Document:

Bridge Term Loan Credit Facility Commitment Letter

 Exhibit 10.2 
 Execution Version 
  

					
	 MORGAN STANLEY SENIOR
FUNDING, INC.

1585 Broadway

New York, New York 10036
	  	 J.P. MORGAN SECURITIES
 LLC
 JPMORGAN CHASE BANK,

N.A.
 383
Madison Avenue
 New York, New York 10179
	  	 UBS SECURITIES LLC
 299 Park Avenue
 New York, New York 10171

 
 UBS LOAN FINANCE LLC

677 Washington Boulevard
 Stamford, Connecticut 06901

 July 11, 2011 

ELECTRONIC ARTS INC. 
 209 Redwood Shores
Parkway 
 Redwood City, California 94065 
 Attention:  Eric Brown, Chief Financial Officer 
 Project Plumpjack

 Commitment Letter  
 $550 million Bridge Facility 
 Ladies and Gentlemen: 

Electronic Arts Inc. (“you” or the “Borrower”) has advised Morgan Stanley Senior Funding, Inc.
(“MSSF”), J.P. Morgan Securities LLC (“JPMS”), JPMorgan Chase Bank, N.A. (“JPMCB”), UBS Securities LLC (“UBSS”) and UBS Loan Finance LLC (“UBS” and, together with
MSSF, JPMS, JPMCB and UBSS, “we”, “us” or the “Commitment Parties”) that you intend to acquire (the “Acquisition”) 100% of the outstanding capital stock of a company previously
identified to us and code-named Plumpjack (the “Target”) pursuant to a merger agreement (the “Acquisition Agreement”) between you and the Target. After giving effect to the Acquisition, Target will become a direct
or indirect wholly-owned subsidiary of the Borrower. All references to “dollars” or “$” in this Commitment Letter (as defined below) are references to United States dollars. 

We understand that the total financing required to effect the Acquisition and to pay the fees and expenses incurred in connection
therewith shall be approximately $550 million and shall be provided solely from: 
 (i) the borrowing or issuance
by the Borrower of loans or securities (the “Permanent Financing”); and/or 
 (ii) if and to the
extent that the Borrower is unable to complete the Permanent Financing, or is unable to obtain Permanent Financing with an aggregate principal amount of at least $550 million, the incurrence of senior unsecured bridge loans (the “Bridge
Loans”) under a senior bridge facility (the “Bridge Facility”), of $550 million (or, if less, $550 million minus the 

 
aggregate principal amount of Permanent Financing so borrowed or issued by the Borrower not later than the date of the borrowing of the Bridge Loans) (such amount, the “Bridge
Amount”), as described in the summary of terms and conditions attached hereto as Exhibit A (the “Term Sheet”). 
 The
Acquisition, the entering into of this Commitment Letter (as defined below), the receipt of Permanent Financing and/or the borrowings under the Bridge Facility and the related transactions contemplated by the foregoing as well as the payment of
fees, commissions and expenses in connection with each of the foregoing, are collectively referred to as the “Transactions.” No other financing will be required for the Transactions. 

1. Commitments. Each of MSSF, JPMCB and UBS is pleased to commit to provide 60%, 20% and 20%, respectively, of the Bridge
Facility subject to and on the terms and conditions set forth herein and in the Term Sheet and the additional conditions attached as Exhibit B (the “Conditions Term Sheet” and, together with the Term Sheet, the “Term
Sheets” and, the Term Sheets together with this agreement and the Fee Letter (as defined below), the “Commitment Letter”). It is agreed that MSSF, JPMS and UBSS will act as joint lead arrangers, joint book-runners and joint
syndication agents for the Bridge Facility (in such capacity, each a “Lead Arranger” and, collectively, the “Lead Arrangers”) and MSSF will act as administrative agent for the Bridge Facility (in such capacity, the
“Administrative Agent”). It is understood and agreed that MSSF and its affiliates will have “lead left” placement on all marketing materials relating to the Bridge Facility and will perform the duties and exercise the
authority customarily performed and exercised by them in such role, including acting as sole manager of the physical books. It is further agreed that no additional advisors, agents, co-agents, arrangers or bookmanagers will be appointed and no
Lender (as defined below) will receive compensation with respect to the Bridge Facility outside the terms contained in this Commitment Letter and the fee letter (the “Fee Letter”) executed simultaneously herewith in order to obtain
its commitment to participate in the Bridge Facility, in each case unless you and we so agree. 
 You agree that the closing
date of the Transactions including the closing of the Bridge Facility and, if applicable, the borrowing or issuance of the Permanent Financing (the “Closing Date”) shall be a date mutually agreed upon between you and us, but in any
event shall not occur until all of the terms and conditions in this Commitment Letter (including the conditions to initial funding) have been satisfied or waived. The commitments and other obligations of the Commitment Parties hereunder are subject
to the satisfaction or waiver of the conditions described or set forth in Exhibit B hereto. 
 Notwithstanding anything in this
Commitment Letter, the Fee Letter or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations relating to the Borrower, the Target and their respective
subsidiaries and businesses the accuracy of which shall be a condition to availability of the Bridge Facility on the Closing Date shall be (A) such of the representations made by the Target in the Acquisition Agreement that are material to the
interests of the Lenders, but only to the extent that you have the right to terminate your obligations under the Acquisition Agreement as a result of a breach of such representations in the Acquisition Agreement (the “Acquisition Agreement
Representations”) and (B) the Specified Representations (as defined below) and (ii) the terms of the Bridge Documentation shall be in a form such that they do not impair availability of the Bridge Facility on the Closing Date if
the conditions set forth in this Commitment Letter are satisfied. For purposes hereof, “Specified Representations” means the representations and warranties as to due organization, corporate power and authority; the due
authorization, execution, delivery and enforceability of the Bridge Documentation; the Bridge Documentation not conflicting with charter documents, law or contracts; solvency of the Borrower and its subsidiaries, taken as a whole after giving effect
to the Transactions, as of the Closing Date; Federal Reserve margin regulations; Investment Company Act; and Patriot Act. 

 2. Syndication. The Lead Arrangers reserve the right, prior to or after
execution of the definitive credit documentation for the Bridge Facility, to syndicate all or part of each of the Commitment Parties’ commitments for the Bridge Facility to one or more financial institutions or institutional lenders in
consultation with you. Notwithstanding the Lead Arrangers’ right to syndicate the Bridge Facility and receive commitments with respect thereto, (i) none of the Commitment Parties will be relieved, released or novated from all or any
portion of their respective commitments hereunder prior to the initial funding under the Bridge Facility, (ii) no assignment or novation by any Commitment Party shall become effective as between you and the Commitment Parties with respect to
all or any portion of any Commitment Party’s commitments in respect of the Bridge Facility until the Closing Date and (iii) unless you otherwise agree in writing, each Commitment Party shall retain exclusive control over all rights and
obligations with respect to its commitments in respect of the Bridge Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the Closing Date has occurred. Without limiting your obligations
to assist with syndication efforts as set forth herein, the Commitment Parties agree that completion of such syndication is not a condition to their respective commitments hereunder. 

The Lead Arrangers intend to commence syndication efforts promptly after the execution of this Commitment Letter by you and you agree to
actively assist the Lead Arrangers in achieving a syndication in respect of the Bridge Facility that is reasonably satisfactory to the Lead Arrangers. Such syndication will be accomplished by a variety of means, including direct contact during the
syndication for the Bridge Facility between senior management and advisors of the Target and the proposed syndicate members for the Bridge Facility (such members being referred to as the “Lenders”). The Lead Arrangers will manage
all aspects of the syndication in consultation with you, including the timing, scope and identity of potential lenders, any agency or other title designations or roles awarded to any potential lender, any compensation provided to each potential
lender from the amount paid to the Lead Arrangers pursuant to this Commitment Letter and the Fee Letter and the final allocation of the commitments in respect of the Bridge Facility among the Lenders. 

To assist the Lead Arrangers in their syndication efforts, you hereby covenant and agree: 

(a) to provide and cause you and your advisors to provide, and use commercially reasonable efforts to cause the Target,
its subsidiaries and its advisors to provide, the Lead Arrangers upon request with all information requested by the Lead Arrangers that is deemed customary and reasonably necessary by the Lead Arrangers to achieve a syndication in respect of the
Bridge Facility, including but not limited to the Projections (as defined below) and financial and other information, reports, memoranda and evaluations prepared by you, the Target or its subsidiaries or your or their respective advisors;

 (b) to assist us in the preparation of one or more confidential information memoranda (including public and
private versions thereof) and other customary marketing materials, in each case in form and substance customary for transactions of this type and otherwise satisfactory to the Lead Arrangers, to be used in connection with the syndication of the
Bridge Facility; 
 (c) to use commercially reasonable efforts to ensure that the syndication efforts of the Lead
Arrangers benefit materially from your existing lending and banking relationships and from the existing lending and banking relationships of the Target and its subsidiaries; and 

(d) to otherwise assist the Lead Arrangers in their syndication efforts, including by making available your and the
Target’s officers, representatives and advisors, in each case from time to time and to attend and make presentations regarding the business and prospects of the Borrower at one or more meetings of Lenders. 

 Without limitation of the foregoing, prior to and until the earlier of
(i) completion of the syndication of the Bridge Facility (as determined by the Commitment Parties and notified in writing to you) and (ii) the 60th day after the funding (if any) of the Bridge Facility (the “Syndication End Date”), there shall be no
competing issues of debt securities or commercial bank or other debt facilities or securitizations (including any renewals or refinancing thereof) by the Borrower, the Target or any of their respective subsidiaries or affiliates being discussed,
attempted, offered, placed or arranged (other than the Permanent Financing) without the prior written consent of the Commitment Parties, including renewals or refinancing of any existing debt (it being understood that this condition shall survive
the Closing Date as a covenant until the Syndication End Date). 
 3. Information. You represent and warrant that
(a) all written information (other than the Projections referred to below or forward-looking information and information of a general economic or industry specific nature) that has been or will hereafter be made available by or on behalf of
you, the Borrower, the Target or by any of your or their respective agents or representatives in connection with the Transactions (the “Information”) to the Commitment Parties or any of their respective affiliates, agents or
representatives or to any Lender or any potential Lender, taken as a whole and taken as a whole together with the Borrower’s filings with the Securities and Exchange Commission, is and will be complete and correct in all material respects and
does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not misleading in the light of the circumstances under which such statements were or
are made and (b) all financial projections (the “Projections”), if any, that have been or will be prepared by you or on your behalf or by any of your representatives and made available to the Commitment Parties or any of their
respective affiliates, agents or representatives or to any Lender or any potential Lender in connection with the Transactions have been or will be prepared in good faith based upon reasonable assumptions (it being understood that such projections
are subject to significant uncertainties and contingencies and that no assurance can be given that any particular projections will be realized and that variances between actual results and projected results can be material). You agree that, if at
any time prior to the Closing Date and, if requested by us, for such period (not to exceed 60 days) thereafter as is necessary to complete the syndication of the Bridge Facility, any of the representations or warranties in the preceding sentence
would be incorrect in any material respect if the Information or Projections were being furnished, and such representations and warranties were being made, at such time, then you will use commercially reasonable efforts to promptly supplement, or
cause to be supplemented, the Information and Projections so that such representations and warranties will be correct in all material respects at such time. You also agree to promptly advise the Lead Arrangers, the Commitment Parties and the Lenders
of all developments of which the Borrower is aware that materially affects the Borrower, the Target, any of their respective subsidiaries or affiliates or the Transactions. You agree that, in issuing the commitments hereunder and in arranging and
syndicating the Bridge Facility, we will be entitled to use and rely on the Information and the Projections furnished by you or on your behalf or on behalf of the Target without independent verification thereof. 

