Document:

Exhibit

COOPERATION AGREEMENT
This Cooperation Agreement (this “Agreement”), dated January 11, 2016, is made by and among FrontFour Capital Group, LLC and the entities and natural persons listed on Exhibit A hereto (collectively, “FrontFour”) and Innophos Holdings, Inc., a Delaware corporation (the “Company”).  
WHEREAS, FrontFour beneficially owns 206,000 shares of common stock of the Company, par value $0.001 (the “Common Stock”); and 
WHEREAS, the Company and FrontFour have each determined that it is in their respective best interests, and in the best interests of the Company and its stockholders, to come to an agreement with respect to the appointment of members of the Company’s Board of Directors (the “Board”) and certain other matters, as provided in this Agreement. 
NOW, THEREFORE, in consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1.Board Matters.  
(a)    The Company agrees that the Board shall take all actions necessary to (i) increase the size of the Board by two (2) directors to nine (9) directors and (ii) appoint Robert Zatta (“Zatta”) and Peter T. Thomas (“Thomas”; Thomas and Zatta shall each be a “Designee” and together shall be the “Designees”) to the Board, in the case of clauses (i) and (ii), effective as of the date hereof.  The Company has received the executed consent from each of Zatta and Thomas to be named as a nominee in the Company’s proxy statement for the 2016 Annual Meeting (as defined below) and to serve as a director if so elected and a D&O Questionnaire completed by each of Zatta and Thomas.
(b)    The Company shall include the Designees as nominees for election to the Board on the slate of nominees recommended by the Board for election in the Company’s proxy statement and on its proxy card relating to the Company’s 2016 annual meeting of stockholders (the “2016 Annual Meeting”), it being understood that the slate of nominees recommended by the Board shall be comprised of eight (8) candidates, with at least one (1) current director of the Company not on the slate of nominees recommended by the Board for election at the 2016 Annual Meeting and with the expectation that, except as permitted by Section 1(g), the size of the Board immediately prior to the 2016 Annual Meeting shall be reduced to eight (8) directors.  The Designees shall provide to the Company, as requested by the Company from time to time, such information as the Company is entitled to reasonably receive from any other non-employee members of the Board and as is required to be disclosed in proxy statements under applicable law.  
(c)    At all times while serving as a member of the Board, each of the Designees shall comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to all Board members, including but not limited to the Company’s code of business conduct and ethics, securities trading policies, anti-hedging policies, Regulation FD-related policies, director confidentiality policies and corporate governance guidelines.

(d)    At all times while serving as a member of the Board, each of the Designees will be (i) reimbursed for his expenses on the same basis as all other non-employee directors of the Company as in effect from time to time, (ii) granted equity based compensation and other benefits on the same basis as all other non-employee directors of the Company as in effect from time to time, and (iii) entitled to the same rights of indemnification and directors’ and officers’ liability insurance coverage as the other non-employee directors of the Company as such rights may exist from time to time.
(e)    If (A) either Designee ceases to be a member of the Board for any reason prior to the deadline for submission of shareholder nominations of director candidates for election at the 2016 Annual Meeting and (B) FrontFour is not then in material breach of this Agreement and FrontFour, together with the Controlled Restricted Entities (as defined below), beneficially owns, directly or indirectly, as of the date thereof, an aggregate of at least 206,000 shares of Common Stock, then FrontFour shall be entitled to recommend, for consideration by the Board, a candidate to fill such vacancy or vacancies at or before the 2016 Annual Meeting that is reasonably acceptable to the Board in its good faith business judgment after exercising its fiduciary duties (such candidate, the “Successor Candidate”).  Within ten (10) business days of FrontFour’s recommendation, in the case clauses (A) and (B) of the immediately preceding sentence shall be true, the Nominating & Corporate Governance Committee of the Board (the “Governance Committee”) and/or the Board shall consider in good faith the Successor Candidate or Successor Candidates to fill such vacancy or vacancies and inform FrontFour of such determination, however, the Board shall not be under any obligation to nominate or appoint any Successor Candidate.  If the Board accepts FrontFour’s determination, the Successor Candidate or Successor Candidates shall be promptly appointed to the Board.  In the event the Board declines to accept the Successor Candidate or Successor Candidates, FrontFour may propose another replacement, subject to the criteria and process set forth in this paragraph.  If any Successor Candidate shall become a member of the Board, such Successor Candidate will succeed to all of the rights and privileges of, and will be bound by the terms and conditions applicable to, a Designee under this Agreement.
(f)    At all times while serving as a member of the Board, each of the Designees will be considered for appointment to, and will be offered the opportunity to be a member of, committees of the Board, in each case, in a manner consistent with the Board’s customary practices and policies as in effect from time to time relating to committee membership applicable to all non-employee directors of the Company, including based on their respective backgrounds and past experiences.  
(g)    The Company agrees that, (x) from and after the date hereof until immediately prior to the Company’s 2016 Annual Meeting, the size of the Board shall be fixed at nine (9) directors, (y) from the Company’s 2016 Annual Meeting until one (1) day thereafter, the size of the Board shall be fixed at eight (8) directors and (z) from one (1) day after the Company’s 2016 Annual Meeting until the end of the Covered Period (as defined below), provided that FrontFour is not in breach of this Agreement and FrontFour, together with the Controlled Restricted Entities, beneficially owns, directly or indirectly, an aggregate of at least 206,000 shares of Common Stock, the size of the Board shall be fixed at no more than nine (9) directors, in each case other than any increases in the size of the Board as a result of any business combination transaction or financing transaction involving the Company.  

