Form of Distribution Services Agreement



 FORM OF 
 DISTRIBUTION SERVICES AGREEMENT 
 DISTRIBUTION SERVICES AGREEMENT dated as of
                    , 2006 (this “Agreement”) among DB Currency Index Value Fund, a Delaware statutory trust (the “Fund”),
ALPS Distributors, Inc., a Colorado corporation and a registered broker-dealer under the Securities Exchange Act of 1934 (the “Distributor”), and DB Commodity Services LLC, a Delaware limited liability company (the “Managing
Owner”). Capitalized terms used but not defined in this Agreement shall have the meaning ascribed thereto in the Fund’s Prospectus included its Registration Statement on Form S-1 (Registration
No. 333-            ), as may be amended from time-to-time. 
 WHEREAS, the Managing Owner serves as the sole managing owner of the Fund; and 
 WHEREAS, the Fund wishes to employ Distributor in
connection with the performance of the services listed in Schedule A and additional services as may be agreed. 
 NOW, THEREFORE, in
consideration of the mutual promises and undertakings herein contained, the parties agree as follows: 
 1. Documents — The Fund has furnished or will
furnish, upon request, the Distributor with copies of the Fund’s Amended and Restated Declaration of Trust, advisory agreement, custodian agreement, transfer agency agreement, administration agreement, current prospectus, and statement of
additional information, and all forms relating to any plan, program or service offered by the Fund. The Fund shall furnish, within a reasonable time period, to the Distributor a copy of any amendment or supplement to any of the above-mentioned
documents. Upon request, the Fund shall furnish promptly to the Distributor any additional documents necessary or advisable to perform its functions hereunder. As used in this Agreement the terms “registration statement,”
“prospectus” and “statement of additional information” shall mean any registration statement, prospectus and statement of additional information filed by the Fund with the Securities and Exchange Commission (“SEC”) and
any amendments and supplements thereto that are filed with the SEC. 
 2. Authorized Representations — The Distributor is not authorized by the Fund to
give any information or to make any representations other than those contained in the registration statement or prospectus and statement of additional information, or contained in shareholder reports or other material that may be prepared by or on
behalf of the Fund for the Distributor’s use. Consistent with the foregoing, the Distributor may prepare and distribute sales literature or other material as it may deem appropriate in consultation with the Fund, provided such sales literature
complies with applicable law and regulations. 
 3. Registration of Shares — The Fund agrees that it will take all action necessary to register the
Shares under the 1933 Act (subject to the necessary approval of its shareholders). The Fund shall make available to the Distributor, at the Distributor’s expense, such number of copies of its prospectus and statement of additional information
as the Distributor may reasonably request. The Fund shall furnish to the Distributor copies of all information, financial statements and other papers, which the Distributor may reasonably request for use in connection with the distribution of Shares
of the Fund. 
 4. Fees and Fund Expenses — (a) In consideration of the services to be performed by the Distributor hereunder as set forth on
Schedule A attached hereto and as it may be amended from time-to-time, the Managing Owner will pay the Distributor a fee in an amount to be agreed upon in writing by the parties hereto from time-to-time, subject to any limitation imposed by
any law, rule or regulation applicable to any of the parties hereto. It is understood and agreed among the parties hereto that certain of the services to be performed by the Distributor hereunder will be performed using registered representatives of
the Distributor who are affiliates or employees of PowerShares Capital Management LLC. 







 (b) The Managing Owner shall reimburse the Distributor for any reasonable fees or disbursements incurred
by the Distributor in connection with the performance by the Distributor of its duties under and pursuant to this Agreement with the prior written consent of the Managing Owner. Further, unless otherwise agreed to by the parties hereto in writing,
the Distributor shall not be responsible for fees and expenses in connection with (a) filing of any registration statement, printing and the distribution of any prospectus and statement of additional information under the 1933 Act and
amendments prepared for use in connection with the offering of Shares for sale to the public, preparing, setting in type, printing and mailing the prospectus, statement of additional information and any supplements thereto sent to existing
shareholders, (b) preparing, setting in type, printing and mailing any report (including annual and semi-annual reports) or other communication to shareholders of the Fund, and (c) the Blue Sky registration and qualification of Shares for
sale in the various states in which the officers of the Fund shall determine it advisable to qualify such Shares for sale (including registering the Fund as a broker or dealer or any officer of the Fund as agent or salesman in any state).

