Form of Participant Agreement



 EXHIBIT 4.3 
  

FORM OF 
 POWERSHARES DB US DOLLAR
INDEX TRUST 
 PARTICIPANT AGREEMENT 
  
  This Participant Agreement (the “Agreement”), dated as of             
20    , is entered into by and among              (the “Authorized Participant”), PowerShares DB US Dollar Index Trust, a Delaware statutory
trust (the “Trust”) with respect to each of PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund, each as a separate series of the Trust (each, a “Fund” and collectively, the
“Funds”), and DB Commodity Services LLC, a Delaware limited liability company, as managing owner of the Trust and the Funds (the “Managing Owner”). 
   
 SUMMARY 
  
  As provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the “Trust Agreement”) as currently in effect and
described in the Prospectus (defined below), units of fractional undivided beneficial interest in and ownership of each Fund (individually and collectively, the “Shares”) may be created or redeemed by the Managing Owner for an Authorized
Participant in aggregations of two hundred thousand (200,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended (Registration Nos.: 333-136574
and 333-136574-01), as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter or any successor registration statement in respect of Shares of each Fund
(collectively, the “Registration Statement”) together with the prospectus of the Trust in the form filed with the SEC under Rule 424(b) after the effectiveness of the Registration Statement (the “Prospectus”). Under the Trust
Agreement, the Managing Owner is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”), or a successor
depository, and only in exchange for cash. This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 
  
 Because new Shares for each Fund can be created and issued by the Trust on an ongoing basis, at any point during the life of each respective Fund, a
“distribution,” as such term is used in the Securities Act of 1933, as amended (“1933 Act”), may be occurring. The Authorized Participant is cautioned that some of its activities may result in its being deemed a participant in a
distribution in a manner which would render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution” section of the
Prospectus and consult with its own counsel in connection with entering into this Agreement and submitting a Purchase Order Subscription Agreement (defined below). 
   
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust
Agreement. To the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. 







 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set
forth below, the parties hereto agree as follows: 
  
 Section 1.
Order Placement. To place orders for the Managing Owner to create or redeem one or more Baskets, Authorized Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures
described in Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented from time to time. 
  
 Section 2. Status of Authorized Participant. The Authorized Participant represents and warrants and covenants the following: 
  
 (a) The Authorized Participant is a participant of DTC (as such a
participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Managing Owner of such event, and this Agreement shall terminate immediately as
of the date the Authorized Participant ceased to be a DTC Participant. 
  
 (b) Unless Section 2(c) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of the National
Association of Securities Dealers, Inc. (the “NASD”), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of the NASD, and in either case is qualified to act as a broker or dealer
in the states or other jurisdictions where the nature of its business so requires. The Authorized Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of
this Agreement. The Authorized Participant will comply with all applicable federal laws, including without limitation, the delivery requirements of Section 5 of the 1933 Act and all applicable rules of the SEC, the laws of the states or other
jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of the NASD (if it is a NASD member), and will not offer or sell Shares in any state or jurisdiction where they may
not lawfully be offered and/or sold. 
  
 (c) If the Authorized
Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of the NASD as set forth in
Section 2(b) above, the Authorized Participant will (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the 1933 Act, and the regulations
promulgated thereunder, and (iii) conduct its business in accordance with the spirit of the NASD Conduct Rules. 
  
 (d) The Authorized Participant is in compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), and the regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act.

  

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 Section 3. Orders. (a) All orders to create or redeem Baskets shall be made in accordance
with the terms of the Trust Agreement, this Agreement and the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone
lines whether or not such use is reflected in the Procedures. The Managing Owner may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the
Authorized Participant will comply with such procedures of which it has been notified in accordance with this Agreement. 
  
 (b) The Authorized Participant acknowledges and agrees on behalf of itself and any party for which it is acting (whether such party is a customer or
otherwise) that each order to create a Basket (a “Purchase Order Subscription Agreement”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order Subscription Agreement and Redemption Order, an
“Order”) may not be revoked by the Authorized Participant upon its delivery to the Managing Owner. A form of Purchase Order Subscription Agreement is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit
C. 
  
 (c) The Managing Owner shall have the absolute right, but
shall have no obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have
adverse tax consequences to any Fund or to the Beneficial Owners; (iii) the acceptance or receipt of which could, in the opinion of counsel to the Managing Owner be unlawful; or (iv) if circumstances outside the control of the Managing
Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital
Contribution. 
  
 (d) The Managing Owner shall reject any
Redemption Order the fulfillment of which its counsel advises would be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
  
 (e) The Managing Owner may, in its discretion, suspend the right of
redemption, or postpone the applicable Redemption Settlement Time, (i) for any period during which the American Stock Exchange or any exchange on which the assets of any Fund are regularly traded is closed other than for customary weekend or
holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the assets of any Fund is not reasonably practicable; or (iii) for such
other period as the Managing Owner determines to be necessary for the protection of the Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

  
 Section 4. Fees. In connection with each Order by an
Authorized Participant to create or redeem one or more Baskets, the Managing Owner shall charge, and the Authorized Participant shall pay from its DTC account to the Managing Owner, the Transaction Fee prescribed in the Trust Agreement applicable to
such creation or redemption. The initial Transaction Fee shall be Five Hundred Dollars ($500) per Basket. The Transaction Fee may be 

  

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adjusted from time to time as set forth in the Trust Agreement and Prospectus. As described in the Procedures, the Authorized Participant will be charged by
the Managing Owner an additional processing charge if the Authorized Participant fails timely to deliver the Creation Basket Capital Contribution (in the case of a Purchase Order Subscription Agreement) or the Baskets (in the case of a Redemption
Order). 
  
 Section 5. Authorized Persons. Concurrently
with the execution of this Agreement and from time to time thereafter, the Authorized Participant shall deliver to the Managing Owner notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in
the form of Exhibit A setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each,
an “Authorized Person”). The Managing Owner may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Managing Owner
receives a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the
Managing Owner and such notice shall be effective upon receipt by the Managing Owner. The Managing Owner shall issue to each Authorized Person a unique personal identification number (the “PIN Number”) by which such Authorized Person shall
be identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after
issuance, the Authorized Person’s PIN Number is changed, the new PIN Number shall become effective on a date mutually agreed upon by the Authorized Participant and the Managing Owner. 
  
  Section 6. Redemption. The Authorized Participant represents and
warrants that it will not obtain an Order Number (as described in the Procedures) from the Managing Owner for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has
full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) the delivery of such Baskets to the Managing Owner on the Business Day
following the Redemption Order Date would not be precluded by virtue of such Baskets being loaned or pledged to another party or the subject of a repurchase agreement, securities lending agreement or any other arrangement. 
   
 Section 7. Role of Authorized Participant. (a) The Authorized
Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for any Fund or the
Managing Owner in any matter or in any respect. 
  
 (b) The
Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with the Managing Owner or its designees concerning the performance of the Authorized Participant’s responsibilities
under this Agreement. 
  

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 (c) With respect to any creation or redemption transaction made by the Authorized Participant pursuant to
this Agreement for the benefit of any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant shall extend to any such party all of the rights, and shall be bound by all of the
obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Trust Agreement. 
  