2

2.    Voting; Solicitation.  The Company agrees to recommend a vote “for” the election of each of the Designees to the Board and to solicit the Company’s stockholders to vote “for” the election of each of the Designees at the 2016 Annual Meeting in the same manner as all other nominees of the Company standing for election to the Board.  FrontFour shall vote all of its shares of Common Stock entitled to vote (i) in favor of the election of each of the Designees to the Board and the other Company nominees set forth in the definitive proxy statement filed on Schedule 14A with the SEC for election at the 2016 Annual Meeting and (ii) against any director candidates proposed that are not nominated by the Board for election at the 2016 Annual Meeting.
3.    Standstill.  FrontFour agrees that, during the Covered Period (unless specifically requested in writing by the Company, acting through a resolution of the Board approved by a majority of the Company’s directors), it shall not, directly or indirectly, including through any portfolio company or other entity controlled by FrontFour (each such portfolio company or other entity, a “Controlled Restricted Entity”) (including, with respect to FrontFour and each Controlled Restricted Entity, through the members of the board of directors or similar managing entity, officers, employees, consultants, partners, managers and managing directors of each such Controlled Restricted Entity):
(a)    effect or seek, offer or propose (whether publicly or privately) to effect, or announce any intention to effect or cause or participate in or in any way assist, facilitate or encourage any other person to effect or seek, offer or propose, to effect or participate in, (i) any acquisition of (or obtaining any right to direct the voting or disposition of) any securities (including derivative securities), or rights or options to acquire (or obtaining any right to direct the voting or disposition of) any securities of the Company or any of its subsidiaries, whether or not any of the foregoing may be acquired or obtained immediately or only after the passage of time or upon the satisfaction of one or more conditions (whether or not within FrontFour’s control) pursuant to any agreement, arrangement or understanding (whether or not in writing) or otherwise, which would result in FrontFour and the Controlled Restricted Entities having aggregate beneficial ownership, as determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of more than 4.99% of the then-outstanding shares of Common Stock of the Company or any of its subsidiaries (or, from and after November 1, 2016, if FrontFour and any Controlled Restricted Entity having or intended to have beneficial ownership of shares of Common Stock of the Company will only file a Supportive Schedule 13D (as defined below) as contemplated below, 6.99% of the then-outstanding shares of Common Stock of the Company or any of its subsidiaries); provided that nothing herein will require shares of Common Stock of the Company to be sold to the extent the ownership limit in this subparagraph (i) is exceeded solely as the result of a share repurchase or similar Company action that reduces the number of outstanding shares of Common Stock of the Company, (ii) any tender or exchange offer, consolidation, business combination, acquisition of assets, merger, joint venture or other business combination involving the Company or its affiliates, (iii) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or its affiliates, or (iv) any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Securities and Exchange Commission) to vote any voting securities of the Company or any of its affiliates or consent to any action from any holder of any voting securities of the Company or any of its affiliates or seek to advise or influence any person with respect to the voting of or the granting of any consent with respect to any voting securities of the Company; provided, however, that nothing herein shall prohibit the 

3

participation of any person in any offering, distribution or other transaction that has been approved by the Board;
(b)    form, join or in any way participate in a “group” (as defined under the Exchange Act), other than a group comprised solely of its affiliates, in connection with the voting securities of the Company or otherwise act in concert with any unaffiliated person in respect of any such securities; 
(c)    otherwise act, alone or in concert with others, to seek representation on or to control or influence, through litigation or otherwise, the management, board of directors or policies of the Company or to obtain representation on the board of directors of the Company, except as otherwise expressly permitted in this Agreement; 
(d)    publicly request that the Company or any of its Representatives amend or waive any provision of this paragraph, or make any public announcement with respect to the restrictions of this paragraph, or take any action which would reasonably be expected to require the Company to make a public announcement regarding the possibility of a business combination or merger; 
(e)    make any public disclosure, announcement or statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement, including, without limitation, in the form of a “white paper” or other similar presentation regarding the Company, press release or public filing;
(f)    enter into any discussions, negotiations, agreements, or understandings with any person or entity not (i) a party to this Agreement, (ii) a member of the Board, (iii) an officer of the Company or (iv) a Controlled Restricted Entity (each, a “Third Party”) with respect to any of the foregoing, or advise, assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with respect to any of the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing; or
(g)    authorize, commit to or agree in writing or otherwise to do anything prohibited in this Section 3. 
Notwithstanding any other provision herein to the contrary, nothing herein shall, or shall be deemed to, prohibit (i) either of the Designees from taking any action in his capacity as a director of the Company consistent with his fiduciary duties as a director of the Company, or (ii) FrontFour (or its Representatives) from confidentially communicating to the Company and its Representatives any opinions or non-public proposals regarding strategic alternatives for the Company in such a manner as would not reasonably be expected to require public disclosure thereof.  The provisions set forth in this Section 3 are effective as of the date hereof and shall remain in full force and effect for the period (the “Covered Period”) commencing on the date hereof and ending on the date that is thirty (30) days prior to the deadline for submission of shareholder nominations of director candidates for election at the Company’s 2017 annual meeting of stockholders.  

