CADD RESERVE TRUST TRUST INDENTURE 

THIS TRUST INDENTURE (this “Trust Indenture”) is made on the 30th day of March, 2026.

BETWEEN: 

CAD DIGITAL INC., a corporation incorporated and existing under  the Business Corporations Act (Alberta) 

(in its capacity as settlor of the CADD Reserve Trust,  the “Settlor”) 

AND: 

TETRA TRUST COMPANY, a trust corporation incorporated and  existing under the Loan and Trust Corporations Act (Alberta) 

(in its capacity as trustee of the CADD Reserve Trust, the “Trustee”) 

WHEREAS Tetra Trust Company is the issuer of the digital asset known as “CADD” (in its  capacity as issuer of CADD, the “Issuer”); 

AND WHEREAS the Issuer has engaged CAD Digital Inc. as its agent to arrange for the issuance,  distribution and redemption of CADD (in its capacity as agent of the Issuer, “CAD Digital”); 

AND WHEREAS the Settlor intends to establish the Trust described herein for the purposes of,  among other things, holding the cash received as Subscription Proceeds for CADD and has  entered into this Trust Indenture to witness the creation of the Trust, to establish its terms and to  define the privileges, rights, duties, powers, authorities and obligations of the Trustee; 

AND WHEREAS the Beneficiary is the sole beneficiary of the Trust on the date hereof. 1. CREATION OF THE TRUST. 

1.1 Name of the Trust. The Trust created by this Trust Indenture shall be known as the “CADD  Reserve Trust”, or such other name as the Trustee may from time to time determine. 

1.2 Settlement of the Trust. The Settlor hereby settles upon the Trustee the sum of CAD  $20.00 on the date of this Trust Indenture.  

1.3 Acceptance of Trust. The Trustee, by joining in the execution of this Trust Indenture,  signifies its receipt of the settlement property set out in Section 1.2 (Settlement of the Trust) and  its acceptance of this Trust and the privileges, rights, duties, powers, authorities and obligations  contained herein. 

1.4 Trust is Irrevocable. The Trust herein set forth shall be irrevocable by the Settlor. 2. DEFINITIONS AND INTERPRETATION. 

2.1 For the purposes of this Trust Indenture, terms defined in the recitals have the meanings  given to them in the recitals, and:

(a) “Agency Agreement” means the CAD Digital Financial Service Agency  Agreement dated March 30, 2026 under which the Issuer engages CAD Digital  Inc. to act as its agent to arrange for the issuance, distribution and redemption of  CADD; 

(b) “Authorized Signatory” has the meaning given to it in Section 6.10(b)(ii); 

(c) “Beneficiary” means: (a) prior to the occurrence of an event described in Section  6.11, the Class A Beneficiary; and (b) at any time upon or after the occurrence of  an event described in Section 6.11, the Class B Beneficiary; 

(d) “Burn” means to permanently remove CADD from circulation; and “Burnt” has a  corresponding meaning;  

(e) “Business Day” means any day on which banks in the Province of Alberta are  open for business; 

(f) “Business Hours” means 9AM to 7PM ET during Business Days; 

(g) “CAD Digital” means CAD Digital Inc. when acting in its capacity as agent to the  Issuer and not in its capacity as Settlor or Beneficiary of the Trust; 

(h) “CADD” means the digital asset issued under the name “CADD”, which is  redeemable on a 1:1 basis (i.e., 1 CADD for CAD $1.00) for Canadian dollars  from the Trust Capital;  

(i) “CADD Holder” means any holder of issued and outstanding CADD, which, for  greater certainty, includes Participants and End Users when holding CADD; 

(j) “CADD Reserve” means, at any time, (i) the Trust Capital; and (ii) the Trust  Income, but excludes all amounts which have been paid or distributed therefrom  pursuant to the provisions of this Trust Indenture; 

(k) “CADD Reserve Attestation” means an attestation prepared by the Independent  Audit Firm based on their review of the CADD Reserve and related records that  addresses, in all material respects, the requirements set out in Schedule A (CADD  Reserve Attestation Requirements) hereto;  

(l) “CADD Terms and Conditions” means the terms and conditions governing the  issuance, holding, Redemption and other uses of CADD by CADD Holders, which  are publicly available on Issuer’s website; 

(m) “Canadian GAAP” means generally accepted accounting principles in effect from  time to time in Canada, including IFRS, applicable to the relevant period and  applied in a consistent manner from period to period during such time;  

(n) “Canadian Liquid Assets” means: (i) Canadian dollars; (ii) investments that are  evidence of indebtedness with a remaining term to maturity of 90 days or less and  that are issued, or fully and unconditionally guaranteed as to principal and  interest, by the Government of Canada; (iii) securities issued by one or more  money market funds licensed, regulated or authorized by a governmental or regulatory authority in Canada; or (iv) such other liquid assets as may be  acceptable to the Trustee having regard to the Capital and Liquidity Treatment of  Crypto-asset Exposures (Banking) – Guideline published by the Office of the  Superintendent of Financial Institutions (or any replacement or successor  guideline); 

(o) “Class A Beneficiary” means, prior to an event described in Section 6.11 herein  and the appointment of the Class B Beneficiary, CAD Digital Inc. in its capacity  as beneficiary of the Trust, and not in its capacity as agent to the Issuer or as  Settlor of the Trust; 

(p) “Class B Beneficiary” means a beneficiary designated by the Trustee in  accordance with Section 6.11; 

(q) “Deed of Variation” has the meaning given to it in Section 11.4; 

(r) “Depository Institution” means an institution in any of the following categories,  provided that cash balances held by such institution are insured by the Canada  Deposit Insurance Corporation, the Canadian Investor Protection Fund or a  similar guarantee or insurance scheme authorized by federal, provincial or  territorial legislation and in accordance with the coverage limits prescribed under  such guarantee or insurance scheme: 

(i) a bank listed in Schedule I or Schedule II to the Bank Act (Canada);  

(ii) an authorized foreign bank as defined in section 2 of the Bank Act (Canada) in respect of its business in Canada;  

(iii) a cooperative credit society, savings and credit union, caisse populaire  or central cooperative credit society that is regulated by a provincial Act  or an association regulated by the Cooperative Credit Associations Act  (Canada);  

(iv) His Majesty in right of a province or an agent or mandatary of His  Majesty in right of a province, if His Majesty in right of a province or the  agent or mandatary accepts deposits transferable by order; 

(v) a company to which the Insurance Companies Act (Canada) applies or  an insurance company regulated by a provincial Act;  

(vi) a company to which the Trust and Loan Companies Act (Canada)  applies;  

(vii) a trust company that is regulated by a provincial Act; 

(viii) a loan company that accepts deposits transferable by order and is  regulated by a provincial Act; or 

(ix) an investment dealer that is a member of the Canadian Investment  Regulatory Organization (“CIRO”) and that is permitted under the rules of CIRO, as amended from time to time, to hold cash and securities of  clients, 

that the Trustee may select from time to time for holding all or any part of the  CADD Reserve;  

