Document:

Confidential Separation Agreement

 Exhibit 10.16 
 CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE 
 This CONFIDENTIAL SEPARATION AGREEMENT AND
GENERAL RELEASE (“Agreement”), dated as of June 16, 2008 is hereby made between MIKHAIL LEIBOV (“Employee”) and IDT CORPORATION and its divisions, affiliates, subsidiaries (including but not limited to, IDT Telecom, IDT
Capital, Inc., Net2Phone, Inc., and Union Telecard Alliance, LLC and their respective divisions, affiliates and subsidiaries), predecessors, successors and assigns (collectively “IDT”). Employee and IDT are hereinafter referred to
individually as a “Party” and collectively as the “Parties”. This Agreement will become effective on the Effective Date (as hereafter defined). 
 WHEREAS, EMPLOYEE’s employment with IDT will terminate effective as of the close of business on April 1, 2008 (the “Termination Date”); and 
 WHEREAS, EMPLOYEE and IDT have agreed to settle fully and finally any and all matters and/or controversies between them under the terms and conditions
set forth in this Agreement. 
 NOW THEREFORE, with the intent to be legally bound hereby, and in consideration of the mutual promises and
covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, IDT and EMPLOYEE agree to the terms and conditions set forth below. 
 1. Payment. 
 1.1.
EMPLOYEE shall be entitled to the following payments from IDT: 
 (a) EMPLOYEE shall receive his base salary and benefits
through the Termination Date. Any base salary earned through the Termination Date but unpaid at such time shall be paid at such time as other IDT employees are paid for such period. 
 (b) Promptly upon the expiration of the Revocation Period (as hereafter defined), IDT shall pay to EMPLOYEE, by wire transfer of
immediately available funds to an account designated by EMPLOYEE in writing to IDT, the aggregate amount of One Million Five Hundred Thousand Dollars ($1,500,000) (the “Severance Pay”). The failure of IDT timely to pay
EMPLOYEE the Severance Pay shall be a material breach of this Agreement and shall relieve EMPLOYEE of his performance obligations hereunder. 
 1.2. EMPLOYEE shall receive reimbursement by IDT for all reasonable business expenses incurred prior to the Termination Date in accordance with IDT’s policies. 

 1.3. All payments hereunder shall be less required withholdings for taxes and benefit
plan contributions (if any). 
 1.4. Concurrent with the execution of this Agreement, IDT and EMPLOYEE shall execute a Letter
Agreement regarding the Corbina building located in Moscow, Russia (the “Realiti Letter Agreement”). 
 2. Benefits.

 2.1. As of May 1, 2008, EMPLOYEE shall be eligible to elect the continuance of group health and dental insurance (if
EMPLOYEE is currently enrolled in the IDT sponsored plan), in accordance with federal COBRA law. 
 2.2. If EMPLOYEE so
elects, and so long as EMPLOYEE is entitled to COBRA coverage, EMPLOYEE’s premiums for group health and dental insurance under COBRA shall be the published rate of group health insurance under COBRA. If EMPLOYEE wishes to elect COBRA (continue
coverage in the then current group medical and/or dental plan after May 1, 2008), EMPLOYEE must complete and sign the COBRA Election Form and return it to Human Resources in accordance with COBRA. 
 2.3. After the Termination Date, EMPLOYEE will not continue to accrue vacation benefits or commissions, or otherwise be eligible for Life
or Disability benefits, or continue to contribute to the IDT Savings Plan or 401(k) Plan, or participate in the Employee Stock Purchase Plan, and will not receive any other benefits from IDT, other than those specified in this Agreement. 

2.4. EMPLOYEE’s rights with respect to any options to purchase IDT stock or IDT stock he may have received from IDT are governed
by the applicable award agreements and plan documents. 
 3. Payment of all Outstanding Compensation. Except for those obligations
specifically set forth in this Agreement and the Realiti Letter Agreement, as of the Termination Date, any and all agreements or arrangements, either oral or written, between the Parties related to commissions, bonuses, ownership or other interests
in any entities or assets, payments and/or compensation of any kind, including but not limited to any documents, correspondence, oral promises and any other arrangements related to the proposal known as the Jonah Value Creation Project,
(“Compensation”) are deemed null and void without any continuing obligation or liability of any party thereunder; it being understood that, among other things, from and after the Termination Date, except as expressly provided
hereunder or under the Realiti Letter Agreement, IDT will have no obligation to pay EMPLOYEE any Compensation or have any duties, responsibilities or other obligations to EMPLOYEE with respect to any agreement or arrangement and EMPLOYEE will have
no rights thereunder. EMPLOYEE acknowledges and agrees that he is due no other compensation, commission payments, benefits or other consideration of any kind other than as specifically identified in this Agreement and the Realiti Letter Agreement.

 4. Equipment. EMPLOYEE will return any and all IDT property and equipment in his possession,
including, but not limited to, any and all IDT identification cards, card key passes, keys, pagers, computers (laptops or desktops), cellular telephones, BlackBerry or similar personal digital assistant devices, corporate credit cards, corporate
calling cards, and any other property or equipment in his possession that IDT may not know of, on or before the Termination Date. 
 5.
Termination of Employment; Resignation. 
 5.1. EMPLOYEE acknowledges and agrees that his employment by IDT terminated
on the Termination Date, and that he will be deemed to have resigned from all officer positions and directorships that he may hold with IDT (or otherwise at the request of IDT) at such time including without limitation as an officer of IDT Telecom.
On or prior to the Termination Date, EMPLOYEE shall execute and deliver a resignation letter from such officer positions and directorships in the form attached hereto as Exhibit A. 
 5.2. EMPLOYEE shall maintain any and all rights related to EMPLOYEE's equity interest in Fabrix T. V. Ltd. (“Fabrix”). There are
no restrictions in this Agreement regarding EMPLOYEE managing the business of Fabrix and serving as an officer or director of Fabrix. 
 6.
Re-employment or Reinstatement. EMPLOYEE recognizes and acknowledges that IDT has no obligation to recall, rehire, or re-employ EMPLOYEE in the future. 
 7. Cooperation. 
 7.1. EMPLOYEE agrees to cooperate with reasonable requests for
advice, cooperation and/or assistance made by IDT, in connection with matters he worked on while employed by IDT, including, without limitation, to assist in the orderly transition of his duties and responsibilities and any outstanding projects to
the individual (or individuals) designated by IDT. Failure by EMPLOYEE to provide complete and honest cooperation will constitute a material breach of this Agreement. EMPLOYEE shall be entitled to reimbursement from IDT of his actual out-of-pocket
expenses incurred in providing such advice, cooperation and assistance. EMPLOYEE shall not be entitled to any additional compensation in return for his reasonable cooperation. 
 7.2. In furtherance of the foregoing, EMPLOYEE agrees to cooperate with all reasonable requests which IDT may make, including but not
limited to, requests for information, interviews, depositions (to be conducted at a mutually convenient and reasonable time) and/or at trial related to any legal action arising from events which occurred during EMPLOYEE’s employment, including
but not limited to matters involving CVT, Voice Prepaid and Diamond. IDT shall attempt, in good faith and when possible, to issue the above referenced requests so as not to prevent EMPLOYEE’s efficient disposition of same, and EMPLOYEE agrees
to comply in good faith with IDT’s requests. EMPLOYEE shall be entitled to reimbursement from IDT of his actual expenses incurred in providing such cooperation. EMPLOYEE shall not be entitled to any additional compensation in return for his
reasonable cooperation with the above named matters. 

 8. No Other Inducements. EMPLOYEE acknowledges that the payments described in
Section 1 are made solely in consideration of and in exchange for his execution of this Agreement and the general release. EMPLOYEE acknowledges that he is not otherwise entitled to receive the payments and other items of value
referenced above, absent his execution of this Agreement, and that no other promise or agreements of any kind have been made to him or with him by any person or entity whatsoever to cause him to sign this Agreement. 
 9. Release. 
 9.1. For
good and valuable consideration (the receipt and sufficiency of which hereby are acknowledged) and as a material inducement to IDT to enter into this Agreement, EMPLOYEE, for himself and his heirs, executors, administrators, personal representatives
and members of his immediate family, hereby voluntarily, irrevocably and unconditionally releases, acquits and forever discharges IDT and its present and former officers, directors, employees, shareholders, consultants, attorneys, advisors,
insurers, agents and representatives, and all persons acting by, through, under or in concert with any of them (whether any of the aforementioned individuals were acting as agents for IDT or in their individual capacities) (collectively, the
“Released Parties”) from any and all claims and causes of action (except those necessary to enforce his rights under this Agreement and the Realiti Letter Agreement) including, but not limited to, claims related to
EMPLOYEE’s employment, or separation from employment; any claims for salary, bonuses, commissions, payments related to severance pay, vacation pay or any benefits under the Employee Retirement Income Security Act (except for vested ERISA
benefits which are not affected by this Agreement); any claims for option, stock or other incentive awards; any claim under New Jersey’s Wage and Hour Laws, or other state wage and hour laws; any claim under the Worker Adjustment and Retraining
and Notification Act; any claim alleging sexual or other harassment, or discrimination based on race, color, national origin, ancestry, religion, marital status, sex, sexual orientation, citizenship status, pregnancy, medical condition, handicap or
disability (as defined by the Americans with Disabilities Act or any foreign, federal, state or local law), age, or any other unlawful discrimination (under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection
Act of 1990, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Equal Pay Act, the Violence Against Women Act, the New Jersey Law Against Discrimination, or any other foreign, federal, state or local
laws); discharge in violation of New Jersey’s Conscientious Employee Protection Act or other foreign, state or federal “whistle blower” laws; discharge in violation of the federal Family and Medical Leave Act, the New Jersey Family
Leave Act or other foreign, state or federal family leave laws; the New Jersey Temporary Disability Benefits Law, breach of implied or express contract, breach of promises, misrepresentation, negligence, fraud, estoppel, defamation, infliction of
emotional distress, violation of public policy, retaliatory discharge, wrongful or constructive discharge, retaliation, intentional tort or for attorneys' fees, which EMPLOYEE or 