4

As contemplated by subclause (i) of Section 3(a) above, from and after November 1, 2016 FrontFour may, and may permit the Controlled Restricted Entities, to acquire beneficial ownership of more than 4.99% of the then-outstanding shares of Common Stock of the Company or any of its subsidiaries but in no event more than 6.99% of the then-outstanding shares of Common Stock of the Company or any of its subsidiaries if FrontFour and any Controlled Restricted Entity having or intended to have beneficial ownership of shares of Common Stock of the Company will only file a Supportive Schedule 13D if any such person shall be required to file a Schedule 13D pursuant to the Exchange Act.  During the Covered Period, each of FrontFour and the Controlled Restricted Entities shall not file any Schedule 13D or amendment thereto that is not a Supportive Schedule 13D.  A “Supportive Schedule 13D” shall mean a Schedule 13D or any amendment thereto that (x) does not contain any statements inconsistent with this Agreement and (y) has been approved by the Company if such approval is required by clause (b) of the immediately following sentence.  Within a reasonable time prior to filing any Schedule 13D, FrontFour or any Controlled Restricted Entity shall provide to the Company an advance form of the Schedule 13D that they intend to file (such advance form, as modified in connection with clause (a) or clause (b) below, the “Draft Schedule 13D”), and (a) if the Draft Schedule 13D only includes the language contained in Exhibit B in the form thereof (the “Approved Language”) and no other statements about FrontFour’s or any other Controlled Restricted Entity’s plans or intentions with respect to the Company, then FrontFour will take and incorporate any reasonable comments from the Company but no further approval by the Company of the Draft Schedule 13D shall be required to be a Supportive Schedule 13D if filed in the form of the Draft Schedule 13D, or (b) if the Draft Schedule 13D includes any statements about FrontFour’s or any other Controlled Restricted Entity’s plans or intentions with respect to the Company other than the Approved Language, such Schedule 13D shall only be deemed a Supportive Schedule 13D if approved by the Company, which approval shall not be unreasonably withheld, conditioned or delayed (it being understood and agreed for avoidance of doubt and without limitation that any statement inconsistent with this Agreement shall be a reasonable basis for withholding approval).  Other than reporting changes in beneficial ownership by FrontFour or any Controlled Restricted Entity as permitted hereby, neither FrontFour nor any Controlled Restricted Entity may take any action to amend the Supportive Schedule 13D during the Covered Period and shall not take action that would require any such other amendment under applicable law during the Covered Period.
For purposes of this Agreement, the term “Representative” with respect to each party hereto shall mean its affiliates and its and their (i) officers, directors, general partners, employees, agents, representatives, counsel, consultants, investment bankers, and financial or other advisors and (ii) with the prior written consent of the Company, which consent shall not be unreasonably withheld, potential sources of capital or financing.  For purposes of this Agreement, the term “person” shall be broadly interpreted to include the media and any corporation, partnership company, limited liability company, trust, association, joint venture, government or self-regulatory agency or body, group (as such term is used in Rule 13d-5(b)(1) of the Exchange Act), individual or other entity.  For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed to such term in Rule 12b-2 under the Exchange Act.
Notwithstanding any other provision herein to the contrary, the restrictions set forth in this Section 3 shall automatically terminate and be of no further force and effect, without any action on the part 

5

of FrontFour or the Company, if (i) the Company enters into a definitive written agreement to consummate a transaction involving (A) the acquisition of all or a majority of the voting power of the Company’s outstanding equity securities or the sale of all or substantially all of the consolidated assets of the Company and its consolidated subsidiaries pursuant to Section 271 of the General Corporation Law of the State of Delaware (whether by merger, consolidation, business combination, tender or exchange offer, recapitalization, restructuring, sale, equity issuance or otherwise), (B) any direct or indirect sale, transfer, contribution or other disposition to, or any joint venture or similar transaction with, any Third Party involving assets (including equity securities of any subsidiary of the Company) or businesses of the Company that constitute all or substantially all of the consolidated assets of the Company and its consolidated subsidiaries pursuant to Section 271 of the General Corporation Law of the State of Delaware, or (C) any liquidation or dissolution of the Company; or (ii) a tender or exchange offer for all or a majority of the Company’s outstanding equity securities is commenced by any Third Party and within ten (10) business days thereafter, the Board has not publicly taken a position rejecting such tender or exchange offer and recommending that the stockholders of the Company not tender any equity securities of the Company into such tender or exchange offer.
4.    Compliance by Controlled Restricted Entities.  FrontFour acknowledges and agrees that it is liable for compliance with the terms of this Agreement by itself and each Controlled Restricted Entity, and FrontFour covenants and agrees to cause each Controlled Restricted Entity to strictly comply with the terms of this Agreement as if they were themselves subject to the obligations of FrontFour herein.
5.    Representations of the Company.  The Company represents and warrants as follows: (a) the Company has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid, legal and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms; and (c) the execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company or (ii) result in any breach or violation of, or constitute a default (or an event which with notice or lapse of time or both could constitute such breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.
6.    Representations of FrontFour.  FrontFour represents and warrants as follows: (a) FrontFour has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized, executed and delivered by FrontFour, constitutes a valid, legal and binding obligation and agreement of FrontFour and is enforceable against FrontFour in accordance with its terms; (c) the execution, delivery and performance of this Agreement by FrontFour does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to FrontFour or (ii) result in any breach or violation of, or constitute a default 

