PARTICIPANT AGREEMENTParticipant Agreement • January 13th, 2012 • CurrencyShares South African Rand Trust • Commodity contracts brokers & dealers • New York
This Participant Agreement (this “Agreement”), dated as of , 2011, 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 Trust (the “Trust”), and Rydex Specialized Products LLC, d/b/a Rydex Investments, as sponsor (the “Sponsor”) of the Trust.