(s) “Designated Bank Account” means the account designated for the receipt of  Redemption Proceeds: (i) for a Redemption by a Participant, as designated in  accordance with the applicable Participant Agreement, or as otherwise  communicated to CAD Digital from time to time; or (ii) for a Redemption by an  Issuer-Registered End User, as designated during the applicable registration  process pursuant to the CADD Terms and Conditions;  

(t) “Discretion” means the absolute and uncontrolled discretion of the Trustee, to  the extent enabled by law and exercised in accordance with the Standard of Care;  

(u) “Distribution Agreement” means a distribution agreement between CAD Digital  and a distributor of CADD governing the distribution of CADD by such distributor; 

(v) “Distributor” means a distributor of CADD that is a party to a valid and binding  Distribution Agreement; 

(w) “Distributor-Registered End User” means a CADD Holder that has been  registered and verified by a Distributor; 

(x) “Division Date” means the first to occur of the following dates: 

(i) one day prior to the twenty-first (21st) anniversary of the date of the death  of the last of the issue of King Charles III alive as at the date that this Trust  Indenture is made; and  

(ii) such day prior to the day described in Section 2.1(x)(i) as the Trustee in its  Discretion may select as the Division Date in accordance with Article 8  (Termination of the Trust); 

(y) “Document” has the meaning given to it in Section 6.10(b); 

(z) “End Users” means Distributor-Registered End Users, Issuer-Registered End  Users and Unregistered End Users; 

(aa) “Gross Redemption Proceeds” means CAD $1.00 per CADD; (bb) “Handbook” means: 

(i) the Chartered Professional Accountants of Canada Handbook –  Accounting, as amended from time to time; and 

(ii) the Chartered Professional Accountants of Canada Handbook –  Assurance, as amended from time to time; 

(cc) “IFRS” means the International Financial Reporting Standards, namely the  standards, interpretations and the framework for the preparation and presentation of financial statements (in the absence of a standard or an interpretation) adopted  by the International Accounting Standards Board (IASB); 

(dd) “Income Tax Act” means the Income Tax Act (Canada), R.S.C. 1985 (5th Supp.),  c. 1, and as subsequently amended and from time to time in effect; 

(ee) “Independent Audit Firm” means BT WM LLP, or such other independent audit  firm engaged by the Issuer from time to time; 

(ff) “Institutional Partner” means an institution that is approved by the Issuer to use  CADD and is a party to a valid and binding Institutional Partner Agreement; 

(gg) “Institutional Partner Agreement” means an agreement between CAD Digital  and an institution that is approved by the Issuer governing the use of CADD for  specified purposes which do not include: (i) selling CADD to, buying CADD from,  Redeeming CADD from, or swapping CADD with, or making any other use of  CADD with any third party that is not a Participant or a permitted affiliate of the  institution; or (ii) performing any transaction or making any use of CADD that  results in CADD being transferred to a digital wallet address that is not owned and  controlled by a Participant or a permitted affiliate of the institution (or such other  scope of excluded uses set out in the applicable agreement); 

(hh) “Investment Guidelines” means the guidelines set out in Schedule B  (Investment Guidelines) hereto; 

(ii) “Issuer” has the meaning given to it in the Preamble hereto; 

(jj) “Issuer-Registered End User” means a holder of CADD that has been registered  and verified by CAD Digital; 

(kk) “Net Trust Income” means, for a particular period, the amount that would be the  trust income for purposes of the Income Tax Act (including any gains derived from  deemed dispositions of property of the Trust and any other deemed income, and  after deducting those costs, charges and expenses of the Trust that are permitted  under the Income Tax Act, but for the purposes of Section 6.8 (Trustee Fee)  determined before taking into account any deduction for the Trustee Fee), before  deducting any amount pursuant to subsection 104(6) of the Income Tax Act (or  pursuant to any provision which may be substituted therefor or of similar effect);  

(ll) “Participant Agreement” means a Distribution Agreement or an Institutional  Partner Agreement; 

(mm) “Participant” means a Distributor or an Institutional Partner; 

(nn) “Person” means any individual, sole proprietorship, partnership, firm, entity,  unincorporated association, unincorporated syndicate, unincorporated  organization, trust, body corporate, or governmental or regulatory authority, and  where the context requires, any of the foregoing when they are acting as trustee,  executor, administrator, or other legal representative;

(oo) “Redemption” means the redemption of CADD by a Participant or an Issuer Registered End User; and “Redeem” has a corresponding meaning; 

(pp) “Redemption Administrative Fee” means the administrative fee charged in  respect of the Redemption of CADD, as set out in: (i) the CADD Terms and  Conditions for Redemptions by Issuer-Registered End Users; or (ii) the applicable  Participant Agreement for Redemptions by Participants; 

(qq) “Redemption Proceeds” means the Gross Redemption Proceeds less any  applicable Redemption Administrative Fee; 

(rr) “Resignation Notice” has the meaning given to it in Section 7.1; (ss) “Retiring Trustee” has the meaning given to it in Section 7.1; (tt) “Settlor” has the meaning given to it in the Preamble hereto; (uu) “Standard of Care” has the meaning given to it in Section 6.1; 

(vv) “Subscription” means the subscription by, and issuance to, a Participant for a  specified number of CADD in consideration for a corresponding number of  Canadian dollars; 

(ww) “Subscription Cut-Off Date” has the meaning given to it in Section 8.2; (xx) “Subscription Proceeds” means CAD $1.00 per CADD; 

(yy) “Successor Beneficiary” has the meaning given to it in Section 3.2(e); (zz) “Third Party” means a Person who is not the Trustee or Beneficiary; 

(aaa) “Trust” means the trust established pursuant to this Trust Indenture to hold the  CADD Reserve in trust for the benefit of the Beneficiary; 

(bbb) “Trust Account” means one or more trust accounts opened and maintained by  the Trustee in the name of the Trust, at a Depository Institution, for the sole  purpose of holding the CADD Reserve in trust on behalf of the Beneficiary  pursuant to this Trust Indenture; 

(ccc) “Trust Capital” means the Subscription Proceeds received in consideration for  CADD and contributed to the Trust and all Canadian Liquid Assets into which  such Canadian dollars are invested; 

(ddd) “Trust Income” means the income generated on the Trust Capital; (eee) “Trust Indenture” has the meaning given to it in the Preamble hereto; 

(fff) “Trustee” means Tetra Trust Company, the original Trustee herein, and any other  trustee from time to time acting under this Trust and shall include any successor  trustee appointed pursuant to Article 7 (Successor Trustee) hereof; 

(ggg) “Trustee Delegate” has the meaning given to it in Section 6.10(a);

(hhh) “Trustee Fee” has the meaning given to it in Section 6.8 (Trustee Fee);  

(iii) “Unregistered End User” means a holder of CADD, other than a holder of CADD  that is a Participant, Distributor-Registered End User or Issuer-Registered End  User; 

(jjj) “Wind-Down Notice” has the meaning given to it in Section 8.2; and (kkk) “Wind-Down Period” has the meaning given to it in Section 8.2. 

