Custodian of Bullion along with any other information which the Trust may reasonably require concerning the appointment of
a Sub-Custodian. 

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

  

	 	8.5.	Access and Inspection: We will not entrust Gold held in an Account to any Sub-Custodian unless that Sub-Custodian grants rights of access and inspection to the Trust and the Sponsor to records and Gold
that are similar to those granted by us under this Agreement. 

  

	 	8.6.	Use of Agents: We may in our discretion use agents in connection with handling transactions under this Agreement provided that any such use shall not relieve us of any of our responsibilities or
liabilities hereunder, including for the actions or failures to act of any such agents. 

  

	9.	REPRESENTATIONS 

  

	 	9.1.	Trust representations: The Trust represents and warrants to us that: 

  

	 	(a)	the Trust is and will remain duly constituted with all necessary authority, powers, consents, licences and authorisations and all necessary action has been taken to enable it to engage in the transactions provided for
under this Agreement; 

  

	 	(b)	this Agreement has been duly authorized, executed and delivered on our behalf and constitutes our legal, valid and binding obligation; 

 

	 	(c)	this Agreement and the obligations created under it are binding upon the Trust and enforceable against the Trust 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 the Trust is bound; and 

  

	 	(d)	the execution, delivery and performance of this Agreement by the Trust does not and will not violate any law or regulation applicable to the Trust and do not require the consent of any governmental or other regulatory
body except for such consents and approvals as have been obtained. 

 The Trust undertakes to notify us in the event that any
of the statements set out in the sub-clauses ceases to be true. 
  

	 	9.2.	Our representations: We represent and warrant to the Trust that: 

  

	 	(a)	We are, and will continue to be during the term of this Agreement, a bank, duly organized under the laws of our country of organization as set forth above, and are regulated as such by that country’s government or
an agency thereof; 

  

	 	(b)	the bank is and will remain duly constituted with all necessary authority, powers, consents, licences and authorisations and all necessary action has been taken to enable us to engage in the transactions provided for
under this Agreement; 

  

	 	(c)	this Agreement has been duly authorized, executed and delivered on our behalf and constitutes our legal, valid and binding obligation; 

	 	(d)	we are, and will continue to be during the term of this Agreement, a member of the LBMA: 

  

	 	(e)	this Agreement and the obligations created under it are binding upon us and enforceable against us 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 we are bound; 

  

	 	(f)	the execution, delivery and performance of this Agreement by us do not and will not violate any law or regulation applicable to us and do not require the consent of any governmental or other regulatory body except for
such consents and approvals as have been obtained; and 

  

	 	(g)	Gold substituted by us under clause 2.7 meets the definition of “Gold” in this Agreement and has a fine weight at least equal to the fine weight of the Bullion for which it is substituted. 

 

	10.	FEES AND EXPENSES 

  

	 	10.1.	Fees: Our fees will be paid in accordance with the fee agreement which has been executed by the parties hereto and WGC USA Asset Management Company, LLC (the “Sponsor”), as that agreement
may be amended from time to time by the parties to it in accordance with its terms. Details of charges (including charges with respect to the use of the eBTS Website, if any, transfer clearing charges and storage charges) will be advised to the
Trust by us in writing from time to time. 

  

	 	10.2.	Credit balances: No interest or other amount will be paid by us on any credit balance on an Unallocated Account. 

  

	11.	SCOPE OF RESPONSIBILITY 

  

	 	11.1.	Exclusion of our liability: We will use reasonable care and diligence in the performance of our duties under this Agreement and will only be responsible for any loss or damage suffered by the Trust or a
Fund as a direct result of negligence, bad faith, willful misfeasance, or reckless disregard on our part or that of any of our agents or Sub-Custodians, in the performance of the services provided under this Agreement, and in which case our
liability will not exceed the aggregate of the market value of the Bullion and the balance of the Unallocated Accounts at the time of such negligence, bad faith, willful misfeasance, or reckless disregard. If we credit Bullion to a Fund’s
Account that is not of the fine weight we have represented to the Trust, recovery by the Trust, on behalf of the applicable Fund, to the extent such recovery is otherwise allowed, shall not be barred by the Trust’s delay in asserting a claim
because of the failure to discover such loss or damage regardless of whether such loss or damage could or should have been discovered. 

  

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

	 	11.3.	Force majeure: Neither we, nor any of our directors, employees, agents or affiliates shall incur any liability to the Trust if, by reason of any provision of any present or future law or regulation of the
United Kingdom or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or other similar circumstances beyond our control (each of the foregoing a “Force Majeure
Event”) we are prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or are delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or
performed and accordingly we do not do that thing or do that thing at a later time than would otherwise be required; provided, however, that we may rely on this clause 11.3 only for that period of time during which a Force Majeure Event exists and
we agree to use reasonable efforts to assist the Trustee in finding a replacement custodian (including, but not limited to, agreeing to an assignment of our rights and obligations hereunder) should any Force Majeure Event prevent us from performing
our obligations for a significant period of time. 

  

	 	11.4.	Indemnity in favour of us: The Trust shall, solely out of the assets of the Funds and subject to the limitation set forth under clause 11.2, indemnify and keep us indemnified (on an after tax basis) on
demand against all costs and expenses, damages, liabilities and losses (including but not limited to reasonable legal fees and expenses) (“Losses”) which we may suffer or incur directly in connection with this Agreement except to
the extent that such Losses are due directly to our negligence, bad faith, willful misfeasance, or reckless disregard of our duties hereunder. 

  

	 	11.5.	Indemnity in favour of the Trust and each Fund: We shall be liable for and shall indemnify the Trust and each Fund for, and hold the Trust and each Fund harmless from, any Losses incurred by the Trust or
the Funds directly relating to or arising from any breach of our representations and warranties contained in this Agreement, our negligence, bad faith, willful misfeasance, or reckless disregard of our duties hereunder, any failure by us to act or
refrain from acting in accordance with instructions under clause 5 from the Trust, or any physical loss, destruction or damage to the Bullion, except, in each case, for Losses arising from a Force Majeure Event, provided that our liability under
this clause shall be limited to the value of Gold under custody at the time of the act or omission giving rise to the claim under this clause. The Trust will notify us promptly of any proceeding or claim for which the Trust may seek indemnity, and
we shall cooperate fully with the Trust with respect to any such proceeding or claim. Any deposit of Gold held in an Account with a Sub-Custodian pursuant to Section 8 hereof shall not affect our responsibilities or liabilities or in any way
limit or relieve us of our responsibilities or liabilities under this Section 11, and we shall remain fully liable with respect to such Gold as if we had retained physical possession of it. 

 

	 	11.6.	Subrogation: The Trust will be subrogated to us with respect to any claim against a Sub-Custodian or any other person for any Losses suffered by the Trust if and to the extent that the Trust has not been
made whole for such Losses, and we hereby assign all such rights to the Trust. The Trust’s exercise of the rights granted in this clause are in addition to any other rights and remedies that the Trust may have under this Agreement and shall not
affect our liabilities under the preceding provisions of this clause 11. 

  

	 	11.7.	 Exculpation in respect of offer document: We and our officers, directors, employees, agents and sub-custodians shall not be responsible
or liable in any 

	 	
manner for any recitals, statements, representations or warranties made by any person other than us under or in connection with the establishment of, or sale of interests in, the Trust, including
without limitation any offer document, prospectus, filings, marketing documentation or other documentation relating thereto (but excluding any portion of such documents relying upon information provided by us). 

 

	12.	TERMINATION 

  

	 	12.1.	Method: Either party may terminate this Agreement by giving not less than 90 Business Days written notice to the other party, provided that we may terminate this Agreement immediately on written notice in
the event that any of the statements set out in clause 9.1(a)-(e) become untrue, and the Trust may terminate this Agreement immediately on written notice following an event specified in clause 7.10 provided that clause 11 shall survive any
termination of this Agreement. Any such notice given by the Trust must specify: 

  

	 	(a)	the date on which the termination will take effect (the “Termination Date”); 

  

	 	(b)	the person to whom any Bullion and any credit balance on an Unallocated Account is to be transferred; and 

  

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

  

	 	12.2.	Redelivery arrangements: Following any termination of this Agreement, if the Trust does not make arrangements acceptable to us for the transfer or repayment of any Bullion or credit balance in an
Unallocated Account we may continue to store the Bullion or maintain that Unallocated Account (as the case may be), in which case we will continue to charge the Fees payable under clause 10. If the Trust has not made arrangements acceptable to us
for the redelivery of the Bullion or transfer or repayment of any credit balance in an Unallocated Account (as the case may be) within 6 months of the date specified in the termination notice as the date on which the termination will take effect, we
will be entitled to close an Account, sell the Bullion and close an Unallocated Account and account to the Trust, on behalf of the applicable Fund, for the proceeds after deducting any amounts due to us under this Agreement. 

 

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

  

	 	12.4.	eBTS: Effective the Termination Date the use of the Website will automatically be terminated and no further access to the Website will be permitted. 

 

	13.	VALUE ADDED TAX 

  

	 	13.1.	VAT included: All sums payable or other consideration provided to us by a Fund or the Sponsor in connection with this Agreement (including, without limitation, pursuant to the fee agreement referred to in
clause 10.1) are inclusive of any VAT which is or becomes chargeable on the supply or supplies for which such sums or other consideration (or any part thereof) are the whole or part of the consideration for VAT purposes and section 89 of VATA shall
not apply to affect the amount of such sums or value of such other consideration. 

	 	13.2.	Supplies of Gold: Notwithstanding clause 13.1, where, pursuant to or in connection with this Agreement: 

  

					
	(a)	  	(i)	  	the Trust instructs us in writing to remove any Gold from the black box; and
			
		  	(ii)	  	we, or any Sub-Custodian for us, are required to account to Customs for any VAT in respect of such removal,

 the Trust shall pay to us a sum equal to the amount of such VAT, such payment to be made within 5 Business Days
of receipt by the Trust, on behalf of a Fund, of a valid VAT invoice (or a copy of such invoice where the original of the same has been issued to the person to whom the Trust instructed us to deliver the relevant Gold). 

 

	 	(b)	the Trust, on behalf of a Fund, or any other person makes a supply to us for VAT purposes and VAT is or becomes chargeable on such supply, we shall, within 5 Business Days of receipt of a valid VAT invoice in respect of
such supply, pay to the Trust, on behalf of a Fund, a sum equal to the amount of such VAT, save to the extent that we (acting reasonably and in good faith) are not entitled to credit or repayment in respect of such VAT from Customs.

 In this clause 13.2 the terms “remove” (and any derivation thereof) and “black box” to be construed in
accordance with the HMRC Agreement. 
  

	14.	NOTICES AND RECORD-KEEPING 

  

	 	14.1.	Form: A notice, notification, instruction or other communication under or in connection with this Agreement must be given in writing under this Agreement. References to writing includes transmissions that
are of the kind specified in clause 14.2. 

  

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

 

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

  

	 	14.4.	Recording of calls: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and accepted by the Trust as evidence of the orders or instructions given
that are permitted to be given orally under this Agreement; provided that in case of any dispute or disagreement regarding any conversation so recorded we will promptly share the recordings with the Trust and the Trust’s representatives;
and provided further, that we will have no obligations to retain any such recordings prior to becoming aware of any such dispute or disagreement. 