 5. Use of the Distributor’s Name — The Fund shall not use the name of the Distributor, or any of its affiliates, in any prospectus or statement
of additional information, sales literature, and other material relating to the Fund in any manner without the prior written consent of the Distributor (which shall not be unreasonably withheld); provided, however, that the Distributor hereby
approves all lawful uses of the names of the Distributor and its affiliates in the prospectus and statement of additional information of the Fund and in all other materials which merely refer to accurate terms to their appointment hereunder or which
are required by the SEC, NASD, OCC or any state securities authority. 
 6. Use of the Fund’s Name — Neither the Distributor nor any of its
affiliates shall use the name of the Fund in any publicly disseminated materials, including sales literature in any manner without the prior consent of the Fund (which shall not be unreasonably withheld); provided, however, that the Fund hereby
approves all lawful uses of its name in any required regulatory filings of the Distributor which merely refer in accurate terms to the appointment of the Distributor hereunder, or which are required by the SEC, NASD, OCC or any state securities
authority. 
 7. Indemnification — The Fund agrees to indemnify and hold harmless the Distributor and each of its directors and officers and each
person, if any, who controls the Distributor within the meaning of Section 15 of the 1933 Act, against any loss, liability, claim, damages or expenses (including the reasonable cost of investigating or defending any alleged loss, liability,
claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising by reason of any person acquiring any Shares, based upon the ground that the registration statement, prospectus, statement of additional information,
shareholder reports or other information filed or made public by the Fund (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the
statements not misleading under the 1933 Act or any other statute or the common law. However, the Fund does not agree to indemnify the Distributor or hold it harmless to the extent that the statement or omission was made in reliance upon, and in
conformity with, information furnished to the Fund by or on behalf of the Distributor. In no case (i) is the indemnity of the Fund in favor of the Distributor or any person indemnified to be deemed to protect the Distributor or any person
against any liability to the Fund or its security holders to which the Distributor or such person would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless
disregard of its obligations and duties under this Agreement, or (ii) is the Fund to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against the Distributor or any person indemnified unless the
Distributor or person, as the case may be, shall have notified the Fund in writing of the claim promptly after the summons or other first written notification giving information of the nature of the claims shall have been served upon the Distributor
or any such person (or after the Distributor or such person shall have received notice of service on any designated agent). However, failure to notify the Fund of any claim shall not relieve the 








 
Fund from any liability which it may have to any person against whom such action is brought otherwise than on account of its indemnity agreement contained in
this paragraph. The Fund shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, and if the Fund elects to assume the defense, the defense shall be
conducted by counsel chosen by the Fund. In the event the Fund elects to assume the defense of any suit and retain counsel, the Distributor, officers or directors or controlling person(s), defendant(s) in the suit, shall bear the fees and expenses
of any additional counsel retained by them. If the Fund does not elect to assume the defense of any suit, it will reimburse the Distributor, officers or directors or controlling person(s) or defendant(s) in the suit for the reasonable fees and
expenses of any counsel retained by them. The Fund agrees to notify the Distributor promptly of the commencement of any litigation or proceeding against it or any of its officers in connection with the issuance or sale of any of the Shares.

 The Distributor also covenants and agrees that it will indemnify and hold harmless the Fund, the Managing Owner, and each of their respective officers,
representatives or agents and person, if any, who controls the Fund or the Managing Owner within the meaning of Section 15 of the 1933 Act (each, an “Indemnified Party”), against any loss, liability, damages, claims or expense
(including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees incurred in connection therewith) arising by reason of any person acquiring any Shares, based upon the
1933 Act or any other statute or common law, alleging (a) any wrongful act of the Distributor or any of its employees or (b) that any sales literature, advertisements, information, statements or representations used or made by the
Distributor or any of its affiliates or employees or that the registration statement, prospectus, statement of additional information, (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact
required to be stated or necessary in order to make the statements not misleading, insofar as the statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund or Managing Owner by or on behalf of the
Distributor. In no case (i) is the indemnity of the Distributor in favor of and Indemnified Party to be deemed to protect any such party against any liability to which the Indemnified Party would otherwise be subject by reason of willful
misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the Distributor to be liable under its indemnity agreement contained in
this paragraph with respect to any claim made against any Indemnified Party unless such Indemnified Party shall have notified the Distributor in writing of the claim promptly after the summons or other first written notification giving information
of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Distributor of any claim shall not relieve
the Distributor from any liability which it may have to the Indemnified Party against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph. In the case of any notice to the Distributor it shall
be entitled to participate, at its own expense, in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, and if the Distributor elects to assume the defense, the defense shall be conducted by counsel chosen
by it and satisfactory to the Indemnified Party, to its officers and to any controlling person(s) or defendant(s) in the suit. In the event that the Distributor elects to assume the defense of any suit and retain counsel, the Indemnified Party or
controlling person(s), defendant(s) in the suit, shall bear the fees and expense of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any suit, it will reimburse the Indemnified Party, officers or
controlling person(s), defendant(s) in the suit, for the reasonable fees and expenses of any counsel retained by them. The Distributor agrees to notify the Indemnified Party promptly of the commencement of any litigation or proceedings against it in
connection with the Indemnified Party and sale of any of the Shares. 
 8. Supplemental Information — The Distributor and the Fund shall regularly
consult with each other regarding the Distributor’s performance of its obligations under this Agreement. In connection therewith, the Fund shall submit to the Distributor at a reasonable time in advance of filing with the SEC reasonably final
copies of any amended or supplemented registration statement (including exhibits) under the 1933 