2.2 For the purposes of interpretation and construction of this Trust Indenture, unless  something in the subject matter or context is inconsistent therewith or unless otherwise herein  provided: (a) the singular shall mean and include the plural and vice versa and any gender shall  mean and include all of the genders; (b) the titles and sub-titles of this Trust Indenture are inserted  and included for the purpose of convenience only and should not be used in the interpretation or  construction of this Trust Indenture; (c) the term “including” means “including without limiting the  generality of the foregoing”; (d) references to any agreement, instrument, policy or statute are to  that agreement, instrument, policy or statute as updated, revised, amended, novated,  supplemented, varied or replaced from time to time; (e) the term “provision” includes terms,  conditions, covenants, agreements, representations, warranties and other provisions; (f) a  reference to any Person is: (i) if that Person is replaced by another Person, deemed to refer to  the replacement Person; and (ii) if that Person ceases to exist, deemed to refer to the Person that  most nearly or substantially serves the same purposes or objects as that Person; (g) when  calculating the period of time within which or following which any act is to be done or step is to be  taken, the date which is the reference day in calculating such period will be excluded and if the  last day of such period is not a Business Day, the period will end on the next Business Day; (h)  words or abbreviations that have well known technical industry or trade meanings are used herein  in accordance with their recognized meanings; (i) the terms “hereof”, “hereunder”, and similar  expressions refer to this Trust Indenture and not to any particular Section or other portion hereof:  (j) for so long as Tetra Trust Company is the Trustee hereunder, the “Trustee” means Tetra Trust  Company when acting as the Trustee, and not as the Issuer; (k) the “Issuer” means Tetra Trust  Company when acting as Issuer, and not as Trustee; and (l) “Settlor” means CAD Digital Inc.  when acting as Settlor, and not as Beneficiary or agent. 

3. APPOINTMENT AND PURPOSES. 

3.1 The Settlor hereby appoints the Trustee to act as the trustee of the Trust to hold the CADD  Reserve in trust for the benefit of the Beneficiary in accordance with this Trust Indenture. The  Trustee hereby accepts the trustee appointment set out above and the trusts, obligations, duties  and responsibilities set out in this Trust Indenture. 

3.2 The Trustee shall administer the Trust for the following purposes and subject to the  following conditions: 

(a) Trust Capital. 

Until the Division Date, the Trustee shall not use or otherwise encroach on the Trust Capital other  than for the sole purpose of satisfying Redemptions in accordance with Section 6.4 (Redemptions  of CADD). The Trustee shall, at all times, exercise its investment powers with the primary  objective of ensuring that the Trust Capital is sufficient to satisfy, on demand, its obligation to  complete Redemptions in accordance with Section 6.4 (Redemptions of CADD). 

(b) Vested Income Interest. 

Until the Division Date, the Trustee shall, subject to the Trustee’s Discretion as set out in this  Section 3.2(b) (Vested Income Interest), no less frequently than quarterly, make payable to the  Beneficiary 100% of the Net Trust Income available for distribution. The Trustee shall, within 10  Business Days following the end of each calendar quarter: (i) subject to the Trustee’s Discretion  in this Section 3.2(b) (Vested Income Interest), pay to the Beneficiary all of the previously  undistributed Net Trust Income of the Trust as of such date; and (ii) deliver to the Beneficiary a  report setting out the calculation of the Net Trust Income for the calendar quarter, including a  detailed breakdown of all income, expenses and fees deducted in arriving at such amount. 

Should the Trustee fail to make the Net Trust Income for a calendar year payable as of December  31st of that calendar year, then on December 31st of such calendar year, an amount equal to the  Net Trust Income for such calendar year, to the extent not previously paid or payable otherwise  in the calendar year to the Beneficiary, shall be payable immediately prior to the end of that  calendar year to the Beneficiary on December 31st of such calendar year. The Beneficiary shall  have the right to enforce payment of any amount payable to the Beneficiary under this Section  3.2(b) on and after December 31st of the calendar year in which the amount becomes payable. 

Notwithstanding the foregoing, the Trustee shall have no obligation to pay or transfer Net Trust  Income to the Beneficiary, and the Beneficiary shall have no right to enforce any such payment,  at any time if: (i) the Canadian dollar value of the Trust Capital is less than the number of CADD  then issued and outstanding; (ii) any Redemption of CADD that has been lawfully made under  Section 6.4 hereof has not been fulfilled in accordance with its terms; or (iii) the Trustee, acting  reasonably, determines that making such payment would endanger the Trust Capital, violate any  applicable law, or otherwise constitute a breach of the Trustee’s Standard of Care under this Trust  Indenture, provided however that clause (iii) of this paragraph shall not apply to the December 31  annual distribution described in the preceding paragraph.  

(c) No Right in CADD Reserve. 

The Trustee acknowledges and agrees that: (i) it does not have any beneficial interest in, or  recourse to or right against, the CADD Reserve; and (ii) it will keep the CADD Reserve free and  clear of any encumbrances of any kind. The Trustee will not, under any circumstances, use the  CADD Reserve for its own purposes.  

(d) Distribution on Division Date. 

Upon the Division Date, subject to Sections 3.2(e), 3.2(f) and 8.7, the Trustee shall distribute  100% of the CADD Reserve (including, for clarity, 100% of any remaining Trust Capital) to the  Beneficiary. 

(e) Successor Beneficiary.  

If, as of the Division Date, the Beneficiary has amalgamated with another organization or  organizations, or has changed its name, the Beneficiary’s entitlements under this Trust Indenture  shall not fail but the Trustee shall pay the Beneficiary’s entitlements to the Beneficiary’s successor  (the “Successor Beneficiary”) upon receipt of reasonable written evidence of such succession  (including, as applicable, a certificate of amalgamation, articles of continuance, plan of  arrangement approval order, certificate of name change, or a certificate of status). 

(f) Gift Over Beneficiary. 

If, as of the Division Date, the Beneficiary has ceased to operate or exist (as distinct from having  amalgamated or changed its name as described in Section 3.2(e) (Successor Beneficiary)) the  Trustee shall pay the Beneficiary’s entitlement under this Trust Indenture to an organization that  is a “registered charity” for the purposes of the Income Tax Act which, in the Trustee’s Discretion,  advances charitable objects of importance to the Settlor.  

4. DISTRIBUTION TO BENEFICIARY. 

4.1 Any power hereby or by law conferred on the Trustee to pay, transfer, appropriate or apply  any or all of the Net Trust Income and the Trust Capital to the Beneficiary may at the Discretion  of the Trustee be validly exercised by distributing the same, in the Trustee’s Discretion, by way of  cash, kind or in specie. 