	 	14.5.	Records: We will maintain adequate records identifying the Gold as belonging to the Trust on behalf of each Fund. Such records shall include, with respect to the Accounts: 

 

	 	(a)	journals or other records of original entry containing an itemised daily record in detail of all receipts and deliveries of Gold to or from each Fund (including adequate information to uniquely identify each bar of Gold
received in or delivered from the Allocated Accounts and the person from whom each bar was received and to whom each bar was delivered); and 

  

	 	(b)	ledgers (or other records) reflecting: 

  

	 	(i)	Gold in our physical possession, or held by any Sub-Custodian, with respect to each Fund; and 

  

	 	(ii)	Gold held in an Unallocated Account and allocations made daily in respect thereof, as provided in clause 7.6, with respect to each Fund; and 

 

	 	(iii)	such other books and records as the Trust may reasonably request. 

  

	 	14.6.	Annual Certificate: We will deliver annually to the Trust, on behalf of each Fund, and more frequently if requested by the Trust, a certificate dated the date of delivery, certifying that we have, since
the date of this Agreement or the date of the preceding such certificate, complied with the terms and conditions of this Agreement and that our representations and warranties in clause 9 of this Agreement continue to be true and correct.

  

	15.	GENERAL 

  

	 	15.1.	No advice: Our duties and obligations under this Agreement do not include providing the Trust with investment advice. In asking us to open and maintain an Account, the Trust does so in reliance upon its
own judgment and we shall not owe to the Trust or a Fund any duty to exercise any judgment on their behalf as to the merits or suitability of any deposits into, or withdrawals from, an Account. 

 

	 	15.2.	Assignment: This Agreement is for the benefit of and binding upon each Party and its respective successors and assigns, including any successor trustees and assigns. Except as otherwise provided herein,
this Agreement may not be assigned by either party without the written consent of the other party. 

  

	 	15.3.	Amendments: Any amendment to this Agreement must be agreed in writing and be signed by both parties. Any amendment affecting the rights of the Sponsor under this Agreement shall require prior written
consent of the Sponsor. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen. 

  

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

  

	 	15.5.	Entire agreement: This document represents the entire agreement, and supersedes any previous agreements between the parties hereto relating to the subject matter of this Agreement. 

	 	15.6.	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.

  

	 	15.7.	Contracts (Rights of Third Parties) Act 1999: Other than the Sponsor, a person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties Act) 1999.

  

	16.	PROCEDURES 

 The provisions of the Procedures are hereby incorporated into and made a
part of this Agreement, subject to clause 2.4. Both parties agree to comply with the Procedures. The Trust, with the prior written consent of the Sponsor, may modify the Procedures from time to time upon reasonable advance notice and, if the
modifications relate to our duties, after consultation with us. 
  

	17.	GOVERNING LAW AND JURISDICTION 

  

	 	17.1.	Governing law: This agreement is governed by, and will be construed in accordance with, English law. 

  

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

  

	 	17.3.	Waiver of immunity: To the extent that the Trust may in any jurisdiction claim for the Trust, the Funds, or assets of the Trust or Fund any immunity from suit, judgment, enforcement or otherwise howsoever,
the Trust agrees not to claim and irrevocably waive any such immunity to which the Trust would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction. 

 

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

 Our address for service of process: 

 
  

Your address for service of process: 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this agreement as of the date first above
written. 
 Signed on behalf of 
 JPMorgan Chase Bank N.A.,
London Branch 
  

			
	 by
	 	
		
	 Signature:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Global Currency Gold Trust 
  

			
	 by
	 	
		
	 Signature:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Schedule 1 

Procedures 

 Schedule A 

Name of Fund (Each a series of the Trust) 

Global Currency Gold Fund 

Euro Gold FundEX-10.3

 Exhibit 10.3 

FORM OF INDEX LICENSE AGREEMENT 

THIS INDEX LICENSE AGREEMENT (“Agreement”) dated as of
                    , 2015 (“Agreement Effective Date”), is made by and among Thomson Reuters (Markets) LLC (“Thomson
Reuters”) having an office at 3 Times Square, New York, NY 10036, and WGC USA, Inc., a Delaware corporation (“WGC USA”) having an office at 510 Madison Avenue, 9th Floor, New York, NY 10022, and any Permitted Licensee
Entities specified in any Schedule as an additional party hereto (collectively WGC USA and the Permitted Licensee Entities, the “WGC Parties” and each a “WGC Party” and in their capacity as Licensees, each a
“Licensee” and collectively, the “Licensees”). 
 WHEREAS, Thomson Reuters or a Thomson Reuters
Affiliate owns, calculates and maintains each of the Licensed Indices; and 
 WHEREAS, Thomson Reuters or a Thomson Reuters Affiliate
maintains and owns rights in and to, the Thomson Reuters Marks; 
 and 

WHEREAS, the WGC Parties wish to obtain from Thomson Reuters the right to allow the applicable WGC Parties set forth in the applicable
Schedule to use the applicable Licensed Index and the applicable Licensed Thomson Reuters Marks solely to Launch and Market the applicable Permitted Licensee Products in the Licensed Territory pursuant to, and in accordance with, the terms and
conditions of this Agreement (for clarity, including the terms of the License). 
 NOW, THEREFORE, in consideration of the premises
and the mutual covenants and agreements contained herein, it is agreed as follows: 
  

	1.	Definitions. 

 (a) “Affiliate” means, 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. 

(b) “Agreement Term” shall have the meaning set forth in Section 3 herein. 

(c) “Applicable Laws” means all laws, rules and regulations, and any regulatory agency, self-regulatory agency,
governmental body or court ordered requirements, which directly or indirectly relate to any Permitted Licensee Entity, Permitted Licensee Product, Derived Data, Licensee Marks and/or the Composite Marks. 

(d) “Approval Date” means the applicable date upon which the applicable WGC Party set forth in the applicable Schedule
has received all legal and regulatory approvals required to Launch the applicable Permitted Licensee Product in a particular geographic location within the applicable Licensed Territory. 

(e) “Breaching Party” means the Party (including a Permitted Licensee Entity) which is in breach of any material term
or condition of this Agreement and/or of a Schedule. 
 (f) “Commission” means the U.S. Securities and Exchange
Commission. 

  
 1 

 (g) “Composite Marks” means those names and/or marks, including any trade
names, trademarks, service names and/or service marks which: (i) are hereafter developed or approved in writing by the Parties, (ii) include both any Licensed Thomson Reuters Marks and Licensee Marks, and (iii) are used to identify
the Permitted Licensee Product. 
 (h) “Confidential Information” means, collectively, (i) any non-public
documentation or other non-public materials of either Party, (ii) any Index and any information related to any Index (including any index rules), (iii) any other information related to this Agreement which is conveyed during the Term and
identified as “Confidential” at the time of disclosure, and (iv) the terms of this Agreement and any Schedule. Notwithstanding the foregoing, the defined term “Confidential Information” expressly excludes: (I) any
information which is available to the public or to the receiving Party of such information from sources other than the providing Party (provided that such source is not subject to a confidentiality obligation with regard to such information), (II)
any information which is independently developed by the receiving Party without use of, or reference to, the information of the providing Party, (III) any information that was known to the receiving Party prior to its disclosure by the providing
Party, and/or (IV) any information which is or becomes publicly available without breach of this Agreement by the receiving Party. 
 (i)
“Control,” “Controlling” 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. 
 (j) “Exclusive Territory” means the
Licensed Territory. 
 (k) “Fees” means collectively, any and all fees, costs and expenses indicated in the
applicable Schedule. 
 (l) “Global Gold ETF” means an exchange traded product, exchange traded fund or exchange
traded note that seeks to track the performance of a Licensed Index, and whose shares or units are listed for trading on one or more securities exchanges or markets in the Licensed Territory. For the avoidance of doubt, a Global Gold ETF does not
include warrants, debt instruments, options, futures contracts, derivatives, swaps, options, forwards or structured products based on a Licensed Index (including structured products that may be listed on a non-U.S. exchange but which are not
marketed as an exchange traded product, exchange traded fund or exchange traded note and do not compete directly with a Global Gold ETF). 

(m) “Index” means collectively, any presently existing or hereafter developed index that seeks to track a synthetic
long exposure to the LBMA Gold Price and synthetic short exposure to the U.S. dollar expressed in terms of a basket of reference currencies or a single reference currency (based on the spot exchange rate or shortest tenor forward points associated
with an applicable currency pair), which Thomson Reuters, or any Thomson Reuters Affiliate, may, from time to time, calculate and/or otherwise maintain, including any and all proprietary data and/or other information related thereto and Intellectual
Property Rights therein. For the avoidance of doubt, each Index’s exposure to the specified currency (or currencies) (i.e., an index’s purpose and scope) shall be determined by a combination of the spot rate and/or the forward
points with the shortest available duration or tenor for the given currency (or currencies). Such exposure is intended to be a one-day exposure (or the shortest available duration or tenor for the given currency (or currencies)), but the Parties
recognize that such exposure could extend to multiple days due to weekends, local holidays and market closures. 

  
 2 

 (n) “Informational Materials” means those informational materials to be
used by the Permitted Licensee Entity in connection with the applicable Permitted Licensee Product in the applicable Licensed Territory, including all related advertisements, brochures, promotional materials, similar informational materials,
websites, fact sheets, statements of additional information, reports (annual and semi-annual), prospectuses, registration statements, any written material delivered to an investor or broker-dealer or any written materials otherwise filed with a
governmental or regulatory agency. 
 (o) “Intellectual Property Rights” means collectively, all intellectual
property rights or proprietary rights, including copyright rights (including rights in audiovisual works), moral rights, trademark rights (including logos, slogans, domain names, trademark applications, trade names, and service marks registered or
otherwise), patent rights (including patent applications and disclosures), know-how, inventions, rights of priority and trade secret rights, enforceable in any country or jurisdiction in the world. 

(p) “Thomson Reuters Disclaimers” means the required disclaimers of Thomson Reuters which are expressly identified as
the “Thomson Reuters Disclaimers” in the applicable Schedule, as such disclaimers may be revised by Thomson Reuters from time to time. 

(q) “Thomson Reuters Marks” means collectively, any presently existing or hereafter developed Thomson Reuters names
and/or marks, including any trade names, trademarks, service names and/or service marks, which are used by Thomson Reuters, from time to time, including all Intellectual Property Rights therein and thereto. 

(r) “Launch” means for a Permitted Licensee Entity to form a Permitted Licensee Product and make the Permitted
Licensee Product available for sale. 
 (s) “LBMA Gold Price” means the price per troy ounce of Gold stated in U.S. dollars
as 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 ICE Benchmark Administration Limited (“IBA”) and published by LBMA on its
website. The “LBMA Gold Price PM” is the 3:00 p.m. LBMA Gold Price. IBA, an independent specialist benchmark administrator, provides the price platform, methodology and the overall administration and governance for the
LBMA Gold Price. 
 (t) “Licensed Index” means the applicable Index identified in a Schedule to this Agreement,
which Thomson Reuters licenses to Licensee, and which is expressly identified as a “Licensed Index” in such Schedule. 
 For the avoidance of
doubt and notwithstanding anything to the contrary, the Licensed Index may be amended from time to time by Thomson Reuters or the applicable Thomson Reuters Affiliate who calculates and/or maintains the applicable Licensed Index without the prior
consent of the WGC Parties; provided however, that (i) the purpose and scope of the Licensed Index shall not be materially altered during the Agreement Term, (ii) Thomson Reuters or the applicable Thomson Reuters Affiliate shall notify
each of the WGC Parties at the time of and concurrent with the public announcement of such amendment and (iii) the Licensee shall have (at its election) the right to license a substitute Index, if any, under the terms of this Agreement. 