You agree that the Lead Arrangers may make available any Information and Projections (collectively, the “Company
Materials”) to potential Lenders by posting the Company Materials on IntraLinks, the Internet or another similar electronic system (the “Platform”). You further agree to assist, at the request of the Lead Arrangers, in the
preparation of a version of a confidential information memorandum and other marketing materials and presentations to be used in connection with the syndication of the Bridge Facility, consisting exclusively of information or documentation that is
either (i) publicly available (or contained in any prospectus or other offering memorandum for the Permanent Financing) or (ii) not material with respect to the Borrower, the Target or their respective subsidiaries or any of their
respective securities for purposes of foreign, United States federal and state securities laws (all such information and documentation being “Public Lender Information”). Any information and documentation that is not Public Lender
Information is referred to herein as “Private Lender Information.” You 

 
further agree that each document to be disseminated by the Lead Arrangers to any Lender or potential Lender in connection with the syndication of the Bridge Facility will be identified by you as
either (i) containing Private Lender Information or (ii) containing solely Public Lender Information. You acknowledge that the following documents will contain solely Public Lender Information: (i) drafts and final definitive
documentation with respect to the Bridge Facility; (ii) administrative materials prepared by the Lead Arrangers for potential Lenders (e.g. a lender meeting invitation, allocation and/or funding and closing memoranda); and
(iii) notification of changes in the terms of the Bridge Facility. 
 4. Costs, Expenses and Fees. You agree
to pay or reimburse the Lead Arrangers, the Administrative Agent and the Commitment Parties for all reasonable and documented costs and out-of-pocket expenses incurred by the Lead Arrangers, the Administrative Agent and the Commitment Parties or
their respective affiliates (whether incurred before or after the date hereof) in connection with the Bridge Facility and the preparation, negotiation, execution and delivery of this Commitment Letter and Fee Letter and the Bridge Documentation,
including without limitation, the reasonable and documented fees and disbursements of a single legal counsel, regardless of whether any of the Transactions is consummated. You further agree to pay all reasonable and documented costs and
out-of-pocket expenses of the Lead Arrangers, the Administrative Agent and the Commitment Parties and their respective affiliates (including, without limitation, the reasonable and documented fees and disbursements of legal counsel) incurred in
connection with the enforcement of any of its rights and remedies hereunder (provided that you shall not be responsible hereunder for the fees and expenses of more than one counsel in connection with any such enforcement action in the same
jurisdiction). In addition, you hereby agree to pay when and as due the fees described in the Fee Letter. Once paid, such fees shall not be refundable under any circumstances, except as set forth in the Fee Letter. The terms of the Fee Letter are an
integral part of each Commitment Party’s commitment hereunder and constitute part of this Commitment Letter for all purposes hereof, and compliance with the terms thereof is a condition precedent to each Commitment Party’s commitment
hereunder. 
 5. Indemnity. You agree to indemnify and hold harmless each of the Lead Arrangers, the
Administrative Agent and Lenders and their respective affiliates (including, without limitation, controlling persons) and each director, officer, employee, advisor, agent, affiliate, successor, partner, representative and assign of each of the
forgoing (each an “Indemnified Person”) from and against any and all actions, suits, investigation, inquiry, claims, losses, damages, liabilities, expenses or proceedings of any kind or nature whatsoever which may be incurred by or
asserted against or involve any such Indemnified Person as a result of or arising out of or in any way related to or resulting from this Commitment Letter, the Fee Letter, the Bridge Facility, the use of proceeds thereof, the Transactions or the
other transactions contemplated thereby (regardless of whether any such Indemnified Person is a party thereto and regardless of whether such matter is initiated by a third party or otherwise) (any of the foregoing, a “Proceeding”),
and you agree to reimburse each Indemnified Person within 15 days of written demand for any reasonable and documented legal or other out-of-pocket expenses incurred in connection with investigating, defending, preparing to defend or participating in
any such Proceeding; provided, however, that no Indemnified Person will be indemnified for any such cost, expense or liability (a) to the extent determined by a judgment of a court of competent jurisdiction to have resulted from
(i) the gross negligence or willful misconduct of such Indemnified Person, (ii) a material breach by such Indemnified Person of its express obligations under this Commitment Letter or (iii) any settlement entered into by such
Indemnified Person without the Borrower’s consent (which consent shall not be unreasonably withheld, delayed or conditioned) or (b) arising out of or in connection with any claim, litigation, investigation or proceeding that does not
involve an act or omission of the Borrower or any of its affiliates or agents or the performance by any Commitment Party or its affiliates of its role as agent or arranger of the Bridge Facility and that is brought by one Indemnified Person against
another Indemnified Person. In no event shall you be responsible hereunder for the fees and expenses of more than one counsel for all Indemnified Persons in connection with an action, claim, suit, investigation or proceeding in the same
jurisdiction. In the case of any 

 
Proceeding to which the indemnity in this paragraph applies, such indemnity and reimbursement obligations shall be effective, whether or not such Proceeding is brought by you, the Target, any of
your or their respective securityholders or creditors, an Indemnified Person or any other person, or an Indemnified Person is otherwise a party thereto and whether or not any aspect of the Commitment Letter, the Fee Letter, the Bridge Facility or
any of the Transactions is consummated. Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person shall be responsible or liable for damages arising from the unauthorized use by others of information or other
materials obtained through internet, electronic, telecommunications or other information transmission and (ii) no Indemnified Person shall have any liability (whether direct or indirect, in contract, tort or otherwise) to you, the Target, or
any of your or their respective securityholders or creditors arising out of, related to or in connection with the Commitment Letter, the Fee Letter, the Bridge Facility or any of the Transactions or the other transactions contemplated thereby,
except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a judgment by a court of competent jurisdiction to have resulted from such Indemnified Person’s gross negligence or willful
misconduct, and it is further agreed that the Indemnified Person shall have liability only to you (as opposed to any other person). 
 You will not, without the prior written consent of the Indemnified Person, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any Proceeding in respect of which
indemnification may be sought hereunder (whether or not any Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of each Indemnified Person from all liability
arising out of such Proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability, or a failure to act by or on behalf of such Indemnified Person. 

6. Confidentiality. This Commitment Letter is furnished solely for your benefit, and may not be relied upon or enforced by
any other person or entity other than the parties hereto, the Lenders and the Indemnified Persons. This Commitment Letter is delivered to you on the condition that neither the existence of this Commitment Letter nor the Fee Letter nor any of their
contents shall be disclosed, directly or indirectly, to any other person or entity except (i) to your directors, officers, employees and advisors and the directors, officers and advisors of the Target, in each case on a “need-to-know”
basis and only in connection with the evaluation of the Transactions, (ii) as may be compelled in a judicial or administrative proceeding or as otherwise required by law, (iii) in the case of this Commitment Letter and the contents hereof
(but not the Fee Letter and the contents thereof), as you may determine is reasonably advisable to comply with your obligations under securities and other applicable laws and regulations, and (iv) in the case of this Commitment Letter, to any
ratings agency on a confidential basis (but not the Fee Letter and the contents thereof unless redacted in a form acceptable to the Commitment Parties in their sole discretion). Each Commitment Party shall maintain the confidentiality of the
information received from you or any of your subsidiaries that is not available to that Commitment Party on a nonconfidential basis prior to disclosure by you or any of your subsidiaries, except that information may be disclosed (a) to its
affiliates and to its and its affiliates’ respective managers, administrators, trustees, partners, directors, members, officers, employees, agents, advisors and other representatives who are involved in the transactions contemplated hereby or
otherwise have a need to know (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (b) to the extent
required or requested by any regulatory authority purporting to have jurisdiction over it, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Commitment
Letter or any assignee or participant or prospective assignee or participant under the Bridge Facility, (e) in connection with the administration of this Commitment Letter, (f) with your consent or (g) to the extent such information
(x) becomes publicly available other than as a result of a breach of this provision or any other breach of an obligation of confidentiality or (y) become available on a non-confidential basis to the Commitment Party from a source other
than you. Any person required to maintain the confidentiality of 

 
information as provided in the preceding sentence shall be considered to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the
confidentiality of such information as such person would accord to its own confidential information, but in no event less than a reasonable degree of care. Notwithstanding any other provision of this Commitment Letter, the obligations under this
Section 6 shall terminate on the second anniversary of the date hereof. 
 7. Patriot Act. We hereby notify
you that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (as amended, the “Patriot Act”), we and the other Lenders are required to obtain, verify and record information that identifies the Borrower,
the Target and their respective subsidiaries, which information includes the name, address, tax identification number and other information regarding them that will allow any of us or such Lender to identify the Borrower and the Target in accordance
with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective on behalf of each Commitment Party and each other Lender. 
 8. Governing Law etc. This Commitment Letter and the Fee Letter shall be governed by, and construed in accordance with the laws of the State of New York without regard to principles of
conflicts of law to the extent that the application of the laws of another jurisdiction will be required thereby. Any right to trial by jury with respect to any claim, action, suit or proceeding arising out of or contemplated by this Commitment
Letter and/or the related Fee Letter is hereby waived. The parties hereto hereby irrevocably and unconditionally submit to the exclusive jurisdiction of the federal and New York State courts located in the City of New York, Borough of Manhattan
(and appellate courts thereof) in connection with any dispute related to this Commitment Letter or the Fee Letter or any matters contemplated hereby or thereby and agree that any service of process, summons, notice or document by registered mail
addressed to such party shall be effective service of process for any suit, action or proceeding relating to any such dispute. The parties hereto irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or
proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding may be enforced in any jurisdiction by suit on the
judgment or in any other manner provided by law. Nothing herein will affect the right of any party hereto to serve legal process in any other manner permitted by law or affect such party’s right to bring any suit, action or proceeding against
any other party hereto or its or their property in the courts of other jurisdictions for purposes of enforcing a judgment received in accordance with the foregoing provisions of this paragraph. 