6

(or an event which with notice or lapse of time or both could constitute such breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which FrontFour is a party or by which it is bound; and (d) FrontFour, together with the Controlled Restricted Entities, beneficially owns, directly or indirectly, as of the date hereof, an aggregate of 206,000 shares of Common Stock and such shares of Common Stock constitute all of the Common Stock beneficially owned by FrontFour and the Controlled Restricted Entities or in which FrontFour or the Controlled Restricted Entities have any interest or right to acquire, whether through derivative securities, voting agreements or otherwise.  
7.    Public Announcement and SEC Filing.
(a)    The Company shall, promptly following the date hereof, file a Current Report on Form 8-K reporting entry into this Agreement (the “Form 8-K”) and appending or incorporating by reference this Agreement as an exhibit thereto.
(b)    Within one (1) business day following the date hereof, the Company and FrontFour will issue the press release in the form attached hereto as Exhibit C (the “Press Release”).  Prior to the issuance of the Press Release, neither the Company nor FrontFour, nor any of their respective Representatives, shall issue any press release or public announcement regarding this Agreement without the prior written consent of the other party.  Neither the Company nor FrontFour, nor any of their respective Representatives, shall make, at any time during the Covered Period, any public announcement or statement with respect to the other party inconsistent with any statement contained in the Press Release, except with the prior written consent of the Company (in the case of a press release or public announcement by FrontFour) or FrontFour (in the case of a press release or public announcement by the Company) or as required by applicable legal process, subpoena, law, the rules of any stock exchange, or legal requirement (including the federal securities laws) or as part of a response to a request for information from any governmental authority with jurisdiction over the party from whom information is sought.
8.    Miscellaneous.  The parties agree that irreparable damage would occur in the event any of the provisions of this Agreement were not performed in accordance with the terms hereof and that such damage would not be adequately compensable in monetary damages.  Accordingly, the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, to enforce specifically the terms and provisions of this Agreement exclusively in the Court of Chancery or other federal or state courts of the State of Delaware, in addition to any other remedies at law or in equity.  Each of the parties hereto agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief.  Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts of the State of Delaware, in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to challenge, deny or defeat such personal jurisdiction or venue in such court (including in reliance on the doctrine of forum non conveniens) by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement 

7

or the transactions contemplated by this Agreement in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, and (d) each of the parties irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address set forth in Section 12 hereof or as otherwise provided by applicable law.  THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.
9.    Non-Disparagement.  Until the earlier of (a) the expiration of the Covered Period and (b) such time as the Company (in the case of FrontFour) or FrontFour (in the case of the Company), or any of the Company’s or FrontFour’s Representatives shall have breached this Section 9, none of the parties to this Agreement shall make any public statement or public announcement that constitutes an ad hominem attack on or otherwise disparages or cause to be disparaged (i) any of the proposals described in this Agreement or (ii) any other party to this Agreement or any of their respective current or former officers or directors.  Nothing in this Section 9 shall be deemed to prevent either the Company or FrontFour from complying with its respective disclosure obligations under applicable law, legal process, subpoena, law, the rules of any stock exchange, or legal requirement or as part of a response to a request for information from any governmental authority with jurisdiction over the party from whom information is sought. 
10.    Release. 
(a)    Except for the rights provided in this Agreement, FrontFour, on its behalf and on behalf of its Representatives (the “FrontFour Releasing Parties”), hereby release and forever discharge the Company and its Representatives (the “Company Released Parties”) of and from any and all actions, causes of action, claims, demands, liabilities, obligations, fees, costs, sanctions, proceedings and/or rights of any nature and description whatsoever, liquidated or unliquidated, known or unknown, in law or in equity, whether sounding in tort, intentional tort, contract, fraud, concealment, breach of statute, or conspiracy, whether or not concealed or hidden, arising out of or related to the election of directors at the 2016 Annual Meeting, that any of FrontFour Releasing Parties ever had, now have, or may in the future have against the Company Released Parties, or any of them, by reason of any act or omission, in conduct or word, from the beginning of time up to and including the date FrontFour executes this Agreement.  FrontFour, on its behalf and on behalf of the other FrontFour Releasing Parties, expressly covenant and agree forever to refrain from bringing any suit or proceeding against any of the Company Released Parties for any claim released herein.
(b)    Except for the rights provided in this Agreement, the Company, on its behalf and on behalf of its Representatives (the “Company Releasing Parties”), hereby release and forever discharge FrontFour and its Representatives (the “FrontFour Released Parties”) of and from any and all actions, causes of action, claims, demands, liabilities, obligations, fees, costs, sanctions, proceedings and/or rights of any nature and description whatsoever, liquidated or unliquidated, known or unknown, in law or in equity, whether sounding in tort, intentional tort, contract, fraud, 

8

concealment, breach of statute, or conspiracy, whether or not concealed or hidden, arising out of or related to the election of directors at the 2016 Annual Meeting, that any of the Company Releasing Parties ever had, now have, or may in the future have against FrontFour Released Parties, or any of them, by reason of any act or omission, in conduct or word, from the beginning of time up to and including the date the Company executes this Agreement.  The Company, on its behalf and on behalf of the other Company Releasing Parties, expressly covenant and agree forever to refrain from bringing any suit or proceeding against any of FrontFour Released Parties for any claim released herein.
(c)    FrontFour Releasing Parties and the Company Releasing Parties further stipulate and agree that each of them may hereafter discover facts other than or different from those that it knows or believes to be true, but hereby expressly waives and fully, finally and forever settles and releases any known or unknown, suspected or unsuspected, contingent or non-contingent claims released in Sections 10(a) and 10(b) without regard to the subsequent discovery or existence of such other or different facts.  FrontFour Releasing Parties and the Company Releasing Parties each acknowledge that the foregoing waiver was separately bargained for and is a key element of this Agreement.
(d)    Notwithstanding anything to the contrary in this Section 10, FrontFour and the Company do not release any claims, obligations or liabilities related to the enforcement of the terms and provisions of this Agreement.
11.    Entire Agreement; Amendment.  This Agreement contains the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof.  This Agreement may be amended only by an agreement in writing executed by the parties hereto, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument executed by the party against whom such waiver or consent is to be effective.  No failure or delay by a party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.
12.    Notices.  All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) delivered in person or sent by overnight courier, when actually received during normal business hours at the address specified in this subsection, or (b) if given by e-mail, when such e-mail is  transmitted to the e-mail address set forth below and the appropriate confirmation is received (and if notice is provided by e-mail, a hard copy shall be provided within one (1) business day):
		