  
 3 

 (u) “Licensed Thomson Reuters Marks” means the applicable Thomson Reuters
Marks which Thomson Reuters licenses to Licensee the right to permit the applicable Permitted Licensee Entity to use pursuant to a Schedule in connection with the applicable Licensed Index and the applicable Permitted Licensee Product identified in
such Schedule, and which are expressly identified as the “Licensed Thomson Reuters Marks” in such Schedule. 
 (v)
“Licensee Marks” means the trademarks subject to the Sublicense Agreement between WGC and Thomson Reuters. 
 (w)
“Licensed Territory” means collectively, the geographic location(s) in which Thomson Reuters licenses to Licensee, the right to permit the applicable Permitted Licensee Entity to use the applicable Licensed Index and the
applicable Licensed Thomson Reuters Marks, solely to Launch and Market the applicable Permitted Licensee Product. The Licensed Territory with respect to a Permitted Licensee Product shall be worldwide, except as otherwise agreed in writing by the
Parties and expressly identified as the “Licensed Territory” in the Schedule applicable to the Permitted Licensee Product. 
 (x)
“Market” or “Marketing” means for a Permitted Licensee Entity to issue, distribute, operate, manage, promote and market the Product for sale to the public at any time from and after the Launch of such
Product. 
 (y) “Non-breaching Party” means the Party that is not in breach of any material term or condition of
this Agreement and/or of a Schedule. 
 (z) “Party” means either Thomson Reuters or one of the WGC Parties. 

(aa) “Parties” means, collectively, Thomson Reuters and the WGC Parties. 

(bb) “Permitted Licensee Entity” means any Affiliate of WGC set forth in a Schedule to this Agreement. 

(cc) “Permitted Licensee Product” means a Global Gold ETF. As used herein, “Permitted Licensee Product” does
not include, without limitation, warrants, debt instruments, options, futures contracts, derivatives, swaps, options, forwards or structured products (including structured products that may be listed on a non-U.S. exchange but which are not marketed
as a direct competitor to a Global Gold ETF) on the Licensed Index or the value of the shares of the Permitted Licensee Product. 
 (dd)
“Person” shall be construed broadly and shall include an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization
or another entity, including a governmental entity (or any department, agency or political subdivision thereof). 
 (ee)
“Product” means any Permitted Licensee Product sponsored by Licensee with respect to which Licensee exercises investment discretion in its capacity as manager, investment adviser, trustee, or in some comparable capacity. 

(ff) “Product Exclusivity” means the right of the applicable Permitted Licensee Entity, during the applicable Product
Exclusivity Period, to exclusively use the Licensed Index and Licensed Thomson Reuters Marks set forth in such Schedule in connection with a Global Gold ETF, 

  
 4 

 
solely to Launch and Market the applicable Permitted Licensee Product in the applicable Exclusive Territory. For clarity, the Product Exclusivity shall not be construed to limit Thomson
Reuters’ ability to license the Licensed Thomson Reuters Marks to third-parties with respect to other indexes and other products (i.e., other than a Licensed Index or a Global Gold ETF). 

(gg) “Product Exclusivity Period” means the period of time for which Thomson Reuters has expressly granted Product
Exclusivity with respect to the applicable Permitted Licensee Entity for an Exclusive Territory. The Product Exclusivity Period for a Permitted Licensee Product shall commence on the applicable Schedule Effective Date and continue through the end of
the Schedule Term, except as otherwise agreed in writing by the Parties and expressly identified in the Schedule applicable to the Permitted Licensee Product. 

(hh) “Regulatory Correspondence” is defined in Section 6(c). 

(ii) “Schedule” means a schedule to this Agreement which may be entered into, from time to time, by and between
Thomson Reuters, and/or a Thomson Reuters Affiliate, and a Permitted Licensee Entity, which schedule: (i) shall be substantially in the form attached hereto as Exhibit A, and (ii) shall, at a minimum, expressly set forth the
applicable: (A) Licensed Index, (B) Licensed Thomson Reuters Marks, (C) Permitted Licensee Product, (D) Licensed Territory, (E) Fees, (F) if and to the extent applicable, the Product Exclusivity Period, and Exclusive
Territory, (G) Schedule Term, (H) Schedule Renewal Term, and (I) Thomson Reuters Disclaimers. 
 (jj) “Schedule
Effective Date” means the effective date of a Schedule as set forth in such Schedule. 
 (kk) “Schedule Initial
Term” means the initial term of a Schedule. The Schedule Initial Term shall be a period of three years from the Schedule Effective Date, except as otherwise agreed in writing by the Parties and expressly identified as the “Schedule
Initial Term” in such Schedule. 
 (ll) “Schedule Term” means collectively for a Schedule, the Schedule Initial
Term and any and all Schedule Renewal Terms for such Schedule. 
 (mm) “Taxes” means collectively, any and all
sales, use, excise, services, consumption and other taxes or duties which are assessed as a result of the License, this Agreement, a Schedule and/or the Fees. 
  

	2.	Grant of License. 

 (a) Subject to the terms and conditions of this Agreement and
the applicable Schedule, Thomson Reuters hereby grants to Licensees, a non-transferable, exclusive (in the Exclusive Territory), revocable, limited license for the Schedule Term (“License”), for Licensee to permit any Permitted
Licensee Entity (and the permitted third-party service providers of a Permitted Licensee Entity for use solely for the benefit of such Permitted Licensee Entity (such third-party service providers collectively “Authorized Third-Party Service
Providers”), pursuant to the terms of the License, solely to: 
 (i) Use, reproduce and distribute the Licensed Index, including
any published methodology, performance data and index levels (“Index Data”), to Launch and Market the Permitted Licensee Product in the Licensed Territory; 

  
 5 

 (ii) Use and refer to the Licensed Thomson Reuters Marks: (A) to Launch and Market the
Permitted Licensee Product in the Licensed Territory solely to indicate that Thomson Reuters is the source of the Licensed Index upon which such Permitted Licensee Product is based, and (B) as reasonably necessary to: (1) Launch and Market
the Permitted Licensee Product in the Licensed Territory, and/or (2) to otherwise perform the terms and conditions of this Agreement and the applicable Schedule; and 

(iii) Use the applicable Licensed Index (including the Index Data) to: (A) create derivative data from the applicable Licensed Index for
use solely with the Permitted Licensee Product (“Derived Data”), and (B) publish the applicable Licensed Index and Derived Data on any Permitted Licensee Entity website relating to the applicable Permitted Licensee Product set
forth in the applicable Schedule; provided, however, that no Derived Data may be created or published as part of, or used to create or publish, an index that is substantially similar to the Licensed Index or any Product (other than the Permitted
Licensee Product). 
 (b) For clarity, the provisions of Section 2(a) above (Grant of License) are expressly subject to the provisions
of Section 8 herein (Proprietary Rights & Confidentiality), and to the extent there is any conflict between the provisions of Section 2(a) above (Grant of License) and the provisions of Section 8 herein (Proprietary
Rights & Confidentiality), the provisions of Section 8 herein (Proprietary Rights & Confidentiality) shall control and be binding. For the avoidance of doubt, this Agreement: (i) does not grant a license to issue, market
or promote options, futures or other derivative products or instruments on the Permitted Licensee Product or which are otherwise based on the Licensed Index; and (ii) requires Licensee to ensure that the Permitted Licensee Entity and any
Authorized Third Party Service Providers includes the Licensed Thomson Reuters Marks in the Composite Marks (if any) which constitute the name of the Permitted Licensee Product in each instance unless: (I) Thomson Reuters expressly otherwise
agrees in writing, or (II) such inclusion of the Licensed Thomson Reuters Marks in the Composite Marks which constitute the name of the Permitted Licensee Product is not permitted by any Applicable Law, in which event Licensee shall promptly notify
Thomson Reuters of such prohibition and the non-inclusion of the Licensed Thomson Reuters Marks in the Composite Marks which constitute the name of the Permitted Licensee Product. 

(c) The Parties acknowledge that any decision to Launch any Permitted Licensee Product shall be made solely by the Permitted Licensee Entity,
subject to: (i) all relevant commercial considerations and both internal and external legal and regulatory approvals and contingencies and (ii) the completion of the Permitted Licensee Entity’s obligations as set forth in
Section 6 of this Agreement. 
 (d) For the avoidance of doubt: (i) subject to the Product Exclusivity, nothing contained in this
Agreement or a Schedule shall be construed to restrict Thomson Reuters from using, distributing and/or licensing any Licensed Index or Licensed Thomson Reuters Marks to any person or entity at any time and anywhere and/or (ii) nothing contained
in this Agreement or a Schedule shall be construed to constitute a license to a Permitted Licensee Entity to use any Index or Thomson Reuters Mark other than the Licensed Index and the Licensed Thomson Reuters Marks solely for the Permitted Licensee
Product set forth in a Schedule, upon the terms and conditions expressly provided herein (for clarity, including the terms of the License) and the applicable Schedule. 

(e) Licensee, for itself and on behalf of each Permitted Licensee Entity, acknowledges and agrees that: (i) the Licensed Indices and the
Licensed Thomson Reuters Marks are the exclusive 

  
 6 

 
property of Thomson Reuters and that Thomson Reuters (or the applicable Thomson Reuters Affiliate) has and retains all Intellectual Property Rights and other proprietary rights therein,
(ii) except for the rights expressly provided herein (including all applicable Schedules), Thomson Reuters reserves all rights to the Licensed Indices and the Licensed Thomson Reuters Marks, (iii) neither this Agreement nor any Schedule
shall be construed to transfer to any Licensee Affiliate or any other party, any ownership rights to, or equity interest in and/or to: (A) the Licensed Indices or the Licensed Thomson Reuters Marks and/or (B) any Intellectual Property
Rights or other proprietary rights pertaining thereto, and (iv) subject to the terms of this Agreement (including all applicable Schedules), the Licensed Indices and the compilation and composition thereof, and any changes therein, are and will
be in the complete control and sole discretion of Thomson Reuters and/or its Affiliates. 
 (f) Thomson Reuters agrees that during the
Product Exclusivity Period applicable to a Permitted Licensee Product , neither Thomson Reuters nor any Thomson Reuters Affiliate will: (i) itself create, launch or market any Global Gold ETF, and/or (ii) license a Licensed Index to any
Affiliate or third party for the purposes of creating a Global Gold ETF. 
 (g) Notwithstanding anything contained herein, and for clarity:
if a Schedule expressly identifies an Exclusive Territory, the Product Exclusivity in such Exclusive Territory shall immediately terminate: (A) upon the expiration or earlier termination of the applicable Product Exclusivity Period and/or
Schedule Term, or (B) if such Product Exclusivity is finally deemed by a court or regulatory body of competent jurisdiction to be unenforceable or illegal in any applicable jurisdiction, but in such event such Product Exclusivity shall only
terminate to the extent and only in those jurisdictions which have deemed it unenforceable or illegal. 
 (h) Thomson Reuters acknowledges
that, as between Thomson Reuters and the WGC Parties, all decisions relating to the Launch and Marketing of the Permitted Licensee Product shall be at the sole discretion of the applicable Permitted Licensee Entity, subject to the provisions set
forth in Section 6 of this Agreement; provided further, that such Launch and Marketing shall be conducted in accordance with the Applicable Laws and any material violation of the Applicable Laws will be a material breach of this Agreement. 