9. Other Activities; No Fiduciary Relationship; Other Terms. 

As you know, each of the Commitment Parties (in this paragraph, including its respective affiliates) is a full service securities firm
engaged, either directly or indirectly through its affiliates in various activities, including securities trading, investment management, financing and brokerage activities and financial planning and benefits counseling for both companies and
individuals. In the ordinary course of these activities, each Commitment Party or its respective affiliates may actively trade the debt and equity securities (or related derivative securities) of the Borrower or other companies which may be the
subject of the arrangements contemplated by this Commitment Letter for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities. Each Commitment Party or its respective affiliates
may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in
securities or other debt obligations of the Borrower or other companies which may be the subject of the arrangements contemplated by this Commitment Letter. 

 The Lead Arrangers, the Administrative Agent and the Commitment Parties and their respective
affiliates may have economic interests that conflict with those of the Target or the Borrower and may provide financing or other services to parties whose interests conflict with yours. You agree that each Lead Arranger, the Administrative Agent and
each Commitment Party will act under this agreement as an independent contractor and that nothing in this Commitment Letter or the Fee Letter or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other
implied duty between the Lead Arrangers, the Administrative Agent and the Commitment Parties on the one hand and the Target or the Borrower, or their respective management, stockholders or affiliates on the other hand. You acknowledge and agree that
(i) the transactions contemplated by this Commitment Letter and the Fee Letter are arm’s-length commercial transactions between the Lead Arrangers, the Administrative Agent and the Commitment Parties, on the one hand, and you, on the
other, (ii) in connection therewith and with the process leading to such transaction, each Commitment Party is acting solely as a principal and not as a fiduciary of the Borrower, its management, stockholders, creditors or any other person,
(iii) the Lead Arrangers, the Administrative Agent and the Commitment Parties have not assumed an advisory or fiduciary responsibility in favor of you with respect to the Transactions or the process leading thereto (irrespective of whether the
Lead Arrangers, the Administrative Agent or the Commitment Parties or any of their respective affiliates had advised or is currently advising you on other matters) or any other obligation to you except the obligations expressly set forth in this
Commitment Letter and the Fee Letter and (iv) you have consulted your own legal and financial advisors to the extent you deem appropriate. 
 You further acknowledge and agree that you and your respective subsidiaries are responsible for making your own independent judgment with respect to the Transactions and the process leading thereto. In
addition, please note that the Lead Arrangers, the Administrative Agent and the Commitment Parties and their respective affiliates do not provide accounting, tax or legal advice. You and your respective subsidiaries agree that you will not claim
that the Lead Arrangers, the Administrative Agent or the Commitment Parties or any of their respective affiliates has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to you or your subsidiaries, in connection
with the Transactions or the process leading thereto. 
 We reserve the right to employ the services of one or more of our
affiliates in providing services contemplated by this Commitment Letter and to allocate, in whole or in part, to such affiliates certain fees payable to us in such manner as we and such affiliates may agree in our sole discretion. You also agree
that the Commitment Parties may at any time and from time to time assign all or any portion of its respective commitments hereunder to one or more of its respective affiliates. You acknowledge that the Commitment Parties may share with any of their
respective affiliates, and such affiliates may share with the Commitment Parties, any information related to the Transactions, you, the Target, any of your or their subsidiaries or any of the matters contemplated hereby in connection with the
Transactions; provided, however, that we shall not, and shall cause our affiliates not to, use confidential information obtained from you except in connection with our services to and relationships with you or as otherwise provided by
Section 6 hereof. 
 10. Acceptance, Termination, Amendment, etc. Please indicate your acceptance of the
terms of this Commitment Letter and the Fee Letter by returning to us executed counterparts hereof and thereof by no later than 5:00 p.m., New York time, on July 18, 2011. Thereafter, the commitments and other obligations of the Commitment
Parties set forth in this Commitment Letter shall automatically terminate unless each of the Lenders shall in their discretion agree to an extension, upon the earliest to occur of (i) the execution and delivery of Bridge Documentation by all of
the parties thereto and the consummation of the Acquisition;(ii) October 11, 2011, if the Bridge Documentation shall not have been executed and delivered by all such parties thereto; and (iii) the date of termination or abandonment of
the Acquisition Agreement. In addition, each of the Commitment Parties’ commitments hereunder to provide 

 
the Bridge Facility will terminate upon the borrowing or issuance of the Permanent Financing in an aggregate principal amount of at least $550 million. 

This Commitment Letter and the Fee Letter constitute the entire agreement and understanding between you and your subsidiaries and
affiliates and the Commitment Parties with respect to the Bridge Facility and supersedes all prior written or oral agreements and understandings relating to the specific matters hereof. No individual has been authorized by any of the Commitment
Parties or any of their respective affiliates to make any oral or written statements that are inconsistent with this Commitment Letter or the Fee Letter. 
 Headings are for convenience of reference only and shall not affect the construction of, or be taken into consideration when interpreting, this Commitment Letter. Delivery of an executed counterpart of a
signature page to this Commitment Letter and the Fee Letter by facsimile or electronic .pdf shall be effective as delivery of a manually executed counterpart of this Commitment Letter and the Fee Letter. This Commitment Letter and the Fee Letter may
be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which counterpart shall be an original, but all of which shall together constitute one and the same instrument. The provisions of
Section 2, 3, 4, 5, 6, 8, 9 and this Section 10 shall survive termination of this Commitment Letter, provided that Sections 2 and 3 shall survive only if the Closing Date occurs. This Commitment Letter may not be amended or any
provision hereof waived or modified except by an instrument in writing signed by the parties hereto. This Commitment Letter shall not be assignable by you without our prior written consent and any purported assignment without such consent shall be
null and void. Notwithstanding anything herein to the contrary, this Commitment Letter is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other
than the parties hereto (and any Indemnified Persons). 
 [Remainder of page intentionally left blank] 

 We are pleased to have given the opportunity to assist you in connection with the financing
for the Transactions. 
  

			
	Very truly yours,
	
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	 By:
	 	 /s/ Andrew Earls

		 	Name:  Andrew Earls
		 	Title:     Authorized Signatory

 
			
	J.P. MORGAN SECURITIES LLC
		
	 By:
	 	     /s/ Natalia Klykova

		 	    Name: Natalia Klykova
		 	    Title: Executive Director
	
	 JPMORGAN CHASE BANK, N.A.

		
	 By:
	 	     /s/ Peter B. Thauer

		 	    Name: Peter B. Thauer
		 	    Title: Executive Director

 
			
	UBS SECURITIES LLC
		
	By:	 	     /s/ David W.
Barth

			
	Name:	 	David W. Barth
	Title:	 	Managing Director, High Yield Capital Markets

			
		
	By:	 	     /s/ Michael
Lawton

			
		 	Name: Michael Lawton
		 	Title: Director
	
	UBS LOAN FINANCE LLC

			
		
	By:	 	     /s/ David W.
Barth

			
	Name:	 	David W. Barth
	Title:	 	Managing Director, High Yield Capital Markets

			
		
	By:	 	     /s/ Michael
Lawton

			
		 	Name: Michael Lawton
		 	Title: Director

 Agreed to and accepted as of 
 the date first written above: 
  

					
	ELECTRONIC ARTS INC.	 	
		
	By:	 	     /s/ Eric Brown

		 	    Name: Eric Brown
		 	    Title: Executive Vice President, Chief Financial Officer

 EXHIBIT A 
 $550 MILLION SENIOR UNSECURED BRIDGE FACILITY  
 SUMMARY OF
TERMS AND CONDITIONS 
 All capitalized terms used herein but not defined shall have the meanings provided in the Commitment Letter to
which this Summary of Terms and Conditions is attached. 
  

	 Borrower:  
	Electronic Arts Inc. (the “Borrower”). The Borrower will own all of the capital stock of the Target, directly or through a wholly-owned subsidiary, on the Closing Date.

  

	 Administrative Agent: 
	Morgan Stanley Senior Funding, Inc. (“MSSF” or the “Administrative Agent”). 

Lead Arrangers;  

	 Joint Bookrunners: 
	Each of Morgan Stanley Senior Funding, Inc., J.P. Morgan Securities LLC and UBS Securities LLC (in such capacity, each a “Lead Arranger” and, collectively, the “Lead
Arrangers”). 

  

	 Lenders:  
	MSSF and a syndicate of financial institutions and institutional lenders arranged by the Lead Arrangers in consultation with the Borrower. 

 

	 Ranking:  
	The Bridge Loans will rank senior to all subordinated indebtedness of the Borrower and will rank pari passu to all senior debt of the Borrower. 

 

	 Guarantors:  
	The Bridge Facility will be guaranteed on a senior basis by each of the Borrower’s existing and subsequently acquired or organized direct and indirect wholly-owned material subsidiaries
(each having in excess of 5% of the consolidated assets or revenue of the Borrower), other than subsidiaries organized and existing outside of the United States (each a “Guarantor” and, collectively, the
“Guarantors”), provided that the consolidated assets and revenues of the Borrower and Guarantors (excluding subsidiaries that are not Guarantors) shall not be less than 75% of the consolidated assets and revenues of the
Borrower and all of its domestic subsidiaries. The guarantees will rank senior to all subordinated indebtedness of a Guarantor and will rank pari passu to all other senior indebtedness of such Guarantor. 

 

	 Bridge Facility:  
	A senior unsecured increasing rate bridge facility (the “Bridge Facility”) with loans in an aggregate principal amount equal to the excess of (i) $550 million over
(ii) the aggregate principal amount of loans or securities (the “Permanent Financing”) (if any) issued by the Borrower after the date of the Commitment Letter but not later than the Closing Date (such amount, the
“Bridge Committed Amount”). 

	 Maturity and Amortization:  
	The Bridge Facility shall mature on the first anniversary of the Closing Date (the “Maturity Date”). There shall be no amortization in respect of the Bridge Loans.