 
his heirs, executors, administrators, personal representatives or members of his immediate family now have, ever had or may hereafter have, whether known or
unknown, suspected or unsuspected, up to and including the date both Parties have executed this Agreement. 
 9.2. EMPLOYEE,
for himself and his heirs, executors, administrators, personal representatives and members of his immediate family, also hereby waives all rights to file any charge or complaint against IDT arising out of EMPLOYEE’s employment by or termination
thereof from IDT before any federal, state or local administrative agency, except where any law prohibits such waivers. EMPLOYEE, for himself and his heirs, executors, administrators, personal representatives and members of his immediate family,
further waives all rights to recover any damages or equitable or other relief in any claim or suit brought by or through the Equal Employment Opportunity Commission, or any other federal, state or local agency under the Age Discrimination in
Employment Act, as amended by the Older Workers Benefit Protection Act of 1990, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Equal Pay Act, the New Jersey Law Against Discrimination or any other
foreign, federal, state, or local discrimination law, except where such waiver is prohibited by law. 
 9.3. EMPLOYEE further
agrees, promises and covenants that neither he nor his heirs, executors, administrators, personal representatives, members of his immediate family or any person, organization, or other entity acting on his behalf has filed, charged or claimed, or
will file, charge or claim, or will cause or permit to be filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary relief or other) against the Released Parties involving any matter occurring in
the past up to the Effective Date (as hereafter defined), or involving or based upon any claims, demands, causes of action, obligations, damages or liabilities which are later discovered. 
 9.4. EMPLOYEE further agrees that the releases contained in Sections 9.1 through 9.3 above shall survive in the event of a
breach by EMPLOYEE (or any person, organization or entity acting on his behalf) of this Agreement or the Realiti Letter Agreement, or any representation, warranty, promise, covenant or other obligation contained herein or therein. 
 9.5. Notwithstanding anything contained herein to the contrary, from and after the Termination Date, EMPLOYEE shall continue to be
entitled to indemnification pursuant to any applicable provision of the Certificate of Incorporation or By-laws of IDT which purport to create, for the benefit of EMPLOYEE, rights to indemnification and to any benefits under any applicable directors
and officers insurance policies maintained by IDT (but nothing herein shall preclude IDT from altering, amending, modifying or supplementing any provision of its Certificate of Incorporation or By-laws or any such insurance policy, or terminating
any such insurance policy), provided that any such alteration, amendment, modification, supplement or termination shall apply to other IDT former or current employees (or classes of former or current employees) in addition to EMPLOYEE. This
Section 9.5 shall survive the execution and delivery of this Agreement and shall not be affected by the various Releases provided above in Sections 9.1, 9.2 and 9.3. 

 9.6. To the knowledge of IDT as of the Termination Date, it does not have any claims or
causes of action against EMPLOYEE; provided that nothing herein shall be deemed to be a release by IDT or any other party of any claims or causes of action against EMPLOYEE or waiver of any rights. 
 10. No Admission of Liability. The making of this Agreement and the Realiti Letter Agreement and anything contained herein or therein is not
intended, and shall not be construed, as an admission that IDT has violated any foreign, federal, state or local law (statutory or common law), ordinance or regulation; breached any contract; or violated any right or obligation that it may owe or
may have owed to EMPLOYEE, or committed any wrong whatsoever against EMPLOYEE. EMPLOYEE further acknowledges, covenants, and agrees that no final findings or final judgments have been made by any court or arbitration panel against IDT in favor of
EMPLOYEE, and that EMPLOYEE does not purport and will not claim to be a prevailing party, for any purpose. 
 11. Confidentiality of
Agreement. The Parties agree that the consideration furnished under this Agreement and the Realiti Letter Agreement, the discussions and correspondence that led to this Agreement and the Realiti Letter Agreement, and the terms and conditions of
this Agreement and the Realiti Letter Agreement are confidential. EMPLOYEE represents that he, and any attorney he may have retained to review this Agreement and the Realiti Letter Agreement, have not disclosed the terms or conditions of this
Agreement or the Realiti Letter Agreement. Except as may be required by law or to enforce the terms hereof or thereof, neither EMPLOYEE nor his attorney may disclose the above information to any other person or entity, except that EMPLOYEE may
disclose the provisions of this Agreement and the Realiti Letter Agreement to his immediate family members and financial and/or tax advisor, provided that EMPLOYEE makes the person to whom disclosure is made aware of the confidentiality
provisions of this Agreement and such person agrees in writing to keep confidential the terms of this Agreement and the Realiti Letter Agreement. If subpoenaed to appear in any civil or criminal litigation, or by any governmental authority, to
testify as to the contents of this Agreement and/or the Realiti Letter Agreement, EMPLOYEE agrees to immediately forward a copy of the subpoena to the Director of Legal Operations of IDT so that IDT may contest such subpoena, or any request,
requirement or order related thereto, and to notify the proponent of the subpoena that this Agreement and/or the Realiti Letter Agreement are the subject of an agreement of confidentiality. IDT may disclose the terms and conditions of this Agreement
and the Realiti Letter Agreement to its respective officers, directors, employees, accountants and counsel who have a business need to know, and as otherwise required by law. EMPLOYEE further agrees that he will not encourage others who are not
parties to this Agreement and/or the Realiti Letter Agreement to demand any disclosure of the terms and conditions of this Agreement and/or the Realiti Letter Agreement. 

 12. Intellectual Property and Non-Disclosure Obligations. 
 12.1. EMPLOYEE agrees that he will not file, without the express written consent of the Chief Executive Officer
(“CEO”) or Director of Legal Operations of IDT Corporation, any patent, copyright or trademark applications relating to any IDT Invention (as hereafter defined), except under the direction of IDT Corporation. As referred to
in this Agreement, “IDT Invention” shall mean all ideas, inventions, discoveries, improvements, trade secrets, formulae, techniques, data, software, programs, systems, specifications, developments, system architectures,
documentation, algorithms, flow charts, logic diagrams, source code, methods, processes, marketing and business data, including works-in-progress, whether or not subject to statutory protection, whether or not reduced to practice, which were
conceived, created, authored, developed, or reduced to practice by EMPLOYEE, either alone or jointly with others, whether on the premises of IDT or not, during his employment by IDT. EMPLOYEE agrees to assist IDT in perfecting, registering,
maintaining, and enforcing, in any jurisdiction, IDT’s rights (including such rights as may be assigned by IDT from time to time) in the IDT Inventions by performing promptly all acts and executing all documents deemed necessary or convenient
by IDT and does hereby irrevocably designate and appoint IDT and its duly authorized officers and agents as his agent and attorney-in-fact to do all lawfully permitted acts (including, but not limited to, the execution, verification and filing of
applicable documents) with the same legal force and effect as if performed by him 
 12.2. EMPLOYEE agrees that he will not,
without the express written consent of the CEO or Director of Legal Operation of IDT Corporation, use the Confidential Information (as hereafter defined). As referred to in this Agreement, “Confidential Information” shall
mean technical and business information about IDT, and its clients and customers which is held to be confidential and proprietary by IDT and was learned by EMPLOYEE in the course of his employment by IDT except that the following shall not be
Confidential Information: (i) information that, after disclosure, becomes generally available in the industry by publication or otherwise, except through a breach or violation of the terms of this Agreement; or (ii) information that is or
received by the EMPLOYEE from a third party reasonably believed to have a legal right to transmit the same, free of any obligation of confidence; or (iii) information which the EMPLOYEE can establish was in his possession prior to disclosure
while with IDT. Confidential Information shall include, without limitation, any and all proprietary IDT Inventions, any trade secrets, customer and potential customer names, product plans and designs, licenses and other agreements, marketing and
business plans, and other financial and business information of IDT. EMPLOYEE will not duplicate or replicate (or cause or permit others to duplicate or replicate) any document or other material in any medium embodying any Confidential Information.
EMPLOYEE will not disclose or permit the disclosure of any Confidential Information to any person or entity under any circumstances, unless EMPLOYEE is required to disclose such information by law or pursuant to a judicial order, and in such case,
prior written notice to IDT is required where possible. All of the Confidential Information shall remain the sole and exclusive property of IDT. IDT owns all right, title and interest in and to the Confidential 

 
Information and other intellectual property owned by IDT, including, without limitation, the IDT Inventions. EMPLOYEE agrees that he acquired no right, title
or interest in any Confidential Information or the IDT Inventions; and the Confidential Information is specialized, unique in nature, and of great value to IDT and that such Confidential Information gives IDT a competitive advantage. EMPLOYEE hereby
agrees to promptly return to IDT all tangible materials and all copies thereof, in whatever media, in his possession or control, containing or employing any Confidential Information or the IDT Inventions, together with a written certification with
the foregoing. 
 12.3. EMPLOYEE acknowledges and agrees that all copyrights, trademarks, patents and IDT Inventions
conceived, created, authored, developed or reduced to practice by EMPLOYEE during his employment with IDT are the sole and exclusive property of IDT; all copyrightable works included in the IDT Inventions shall be “works made for hire”
within the meaning of the Copyright Act of 1976, as amended (17 U.S.C. §101), and IDT Corporation is the “author” within the meaning of such Act; and in the event that title to any or all of the IDT Inventions does not or may not, by
operation of law, vest in IDT, EMPLOYEE hereby assigns to IDT all his right, title and interest in all IDT Inventions, and all copies of them, in whatever medium fixed or embodied, and in all writings relating thereto in his possession or control
and expressly waives any moral rights or similar rights in any IDT Invention or any such work made for hire. 
 12.4. EMPLOYEE
acknowledges and agrees that: 
 (a) (i) IDT owns all right, title and interest in and to the Confidential Information and IDT
Inventions, and (ii) EMPLOYEE acquired no right, title or interest in any Confidential Information or the IDT Inventions; and 
 (b) The Confidential Information is specialized, unique in nature, and of great value to IDT and that such Confidential Information gives IDT a competitive advantage; and 
 (c) EMPLOYEE hereby agrees to promptly return to IDT all tangible materials and all copies thereof, in whatever media, in his possession
or control, containing or employing any Confidential Information, together with a written certification with the foregoing. 
 13.
Non-Competition and Non-Solicitation. 
 13.1. EMPLOYEE acknowledges and agrees that, during the eighteen
(18) month period following the Termination Date: 
 (a) EMPLOYEE shall not, either as an employee, employer, consultant,
agent, principal, partner, stockholder, corporate officer, director or in any other individual or representative capacity, engage or participate, invest in (except for investments of less than 5% of a business entity’s capitalization) or become
employed by any business that is in competition in any manner whatsoever with the business of IDT as such business exists as of the Termination Date; 

 (b) EMPLOYEE shall not, directly or indirectly, influence or attempt to influence, or
assist or advise any person attempting to influence, customers, distributors, partners or suppliers of IDT (i) to divert any part of their business away from IDT, (ii) to cause damage to the business of IDT, or (iii) to do any
material business with any competitor of IDT; and 
 (c) EMPLOYEE shall not, directly or indirectly, except for general
solicitations not directed at IDT specifically, solicit or recruit any employee, officer, partner or consultant of IDT to leave the employment of IDT or terminate his/her relationship with IDT and EMPLOYEE shall not advise or otherwise assist any
other person to solicit or recruit any employee, officer, partner or consultant of IDT. 
 13.2. Without derogating from the
parties rights and obligations in the other provisions of this Agreement, for the purposes of Section 13.1 (a), the following shall not be considered as a business of IDT as such business exists as of the Termination Date: 
 (a) A business which implements the Personal Television (as defined below) concept, through content management, application management,
general purpose digital media storage and storage management, user interface management and other related management and service applications, except insofar as such business is competitive with the business of Fabrix T.V. Ltd (including the IDT
storage for Digital Media plan) or IDT’s social media project. 
 (b) “Personal Television” is defined as
anything you want, anytime you want it and on any device you want service concept – meaning the delivering of any type of programming to an individual in any electronic form or any electronic device. 
 13.3. The Parties agree that the provisions of this Section 13 replace all prior non-competition and non-solicitation
provisions in any agreements between EMPLOYEE and IDT notwithstanding any survival clauses contained therein. The Parties further agree that the provisions of this Section 13 shall be interpreted as broadly as possible in favor of IDT.