  (d) Upon reasonable request by the Managing Owner, the Authorized Participant will, subject to any limitations arising under federal or state securities
laws relating to privacy or other obligations it may have to its customers, provide the Managing Owner written notice indicating the number of Shares that the Authorized Participant may hold as record holder and the amount of such Shares that it
holds for the benefit of other broker-dealers that clear and settle transactions in Shares through the Authorized Participant, in each case as of the date of such request and with respect to each Fund. In addition, the Authorized Participant agrees,
upon request of the Managing Owner, and subject to applicable laws, rules and regulations, to transmit to its account holders who are Beneficial Owners of Shares, such written materials received from the Managing Owner (including notices, annual
reports, disclosure or other informational or tax materials and any amendments or supplements thereto and communications) as may be required to be transmitted to Beneficial Owners pursuant to the Trust Agreement or applicable law, provided that the
expenses associated with such transmissions shall be borne by the Managing Owner in accordance with usual custom and practice in respect of such communications. 
   
 Section 8. Indemnification. 
  

(a) The Authorized Participant hereby indemnifies and holds harmless the Trust, each Fund and the Managing Owner, their respective direct or indirect
affiliates (as defined below) and their respective directors, trustees, managing owners, partners, members, managers, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs
and expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provisions of this Agreement,
including its representations, warranties and covenants; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply
with applicable laws and the rules and regulations of self-regulatory organizations; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures believed by the AP Indemnified Party
to be genuine and to have been given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party, the Trust or
any Fund that is not consistent with the Trust’s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact
contained in any research reports, marketing material and sales literature described in Section 12(b) or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party, the Trust or any Fund, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at
the written direction of the Managing Owner or is based upon any omission or alleged omission by the Managing Owner to state a material fact in connection with such representation, statement or omission necessary to make such representation,
statement or omission not misleading. 
  
 (b) The Managing Owner
hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of
the 1933 Act (each, a “Managing Owner Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such Managing Owner
Indemnified Party as a result of (i) any breach by the Managing Owner of any provision of this Agreement that relates to the Managing Owner; (ii) any failure on the part of the Managing Owner to perform any obligation of the Managing


  

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Owner set forth in this Agreement; (iii) any failure by the Managing Owner to comply with applicable laws; or (iv) any untrue statement or alleged
untrue statement of a material fact contained in the registration statement of the Trust as originally filed with the SEC or in any amendment thereof, or in any prospectus, or in any amendment thereof or supplement thereto, or arising out of or
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements in the Registration Statement or the Prospectus based on
information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or the Prospectus. 
  
 (c) This Section 8 shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of or in
connection with any gross negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or the Managing Owner Indemnified Party, as the case may be. The term “affiliate” in this Section 8 shall include, with
respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization.

  
 (d) If the indemnification provided for in this Section 8
is unavailable to an indemnified party under Sections 8(a) or 8(b) or insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Managing
Owner, the Trust and each Fund, on the one hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Managing Owner, the Trust and each Fund, on the one hand, and of the Authorized Participant, on the other
hand, in connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well as any other relevant equitable considerations. The relative benefits received by the
Managing Owner, the Trust and each Fund, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount of cash transferred to each Fund under this Agreement on the one hand
(expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in connection with this Agreement on the other hand. To the extent applicable, the relative fault of the Managing Owner on the one hand and of the
Authorized Participant on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Managing
Owner or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses,
liabilities, damages, costs and expenses referred to in this Section 8(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any
action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 
  

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 (e) The Managing Owner and the Authorized Participant agree that it would not be just and equitable if
contribution pursuant to this Section 8 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(d) above. The Authorized Participant
shall not be required to contribute any amount in excess of the amount by which the total price at which the applicable Shares created by the Authorized Participant and distributed to the public exceeds the amount of any damages which the Authorized
Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  
 (f) The indemnity and contribution agreements contained in this Section 8 shall remain in full force and effect regardless of any investigation made
by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the
Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Managing Owner, its partners, stockholders, members, managers, directors, officers, employees or any person
who controls the Managing Owner within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Managing Owner and the Authorized Participant agree promptly to notify
each other of the commencement of any Proceeding against it and, in the case of the Managing Owner, against any of the Managing Owner’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the
Registration Statement or the Prospectus. 
  
 Section 9. (a)
Limitation of Liability. Neither the Managing Owner nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses,
liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by
them. 
  
 (b) Tax Liability. The Authorized Participant
shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this
Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Managing Owner, the Trust or any Fund is required by law to pay any such tax or charge, the Authorized Participant agrees
to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 
  
 (c) Fund Liability. In accordance with Section 3.7 of the Trust Agreement, the Authorized Participant agrees and consents (the
“Consent”) to look solely to the assets (the “Fund Assets”) of the particular Fund in controversy and to the Managing Owner and its assets for payment in respect of any claim against or obligation of such Fund. The Fund Assets
include only those funds and other assets that are paid, held or distributed to the Trust on account of and 

  

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for the benefit of that particular Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares in such Fund. In furtherance
of the Consent, the Authorized Participant agrees that (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) against a Fund incurred,
contracted for or otherwise existing shall be subject to the following limitations: 
  

	 	1.	the Claims of the Authorized Participant shall only be asserted and enforceable against a particular Fund, the Fund Assets of such Fund and the Managing Owner and its assets and
such Claims shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 

  

	 	2.	If the Claims of the Authorized Participant against a Fund are secured in whole or in part, the Authorized Participant hereby waives (under section 1111(b) of the Bankruptcy Code
(11 U.S.C. § 1111(b)) any right to have any deficiency claims (which deficiency claims may arise in the event such security is inadequate to satisfy such claims) treated as unsecured Claims against the Trust or any series (other than the Fund
against which the Claim is made), as the case may be; and 

   

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	 	3.	the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied and notwithstanding that the agreements in respect of such Claims are terminated,
rescinded or canceled. 

   
 Section 10.
Acknowledgment. The Authorized Participant acknowledges receipt of a (i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust and represents that it has reviewed and understands such documents. 
  
 Section 11. Effectiveness and Termination. Upon the execution of this
Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless
earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Participant by the Managing Owner in the event of a breach by the Authorized Participant of this Agreement or the procedures described or
incorporated herein; (iii) immediately in the circumstances described in Section 17(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. Termination of this Agreement by any Fund shall not constitute
termination by any other Fund unless separate notice is given. 
  
 Section 12. Marketing Materials; Representations Regarding Shares; Identification in Registration Statement. 
  
 (a) The Authorized Participant represents, warrants and covenants that (i), without the written consent of the Managing Owner, the Authorized Participant
will not make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (A) in the then-current Prospectus of the Trust, (B) in printed
information approved by the Managing Owner as information supplemental to such Prospectus or (C) in any promotional materials or sales literature furnished to the Authorized Participant by the Managing Owner, and (ii) the Authorized
Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP Indemnified Person, any Fund or the Trust that are not consistent with the Trust’s then current
Prospectus. Copies of the then current Prospectus of the Trust and any such printed supplemental information will be supplied by the Managing Owner to the Authorized Participant in reasonable quantities upon request. 
  
 (b) Notwithstanding the foregoing, the Authorized Participant may without
the written approval of the Managing Owner prepare and circulate in the regular course of its business research reports, marketing material and sales literature that includes information, opinions or recommendations relating to the Shares
(i) for public dissemination, provided that such research reports, marketing material or sales literature compare the relative merits and benefits of Shares with other products; and (ii) for internal use by the Authorized Participant. The
Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares with the NASD to the extent required by the NASD Conduct Rules. 
  
