Common use of NOTES FOR TRUSTEE (CREATION T) Clause in Contracts

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds that must be deposited in the Deposit Account no later than 2:30 p.m. London time on CREATION T+2. C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds that must be deposited in the Deposit Account (the “Basket British Pounds Amount”) no later than 2:30 p.m. London time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 p.m. London time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Amount in the Deposit Account. C3.2 As of 2:30 p.m. London time, the Depository notifies the Trustee that the Basket British Pounds Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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 British Pounds Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository British Pounds system updates account records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository British Pounds 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).

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Swedish Krona that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London Stockholm time on CREATION T+2. C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Swedish Krona that must be deposited in the Deposit Account (the “Basket British Pounds Swedish Krona Amount”) no later than 2:30 3:30 p.m. London Stockholm time on CREATION T+2 for creation of the Baskets on that day. C2.2 C 2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds Swedish Krona amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 3:30 p.m. London Stockholm time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Swedish Krona Amount in the Deposit Account. C3.2 As of 2:30 3:30 p.m. London Stockholm time, the Depository notifies the Trustee that the Basket British Pounds Swedish Krona Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Swedish Krona 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 British Pounds Swedish Krona Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Swedish Krona 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Swedish Krona Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. London Stockholm time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. London Stockholm time) on CREATION T+2, the Depository British Pounds Swedish Krona system updates account records, recording the movements of British Pounds Swedish Krona in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Stockholm time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. London Stockholm time) on CREATION T+2, the Depository British Pounds Swedish Krona 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).

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Euro that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London Frankfurt time on CREATION T+2. C2 CREATION T+1 T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Euro that must be deposited in the Deposit Account (the “Basket British Pounds Euro Amount”) no later than 2:30 3:30 p.m. London Frankfurt time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds Euro amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 3:30 p.m. London Frankfurt time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Euro Amount in the Deposit Account. C3.2 As of 2:30 3:30 p.m. London Frankfurt time, the Depository notifies the Trustee that the Basket British Pounds Euro Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/SPO DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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 British Pounds Euro Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Euro Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository British Pounds Euro system updates account records, recording the movements of British Pounds Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository British Pounds 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). C3.10 If the Authorized Participant fails to deliver Euro by 3:30 p.m. Frankfurt time on CREATION T+2, (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. The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). 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 (a “Redemption Order”) in accordance with the following process.