5. POWERS AND AUTHORITIES OF THE TRUSTEE. 

5.1 Without in any way limiting or derogating from the powers, authorities, Discretions and  immunities otherwise howsoever available to the Trustee, whether under any statute or at law or  otherwise, the Trustee shall have and be invested with the following powers, authorities,  Discretions and immunities, as to which its judgment shall be final and conclusive upon all  interested parties, and no Person dealing with it shall be charged with any duty to enquire into the  propriety of its actions, that is to say:  

(a) subject to the Investment Guidelines, to make or retain any investment or  investments in Canadian Liquid Assets that it considers advisable,  notwithstanding that such investments may not be in the form of investments in  which trustees are authorized to invest trust funds under the laws of the Province  of Alberta or any jurisdiction of Canada, and the Trustee shall not be responsible  for any loss which may be occasioned by reason of the making of such  investments or the retention of the same;  

(b) without limiting the generality of Section 5.1(a), to make or retain any investment  or investments in one or more mutual funds, and any such investment shall not  be an unauthorized delegation of any power, authority or Discretion of the  Trustee; 

(c) subject to compliance with Article 3 (Appointment and Purposes), to deal in any  way with any and all of the assets comprising the CADD Reserve from time to  time during the administration of the Trust in the same manner as it might  personally do if it were the beneficial owner of the assets comprising the CADD  Reserve; 

(d) to carry on, participate or invest in any corporation, partnership, joint venture or  co-operative and to enter into such leases, contracts or other undertakings  relating to the assets comprising the CADD Reserve, or any part thereof, as the  Trustee shall in its Discretion deem advantageous, notwithstanding that such  leases, contracts or undertakings extend or may extend beyond the termination  of the Trust; 

(e) to execute and deliver agreements, assignments, bills of sale, contracts, deeds,  notes, powers of attorney, receipts and any and all other instruments in writing  necessary or appropriate in the Discretion of the Trustee for the administration of  the Trust, and to execute any such instrument without warranty by or without  recourse to the Trustee; 

(f) to determine conclusively the value of the CADD Reserve and all Canadian Liquid  Assets in the CADD Reserve. In determining such value, the Trustee may  consider such information and advice as the Trustee may deem material and  reliable; 

(g) to open and operate such financial institution account or accounts as may be  expedient in the Discretion of the Trustee, including, without limitation, the Trust  Account with the Depository Institution, and to deposit any cash balances in the  hands of the Trustee at any time in such financial institution as the Trustee shall  decide and, for the purposes of the Trust, to draw, make, endorse, deposit or deal  in cheques, bills of exchange, promissory notes, drafts or any other mercantile,  commercial or security documents of any nature or kind, and to enter into  contracts or agreements of any nature or kind with such financial institution, and  all such forms as may be required to open financial institution accounts, operate  same and related matters shall be completed in the required manner and on the  forms required by such financial institution account, and to designate any person  or persons as the signing authority over any such financial institution account or  accounts opened by the Trustee, including, without limitation the Trust Account;  

(h) to vote all shares and stocks forming part of the CADD Reserve and to exercise  all rights incidental to the ownership of the shares, stocks, bonds, debentures or  other securities or investments forming part of the CADD Reserve and to issue  proxies therefor to others; to sell or exercise any subscription rights and in  connection with the exercise of such subscription rights to use any portion of the  CADD Reserve for such purpose; to consent to and join in any plan for  reconstruction, reorganization, amalgamation, consolidation or readjustment in  respect of any corporation or other entity whose shares, stocks, bonds,  debentures or other securities for the time being form part of the CADD Reserve  or for the sale of the assets and undertaking, or a substantial portion thereof, of  any such corporation and in pursuance of any such plan to accept any shares,  stocks, bonds, debentures or other securities in exchange for the shares, stocks,  bonds, debentures or other securities then forming part of the CADD Reserve;  and in respect of any securities or investments forming part of the CADD Reserve,  generally to act as fully and effectually as if the same were not part of the CADD  Reserve but always in such manner as the Trustee shall in its Discretion consider  to be in the best interest of the Beneficiary; 

(i) to appoint any person or persons to be its proxy to vote such shares and stocks  as may form part of the CADD Reserve;  

(j) in the case of an investment purchased or sold at a premium or discount or in the  case of any moneys received, to determine in its Discretion whether such  premium, discount or amount received shall be credited to or charged against  capital or income, provided however that the Trustee shall not exercise such  Discretion to charge a discount against the Trust Capital if so doing would cause 

the Canadian dollar value of the Trust Capital to fall below the total number of  CADD then issued and outstanding;  

(k) to incorporate any corporation or corporations under the laws of the Province of  Alberta or any other jurisdiction in Canada or elsewhere at the expense of the  Trust Income for the purpose of investing the whole or any part of the CADD  Reserve wholly or in part in shares or other securities of such corporation or  corporations; 

(l) to employ and compensate agents, accountants, solicitors, brokers, investment  advisors, investment managers and other employees, assistants and advisors  deemed by it to be helpful for the proper settlement or administration of the Trust  or management and investment of the Trust Capital, and to do so without any  liability for any neglect, omission, misconduct or default of any such employed  Person provided they were selected and retained in accordance with the Trustee’s  Standard of Care; 

(m) to make any payments, provisions, apportionments or distributions which may be  required under the terms of this Trust in whole or in part in money, securities or  other property comprising the assets of the CADD Reserve, and every  apportionment, distribution and valuation therefor which the Trustee in its  Discretion shall consider equitable shall be final, conclusive and binding upon all  persons interested hereunder; 

(n) to carry on any business or businesses for such length of time and either alone  or in partnership as the Trustee in its Discretion shall consider to be in the best  interests of the Trust including, without restricting the generality thereof,  partnership or in any other capacity with any corporation or corporations in which  the Trustee is directly or indirectly interested either in its own right or in its capacity  as Trustee or in any other capacity, and in connection therewith to make, execute,  negotiate and arrange all matters of payments, commercial credits, bills of  exchange and all other necessary authorities to bankers and others from the Trust  Income as the Trustee in its Discretion considers advisable for the purpose of  carrying on such business or businesses. The Trustee shall be indemnified by the  Trust for any loss, liability, costs or expenses suffered or incurred by reason of  carrying on such business or businesses; 

(o) to waive or agree to waive, in whole or in part, unpaid accrued interest or  accumulated dividends of any investment which may be held by it at any time, or  to release any person, firm or corporation from any obligation to the Trust, with or  without compensation therefor; 

(p) to carry insurance against hazards, including public liability, in such amounts and  in any type of insurance company as the Trustee in its Discretion deems  advisable; 

(q) to make, or refrain from making, in the Trustee’s Discretion, any allocation,  apportionment, election, determination or designation permitted by any taxing  statute affecting the Trust, and such exercise of Discretion by the Trustee is  conclusive and binding upon the Beneficiary; and

(r) to pay out of the Trust Income as the Trustee in its Discretion from time to time  considers advisable any taxes or other imposts payable in connection with the  CADD Reserve or payable by the Beneficiary in respect of the CADD Reserve or  any part thereof. 

6. PRIVILEGES, RIGHTS AND DUTIES OF THE TRUSTEE. 

The Trustee will administer and operate the Trust in accordance with the specific privileges, rights  and duties set out in this Article 6 (Privileges, Rights and Duties of the Trustee). To the extent of  any inconsistency between the Trustee’s general powers and authorities set out in Article 5  (Powers and Authorities of the Trustee) and the specific privileges, rights and duties set out in  this Section 6 (Privileges, Rights and Duties of the Trustee), the specific privileges, rights and  duties set out in this Section 6 (Privileges, Rights and Duties of the Trustee) will govern and  prevail.  