 (c) The Authorized Participant hereby agrees that for the term of this Agreement the Managing Owner may deliver the
then-current Prospectus, and any supplements or amendments 

  

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thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail in lieu of delivering the
Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice to the Managing Owner and, whether or not such agreement is in effect, the Authorized Participant may, at any time,
request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form from the Managing Owner. The Authorized Participant acknowledges that it has the capability to access, view, save and
print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Managing Owner will when requested by the Authorized Participant make available at no cost the
software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus. 
  
 (d) For as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized participant of a Fund (i) in the
section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” and in any other section as may be required by the SEC and (ii) on each Fund’s website. Upon the termination of
this Agreement, (i) during the period prior to when the Managing Owner qualifies and in its sole discretion elects to file on Form S-3, the Managing Owner will remove such identification from the Prospectus in the amendment of the Registration
Statement next occurring after the date of the termination of this Agreement and, during the period after when the Managing Owner qualifies and in its sole discretion elects to file on Form S-3, the Managing Owner will promptly file a current report
on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of a Fund and (ii) the Managing Owner will promptly update each Fund’s website (as applicable) to remove any identification of the Authorized
Participant as an authorized participant of such Fund. 
  
 Section
13. Certain Covenants of the Managing Owner. The Managing Owner, on its own behalf and as sponsor of each Fund, covenants and agrees: 
  
 (a) to advise the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the making of any
change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they are
made, not misleading, and, during such time, to prepare and furnish, at the expense of each Fund, as appropriate, to the Authorized Participant promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such
change; 
  
 (b) to furnish to the Authorized Participant, at each
time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares in reliance on Rule 429, and
(iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, an opinion of either (x) Sidley Austin LLP, counsel for the Managing Owner, or (y) special Delaware
counsel for the Managing Owner addressed to the Authorized Participant and dated such dates in form and substance satisfactory to the Authorized Participant, stating that: 
  

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	 	1.	each Fund is validly existing as a series of the Trust, a statutory trust under the Delaware Statutory Trust Act, as described in the Registration Statement and the Prospectus, and
the Trust has all power and authority to issue and deliver the Shares as contemplated therein and to execute and deliver this Agreement; 

  

	 	2.	the Managing Owner has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and
authority to conduct its business as described in the Registration Statement and the Prospectus and to execute and deliver this Agreement; 

  

	 	3.	the Managing Owner is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; 

  

	 	4.	this Agreement has been duly authorized, executed and delivered by the Managing Owner; 

  

	 	5.	the Shares issuable by each respective Fund as described in the Registration Statement, when issued in accordance with the terms of the Trust Agreement as described in the
Registration Statement, will have been duly authorized and validly issued and fully paid and non-assessable; 

  

	 	6.	the Shares conform to the description thereof contained in the Registration Statement and the Prospectus; 

  

	 	7.	the Registration Statement and the Prospectus (except as to the financial statements and schedules and other financial information contained therein, as to which such counsel need
express no opinion) as of their respective effective or issue dates complied as to form in all material respects with the requirements of the 1933 Act; 

  

	 	8.	the Registration Statement has become effective under the 1933 Act and, to such counsel’s knowledge, no stop order proceedings with respect thereto are pending or threatened
under the 1933 Act and any required filing of the Prospectus and any supplement thereto pursuant to Rule 424 under the 1933 Act has been made in the manner and within the time period required by such Rule 424; 

  

	 	9.	no approval, authorization, consent or order of or filing with any federal, or Delaware governmental or regulatory commission, board, body, authority or agency is required in
connection with the issuance and sale of the Shares and consummation by the Trust and the Managing Owner of the transactions contemplated in the Prospectus other than registration of the Shares under the 1933 Act (except such counsel need express no
opinion as to any necessary qualification under the state securities or blue sky laws of any state or the laws of any jurisdictions outside the United States); 

  

	 	10.	 the execution, delivery and performance of this Agreement by the Managing Owner, the issuance and delivery of the Shares by the Trust and the consummation by the
Managing Owner on behalf of the Trust of the transactions 



  

 11 









	 	 
contemplated hereby do not and will not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which
with notice, lapse of time or both would result in any breach or violation of or constitute a default under) the limited liability company agreement of the Managing Owner or the Trust Agreement, or any indenture, mortgage, deed of trust, bank loan
or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument known to such counsel (based on a certificate of an officer of the Managing Owner) to which the Managing Owner or the Trust is a
party or by which the Managing Owner or the Trust or any of their respective properties may be bound or affected, or any federal, or Delaware law, regulation or rule or any decree, judgment or order applicable to the Managing Owner or the Trust
(based, in the case of any decree, judgment or order, on a certificate of an officer of the Managing Owner); 


  

	 	11.	to such counsel’s knowledge, neither the Managing Owner nor the Trust is in breach or violation of or in default under (nor has any event occurred which with notice, lapse of
time, or both would result in any breach or violation of, or constitute a default under) their respective constitutive documents, or any federal or Delaware law, regulation or rule applicable to the Managing Owner or the Trust;


  

	 	12.	to such counsel’s knowledge, there are no affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents of a character which are
required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement which have not been so described or filed; 

  

	 	13.	to such counsel’s knowledge, there are no actions, suits, claims, investigations or proceedings pending or threatened to which the Managing Owner is or would be a party or to
which any of its properties is or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which are required to be described in the Registration
Statement or the Prospectus but are not so described; 

  

	 	14.	the Trust is not and, after giving effect to the offering and sale of the Shares, will not be required to be registered as an investment company under the Investment Company Act of
1940, as amended (the “Investment Company Act”); and 

  

	 	15.	the information in the Registration Statement and the Prospectus under the headings “Material U. S. Federal Income Tax Considerations,” and “Description of the Shares
and the Master Fund Units; the Funds; Certain Material Terms of the Trust Declarations,” insofar as such statements constitute a summary of documents or matters of law, are accurate in all material respects and present fairly the information
required to be shown. 

   
 In addition, such
counsel shall state that such counsel has participated in conferences with officers and other representatives of the Managing Owner, representatives of the independent 

  

 12 








 
public accountants of each Fund and representatives of the Authorized Participant at which the contents of the Registration Statement and the Prospectus were
discussed and, although such counsel is not passing upon and does not assume responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement or the Prospectus (except as and to the extent stated in
subparagraphs (6) and (15) above), on the basis of the foregoing nothing has come to the attention of such counsel that causes them to believe that the Registration Statement or any amendment thereto at the time such Registration Statement
or amendment became effective contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus or any supplement
thereto at the date of such Prospectus or such supplement, and at the time of purchase of the Shares by the Authorized Participant hereunder, contained an untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood that such counsel need express no opinion with respect to the financial statements and schedules and
other financial information, statistical data, the description of the Index or any performance information relating to the Index, the Trust or any other account included in the Registration Statement or the Prospectus); 
  
 (c) to cause KPMG LLP to deliver, at each time (i) the Registration
Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares in reliance on Rule 429, and (iii) there is financial information
incorporated by reference into the Registration Statement or the Prospectus, letters dated such dates and addressed to the Authorized Participant, containing statements and information of the type ordinarily included in accountants’ letters to
underwriters with respect to the financial statements and other financial information contained in or incorporated by reference into the Registration Statement and the Prospectus; 
  
  (d) to deliver to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is
amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares in reliance on Rule 429, and (iii) there is financial information incorporated by reference into
the Registration Statement or the Prospectus, a certification by duly authorized officers of the Managing Owner in the form attached hereto as Exhibit D. 
   