  

	 Purpose and Availability:  
	Upon satisfaction or waiver of the conditions precedent to drawing to be specified in the Bridge Documentation (which shall be as specified in Section 1 of the Commitment Letter), the
Bridge Facility will be available in a single borrowing on the Closing Date in an amount not in excess of the Bridge Committed Amount, and shall be utilized (a) to finance the Acquisition and (b) to pay fees and expenses incurred in
connection with the Transactions. Once repaid, no amount of the Bridge Loans may be reborrowed. 

  

	 Security: 
	None. 

  

	 Interest:  
	The Bridge Loans will accrue interest at a rate per annum equal to the three-month London Interbank Offered Rate (“LIBOR”) as determined by the Administrative Agent for a
corresponding U.S. dollar deposit amount (adjusted quarterly) plus a spread (the “Spread”) in effect from time to time. The Spread will initially be 162.5 basis points, and will increase by an incremental 25 basis points on each of
the 90th day, the 180th day and the 270th day after the Closing Date (each, an “Increase
Date”). LIBOR will be adjusted for maximum statutory reserve requirements (if any). 

  

	 	Interest on the Bridge Loans will be payable in arrears on each Increase Date and on the Maturity Date. Calculation of interest shall be on the basis of actual days
elapsed in a year of 360 days. 

  

	 Default Interest:  
	Upon the occurrence and during the continuance of a payment default, interest will accrue on the amount of any loan or other amount outstanding under the Bridge Facility at a rate of
2.0% per annum plus the interest rate otherwise applicable to the loans under the Bridge Facility and will be payable on demand. 

  

	 Mandatory Prepayments:  
	The Borrower will be required to prepay Bridge Loans in an amount equal to: (a) 100% of the net cash proceeds received from the sale or other disposition of all or any part of the assets of
the Borrower or any of its subsidiaries after the Closing Date (including deemed dispositions through casualty insurance and similar events) other than sales of inventory in the ordinary course of business and other exceptions to be agreed and other
than amounts reinvested in assets to be used in the Borrower’s business within 12 months of such disposition and (b) 100% of the net cash proceeds received by the Borrower or any of its subsidiaries from the issuance after the Closing Date
of any (i) Permanent Financing or, (ii) with exceptions to be agreed, other long-term debt financing. 

	 Optional Prepayments: 
	The Bridge Loans may be prepaid, in whole or in part, at the option of the Borrower, at any time with prior notice, at par plus accrued and unpaid interest and breakage costs and in minimum
amounts to be agreed. 

 Conditions Precedent to  

	 Funding:  
	Conditions precedent to borrowing under the Bridge Facility shall be limited to those set forth in Exhibit B to the Commitment Letter. 

 

	 Representations and Warranties:  
	Representations and warranties applicable to the Borrower and its subsidiaries shall be limited to the following (with customary qualifications): corporate existence; corporate power and
authority; non-contravention and enforceability of the Bridge Documentation; no conflicts with law or contractual obligations; accuracy and completeness of financial and other information (including pro forma financial information); no material
adverse change; compliance with applicable laws and regulations, including ERISA, environmental laws and Federal Reserve regulations; accuracy and completeness of disclosure, absence of undisclosed liabilities; consents; ownership of property; no
liens; absence of burdensome restrictions; intellectual property; Patriot Act and anti-terrorism law compliance; subsidiaries; status as senior debt; no material litigation; inapplicability of the Investment Company Act of 1940; solvency as of the
Closing Date; payment of taxes and other obligations; and no default or event of default. 

  

	 Affirmative Covenants: 
	Affirmative covenants, applicable to the Borrower and its subsidiaries, shall be limited to the following (subject to thresholds, limitations and/or exceptions to be negotiated and reflected in
the Bridge Documentation): delivery of certified quarterly and audited annual financial statements, accountants’ letters, reports to shareholders, notices of defaults, litigation and other material events, compliance certificates and other
information customarily supplied in a transaction of this type; compliance with applicable laws and regulations, including ERISA, environmental laws and Federal Reserve regulations; payment of taxes and other obligations; maintenance of appropriate
and adequate insurance; use of proceeds; preservation of corporate existence, rights (charter and statutory), franchises, permits, licenses and approvals; annual visitation and inspection rights; keeping of proper books and records; maintenance of
properties; performance of material contracts; and commercially reasonable efforts to maintain public corporate credit/family ratings of the Borrower, in each case on customary terms. 

 

	 Negative Covenants:  
	Negative covenants, applicable to the Borrower and its subsidiaries, shall be limited to the following (subject to thresholds and/or exceptions to be negotiated and reflected in the Bridge
Documentation): 

	 	1.	Limitations on liens. 

  

	 	2.	Limitations on debt (including, without limitation, guaranties and other contingent obligations, and including the subordination of all intercompany indebtedness on
terms satisfactory to the Lenders) and any prepayment, redemption or repurchase of such debt. 

  

	 	3.	Limitations on sale-leaseback transactions. 

  

	 	4.	Limitations on mergers, consolidations and acquisitions. 

  

	 	5.	Limitations on sales, transfers and other dispositions of assets. 

  

	 	6.	Limitations on investments. 

  

	 	7.	Limitations on dividends and other distributions, stock repurchases and redemptions and other restricted payments. 

 

	 	8.	Limitations on restrictions affecting subsidiaries. 

  

	 	9.	Limitations on transactions with affiliates. 

  

	 	10.	Limitations on changes in (i) the nature of their business, (ii) accounting policies or (iii) fiscal year. 

 

	 Financial Covenants:  
	None. 

  

	 Events of Default:  
	Events of default shall be limited to the following: failure to pay principal when due or interest or other amounts within a specified grace period (to be determined) after the same becomes due;
breach of representations, warranties or covenants; cross-default and cross-acceleration; bankruptcy and insolvency events; judgment defaults; actual or asserted invalidity or impairment of the Bridge Documentation, guarantees or subordination
provisions (of subordinated debt); standard ERISA defaults; and change of control. 

  

	 Expenses and Indemnity: 
	 The Borrower shall pay or reimburse all reasonable and documented costs and out-of-pocket expenses incurred in connection with the syndication of the Bridge Facility and with the
preparation, negotiation, execution and delivery of the Bridge Documentation, including without limitation, the reasonable and documented fees and disbursements of a single legal counsel. You further agree to pay all reasonable and documented costs
and out-of-pocket expenses of the Administrative Agent, the Lenders and their respective affiliates (including, without limitation, the reasonable and documented fees and disbursements of legal counsel incurred in connection with the administration,
amendment, waiver or modification (including proposed amendments, 

	 	 
waivers or modifications) of, and enforcement of any of its rights and remedies under, the Bridge Documentation (provided that you shall not be responsible hereunder for the fees and
expenses of more than one counsel in connection with any such enforcement action in the same jurisdiction). 

  

	 	The Borrower will indemnify the Lenders, the Lead Arrangers, the Administrative Agent and their respective affiliates, and hold them harmless from and against all
reasonable and documented out-of-pocket costs, expenses (including but not limited to reasonable and documented legal fees and expenses of legal counsel and liabilities arising out of or relating to the Transactions and any actual or proposed use of
the proceeds of any loans made under the Bridge Facility; provided, however, that no such person will be indemnified for costs, expenses or liabilities (i) to the extent determined by a judgment of a court of competent
jurisdiction to have been incurred from the gross negligence or willful misconduct of such person, a material breach by such person of its express obligations under the Bridge Facility or any settlement entered into by such person without the
Borrower’s consent (which consent shall not be unreasonably withheld, delayed or conditioned) or (ii) arising out of or in connection with any claim, litigation, investigation or proceeding that does not involve an act or omission of the
Borrower or any of its affiliates or agents or the performance by any Commitment Party or its affiliates of its role as agent or arranger of the Bridge Facility and that is brought by one such person against another such person. The Borrower will
not be responsible under the indemnity for the fees and expenses of more than one counsel for all indemnified persons in connection with an action, claim, suit, investigation or proceeding in the same jurisdiction. 

 

	 Waivers and Amendments: 
	Amendments and waivers of the provisions of the Bridge Documentation shall require the approval of Lenders holding not less than a majority of the aggregate principal amount of the loans and
commitments under the Bridge Facility; provided that (a) the consent of each affected Lender shall be required with respect to (i) increases in the commitment of such Lender; (ii) reductions of principal, interest or fees;
(iii) extensions of the final maturity date and (iv) releases of all or substantially all of the guarantees and (b) the consent of all of the Lenders shall be required with respect to modification of the voting percentages (or any of
the applicable definitions related thereto). 

  

	 Assignments and Participations:  
	 Each Lender may assign all or, subject to minimum amounts to be agreed, a portion of its loans and commitments under the Bridge Facility. Assignments will require payment of an
administrative fee to the Administrative Agent and, except for an assignment to an existing Lender or an affiliate of an existing Lender and, in the case of the Borrower, during the continuance of an Event of Default (as defined in the Bridge
Documentation), 

	 	 
the consent of the Administrative Agent and the Borrower (which consent shall not be unreasonably withheld, delayed or conditioned). In addition, each Lender may sell participations in all or a
portion of its loans and commitments under the Bridge Facility; provided that no purchaser of a participation shall have the right to exercise or to cause the selling Lender to exercise voting rights in respect of the Bridge Facility (except
as to certain basic issues). 

 Yield Protection, Taxes and  

	 Other Deductions: 
	The Bridge Documentation will contain customary provisions for facilities of this kind, including, without limitation, in respect of breakage and redeployment costs, increased costs, funding
losses, capital adequacy, illegality, requirements of law. All payments shall be free and clear of any present or future taxes, withholdings or other deductions whatsoever (other than income taxes in the jurisdiction of a Lender’s applicable
lending office and other customarily excluded taxes). 

  

	 Governing Law:  
	The State of New York. Each party to the Bridge Documentation will waive the right to trial by jury and will consent to the exclusive jurisdiction of the state and federal courts located in The
Borough of Manhattan, The City of New York. 

 Counsel to the  

	 Administrative Agent:  
	Davis Polk & Wardwell LLP. 