6.1 Standard of Care. 

The Trustee will carry out and perform its privileges, rights, duties, powers, authorities and  obligations arising under this Trust Indenture in good faith, in compliance at all times with the  provisions of this Trust Indenture, including, for certainty, Sections 3.2(a), 3.2(b) and 6.4 and in  and in the best interests of the Beneficiary, and will, at a minimum, exercise the care, diligence  and skill in the provision of its privileges, rights, duties, powers, authorities and obligations that a  trustee would exercise in dealing with trust property of a similar kind (the “Standard of Care”).  Without limiting the foregoing, the Trustee will take steps to correct all errors and omissions in  respect of the CADD Reserve immediately upon becoming aware of such error or omission. 

6.2 Management and Safeguarding of CADD Reserve. 

The Trustee will safeguard and hold the CADD Reserve in trust for the benefit of the Beneficiary  and will: (a) identify itself as “Trustee” of the CADD Reserve in all books and records and in the  course of all dealings with the CADD Reserve, including in all contractual agreements, banking  and financial transactions, regulatory compliance, tax filings, record-keeping and reporting; and  (b) segregate the CADD Reserve and identify and record the CADD Reserve in its books and  records as “trust property” that is separate and distinct from: (i) the Trustee’s own property; and  (ii) the property of any other Third Parties. 

The CADD Reserve shall be managed in accordance with the Investment Guidelines. Any  amendments to the Investment Guidelines shall require the Beneficiary’s prior written consent  and approval. 

6.3 CADD Subscription Proceeds held in Trust 

The Subscription price for each CADD is CAD $1.00. All Subscription Proceeds received by CAD  Digital will be deposited into the Trust Account and added to the Trust Capital. The Trust Capital  will, at all times, have a value that is not less than the total number of outstanding CADD multiplied  by CAD $1.00.

6.4 Redemptions of CADD 

(a) At all times up until the expiry of the Wind-Down Period, each issued and  outstanding CADD is redeemable for an amount equal to CAD $1.00, less any  applicable Redemption Administrative Fee. Redemptions of CADD will be  processed by CAD Digital, as agent for the Issuer, as prescribed in: (i) the  Participant Agreement, for Redemptions by Participants; and (ii) the CADD Terms  and Conditions, for Redemptions by Issuer-Registered End Users.  

(b) Upon detection of CADD at an approved Burn address, CAD Digital and Trustee  will complete the following (and will use commercially reasonable efforts to do so  within 4 Business Hours of when the CADD was received at the Burn address): 

(i) CAD Digital will Burn the applicable CADD;  

(ii) CAD Digital will request that the Trustee make a distribution to the  Beneficiary from the Trust Capital by directing the applicable  

Redemption Proceeds from the Trust Account to the applicable  

Designated Bank Account;  

(iii) provided the Trustee is satisfied that the Redemption has been lawfully  requested and the CADD has been Burnt, the Trustee will: (x) make a  

distribution from the Trust Capital in an amount equal to the Gross  

Redemption Proceeds; and (y) authorize the transfer of the  

Redemption Proceeds from the Trust Account to the applicable  

Designated Bank Account; and 

(iv) upon the Trustee’s authorization, CAD Digital will initiate the wire  transfer or similar transaction by which the Redemption Proceeds will  

be transferred from the Trust Account to the applicable Designated  

Bank Account. 

(c) Redemption Administrative Fees shall be retained by the Trust and shall form part  of the Trust Income. 

(d) Upon the expiry of the Wind-Down Period, any CADD that remains outstanding  will no longer carry the Redemption rights contemplated in this Section 6.4  (Redemptions of CADD).  

(e) In the extremely unlikely event that the Trust Capital is insufficient to satisfy a  Redemption under this Section 6.4 (Redemptions of CADD) (which, for greater  certainty, should never occur as long as the Trust is in compliance with this Trust  Indenture), then the Trustee may make a distribution to the Beneficiary from the  Trust Income by directing the applicable Redemption Proceeds from the Trust  Account to the applicable Designated Bank Account. 

(f) The Trustee shall take reasonable steps to ensure that it approves matters  submitted to the Trustee for approval by CAD Digital on a timely basis, including  matters enumerated in this Section 6.4 (Redemptions of CADD).

6.5 Financial Records and Reports. 

(a) The Trustee will maintain the proper books, accounts and records of the Trust as  are necessary and appropriate to document any transactions of the Trust. 

(b) The Trustee will engage an Independent Audit Firm to prepare and deliver:  

(i) within 15 Business Days following the last Business Day of each month,  the CADD Reserve Attestation for the prior month; and 

(ii) within 90 days after the end of each of the Trust’s fiscal years, audited  financial statements of the Trust.  

(c) The Trustee will provide electronic copies of all CADD Reserve Attestations and  annual audited financial statements of the Trust to the Beneficiary on the same  Business Day on which such documents are delivered to the Trustee by the  Independent Audit Firm. The Trustee will deliver such documents to CAD Digital  and authorize CAD Digital to publish such documents on the public website that  it maintains on behalf of the Issuer. 

6.6 Depository Institution and Trust Account. 

The Trustee will appoint one or more Depository Institutions by opening a Trust Account in the  name of the Trust with such Depository Institutions. 

(a) The Trustee will be responsible for investing the Trust Capital and monitoring the  CADD Reserve held in the Trust Account. 

(b) The Trustee may grant CAD Digital signing authority over the Trust Account for  the limited purpose of performing its obligations, as agent for the Issuer, to  arrange for the issuance, distribution and Redemption of CADD. The Trustee may  revoke such authority of CAD Digital with written notice only if the Trustee  reasonably believes that CAD Digital has (i) breached any material term of this  Trust Indenture; (ii) materially breached any law applicable to the performance of  its obligations under this Trust Indenture; or (iii) taken, or intends to take, any  action which would result in the Trustee breaching its fiduciary duty hereunder.  Transactions conducted by CAD Digital pursuant to its signing authority over the  Trust Account will be conducted in its capacity as a delegate of the Trustee, and  not as Beneficiary. 

(c) The legal title to all assets comprising the CADD Reserve shall be and remain  vested in the Trustee. 

6.7 Expenses. 

The expenses in connection with the administration of this Trust, the investment and re investment of any part of the CADD Reserve in Canadian Liquid Assets and the collection of  income and other sums derivable therefrom shall be charged and be paid by the Trustee from the  Trust Income including, without limiting the generality thereof, the remuneration and charges of  the Trustee hereinafter provided for. The Trustee shall have the right and privilege to pay out of  the Trust Income any taxes or other imposts payable in connection with the CADD Reserve or payable by the Beneficiary in respect of the CADD Reserve or any part thereof, including, without  limitation, audit, accounting and operating costs of the Trust. 