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Japanese Yen that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London NYC time on CREATION T+2T+1 (usually 4:30 a.m. the following day Tokyo time). C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Japanese Yen that must be deposited in the Deposit Account (the “Basket British Pounds Japanese Yen Amount”) no not later than 2:30 3:30 p.m. London NYC time on CREATION T+2 T+1 (usually 4:30 a.m. the following day Tokyo time) for the creation of the Baskets on that day. CREATION T+2. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds amount of Japanese Yen that the Depository will receive from the Authorized Participant on CREATION T+2T+1. C3 CREATION T+2 C3.1 C2.3 By 2:30 3:30 p.m. London NYC time (usually 9:30 4:30 a.m. NYC the following day Tokyo time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Japanese Yen Amount in the Deposit Account. C3.2 C3 CREATION T+2 C3.1 As of 2:30 p.m. London 9:00 a.m. NYC time, the Depository notifies the Trustee that the Basket British Pounds Japanese Yen Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 C3.2 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Japanese Yen 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 British Pounds Japanese Yen Amount. C3.5 C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Japanese Yen 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. C3.6 C3.5 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Japanese Yen Amount has been received into the Deposit Account. C3.7 C3.6 Following the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 C3.7 Following the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2, the Depository British Pounds Japanese Yen system updates account records, recording the movements of British Pounds Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2. C3.9 C3.8 Following the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2, the Depository British Pounds Japanese Yen system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Australian Dollars that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London NYC time on CREATION T+2T+1 (usually 5:30 a.m. the following day Melbourne time). C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Australian Dollars that must be deposited in the Deposit Account (the “Basket British Pounds Australian Dollar Amount”) no not later than 2:30 3:30 p.m. London NY time on CREATION T+2 T+1 (usually 5:30 a.m. the following day Melbourne time), for the creation of the Baskets on that dayCREATION T+2. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds amount of Australian Dollars that the Depository will receive from the Authorized Participant on CREATION T+2T+1. C3 CREATION T+2 C3.1 C2.3 By 2:30 3:30 p.m. London NYC time (usually 9:30 5:30 a.m. NYC the following day Melbourne time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Australian Dollar Amount in the Deposit Account. C3.2 C3 CREATION T+2 C3.1 As of 2:30 p.m. London 9:00 a.m. NYC time, the Depository notifies the Trustee that the Basket British Pounds Australian Dollar Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 C3.2 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Australian Dollar 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 British Pounds Australian Dollar Amount. C3.5 C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Australian Dollar 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. C3.6 C3.5 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Australian Dollar Amount has been received into the Deposit Account. C3.7 C3.6 Following the close of business (usually 4:00 p.m. London Melbourne time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 C3.7 Following the close of business (usually 4:00 p.m. London Melbourne time) on CREATION T+2, the Depository British Pounds Australian Dollar system updates account records, recording the movements of British Pounds Australian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Melbourne time) on CREATION T+2. C3.9 C3.8 Following the close of business (usually 4:00 p.m. London Melbourne time) on CREATION T+2, the Depository British Pounds Australian Dollar system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Swiss Francs that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London Zurich time on CREATION T+2. C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Swiss Francs that must be deposited in the Deposit Account (the “Basket British Pounds Swiss Francs Amount”) no later than 2:30 3:30 p.m. London Zurich time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds Swiss Franc amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 3:30 p.m. London Zurich time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Swiss Francs Amount in the Deposit Account. C3.2 As of 2:30 3:30 p.m. London Zurich time, the Depository notifies the Trustee that the Basket British Pounds Swiss Francs Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Swiss Francs 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 British Pounds Swiss Francs Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Swiss Francs 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Swiss Francs Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. London Zurich time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. London Zurich time) on CREATION T+2, the Depository British Pounds Swiss Francs system updates account records, recording the movements of British Pounds Swiss Francs in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Zurich time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. London Zurich time) on CREATION T+2, the Depository British Pounds Swiss Francs 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).

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Japanese Yen that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London NYC time on CREATION T+2T+1 (usually 4:30 a.m. the following day Tokyo time). C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Japanese Yen that must be deposited in the Deposit Account (the “Basket British Pounds Japanese Yen Amount”) no not later than 2:30 3:30 p.m. London NYC time on CREATION T+2 T+1 (usually 4:30 a.m. the following day Tokyo time) for the creation of the Baskets on that dayCREATION T+2. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds amount of Japanese Yen that the Depository will receive from the Authorized Participant on CREATION T+2T+1. C3 CREATION T+2 C3.1 C2.3 By 2:30 3:30 p.m. London NYC time (usually 9:30 4:30 a.m. NYC the following day Tokyo time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Japanese Yen Amount in the Deposit Account. C3.2 C3 CREATION T+2 C3.1 As of 2:30 p.m. London 9:00 a.m. NYC time, the Depository notifies the Trustee that the Basket British Pounds Japanese Yen Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 C3.2 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Japanese Yen 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 British Pounds Japanese Yen Amount. C3.5 C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Japanese Yen 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. C3.6 C3.5 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Japanese Yen Amount has been received into the Deposit Account. C3.7 C3.6 Following the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 C3.7 Following the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2, the Depository British Pounds Japanese Yen system updates account records, recording the movements of British Pounds Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2. C3.9 C3.8 Following the close of business (usually 4:00 p.m. London Tokyo time) on CREATION T+2, the Depository British Pounds Japanese Yen system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Euro that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London Frankfurt time on CREATION T+2. C2 CREATION T+1 T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Euro that must be deposited in the Deposit Account (the “Basket British Pounds Euro Amount”) no later than 2:30 3:30 p.m. London Frankfurt time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds Euro amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 3:30 p.m. London Frankfurt time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Euro Amount in the Deposit Account. C3.2 As of 2:30 3:30 p.m. London Frankfurt time, the Depository notifies the Trustee that the Basket British Pounds Euro Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/SPO DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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 British Pounds Euro Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Euro Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository British Pounds Euro system updates account records, recording the movements of British Pounds Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository British Pounds 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). C3.10 If the Authorized Participant fails to deliver Euro by 3:30 p.m. Frankfurt time on CREATION T+2, (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.