 EXHIBIT B 
 CONDITIONS PRECEDENT  
 $550 MILLION BRIDGE FACILITY

 Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this
Exhibit B is attached. 
 The commitments of the Lenders in respect of the Bridge Facility and the closing and the initial extension of credit
thereunder will be subject to satisfaction of the following conditions precedent: 
 (a) Consummation of the
Acquisition. The Lead Arrangers shall have reviewed, and be satisfied with, the Acquisition Agreement (it being understood that the Lead Arrangers are satisfied with the draft acquisition agreement dated July 11, 2011 (the “Draft
Acquisition Agreement”) received by the Lead Arrangers at 5:13 p.m., New York time, on July 11, 2011). The Acquisition and the other Transactions shall be consummated concurrently with the initial funding of the Bridge Facility in
compliance with applicable law and in accordance with the Acquisition Agreement, without waiver or amendment thereof or any consent thereunder (including any change in the purchase price) in any material respect by the Borrower in a manner
materially adverse to the Lenders unless consented to by the Lead Arrangers (provided that the Borrower may waive the condition precedent to the closing of the Acquisition specified in Section 6.2(b) of the Acquisition Agreement without
the consent of the Lenders). 
 (b) Fees and Expenses. The Borrower shall have paid any fees then due and
payable under the Fee Letter. All accrued costs, fees and expenses (including legal fees and expenses and the fees and expenses of any other advisors) that have been invoiced at least two business days prior to the Closing Date that are payable to
the Administrative Agent, the Lead Arrangers and the Lenders shall have been paid. 
 (c) Bridge
Documentation. The Bridge Documentation shall be executed and delivered in form and substance reasonably satisfactory to the Administrative Agent and its counsel, including without limitation credit agreements, guaranties and other documentation
reflecting the terms and conditions set forth herein and in the Term Sheets. 
 (d) Material Adverse
Effect. Since May 31, 2011 through the date hereof, there shall not have occurred or be continuing any Target Material Adverse Effect unless (i) the Borrower waives the condition precedent to the closing of the Acquisition specified in
Section 6.2(b) of the Acquisition Agreement and (ii) there shall not have occurred and be continuing any Borrower Material Adverse Effect since March 31, 2011. A “Target Material Adverse Effect” shall mean any change,
event, violation, inaccuracy, circumstance or effect (any such item, an “Effect”), individually or when taken together with all other Effects that have occurred prior to the date of determination of the occurrence of the Target
Material Adverse Effect, that is or is reasonably likely to (a) be materially adverse to the business, assets (including intangible assets), liabilities, capitalization, financial condition or results of operations of the Target and its
Subsidiaries (as defined in the Acquisition Agreement) taken as a whole, provided, however, that in no event shall any Effect to the extent resulting from (in each case, only to such extent) any of the following, either alone or in
combination, be taken into account in determining whether there has been a Target Material Adverse Effect: (i) any change in economic conditions in the United States or global economy or capital or financial markets generally that does not
disproportionately 

 
affect the Target and its Subsidiaries taken as a whole, (ii) any change in economic conditions generally affecting industries in which the Target conducts business that does not
disproportionately affect the Target and its Subsidiaries taken as a whole, (iii) any change in GAAP (as defined in the Acquisition Agreement) or (iv) the announcement or pendency of the Merger (as defined in the Acquisition Agreement); or
(b) materially impede the authority of the parties to consummate the transactions contemplated by the Acquisition Agreement in accordance with the terms hereof and applicable Legal Requirements (as defined in the Acquisition Agreement). A
“Borrower Material Adverse Effect” shall mean any Effect, individually or when taken together with all other Effects that have occurred prior to the date of determination of the occurrence of the Borrower Material Adverse Effect,
that is or is reasonably likely to be materially adverse to the business, assets (including intangible assets), liabilities, capitalization, financial condition or results of operations of the Borrower and its subsidiaries taken as a whole,
provided, however, that in no event shall any Effect to the extent resulting from (in each case, only to such extent) any of the following, either alone or in combination, be taken into account in determining whether there has been a
Borrower Material Adverse Effect: (i) any change in economic conditions in the United States or global economy or capital or financial markets generally that does not disproportionately affect the Borrower and its subsidiaries taken as a whole,
(ii) any change in economic conditions generally affecting industries in which the Borrower conducts business that does not disproportionately affect the Borrower and its subsidiaries taken as a whole, (iii) any change in GAAP or
(iv) the announcement or pendency of the Merger. 
 (e) Representations and Warranties. All
Acquisition Agreement Representations shall be true and correct to the extent set forth in the last paragraph of Section 1 of the Commitment Letter. All Specified Representations shall be true and correct in all material respects (except that
any Specified Representation that is qualified as to “materiality”, “material adverse effect” or similar language shall be true and correct in all respects (after giving effect to any such qualification therein)). 

(f) Notice of Borrowing. The Administrative Agent shall have received a notice of borrowing in accordance with the
terms of the Bridge Documentation. 
 (g) Patriot Act. The Borrower and each of the Guarantors shall have
provided the documentation and other information to the Lenders that are required by regulatory authorities under the applicable “know-your-customer” rules and regulations, including the Patriot Act. 

(h) Miscellaneous Closing Conditions. The Lenders shall have received customary opinions of counsel for the
Borrower and the Guarantors and of local counsel, as the case may be, and such opinions, corporate resolutions, certificates and other customary closing documentation (including, but not limited to, a solvency certificate from the Chief Financial
Officer of the Borrower in form and substance reasonably satisfactory to the Lead Arrangers and a solvency opinion in the form attached hereto as Exhibit B-1, as well as such other documents as the Lenders may request, in each case customary for
transactions of this type. 

 EXHIBIT B-1 
 Form of Solvency Certificate 
 Date:
            , 2011 
 To the Administrative Agent and each of the Lenders
party to the Bridge Loan Agreement referred to below: 
 I, the undersigned, a senior authorized financial officer of Electronic
Arts Inc., a Delaware corporation (the “Borrower”), in that capacity only and not in my individual capacity (and without personal liability), do hereby certify as of the date hereof, and based upon facts and circumstances as they
exist as of the date hereof (and disclaiming any responsibility for changes in such fact and circumstances after the date hereof), that: 
 1. This certificate is furnished to the Administrative Agent and the Lenders pursuant to Section      of the Bridge Loan Agreement, dated as of
                     , 2011, among              (the “Bridge
Loan Agreement”). Unless otherwise defined herein, capitalized terms used in this certificate shall have the meanings set forth in the Bridge Loan Agreement. 
 2. For purposes of this certificate, the terms below shall have the following definitions: 
 (a) “Fair Value” 
 The amount at which the assets (both tangible and
intangible), in their entirety, of the Borrower and its Subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant
facts, with neither being under any compulsion to act. 
 (b) “Present Fair Salable Value” 

The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of the Borrower and
its Subsidiaries taken as a whole (on a going concern basis) are sold with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be
reasonably evaluated. 
 (c) “Stated Liabilities” 

The recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Borrower and its
Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied. 
 (d) “Identified Contingent Liabilities” 
 The maximum estimated amount
of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of the Borrower and its Subsidiaries taken as a whole after giving effect to the
Transactions (including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in Stated 

 
Liabilities), as identified in terms of their nature and estimated magnitude by responsible officers of the Borrower. 
 (e) “Will be able to pay their Stated Liabilities and Identified Contingent Liabilities as they mature” 
 For the period from the date hereof through the Maturity Date, the Borrower and its Subsidiaries taken as a whole will have sufficient assets and cash flow to pay their respective Stated Liabilities and
Identified Contingent Liabilities as those liabilities mature or (in the case of contingent liabilities) otherwise become payable. 
 (f) “Do not have Unreasonably Small Capital” 
 For the period from the
date hereof through the Maturity Date, the Borrower and its Subsidiaries taken as a whole after consummation of the Transactions is a going concern and has sufficient capital to ensure that it will continue to be a going concern for such period.

 3. For purposes of this certificate, I, or officers of the Borrower under my direction and supervision, have performed the
following procedures as of and for the periods set forth below. 
 (a) I have reviewed the financial statements (including the
pro forma financial statements) referred to in Section      of the Bridge Loan Agreement. 
 (b) I
have knowledge of and have reviewed to my satisfaction the Bridge Loan Agreement and the other [Loan Documents] referred to therein and such other documents as I have deemed relevant and the contents of this certificate and, in connection herewith,
have made such investigation as I have deemed necessary therefor. I further certify that the assumptions which underlie and form the basis for the certifications made in this certificate are fair and reasonable as of the date hereof. 

(c) As a senior authorized financial officer of the Borrower, I am familiar with the financial condition of the Borrower and its
Subsidiaries. 
 4. Based on and subject to the foregoing as of the date of this certification, I hereby certify on behalf of
the Borrower that after giving effect to the consummation of the Transactions, to the best of my knowledge, (i) the Fair Value of the assets of the Borrower and its Subsidiaries taken as a whole exceed their Stated Liabilities and Identified
Contingent Liabilities, (ii) the Present Fair Salable Value of the assets of the Borrower and its Subsidiaries taken as a whole exceed their Stated Liabilities and Identified Contingent Liabilities; (iii) the Borrower and its Subsidiaries
taken as a whole do not have Unreasonably Small Capital; and (iv) the Borrower and its Subsidiaries taken as a whole will be able to pay their Stated Liabilities and Identified Contingent Liabilities as they mature. 

* * * 

 IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf by
a Senior Authorized Financial Officer as of the date first written above. 
  

			
	 ELECTRONIC ARTS INC.