All expenses of the Trust, whether incurred directly by the Trustee or reimbursed to a delegate,  must be necessary for the due administration of the Trust and must be commercially reasonable  in amount. The Trustee shall make commercially reasonable efforts to procure services on arm’s length terms and to ensure that expenses incurred on behalf of the Trust are properly  documented. Invoices and quotations are prima facie sufficient documentation; failure to obtain  multiple quotes shall not, of itself, render an expense unreasonable. If, upon review by the  Independent Audit Firm in the course of its ordinary financial audit procedures, an expense is  found to not be accurate, appropriately classified and complete, the Trustee shall not be entitled  to be reimbursed out of the Trust Income or, if the applicable expense has already been paid out  of Trust Income, shall reimburse the Trust from its own property. 

6.8 Trustee Fee. 

The Trustee will be entitled to receive a fee equal to 10% of the Net Trust Income, calculated and  payable quarterly on the last Business Day of each applicable calendar quarter, for its reasonable  compensation for the administration of this Trust (the “Trustee Fee”). 

6.9 Related Party Transactions. 

The Trustee shall have the right and privilege in any transactions authorized or empowered  hereunder, whether expressed or implied, with Persons related to the Beneficiary including  corporations in which the Trustee, Beneficiary or related Persons are interested or with any or all  of the assets comprising the CADD Reserve provided that such transactions are on the same  basis as might reasonably be negotiated with any arms’ length Third Party. In addition to the  foregoing, the Trustee is authorized to receive any remuneration or compensation for acting as  an employee, partner or director or in any other similar capacity in any entity dealing with the Trust  without accounting therefor or without diminution in its entitlement to fees hereunder. 

6.10 Delegation. 

The Trustee may exercise any Discretion or power hereby conferred on the Trustee by a  resolution of its board of directors or governing body, or may delegate the right and power to  exercise or concur in exercising any such Discretion or power to one or more members of its  board of directors or governing body or any of its employees or any representative appointed from  time to time by the said board of directors or governing body for that purpose, in each case, in  accordance with this Section 6.10 (Delegation). 

(a) The Trustee will have the power to delegate from time to time to its officers,  employees, consultants, agents and other persons (for greater certainty, including  CAD Digital) (each, a “Trustee Delegate”), the exercise of Discretion or powers  conferred on the Trustee hereunder as the Trustee may from time to time deem  expedient, provided that, for certainty, no Trustee Delegate shall be granted the  power to act in a manner that constitutes a breach, violation or contravention of  this Trust Indenture.  

(b) The Trustee may adopt any rules and regulations which it may from time to time  deem proper to govern its procedure. Any agreements, deeds, transfers,  assignments, contracts, obligations, bills of lading, powers of attorney, promissory notes, bills of exchange, receipts, and other instruments of any nature or  description (referred to in this Section 6.10 (Delegation) as a “Document”) shall  be signed, executed, drawn, endorsed and negotiated by: 

(i) the Trustee for the time being in office; or 

(ii) any other Person or Persons whom the Trustee may, from time to time,  duly appoint and delegate the power to serve as an authorized  

signatory or signatories in respect of a Document (referred to in this  

Section 6.10 (Delegation) as an “Authorized Signatory”) on behalf of  

the Trust. For greater certainty, such appointment and delegation of an  

Authorized Signatory: 

1. may be on such terms and conditions as the Trustee may in its  Discretion consider appropriate and necessary; and 
2. may relate to a specific existing Document or a future Document  which is not in existence at the date of such appointment and  delegation.

(c) The delegating of any of the Discretion or power hereby conferred on the Trustee  under or in connection with this Trust Indenture to any Trustee Delegate will not  relieve the Trustee from any duty, obligation or liability under this Trust Indenture.  For clarity, any delegation or subcontracting of any of the Discretion or power  hereby conferred on the Trustee under or in connection with this Trust Indenture  will not: (i) cause the Trustee to cease to be a trustee of the Trust; or (ii) cause  any other Person to be trustee of the Trust. The Trustee will remain at all times  responsible and liable for the execution of all Discretion and powers conferred on  this Trustee under or in connection with this Trust Indenture performed by any  Trustee Delegate to the same extent as if such Discretion or powers were  executed or performed by the Trustee. Any act or omission by any Trustee  Delegate in breach of this Trust Indenture, or that would have been a breach of  this Trust Indenture if done or not done by the Trustee, will be deemed to be a  breach of this Trust Indenture by the Trustee.  

6.11 Replacement of the Beneficiary 

In the event that the Issuer terminates CAD Digital as agent pursuant to the terms of the Agency  Agreement, the Class A Beneficiary shall cease to be a Beneficiary of this Trust as of the effective  date and time of such termination, and the Trustee will, contemporaneous with the effective date  and time of such termination, designate a Beneficiary (the “Class B Beneficiary”) that: (i) qualifies  in one of the following categories; and (ii) is independent of and not related to the Trustee: 

(a) a Depository Institution;  

(b) a payment service provider registered under the Retail Payment Activities Act (Canada); 

(c) a digital asset issuer or service provider registered or licensed under a federal  regulatory framework administered by the Bank of Canada; or

(d) a professional legal or accounting firm other than the Independent Audit Firm. 6.12 Indemnification and Limitation of Liability.  

(a) The Trustee shall be indemnified out of the Trust Income in respect of any loss,  cost or expense (including legal expenses) suffered by it in connection with the  performance of its role as Trustee under this Trust Indenture except where such  loss, cost or expense is incurred as a result of its own wilful default or breach of  the Standard of Care. 

(b) The Trustee shall not be responsible for any loss or liability incurred by the Trust  as a result of the actions or inactions of the Depository Institution, the Independent  Audit Firm, any investment advisor, investment manager or other professional  service provider engaged by the Trustee to provide services to the Trust, except  to the extent that the Trustee has breached the Standard of Care in the  appointment, supervision and oversight or work with such Depository Institution,  Independent Audit Firm, any investment advisor, investment manager or other  professional service provider.  

(c) For clarity, the Trustee shall be responsible for any loss or liability incurred by the  Trust as a result of the actions or inactions of CAD Digital, in its capacity as a  delegate of the Trustee under this Trust Indenture. 

(d) Should the Trustee, for any reason, fail to assess or report or pay any taxes that  may be subject to assessment or payment during the currency of this Trust for  which the Trustee might be responsible, the Trustee shall not be liable for any  such failure unless such error arose from the Trustee’s wilful default or breach of  the Standard of Care; and in the event that the Trustee should be called upon to  pay any such taxes, penalties or other charges thereon, any such moneys so paid  out by the Trustee shall be returned to it out of the Trust Income. This provision  for indemnity and reimbursement shall also extend and apply to any other fines,  levies, assessments and damages levied against the Trustee, whether by a court  or otherwise, in respect of or arising out of any matter or thing done or omitted to  be done in connection with the management, operation, administration and  carrying out of this Trust unless such fine, levy, assessment or damage arose  from the Trustee’s wilful default or breach of the Standard of Care. 