	if to the Company:
	Innophos Holdings, Inc. 
259 Prospect Plains Road, Building A 
Cranbury, NJ 08512 

9

Attention:     General Counsel 
e-mail:     william.farran@innophos.com
with a copy to (which shall not constitute notice):
Kirkland & Ellis LLP 
601 Lexington Avenue 
New York, NY 10022 
Attention:     William Sorabella 
        Joshua Korff 
e-mail:     william.sorabella@kirkland.com 
        joshua.korff@kirkland.com
		
	if to FrontFour:
	FrontFour Capital Group, LLC  
35 Mason Street, 4th Floor 
Greenwich, CT 06830 
Attention:     Stephen Loukas 
e-mail:     sloukas@frontfourcapital.com    

with a copy to (which shall not constitute notice):
Olshan Frome Wolosky LLP  
Park Avenue Tower 
65 East 55th Street 
New York, NY 10022 
Attention:     Steve Wolosky  
e-mail:     swolosky@olshanlaw.com
13.    Severability.  If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement.
14.    Counterparts.  This Agreement may be executed in two or more counterparts either manually or by electronic or digital signature (including by facsimile or electronic mail transmission), each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the parties, notwithstanding that not all parties are signatories to the same counterpart.
15.    No Third Party Beneficiaries; Assignment.  This Agreement is solely for the benefit of the parties hereto and is not binding upon or enforceable by any other persons.  No party to this Agreement may assign its rights or delegate its obligations under this Agreement, whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void.  Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement on any persons other than the parties 

10

hereto, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party.
16.    Fees and Expenses.  Within ten (10) business days following receipt of reasonably satisfactory documentation thereof, the Company shall reimburse FrontFour for its reasonable, documented out-of-pocket fees and expenses of outside legal counsel incurred in connection with the matters related to the 2016 Annual Meeting and the negotiation, execution and effectuation of this Agreement, in an amount not to exceed $50,000 (in the aggregate).  
[Signature Pages Follow]

11

IN WITNESS WHEREOF, each of the parties hereto has executed this Cooperation Agreement, or caused the same to be executed by its duly authorized representative as of the date first above written.
	
				
	 
	INNOPHOS HOLDINGS, INC.

	 
	 

	 
	By:
	/s/ Kim Ann Mink

	 
	 
	Name:
	Kim Ann Mink

	 
	 
	Title:
	Chief Executive Officer

[Signature Page to Cooperation Agreement]

 

	
				
	 
	FRONTFOUR CAPITAL GROUP LLC

	 
	 

	 
	By:
	/s/ David A. Lorber

	 
	 
	Name:
	David A. Lorber

	 
	 
	Title:
	Managing Member

	 
	FRONTFOUR MASTER FUND, LTD.

	 
	

By:    FrontFour Capital Group LLC, 
its Investment Manager

	 
	By:
	/s/ David A. Lorber

	 
	 
	Name:
	David A. Lorber

	 
	 
	Title:

	Managing Member

	 
	FRONTFOUR CAPITAL CORP.

	 
	 

	 
	By:
	/s/ David A. Lorber

	 
	 
	Name:
	David A. Lorber

	 
	 
	Title:
	Authorized Signatory

	 
	 
	 
	 

	 
	FRONTFOUR OPPORTUNITY FUND

	 
	

By: FrontFour Capital Corp.,
its Investment Manager

	 
	By:
	/s/ David A. Lorber

	 
	 
	Name:
	David A. Lorber

	 
	 
	Title:

	Authorized Signatory

                            
	
				
	 
	 
	/s/ Stephen E. Loukas
	 

	 
	 
	Stephen E. Loukas
	 

	 
	 
	 
	 

	 
	 
	/s/ David A. Lorber
	 

	 
	 
	David A. Lorber
	 

	 
	 
	 
	 

	 
	 
	/s/ Zachary R. George
	 

	 
	 
	Zachary R. George
	 

	 
	 
	 
	 

 

[Signature Page to Cooperation Agreement]

                            

                            
                            

                             
                              

Exhibit A
FrontFour Capital Group, LLC
FrontFour Master Fund, Ltd.
FrontFour Capital Corp.
FrontFour Opportunity Fund
Stephen E. Loukas 
David A. Lorber 
Zachary R. George

Exhibit B
The Reporting Persons confirm that they do not have any plan or intention to take any of the actions contemplated by Section 3(a) of the Cooperation Agreement, dated as of January 11, 2016 by and among FrontFour Capital Group, LLC, certain of their affiliates and Innophos Holdings, Inc., at any time.  None of the Reporting Persons plan or intend to consummate any transaction that would or would be reasonably likely to have any of the effects required to be disclosed pursuant to Item 4 of Schedule 13D. 