 14. Non-Disparagement. EMPLOYEE agrees that he will not at any time, in any way, disparage IDT or any individuals associated with
IDT, including its present or former officers, directors, agents and employees, by making or soliciting any comments, statements or the like to the media or to others, either orally or in writing, that may be considered to be derogatory or
detrimental, in any way, to the good name or business reputation of IDT or such other persons. EMPLOYEE further agrees that he will not engage in any conduct that is in any way injurious, or may be perceived to be injurious, to IDT’s reputation
or interest (other than normal competitive process not in violation of this Agreement), including, but not limited to, encouraging or assisting others to bring any form of suit, claim or cause of action against IDT. 

 15. Breach. EMPLOYEE agrees and acknowledges that if he breaches any representation, covenant,
promise or undertaking made pursuant to this Agreement and the Realiti Letter Agreement, IDT is authorized to pursue all rights and remedies available in law or in equity, which rights and remedies may include, but are not limited to,
EMPLOYEE’s obligation to promptly return to IDT all amounts paid by IDT to EMPLOYEE under this Agreement. 
 16. Agreement Not
Admissible. The Parties agree that this Agreement and the Realiti Letter Agreement may be used and admitted as evidence only in a subsequent proceeding in which IDT or EMPLOYEE seeks to enforce its/his rights hereunder. 
 17. Representations and Warranties. EMPLOYEE represents and warrants that he has been advised in writing to consult with an attorney before
signing this Agreement; that he has had an opportunity to be represented by independent legal counsel of his own choice throughout all of the negotiations preceding the execution of this Agreement; that he has executed this Agreement after the
opportunity for consultation with above-described independent legal counsel; that he is of sound mind and body, competent to enter into this Agreement, and is fully capable of understanding the terms and conditions of this Agreement; that he has
carefully read this Agreement in its entirety; that he has had the opportunity to have the provisions of this Agreement explained to him by his own counsel, who has answered to his satisfaction any questions he has asked with regard to the meaning
of any of the provisions of this Agreement, and that he fully understands their terms and significance; and that he voluntarily assents to all the terms and conditions contained therein, and that he is signing this Agreement of his own force and
will, without any coercion or duress. EMPLOYEE acknowledges and agrees that EMPLOYEE is not relying on IDT for, and IDT is not providing, any tax, legal, or accounting advice and that Executive is solely responsible for any taxes, interest or
penalties relating to benefits he may receive under this Agreement including, but not limited to, any taxes, interest or penalties that may be imposed incur under Section 409A of the Internal Revenue Code (“409A”) and EMPLOYEE
agrees to indemnify and hold harmless IDT from and against any and all taxes, interest, penalties, and other costs and expenses as a result of any non-compliance with 409A. 
 18. Consideration and Revocation Periods. Pursuant to the Older Workers Benefit Protection Act, EMPLOYEE is advised that he shall have at least 21
days to consider this Agreement before signing it, but may sign this Agreement at any earlier time if he so desires. If EMPLOYEE signs this Agreement, he shall have 7 calendar days thereafter (the “Revocation Period”) to
revoke this Agreement by indicating his desire to do so, in writing, addressed to IDT Corporation—Legal Department, 520 Broad Street, 4th Floor, Newark, New Jersey 07102 (attention: Director of Legal Operations). In order for such revocation to
be effective, it must be received before 5:00 p.m. on the seventh day following the date this Agreement was executed by EMPLOYEE. The effective date of this Agreement shall be the 8th day following the execution of this Agreement by EMPLOYEE (the
“Effective Date”). In the event EMPLOYEE does not accept this Agreement, or in the event EMPLOYEE revokes this Agreement during the Revocation Period, this Agreement, including, but not limited to, the obligation of IDT to
make the payments set forth in Section 1, shall automatically be deemed null and void, and EMPLOYEE shall promptly return to IDT any amounts paid by IDT to EMPLOYEE under this Agreement. 

 19. Severability. If, at any time after the date EMPLOYEE executes this Agreement, any provision
of this Agreement shall be held to be illegal, void or unenforceable, such provision shall be of no force and effect, provided that, in the event that any provision of Section 13 is held invalid or unenforceable or is deemed to exceed
the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope limitations, as the case may be, permitted by applicable laws, and such other changes shall be
made to give effect to the original intent of the Parties. The illegality or unenforceability of any provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement, provided that, upon a
finding by a court or agency of competent jurisdiction that the release of claims contained in Section 9 is illegal, void or unenforceable, EMPLOYEE agrees that, at the request of IDT, he will execute a release covering all the same
claims as are released under Section 9 that are legal and enforceable, or, if the basis on which the release was found illegal, void or unenforceable cannot be so cured, to return promptly to IDT, upon its request, all amounts paid to
him under this Agreement. 
 20. Prior Agreements Superseded; No Oral Modification. This Agreement and the Realiti Letter Agreement
constitutes the complete understanding between the Parties and supersedes any and all prior agreements (whether oral or written) between the Parties (including, but not limited to, all agreements related to commissions and any other payments).
EMPLOYEE acknowledges that neither IDT nor any representative of IDT has made any representation or promises to EMPLOYEE other than as set forth herein. This Agreement may not be modified except in a writing signed by both EMPLOYEE and the CEO of
IDT Corporation. 
 21. No Assignment of Claims. Each of the Parties represents and warrants that it/he has not assigned or
transferred any of the claims released under this Agreement, or any portion of or interest in any such claims, to any other individual, firm, or other entity. 
 22. Dispute Resolution. The Parties hereby agree and submit to the exclusive jurisdiction of the Superior Court of New Jersey, Essex County, in any action, lawsuit or other proceeding arising out of or relating
to this Agreement. The Parties irrevocably waive any objection that they may now or hereafter have to the venue of any such action, lawsuit or other proceeding in any such court or that such action, lawsuit or other proceeding was brought in an
inconvenient forum, and agree not to plead or claim the same. 
 23. Choice of Law. This Agreement will be construed and enforced in
accordance with the laws of the State of New Jersey, without regard to its conflict of law rules. 
 24. Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original. Facsimile signatures shall be deemed effective if subsequently followed by handwritten signatures. 

 25. Construction of Agreement. This Agreement shall be interpreted without regard to the identity
of the drafter, and shall not be construed for or against either party. The subheadings in this Agreement are for convenience only and shall not affect the interpretation of the substantive terms of this Agreement. 
 26. Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective heirs, administrators,
representatives, executors, successors and assigns. 
 [Signature Page Follows] 

 WHEREFORE, the Parties, by their signatures below, evidence their agreement to the provisions stated
above. 
  

			
	IDT CORPORATION
		
	By:	 	/s/ James A. Courter
	Name:	 	James A Courter.
	Title:	 	CEO-IDT Corporation
		
	Dated:	 	June 16, 2008

 I HAVE READ AND UNDERSTOOD THIS AGREEMENT, INCLUDING THE GENERAL RELEASE OF ALL CLAIMS
CONTAINED IN SECTION 9, AND AM IN AGREEMENT WITH ITS TERMS. 
  

	
	EMPLOYEE:
	
	/s/ Mikhail Leibov
	Name: Mikhail Leibov
	
	Dated: June 16, 2008

  

	
	Sworn to before me this
	16th day of June, 2008
	
	/s/ Notary Public
	Notary Public

 EXHIBIT A 
 April 1, 2008 
 The Board of Directors 
 IDT Telecom, Inc. 
 520 Broad Street 
 Newark, New Jersey 07102 
  

	Re:	Resignation 

 Dear Sirs: 
 I hereby resign my position as an Officer and/or Director of the following entities, effective April 1, 2008: 
 IDT Telecom, Inc. 
 IDT Domestic Telecom, Inc. 
 IDT International Telecom, Inc. 
 IDT Prepaid, Inc. 
 IDT Stored Vale Service, Inc. 
 IDT InteGreat Holding, LLC 
 IDT Wizard Holding, LLC 
 Advance Data Services, Inc. 
 Entrix Telecom, Inc. 
 Union Telecard Alliance, LLC 
 I confirm that I have no claim against IDT Corporation and its divisions, affiliates, subsidiaries (including but not limited to, IDT Telecom, IDT Capital, Inc.,
Net2Phone, Inc., and Union Telecard Alliance, LLC and their respective divisions, affiliates and subsidiaries), predecessors, successors and assigns for compensation for loss of office. 
  

	
	Very truly yours,
	
	/s/ Mikhail Leibov
	MIKHAIL LEIBOVForm of Trust Agreement

 EXHIBIT 4.1 
 BARCLAYS GLOBAL INVESTORS INTERNATIONAL, INC., 
 as Sponsor 
 and 
 BARCLAYS GLOBAL INVESTORS, N.A.,

 as Trustee 
 and 
 WILMINGTON TRUST COMPANY, 
 as Delaware Trustee

 TRUST AGREEMENT 
 iSHARES® DIVERSIFIED ALTERNATIVES TRUST 
 Dated as of [            ], 2008 

 TABLE OF CONTENTS 
  

									
	 	  	 	  	 	  	 	  	Page
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION	  	1
					
		  		  	Section 1.1	  	Definitions	  	1
					
		  		  	Section 1.2	  	Rules of Construction	  	5
		
	ARTICLE II CREATION AND DECLARATION OF TRUST	  	5
					
		  		  	Section 2.1	  	Creation and Declaration of Trust; Business of the Trust	  	5
					
		  		  	Section 2.2	  	Legal Title	  	6
					
		  		  	Section 2.3	  	Form of Certificates; Book-Entry System; Transferability of Shares	  	6
					
		  		  	Section 2.4	  	General	  	7
					
		  		  	Section 2.5	  	Purchase Orders	  	7
					
		  		  	Section 2.6	  	Delivery of Shares	  	8
					
		  		  	Section 2.7	  	Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates	  	8
					
		  		  	Section 2.8	  	Redemption of Shares and Withdrawal of Trust Property	  	8
					
		  		  	Section 2.9	  	Limitations on Issuance and Delivery, Registration of Transfer and Surrender of Shares	  	9
					