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds that must be deposited in the Deposit Account no later than 2:30 p.m. London time on CREATION T+2. C2 CREATION T+1 T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds that must be deposited in the Deposit Account (the “Basket British Pounds Amount”) no later than 2:30 p.m. London time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 p.m. London time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Amount in the Deposit Account. C3.2 As of 2:30 p.m. London time, the Depository notifies the Trustee that the Basket British Pounds Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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 British Pounds Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository British Pounds system updates account records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository British Pounds 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).

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Euro that must be deposited in the Deposit Account no later than 2:30 2:15 p.m. London time on CREATION T+2. C2 CREATION T+1 T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Euro that must be deposited in the Deposit Account (the “Basket British Pounds Euro Amount”) no later than 2:30 2:15 p.m. London time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds Euro amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 2:15 p.m. London time (usually 9:30 9:15 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Euro Amount in the Deposit Account. C3.2 As of 2:30 2:15 p.m. London time, the Depository notifies the Trustee that the Basket British Pounds Euro Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/SPO DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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 British Pounds Euro Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Euro Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 3:30 p.m. London time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 3:30 p.m. London time) on CREATION T+2, the Depository British Pounds Euro system updates account records, recording the movements of British Pounds Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 3:30 p.m. London time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 3:30 p.m. London time) on CREATION T+2, the Depository British Pounds 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). C3.10 If the Authorized Participant fails to deliver Euro by 2:30 p.m. London time on CREATION T+2, (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. The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets 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 2:00 p.m. London time (usually 9:00 a.m. NYC time) on the second Business Day following REDEMPTION T (“REDEMPTION T+2”). 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 (a “Redemption Order”) in accordance with the following process. R1.1.1 The Authorized Participant 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 000-000-0000, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets 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. R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, 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+2. 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.

NOTES FOR TRUSTEE (CREATION T). 5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds Euro that must be deposited in the Deposit Account no later than 2:30 3:30 p.m. London Frankfurt time on CREATION T+2. C2 CREATION T+1 C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds Euro that must be deposited in the Deposit Account (the “Basket British Pounds Euro Amount”) no later than 2:30 3:30 p.m. London Frankfurt time on CREATION T+2 for creation of the Baskets on that day. C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds Euro amount that the Depository will receive from the Authorized Participant on CREATION T+2. C3 CREATION T+2 C3.1 By 2:30 3:30 p.m. London Frankfurt time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Euro Amount in the Deposit Account. C3.2 As of 2:30 3:30 p.m. London Frankfurt time, the Depository notifies the Trustee that the Basket British Pounds Euro Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910). C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/SPO DTC Charge). C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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 British Pounds Euro Amount. C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds 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. C3.6 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+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Euro Amount has been received into the Deposit Account. C3.7 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. C3.8 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository British Pounds Euro system updates account records, recording the movements of British Pounds Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2. C3.9 Following the close of business (usually 4:00 p.m. London Frankfurt time) on CREATION T+2, the Depository British Pounds 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). C3.10 If the Authorized Participant fails to deliver Euro by 3:30 p.m. Frankfurt time on CREATION T+2, (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. The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). 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 (a “Redemption Order”) in accordance with the following process. R1.1.1 The Authorized Participant 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 000-000-0000, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets 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. R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, 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+2. 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+2” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant will receive upon redemption of the indicated Basket(s). 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, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on REDEMPTION T+2.