7. SUCCESSOR TRUSTEE. 

7.1 Should the Trustee wish to resign as the trustee of the Trust (the “Retiring Trustee”) at  any time when there are issued and outstanding CADD, the Retiring Trustee will provide at least  90 days’ written notice to the Beneficiary of the Retiring Trustee’s intention to resign (a  “Resignation Notice”). Within 30 days of the Beneficiary’s receipt of a Resignation Notice, the  Beneficiary shall either:  

(a) provide a written notice to the Retiring Trustee that it intends to appoint a  successor Trustee pursuant to Section 7.2, and such Trustee shall be appointed  within 90 days following the date of such notice; or 

(b) provide a written notice advising the Retiring Trustee that it does not intend to  appoint a successor Trustee and that it wishes to implement the wind-down procedures set out in Section 8 (Termination of the Trust). In the event that the  Beneficiary does not respond to a Resignation Notice within the applicable 30- day notice period, or in the event that the Beneficiary fails to cause a successor  Trustee to be appointed within 90 days following the delivery of the notice referred  to in Section 7.1(a), the Beneficiary will be deemed to have elected for the Retiring  Trustee to wind-down the Trust in accordance with Article 8 (Termination of the  Trust). 

7.2 The Beneficiary may appoint a successor Trustee by delivering a written notice to the  Trustee indicating the Beneficiary’s intention to appoint a successor Trustee following: (i) the  Retiring Trustee delivering a Resignation Notice; (ii) the Trustee being required to resign due to  an order or direction of a governmental or regulatory authority having jurisdiction over the Trustee  in Canada; or (iii) the Trustee failing to cure a material breach of this Trust Indenture or applicable  law within 30 days after receiving written notice of such breach from the Beneficiary. Any  appointed corporate trustee must be a corporation incorporated under the laws of Canada or of a  province or territory of Canada that is resident in Canada for purposes of the Income Tax Act and  is registered or licensed (or is exempt from such registration or license) under the laws of Alberta  or any applicable law of Canada to carry on the business of a trust company.  

7.3 Upon the identification of a successor Trustee, the Retiring Trustee shall promptly,  diligently and without delay cooperate to effect a seamless and efficient transition of the Trust  administration to such successor Trustee, subject to the Retiring Trustee first receiving the  following from the successor Trustee and Beneficiary: 

(a) an acknowledgment, release, indemnity and discharge signed by both the  successor Trustee and Beneficiary in favour of the Retiring Trustee, in form and  substance satisfactory to the Retiring Trustee, providing among other things, that  all accounts provided by the Retiring Trustee are satisfactory and complete and  approved by the Beneficiary; and 

(b) an executed deed of appointment appointing the successor Trustee as Trustee.  

The Retiring Trustee shall, upon written demand of the successor Trustee, and in no event later  than 30 Business Days following the satisfaction of all fees, charges and indemnification claims  under this Trust Indenture, deliver or cause to be delivered to the successor Trustee, all of the  assets comprising the CADD Reserve together with all of the records of the Trust, and the Retiring  Trustee shall execute and deliver any and all instruments, assignments, conveyances and other  documents, and take any further action that the successor Trustee or the Beneficiary may  reasonably request to vest title to the CADD Reserve in the successor Trustee, including steps  that may be desirable from a tax planning perspective, and to confirm the assumption by the  successor Trustee of the trusts, powers, duties and authorities hereunder. The obligations of the  Retiring Trustee under this Section 7.3 shall survive its resignation and removal as Trustee and  shall continue until the successor Trustee has confirmed in writing that the transition is complete  and satisfactory. For certainty, Section 8.7 shall apply, mutatis mutandis, to the Retiring Trustee. 

7.4 Notices of all changes in trusteeship hereunder shall be endorsed or attached to this Trust  Indenture, signed by the Retiring Trustee, if available, and the successor Trustee, and every such  notice shall be sufficient evidence to any person having dealings with this Trust as to the fact to  which it relates.

7.5 Any newly appointed Trustee hereunder shall, upon its appointment, be vested with title  to the assets comprising the CADD Reserve and with all the trusts, powers and authorities herein  contained without further assignment, transfer or conveyance of any kind or any order of any  Court or tribunal whatsoever. 

7.6 Any company into which the Trustee may be merged, consolidated or amalgamated, or  any company resulting from any merger, consolidation or amalgamation to which the Trustee is  a party, or any company to which all or substantially all of its corporate trust business has been  transferred, provided that the company resulting or continuing from such merger, consolidation or  amalgamation or the transferee of the trust business is a company incorporated under the laws  of Canada or of a province or territory of Canada that is resident in Canada for purposes of the  Income Tax Act and is registered or licensed (or is exempt from such registration or license) under  the laws of Alberta or the applicable laws of Canada to carry on the business of a trust company,  will automatically become a successor trustee under this Trust Indenture without any further act  or formality. 

7.7 Any successor Trustee shall not be required or be under any duty to examine, question,  verify or audit the books, records, accounts or proceedings of any predecessor Trustee. 

7.8 Notwithstanding the generality of the foregoing and for greater certainty, no entity shall be  appointed as a successor Trustee of the Trust if such appointment would result in the Settlor  becoming the Trustee. 

8. TERMINATION OF THE TRUST. 

8.1 The Trustee shall cause the Trust to terminate by designating in writing a Division Date in  accordance with Section 8.2 upon the occurrence of any of the following events: 

(a) the Beneficiary advises the Trustee that it does not intend to appoint a successor  Trustee in response to a Resignation Notice delivered under Section 7.1(b); or 

(b) the Beneficiary is deemed to have elected for the Retiring Trustee to wind-down  the Trust pursuant to the terms of Section 7.1(b). 

8.2 If the Trustee is required to terminate the Trust pursuant to Section 8.1, the Trustee must  provide at least 180 days (the “Wind-Down Period”) prior written notice of the Division Date to  all CADD Holders (the “Wind-Down Notice”). The Wind-Down Notice will set a date no later than  60 days following the date of the Wind-Down Notice (the “Subscription Cut-Off Date”) after  which no further Subscriptions for CADD will be accepted, and provide instructions for CADD  Holders to liquidate or complete the Redemption of their CADD holdings during the Wind-Down  Period, and explain that, upon the expiry of the Wind-Down Period, CADD Holders will no longer  have Redemption rights. 

8.3 The Trustee will issue a press release announcing the Division Date and the Wind-Down  Period and cause the Wind-Down Notice to be posted to the Issuer’s website for the duration of  the Wind-Down Period, and to post the information about the Wind-Down Notice on social media  communication channels selected by the Trustee.  

8.4 At any time during the Wind-Down Period, the Trustee may, in its Discretion and upon  written notice to the CADD Holders, postpone the Division Date for up to two further periods of up  to 90 days each (180 days in aggregate) if the Trustee determines that it will be in the best interests of the CADD Holders to do so. Upon each instance of the exercise of such Discretion,  the Trustee will inform CAD Digital of the new Division Date, and the Issuer and CAD Digital will  update the Wind-Down Notice and complete the notification processes set out in Section 8.3 for  the new Division Date and Wind-Down Period. 