		  		  	Section 2.10	  	Lost Certificates, Etc	  	9
					
		  		  	Section 2.11	  	Cancellation and Destruction of Surrendered Certificates	  	9
					
		  		  	Section 2.12	  	Splits and Reverse Splits of Shares	  	9
		
	ARTICLE III REGISTERED OWNERS	  	9
					
		  		  	Section 3.1	  	Limitation on Liability	  	9
					
		  		  	Section 3.2	  	Liability of Registered Owner for Taxes and Other Governmental Charges	  	10
					
		  		  	Section 3.3	  	Warranties on Delivery of Basket Amount	  	10
		
	ARTICLE IV ADMINISTRATION OF THE TRUST	  	10
					
		  		  	Section 4.1	  	Valuation of Trust Property	  	10
					
		  		  	Section 4.2	  	Responsibility of the Trustee for Determinations	  	11
					
		  		  	Section 4.3	  	Cash Distributions	  	11
					
		  		  	Section 4.4	  	Other Distributions	  	11
					
		  		  	Section 4.5	  	Fixing of Record Date	  	11
					
		  		  	Section 4.6	  	Payment of Expenses; Sales of Trust Property	  	11
					
		  		  	Section 4.7	  	Statements and Reports	  	12
					
		  		  	Section 4.8	  	Further Provisions for Sales of Trust Property	  	12
					
		  		  	Section 4.9	  	Counsel	  	13
					
		  		  	Section 4.10	  	Tax Matters	  	13
		
	ARTICLE V THE TRUSTEE AND THE SPONSOR	  	15
					
		  		  	Section 5.1	  	Management of the Trust	  	15

  

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 TABLE OF CONTENTS 
 (continued) 
  

									
	 	  	 	  	 	  	 	  	Page
		  		  	Section 5.2	  	Maintenance of Office and Transfer Books by the Trustee	  	15
					
		  		  	Section 5.3	  	Authority of the Sponsor	  	16
					
		  		  	Section 5.4	  	Prevention or Delay in Performance by the Sponsor or the Trustee	  	16
					
		  		  	Section 5.5	  	Liability of Covered Persons	  	16
					
		  		  	Section 5.6	  	Fiduciary Duty	  	17
					
		  		  	Section 5.7	  	Obligations of the Sponsor and the Trustee	  	18
					
		  		  	Section 5.8	  	Delegation of Obligations of the Trustee	  	18
					
		  		  	Section 5.9	  	Resignation or Removal of the Trustee; Appointment of Successor Trustee	  	18
					
		  		  	Section 5.10	  	Custodians	  	19
					
		  		  	Section 5.11	  	Indemnification	  	19
					
		  		  	Section 5.12	  	Charges of Trustee	  	21
					
		  		  	Section 5.13	  	Charges of the Sponsor	  	21
					
		  		  	Section 5.14	  	Retention of Trust Documents	  	21
					
		  		  	Section 5.15	  	Federal Securities and Commodities Law Filings	  	22
					
		  		  	Section 5.16	  	Prospectus Delivery	  	22
					
		  		  	Section 5.17	  	Discretionary Actions by Trustee; Consultation	  	22
					
		  		  	Section 5.18	  	Trustees	  	23
					
		  		  	Section 5.19	  	Trustee	  	23
					
		  		  	Section 5.20	  	Delaware Trustee	  	23
					
		  		  	Section 5.21	  	Compensation and Expenses of the Delaware Trustee	  	24
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	25
					
		  		  	Section 6.1	  	Amendment	  	25
					
		  		  	Section 6.2	  	Termination	  	25
		
	 ARTICLE VII MISCELLANEOUS
	  	26
					
		  		  	Section 7.1	  	Counterparts	  	26
					
		  		  	Section 7.2	  	Third-Party Beneficiaries	  	26
					
		  		  	Section 7.3	  	Severability	  	27
					
		  		  	Section 7.4	  	Notices	  	27
					
		  		  	Section 7.5	  	Governing Law; Consent to Jurisdiction	  	28
					
		  		  	Section 7.6	  	Headings	  	28
					
		  		  	Section 7.7	  	Compliance with Regulation B	  	28
					
		  		  	Section 7.8	  	Binding Effect; Entire Agreement	  	28
					
		  		  	Section 7.9	  	Provisions in Conflict With Law or Regulations	  	29

  

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 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page
	EXHIBIT A FORM OF CERTIFICATE	  	A-1
		
	ANNEX I CAPITAL ACCOUNTS, DISTRIBUTIONS AND ALLOCATIONS	  	I-1

  

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 TRUST AGREEMENT 
 This Trust Agreement, dated as of [            ], 2008, is among Barclays Global Investors International, Inc., a Delaware corporation, as sponsor (the
“Sponsor”), Barclays Global Investors, N.A., a national banking association, as trustee (the “Trustee”), and Wilmington Trust Company, a Delaware banking company, as Delaware trustee (the “Delaware Trustee”).

 W I T N E S S E T H: 
 WHEREAS, the Sponsor desires to establish a statutory trust to be known as the “iShares® Diversified Alternatives Trust” (the “Trust”),
pursuant to the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as it may be amended from time to time, or any successor legislation (the “Act”); 
 WHEREAS, the Sponsor desires to establish the terms on which Baskets of Shares (in each case as defined below) representing units of fractional undivided beneficial
interests in the net assets of the Trust may be created and redeemed, the Certificate (as defined below) evidencing the Shares may be issued, and certain other terms and conditions upon which the Trust shall be established and administered, as
hereinafter provided. 
 NOW, THEREFORE, it being the intention of the parties hereto that the Trust constitute a statutory trust under the Act and that this
Agreement constitute the governing instrument of the Trust, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions. Except as otherwise specified in this Agreement or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement. 

“Act” has the meaning specified in the recitals hereto. 
 “Adjusted Property” means any property the book value of which has been adjusted as provided by Section 1(d) of
Annex I. 
 “Adjusted Net Asset Value” has the meaning specified in Section 4.1(b). 
 “Advisor” means Barclays Global Fund Advisors, or any successor thereto in its capacity as the advisor to the Trust. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common
control with such Person. 
 “Agreement” means this Trust Agreement, including Exhibit A and Annex I hereto,
as amended, modified, supplemented and restated from time to time in accordance with its terms. 
 “Authorized Participant”
means a Person that, at the time of submitting to the Trust a Purchase Order or a Redemption Order (a) is a registered broker-dealer and, if required in connection with its activities, a registered futures commission merchant, (b) is a DTC
Participant, and (c) has in effect a valid Authorized Participant Agreement. 

 “Authorized Participant Agreement” means an agreement among the Trust, the Sponsor and
an Authorized Participant that provides the procedures for the creation and redemption of Baskets. 
 “Basket” means a block
of 5,000 Shares, as such number may be increased or decreased, from time to time, by written notice from the Sponsor to the Trust. 
 “Basket Amount” is the amount of cash, determined as provided in Section 2.5(c), that an Authorized Participant must deliver in exchange for one Basket, or that an Authorized Participant is entitled to receive in
exchange upon Surrender of one Basket. 
 “Beneficial Owner” means any Person owning a beneficial interest in any Shares,
including a person who holds Shares through a Registered Owner. 
 “Book-Tax Disparity” means, with respect to any property,
as of any date of determination, the difference between the book value of such property (as initially determined under Section 7 of Annex I in the case of contributed property, and as adjusted from time to time in accordance with
Section 2(c) of Annex I) and the adjusted basis thereof for U.S. federal income tax purposes, as of such date of determination. A Beneficial Owner’s share of the Trust’s Book-Tax Disparities will be reflected by the difference
between such Beneficial Owner’s Capital Account balance, as maintained pursuant to Section 1 of Annex I, and such balance had the Capital Account been maintained strictly in accordance with tax accounting principles. 
 “Business Day” means any day (1) other than (a) a Saturday or Sunday; (b) a day on which the Exchange is closed for
regular trading or (c) a day on which the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the Trustee determines that it is able to conduct business. 
 “Capital Account” has the meaning specified in Section 1 of Annex I. 
 “Certificate” means a certificate, in substantially the form attached as Exhibit A hereto that is executed and delivered by the
Trustee under this Agreement evidencing Shares. 
 “Certificate of Trust” means the Certificate of Trust, as filed with the
Secretary of State pursuant to Section 3810 of the Act. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Conflicting Provisions” has the meaning specified in Section 7.9. 
 “Corporate Trust Office” means the office of the Trustee at which its depositary receipt business is administered, which, as of the date
hereof, is located at 400 Howard Street, San Francisco, CA 94105. 
 “Covered Person” means the Delaware Trustee, the
Trustee, the Sponsor and their respective Affiliates, officers and employees. 
 “Delaware Trustee” means the Person named
as such in the introductory paragraph hereto, solely in such Person’s capacity as the Delaware trustee of the Trust created hereunder and not in such Person’s individual capacity, and includes any successor Delaware trustee under this
Agreement. 
  

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 “Deliver,” “Delivered” or “Delivery” means, when used
with respect to Shares, either (i) one or more book-entry transfers of such Shares to an account or accounts at DTC designated by the Person entitled to such delivery for further credit as specified by such Person or (ii) in the
circumstances specified in Section 2.3(e), execution and delivery at the Corporate Trust Office of one or more Certificates evidencing those Shares. 
 “Depositor” means any Authorized Participant that delivers cash to or at the direction of the Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of
such cash. 
 “Distribution Agreement” means the Distribution Agreement, dated
[            ], 2008, between the Sponsor and the Initial Purchaser. 
 “DTC” means The Depository Trust Company, or its successor. 
 “DTC Participant” means a Person
that has an account with DTC. 
 “Exchange” means NYSE Arca or any other regulated securities market where the Sponsor may
from time to time decide to list the Shares for trading. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder. 
 “Indemnified Amounts” has the meaning specified in
Section 5.11(a). 
 “Indemnitee” has the meaning specified in Section 5.11(e). 
 “Indemnitor” has the meaning specified in Section 5.11(e). 
 “Indirect Participant” means a Person that has access to the DTC clearing system by clearing securities through, or maintaining a
custodial relationship with, a DTC Participant. 
 “Initial Delivery” has the meaning specified in
Section 2.1(a). 
 “Initial Purchaser” means
[            ], as initial purchaser under the Distribution Agreement. 
 “Net Asset Value per Share” means the net asset value of a Share, as determined in accordance with Section 4.1(b). 
 “Net Asset Value of the Trust” has the meaning specified in Section 4.1(b). 
 “Order Cutoff Time” means, with respect to any Business Day, (a) [        ] p.m. (New York City time) on such Business Day or (b) any other time agreed to by the Sponsor and
the Trustee and of which all existing Authorized Participants have been previously notified by the Trustee. 
 “Order Date”
means, with respect to a Purchase Order, the date specified in Section 2.5(b) and, with respect to a Redemption Order, the date specified in Section 2.8. 
 “Percentage Interest” means as to each Beneficial Owner, the portion (expressed as a percentage) of the total outstanding Shares held by
such Beneficial Owner. 
  