In addition, any certificate signed by any officer of the Managing Owner and delivered to the Authorized Participant or counsel for the Authorized
Participant pursuant hereto shall be deemed to be a representation and warranty by the Managing Owner as to matters covered thereby to the Authorized Participant; 
  
 (e) to cause the Trust to file a post-effective amendment to the Registration Statement no less frequently than once per
calendar quarter on or about the same time that the Trust files a quarterly or annual report pursuant to Section 13 or 15(d) of the 1934 Act (including the information contained in such report), until such time as the Trust’s reports filed
pursuant to Section 13 or 15(d) of the 1934 Act are incorporated by reference in the Registration Statement. 
  

 13 








  Section 14. Third Party Beneficiaries. Each AP Indemnified Party and Managing Owner
Indemnified Party, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against any party hereto (including by bringing proceedings
against parties hereto in its own name) to enforce any obligation of such party under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 
   
 Section 15. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for
the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or
other unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra-national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 
  
 Section 16. Ambiguous Instructions. If a Purchase Order Subscription Agreement or a Redemption Order otherwise in good form contains order terms
that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Managing Owner will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of
the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected
Order must be received by the Managing Owner, as the case may be, not later than the earlier of: (i) within 15 minutes of such contact with the Authorized Person; or (ii) 45 minutes after the Order Cut-Off Time. If the Managing Owner is
not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are
illegible, the Order will be deemed invalid and the Managing Owner will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. A corrected Order must be received by the Managing Owner
not later than the earlier of (i) within 15 minutes of such contact with the Authorized Person or (ii) 45 minutes after the Order Cut-Off Time, as the case may be. 
  
 Section 17. Miscellaneous. 
  

(a) Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or
supplemented by the Trust and the Managing Owner, without consent of any Beneficial Owner or Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Managing Owner
will mail a copy of the proposed amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its deemed receipt, the
amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification or supplement of any
Participant Agreement of 

  

 14 








 
the Trust (other than this Agreement), the Managing Owner will promptly mail a copy of such amendment, modification or supplement to the Authorized
Participant. 
  
 (b) Waiver of Compliance. Any failure of
any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver,
or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
  
 (c) Notices. Except as otherwise specifically provided in this
Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by
nationally recognized overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mail, postage prepaid.
For avoidance of doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing, all notices to a Fund shall be given or sent to the Managing Owner. All notices shall be directed to the address or telephone
or facsimile numbers indicated below the signature line of the parties on the signature page hereof. 
  
 (d) Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns. 
  
  (e)
Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged
or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the
party, shall be the successor of the party under this Agreement and except that the Managing Owner may delegate its obligations hereunder to the Distributor, the Marketing Agent or the Administrator by notice to the Authorized Participant. The party
resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this
Agreement shall be automatically assigned to any successor trustee or Managing Owner at such time such successor qualifies as a successor trustee or Managing Owner under the terms of the Trust Agreement. 
   
 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware (regardless of the laws that might otherwise govern under applicable Delaware conflict of laws principles) as to all matters, including matters of validity, construction,
effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or
other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of 

  

 15 








 
venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or
registered mail directed to such party at such party’s address for purposes of notices hereunder. 
  
 (g) Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement
and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or account for more than one such counterpart executed
and delivered by such party. 
  
 (h) Interpretation. The
article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
  
 (i) Entire Agreement. This Agreement and the Trust Agreement, along
with any other agreement or instrument delivered pursuant to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the
Authorized Participant shall not be deemed by this provision to be a party to the Trust Agreement. 
  
 (j) Severance. If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra
national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or
enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, unless the Managing Owner determines in its discretion that the
provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that this Agreement should not be continued without the provision
that was held invalid, illegal or unenforceable, and in that case, upon the Managing Owner’s notification of the trustee of such a determination, this Agreement shall immediately terminate and the Managing Owner will so notify the Authorized
Participant immediately. 
  
 (k) No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 
  
 (l) Survival. Sections 8 (Indemnification) and 14 (Third Party
Beneficiaries) hereof shall survive the termination of this Agreement. 
  
 (m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds
to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited to.” 
  
 [Signature Page Follows] 
  

 16 








  IN WITNESS WHEREOF, the Authorized Participant and the Managing Owner, on behalf of each Fund, have
caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
   

									
	 DB Commodity Services LLC
 Managing Owner of
each of PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund
	 	 	 	 PowerShares DB US Dollar Index Trust, with respect to PowerShares DB US Dollar Index Bullish Fund, a series of the Trust
 By: DB Commodity Services LLC,
 as
Managing Owner of
 PowerShares DB US Dollar
 Index [        ] Fund

					
	By:	 	
	 	 	 	By:	 	

					
	Name:	 	
	 	 	 	Name:	 	

					
	Title:	 	
	 	 	 	Title:	 	

					
	By:	 	
	 	 	 	By:	 	

					
	Name:	 	
	 	 	 	Name:	 	

					
	Title:	 	
	 	 	 	Title:	 	

					
	Address:	 	 60 Wall Street
 New York, New York
10005
	 	 	 	Address:	 	 60 Wall Street
 New York, New York
10005

					
	Telephone:	 	(212) 250-5883	 	 	 	Telephone:	 	(212) 250-5883
					
	Facsimile:	 	(212) 797-4469	 	 	 	Facsimile:	 	(212) 797-4469
			
	[Name of Authorized Participant]	 	 	 	 PowerShares DB US Dollar Index Trust, with respect to PowerShares DB US Dollar Index Bearish Fund, a series of the Trust
 By: DB Commodity Services LLC,
 as
Managing Owner of
 PowerShares DB US Dollar
 Index Bearish Fund

					
	By:	 	
	 	 	 	By:	 	

					
	Name:	 	
	 	 	 	Name:	 	

					
	Title:	 	
	 	 	 	Title:	 	

					
	Address:	 	
	 	 	 	 By:
	 	

					
	Telephone:	 	
	 	 	 	 Name:
	 	

					
	Facsimile:	 	
	 	 	 	 Title:
	 	


  

			
	 Telephone:

	  	Name:


	 Facsimile:
	  	Title:

  

 17 








 EXHIBIT A 
  
 POWERSHARES DB US DOLLAR INDEX TRUST 
  
 FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
  
 The following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any
activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the PowerShares DB US Dollar Index Trust Participant Agreement. 
  

							
				
	 Authorized Participant:
	 	
	  	 	 	 
				
	Name:	 	
	  	Name:	 	

				
	Title:	 	
	  	Title:	 	

				
	Signature:	 	
	  	Signature:	 	

				
	Name:	 	
	  	Name:	 	

				
	Title:	 	
	  	Title:	 	

				
	Signature:	 	
	  	Signature:	 	


  
  The undersigned,
[name], [title] of [company], does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized
Persons pursuant to the PowerShares DB US Dollar Index Trust Participant Agreement by and between [name of Authorized Participant], PowerShares DB US Dollar Index Trust with respect to each of PowerShares DB US Dollar Index Bullish Fund and
PowerShares DB US Dollar Index Bearish Fund and DB Commodity Services LLC, dated             ,         , and that their signatures set forth above
are their own true and genuine signatures. 
   