		
	 By:
	 	  

		 	Name:
		 	Title:   Senior Authorized Financial OfficerParticipant Agreement

 Exhibit 4.3 
 EURO CURRENCY TRUST 
 PARTICIPANT AGREEMENT 

This Participant Agreement (this “Agreement”), dated as of March 25, 2010, is entered into by and between Knight Clearing Services,
LLC (with respect to this Agreement, the “Authorized Participant”, and with respect to the Trust Agreement referred to below, an “Authorized Participant”), The Bank of New York, a New York banking corporation, not
in its individual capacity but solely as trustee (the “Trustee”) of the Euro Currency Trust (the “Trust”), and Rydex Specialized Products LLC, d/b/a Rydex Investments, as sponsor (the “Sponsor”) of
the Trust. 
 SUMMARY 
 The Trustee serves as the trustee of the Trust pursuant to the Depositary Trust Agreement dated as of December 5, 2005, among the Sponsor, the Trustee, the registered owners and beneficial owners
from time to time of Euro CurrencyShares issued thereunder and all depositors (the “Trust Agreement”). As provided in the Trust Agreement and described in the Prospectus (defined below), units of fractional undivided beneficial
interests in and ownership of the Trust (the “Shares”) may be created or redeemed by the Trustee for an Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation, a “Basket”).
Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended (Registration No: 333-125581), as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be
amended from time to time thereafter (collectively, the “Registration Statement”) together with the prospectus of the Trust in the form first filed with the SEC pursuant to Rule 424 (the “Prospectus”) adopted under
the Securities Act of 1933, as amended (the “1933 Act”). Under the Trust Agreement, the Trustee is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants under the Trust Agreement, only through the
facilities of The Depository Trust Company (“DTC”) or a successor depository, and only in exchange for an amount of Euro that is transferred between such Authorized Participant and the Trust. Under the Trust Agreement, the Trustee
issues Baskets in exchange for Euro which are transferred by an Authorized Participant to the London Branch of JPMorgan Chase Bank, N.A. (the “Depository”), and when the Trustee redeems Baskets tendered for redemption by an
Authorized Participant in exchange for Euro, the Euro held in the Trust Account are transferred to the Authorized Participant by the Depository. The foregoing Euro transfers are also governed by the Deposit Account Agreement the Trust has entered
into with the Depository (the “Deposit Account Agreement”). This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 
 Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a “distribution,” as such term is used in the 1933 Act, may be occurring. The
Authorized Participant is cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability
provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution” portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined
below). 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To
the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. 
 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 

Section 1. Order Placement. To place orders for the Trustee to create or redeem one or more Baskets, Authorized Participants must follow the
procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented from time to time.

 Section 2. Status, Representations and Warranties of the Parties. 

(a) The Authorized Participant represents and warrants and covenants the following on the date hereof and at each time of purchase by the
Authorized Participant of a Basket from the Trust (each such time, the “Time of Purchase”), that: 
 (i) The Authorized
Participant is a participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Trustee of such event, and
this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 
 (ii)
Unless Section 2(a)(iii) applies, the Authorized Participant either (A) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of the National
Association of Securities Dealers, Inc. (“NASD”), or (B) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of the NASD, and in either case is qualified to act as a broker or
dealer in the states or other jurisdictions where the nature of its business so requires. In connection with the purchase or redemption of Baskets and any related offers or sales of Shares, the Authorized Participant will maintain any such
registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of the NASD (if it is a NASD member), and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be
offered and/or sold. 
 (iii) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several
states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of the NASD as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection with such offers
and sales, (A) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (B) comply with the prospectus delivery and other requirements of the 1933 Act, and the regulations promulgated thereunder, and
(C) conduct its business in accordance with the NASD Conduct Rules. 
 (iv) The Authorized Participant is in compliance with
the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the regulations promulgated thereunder, if the Authorized
Participant is subject to the requirements of the USA PATRIOT Act. 
 (v) The Authorized Participant has the capability to send
and receive communications via authenticated telecommunication facility to and from the Trustee. The Authorized Participant shall confirm such capability to the satisfaction of the Trustee by the end of the Business Day before placing its first
order with the Trustee (whether such order is to create or to redeem Baskets). 

 (b) The Sponsor represents and warrants that: 

(i) on the effective date of the Registration Statement and at each Time of Purchase, the Trust’s Registration Statement shall be
effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement
complies in all material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of the 1933 Act; and the conditions to the use
of Form S-1 have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, the
Prospectus will not, as of its date and at the Time of Purchase, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading and, as of              a.m./p.m. on the date of this Agreement (the “Time of Sale”), the documents
comprising the Disclosure Package (as defined below) did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the Registration Statement, the Prospectus or the Disclosure Package in
reliance upon and in conformity with information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to the Sponsor expressly for use therein. The “Disclosure Package” is the
Prospectus and any amendments and supplements thereto at the Time of Sale and any free writing prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor before the Time of Sale and
intended for general distribution; 
 (ii) the Shares, when issued and delivered against payment of consideration therefor, as
provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 

(iii) the Sponsor has been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be
validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all
requisite power and authority to execute and deliver this Agreement; and 
 (iv) at the time the Sponsor makes an offer of Shares
following the filing of the Registration Statement, neither the Trust nor the Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act. 

 Section 3. Orders. 
 (a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Trust Agreement, the Deposit Account Agreement, this Agreement and the Procedures. Each party will comply with
such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Procedures. The Trustee and Sponsor may issue
additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant will comply with such procedures of which it has received notice in
accordance with Section 18(c). 
 (b) The Authorized Participant acknowledges and agrees that each order to create a Basket
(a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order and Redemption Order, an “Order”) may not be revoked by the Authorized Participant upon its
delivery to the Trustee. A form of Purchase Order is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit C. 
 (c) The delivery of the Shares against deposits of Euro may be suspended generally, or refused with respect to particular requested deliveries, during any period when the transfer books of the Trustee are
closed or if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. Except as otherwise provided in the Trust Agreement, the surrender of Shares for purposes of withdrawing
Euro may not be suspended. 
 Section 4. Euro Transfers. Any Euro to be transferred in connection with any Order shall be
transferred between the Authorized Participant’s account and the Trust’s deposit accounts established for such transfers pursuant to the Deposit Account Agreement (the “Deposit Accounts”) in accordance with the Procedures.
The Authorized Participant shall be responsible for all costs and expenses relating to or connected with any transfer of Euro between its account and the Deposit Accounts, including any late fees and other charges, if any, for which the Trustee
becomes responsible in the event that Euro are not transferred from the Authorized Participant’s account in accordance with the Procedures. 
 Section 5. Fees. In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the Trustee shall charge, and the Authorized Participant shall pay to the
Trustee, the transaction fee prescribed in the Trust Agreement applicable to such creation or redemption. The initial transaction fee shall be five hundred dollars ($500). The transaction fee may be waived or otherwise adjusted from time to time as
set forth in the Prospectus. 
 Section 6. Authorized Persons. Concurrently with the execution of this Agreement and from time to
time thereafter, the Authorized Participant shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the names and signatures of
all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Trustee may accept
and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Trustee receives a superseding certificate bearing a subsequent date. Upon the
termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee.
The Trustee shall issue to each Authorized Person a unique personal identification number (the “PIN”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall
be authenticated. The PIN shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN is changed, the new PIN shall become effective on a date
mutually agreed upon by the Authorized Participant and the Trustee. 

 Section 7. Redemption. The Authorized Participant represents and warrants that it will not
obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it owns outright or has full legal authority and legal and beneficial right to tender for
redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement
or any other arrangement which would preclude the delivery of such Baskets to the Trustee on the third Business Day following the date of the Redemption Order. 
 Section 8. Role of Authorized Participant. 
 (a) The Authorized
Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the
Sponsor, the Trustee or the Depository, in any matter or in any respect. 
 (b) The Authorized Participant will make itself and
its employees available, upon request, during normal business hours to consult with the Trustee, the Depository or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

(c) The Authorized Participant will maintain records of all sales of Shares made by or through it as required by law and will furnish
copies of such records to the Sponsor upon the reasonable request of the Sponsor, subject to any privacy or confidentiality obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self
regulatory organization. The Sponsor will not use any information provided by the Authorized Participant pursuant to this paragraph or disclose such information to others except in connection with the performance of its duties and responsibilities
hereunder, including making servicing and informational mailings related to the Trust, or except as may be required by applicable law. 

Section 9. Indemnification. 
 (a) The Authorized Participant hereby indemnifies and holds harmless the Trustee, the Depository, the Trust, the Sponsor, their respective direct or indirect affiliates (as defined below) and their
respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including attorney’s fees and the reasonable cost of investigation)
incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provision of this Agreement, including any of its representations, warranties or covenants; (ii) any failure on
the part of the Authorized Participant to perform any of its other obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws and the rules and regulations of any governmental entity
or any self-regulatory organization; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by the AP Indemnified Party to be genuine and to have been given
by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the
Trust’s Prospectus as then-supplemented made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact (1) contained in any research
report, marketing material or sales literature described in Section 13(b) or in any FWP prepared by the Authorized Participant or (2) furnished by the Authorized Participant for use in a FWP prepared by, for or on behalf of the Sponsor, or
any alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or
the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a
material fact in connection with such representation, statement or omission necessary in order to make such representation, statement or omission not misleading. 

 (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its
respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and
against any losses, liabilities, damages, costs and expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of
this Agreement that relates to the Sponsor, including its representations, warranties and covenants; (ii) any failure on the part of the Sponsor to perform any other obligation of the Sponsor set forth in this Agreement; (iii) any failure
by the Sponsor to comply with applicable laws; or (iv) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or in any amendment thereof, or in the Prospectus, or in any amendment thereof or
supplement thereto, or in the Disclosure Package, or in any FWP prepared by, for or on behalf of the Sponsor, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, except those statements based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement, amendment thereof,
Prospectus, amendment thereof or supplement thereto, Disclosure Package, or FWP. 
 (c) (i) This Section 9 shall not
apply to any AP Indemnified Party or any Sponsor Indemnified Party (each, an “Indemnified Party”) to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of, or in connection with, any action
or failure to act that constitutes gross negligence, bad faith or willful misconduct on the part of the such Indemnified Party. (ii) The term “affiliate” in this Section 9 shall include, with respect to any person, entity or
organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 

(d) If the indemnification provided for in this Section 9 is unavailable to an indemnified party under Sections 9(a) or 9(b) or
insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, liabilities, damages, costs and expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the one hand, and by the Authorized Participant, on
the other hand, from the services provided hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such
losses, liabilities, damages, costs and expenses, as well as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized Participant, on the other hand, shall be
deemed to be in the same respective proportions as the amount of Euro transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in connection
with this Agreement on the other hand. To the extent applicable, the relative fault of the Sponsor on the one hand and of the Authorized Participant on the other shall be determined by reference to, among other things, whether the untrue statement
or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Sponsor or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and expenses referred to in this Section 9(d) shall be deemed to include any legal or other fees or
expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses.

 (e) The Sponsor and the Authorized Participant agree that it would not be just and equitable
if contribution pursuant to this Section 9 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 9(d) above. The Authorized Participant
shall not be required to contribute any amount in excess of the amount by which the total price at which the Shares created by the Authorized Participant and distributed to the public were offered to the public exceeds the amount of any damage which
the Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

(f) The indemnity and contribution agreements contained in this Section 9 shall remain in full force and effect regardless of any
investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who
controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, directors, officers, employees or any person who
controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the
Prospectus. 
 Section 10. Liability. 
 (a) Limitation of Liability. None of the Sponsor, the Trustee, the Authorized Participant, and the Depository shall be liable to each other or to any other person, including any party claiming by, through
or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption
or delay in the electronic means of communications used by them. 
 (b) Tax Liability. The Authorized Participant shall be
responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement,
regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly
indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 
 Section 11.
Acknowledgment. The Authorized Participant acknowledges receipt of a (i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust, and represents that it has reviewed and understands such documents. 