 
Act; provided, however, that nothing contained in this Agreement shall in any way limit the Fund’s right to file at any time such amendments to any
registration statement and/or supplements to any prospectus or statement of additional information, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional. 
 The Distributor acknowledges that the only information provided to it by the Fund is that contained in the registration statement, the prospectus, the statement of
additional information and reports and financial information referred to herein. Neither the Distributor nor any other person is authorized by the Fund to give any information or to make any representations, other than those contained in such
documents and any sales literature or advertisements specifically approved by appropriate representatives of the Fund. 
 9. Term — This Agreement shall
become effective as of March     , 2006, and shall continue until two years from such date and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved
at least annually by the Managing Owner. This Agreement is terminable without penalty on sixty (60) days’ written notice by the Managing Owner or by the Distributor. This Agreement shall automatically terminate in the event of its
assignment. 
 Upon the termination of this Agreement, the Distributor, at the Fund’s expense and direction, shall transfer to such successor as the
Fund shall specify all relevant books, records and other data established or maintained by the Distributor under this Agreement. 
 10. Notice — Any
notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by (i) telecopier (fax) or (ii) registered or certified mail, postage prepaid, addressed by the party giving notice to the other party
at the last address furnished by the other party to the party giving notice: 
 if to the Fund at: 
 DB Commodity Services LLC 
 60 Wall Street

 New York, New York 10005 
 Attn: Kevin Rich 
 if to the Distributor at: 
 1625 Broadway, Suite 2200, 
 Denver, Colorado, 80202 
 Attn: General Counsel 
 or such other telecopier (fax) number
or address as may be furnished by one party to the other. 
 11. Confidential Information — The Distributor, its officers, directors, employees and
agents will treat confidentially and as proprietary information of the Fund all records and other information relative to the Fund and to prior or present shareholders or to those persons or entities who respond to the Distributor’s inquiries
concerning investment in the Fund, and will not use such records and information for any purposes other than performance of its responsibilities and duties hereunder. If the Distributor is requested or required by, but not limited to, depositions,
interrogatories, requests for information or documents, subpoena, civil investigation, demand or other action, proceeding or process or as otherwise required by law, statute, regulation, writ, decree or the like to disclose such information, the
Distributor will provide the Fund with prompt written notice of any such request or requirement so that the Fund may seek an appropriate protective order or other appropriate remedy and/or waive compliance with this provision. If such order or other
remedy is not sought, or obtained, or waiver not received within a 








 
reasonable period following such notice, then the Distributor may without liability hereunder, disclose to the person, entity or agency requesting or
requiring the information, that portion of the information that is legally required in the reasonable opinion of the Distributor’s counsel. 
 12.
Limitation of Liability — The Distributor agrees that the obligations assumed by the Fund under this contract shall be limited in all cases to the Fund and its assets except as expressly set forth herein. The Distributor agrees that it shall
not seek satisfaction of any such obligation from the shareholders, any individual shareholder, officer, representative or agent of the Fund, nor shall the Distributor seek satisfaction of any such obligation from the Managing Owner, its members,
managers, directors or officers. 
 Any obligations of the Fund entered into in the name or on behalf thereof by the Managing Owner, members managers,
officers, representatives or agents are made not individually, but in such capacities, and are not binding upon any of the Managing Owner, members, managers, or officers, representatives or agents personally, but bind only the Fund property, and all
persons dealing with the Fund must look solely to the Fund property for the enforcement of any claims against the Fund. 
 13. Miscellaneous — Each
party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of
Colorado. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may not be changed, waived,
discharged or amended except by written instrument that shall make specific reference to this Agreement and which shall be signed by the party against which enforcement of such change, waiver, discharge or amendment is sought. This Agreement may be
executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument. 
 All activities by the
Distributor and its agents and employees as distributor of the Shares shall comply with all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted by the SEC or any securities association
registered under the Exchange Act. 
 The Distributor will promptly transmit any orders received by it for purchase, redemption or exchange of the Shares to
the Fund’s transfer agent. 
 Remainder of page intentionally left blank. Signature page follows. 







 IN WITNESS WHEREOF, the Fund has executed this instrument in its name and behalf, and the
Distributor has executed this instrument in its name and behalf, as of the date and year first above written. 
  

					
	DB CURRENCY INDEX VALUE FUND
		
	By	 	 DB COMMODITY SERVICES LLC,
 as Managing Owner
of

		 	DB Currency Index Value Fund
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	
	
	ALPS DISTRIBUTORS, INC.
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	
	
	DB COMMODITY SERVICES LLC
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	









 Schedule A 
 List of Services 
 Dated as of
                    , 2006