 - 3 - 

 “Person” means any natural person or any limited liability company, corporation,
partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Processing Agent” means SEI Investments Distribution Co., or any successor thereto in its capacity as the processing agent for the Trust. 
 “Proceeding” has the meaning specified in Section 5.11(e). 
 “Purchase Order” has the meaning specified in Section 2.5(b). 
 “Qualified Bank” means a bank, trust company, corporation or national banking association organized and doing business under the laws of
the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (a) is a DTC Participant or a participant in such other securities depositary as is then acting with respect to
the Shares, and (b) unless counsel to the Sponsor, determines that the following requirement is not necessary for the exception under Section 408(m) of the Code to apply, is a banking institution as defined in Section 408(n) of the
Code. 
 “Redemption Order” has the meaning specified in Section 2.8. 
 “Registered Owner” means a Person in whose name Shares are registered on the books of the Registrar maintained for that purpose.

 “Registrar” means the Trustee or any bank or trust company that is appointed to register Shares and transfers of Shares
as herein provided. 
 “SEC” means the Securities and Exchange Commission of the United States, or any successor
governmental agency in the United States. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations thereunder. 
 “Shares” means units of fractional undivided beneficial interest in the net assets of the
Trust; provided, that the term shall not include the Sponsor’s Share. 
 “Short-Term Securities” means U.S. Treasury
securities or other short-term securities that are eligible as margin deposits under the rules of an exchange or other counterparty to the Trust. 
 “Sponsor” means the Person named as such in the introductory paragraph hereto, solely in such Person’s capacity as sponsor of the Trust and not in such Person’s individual capacity. 
 “Sponsor Indemnified Party” has the meaning specified in Section 5.11(d). 
 “Sponsor’s Share” means the share issued by the Trust to the Sponsor pursuant to Section 2.1, evidencing the Sponsor’s
beneficial interests in the net assets of the Trust. 
 “Surrender” means, when used with respect to Shares, (a) one or
more book-entry transfers of Shares to the DTC account of the Trustee or (b) surrender to the Trustee at its Corporate Trust Office of one or more Certificates evidencing Shares. 
 “Tax Matters Partner” means the Sponsor or any successor thereto in its capacity as the “tax matters partner” for the Trust,
as such term is defined in Section 6231(a)(7) of the Code. 
  

 - 4 - 

 “Trust” has the meaning specified in the recitals hereto. 
 “Trust Administrator” means State Street Bank & Trust Company, or any successor thereto in its capacity as the trust
administrator for the Trust. 
 “Trustee” means the Person named as such in the introductory paragraph hereto, solely in
such Person’s capacity as a trustee and not in such Person’s individual capacity, so long as such Person shall continue in office in accordance with the terms hereof, and any other Person who may from time to time be duly appointed,
qualified and serving as a trustee in accordance with the provisions hereof. 
 “Trustee Indemnified Persons” has the
meaning specified in Section 5.11(a). 
 “Trust Property” means, at any time, the assets of the Trust at such
time, regardless of whether such assets are held by the Trustee or any agent or custodian for the Trust. 
 “Unrealized
Gain” attributable to any Trust property means, as of any date of determination, the excess, if any, of the fair market value of such property (as determined for purposes of Section 1(d) of Annex I) as of such date of
determination over the adjusted basis of such property as of such date of determination. 
 “Unrealized Loss” attributable
to any Trust property means, as of any date of determination, the excess, if any, of the adjusted basis of such property as of such date of determination over the fair market value of such property (as determined for purposes of Section 1(d)
of Annex I) as of such date of determination. 
 Section 1.2 Rules of Construction. Unless the context otherwise requires:

 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with generally accepted accounting
principles as then in effect in the United States; 
 (iii) “or” is not exclusive; 
 (iv) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as
a whole and not to any particular Article, Section or other subdivision; 
 (v) “including” means including without
limitation; and 
 (vi) words in the singular include the plural and words in the plural include the singular. 
 ARTICLE II 
 CREATION AND DECLARATION OF
TRUST 
 Section 2.1 Creation and Declaration of Trust; Business of the Trust. (a) The Trustee acknowledges that on the
date hereof it has received from the Sponsor $5,000 as consideration for the delivery to the Sponsor of the Sponsor’s Share (such delivery, the “Initial Delivery”). The Trustee declares that it holds and will hold all Trust
Property, as Trustee, for the benefit of the Registered Owners for the purposes of, and subject to the terms and conditions set forth in, this Agreement. The trust 

  

 - 5 - 

 
governed by this Agreement shall be known as “iShares Diversified Alternatives Trust.” The Trustee and the Delaware Trustee are hereby authorized
and directed to file the Certificate of Trust (and any amendment thereto or restatement thereof) with the Delaware Secretary of State. 
 (b)
The Trust shall not engage in any business or activities and engaging in activities incidental and necessary to carry out the duties and responsibilities as set forth in, or contemplated by, this Agreement. Other than the Sponsor’s Share and
the Shares, the Trust shall not issue or sell any beneficial interests or other obligations or otherwise incur, assume or guarantee any indebtedness for money borrowed. 
 Section 2.2 Legal Title. Legal title to all of the Trust Property shall be vested in the Trust as a separate legal entity; provided, however, that where applicable law in any jurisdiction
requires any part of the Trust Property to be vested otherwise, the Trustee may cause legal title to the Trust Property or any portion thereof to be held by or in the name of the Trustee or any other Person (other than a Registered Owner or a
Beneficial Owner) as nominee. 
 Section 2.3 Form of Certificates; Book-Entry System; Transferability of Shares. (a) Each
Certificate shall be substantially in the form set forth in Exhibit A hereto, with appropriate insertions, modifications and omissions, as hereinafter provided. No Shares shall be entitled to any benefits under this Agreement or be valid or
obligatory for any purpose unless a Certificate evidencing those Shares has been executed by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been
appointed, countersigned by the manual signature of a duly authorized officer of the Registrar. A Certificate bearing the manual or facsimile signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized
officer of the Registrar, if applicable, who was, at the time such Certificate was executed, a proper signatory of the Trustee or the Registrar, if applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such
office prior to the delivery of such Certificate. 
 (b) A Certificate may be endorsed with or have incorporated in the text thereof such
legends or recitals or modifications not inconsistent with the provisions of this Agreement as may be required by the Trustee or required to comply with any applicable law or regulations or with the rules and regulations of any securities exchange
or automated quotation system upon which Shares may be listed or quoted or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject.

 (c) The Sponsor and the Trustee will apply to DTC for acceptance of the Shares in its book-entry settlement system. Shares deposited with
DTC shall be evidenced by one or more global Certificates, which shall be registered in the name of Cede & Co., as nominee for DTC, and shall bear the following legend: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE AGENT AUTHORIZED BY
THE TRUST FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
  

 - 6 - 

 (d) So long as the Shares are eligible for book-entry settlement with DTC and such settlement is
available, unless otherwise required by law, notwithstanding the provisions of Sections 2.3(a) and (b), all Shares shall be evidenced by one or more global Certificates, the Registered Owner of which is DTC or a nominee of DTC,
and (1) no Beneficial Owner will be entitled to receive a separate Certificate evidencing those Shares, (2) the interest of a Beneficial Owner in Shares represented by a global Certificate will be shown only on, and transfer of that
interest will be effected only through, records maintained by DTC or a DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and (3) the rights of a Beneficial Owner with respect to Shares represented by
a global Certificate will be exercised only to the extent allowed by, and in compliance with, the arrangements in effect between such Beneficial Owner and DTC or the DTC Participant or Indirect Participant through which that Beneficial Owner holds
an interest in Shares. 
 (e) If, at any time when Shares are evidenced by a global Certificate, DTC ceases to make its book-entry settlement
system available for such Shares, the Sponsor and the Trustee may select a comparable depositary for the book-entry settlement of the Shares and cause new global Certificates to be issued and registered in the name of such successor depositary or
its nominee. If the Sponsor and the Trustee determine that no such successor depositary is available, the Trust will terminate as set forth in Section 6.2(a)(vii) and, to the extent necessary in connection therewith, the Trustee shall
execute and deliver separate Certificates evidencing Shares registered in the names of the Beneficial Owners thereof, with such additions, deletions and modifications to this Agreement and to the form of Certificate evidencing Shares as the Sponsor
and the Trustee may agree. 
 (f) Title to a Certificate (and to the Shares evidenced thereby), when properly endorsed or accompanied by
proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a certificated security under Article 8 of the Uniform Commercial Code of the State of Delaware; provided, however, that the
Trustee, notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof for the purpose of determining the Person entitled to any distribution or to any notice provided for in this Agreement and
for all other purposes. 
 Section 2.4 General. Subject to the terms of this Agreement, the Trustee shall have the power and
authority, without the approval or action of any Registered Owner or Beneficial Owner, to issue and redeem Shares from time to time. The number of Shares authorized shall be unlimited. All Shares when so issued on the terms contemplated by this
Agreement shall be fully paid and non-assessable. Every Registered Owner or Beneficial Owner, by virtue of having purchased or otherwise acquired a Share or a beneficial interest in a Share, shall be deemed to have expressly consented and agreed to
be bound by the terms of this Agreement. 
 Section 2.5 Purchase Orders. (a) After the Initial Delivery, subsequent
issuances and Deliveries of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the
extent those procedures are consistent with this Agreement. 
 (b) Authorized Participants wishing to acquire one or more Baskets must place
an order with the Trustee (a “Purchase Order”) on a Business Day. Purchase Orders received by the Trustee on a Business Day prior to the Order Cutoff Time will have that Business Day as the Order Date. Purchase Orders received by
the Trustee on a Business Day on or after the Order Cutoff Time, or on a day that is not a Business Day, will have the next Business Day as the Order Date. As consideration for each Basket to be acquired pursuant to a Purchase Order, a Depositor
must deliver to the Trust an amount of cash equal to the Basket Amount first announced by the Trustee after such Purchase Order is accepted by the Trust. The Trust will accept or reject a Purchase Order within [    ] Business
Days of its Order Date. 
  