Section 12. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective
in this form as of the Time of Sale, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon
notice to the Authorized Participant by the Trustee in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in the circumstances described in
Section 18(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 

 Section 13. Marketing Materials; Representations Regarding Shares; Identification in Registration
Statement. 
 (a) The Authorized Participant represents, warrants and covenants that (i), without the written consent of the
Sponsor, the Authorized Participant will not (A) make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (1) in the Prospectus of the
Trust, as then amended and supplemented, (2) in printed information approved by the Sponsor as information supplemental to such Prospectus or (3) in any promotional materials or sales literature furnished to the Authorized Participant by
the Sponsor, or (B) issue any FWP pursuant to Rules 164 and 433 of the 1933 Act and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the
Shares, any AP Indemnified Person or the Trust that are not consistent with the Prospectus, as then amended and supplemented. Copies of the Prospectus of the Trust, as then amended and supplemented, and any such printed supplemental information will
be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 
 (b) Notwithstanding the
foregoing, the Authorized Participant may without the written approval of the Sponsor prepare and circulate in the regular course of its business research reports, marketing material and sales literature, but in no event FWPs, that include
information, opinions or recommendations relating to the Shares (i) for public dissemination, provided that such research reports, marketing material or sales literature is prepared in accordance with applicable rules and regulations of the
1933 Act, any applicable state securities laws and NASD rules; or (ii) for internal use by the Authorized Participant. The Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares
with the NASD to the extent required by the NASD Conduct Rules. 
 (c) The Authorized Participant and its affiliates may prepare
and circulate in the regular course of their businesses, without having to refer to the Shares or the Prospectus, as then amended and supplemented, data and information relating to the price of Euro. 

(d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the Prospectus, and any
supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant may
revoke the foregoing agreement at any time by delivering written notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements
or amendments thereto or recirculation thereof, in paper form from the Sponsor. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable
extra costs by receiving the Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to
access, view and print the PDF version of the Prospectus. 
 (e) For as long as this Agreement is effective, the Authorized
Participant agrees to be identified as an authorized participant of the Trust (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” (including identifying the
Authorized Participant in such section by a supplement to the Prospectus) and in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) during the period prior to
when the Sponsor qualifies and elects to file on Form S-3, the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during
the period after when the Sponsor qualifies and elects to file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust and
(ii) the Sponsor will promptly update the Trust’s website to remove any identification of the Authorized Participant as an authorized participant of the Trust. 

 Section 14. Title To Euro. The Authorized Participant represents and warrants that upon delivery
of the Basket Euro Amount (as defined in the Trust Agreement) to the Trustee in accordance with the terms of the Trust Agreement and this Agreement, the Trust will acquire good and unencumbered title to the Euro which are the subject of such Basket
Euro Amount, free and clear of all pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse claims, including
any restriction upon the sale or transfer of all or any part of such Euro which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a Purchase Order.

 Section 15. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this Agreement, is a
third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to
enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 

Section 16. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of
any of its obligations under this Agreement by reason of any act of God or war or terrorism, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any
such body, authority or organization for any reason, to perform its obligations, or any cause beyond its reasonable control, including, without limitation, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port or airport disruption, or any industrial action. 

Section 17. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms that
differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms
of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be
received by the Trustee. If the Trustee is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the
event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order.

 Section 18. Miscellaneous. 
 (a) Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trustee and the Sponsor, without consent of
any Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail a copy of the proposed amendment, modification or supplement to the Authorized
Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its
deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification or
supplement of any Participant Agreement (other than this Agreement), the Trustee will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant. 

(b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be
waived by the party entitled to the benefits 

 
thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant,
agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(c) Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this
Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received)
or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mailed, postage prepaid. For avoidance of doubt, notices may not be given or transmitted by
electronic mail. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices shall be directed to the address or telephone or facsimile numbers indicated below the signature line of the parties
on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and all of the provisions hereof shall be binding
upon and inure to the benefit of the parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither
this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which
it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of
the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and
void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor Trustee or Sponsor under the terms of the Trust Agreement. 

(f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably
consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or
any action taken or omitted hereunder, and waives any claim of forum non convenient and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may
be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of any claim arising under or in connection with this Agreement.

 (g) Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original
copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or account for more than one
such counterpart executed and delivered by such party. 
 (h) Interpretation. The article and section headings contained in this
Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement and the Trust Agreement, supersede all prior

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

(l) Survival. Sections 9 (Indemnification) and 15 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.

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

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

													
	 THE BANK OF NEW YORK,
 not in its individual capacity,
 but solely as Trustee of the Euro Currency Trust
	 	 KNIGHT CLEARING SERVICES, LLC

					
	By:	 	 /s/ Andrew Pfeifer
	 		 	By:        	 	 /s/ Christopher Pento

		 	        Name:	 		 		 		 	Name:	 	Christopher Pento
		 	        Title  Vice President	 		 		 	Title	 	President

  

									
	Address:	 	         One Wall Street
         New York, NY 10286
	 		 	 Address: 545 Washington Blvd., 2nd Fl.
  Jersey City, NJ 07310

	Telephone:	 	        (212) 635-6314	 		 	Telephone:	 	        201-356-4232
					
	Facsimile:	 		 		 	Facsimile:	 	        201-356-4297

  

					
	RYDEX SPECIALIZED PRODUCTS LLC,
	 Sponsor of the Euro Currency Trust

		
	 /s/ Nick Bonos
	 	
	Name:	 	Nick Bonos
	Title:	 	CEO

  

			
	Address:	 	9601 Blackwell Rd., Ste 500
		 	Rockville, MD 20850

  

			
	Telephone:	 	301-296-5125

  

			
	Facsimile:	 	301-296-5104

 

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

Authorized Participant:  Knight Clearing Services LLC. 
  

									
	Name:	 	Stacey Boss	 		 	Name:	 	Robert Moseman III
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Stacey Boss
	 		 	Signature:	 	 /s/ Robert Moseman III

  

									
	Name:	 	Eric Malpica	 		 	Name:	 	Sean Siri
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Eric Malpica
	 		 	Signature:	 	 /s/ Sean Siri

  

									
	Name:	 	Erma McClain	 		 	Name:	 	Wayne Solano
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Erma McClain
	 		 	Signature:	 	 /s/ Wayne Solano

 The undersigned, Andrew M. Greenstein, Managing Director, Deputy General Counsel and Secretary of Knight Clearing
Services LLC does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to
the Euro Currency Trust Participant Agreement by and between Knight Clearing Services LLC and the Trustee and the Sponsor of the Euro Currency Trust, dated March 25, 2010, and that their signatures set forth above are their own true and genuine
signatures. 
 In Witness Whereof, the undersigned has hereby set his hand and the seal of Knight Clearing Services LLC on the date set forth
below. 
  

							
		 		 	 Knight Clearing Services LLC

				
		 		 	By:	 	 /s/ Andrew M. Greenstein

		 		 	Name:	 	Andrew M. Greenstein
		 		 	Title:	 	Managing Director, Deputy General
	Subscribed and sworn to before me	 		 	 Counsel & Secretary

	This 15th day of April, 2010	 		 	Date:	 	___________    
				
	 /s/ Maria Corona S. Bugarin
	 		 		 	
	Maria Corona S. Bugarin	 		 		 	
	Notary Public of New Jersey	 		 		 	
	My Comm. Expires Sept. 26, 2013	 		 		 	

 EXHIBIT B 
 EURO CURRENCY TRUST 
 PURCHASE ORDER FORM 

THE BANK OF NEW YORK, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 

			
	Telephone order number:	  	(718) 315-4811 / 315-4512
	Fax order number:	  	(718) 315-4881
	Depository Instructions	  	(000-000-0000)/SWIFT [            ]

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

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	Broker Name:	 	  

			
	DTC Participant Number:	 	  

			
	Telephone Number:	 	  

					
		 	Time:	 	  

					
		 	Firm Name:	 	  

					
		 	Fax Number:	 	  

		
		 	(One Basket = 50,000 [FXE] Shares)

 

 

 

			
	Number of Baskets Transacted:	 	  

 

 

			
	Order #	 	  

					
		 	Number written out:	 	  

 

  
 This Purchase Order is subject to the
terms and conditions of the Depositary Trust Agreement of the Euro Currency Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties
of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
 The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Purchase Order to the
Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Euro Amount disseminated the previous business day and recognizes the final Basket Euro Amount represented will be
decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Euro Amount required for the Purchase Order entered into on this day will be
finalized and this Purchase Order will serve as a legally binding contract for settlement in 3 business days. 
  

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:                                      
                                         
                                         

  

									
	Final # of Euro	 	  
	 		 	Final # of [FXE] Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 EXHIBIT C 
 EURO CURRENCY TRUST 
 REDEMPTION ORDER FORM 

THE BANK OF NEW YORK, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 

			
	Telephone order number:	  	(718) 315-4811 / 315-4512
	Fax order number:	  	(718) 315-4881
	Depository Instructions	  	(000-000-0000)/SWIFT [            ]

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

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	Broker Name:	 	  

			
	DTC Participant Number:	 	  

			
	Telephone Number:	 	  

					
		 	Time:	 	  

					
		 	Firm Name:	 	  

					
		 	Fax Number:	 	  

		
		 	(One Basket = 50,000 [FXE] Shares)

 

 

 

			
	Number of Baskets Surrendered:	 	  

 

 

			
	Order #	 	  

					
		 	Number written out:	 	  

 

  
 This Redemption Order is subject to
the terms and conditions of the Depositary Trust Agreement of the Euro Currency Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and
warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Euro Amount disseminated the previous business day and recognizes
the final Basket Euro Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Euro Amount required for the
Redemption Order entered into on this day will be finalized and this Redemption Order will serve as a legally binding contract for settlement in 3 business days. 
  