 

	3.	Term. 

 Subject to Section 5 herein, the Agreement shall commence as of the
Agreement Effective Date and shall remain in full force and effect for a period of three (3) years; provided, however if a WGC Party sponsors a Global Gold ETF, the Agreement shall remain in full force and effect until the business day
immediately following the dissolution or winding down of the last Global Gold ETF sponsored by a WGC Party (such period, the “Agreement Term”). Notwithstanding the foregoing, in no event will the Agreement Term expire prior to, and
the Agreement Term shall continue until, the expiration or earlier termination of the Schedule Term of the last Schedule then in effect. 
  

	4.	Fees. 

 (a) As consideration for the License granted herein, Licensee shall pay to
Thomson Reuters the Fees applicable to each Schedule. 
 The Fees (and Taxes) shall be due and payable by Licensee, in accordance with the
method of payment provisions of the applicable Schedule, as such method of payment provisions may be updated from time to time by agreement of the Parties. 

  
 7 

 (b) Unless Licensee provides Thomson Reuters with a valid and applicable exemption certificate,
Licensee will promptly reimburse Thomson Reuters for any and all Taxes which Thomson Reuters is required to collect from Licensee. In addition, the Fees are exclusive of any value-added tax due as a result of this Agreement, the applicable Schedule
and/or the Fees. Licensee will be responsible for any such value-added tax due and will remit such value-added tax to the relevant authorities without deduction from the Fees. Licensee and Thomson Reuters will: (i) each bear sole responsibility
for all taxes, assessments and other real property related levies on its owned or leased real property and personal property (including software), franchise and privilege taxes on its business, and taxes based on its net income or gross receipts and
(ii) reasonably cooperate to more accurately determine each Party’s tax liability and to minimize such liability to the extent legally permissible. 

(c) During the Agreement Term and for a period of one (1) year after its expiration or earlier termination, as the case may be, Thomson
Reuters shall have the right, during normal business hours and upon reasonable notice to Licensee, to audit (“Audit”) once in any twelve-month period, on a confidential basis and subject to the confidentiality provisions of this
Agreement, the relevant books and records of the Licensees to the extent reasonably necessary to determine that Fees have been accurately determined and paid in accordance with the terms and conditions of this Agreement and the applicable Schedule.
Each of Thomson Reuters and Licensee shall bear their own respective costs of the Audit; provided, however, that if any such Audit reveals a discrepancy of less than five percent (5%) with respect to the payments being audited, Thomson
Reuters shall be solely responsible for all of the costs (i.e., its own and Licensee’s costs) associated with such Audit. 
  

	5.	Termination. 

 (a) Licensee or Thomson Reuters may terminate the applicable
Schedule(s): (i) upon at least ninety (90) calendar days prior written notice to the other (or such lesser period of time as may be necessary pursuant to law, rule, regulation or court order), if any legislation or regulation is finally
adopted or any government interpretation is issued that prevents the Permitted Licensee Entity from continuing to Launch or, Market the Permitted Licensee Products; (ii) upon ninety (90) calendar days prior notice to the other if any
material litigation or material regulatory proceeding regarding the Permitted Licensee Products is commenced by a third party and such litigation or regulatory proceeding is reasonably likely to have a material and adverse effect on the good name or
reputation of such Party or significantly impair such Party’s ability to perform its obligations under such Schedule; (iii) with respect to the applicable Schedule(s) for a specific Permitted Licensee Product, immediately if the applicable
Permitted Licensee Entity is unable to Launch the Permitted Licensee Products because of a final adverse determination by the Commission or any other applicable regulatory body; and/or (iv) with respect to the applicable Schedule(s) for a
specific Permitted Licensee Product, immediately if the applicable Permitted Licensee Entity elects to terminate the Launch of and/or fails to Launch any and/or all of the Permitted Licensee Products within ninety (90) days of the Approval
Date. 
 (b) Thomson Reuters may terminate the applicable Schedule(s) upon at least ninety (90) calendar days prior written notice to
Licensee (or such lesser period of time as may be necessary pursuant to any law, rule, regulation or court order) if: (i) any legislation or regulation is adopted or any government interpretation is issued which, in Thomson Reuters reasonable
judgment, materially impairs Thomson Reuters ability to license and provide the Licensed Index or the Licensed Thomson Reuters Marks under such Schedule; or (ii) any material litigation or 

  
 8 

 
proceeding is commenced by a third party relating to Thomson Reuters’ ability to license and provide the Licensed Index or the Licensed Thomson Reuters Marks under such Schedule and such
litigation or proceeding is reasonably likely to result in a material and adverse final ruling by a regulatory agency or court of competent jurisdiction (as applicable) on Thomson Reuters ability to continue licensing and providing the Licensed
Index or the Licensed Thomson Reuters Marks pursuant to such Schedule; or (iii) Thomson Reuters elects to cease compiling, calculating and publishing values of the Licensed Index altogether for any purpose and ceases to license the Licensed
Index to any person for any reason. 
 (c) Thomson Reuters may terminate the applicable Schedule(s), upon at least ninety (90) calendar
days prior written notice to Licensee (or such lesser time as is reasonably practicable for Thomson Reuters to provide under the circumstances) if any data provider or other source: (i) ceases to provide data to Thomson Reuters necessary for
providing the Licensed Index, (ii) terminates Thomson Reuters right to receive data in the form of a “feed” from such securities exchange or other source with respect to the Licensed Index, (iii) materially restricts Thomson
Reuters’ right to redistribute data with respect to such Licensed Index received from such securities exchange or other source to all Permitted Licensee Entities, or (iv) institutes charges (other than nominal charges or charges which
Thomson Reuters deems to be reasonable to be incurred in connection with providing the Licensed Indexes) for the provision of data to Thomson Reuters or the redistribution of data by Thomson Reuters with respect to the Licensed Index; provided
however, that in each of the foregoing cases, Thomson Reuters shall have exercised commercially reasonable efforts (i) to negotiate with the applicable data provider or other source for the continued provision of the relevant data at a
reasonable charge, and (ii) if Thomson Reuters is unable to secure the continued provision of the relevant data, given Licensee sufficient notice and opportunity to attempt to negotiate with the applicable data provider or other source or pay
for the data provider’s or other source’s increase in charges. 
 (d) Notwithstanding anything to the contrary herein, Thomson
Reuters shall have the right, in good faith and a commercially reasonable manner, to cease compiling, calculating and publishing values of any Licensed Index, and to terminate the applicable Schedule with respect to such Licensed Index, at any time
that Thomson Reuters reasonably determines that such Licensed Index no longer meets or will not be capable of meeting the criteria established by Thomson Reuters for maintaining such Licensed Index (for example, a material change to the method by
which the LBMA Gold Price or WMR fixings are determined or calculated). In such event Thomson Reuters will give Licensee at least ninety (90) calendar days prior written notice. 

(e) Notwithstanding anything to the contrary herein, if there shall occur any change in law (statutory law, case law or otherwise) which
materially and adversely affects the liability of index providers to third parties, and Thomson Reuters thereafter ceases entirely, by reason of such change, to engage in the business of providing indexes and/or real-time index data, Thomson Reuters
shall have the right to terminate this Agreement and/or an applicable Schedule, upon at least ninety (90) calendar days prior written notice to Licensee. 

(f) Notwithstanding anything to the contrary herein, a Party may terminate this agreement upon sixty (60) calendar days prior written
notice to the other Party if such other Party’s acts or omissions have resulted in a material breach of the Agreement (including, but not limited to WGC USA’s Failure to Launch a Permitted Licensee Product within 18 months of the Schedule
Effective Date for such Permitted Licensee Product) that is not cured to the reasonable satisfaction of the non-breaching Party. 

  
 9 

 (g) Notwithstanding anything to the contrary herein, any termination under this Section 5
shall apply only with respect to the Licensed Index to which it relates. This Agreement and/or the applicable Schedule shall remain in effect with respect to all other Licensed Indexes. 

(h) In the event Thomson Reuters terminates a Schedule with respect to a Licensed Index pursuant to Sections 5(a)-(d) of the Agreement
and, within two (2) years of such termination, compiles, calculates or publishes a substantially similar index to the discontinued Licensed Index, WGC USA shall have the right (but not the obligation) to license such index under substantially
identical terms as the discontinued Licensed Index. In the event Thomson Reuters does not provide a substantially similar substitute index as set forth above, WGC USA shall have the right (but not the obligation) to license from Thomson Reuters the
appropriate content and be granted the right to (either directly or through its designee) compile, calculate, and publish the discontinued Licensed Index (but without the continued use of any Licensed Thomson Reuters Marks) solely in connection with
the Licensee Product for the remainder of the then-current Term. The Parties will negotiate in good faith a separate agreement with respect to such index, on commercially reasonable terms. 

(i) After three years from the Agreement Effective Date, each party shall have the right to terminate this Agreement for any reason upon one
hundred twenty (120) calendar days prior written notice to the other. 
  

	6.	Thomson Reuters Obligations; Permitted Licensee Entities’ Obligations. 

 (a)
As a result of this Agreement, Thomson Reuters is not, and shall not be, obligated to engage in any way or to any extent in any Launch or Marketing activities in connection with the Permitted Licensee Products or in making any representation or
statement to investors or prospective investors in connection with the Launch or Marketing of the Permitted Licensee Products. At Licensee’s request, Thomson Reuters will provide such applicable Permitted Licensee Entity identified to Thomson
Reuters by Licensee with reasonable cooperation in connection with such Permitted Licensee Entity obtaining and maintaining regulatory approval for the Permitted Licensee Products. Thomson Reuters agrees to provide reasonable support for the
Permitted Licensee Entity’s development, educational and operational efforts and requirements with respect to the Permitted Licensee Products as follows: 

(i) Thomson Reuters shall reasonably respond in a timely fashion to any reasonable requests by Licensee for public information regarding the
Licensed Indices. In addition, Thomson Reuters shall reasonably respond in a manner determined by Thomson Reuters, in its discretion, to any material mathematical errors made in Thomson Reuters computations of the Licensed Indices, which are brought
to Thomson Reuters attention by Licensee or which otherwise come to the attention of Thomson Reuters. Any responses to any material mathematical errors may be published publicly and the Licensee (and any Permitted Licensee Entity) may be notified
concurrently of Thomson Reuters’ response. 
 (ii) Subject to the requirement in Section 1(t) herein that the purpose and scope of
the Licensed Index shall not be materially altered during the Agreement Term, Thomson Reuters shall use reasonable efforts to keep Licensee informed as to any material changes in the composition or the method of calculation of any of the Licensed
Indexes through such written or electronic means consistent with Thomson Reuters’ then current procedures, which procedures may be modified by Thomson Reuters. Notwithstanding anything to the contrary in this Agreement and/or in a Schedule,
except as set forth in Section 5 herein, in the event of any planned termination 

  
 10 

 
of a Licensed Index or any material change in the Rules governing any Licensed Index, Thomson Reuters shall use reasonable efforts to provide Licensee with notice of such termination or change as
promptly as is reasonably practicable for Thomson Reuters to do so under the circumstances. Notwithstanding anything to the contrary, any notices of termination or changes to any Licensed Index may be published publicly and the Licensee (and any
Permitted Licensee Entity) may be notified concurrently. 
 (iii) Thomson Reuters shall use commercially reasonable efforts to provide
Licensee with reasonable support (e.g., participation in conference calls, prompt responses to reasonable requests for information relating to the Licensed Indexes, and reasonable requests to participate in training of internal staff), and
documentation for Licensee’s presentations to its internal staff on the Permitted Licensee Products. 
 (b) Notwithstanding anything
herein to the contrary, nothing in this Section 6 shall give any Permitted Licensee Entity the right to exercise any judgment or require any changes with respect to Thomson Reuters’ method of composing, calculating or determining the
Licensed Indexes, and nothing in this Section 6(b) shall be deemed to modify the provisions of Section 10 of this Agreement. 