 - 7 - 

 (c) The Trustee shall determine the Basket Amount for each Business Day. After the Initial Delivery, the
Basket Amount shall be an amount of cash equal to the result obtained by multiplying (x) the Net Asset Value per Share on the date on which the determination is being made by (y) 5,000 Shares (or such other number of Shares as at the time
shall constitute a Basket). 
 (d) All cash delivered to the Trust as part of a Purchase Order and any other Trust Property shall be owned by
the Trust and held for the Trust by the Trustee at such place and in such manner as the Trustee shall determine. 
 Section 2.6
Delivery of Shares. Upon receipt by the Trustee of the aggregate Basket Amount corresponding to the number of Baskets specified in a Purchase Order, the Trustee shall Deliver to, or as directed by, the Depositor the number of Baskets issuable
in respect of such Purchase Order, but only upon payment to the Trustee of the fees and expenses of the Trustee as provided in Section 5.12(a) and of all taxes and governmental charges and fees payable in connection with such issuance
and Delivery of the Baskets. 
 Section 2.7 Registration and Registration of Transfer of Shares; Combination and Split-up of
Certificates. (a) The Trustee shall keep or cause to be kept a register of Registered Owners and shall provide for the registration of Shares and the registration of transfers of Shares. 
 (b) The Trustee, subject to the terms and conditions of this Agreement, shall register transfers of ownership of Shares on its transfer books from time
to time upon any Surrender of a Certificate evidencing such Shares by the Registered Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer, and duly stamped as may be required by the
laws of the State of New York and the United States of America. Thereupon, the Trustee shall execute a new Certificate or Certificates evidencing such Shares, and deliver the same to or upon the order of the Person entitled thereto. 
 (c) The Trustee, subject to the terms and conditions of this Agreement, shall, upon Surrender of a Certificate or Certificates for the purposes of
effecting a split-up or combination of that Certificate or Certificates, execute and deliver one or more new Certificates evidencing those Shares. 
 (d) The Trustee may, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint one or more co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and
split-ups of Certificates at designated transfer offices on behalf of the Trustee. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Registered Owners
or Persons entitled to Shares and will be entitled to protection and indemnity to the same extent as the Trustee. 
 Section 2.8
Redemption of Shares and Withdrawal of Trust Property. Authorized Participants wishing to so redeem one or more Baskets must place an order with the Trustee on a Business Day (a “Redemption Order”). Redemption Orders received
by the Trustee prior to the Order Cutoff Time on a Business Day will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a day that is not a Business Day,
will have the next Business Day as the Order Date. The Trust will accept or reject a Redemption Order within [    ] Business Days of its Order Date. Upon Surrender by an Authorized Participant of the integral number of Baskets
specified in an accepted Redemption Order, and upon payment by the redeeming Authorized Participant of any taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, such Baskets shall be redeemed by the Trust, and
such Authorized Participant, as, or acting on authority of, the Registered Owner of those Shares will be entitled to delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures 

  

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attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of an amount of cash per
Basket equal to the Basket Amount first announced by the Trustee after such Redemption Order is accepted by the Trust, net of the fees due in connection with such redemption as provided in Section 5.12(a). 
 Section 2.9 Limitations on Issuance and Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the
Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or the Registrar may require payment from the Depositor or the Authorized Participant Surrendering the Shares of a
sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any
applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature or other information that it deems to be necessary and may also require compliance with any regulations
the Trustee may establish consistent with the provisions of this Agreement, including this Section 2.9. 
 (b) The issuance and
Delivery of Shares against delivery of cash, the registration of transfer of Shares or the Surrender of Shares for the purpose of withdrawal of Trust Property may be suspended generally, or refused with respect to particular requested Deliveries or
Surrenders, during any period in which the transfer books of the Trustee are closed or if any such action is deemed to be necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. 
 Section 2.10 Lost Certificates, Etc. The Trustee shall execute and deliver a new Certificate of like tenor in exchange and substitution for a
mutilated Certificate upon cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate, if the Registered Owner thereof has (a) filed with the Trustee (i) a request for such execution and delivery
before the Trustee has notice that the Shares evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity bond, and (b) satisfied any other reasonable requirements imposed by the Trustee.

 Section 2.11 Cancellation and Destruction of Surrendered Certificates. All Certificates Surrendered to the Trustee shall be
canceled by the Trustee. The Trustee is authorized to destroy Certificates so canceled. 
 Section 2.12 Splits and Reverse Splits of
Shares. (a) If requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by the Trustee in accordance with procedures determined by the Trustee. 
 (b) The Trustee is not required to distribute any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee may sell the
aggregated fractions of Shares that would otherwise be distributed in a split or reverse split of the Shares or liquidate the amount of Trust Property that would be represented by those Shares and distribute the net proceeds of those Shares or that
Trust Property to the Registered Owners entitled to such proceeds. The amount of Trust Property represented by each Share and the Basket Amount shall be adjusted as appropriate as of the open of business on the Business Day following the record date
for a split or reverse split of the Shares. 
 ARTICLE III 
 REGISTERED OWNERS 
 Section 3.1 Limitation on Liability. Except as expressly provide
herein, and as otherwise provided under Delaware law, a Registered Owner shall be entitled to the same limitation of personal 

  

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liability extended to stockholders of private corporations for profit organized under the general corporation law of the State of Delaware and no Registered
Owner shall be liable for claims against, or debts of the Trust in excess of his investment in the Trust. 
 Section 3.2 Liability of
Registered Owner for Taxes and Other Governmental Charges. If any tax or other governmental charge shall become payable by the Trustee with respect to any transfer or redemption of Shares, such tax or other governmental charge shall be payable
by the Registered Owner of such Shares to the Trustee. The Trustee shall refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented by such Shares until such payment is made and may withhold any
distributions, or may sell for the account of the Registered Owner thereof Trust Property or Shares, and may apply such distributions or the proceeds of any such sale in payment of such tax or other governmental charge, and the Registered Owner of
such Shares shall remain liable for any deficiency. The Trustee shall distribute any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Registered Owners entitled
thereto as in the case of a distribution in cash. 
 Section 3.3 Warranties on Delivery of Basket Amount. Every Depositor, at the
time it transfers to the Trust cash in the amount of the aggregate Basket Amount corresponding to any Baskets acquired by such Depositor at such time, shall be deemed thereby to represent and warrant that (i) such Depositor is duly authorized
to make such delivery, and (ii) upon delivery to the Trust of the consideration comprising such aggregate Basket Amount, such cash will become Trust Property free and clear of any lien, pledge, encumbrance, right, charge or claim (other than
the rights created by this Agreement). All representations and warranties deemed to be made under this Section 3.3 shall survive the Delivery of a Basket Amount, Delivery or Surrender of Shares or termination of this Agreement.

 ARTICLE IV 
 ADMINISTRATION
OF THE TRUST 
 Section 4.1 Valuation of Trust Property. (a) On each Business Day on which the Exchange is open for
regular trading, as soon as practicable after the close of regular trading of the Shares on the Exchange, the Trustee shall determine the Net Asset Value of the Trust and the Net Asset Value per Share as of such closing time. The Trust Administrator
shall value all forward and futures trading positions and Short-Term Securities and other non-cash assets which constitute the Trust Property and shall communicate such valuation in a report delivered to the Trustee on each Business Day for use by
the Trustee in the determination of the Net Asset Value of the Trust, unless the Trustee determines, in its discretion, that such method of valuation is not appropriate as a basis for valuation of the Trust Property, in which case the Trustee will,
as provided in Section 4.1(c) below, determine an alternative basis for valuation of the Trust Property. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently communicated net
asset value of the Trust Property is not appropriate or for any determination as to the alternative basis for valuation; provided that such determination is made in good faith. 
 (b) Upon receipt by the Trustee of the Trust Administrator’s report referred to above, the Trustee shall subtract all fees (other than fees computed
by reference to the value of the Trust or its assets) accrued expenses and other liabilities of the Trust from the total value of the Trust Property as of the time of calculation. The resulting figure is the “Adjusted Net Asset
Value” of the Trust. All fees computed by reference to the value of the Trust or its assets shall be calculated on the Adjusted Net Asset Value. The Trustee shall subtract from the Adjusted Net Asset Value all accrued fees so calculated.
The resulting figure is the “Net Asset Value of the Trust.” The Trustee shall divide the Net Asset Value of the Trust by the number of Shares outstanding as of the time of the calculation, which figure is the “Net Asset 

  

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Value per Share.” All fees, expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on
a Business Day shall be included in the calculations required by this Section 4.1(b) for that Business Day. Shares deliverable under a Purchase Order shall be considered to be outstanding for purposes of the calculations required by this
Section 4.1(b) beginning on the Order Date. Shares deliverable under a Redemption Order shall not be considered to be outstanding for purposes of the calculations required by this Section 4.1(b) on and after the Order Date.

 (c) The Trustee may in its discretion (and, under extraordinary circumstances, the Trustee will) value any asset of the Trust pursuant to
such other principles as the Trustee deems fair and equitable so long as such principles are consistent with industry standards. For purposes of the foregoing, “extraordinary circumstances” shall include, but not be limited to, periods
during which a valuation price for a forward contract or a settlement price of a futures contract is not available due to force majeure-type events such as systems failure, natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption or any similar intervening circumstance or due to a trading or other restriction imposed by a relevant futures exchange. 
 Section 4.2 Responsibility of the Trustee for Determinations. The Sponsor shall have no responsibility for the accuracy of any determination of any amount made by the Trustee. The determinations made by
the Trustee under this Agreement shall be made in good faith upon the basis of, and the Trustee shall not be liable for any errors contained in, information reasonably available to it. The Trustee shall be under no liability to the Sponsor, or to
the Depositors, the Registered Owners or the Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of
negligence or bad faith in the performance of its duties. 
 Section 4.3 Cash Distributions. Whenever the Trustee distributes any
cash, the Trustee shall distribute the amount available for distribution to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively. The Trustee shall distribute only such amount, however, as can be
distributed without attributing to any Registered Owner a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent. 
 Section 4.4 Other Distributions. Whenever the Trustee distributes any Trust Property other than cash, the Trustee shall distribute such Trust Property to the Registered Owners entitled thereto, in
proportion to the number of Shares held by them respectively, after deduction or upon payment of any expenses of the Trust, in any manner the Trustee may deem to be lawful, equitable and feasible for accomplishing such distribution; provided,
however, that if in the opinion of the Trustee such distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for any other reason (including any requirement that the Trustee withhold an amount on account of
taxes or other governmental charges) the Trustee deems such distribution not to be lawful and feasible, the Trustee shall adopt such method as it deems to be lawful, equitable and feasible for the purpose of effecting such distribution, after
deduction or upon payment of the expenses of the Trust, including the public or private sale of such Trust Property or any part thereof, and the net proceeds of any such sale shall be distributed by the Trustee to the Registered Owners entitled
thereto as in the case of a distribution received in cash. 
 Section 4.5 Fixing of Record Date. Whenever any distribution will
be made, or whenever the Trustee receives notice of any solicitation of proxies or consents from Registered Owners, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Trustee shall
find it necessary or convenient in respect of any matter, the Trustee, in consultation with the Sponsor, shall fix a record date for the determination of the Registered Owners who shall be (a) entitled to receive such distribution or the net
proceeds of the sale thereof, (b) entitled to give such proxies or consents in respect of any such solicitation or (c) entitled to act in respect of any other matter for which the record date was set. 
  