8.5 Upon the expiry of the Wind-Down Period, the Redemption rights of CADD Holders will  terminate. 

8.6 Prior to the Division Date, the Trustee shall proceed to wind down the affairs of the Trust  and may fulfil or discharge the contracts of the Trust, perform or cause the Independent Audit  Firm to perform any outstanding or required audits of the Trust, collect the Trust’s assets, sell,  convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining CADD  Reserve, discharge or pay the Trust’s liabilities, and do all other acts appropriate to liquidate the  Trust’s affairs. Following the Wind-Down Period and the exercise or termination of the  Redemption rights of all CADD Holders, the Trustee shall sell and convert any remaining  Canadian Liquid Assets into cash and after paying, retiring or providing for the payment of all  known liabilities and obligations of the Trust, and providing for indemnity against any other  outstanding liabilities and obligations, the Trustee shall distribute the remaining CADD Reserve  to the Beneficiary in accordance with the terms of this Trust Indenture. The powers of sale and all  other powers herein given to the Trustee shall continue as to all property constituting the CADD  Reserve at any time remaining in its hands or ownership, even though the Division Date may  have passed.  

8.7 The Trustee shall be entitled to retain out of any moneys in its hands from the Trust  Income, full provision for all costs, charges, expenses, claims and demands incurred that are in  compliance with this Trust Indenture and that are made or apprehended by the Trustee in  connection with or arising out of the termination of the Trust. Any of the moneys so retained may  be used by the Trustee for the purposes of indemnification and the Trustee shall be saved  harmless against any such costs, charges, expenses, claims and demands, provided that any  moneys remaining in such provision after the completion of the winding-up and the lapse of all  applicable claims periods shall be distributed to the Beneficiary. 

8.8 To the extent that the affairs of the Trust have not been completely wound up and the  entirety of the CADD Reserve has not been distributed on or prior to the Division Date, this Trust  Indenture shall continue in force and effect to the extent necessary or desirable to permit the  Trustee to complete the winding down of the affairs of the Trust and distribute the remaining  CADD Reserve as soon as practicable and, in such event, the Trustee shall carry on no activities  on behalf of the Trust except for the sole purpose of winding down the Trust’s affairs. 

9. NOTICE IN WRITING. 

9.1 Any notices or other communications required or permitted hereunder shall be sufficiently  given if delivered personally or sent by registered or certified mail, postage prepaid, or by email  transmission, addressed to the parties as set out below and such notice shall be deemed to have  been given as of the date so delivered or deposited in the mail or email, as the case may be: 

To the Trustee: 

777 8 Avenue SW, Suite 1920 

Calgary, Alberta, Canada T2P 3R5

Attention: Legal Department 

Email: legal@tetratrustcompany.com 

or such other address as the Trustee may from time to time advise by notice in writing in  accordance with this Article 9 (Notice in Writing). 

10. CONFIDENTIALITY. 

10.1 Without prejudice to any right under the laws applicable to this Trust empowering the  Trustee to refuse disclosure of any document, it is hereby declared that the Trustee shall not  (unless compelled to do so by an order of a court) be bound to disclose to any person: 

(a) any document disclosing any deliberations of the Trustee as to the manner in  which the Trustee should exercise any power or Discretion conferred upon it by  this Trust Indenture or disclosing the reasons for any particular exercise or non exercise of any such power or Discretion; 

(b) any other document relating to the exercise or proposed exercise of any such  power or Discretion (not being a deed or other written instrument which actually  exercises or merely records the exercise of any such power or Discretion and not  being legal advice obtained by the Trustee at the cost of the capital or income of  the CADD Reserve); or 

(c) any document relating to the formation of the Trust. 

10.2 Except as is otherwise provided hereunder or by applicable law or as shall be necessary  or desirable in connection with the administration of this Trust, the Trustee shall keep confidential  all information regarding the state and amount of the CADD Reserve or the conduct of  administration of this Trust. 

10.3 The Trustee shall be entitled to pay out of the Trust Income any costs or liabilities incurred  by it, whether in the course of litigation or defending against potential discovery proceedings in  furtherance of its duties as stipulated in Section 10.1. 

11. POWER TO AMEND. 

11.1 The Trustee shall have the power to alter, revoke, amend or add to any of the provisions  of this Trust Indenture, including any Schedule hereto, for the following limited purposes:  

(a) to remove any conflicts or other inconsistencies which may exist between any  terms of this Trust Indenture and any provisions of any other document of the  Trust or any provisions of any law or regulation applicable to or affecting the Trust; 

(b) to make any change or correction in the Trust Indenture which is of a  typographical nature or is required to cure or correct any ambiguity or defect or  inconsistent provision, clerical omission, mistake or manifest error contained  therein;

(c) to bring the Trust Indenture into conformity with: (i) applicable law; or (ii) current  practice within the payment stablecoin industry, provided that any amendment  contemplated by (ii) does not adversely affect the pecuniary value of the interests  of the Beneficiary; 

(d) to change the name of the Trust; or 

(e) to provide added protection or benefit to the CADD Holders or the Beneficiary or  the Trust. 

11.2 Any proposed alteration, revocation, amendment, or addition shall not have effect if: 

(a) such alteration, revocation, amendment or addition affects the beneficial  entitlement to any amount ascertained and payable to the Beneficiary prior to the  date of the alteration, revocation, amendment or addition; 

(b) such alteration, revocation, amendment or addition would result in the revocation  of the Trust;  

(c) such alteration, revocation, amendment or addition would result in any part of the  CADD Reserve being paid to the Settlor or any other contributor of property, within  the meaning of the Income Tax Act, to the Trust at any time as a consequence  thereof; 

(d) the Deed of Variation whereby such alteration, revocation, amendment or addition  is effected does not provide that the provisions of this Article 11 (Power to Amend)  or provisions to the like effect shall apply to the trusts, terms and conditions upon  which the CADD Reserve or the part the subject of such Deed of Variation are  thenceforth held; or 

(e) the Beneficiary has not previously approved and consented to the Deed of  Variation whereby such alteration, revocation, amendment or addition is effected,  which approval and consent must be evidenced by deed in writing executed by  the Beneficiary and delivered to the Trustee. 

11.3 The Trustee shall not alter, revoke, or add to any of the provisions of this Article 11 (Power  to Amend) or the provisions of Sections 1.4 (Trust is Irrevocable), 3.1, or 7.8. 

11.4 The Trustee shall exercise the power set out in Section 11.1 by deed in writing (the “Deed  of Variation”), which may take the form of an amended and restated Trust Indenture or an  amendment to this Trust Indenture which shall be endorsed or attached to this Trust Indenture  and signed by the Trustee, and every such deed shall be sufficient evidence to any person having  dealings with this Trust as to the fact to which it relates. 

11.5 The powers granted by Section 11.1 are in derogation from any applicable statutory power  whereby the trusts of this Trust or the trusts upon which the CADD Reserve or any part thereof  from time to time held may be varied.

12. GENERAL. 

12.1 This Trust shall be interpreted and governed according to the laws of the Province of  Alberta.  

12.2 Any person dealing with this Trust may rely upon a copy of this Trust Indenture and of any  notices or schedules endorsed thereon or attached thereto certified by the Trustee or the  Trustee’s lawyer before a notary public to the same extent as they might rely on the original.