 In Witness
Whereof, the undersigned has hereby set his/her hand and the seal of [company] on the date set forth below. 
  

					
			
	 Subscribed and sworn to before me
 this
         day of             , 20    
	  	By:	 	

			
	 	  	Name:	 	

			
	 	  	Title:	 	

			
	 	  	Date:	 	

	
 Notary Public
	  	 	 	 

  

 A-1 








 EXHIBIT B 
 POWERSHARES DB US DOLLAR INDEX TRUST 
 FORM OF PURCHASE ORDER SUBSCRIPTION AGREEMENT 
  
 TRUSTEE, The BANK of NEW YORK 718-315-4969 / 4967 / 4449 
  

							
	Authorized Participant:	  	 	    	DTC Clearing #:	  	 
	Authorized Participant FAX No.#: 	  	 	    	Trade Date:	  	 
	Order Number:	  	 	    	Number of CU’s Created: 	  	 
	Number of Shares to be issued: 	  	 	    	USD:	  	 
	 	  	 	    	 	  	(to be provided by The Bank of New York)

  
  All Purchase Order Subscription
Agreements are subject to the terms and conditions of the Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) of PowerShares DB US Dollar Index Trust (the “Trust”) as currently in effect, which
established and designated PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund (collectively, the “Funds”), each as a separate series of the Trust and the PowerShares DB US Dollar Index Trust
Participant Agreement among the Authorized Participant, the Trust with respect to each of the Funds and the Managing Owner named therein. All representations and warranties of the Authorized Participant set forth in such PowerShares DB US Dollar
Index Trust Participant Agreement are incorporated herein by reference. Capitalized terms used but not defined herein have the meaning given in the Trust Agreement. 
  
 The undersigned understands that by submitting this Purchase Order Subscription Agreement he/she is making the representations and
warranties set forth in the Annex to this Purchase Order Subscription Agreement and is also granting an irrevocable Power of Attorney. The undersigned understands that its DTC account will be charged the Transaction Fee as set forth in the currently
effective copy of the Prospectus. 
   
 The undersigned does hereby certify as
of the date set forth below that he/she is an Authorized Person under the PowerShares DB US Dollar Index Trust Participant Agreement and that he/she is authorized to deliver this Purchase Order Subscription Agreement to the Managing Owner on behalf
of the Authorized Participant. 
  
 Remainder of page left
blank intentionally. Signature page follows. 
  
  

 B-1 









							
	 	 	 	 	 	 	 (Please Print Name of Authorized Participant)

	Date:	 	 	 	 	 	 
	 	 	 	 	    By: 	 	 
	Accepted by:	 	 	 	Name:
	PowerShares DB US Dollar Index Trust, with respect to
PowerShares DB US Dollar Index Bullish Fund	 	 	 	Title:
	By:   DB Commodity Services LLC,	 	 	 	 
	 	 	    as Managing Owner	 	 	 	 
				
	By:	 	 	 	 	 	 
	 	 	 Name:
 Title:
	 	 	 	 
				
	By:	 	 	 	 	 	 
	 	 	 Name:
 Title:
	 	 	 	 
			
	PowerShares DB US Dollar Index Trust, with respect to
PowerShares DB US Dollar Index Bearish Fund	 	 	 	 
	By:   DB Commodity Services LLC,	 	 	 	 
	 	 	    as Managing Owner	 	 	 	 
				
	By:	 	 	 	 	 	 
	 	 	 Name:
 Title:
	 	 	 	 
				
	By:	 	 	 	 	 	 
	 	 	 Name:
 Title:
	 	 	 	 

  

 B-2 








 ANNEX TO EXHIBIT B 
 TO 
 PURCHASE ORDER SUBSCRIPTION AGREEMENT 
 PURCHASER’S REPRESENTATIONS AND WARRANTIES AND 
 POWER OF ATTORNEY 
  
 1. CFTC Registration Status. The Authorized Participant either
is not required to be registered with the Commodity Futures Trading Commission (“CFTC”) or to be a member of the National Futures Association (“NFA”), or, if required to be so registered, is duly registered with the CFTC and is a
member in good standing of the NFA. The Authorized Participant agrees to supply the Managing Owner with such information as the Managing Owner may reasonably request in order to verify the foregoing representation. Vehicles for collective
investment which acquire Shares may, as a result, themselves become “commodity pools” within the intent of applicable CFTC and NFA rules, and their sponsors, accordingly, will be required to register as “commodity pool
operators.” 
  
 2. Disclosure Document. The
Authorized Participant has received the Trust’s Prospectus which constitutes its CFTC Disclosure Document. 
  
  3. Monthly Report. If trading for a Fund has commenced, the Authorized Participant has obtained a copy of the most recent monthly report
from the applicable Fund’s website at www.dbfunds.db.com. 
   
 4. Power of Attorney. In connection with the Authorized Participant’s acceptance of an interest in a Fund, the Authorized Participant does hereby irrevocably constitute and appoint the Managing Owner, and its successors
and assigns, as its true and lawful Attorney-in-Fact, with full power of substitution, in my name, place and stead, in the execution, acknowledgment, filing and publishing of Trust or Fund documents, including, but not limited to, the following:
(i) Any certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Trust as a business or
statutory trust in the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the terms of the Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the
“Trust Agreement”) or any amendment hereto, or which may be required to be filed by the Trust, a Fund or the Shareholders of a Fund under the laws of any jurisdiction; (ii) Any instrument which may be required to be filed by the Trust
under the laws of any state or by any governmental agency, or which the Managing Owner deems advisable to file; and (iii) The Trust Agreement and any documents which may be required to effect an amendment to the Trust Agreement approved under
the terms of the Trust Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Limited Owner of a Fund or of others as additional or substituted Limited Owners, or the termination of the Trust,
provided such continuation, admission or termination is in accordance with the terms of the Trust Agreement. The Power of Attorney granted hereby shall be deemed to be coupled with an interest and shall be irrevocable and shall survive, and shall
not be affected by, the Authorized Participant’s subsequent insolvency or dissolution or any delivery by the Authorized Participant of an assignment of the whole or any portion of the Authorized Participant’s Units. 
  

 B-3 








 EXHIBIT C 
  
 POWERSHARES DB US DOLLAR INDEX TRUST 
  
 FORM OF REDEMPTION ORDER 
  

							
				
	Authorized Participant:	 	
	  	 	 	 
				
	Date:	 	
	  	 	 	 
				
	Name of Fund:	 	 PowerShares DB US Dollar Index Fund

	  	 	 	 
				
	Submission Number:	 	
	  	 	 	 
				
	PIN Number:	 	
	  	 	 	 
				
	Number of Shares to be Issued:	 	
	  	 	 	 

   
  All Redemption Orders are
subject to the terms and conditions of the Amended and Restated Declaration of Trust and Trust Agreement of PowerShares DB US Dollar Index Trust (the “Trust”) as currently in effect and the PowerShares DB US Dollar Index Trust Participant
Agreement among the Authorized Participant, the Trust with respect to the Fund, among others, each a series of the Trust (the “Fund”), and the Managing Owner named therein (the “Participant Agreement”). All representations and
warranties of the Authorized Participant set forth in such Participant Agreement are incorporated herein by reference. 
  
 The undersigned understands that its DTC account will be charged the Transaction Fee as set forth in the currently effective copy of the Prospectus including an
additional fee as provided under Section 4(a) of the Participant Agreement if the Redemption Order is held open. 
  