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 Section 4.6 Payment of Expenses; Sales of Trust Property. (a) The following charges are
or may be accrued and paid by the Trust: 
 (1) Any expenses of the Trust not assumed by the Sponsor pursuant to
Section 5.7(f), including any applicable brokerage commissions and any applicable transaction fees; 
 (2) any
taxes and other governmental charges that may fall on the Trust or the Trust Property; 
 (3) any expenses of any
extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or expenses of any action taken by the Trustee or the Sponsor to protect the Trust or the interests of Registered Owners or the Beneficial Owners; 
 (4) any indemnification of the Sponsor or the Advisor; and 
 (5) the fee payable to the Sponsor pursuant to Section 5.13. 
 (b) The Trustee shall, when directed by the Sponsor, sell or liquidate Trust Property in such quantity and at such times as may be necessary to permit
payment of expenses under this Agreement. Neither the Trustee nor the Sponsor shall have any liability for loss or depreciation resulting from sales of Trust Property so made. The Trustee shall not be liable or responsible in any way for
depreciation or loss incurred by reason of any sale made pursuant to the Sponsor’s direction in accordance with this Section 4.5 or as contemplated in Section 4.7. 
 (c) Except as provided in this Agreement, the Trust shall have no obligation to make any cash distribution or any other periodic payment to the
Registered Owners. If, at any time and from time to time, the Sponsor determines that the amount of cash included in the Trust Property exceeds the reasonably anticipated expenses of the Trust, the Sponsor may, in its sole discretion, direct the
Trustee to distribute the excess cash to the Registered Owners under Section 4.3. 
 Section 4.7 Statements and
Reports. (a) After the end of each fiscal year and within the time period required by applicable laws, rules and regulations, at the Sponsor’s expense, the Trustee shall send to the Registered Owners at the end of such fiscal year an
annual report of the Trust containing financial statements that will be prepared by the Trustee and audited by independent accountants designated by the Sponsor and such other information as may be required by such laws, rules and regulations or
otherwise, or which the Sponsor determines shall be included. The Trustee may distribute the annual report by any means acceptable to such Registered Owners. 
 (b) The Trustee shall provide the Sponsor with such certifications, supporting documents and other evidence regarding the internal control over financial reporting established and maintained by the Trust, and used by
the Trustee in connection with its preparation of the financial statements of the Trust, as may be reasonably necessary in order to enable the Sponsor to prepare and file or furnish to the SEC any certifications regarding such matters that may be
required to be included with the Trust’s periodic reports under the Exchange Act. 
 Section 4.8 Further Provisions for Sales of
Trust Property. In addition to selling Trust Property in accordance with Section 4.5, the Trustee shall sell Trust Property whenever either or both of the following conditions exist: 
 (1) the Sponsor has notified the Trustee that such sale is required by applicable law or regulation; or 
  

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 (2) this Agreement has been terminated and the Trust Property is to be liquidated in
accordance with Section 6.2. 
 The Trustee and the Sponsor shall not be liable or responsible in any way for depreciation or
loss incurred by reason of any sale made pursuant to this Section 4.8. 
 Section 4.9 Counsel. The Sponsor may, from
time to time, employ counsel to act on behalf of the Trust and perform any legal services in connection with the Trust Property and the Trust, including any legal matters relating to the possible disposition or acquisition of any Trust Property. The
fees and expenses of such counsel shall be paid by the Sponsor; provided, however, that the Sponsor shall not be responsible for the payment of any such fees and expenses in excess of $100,000 annually. 
 Section 4.10 Tax Matters. (a) The Trustee, at its expense, shall prepare or cause to be prepared all federal, state, and local tax
returns of the Trust for each year for which such returns are required to be filed and shall file or cause such returns to be timely filed and shall timely pay (or cause to be timely paid) any tax, assessment or other governmental charge owing with
respect to the Trust out of Trust Property. The Trustee shall promptly notify the Sponsor if it becomes aware that any tax, assessment or other governmental charge is due or claimed to be due with respect to the Trust. The Trustee shall deliver or
cause to be delivered to each Beneficial Owner, and the broker or nominee through which a Beneficial Owner owns its Shares, a Form K-1 and such other information, if any, with respect to the Trust as may be necessary for the preparation of the
federal income tax or information returns of such Beneficial Owner including a statement showing each Beneficial Owner’s share of income, gain, loss, expense, deductions and credits for such fiscal year for federal income tax purposes as soon
as practicable following each fiscal year but generally not later than March 15. The Trustee shall provide the Sponsor with a copy of such documents promptly after such filing or furnishing. If not already obtained, the Trustee shall obtain a
taxpayer identification number for the Trust. The Trust hereby indemnifies, to the full extent permitted by law, the Trustee from and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any
action taken or omitted to be taken by it in carrying out its responsibilities under this Section 4.9(a), to the extent that such action taken or omitted to be taken does not constitute fraud, negligence or misconduct. Each Beneficial
Owner agrees that it shall not, except as required by applicable law, (i) treat, on its own income or information tax returns or any information returns that it provides to any Beneficial Owner, or to any broker or nominee through which the
Beneficial Owner owns its Share, any item of income, gain, loss, deduction, credit, basis or any other tax item relating to its Shares in a manner inconsistent with the treatment of such items by the Trust as reflected on the Form K-1 or other
information statement furnished to such Beneficial Owner pursuant to this Section 4.9(a), or (ii) file any claim for a refund relating to any such item based on, or which would result in, such inconsistent treatment. 
 (b) The parties hereto and, by its acceptance or acquisition of a Share or a beneficial interest therein, a Beneficial Owner and the broker or nominee
through which the Beneficial Owner owns its Share (i) agree to furnish the Sponsor and the Trustee with such representations, forms, documents or information as may be necessary to enable the Trust to comply with its U.S. federal income tax
reporting obligations in respect of such Share and to allow the Trust to make the basis adjustments permitted by Section 754 of the Code, including information regarding such Beneficial Owner’s secondary market transactions in Shares, as
well as creations or redemptions of Shares and including information required by Treasury Regulations Section 1.6031(c)-1T and any successor thereto and (ii) direct brokers and nominees to report to the Trustee the Beneficial Owner’s
name and address and such other information as may be reasonably requested by the Trustee for purposes of complying with the Trust’s U.S. federal 

  

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income tax reporting obligations or as necessary to allow the Trust to make the basis adjustments permitted by Section 754 of the Code, including
information required by Treasury Regulations Section 1.6031(c)-1T and any successor thereto. 
 (c) Except as provided herein, the Tax
Matters Partner may, in its sole discretion, cause the Trust to make, or refrain from making, any income or other tax elections that the Tax Matters Partner reasonably deems necessary or advisable, including, but not limited to, an election pursuant
to Section 754 of the Code. The Tax Matters Partner intends to make the election under Section 754 of the Code. The Beneficial Owners recognize and intend that the Trust will be classified as a partnership for U.S. income tax purposes, and
will not cause the Trust to make an election to be treated as an association taxable as a corporation for U.S. federal income tax purposes pursuant to Treasury Regulations Section 301.7701-3, or any successor provision, or a similar election
under any analogous provision for purposes of state or local law. To the extent necessary, the Trust or the Beneficial Owners (as appropriate) will make any election necessary to obtain treatment consistent with the foregoing. 
 (d) If the Trust makes an election pursuant to Section 754 of the Code, the Beneficial Owners agree that the basis of Shares and property of the
Trust shall be determined taking into account the provisions of Sections 734(b) and 743(b) of the Code, and except as required by applicable law the Beneficial Owners shall report the basis of their Shares or any property of the Trust distributed to
the Beneficial Owners or their agents in a redemption as equal to the basis reported by the Trust or its agents to such Beneficial Owners. The Beneficial Owners acknowledge that, to the extent any Beneficial Owner is subject to the mark-to-market
rules of Section 475 of the Code, the basis of Shares and of any property of the Trust, including property distributed to a Beneficial Owner in a redemption, shall be determined, including for purposes of Sections 734(b) and 743(b) of the Code,
by treating such mark-to-market as having no effect on such basis. 
 (e) Each Beneficial Owner acknowledges that the Trust may report gain
or loss and other tax items, including the allocation of basis and adjustments to basis, in reliance upon the assumption that any redemption of a Beneficial Owner’s Share is a distribution other than in liquidation of the Beneficial
Owner’s Share (a “partial redemption”), unless it notifies the Trust or its agent prior to the receipt of cash that such distribution is in liquidation of the Beneficial Owner’s Share (a “complete
redemption”). The Beneficial Owner agrees to notify the Trust or its agent within 5 Business Days of the receipt of cash of (i) any gain or loss arising from a redemption of a Share by the Beneficial Owner or its agent in exchange for
such property, and (ii) any difference between the tax basis of such property on the books of the Trust immediately prior to the redemption, as such amount is reported to the Beneficial Owner or its agent, and the basis of the distributed
property to the Beneficial Owner or its agent (such gain or loss or basis difference, “Section 734(b) items”) in a manner sufficient for the Trust to adjust the basis of undistributed property held by the Trust under Section 734(b) of
the Code if the Trust makes an election pursuant to Section 754 of the Code. Each Beneficial Owner agrees to determine its basis for tax purposes in any property it or its agent receives from the Trust in consideration for a redemption of
Shares by reference to the tax basis of such property on the books of the Trust immediately prior to the redemption, as such amount is reported to the Beneficial Owner or its agent by the Trust, subject to adjustment as required under
Section 732 or other applicable law. 
 (f) The Trust shall comply with all applicable withholding and backup withholding tax
requirements. The Trust shall request, and each Beneficial Owner shall provide to the Trust, and direct any broker or nominee through which the Beneficial Owner owns its Shares to provide to the Trust, such forms or other documentation as are
necessary to establish an exemption from or reduction in withholding tax and backup withholding with respect to each Beneficial Owner, and any representations, forms and documents as shall reasonably be requested by the Trust to assist it in
determining the extent of, and in fulfilling, its withholding and backup withholding tax obligations. The Trust shall file any required forms 

  