Exhibit C
          Press Release

Innophos to Appoint Peter T. Thomas and Robert J. Zatta to Board of Directors 

Innophos and FrontFour Capital Announce Agreement 

CRANBURY, N.J., DATE -- Innophos Holdings, Inc. (NASDAQ: IPHS) (“Innophos” or the “Company”) and FrontFour Capital Group LLC (“FrontFour Capital”), a shareholder of Innophos, with ownership of 1.07% of the Company’s outstanding shares, today announced that the Company has appointed Peter T. Thomas, Chairman, President and Chief Executive Officer of Ferro Corporation, and Robert J. Zatta, Former Acting Chief Executive Officer and long-time Chief Financial Officer of Rockwood Holdings, Inc., to the Company’s Board of Directors, effective immediately. Mr. Thomas and Mr. Zatta will be included in the Company’s slate of director nominees for election at the Company’s 2016 Annual Meeting. With these changes, the Innophos Board has been expanded to nine directors, eight of whom are independent.  

“The Innophos Board of Directors regularly reviews its composition to ensure that the Company directors have the appropriate mix of skills and experience necessary to support the Company and its shareholders,” said Gary Cappeline, Lead Independent Director of the Innophos Board. “To that end, we are pleased to welcome Peter and Robert to the Board, and believe that their insights and expertise in the specialty chemical sector will add valuable perspective. The Board and management team are committed to creating value, and we will continue to take decisive actions to capture opportunities to drive growth, generate strong cash flow and improve the overall operating efficiency of our Company, as we continue to manage through the challenging market environment.  We look forward to working with Peter and Robert as we strengthen the Company’s position as a leading producer of specialty ingredients to create enhanced value for shareholders.”  

In connection with today’s announcement, Innophos and FrontFour Capital have entered into an agreement pursuant to which FrontFour will support the Innophos Board of Director’s slate of nominees at the 2016 Annual Meeting and abide by customary standstill provisions until the date that is thirty (30) days prior to the deadline for submission of shareholder nominations of director candidates for election at the Company’s 2017 Annual Meeting. The complete agreement will be included as an exhibit to a Current Report on Form 8-K, which will be filed by Innophos with the Securities and Exchange Commission (“SEC”).  

“We have had productive dialogue with Innophos over the past several months and are pleased with the agreement we entered into with the Company, which we believe benefits all Innophos shareholders,” said Stephen Loukas, Managing Member of FrontFour Capital.  “Peter and Robert bring a wealth of experience and knowledge that complements the current Directors and we believe they will be strong additions to the Board.  We have been encouraged by the recent leadership transition and operational initiatives to improve the Company’s performance.  We look forward to continuing to work collaboratively with the Board to continue to enhance shareholder value.”  

The Innophos Board will present its recommended slate of director nominees in the Company’s definitive proxy statement and other materials, to be filed with the SEC and mailed to all shareholders eligible to vote at the 2016 Annual Meeting, which has yet to be scheduled.  Under the terms of the agreement with FrontFour Capital, one existing member of the Board who is yet to be determined will not stand for re-election at the 2016 Annual Meeting.     

Kirkland & Ellis LLP is serving as legal advisor to Innophos and J.P. Morgan & Co. is serving as financial advisor.  Olshan Frome Wolosky LLP is serving as legal advisor to FrontFour Capital.

About Peter T. Thomas
Peter T. Thomas has served as the President and Chief Executive Officer and a director of Ferro Corporation (“Ferro”), a publicly-traded producer of specialty materials, since April 2013.  Previously, he served as interim President and Chief Executive Officer of Ferro beginning in November 2012.  Mr. Thomas was elected Chairman of the Board of Directors of Ferro in April 2014.  Prior to his appointment as interim President and Chief Executive Officer of Ferro, Mr. Thomas served as the Operating Vice President of Ferro’s Polymer and Ceramic Engineered Materials Group, which included its Polymer Additives, Specialty Plastics, Tile Coatings, Porcelain Enamel, and Pharmaceuticals businesses. Mr. Thomas joined Ferro in 1999 as Director of Sales for Polymer Additives.  Prior to joining Ferro, from 1991 to 1999, Mr. Thomas held various positions at Witco Corporation, a specialty chemical company, including Vice President of the Oleochemical-Derivatives business unit, Vice President of Sales and Global Market Director.  Mr. Thomas earned his BS in Chemistry from Duquesne University and his MBA from Loyola University. 

About Robert J. Zatta
Mr. Robert J. Zatta was the Acting Chief Executive Officer and Chief Financial Officer of Rockwood Holdings, Inc. (“Rockwood”), a leading global developer, manufacturer and marketer of specialty chemicals, from July 2014 and April 2001, respectively, until January 2015. Mr. Zatta was instrumental in leading the transformation of Rockwood, which resulted in Rockwood’s acquisition by Albermarle Corporation on January 12, 2015. Prior to joining Rockwood, Mr. Zatta spent twelve years with the Campbell Soup Company, where he held several significant financial management positions, including his final position as Vice President responsible for Corporate Development and Strategic Planning. Prior to joining Campbell Soup Company in 1990, he worked for General Foods Corporation and Thomas J. Lipton, Inc.  Mr. Zatta is also a member of the Board of Trustees of Merrimack College.