 The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to
deliver this Redemption Order to the Managing Owner on behalf of the Authorized Participant. 
   

											
	 	 	 	 	 	 	[NAME OF AUTHORIZED PARTICIPANT]
						
	Date:	 	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 	 	Name:
	 	 	 	 	 	 	 	 	 	 	Title:

  

 C-1 








 EXHIBIT D 
  
 POWERSHARES DB US DOLLAR INDEX TRUST 
  
 DB COMMODITY SERVICES LLC 
  
 OFFICERS’ CERTIFICATE 
  
  The undersigned, each a duly authorized officer of DB Commodity Services LLC, a Delaware limited liability company, the managing owner (the “Managing
Owner”) of PowerShares DB US Dollar Index Trust (the “Trust”), a Delaware statutory trust with separate series, including PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund (each a
“Fund” and collectively, the “Funds”), and pursuant to Section 13(d) of the PowerShares DB US Dollar Index Trust Participant Agreement (the “Agreement”), dated as of
             200    , by and among the Managing Owner, the Trust with respect to each of the Funds and
             (the “Authorized Participant”), hereby certify that: 
   

	 	1.	Each of the following representations and warranties of the Managing Owner is true and correct in all material respects as of the date hereof: 

  

	 	(a)	the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading; the Registration Statement and the Prospectus comply in all material respects with the requirements of the 1933 Act; any statutes, regulations, contracts or other documents that
are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed; the conditions to the use of Form S-1 or S-3, if applicable, have been satisfied;
and the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and the Prospectus does not contain an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Managing Owner makes no warranty or
representation with respect to any statement contained in the Registration Statement or any Prospectus in reliance upon and in conformity with information concerning the Authorized Participant and furnished in writing by or on behalf of the
Authorized Participant to the Managing Owner expressly for use in the Registration Statement or such Prospectus; 

  

	 	(b)	 the Trust has been duly formed and is validly existing as an investment trust under the laws of the State of Delaware, as described in the Registration Statement
and the Prospectus, and the Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) authorizes the Managing Owner to issue and deliver the Shares of any Fund 



   

 D-1 









	 	 
to the Authorized Participant hereunder as contemplated in the Registration Statement and the Prospectus and each Fund is validly existing as a series of the
Trust, a statutory trust under the Delaware Statutory Trust Act, as described in the Registration Statement and the Prospectus; 


   

	 	(c)	the Managing Owner has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and
authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver the Agreement; 

  

	 	(d)	the Managing Owner is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; 

   

	 	(e)	complete and correct copies of the Trust Agreement, and any and all amendments thereto, have been delivered to the Authorized Participant, and no changes thereto have been made;


  

	 	(f)	the outstanding Shares have been duly and validly issued and are fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and
similar rights; 

  

	 	(g)	the Shares conform in all material respects to the description(s) thereof contained in the Registration Statement and the Prospectus and the holders of the Shares will not be
subject to personal liability by reason of being such holders; 

  

	 	(h)	the Agreement has been duly authorized, executed and delivered by the Trust and the Managing Owner and constitutes the valid and binding obligations of the Trust, on behalf of each
Fund and the Managing Owner, enforceable against each Fund and the Managing Owner in accordance with its terms; 

  

	 	(i)	 neither the Managing Owner nor the Trust (on behalf of itself or any Fund) is in breach or violation of or in default under (nor has any event occurred which with
notice, lapse of time or both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or
repayment of all or a part of such indebtedness under) its respective constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other
agreement or instrument to which the Managing Owner or the Trust (on behalf of itself or any Fund) is a party or by which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of the Agreement,
the issuance and sale of Shares to the Authorized Participant thereunder and the consummation of the transactions contemplated hereby does not conflict with, result in any 



   

 D-2 









	 	 
breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or
violation of or constitute a default under), respectively, the limited liability company agreement of the Managing Owner or the Trust Agreement, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of
indebtedness, or any license, lease, contract or other agreement or instrument to which the Managing Owner or the Trust (on behalf of itself or any Fund) is a party or by which, respectively, the Managing Owner or the Trust or any of their
respective properties may be bound or affected, or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Managing Owner or the Trust; 


  

	 	(j)	no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is
required in connection with the issuance and sale of Shares to the Authorized Participant hereunder or the consummation by the Managing Owner or the Trust of the transactions contemplated hereunder other than registration of the Shares under the
1933 Act, which has been effected, and any necessary qualification under the securities laws of the various jurisdictions in which the Shares are being offered or under the rules and regulations of the National Association of Securities Dealers (the
“NASD”); 

  

	 	(k)	except as set forth in the Registration Statement and the Prospectus (i) no person has the right, contractual or otherwise, to cause the Trust to issue or sell to it any Shares
or other equity interests of any Fund, and (ii) no person has the right to act as an underwriter or as a financial advisor to any Fund in connection with the offer and sale of the Shares, in the case of each of the foregoing clauses (i), and
(ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise; no person has the right, contractual or otherwise, to cause the Managing Owner on behalf of the
Trust or the Trust to register under the 1933 Act any other equity interests of any Fund, or to include any such shares or interests in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or
effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise; 

  

	 	(l)	 each of the Managing Owner and the Trust have all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any
federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, in order to conduct its respective business; neither the Managing Owner nor the Trust is in violation
of, or in default under, or has received notice of any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or 



   

 D-3 









	 	 
any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Managing Owner or the Trust;



  

	 	(m)	all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents of a character required to be
described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required; 

  

	 	(n)	except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings pending or threatened or contemplated to
which the Managing Owner or the Trust, or any of the Managing Owner’s directors or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity, before or by any federal, state,
local or foreign governmental or regulatory commission, board, body, authority or agency; 

  

	 	(o)	KPMG LLP, whose report on the audited financial statements of the Funds are filed with the SEC as part of the Registration Statement and the Prospectus, are independent public
accountants as required by the 1933 Act; 

  

	 	(p)	the audited financial statement(s) included in the Prospectus, together with the related notes and schedules, presents fairly the financial position of each of the Funds as of the
date indicated and has been prepared in compliance with the requirements of the 1933 Act and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro forma) that are required to be included in
the Registration Statement and the Prospectus that are not included as required; and each of the Funds do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed in the
Registration Statement and the Prospectus; 

  

	 	(q)	subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been (i) any material adverse change, or any
development involving a prospective material adverse change affecting the Managing Owner, the Trust or any Fund, (ii) any transaction which is material to the Managing Owner, the Trust or any Fund taken as a whole, (iii) any obligation,
direct or contingent (including any off-balance sheet obligations), incurred by the Managing Owner or the Trust (on its own behalf, or on behalf of any Fund), which is material to such Fund, (iv) any change in the Shares purchased by the
Authorized Participant or outstanding indebtedness of the Managing Owner or the Trust with respect to a Fund or (v) any dividend or distribution of any kind declared, paid or made on such Shares; 

  

 D-4 









	 	(r)	the Trust is not and, after giving effect to the offering and sale of the Shares, will not be required to be registered as an investment company under the Investment Company Act;


  