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:                                      
                                         
                                         

  

									
	Final # of Euro	 	  
	 		 	Final # of [FXE] Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 ATTACHMENT A 
 CREATION AND REDEMPTION OF EURO CURRENCYSHARES AND 
 RELATED EURO
TRANSACTIONS 
 Scope of Procedures and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Euro CurrencyShares (the “Shares”) issuable by The Bank of New York, as trustee
(the “Trustee”) of the Euro Currency Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares
(each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Euro between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Euro also
are described. 
 Under these Procedures, Baskets may be issued only in consideration for Euro transferred to and held in the Trust’s
accounts maintained in London, England by London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the
Depositary Trust Agreement, dated as of December 5, 2006, between Rydex Specialized Products LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all
depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 
 For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the
“NYSE”) is not open for regular trading at noon New York City time. 
 The Prospectus describes the creation and redemption
process and the Trust; it will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement. Baskets are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement.
Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Euro, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants
will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee (the “Transaction Fee”). 
 Authorized
Participants and the Trust Transfer Euro and Baskets of Shares 
 Upon acceptance of the Participant Agreement by the Sponsor and the
Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (and “Authorized Person”). This will allow the Authorized Participant through its
Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (together, “Orders”) for Baskets. 
 Important Notes:

  

	•	 	 Any Purchase Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

 

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

 CREATION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets of Shares is
placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 9:30 a.m.
NYC time (usually 3:30 p.m. Central European Time (“CET”)) on the third Business Day following CREATION T (“CREATION T+3”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to
the Trust Euro and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Euro the Participant has transferred to the Trust. 

 

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized
Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets of Shares (a “Purchase Order”) in accordance with the following process. 

C1.1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls
the Trustee at 718-315-4811, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets of Shares and requesting that the Trustee provide an order number. The
Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.2 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.3 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be rejected. 
 C1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase
Order. 
 C1.1.5 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the
Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 
 C1.1.6 The
Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fee by (DTC SPO Charge)
prior to delivery of the Baskets on CREATION T+3. 
 C1.1.7 If the Trustee has not received the Purchase Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fee.

  
 A-2

 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on
time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fee
prior to delivery of Baskets on CREATION T+3” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on CREATION T+3 that sufficient Euro are wire
transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Euro via (RTGSplus, EBA EURO1 or TARGET) SWIFT BIC – CHASGB2L.

 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Euro transfers
with its sending financial institution. 
 C1.4.5 By 3:30 p.m. CET on CREATION T+3, Euro in the amount needed to acquire the
Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+3. 
 C1.4.6 An Authorized Participant may only deliver Euro for credit to the Depository in the following ways (RTGSplus, EBA EURO1 or TARGET) SWIFT BIC – CHASGB2L. 

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+3, the Authorized Participant must accept a DTC SPO Charge
for the applicable Transaction Fee from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fee will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized
Participant will remain obligated to the Trustee for the Transaction Fee. 
 C1.5 NOTES FOR TRUSTEE (CREATION T) 

C1.5.1 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to
the Depository (by T+1) indicating the approximate total amount of Euro that the Depository will receive from the Authorized Participant on CREATION T+3. 
  

	C2	CREATION T+1 

 C2.1 The
Purchase Orders and instructions given on CREATION T are all pending with the Trustee. 
 C2.2 The Depository receives the
Trustee’s message (SWIFT MT210) about the approximate total amount of Euro the Authorized Participant is required to transfer not later than 3:30 p.m. CET on CREATION T+3. 

  
 A-3

	C3	CREATION T+2 

 On CREATION
T+2 the Trustee notifies the Authorized Participant of the final amount of Euro that must be deposited in the Deposit Account (the “Basket Euro Amount”) not later than 3:30 p.m. CET on CREATION T+3 for creation of the Baskets on
that day. 
  

	C4	CREATION T+3 

 C4.1 By 3:30
p.m. CET (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket Euro Amount in the Deposit Account. 
 C4.2 As of 3:30 p.m. CET time, the Depository notifies the Trustee that the Basket Euro Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

 C4.3 Prior to the delivery of the Baskets on CREATION T+3, the Trustee must have received the Transaction Fee from the
Authorized Participant (SPO DTC Charge). 
 C4.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository
confirming the transfer of the Basket Euro Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the
Depository of receipt of the Basket Euro Amount. 
 C4.5 By 11:00 a.m. NYC time, following receipt of the notice from the
Depository confirming the transfer of the Basket Euro Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number
of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases
the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

C4.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares
now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+3
for whom the Trustee has received confirmation from the Depository that the Basket Euro Amount has been received into the Deposit Account. 
 C4.7 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. 

C4.8 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository Euro system updates account
records, recording the movements of Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 3:30 p.m. CET time) on CREATION T+3. 

C4.9 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository Euro system automatically generates
authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 
 C4.10 If the Authorized Participant fails to deliver Euro by 3:30 p.m. CET on CREATION T+3, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and
(b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices pursuant to The European Interbank Compensation Guidelines, as follows: 

(Principal Amount) x (            +25bps) x (# calendar days
that the funds are late) divided by 360 x 100. 

  
 A-4

 In the event any such late fees are assessed, the Trustee will coordinate with the
Authorized Participant to arrange payment of such fees. 
 REDEMPTION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets of Shares is placed
by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on the
third Business Day following REDEMPTION T (“REDEMPTION T+3”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to
the Authorized Participant Euro corresponding to the Shares delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets of
Shares (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 By the Order Cut-Off Time or
the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-4811, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an
identified number of Baskets of Shares and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 
 R1.1.2 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed
before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

 R1.1.3 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time are rejected. 

R1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will
give an order number for the Authorized Participant’s Redemption Order. 
 R1.1.5 Within 15 minutes after the phone call
initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement. 

R1.1.6 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and
the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fee by SPO DTC Charge prior to the delivery of the Euro to the Authorized Participant on REDEMPTION T+3. 

  
 A-5

 R1.1.7 If the Trustee has not received the Redemption Order Form from the Authorized
Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the
Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fee. 

R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing
rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fee prior to delivery of the Euro on
REDEMPTION T+3” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant will receive upon redemption of the indicated Basket(s) of Shares. 

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository
indicating the amount of Euro to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1 or TARGET) to the Authorized Participant’s designated account by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on REDEMPTION T+3. 

R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 
 R1.4.1 The Trustee will prepare an authenticated electronic message (SWIFT MT202 or MT103plus) containing instructions on REDEMPTION T specifying REDEMPTION T+3 as the date on which the instructions
will be executed. 
 R1.4.2 The Trustee will only deliver the authenticated electronic message (SWIFT MT202 or MT103plus) to the
Depository on T+3 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
  

	R2	REDEMPTION T+1 

 R2.1
Redemption Orders and related instructions are in process. 
 R2.2 The Depository receives the authenticated electronic message
(SWIFT) or e-mail from the Trustee notifying the Depository of the approximate amount of Euro needed to be remitted to each Authorized Participant that has placed a Redemption Order on REDEMPTION T+3. 

 

	R3	REDEMPTION T+2 

 On
REDEMPTION T+2 the Trustee notifies the Authorized Participant of the final amount of Euro the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+3 (the “Basket Euro Amount”). 

 

	R4	REDEMPTION T+3 

 R4.1 Prior
to the delivery of the Basket Euro Amount on REDEMPTION T+3, the Trustee must have received the Transaction Fee from the Authorized Participant (SPO DTC) Charge. 
 R4.2 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Authorized Participant delivers free to the Trustee’s participant account at DTC
(#                    ) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk [phone
number] to expect the Authorized Participant’s Shares through DTC. 

  
 A-6

 R4.2.1 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Trustee’s DTC operations desk
notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 
 R4.2.2 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s
DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received. 

R4.2.3 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), if the Shares of a redeeming Authorized Participant have not been received into the
Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been
received. 
 R4.3 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Trustee sends an authenticated electronic message (SWIFT
MT202 or MT103plus) to the Depository directing the Depository to transfer the Basket Euro Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Euro will be sent to the designated accounts by wire
(RTGSplus, EBA EURO1 or TARGET). 
 R4.4 As of 3:30 p.m. CET time(usually 9:30 a.m. NYC time), following the receipt of the
authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Euro Amount from the Trust Account and to transfer the Basket Euro Amount to the Authorized
Participant’s designated account. 
 R4.4.1 By DTC free delivery cut-off time (usually 2:00 p.m. NYC time), the
Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption. 
 R4.4.2 By DTC free delivery cut-off time (usually 2:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces
the number of Trust Shares outstanding. 
 R4.5 Following the close of business (usually 3:30 p.m. CET) on REDEMPTION T+3,
the Depository makes the appropriate entries in its books and records to reflect the redemptions. 
 R4.6 Following the close of
business (usually 3:30 p.m. CET) on REDEMPTION T+3, the Depository Euro system updates its account records, recording the movements of Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of
business (usually 3:30 p.m. CET) on REDEMPTION T+3. 
 R4.7 Following the close of business (usually 3:30 p.m. CET) on
REDEMPTION T+3, the Depository Euro system automatically generates an authenticated electronic message [(SWIFT MT140 or Swift MT950)] constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

  
 A-7

 Schedule to Exhibit 4.3 
 The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Rydex Specialized Products LLC, as sponsor, which is substantially identical in all
material respects to the Participation Agreement filed herewith as Exhibit 4.3 and is dated as of the date listed opposite its name below. 
  

			
	 Name of Party
	  	 Date of Agreement

		
	Goldman Sachs & Co.	  	January 13, 2006
		
	Goldman Sachs Execution & Clearing LP	  	May 5, 2006
		
	Merrill Lynch Professional Clearing Corp.	  	May 9, 2006
		
	Credit Suisse Securities (USA) LLC	  	January 19, 2007
		
	Deutsche Bank Securities Inc.	  	March 12, 2007
		
	Timber Hill LLC	  	May 21, 2007
		
	JPMorgan Securities, Inc. (as assigned by Bear, Stearns & Co. Inc.)	  	February 11, 2008
		
	ABN AMRO Clearing Chicago LLC (f/k/a Fortis Clearing Americas LLC, f/k/a O’Connor & Co. LLC)	  	April 16, 2008
		
	EWT, LLC	  	April 24, 2008
		
	Newedge USA, LLC	  	May 22, 2008
		
	Citadel Securities LLC (f/k/a Citadel Derivatives Group, LLC and Citadel Trading Group, LLC)	  	November 13, 2008
		
	Nomura Securities International Inc.	  	June 14, 2010
		
	Morgan Stanley & Co. Inc.	  	August 24, 2010
		
	Virtu Financial BD LLC	  	December 3, 2010
		
	RBC Capital Markets, LLC	  	April 15, 2011

 Except as noted above, there are no material details in which the above Participation Agreements differ from the
Participation Agreement filed herewith as Exhibit 4.3.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]