About Innophos Holdings, Inc.
Innophos is a leading international producer of performance-critical and nutritional specialty ingredients, with applications in food, beverage, dietary supplements, pharmaceutical, oral care and industrial end markets.  Innophos combines more than a century of experience in specialty phosphate manufacturing with a growing capability in a broad range of other specialty ingredients to supply a product range produced to stringent regulatory manufacturing standards and the quality demanded by customers worldwide.  Innophos is continually developing new and innovative specialty ingredients addressing specific customer applications and supports these high-value products with industry-leading technical service.  Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations in Nashville, TN; Chicago Heights, IL; Chicago (Waterway), IL; Geismar, LA; Ogden, UT; North Salt Lake, UT; Paterson, NJ; Green Pond, SC; Port Maitland, ON (Canada); Taicang (China); Coatzacoalcos, Veracruz and San Jose de Iturbide (Mission Hills), Guanajuato (Mexico). For more information please visit www.innophos.com. 'IPHS-G'

About FrontFour Capital Group LLC
FrontFour Capital is an investment adviser with offices in Greenwich, CT and Toronto, ON. FrontFour Capital focuses on value-oriented investments in North American companies.

Safe Harbor for Forward-Looking and Cautionary Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.  As such, final results could differ from estimates or expectations due to risks and uncertainties, including but not limited to: incomplete or preliminary information; changes in government regulations and policies; continued acceptance of Innophos' products and services in the marketplace; competitive factors; technological changes; Innophos' dependence upon suppliers; and other risks.  For any of these factors, Innophos claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended.

Contact Information for Innophos Holdings, Inc.

Mark Feuerbach
(609) 366-1299
investor.relations@innophos.com

Joele Frank, Wilkinson Brimmer Katcher
Meaghan Repko / Aaron Palash / Adam Pollack 
(212) 355-4449

Contact Information for FrontFour Capital Group LLC

Stephen E. Loukas
(203) 274-9050EX-4.8

 Exhibit 4.8 

CURRENCYSHARES® EURO TRUST 

PARTICIPANT AGREEMENT 
 This Participant
Agreement (this “Agreement”), dated as of             , 2015, is entered into by and between
             (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 Mellon, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the CurrencyShares® Euro Trust (the “Trust”), and
Guggenheim Specialized Products, LLC, d/b/a Guggenheim 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 Shares 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: 333-200305), 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 Financial Industry
Regulatory Authority, Inc. (“FINRA”), or (B) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states
or other jurisdictions where the nature of its 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 FINRA’s rules (if it is a FINRA member), including the NASD Conduct Rules, 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 FINRA 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 FINRA’s rules, including 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
(“USA PATRIOT Act”), 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 4:00 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. 

(a) 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. 
 (b) In addition to the fee described in Section 5(a), in
connection with each Order by an Authorized Participant to create or redeem two or more Baskets, the Sponsor shall charge, and the Authorized Participant shall pay to the Sponsor, an additional transaction fee applicable to such creation or
redemption. The additional transaction fee shall range from five hundred dollars ($500) to two thousand dollars ($2,000), based on the number of Baskets created or redeemed per Order. The additional transaction fee may be waived or otherwise
adjusted from time to time as set forth in the Prospectus or the Procedures. 
 (c) Remittance of payment for the transaction fees set forth
in Sections 5(a) and 5(b) shall be made in accordance with the Procedures. 
 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 or its customer, as the case
may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the 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, borrowed or temporarily obtained from another party and are not the subject of any repurchase agreement, reverse repurchase agreement or 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 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, 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, which results from 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. 
 (c) In no event shall an undersigned party be liable for any special, indirect, incidental,
punitive, exemplary or consequential damages of any kind whatsoever in connection with this Agreement, even if previously informed of or advised of the likelihood of such damages and regardless of the form of action or theory under which such
damages are sought. 
 Section 11. Acknowledgment. The Authorized Participant acknowledges receipt of (i) a 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 FINRA 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 FINRA to the
extent required by FINRA’s rules, including 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 MELLON,
 not in
its individual capacity,
 but solely as Trustee of the CurrencyShares® Euro Trust
	 	[NAME OF AUTHORIZED PARTICIPANT]	 	
						
	By:	 	  
	 		 	By:	 	  
	 	
	Name:	 		 		 	Name:	 		 	
	Title	 		 		 	Title	 		 	
						
	Address:	 		 		 	Address:	 		 	
						
	Telephone:	 		 		 	Telephone:	 		 	
						
	Facsimile:	 		 		 	Facsimile:	 		 	

  

	
	GUGGENHEIM SPECIALIZED PRODUCTS, LLC,
	Sponsor of the CurrencyShares® Euro Trust
	
	  

	Name:
	Title:
	
	Address:
	
	Telephone:
	
	Facsimile:

 EXHIBIT A 

CURRENCYSHARES® EURO 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 CurrencyShares® Euro Trust Participant Agreement. 