	 	(s)	except as set forth in the Registration Statement and the Prospectus, the Managing Owner and the Trust own, or have obtained valid and enforceable licenses for, or other rights to
use, the inventions, patent applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade secrets and other proprietary information described in the Registration Statement and the Prospectus as being owned or
licensed by them or which are necessary for the conduct of their respective businesses, (collectively, “Intellectual Property”); (i) to the knowledge of the Managing Owner or the Trust, there are no third parties who have or will be
able to establish rights to any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the Managing Owner or the Trust; (ii) to the knowledge of the Managing Owner or the Trust,
there is no infringement by third parties of any Intellectual Property; (iii) there is no pending or, to the knowledge of the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others challenging the Managing
Owner’s or the Trust’s rights in or to any Intellectual Property, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis for any such claim; (iv) there is no pending or, to the knowledge of
the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis
for any such claim; and (v) there is no pending or, to the knowledge of the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others that the Managing Owner or the Trust infringes or otherwise violates any patent,
trademark, copyright, trade secret or other proprietary rights of others, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis for any such claim; 

  

	 	(t)	all tax returns required to be filed by the Trust with respect to the Funds have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or
through withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to any Fund as of the date of the
Agreement; 

  

	 	(u)	neither the Managing Owner nor the Trust has sent or received any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or
described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Managing Owner or the Trust or any other party to any such contract or agreement; 

  

 D-5 









	 	(v)	with respect to its activities on behalf of each Fund, as provided for in the Trust Agreement, the Managing Owner maintains a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance with the Trust Agreement and the Managing Owner’s duties thereunder; (ii) transactions with respect to each Fund are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; and (iii) assets are held for each Fund in accordance with the Trust Agreement; 


 

	 	(w)	on behalf of the Trust, the Managing Owner has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the 1934 Act,
giving effect to the rules and regulations, and SEC staff interpretations (whether or not public), thereunder)); such disclosure controls and procedures are designed to ensure that material information relating to the Trust, is made known to the
Managing Owner, and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of the Trust, the Managing Owner has been advised of: (i) any significant deficiencies in the design
or operation of internal controls which could adversely affect the Trust’s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not material, that involves management or other employees who have
a role in the Trust’s internal controls; any material weaknesses in internal controls have been identified for the Trust’s auditors; 

   

	 	(x)	any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the Managing Owner believes to be
reliable and accurate, and the Managing Owner has obtained the written consent to the use of such data from such sources to the extent required; and 

  

	 	(y)	neither the Managing Owner, nor any of the Managing Owner’s directors, members, managers, officers, affiliates or controlling persons nor the Trustee has taken, directly or
indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result in, under the 1934 Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Funds to facilitate the
sale or resale of the Shares; and there are no affiliations or associations between any member of the NASD and any of the Managing Owner’s officers, directors or 5% or greater security holders, except as set forth in the Registration Statement
and the Prospectus. 

  

	 	    	For purposes hereof, the term “Registration Statement” shall mean the Registration Statement as amended or supplemented from time to time to the date hereof and the term
“Prospectus” shall mean the Prospectus as amended or supplemented from time to time to the date hereof. 

  

 D-6 









	 	2.	Each of the obligations of the Managing Owner to be performed by it on or before the date hereof pursuant to the terms of the Agreement, and each of the provisions thereof to be
complied with by the Managing Owner on or before the date hereof, has been duly performed and complied with in all material respects. 

  
 Capitalized terms used, but not defined herein shall have the meanings assigned to such terms in the Agreement. 
  
 [SIGNATURE PAGE TO FOLLOW] 
  

 D-7 








 IN WITNESS WHEREOF, we have hereunto, on behalf of the Managing Owner, subscribed our names this
             day of             . 
  

			
		
	 By:
	 	 
	 Name:
	 	Kevin Rich
	 Title:
	 	Director and Chief Executive Officer


  

			
	By:	 	 
	 Name:
	 	Gregory Collett
	 Title:
	 	 Chief Operating Officer



  
 I,
            , in my capacity as [title], hereby certify that Kevin Rich and Gregory Collett, are the duly elected Director and Chief Executive Officer and Chief Operating Officer,
respectively, of the Managing Owner, and that the signatures set forth immediately above are their genuine signatures. 
  
 IN WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth above. 
  

			
	By:	 	 
	 	 	Name:
	 	 	Title:


  

 D-8 








 FORM OF 
 POWERSHARES DB US DOLLAR INDEX TRUST 
 PARTICIPANT AGREEMENT 
  
 ATTACHMENT A 
  
 PROCEDURES 
  
  CREATION AND REDEMPTION OF SHARES 
   
 Scope of Procedures and Overview 
  
  These procedures (the “Procedures”) describe the processes by which one or more
Baskets of PowerShares DB US Dollar Index Bullish Fund shares and PowerShares DB US Dollar Index Bearish Fund shares (individually and collectively, the “Shares”) issuable by PowerShares DB US Dollar Index Trust (the “Trust”)
with respect to PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund, respectively, (individually, a “Fund” and collectively, the “Funds”) may be purchased or, once Shares have been issued,
redeemed by an Authorized Participant (a “Participant”). Shares may be created or redeemed only in blocks of 200,000 Shares (each such block, a “Basket”) for each Fund. 
  
 Capitalized terms used in these Procedures without further definition have the meanings
assigned to them in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust, a Delaware statutory trust with multiple series, including the Funds (the “Trust Agreement”). The Trust Agreement is dated as of
                 , 2006 and is between Wilmington Trust Company, as trustee of the Trust (the “Trustee”) DB Commodity Services LLC, as managing
owner (the “Managing Owner”) and the Unitholders party thereto from time to time or the Participant Agreement entered into by each Participant with the Trust with respect to each Fund and the Managing Owner. 
   
 For purposes of these Procedures, a “Business Day” means a day other than Saturday,
Sunday or other day when banks and/or securities exchanges in the City of New York or the City of Wilmington are authorized or obligated by law or executive order to close. 
  
 “Order Cut-Off Time” means 1:00 pm, New York time, on each Business Day. 
  
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Managing Owner
to each Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Managing Owner
in exchange for the Creation Basket Capital Contribution, which the Managing Owner receives from Participants or 








 
Redemption Distributions to Participants, in each case on behalf of the Trust. Participants will be required to pay a nonrefundable per order transaction fee
of $500 to the Managing Owner (the “Transaction Fee”). 
  
 Each
Participant is responsible for ensuring that the Creation Basket Capital Contribution it intends to transfer to a Fund in exchange for Creation Baskets is available for transfer to such Fund in the manner and at the times described in these
Procedures. 
  
 Upon acceptance of the Participant Agreement by the Managing
Owner, the Managing Owner will assign a personal identification number (a “PIN number”) to each Authorized Person authorized to act for the Participant. This will allow the Participant through its Authorized Person(s) to place Purchase
Order Subscription Agreement(s) or Redemption Order(s) for Baskets. 
  
 Important
Notes: 
  

	 	•	 	Any Order is subject to rejection by the Managing Owner for the reasons set forth in the Trust Agreement or the Participant Agreement. 

  

	 	•	 	All Orders are subject to the provisions of the Trust Agreement and the Participant Agreement relating to unclear or ambiguous instructions. 

  
 CREATION PROCESS 
  
 An order to purchase one or more Creation Baskets placed by a Participant with the Managing Owner by a telephone call placed by the Order
Cut-Off Time on a Business Day (such day, “Purchase Order Subscription Date”) results in the issuance and delivery of Creation Baskets at noon, New York time, on the Business Day immediately following the Purchase Order Subscription Date
if the Managing Owner has received: 
  

	 	•	 	for its own account, the Transaction Fee, and 

  

	 	•	 	for the account of the applicable Fund the Creation Basket Capital Contribution due from the Participant submitting the Purchase Order Subscription Agreement.