(c) Provision of Materials. With respect to each Permitted Licensee Product, Licensee or its Affiliate shall provide Thomson
Reuters with a copy of (i) each draft prospectus to be filed with the Commission (each, a “Draft Prospectus”) and (ii) the portion (if any) of all correspondence, including deficiency letters, received from, and draft
responses for submission to, the Commission and any other applicable regulatory institution related to a Licensed Index, the Licensed Thomson Reuters Marks, Thomson Reuters or any Affiliates of Thomson Reuters (along with the Draft Prospectus, the
“Regulatory Correspondence”). Licensee and/or its Affiliate shall not file or submit such Regulatory Correspondence until Thomson Reuters has been given the opportunity to review and comment on the description of each Licensed
Index, the Licensed Thomson Reuters Marks, Thomson Reuters or any of its affiliates contained in such Regulatory Correspondence. Except as may otherwise be required by the Applicable Law, Licensee agrees to provide Thomson Reuters with a reasonable
period of time to review the description of each Licensed Index, the Licensed Thomson Reuters Marks, Thomson Reuters or any of its affiliates in the Regulatory Correspondence. Thomson Reuters agrees that it shall promptly provide to Licensee
comments on the Regulatory Correspondence and that any necessary approvals shall not be unreasonably withheld or delayed. Notwithstanding anything to the contrary herein, Licensee shall not be required to submit any Regulatory Correspondence for
Thomson Reuters’ review and approval if the description therein of a Licensed Index, the Licensed Thomson Reuters Marks, Thomson Reuters or any of its Affiliates is substantially similar to and has previously been approved by Thomson Reuters.
The obligations of the parties with respect to Regulatory Correspondence shall survive any termination of this Agreement. Licensee shall provide reasonable prior written notice to Thomson Reuters prior to a new filing of a registration statement
related to a Permitted Licensee Product and any amendment of a registration statement related to a Permitted Licensee Product that references a Licensed Index, the Licensed Thomson Reuters Marks, Thomson Reuters or any of its Affiliates. For the
avoidance of doubt, this Section 6(c) shall be read in conjunction with Section 7(d), and to the extent a conflict exists, Section 7(d) shall govern. To the extent Thomson Reuters timely seeks to make a change to any Regulatory
Correspondence that was previously approved by Thomson Reuters, the Licensee or its Affiliates will use commercially reasonable efforts to accommodate and implement such change. 

  
 11 

 (d) Filings and Marketing Material. As set forth in Section 7(d), the Licensee shall
submit to Thomson Reuters for Thomson Reuters’ review and approval all Informational Materials relating to each Permitted Licensee Product that refer to Thomson Reuters; provided, however that such Informational Materials do not
need to be submitted for Thomson Reuters’ review and approval if the description therein of a Licensed Index, the Licensed Thomson Reuters Marks, Thomson Reuters or any Thomson Reuters Affiliate is substantially similar to and has previously
been approved by Thomson Reuters. Thomson Reuters’ approval of such Informational Materials shall not be unreasonably withheld or delayed. Licensee shall use its commercially reasonable efforts to protect the goodwill and reputation of Thomson
Reuters and its Affiliates in connection with its marketing, promotion and distribution of any Permitted Licensee Product. To the extent, Thomson Reuters seeks to make a change to an Informational Material that was previously approved by Thomson
Reuters, the Licensee or its Affiliates will use commercially reasonable efforts to accommodate and implement such change. For the avoidance of doubt, this Section 6(d) shall be read in conjunction with Section 7(d), and to the extent a
conflict exists, Section 7(d) shall govern. Notwithstanding anything to the contrary in this Agreement, the Licensee and the applicable Permitted Licensee Entity shall be solely responsible for the content of the Regulatory Correspondence and
Information Materials (except, Thomson Reuters-Approved Content). “Thomson Reuters-Approved Content” means content (a) provided by Thomson Reuters to the Permitted Licensee Entity in writing that is related to the Licensed Thomson
Reuters Marks, Thomson Reuters or any Thomson Reuters Affiliate, (b) such content must be included in its entirety without any change from such Permitted Licensee Entity and (c) such content must be approved in writing by a business
Director of Thomson Reuters. 
 (e) Thomson Reuters Marketing Material. Subject to Licensee’s prior review and written approval
(such approval not to be unreasonably withheld or delayed), Thomson Reuters may: (i) refer to the Permitted Licensee Products in advertising brochures and certain publications (other than marketing material for the Permitted Licensee Products)
and (ii) use the Licensee’s name or the name of any affiliate of Licensee in any publicity release, communication with the media or advertising. 

(f) Neither Party may disclose or otherwise make any public statement concerning the terms of this Agreement without the other Party’s
prior written consent, which shall not be unreasonably withheld, delayed, or qualified; provided that such consent shall not be required in the case of any disclosure or statement which is reasonably determined by the Party making such disclosure to
be required under any applicable law, rule or regulation including, without limitation, disclosures expressly permitted under Section 8(c). Following the execution and delivery of this Agreement, the Parties may agree to issue a joint press
release announcing the entering into of this Agreement, the content and timing of which shall be mutually agreed upon in writing by the Parties. 

(g) Each Schedule will be a separate agreement between Thomson Reuters or a Thomson Reuters Affiliate, on the one hand, and a Permitted
Licensee Entity, on the other hand. In such event: (i) all references to “Thomson Reuters” in this Agreement will be deemed references to Thomson Reuters, or the Thomson Reuters Affiliate which entered into the Schedule, as the case
may be, and (ii) all references to “Licensee” in this Agreement will be deemed references to the Permitted Licensee Entity which entered into the Schedule. Upon execution by all of the applicable parties, each Schedule will
automatically be deemed a part of, and incorporated into this Agreement by reference. In the event of any conflict between this Agreement and any applicable Schedule, the terms of the applicable Schedule will govern, but only with respect to such
conflicting terms and the specific Licensed Index addressed in that Schedule. 

  
 12 

 (h) Licensee will give prompt notice of Licensee’s (or, if applicable, Licensee’s
Affiliate’s) resignation or termination as investment adviser, sponsor or trustee of any Permitted Licensee Entity, and will use commercially reasonable efforts to give Thomson Reuters at least three (3) months’ prior notice of such
resignation or termination. 
 (i) Except as permitted herein, Licensee agrees, on its behalf and on the behalf of any Affiliate, that
during the Product Exclusivity Period applicable to a Permitted Licensee Product , such Licensee or Affiliate will not sponsor a Global Gold ETF. 

(j) With respect to each Licensed Index, Thomson Reuters shall calculate and disseminate daily end-of-day index values, which shall reflect
the applicable daily weightings of each reference currency reflected in such Licensed Index. With respect to each Licensed Index, Thomson Reuters shall use commercially reasonable efforts to assist the NYSE Arca or other exchange to calculate the
intraday indicative value and use its commercially reasonable efforts to provide other information with respect to such Licensed Index as may be required by the exchange on which shares of the Global Gold ETF based on such Licensed Index are listed
or traded or by applicable law, rule, regulation, or order applicable to such Global Gold ETF (to the extent permitted under Thomson Reuters’ existing data licenses). In addition, when presenting performance information for a Licensed Index,
Thomson Reuters shall clearly disclose the inception date of the Licensed Index (i.e., the date the index was first calculated using current market data) and distinguish between pre-inception performance information and performance
information applicable to periods after the inception date. 
  

	7.	Intellectual Property Rights; Quality Control 

 (a) If Thomson Reuters applies for
any trademark, trade name and/or any other Intellectual Property Right registrations for the Licensed Indexes or the Licensed Thomson Reuters Marks in such jurisdictions, if any, where Thomson Reuters, in its sole discretion, considers such filings
appropriate, Licensee shall ensure that the Permitted Licensee Entity will at Thomson Reuters’ cost reasonably cooperate with Thomson Reuters in the application and maintenance of such rights and registrations. Licensee shall ensure that the
applicable Permitted Licensee Entity shall use and include the following notice or such other language as may be approved in advance in writing by Thomson Reuters when referring to the applicable Licensed Index and/or any of the applicable Licensed
Thomson Reuters Marks in any Informational Materials (provided, however, that the applicable Permitted Licensee Entity shall not be required to use or include the following notice in any Informational Materials in which Thomson Reuters otherwise
requires inclusion of the Thomson Reuters Disclaimers set forth in the applicable Schedule): 
 Thomson Reuters and INSERT INDEX NAME are
trademarks of Thomson Reuters (Markets) LLC and have been licensed for use by [PERMITTED LICENSEE ENTITY] and its affiliates. The information and INSERT INDEX NAME may not be copied, used, or distributed without Thomson Reuters’ prior written
approval. Copyright 20[13], Thomson Reuters. All rights reserved. The INSERT NAME OF PERMITTED LICENSEE PRODUCT is not sponsored, endorsed, sold or promoted by Thomson Reuters and Thomson Reuters makes no representation regarding the advisability of
investing in INSERT NAME OF PERMITTED LICENSEE PRODUCT4. 

  
 13 

 (b) Licensee and each Permitted Licensee Entity agree that the Licensed Thomson Reuters Marks,
Licensed Indexes and all Intellectual Property Rights and other rights, registrations and entitlements thereto, together with all applications, registrations and filings with respect to any of the Licensed Thomson Reuters Marks and any renewals and
extensions of any such applications, registrations and filings, are and shall remain the sole and exclusive property of Thomson Reuters and/or its Affiliates. Licensee, for itself and on behalf of each Permitted Licensee Entity agrees to reasonably
cooperate with Thomson Reuters in the maintenance of such rights and registrations and shall do such acts and execute such instruments as are reasonably necessary for such purpose in each case at Thomson Reuters’ cost and expense. Licensee, for
itself and on behalf of each Permitted Licensee Entity, acknowledges that each of the Licensed Thomson Reuters Marks is part of the business and goodwill of Thomson Reuters and/or its Affiliates, and agrees that it shall not, during the Agreement
Term or thereafter, contest the fact that the Permitted Licensee’ Entity’s rights in the Licensed Thomson Reuters Marks under this Agreement: (i) are limited solely to the use of the Licensed Thomson Reuters Marks as expressly
provided in Section 2(a), and (ii) shall cease all licensed use of the Licensed Thomson Reuters Marks upon the expiration or earlier termination of this Agreement and/or the applicable Schedule, whichever is sooner, except that Licensee
and each Permitted Licensee Entity may continue to reference the Licensed Indexes and Licensed Thomson Reuters Marks solely as required by any Applicable Law or as otherwise expressly provided herein for such rights to survive any such expiration or
earlier termination of this Agreement and/or such applicable Schedule. Whether or not any use of Licensed Thomson Reuters Marks by Licensee and/or any Permitted Licensee Entity during or after the Agreement Term may constitute permissible nominative
fair use shall be evaluated independently of this Agreement, and the parties expressly reserve all of their rights with respect thereto. Further, for the avoidance of doubt, nothing herein shall be construed to restrict WGC Parties from exercising
their rights with respect to Intellectual Property Rights relevant to this Agreement as permitted by Applicable Laws and fair use principles after the Agreement Term. 