 

			
	Authorized Participant:	  	                                      
                         
		
	Name:	  	                            Name:
		
	Title:	  	                            Title:
		
	Signature:	  	                            Signature:
		
	Name:	  	                            Name:
		
	Title:	  	                            Title:
		
	Signature:	  	                            Signature:

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

 

							
	Subscribed and sworn to before me	  		 	By:	 	
	this                      day of
                    , 20	  		 		 	
		  		 	Name:	 	
				
		  		 	Title:	 	
				
		  		 	Date:	 	
				
	Notary Public	  		 		 	

 Note: Print on Company Letterhead prior to executing 

 EXHIBIT C 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

CURRENCYSHARES EURO TRUST ETF 
  

 

							
		 	CONTACT INFORMATION FOR ORDER EXECUTION:	 	
				
		 	Telephone order number:	 	(718) 315-7500	 	
		 	Fax order number:	 	(732) 667-9478 alt. fax (718) 315-3080
		 	Custodian Instructions	 	(000-000-0000)/ SWIFT CHASDEFX

  
  

Participant must complete all items in Part 1. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

			
	Date:                                     
                                         
    	 	Time:
                                         
                              
	Broker Name:
                                         
                          	 	Firm Name:
                                         
                    
	DTC Participant Number:
                                         
      	 	Fax Number:
                                         
                  
	Telephone Number:
                                         
               	 	
		
	Type of order (Check Creation or Redemption please)	 	(One CU = 50,000 FXE)
		
	Creation of FXE’s                         	 	Redemption of FXE’s                 
		
	# Of Creation Units (CU) Transacted:	 	Number:                             
		
	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 Authorized 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 the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
 The undersigned does
hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant.
The Authorized Participant enters into this agreement based on an estimated Basket disseminated the previous business day and recognizes the final Basket ounces of EURO represented will be decreased based on the Trusts daily accrual. At the
conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket and or cash required for the creation/redemption order entered into on this day will be finalized and this Order Form will serve as a
legally binding contract for settlement in 3 business days. 
  

							
	  
	  		  	  
	  	
	                Date	  		  	Authorized Person’s Signature	  	

  

	II.	TO BE COMPLETED BY TRUSTEE: 

  

	This	certifies that the above order has been: 

  

							
	                     Accepted by the Trustee	 		 	
	                     Declined-Reason:
                                         
                                         
            	 	
			
	Final # of EUROs                      	 		 	Final # of FXE Shares                              
	Final Cash Due to BNY             	 		 	Final Cash Due to AP                              
		
	                                   
                          	 	                                    
                             
	Date                                 Time	 		 	Authorized Signature of Trustee

 ATTACHMENT A 

CREATION AND REDEMPTION OF EURO SHARES AND RELATED EURO 

TRANSACTIONS 
 Scope of Procedures and
Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Euro Shares (the
“Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Euro 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 the 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, succeeded by Guggenheim 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. 
 Baskets are issued pursuant to the
Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and 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. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional
transaction fee, as follows: 
  

			
	 Baskets Created or Redeemed Per Order
	  	 Additional Transaction Fee

	 2
	  	$   500
	 3
	  	$1,000
	 4
	  	$1,500
	 5 or more
	  	$2,000

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance
with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

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. 

  
 A-2 

 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 11 a.m. NYC time (usually 5 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 The Authorized Participant (“AP”) submitting an order to create shall submit such orders containing the
information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry
System terms and conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below. 

C1.1.2 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- 7500, 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. 
 C1.1.3 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. 
 C1.1.4
Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be rejected. 
 C1.1.5 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. 

C1.1.6 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. 
 C1.1.7 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 Fees by (DTC SPO Charge) prior to delivery of the Baskets on CREATION
T+3. 
 C1.1.8 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 

  
 A-3 

 
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 Fees. 

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 Fees 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 3:15 p.m. CET (usually 9:15 a.m. NYC time) on CREATION T+3, 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 3:15 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 Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees 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 Fees. 
 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. 

  
 A-4 

 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 email 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. 
 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 3:15 p.m. CET (usually 9:15 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 3:15 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 Fees 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. 

  
 A-5 

 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, payable by the Authorized Participant. 

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

 Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

 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 p.m. CET (usually 9 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 The Authorized Participant (“AP”) submitting an order to redeem shall submit such requests containing the information
required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the
Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative , according to the procedures set forth below. 

R1.1.2 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- 7500, 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. 
 R1.1.3 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. 

  
 A-6 

 R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time
are rejected. 
 R1.1.5 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. 
 R1.1.6 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. 

R1.1.7 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 Fees by SPO DTC Charge prior to the delivery of the Euro to the Authorized Participant on REDEMPTION T+3. 

R1.1.8 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 Fees. 

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 Fees 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 ) 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 ) 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) 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 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. 

  
 A-7 

 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 Fees from the Authorized
Participant (SPO DTC) Charge. 
 R4.2 By 3 p.m. CET (usually 9 a.m. NYC time), the Authorized Participant delivers free to the
Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk (phone number (718)-315-7500) to expect the Authorized Participant’s Shares through DTC.

 R4.2.1 By 3 p.m. CET (usually 9 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 p.m. CET
(usually 9 a.m. NYC time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, then 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 p.m. CET (usually 9 a.m. NYC time), if the Shares of a redeeming Authorized Participant have not been received into the
Trustee’s participant account at DTC, then 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 3:15 p.m. CET (usually 9:15 a.m. NYC time), the Trustee sends an authenticated electronic message (SWIFT MT202 )
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. 

  
 A-8 

 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 MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements. 

  
 A-9 

 Schedule to Exhibit 4.8 

The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Guggenheim Specialized Products, LLC, as
sponsor, which is substantially identical in all material respects to the Participation Agreement filed herewith as Exhibit 4.8 and is dated as of the date listed opposite its name below. 

 

			
	 Name of Party
	  	 Date of Agreement

	 BNP Paribas Securities Corp.
	  	June 18, 2015
	 BNP Paribas Prime Brokerage, Inc.
	  	June 18, 2015

 Except as noted above, there are no material details in which the above Participation Agreements differ from the Participation
Agreement filed herewith as Exhibit 4.8.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]