  
 CREATION PROCEDURES 
  

	 	1.	 By the Order Cut-Off Time (1:00 p.m. N.Y. time) on the Purchase Order Subscription Date, an Authorized Person of the Participant calls the Managing Owner at
(718) 315-4417 to notify the Managing Owner that the Participant wishes to place a Purchase Order and Subscription Agreement with the Managing Owner to create an identified number of Creation Baskets and to request that the Managing Owner
provide an order number (an “Order Number”). Calls placed before the Order Cut-Off Time will be processed even if the call is taken after that time. The Authorized Person provides a PIN number as identification to the Managing Owner. The
Managing Owner provides the Participant with an Order Number for the Participant’s Purchase Order and Subscription Agreement. The Participant then completes and faxes to the Managing Owner the Purchase Order 



  

 2 









	 	 
Subscription Agreement included as Exhibit B to the Participant Agreement. The Purchase Order Subscription Agreement must be completed and also include the
Authorized Person’s signature, the number of Creation Baskets being purchased, and the Order Number previously provided by the Managing Owner. 


  

	 	2.	If the Managing Owner has not received the Purchase Order Subscription Agreement from the Participant within 15 minutes after the Managing Owner receives the phone call from the
Participant referenced in item (1) above, the Managing Owner places a phone call to the Participant to enquire about the status of the Order. If the Participant does not fax the Purchase Order Subscription Agreement to the Managing Owner within
15 minutes after the Managing Owner’s phone call, the Participant’s Order is cancelled. The Managing Owner will then notify the Participant that the Order has been cancelled via telephone call. 

  

	 	3.	If the Managing Owner has received the Participant’s Purchase Order Subscription Agreement on time in accordance with the preceding timing rules, then by 2:30 p.m. N.Y. time
the Managing Owner returns to the Participant a copy of the Purchase Order Subscription Agreement submitted, marking it “Accepted.” 

  

	 	4.	As promptly as practicable following the publication of the net asset value of the applicable Fund and the net asset value per share of the applicable Fund on the Purchase Order
Subscription Date, the Managing Owner shall communicate to the Authorized Participant the amount of cash necessary for the Creation Basket Capital Contribution and details of the method of payment required for the Creation Basket Capital
Contribution. 

  

	 	5.	If the Managing Owner rejects a Purchase Order Subscription Agreement pursuant to the Trust Agreement or the Participant Agreement, the Managing Owner will notify the Participant
whose Purchase Order Subscription Agreement was rejected. 

  

	 	6.	At noon, New York time, on the Business Day immediately following the Purchase Order Subscription Date the Managing Owner authorizes the creation and issuance of the Creation
Baskets ordered by each Participant on the Purchase Order Subscription Date for which the Managing Owner has received confirmation of receipt of (A) for its own account, the Transaction Fee, and (B) for the account of the applicable Fund
the Creation Basket Capital Contribution due from the Participant submitting the Purchase Order Subscription Agreement. 

  

	 	7.	The Managing Owner will cause the Trust, on behalf of the applicable Fund, to deposit the Creation Basket with the Depository in accordance with the Depository’s customary
procedures, for the credit of the account of the Participant that placed the Purchase Order Subscription Agreement. 

  

	 	8.	 If by noon, New York time, on the Business Day immediately following the Purchase Order Subscription Date the Managing Owner authorizes the creation 



  

 3 









	 	 
and issuance of the Creation Baskets ordered by each Participant on the Purchase Order Subscription Date for which the Managing Owner has received
confirmation of receipt of (A) for its own account, the Transaction Fee, and (B) for the account of the applicable Fund the Creation Basket Capital Contribution due from the Participant submitting the Purchase Order Subscription Agreement,
the Participant will be charged by the Managing Owner an additional processing charge of $2,000. 


  
 [Redemption Process Follows on Next Page] 
  

 4 








 REDEMPTION PROCESS 
  
 An order to redeem one or more Redemption Baskets placed by a Participant with the Managing Owner by a telephone call placed
by the Order Cut-off Time on a Business Day (such day, “Redemption Order Date”) results in the following taking place by noon, New York time, on the Business Day immediately following the Redemption Order Date (the “Redemption
Settlement Time”): 
  

	 	•	 	if a Fund’s account at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Managing Owner has
by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. 

  
 REDEMPTION PROCEDURES 
  

	 	1.	By the Order Cut-off Time (1:00 p.m. N.Y. time), an Authorized Person of the Participant calls the Managing Owner at (718) 315-4417 to notify the Managing Owner that the
Participant wishes to place a Redemption Order with the Managing Owner to redeem an identified number of Redemption Baskets and to request that the Managing Owner provide an Order Number. Calls placed before the Order Cut-Off Time will be processed
even if the call is taken after that time. The Authorized Person provides a PIN number as identification to the Managing Owner. The Managing Owner provides the Participant with an Order Number for the Participant’s Redemption Order Form. The
Participant then completes and faxes to the Managing Owner the Redemption Order Form included as Exhibit C to the Participant Agreement. The Redemption Order Form must include the Authorized Person’s signature, the number of Redemption Baskets
redeemed, and the Order Number previously provided by the Managing Owner. 

  

	 	2.	If the Managing Owner has not received the Redemption Order Form from the Participant within 15 minutes after the Managing Owner receives the phone call from the Participant
referenced in item (1) above, the Managing Owner places a phone call to the Participant to inquire about the status of the Order. If the Participant does not fax the Redemption Order Form to the Managing Owner within 15 minutes after the
Managing Owner’s phone call, the Participant’s Order is cancelled. The Managing Owner will then notify the Participant that the Order has been cancelled via telephone call. 

  

	 	3.	If the Managing Owner has received the Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 2:30 p.m. N.Y. time the Managing Owner
returns to the Participant a copy of the Redemption Order Form submitted, marking it “Affirmed.” 

  

	 	4.	 As promptly as practicable following the publication of the net asset value of the applicable Fund and the net asset value per share of the applicable Fund on the
Redemption Order Date, the Managing Owner shall communicate to the 



  

 5 









	 	 
Authorized Participant the amount of cash to be delivered in the Redemption Distribution. 


  

	 	5.	If the Managing Owner rejects a Redemption Order pursuant to the Trust Agreement or the Participant Agreement, the Managing Owner will notify the Participant whose Redemption Order
was rejected and the amount of cash contained in the rejected Redemption Order. 

  

	 	6.	By the “Redemption Settlement Time,” if the Managing Owner’s account at the Depository has by such time been credited with the Redemption Baskets being tendered for
redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the
Depository. 

  

	 	7.	If by the Redemption Settlement Time the Managing Owner has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Managing Owner will
(i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant and (ii) keep the redeeming Participant’s Redemption Order open until noon, New York time, on the first Business Day following the
Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). 

  

	 	8.	If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the applicable Fund’s account at the Depository by noon, New York time, on such following
Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in item (5) above. 

  

	 	9.	If by such Redemption Settlement Time the applicable Fund has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the
Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the
Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the applicable Fund’s account at the Depository if
the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 

  

	 	10.	If, by the Redemption Settlement Time the applicable Fund has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order or the Suspended
Redemption Order, as applicable, the Participant will be charged by the Managing Owner an additional processing charge of $2,000. 

  

 6