(c) Licensee and each Permitted Licensee Entity recognize that the reputation and goodwill associated with the Licensed Thomson Reuters Marks
have value and acknowledges that as between such entity and Thomson Reuters: such goodwill associated with the Licensed Thomson Reuters Marks belongs exclusively to Thomson Reuters; and that Thomson Reuters is the owner of all right, title and
interest in and to the Licensed Thomson Reuters Marks. Except as otherwise provided in Section 7(i) below, Licensee, for itself and on behalf of each Permitted Licensee Entity, further acknowledges that as between such entity and Thomson
Reuters all rights in any translations, derivations or modifications in the Licensed Thomson Reuters Marks which may be created by or for the applicable Permitted Licensee Entity, shall be and shall remain the exclusive property of Thomson Reuters
and said property shall be and shall remain a part of Thomson Reuters’ Intellectual Property Rights subject to the provisions and conditions of this Agreement. Licensee, for itself and on behalf of each Permitted Licensee Entity, agrees during
the Agreement Term that it will not either directly or indirectly, contest Thomson Reuters’s and/or its Affiliates’ exclusive ownership of any of the Licensed Indexes and Licensed Thomson Reuters Marks. 

(d) Licensee and each Permitted Licensee Entity agree to use the Licensed Indexes and Licensed Thomson Reuters Marks under this Agreement
solely in accordance with the terms of this Agreement. Licensee, for itself and on behalf of each applicable Permitted Licensee Entity, agrees to submit to Thomson Reuters, for Thomson Reuters’ review and approval, and the Permitted Licensee
Entity shall not use until receiving Thomson Reuters’ approval thereof in writing, all Informational Materials that mention Thomson Reuters or the Thomson Reuters Marks. Thomson Reuters’ approval, which shall not be unreasonably withheld,
shall be required only with respect to 

  
 14 

 
the use of and/or description of Thomson Reuters, the Licensed Indexes or any of the Licensed Thomson Reuters Marks, including as part of the name of Permitted Licensee Product and/or of the
Composite Marks. Thomson Reuters shall notify Licensee of its approval or disapproval of any Informational Materials within five (5) business days following Thomson Reuters’ receipt thereof from Licensee. Once Informational Materials have
been approved by Thomson Reuters, subsequent Informational Materials which are substantially similar (regardless of media) as previously approved Informational Materials and which do not materially alter the use or description of Thomson Reuters
and/or it Affiliates, the Licensed Indexes or the Licensed Thomson Reuters Marks, as the case may be, need not be submitted for review and approval by Thomson Reuters. Upon receiving notice, if Thomson Reuters or its Affiliates wish to comment on
any such Information Materials, then the Licensee shall use its commercially reasonable efforts to amend such Information Materials in such manner as prescribed by Thomson Reuters or its Affiliates. Licensee shall use its commercially reasonable
efforts to protect the goodwill and reputation of Thomson Reuters and its Affiliates in connection with its marketing, promotion and distribution of any Permitted Licensee Product. 

(e) Licensee and each applicable Permitted Licensee Entity agree that the Licensed Thomson Reuters Marks and Licensee Marks, to the extent
they appear in any Informational Materials, shall appear, insofar as is reasonably practicable, separately and shall be clearly identified with regard to ownership. Licensee, for itself and on behalf of each applicable Permitted Licensee Entity,
agrees that whenever the Licensed Thomson Reuters Marks are used in any Informational Material in connection with any of the Permitted Licensee Products, such Licensed Thomson Reuters Marks shall not be given unusual prominence so as to give the
impression that Thomson Reuters is the issuer or sponsor of such Permitted Licensee Products. 
 (f) Licensee and each Permitted Licensee
Entity agree to submit to Thomson Reuters any proposed change in the use of the Licensed Thomson Reuters Marks for, and shall be subject to, Thomson Reuters’ prior written consent in accordance with, and subject to the provisions of,
Section 7(d). 
 (g) If at any time Thomson Reuters is of the reasonable opinion that the Licensed Index or the Licensed Thomson
Reuters Marks are not being properly used pursuant to this Agreement or the applicable Schedule, or that the standard of quality of any of the Informational Materials does not conform to the standards as set forth herein or in the applicable
Schedule, Thomson Reuters shall give notice to Licensee to that effect. Upon receipt of such notice, Licensee and Thomson Reuters shall discuss and mutually agree on the appropriate remedial action, if any, and Licensee shall, as soon as reasonably
practicable thereafter, implement, or cause the applicable Permitted Licensee Entity to implement the agreed-upon remedial action with respect to the applicable Informational Materials. 

(h) Except as otherwise expressly permitted by the terms of this Agreement, Licensee Affiliates shall not furnish the name, trademark or
proprietary indicia of Thomson Reuters, or any Affiliate thereof as a reference or utilize the name, trademark or proprietary indicia of Thomson Reuters or any Affiliate thereof in any customer lists, advertising, announcement, press release or
promotional materials, including testimonials, quotations, case studies, and other endorsements without the prior written consent of Thomson Reuters, such consent not to be unreasonably withheld or delayed. 

(i) Subject to the approval of the applicable governing body or bodies of the relevant Permitted Licensee Product, Licensee will identify and
Market the Permitted Licensee Products 

  
 15 

 
with the Composite Marks which include the Licensed Thomson Reuters Marks. Thomson Reuters, for itself and on behalf of each Thomson Reuters Affiliate: (A) recognizes that the reputation and
goodwill associated with the Licensee Marks have value and acknowledges that as between Thomson Reuters and the applicable Permitted Licensee Entity, such goodwill associated with the Licensee Marks belongs exclusively to such Permitted Licensee
Entity, and that the Permitted Licensee Entity is the owner of all right, title and interest in and to the Licensee Marks; (B) acknowledges and agrees that the Licensee Marks are and will remain the exclusive property of the applicable
Permitted Licensee Entity, and that all goodwill that attaches to the Licensee Marks as a result of the use of such marks in the Composite Marks will redound to the exclusive benefit of the applicable Permitted Licensee Entity; (C) further
acknowledges that as between them and the applicable Permitted Licensee Entity all rights in any translations, derivations or modifications in the Licensee Marks which may be created in connection with this Agreement (including all applicable
Schedules), shall be and shall remain the exclusive Intellectual Property Rights of such Permitted Licensee Entity; and (D) agrees during the Agreement Term and thereafter, that it will not, either directly or indirectly, contest the applicable
Permitted Licensee Entity’s exclusive ownership of any of the Licensee Marks. 
 (j) The Parties agree that during the applicable
Schedule Term, both the Permitted Licensee Entity identified to Thomson Reuters in writing by Licensee, and Thomson Reuters, will have the right to use the Composite Marks in connection with the Permitted Licensee Products and otherwise to perform
its obligations under this Agreement, including the applicable Schedule and/or as required by any law, rule and/or regulation. The Parties agree that neither Licensee, any Permitted Licensee Entity nor Thomson Reuters will register or apply for
registration of any Composite Mark in any jurisdiction. The Parties agree that neither Licensee, any Permitted Licensee Entity nor Thomson Reuters will: (i) use the Composite Marks in connection with the creation or marketing of any Product
other than the applicable Permitted Licensee Product, and (ii) take any action to damage any Composite Mark or take any action that, in the reasonable opinion of the affected Party, would bring any Composite Mark, Licensee Marks or the Licensed
Thomson Reuters Marks into disrepute. The Parties agree that upon the expiration or earlier termination of the applicable Schedule Term, neither Thomson Reuters, Licensee nor any Permitted Licensee Entity the right to use the Composite Marks for any
purpose. In any case, the Parties’ respective ownership rights will persist in the constituent Licensed Thomson Reuters Marks and Licensee Marks that together comprised the Composite Marks. 

 

	8.	Proprietary Rights & Confidentiality. 

 (a) The WGC Parties expressly
acknowledge and agree that: (i) the Licensed Indexes and the Licensed Thomson Reuters Marks were selected, compiled, coordinated, arranged and prepared by Thomson Reuters through the application of methods and standards of judgment used and
developed through the expenditure of considerable work, time and money by Thomson Reuters, (ii) the Licensed Indexes and the Licensed Thomson Reuters Marks are valuable assets of Thomson Reuters, and (iii) the WGC Parties will, use
commercially reasonable efforts to prevent any unauthorized use of the Licensed Indexes or the Licensed Thomson Reuters Marks, or any of the information provided to it concerning the selection, compilation, coordination, arrangement and preparation
of the Licensed Indexes or the Licensed Thomson Reuters Marks. 
 (b) All Parties shall treat as confidential and shall not disclose or
transmit to any third party any Confidential Information of a Party to this Agreement. Notwithstanding the preceding, a Party may divulge the Confidential Information of the other Party on a need to know basis to such Party’s Affiliates,
employees, service providers, attorneys, accountants, and other professional advisers, in each case provided the disclosee is bound by confidentiality obligations under which he, she or it is obligated to maintain the confidentiality of such
Confidential information. 

  
 16 

 (c) Notwithstanding the provisions of the foregoing Section 8(b), either Party may reveal
Confidential Information of the other Party to any regulatory agency or court of competent jurisdiction if such information to be disclosed is: (i) approved in writing by the providing Party for disclosure, or (ii) required by law,
regulatory agency, self-regulatory agency, governmental body or court order to be disclosed by the receiving Party, provided, if permitted by law, that prior written notice of such required disclosure is given to the providing Party and provided
further that the receiving Party shall reasonably cooperate with the providing Party to limit the extent of such disclosure (at the providing Party’s expense). In this connection, it is understood that the Permitted Licensee Entity may be
required to file copies of this Agreement and the applicable Schedule as Exhibits to registration statements to be filed with the Commission or other applicable regulatory bodies, subject only to redaction of certain numerical information embodying
financial terms to the extent such redaction is permitted by the applicable regulatory bodies. The WGC Parties expressly acknowledge and agree that they shall use commercially reasonable efforts to limit disclosure of such financial terms in
connection with such filings. 
  

	9.	Warranties; Disclaimers. 

 (a) Each Party represents and warrants to the other
that such Party, as of the Agreement Effective Date, it has the authority to enter into this Agreement according to its terms, and that its execution and delivery of this Agreement, any Schedule and its performance hereunder and thereunder,
(i) does not and will not violate any agreement applicable to it and (ii) such Party will comply with all Applicable Laws. The WGC Parties represent and warrant to Thomson Reuters that the Permitted Licensee Products, including the Launch
and Marketing thereof by itself and/or each Permitted Licensee Entity, does not and will not violate any agreement applicable to it or a Licensee Affiliate or violate any Applicable Laws and shall conform to the characteristics in the definition of
Product herein. 
 (b) Licensee shall ensure that the Thomson Reuters Disclaimer statement contained in the applicable Schedule is used and
included in any prospectuses, registration statements and Informational Materials, relating to any Permitted Licensee Products (and upon request, shall promptly furnish copies thereof to Thomson Reuters). Any changes in the Thomson Reuters
Disclaimer statement contained in the applicable Schedule must be approved in advance in writing by an authorized representative of Thomson Reuters. 

(c) Without limiting the disclaimers set forth in this Agreement (including in any Schedule): (i) in no event shall the cumulative
liability of Thomson Reuters relating to this Agreement at any time exceed the lesser of (X) the Thomson Reuters Liability Cap (as defined below) in Section 10(b)) or (Y) aggregate the amount of Fees received by Thomson Reuters
pursuant to this Agreement prior to such time such liability first arose, and (ii) under no circumstances will either Thomson Reuters or Licensee be liable for any lost profits or indirect, punitive, special or consequential damages or losses
under or related to this Agreement, regardless of the form of action, even if such Party knows that they might occur. The foregoing limitations of this Section 9(c) shall not apply to the obligations under Sections 4, 8(b) and 8(c) or to any
infringement of the Licensed Indexes and Licensed Thomson Reuters Marks by and/or on behalf of any Licensee Affiliate. For the avoidance of doubt, in no event will Thomson Reuters have any liability with respect to the Permitted Licensee Products
other than liability related to or based on the Licensed Index or the Licensed Thomson Reuters Marks. 

  
 17 

 (d) Thomson Reuters represents to Licensee that: (i) Thomson Reuters is the owner of the
Licensed Indexes and the Licensed Thomson Reuters Marks, (ii) Thomson Reuters has the right to grant the License herein upon the provisions contained in this Agreement and the applicable Schedule, (iii) the Licensed Indexes and the
Licensed Thomson Reuters Marks do not infringe on any third party’s Intellectual Property Rights in the Licensed Territory, and (iv) no third party claim has been asserted against Thomson Reuters that the Licensed Indexes and/or the
Licensed Thomson Reuters Marks infringe on any third party’s proprietary rights. 
 (e) EXCEPT FOR THE WARRANTIES EXPRESSLY SET
FORTH IN THIS SECTION 9: (A) THE LICENSED INDEXES AND LICENSED THOMSON REUTERS MARKS ARE PROVIDED “AS IS” WITH ALL FAULTS, (B) ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND WITH REGARD TO THE LICENSED INDEXES AND LICENSED
THOMSON REUTERS MARKS ARE DISCLAIMED INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, ACCURACY, FITNESS FOR A PARTICULAR PURPOSE AND/OR AGAINST INFRINGEMENT AND/OR WARRANTIES AS TO ANY RESULTS TO BE OBTAINED BY AND/OR FROM THE USE OF
THE LICENSED INDEXES AND LICENSED THOMSON REUTERS MARKS, (C) THERE ARE NO REPRESENTATIONS OR WARRANTIES WHICH EXTEND BEYOND THE DESCRIPTION ON THE FACE OF THIS AGREEMENT, IF ANY, AND (D) THOMSON REUTERS DOES NOT GUARANTEE THE AVAILABILITY,
SEQUENCE, TIMELINESS, ACCURACY OR COMPLETENESS OF THE LICENSED INDEXES AND/OR LICENSED THOMSON REUTERS MARKS. 
  

	10.	Indemnification. 

 (a) Licensee’s Indemnification Obligation. Except
to the extent covered under Thomson Reuters’ indemnification obligations pursuant to Section 10(b), and subject to the conditions set forth in Section 10(c), the Indemnifying Licensee Entity shall indemnify and defend Thomson Reuters
and its Affiliates, and their respective officers, directors, members, employees and agents, against any and all third-party claims, demands, actions, judgments, liabilities, costs, charges and expenses (including reasonable attorneys’ and
experts’ fees) (collectively, “Losses”) in connection with any of the following to the extent they arise out of or are related to a Schedule executed by the applicable Indemnifying Licensee Entity: (I) any claim that any
of the Licensee Marks, including any permitted use within any Composite Marks (subject to the Composite Mark Liability Limitation as defined in Section 10(c)(v)), in the manner authorized by this Agreement, violates or infringes any
Intellectual Property Rights of any third-party, (II) any claim, action or proceeding that arises out of or relates to the Launch and/or Marketing of the Permitted Licensee Products, (III) any actual or alleged inaccuracy or omission in any
prospectus of any Permitted Licensee Product or supplement thereto, registration statement of any Permitted Licensee Product, periodic regulatory filing, post-effective amendment or annual report of any Permitted Licensee Product or any advertising
or promotional material generated by the Indemnifying Licensee Entity, (IV) any claim relating specifically to any adjudicated breach of any representation or warranty of Licensee set forth in Section 9 of this Agreement, and/or (V) any
violation or alleged violation of any Applicable Law with respect to any Permitted Licensee Product, including, without limitation, the Securities Act of 1933, as amended, and the rules adopted by the Commission thereunder, that arises out of any
action taken or omitted to be taken by the Indemnifying Licensee Entity, except, with respect to any of the foregoing in clauses (I)-(V), to the extent that any such Losses result from Thomson Reuters’ willful misconduct or gross negligence
related to any Licensed Index. “Indemnifying Licensee Entity” as used herein shall mean the specific Licensee entity that has executed the applicable Schedule giving rise to the indemnification obligation described above. 

  
 18 

 (b) Thomson Reuters’ Indemnification Obligation. Except to the extent covered under
an Indemnifying Licensee Entity indemnification obligation pursuant to Section 10(a), and subject to the conditions set forth in Section 10(c), Thomson Reuters shall indemnify and defend Permitted Licensee Entity, and its respective
officers, directors, members, employees and agents, against any and all Losses that arise out of or relate to: (I) any third-party claim that the Permitted Licensee Entity’s use of the Licensed Index and/or Licensed Thomson Reuters Marks,
including any permitted use within any Composite Marks (subject to the Composite Mark Liability Limitation as defined in Section 10(c)(v)), in the manner authorized by this Agreement violates or infringes any Intellectual Property Rights of any
third-party, (II) any claim relating specifically to any adjudicated breach of a representation or warranty of Thomson Reuters set forth in Section 9 of this Agreement, (III) any claim relating specifically to a violation of any law, rule or
regulation relating to the intellectual property licensed pursuant to Section 2 of this Agreement, and (IV) Thomson Reuters’ gross negligence or willful misconduct related to any Licensed Index, except, with respect to any of the foregoing
in clauses (I)-(IV), to the extent that any such Losses result from the Licensee’s or the Indemnifying Licensee Entity’s willful misconduct or gross negligence related to any Permitted Licensee Product. Notwithstanding anything to the
contrary in this Agreement, any amounts payable by Thomson Reuters or its Affiliates under this Agreement (including this Section 10(b)) and the aggregate liability of Thomson Reuters and its affiliates to the WGC Parties shall not exceed U.S.
$400,000 (such amount, the “Thomson Reuters Liability Cap”). Thomson Reuters shall not be liable or otherwise responsible to any indemnified party for payment of any amount in excess of such Thomson Reuters Liability Cap. 

If a claim is made that the Permitted Licensee Entity’s use of the Licensed Index and/or Licensed Thomson Reuters Marks in the manner
authorized by this Agreement infringes any Intellectual Property Rights of any third-party, Thomson Reuters may, in Thomson Reuters’ sole and absolute discretion, either: (A) procure for the Permitted Licensee Entity the right to continue
using the Licensed Index and/or Licensed Thomson Reuters Marks, (B) modify the Licensed Index and/or Licensed Thomson Reuters Marks to make the use noninfringing, (C) replace the Licensed Index and/or Licensed Thomson Reuters Marks with
noninfringing products, or (D) terminate the applicable Schedule upon ninety (90) calendar days prior written notice to Licensee (or such lesser time as is required by the applicable court of competent jurisdiction or third-party claiming
that the applicable materials are infringing); provided that in the event Thomson Reuters elects to proceed under (B), (C), or (D) herein, Licensee may terminate the applicable Schedule upon (60) sixty days prior written notice to Thomson
Reuters (or such lesser time as is reasonably practicable for Licensee to provide under the circumstances). 
 This Section 10(b) sets
forth Thomson Reuters’ sole and exclusive obligation and liability and Licensee’s and each Permitted Licensee Entity’s sole and exclusive remedy with respect to any claim that the Licensed Index and/or Licensed Thomson Reuters Marks
infringe any Intellectual Property Right of any third-party. 
 (c) Indemnification Conditions. Each indemnifying party’s
obligations under Section 10(a) and Section 10 (b) above are conditioned upon the following: 
 (i) The indemnifying party
receiving prompt written notice of each such claim, action or proceeding (but the failure to do so shall not relieve the indemnifying party of any liability hereunder except to the extent the indemnifying party has been materially prejudiced
therefrom). 
 (ii) The indemnifying party receiving reasonable cooperation by the indemnified party. 

  
 19 

 (iii) Subject to the provisions of Section 10(c)(iv), the indemnifying party shall have the
right to control and direct the investigation, defense and settlement of each such claim; provided however, that the indemnifying party will not accept any settlement which does not provide the indemnified party with a complete release or imposes
liability not covered by these indemnifications or places restrictions on the indemnified party without the indemnified party’s prior written consent, which consent will not be unreasonably withheld or delayed. 

(iv) If any indemnified claim shall be brought or asserted against an indemnified party and it shall have notified the indemnifying party
thereof, the indemnifying party shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified person and any others entitled to indemnification pursuant to Section 10(a) or Section 10(b) (as applicable)
that the indemnifying party may designate in any proceeding for such indemnified claim and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such
proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (A) the indemnifying party and the indemnified party shall
have mutually agreed to the contrary; (B) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; or (C) the named parties in any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interests between them. 

(v) Notwithstanding anything contained herein, Thomson Reuters shall not be liable hereunder if a claim is based on: (A) a combination of
the Licensed Index and/or Licensed Thomson Reuters Marks with items not supplied by Thomson Reuters which is not a combination authorized under this Agreement and/or the applicable Schedule, (B) modifications to the Licensed Index and/or
Licensed Thomson Reuters Marks not authorized by Thomson Reuters, (C) use of the Licensed Index and/or Licensed Thomson Reuters Marks in a manner not authorized by this Agreement, or (D) the Permitted Licensee Product unrelated to the
Licensed Index or the Licensed Thomson Reuters Marks. Notwithstanding anything to the contrary herein, each indemnifying party’s obligations as set forth in Section 10(a) and Section 10(b) as such obligations relate to third-party
infringement claims arising out of the indemnifying party’s Marks shall only apply to the extent the claim is based solely on the indemnifying party’s Marks portion of any Composite Marks (i.e., in the case of Licensee, the Licensee
Marks; and the in the case of Thomson Reuters, the Thomson Reuters Marks); and for clarity, not on: (I) the Composite Marks as a whole, and/or (II) the other party’s Marks portion thereof (collectively, the “Composite Mark
Liability Limitation”). 
  

	11.	Suspension of Performance. 

 Notwithstanding anything herein to the contrary,
neither Party shall bear responsibility or liability under this Agreement or to third parties for any damages arising out of any delay in or interruptions of performance of their respective obligations under this Agreement due to any act of God, act
of governmental authority, or act of public enemy, or due to war, the outbreak or escalation of hostilities, riot, fire, flood, civil commotion, terrorism, insurrection, strike, other work stoppage, or slow-down (except for such strike, work
stoppage or slow-down caused by the party seeking to assert the benefit of this Section 11), severe and adverse weather conditions, power failure, communications line or other technological failure, or other similar cause beyond the reasonable
control of the Party so affected; provided, however, that nothing in this Section 11 shall affect the obligations under Section 4 or Section 10. 

  
 20 

	12.	Injunctive Relief. 

 In the event of a Breaching Party’s breach of any
material provision of this Agreement and/or of a Schedule relating to the Confidential Information of the Non-breaching Party, the Breaching Party acknowledges and agrees that damages would be an inadequate remedy and that the Non-breaching Party
shall be entitled to seek preliminary and permanent injunctive relief to preserve such confidentiality or limit improper disclosure of such Confidential Information, but nothing herein shall preclude the Non-breaching Party from pursuing any other
action or remedy for any breach or threatened breach of this Agreement and/or of a Schedule. All remedies under this Section 12 shall be cumulative. 
  

	13.	Other Matters. 

 (a) This Agreement and each Schedule is each solely and
exclusively between the Parties hereto and thereto and, except to the extent otherwise expressly provided herein and/or therein, shall not be assigned or transferred, nor shall any duty hereunder be delegated, by either Party, without the prior
written consent of the other Party, which consent shall not unreasonably be withheld, and any attempt to so assign or transfer this Agreement and/or any Schedule, or delegate any duty hereunder and or thereunder without such written consent shall be
null and void. Notwithstanding the foregoing, WGC may assign (without such consent) its rights and obligations under this Agreement or any Schedule to any Affiliate that is listed as the sponsor of a Permitted Licensee Product in the registration
statement for such Permitted Licensee Product. This Agreement shall be valid and binding on the Parties and their successors and permitted assigns. 

(b) This Agreement, including the Schedules and Exhibits hereto (which are hereby expressly incorporated into and made a part of this
Agreement), constitutes the entire agreement of the Parties hereto with respect to its subject matter, and supersedes any and all previous agreements between the Parties with respect to the subject matter of this Agreement. There are no oral or
written collateral representations, agreements or understandings except as provided herein. To the extent there is any conflict between the provisions of this Agreement and the provisions of any Schedule, the provisions of such Schedule shall
control and be binding. 
 (c) No waiver, modification or amendment of any of the terms and conditions hereof shall be valid or binding
unless set forth in a written instrument signed by duly authorized representatives of both Parties. The delay or failure by either Party to insist, in any one or more instances, upon strict performance of any of the terms or conditions of this
Agreement or to exercise any right or privilege herein conferred shall not be construed as a waiver of any such term, condition, right or privilege, but the same shall continue in full force and effect. 

(d) No breach, default or threatened breach of this Agreement by either Party shall relieve the other Party of its obligations or liabilities
under this Agreement with respect to the protection of the property or proprietary nature of any property which is the subject of this Agreement. 

(e) All notices and other communications under this Agreement shall be: (i) in writing, and (ii) delivered by: (A) hand (with
receipt confirmed in writing), or (B) by registered or certified mail (return receipt requested), or (C) by facsimile transmission (with receipt confirmed in writing) and ordinary mail, to the address or facsimile number set forth below,
as applicable, or to such other address or facsimile number, as applicable, as either Party shall specify by a written notice to the other, and (iii) deemed given upon receipt. 

  
 21 

 If notice is being provided to Thomson Reuters: 

With copies to: 
 If notice is
being provided to a WGC Party: 
 Will Rhind 

WGC USA, Inc. 
 510 Madison
Avenue, 9th Floor 
 New York, NY 10022, United States of America 

Email: 
 With copies to: 

General Counsel 
 WGC USA, Inc.

 510 Madison Avenue, 9th Floor 

New York, NY 10022, United States of America 

Email: brian.bellardo@gold.org 

(f) This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of New York without reference to or
inclusion of the principles of choice of law or conflicts of law of that jurisdiction. It is the intent of the Parties that the substantive law of the State of New York govern this Agreement and not the law of any other jurisdiction incorporated
through choice of law or conflicts of law principles. Each Party agrees that any legal action, proceeding, controversy or claim between the Parties arising out of or relating to this Agreement shall be brought and prosecuted only in the United
States District Court for the Southern District of New York or in the Supreme Court of the State of New York in and for the First Judicial Department and by execution of this Agreement, each Party hereto submits to the exclusive jurisdiction of such
court (subject to removal to Federal court in accordance with applicable law in the case of any action commenced in State court) and waives any objection it might have based upon improper venue or inconvenient forum. Each Party hereto hereby waives
any right it may have in the future to a jury trial in connection with any legal action, proceeding controversy or claim between the Parties arising out of or relating to this Agreement. 

(g) Except as otherwise expressly provided herein, this Agreement is solely and exclusively for the benefit of the Parties hereto, any
Permitted Licensee Entity and their respective successors, and nothing in this Agreement, express or implied, is intended to or shall confer on any other person or entity (including any purchaser of any Permitted Licensee Products), any rights,
benefits or remedies of any nature whatsoever under or by reason of this Agreement. 
 (h) Sections 4(c), 5(h), 7(b), 7(c), 7(h), 7(i)
(except the first sentence), 7(j), 8, 10, 12 and 13 shall survive the expiration or earlier termination of this Agreement. 
 (i) The
Parties hereto are independent contractors. Nothing herein shall be construed to place the Parties in the relationship of partners or joint venturers, and neither Party shall acquire any power, other than as expressly provided in this Agreement, to
bind the other in any manner whatsoever with respect to third parties. 

  
 22 

 (j) All references herein to “reasonable efforts” shall include taking into account all
relevant commercial and regulatory factors. All references herein to “regulations” or “regulatory proceedings” shall include regulations or proceedings by self-regulatory organizations such
as securities or futures exchanges. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement will
include the corresponding masculine, feminine or neuter forms and the singular forms of nouns, pronouns, and verbs will include the plural and vice versa. The use of the words “include” or “including” in this Agreement will be by
way of example rather than by limitation. The use of the words “or,” “either” or “any” will not be exclusive. 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the Agreement Effective Date. 

 

			
	THOMSON REUTERS (MARKETS) LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WGC USA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 23 

 EXHIBIT A 

FORM OF SCHEDULE 

SCHEDULE NO.          

TO 
 INDEX LICENSE
AGREEMENT 
 THIS SCHEDULE NO. 1 (“SCHEDULE”) TO INDEX LICENSE AGREEMENT (“Agreement”), dated as of April
            , 2015, made by and between Thomson Reuters [Markets] LLC, (“Thomson Reuters”), having an office at 3 Times Square, New York, NY 10036, and [Name of WGC USA]
(“Licensee”), having an office at 510 Madison Avenue, 9th Floor, New York, New York 10022, is dated as of April [            ], 2015 (“Schedule Effective Date”),
and is made by and between Thomson Reuters and Licensee. 
 By signing below, Thomson Reuters and Licensee agree to comply with the terms of
the Agreement with respect to the matters set forth herein, all of which are hereby incorporated by reference herein. In addition, the rights and obligations pursuant to this Schedule shall extend to any Permitted Licensee Entity in accordance with
the terms of the Agreement. Capitalized terms used but not defined in this Schedule have the same meanings as in the Agreement. 
  

	 	1.	Licensed Index: [Thomson Reuters World Gold Council Global Gold Index] 

  

	 	2.	Licensed Thomso Reuters Marks: Thomson Reuters 

  

	 	3.	Permitted Licensee Entity: [Name of WGC USA; Name of Global Gold ETF]. 

  

	 	4.	Licensed Territory: Worldwide. 

  

	 	5.	Fees: 

 The Fees shall be the amount set forth in the Agreement
[            ]. 
 For the avoidance of doubt, the calculation of the fee
shall take place according to the following calculation methodology: 
 Total assets of the Permitted Licensee Product calculated in U.S.
dollars for each calendar day of the quarter shall be summed and that sum shall then be divided by the actual number of calendar days in the calendar quarter to produce quarterly average assets. The quarterly average assets shall be multiplied by
the specified fee rate to result in the quarterly fee. 
 The specified fee rate shall be divided by 365 and the resulting total shall then
be multiplied by the number of days in the quarter to produce the quarterly fee rate. 

  
 24 

 The Fees (and Taxes, if applicable) will be due and payable by Licensee by wire transfer, in
accordance with payment to be paid in accordance with the following instructions: 
 Thomson Reuters 

TAXPAYER ID                      

Fed ABA:                  

Thomson Reuters (Markets) LLC 

Account #: 
 Account Title: IB
BEST (Index Fees from [Name of Product]) 
 Attn: 
  

	 	6.	Product Exclusivity Period: The Schedule Term. 

  

	 	7.	Exclusive Territory: Worldwide. 

  

	 	8.	[Intentionally left blank.] 

  

	 	9.	Schedule Initial Term: The Schedule Initial Term shall commence as of the Schedule Effective Date and shall remain in full force and effect for a period of three (3) years; provided, however
that, if a WGC Party sponsors a Global Gold ETF, the Agreement shall remain in full force and effect, and the Schedule Initial Term shall extend until the business day immediately following the dissolution or winding down of the last Global Gold ETF
sponsored by a WGC Party, unless and until this Schedule and/or the Agreement is terminated earlier as provided herein and/or therein. 

  

	 	10.	Thomson Reuters Disclaimers: See Exhibit A (Thomson Reuters Disclaimers) attached hereto and made a part hereof. 

 

	 	11.	[Intentionally left blank.] 

  

	 	12.	Websites relating to the applicable Permitted Licensee Product: [            ] 

  
 25 

 IN WITNESS WHEREOF, the Parties have caused this Schedule to be executed as of the
Schedule Effective Date. 
  

			
	Thomson Reuters (Markets) LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[NAME OF SPONSOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[LEGAL NAME OF GLOBAL GOLD ETF]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 26 

 Exhibit A 

Thomson Reuters Disclaimers 

[Note that the correct, specific dates/names are to be used in place of the terms “2013”, 

“Permitted Licensee Product”, “Thomson Reuters”, “Licensee” and “Licensed Index,” where applicable]

 “Copyright [            ] 

The [Permitted Licensee Product] is not sponsored, endorsed, sold or promoted by Thomson Reuters, Thomson Reuters makes no representation or warranty, express
or implied, to the owners of the [Permitted Licensee Product] or any member of the public regarding the advisability of investing in securities generally or in the [Permitted Licensee Product] particularly or the ability of the [Licensed Index] to
track the investment opportunities in the commodity futures and forwards markets or otherwise achieve its objective. [Thomson Reuters’] only relationship to [Licensee] is the licensing of the [Licensed Index] which is determined, composed and
calculated by [Thomson Reuters] without regard to [Licensee] or the [Permitted Licensee Product]. [Thomson Reuters] has no obligation to take the needs of [Licensee] or the owners of the [Permitted Licensee Product] into consideration in
determining, composing or calculating the {Licensed Index]. [Thomson Reuters] is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the [Permitted Licensee Product] to be issued or in the
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