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with applicable jurisdictions and, unless an exemption from withholding and backup withholding tax is properly established by a Beneficial Owner, shall remit
amounts withheld with respect to the Beneficial Owner to the applicable tax authorities. To the extent that the Trustee reasonably believes that the Trust is required to withhold and pay over any amounts (including taxes, interest, penalties,
assessments or additions to tax) to any tax authority with respect to distributions or allocations to any Beneficial Owner, and the Trust does withhold such amounts, the amounts withheld shall be treated as a distribution of cash to the Beneficial
Owner in the amount of the withholding and shall thereby reduce the amount of cash or other property otherwise distributable to such Beneficial Owner. If an amount required to be withheld was not withheld, the Trust may reduce subsequent
distributions by the amount of such required withholding. The consent of the Beneficial Owners shall not be required for any such withholding. In the event of any claimed over-withholding, Beneficial Owners shall be limited to an action against the
applicable jurisdiction. 
 (g) By its acceptance of a beneficial interest in a Share, a Beneficial Owner waives all confidentiality rights,
including all confidentiality rights provided by Section 3406(f) of the Code and Treasury Regulations Section 31.3406(f)-1, with respect to any representations, forms, documents or information, and any information contained in such
representations, forms or documents, that the Beneficial Owner provides, or has previously provided, to any broker or nominee through which it owns its Shares, to the extent such representations, forms, documents or information may be necessary to
(i) assist the Trust in complying with its withholding tax and backup withholding tax obligations pursuant to Section 4.9(f) of this Agreement or (ii) enable the Trust to comply with its U.S. federal income tax reporting obligations
pursuant to Section 4.9(d) of this Agreement. Furthermore, the parties hereto, and by its acceptance of a beneficial interest in a Share, a Beneficial Owner, acknowledge and agree that any broker or nominee through which a Beneficial
Owner holds its Shares shall be a third party beneficiary to this Agreement for the purposes set forth in Sections 4.9(b), 4.9(f) and 4.9(g). 
 (h) The Trustee shall maintain all books, records and supporting documents that are necessary to comply with any and all aspects of its duties under this Agreement. 
 (i) The Trustee, or such other person that is designated by the Trustee, shall act as the Tax Matters Partner and exercise any authority permitted the
Tax Matters Partner under the Code and Treasury Regulations, and take whatever steps the Trustee, or such other person as is designated by the Trustee to act as the Tax Matters Partner, in its reasonable discretion, deems necessary or desirable to
perfect such designation, including filing any forms and documents with the Internal Revenue Service and taking such other action as may from time to time be required under Treasury Regulations. 
 ARTICLE V 
 THE TRUSTEE AND THE SPONSOR

 Section 5.1 Management of the Trust. Subject to the direction of the Sponsor pursuant to Section 5.3 and
except as otherwise expressly provided in this Agreement, the Trust’s business shall be conducted by the Trustee in accordance with this Agreement. Except as otherwise provided in this Agreement, the Trustee shall have the power on behalf of
and in the name of the Trust to carry out any and all of the objects and purposes of the Trust and to perform such acts and enter into and perform such contracts and other undertakings on behalf of the Trust that the Trustee may deem to be
necessary, advisable or incidental thereto. 
 Section 5.2 Maintenance of Office and Transfer Books by the Trustee.
(a) Until termination of this Agreement in accordance with its terms, the Trustee shall maintain facilities for the execution and Delivery, registration, registration of transfers and Surrender of Shares in accordance with the provisions of
this Agreement. 
  

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 (b) The Trustee shall keep books for the registration of Shares and registration of transfers of Shares,
which, at all reasonable times, shall be open for inspection by the Registered Owners. 
 (c) The Trustee may, and at the reasonable written
request of the Sponsor shall, close the transfer books at any time or from time to time if such action is deemed to be necessary or advisable in the reasonable judgment of the Trustee or the Sponsor. 
 (d) If any Shares are listed on one or more stock exchanges in the United States, the Trustee shall act as Registrar or, with the written approval of the
Sponsor (which approval shall not be unreasonably withheld), appoint a registrar or one or more co-registrars for registry of such Shares in accordance with any requirements of such exchange or exchanges. 
 Section 5.3 Authority of the Sponsor. Pursuant to Section 3806(b)(7) of the Act, the Sponsor is hereby granted the exclusive authority
to direct the actions of the Trustee in the management of the Trust and to perform the Sponsor’s obligations and exercise its rights under this Agreement. Without limiting the foregoing, the Sponsor shall have the authority to execute and
deliver this Trust Agreement and the Distribution Agreement and any amendment thereto on behalf of the Trust and the Trust is authorized and shall have the power and authority to enter into such agreements and perform its obligations thereunder.

 Section 5.4 Prevention or Delay in Performance by the Sponsor or the Trustee. Neither the Sponsor nor the Trustee nor any of
their respective directors, employees, agents or affiliates shall incur any liability to any Registered Owner, Beneficial Owner, Authorized Participant or Depositor if, by reason of any provision of any present or future law or regulation of the
United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor or the Trustee is prevented or forbidden
from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing that, by the terms of this Agreement, it is provided shall be done or performed, and, accordingly, the Sponsor or the
Trustee does not do that thing or does that thing at a later time than would otherwise be required. Neither the Sponsor nor the Trustee will incur any liability to any Registered Owner or Beneficial Owner, Authorized Participant or Depositor by
reason of any non-performance or delay in the performance of any act or thing that, by the terms of this Agreement, it is provided may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this
Agreement. 
 Section 5.5 Liability of Covered Persons. A Covered Person shall have no liability to the Trust or to any
Registered Owner, Beneficial Owner, Authorized Participant, Depositor or to any other Covered Person for any loss suffered by the Trust that arises out of any action or inaction of such Covered Person if such Covered Person, in good faith,
determined that such course of conduct was in the best interest of the Trust and such course of conduct did not constitute negligence (or, in the case of the Delaware Trustee, gross negligence) or bad faith of such Covered Person. Subject to the
foregoing, no Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Registered Owner, Beneficial Owner, Authorized Participant, Depositor or assignee thereof, it being expressly
agreed that any such return of capital or profits made pursuant to this Agreement shall be made solely from the assets of the Trust without any rights of contribution from any Covered Person. A Covered Person shall not be liable for the conduct or
misconduct of any delegatee selected by the Trustee pursuant to Section 5.8 of this Agreement; provided, however, that in the case of the Trustee the foregoing shall only apply if the Trustee made such selection with
reasonable care. 
  

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 Section 5.6 Fiduciary Duty. (a) To the extent that, at law or in equity, the Trustee or
the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Registered Owners, the Beneficial Owners, the Authorized Participants, the Depositors or any other Person, the Trustee and the Sponsor acting
under this Agreement shall not be liable to the Trust, the Registered Owners, the Beneficial Owners, the Authorized Participants, the Depositors or any other Person for its good faith reliance on the provisions of this Agreement subject to the
standard of care in Section 5.5. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Trustee or the Sponsor otherwise existing at law or in equity are agreed by the parties
hereto to replace such other duties and liabilities of the Trustee and the Sponsor. 
 (b) Unless otherwise expressly provided herein:

 (i) whenever a conflict of interest exists or arises between the Trustee, the Sponsor or any of their respective
Affiliates, on the one hand, and the Trust or any Registered Owner, Beneficial Owner, Authorized Participant, Depositor or other Person, on the other hand; or 
 (ii) whenever this Agreement or any other agreement contemplated herein provides that the Trustee or the Sponsor shall act in a manner
that is, or provides terms that are, fair and reasonable to the Trust, any Registered Owner, Beneficial Owner, Authorized Participant, Depositor or other Person, 
 the Trustee and the Sponsor, respectively, shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the
Trustee or the Sponsor, the resolution, action or terms so made, taken or provided by the Trustee or the Sponsor shall not constitute a breach of this Agreement or any other agreement contemplated herein or of any duty or obligation of the Trustee
or the Sponsor at law or in equity or otherwise. 
 (c) Notwithstanding any other provision of this Agreement or of applicable law, whenever
in this Agreement the Trustee or the Sponsor is permitted or required to make a decision: 
 (i) in its “discretion”
or under a grant of similar authority, the Trustee or the Sponsor shall be entitled to consider such interests and factors as it desires, including its own interests, and, to the fullest extent permitted by applicable law, shall have no duty or
obligation to give any consideration to any interest of or factors affecting the Trust, any Registered Owner, any Beneficial Owner, any Authorized Participant, any Depositor or any other Person; or 
 (ii) in its “good faith” or under another express standard, the Trustee or the Sponsor shall act under such express standard and
shall not be subject to any other or different standard. 
 (d) The Trustee, the Sponsor and any of their respective Affiliates may engage in
or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust, and the doctrine of corporate opportunity, or any analogous
doctrine, shall not apply to the Trustee or the Sponsor. If the Trustee or the Sponsor acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to
communicate or offer such opportunity to the Trust, and the Trustee and the Sponsor shall not be liable to the Trust or to the Registered Owners, the Beneficial Owners, the Authorized Participants or the Depositors for breach of any fiduciary or
other duty by reason of the fact that the Trustee or the Sponsor pursues or acquires for, or directs such opportunity 

  

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to, another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Registered Owner, Beneficial Owner,
Authorized Participant or Depositor shall have any rights or obligations by virtue of this Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of
such ventures, even if competitive with the activities of the Trust, shall not be deemed to be wrongful or improper. Except to the extent expressly provided herein, the Trustee and the Sponsor may engage or be interested in any financial or other
transaction with the Trust, the Registered Owners, the Beneficial Owners, the Authorized Participants, the Depositors or any Affiliate of the Trust or the Beneficial Owners. 
 Section 5.7 Obligations of the Sponsor and the Trustee. (a) Neither the Sponsor nor the Trustee assumes any obligation nor shall either
of them be subject to any liability under this Agreement to any Registered Owner or Beneficial Owner, Authorized Participant or Depositor (including liability with respect to the worth of the Trust Property), except that each of them agrees to
perform its obligations specifically set forth in this Agreement without negligence or bad faith. 
 (b) Neither the Sponsor nor the Trustee
shall be under any obligation to prosecute any action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Authorized Participant, Depositor or other Person.

 (c) Neither the Sponsor nor the Trustee shall be liable for any action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any Depositor, any Registered Owner or any other person believed by it in good faith to be competent to give such advice or information. 
 (d) The Trustee shall not be liable for any acts or omissions made by a successor Trustee, whether in connection with a previous act or omission of the Trustee or in connection with any matter arising wholly after the
resignation of the Trustee; provided that in connection with the issue out of which such potential liability arises the Trustee performed its obligations without negligence or bad faith while it acted as Trustee. 
 (e) The Trustee and the Sponsor shall have no obligation to comply with any direction or instruction from any Registered Owner or Beneficial Owner,
Authorized Participant or Depositor regarding Shares except to the extent specifically provided in this Agreement. 
 (f) The Sponsor will be
obligated to pay the following administrative, operational and marketing expenses: (1) the fees of the Trustee, the Advisor, the Delaware Trustee, the Trust Administrator and the Processing Agent, (2) the Exchange listing fees,
(3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the SEC, (6) tax reporting costs and (7) legal expenses up to $100,000 annually. The Sponsor will also pay the costs of the
Trust’s organization and initial sale of Shares to the Initial Purchaser. 
 Section 5.8 Delegation of Obligations of the
Trustee. The Trustee may at any time delegate all or a portion of its duties and obligations under this Agreement to another entity, including the Trust Administrator and the Processing Agent, without the consent of the Sponsor, the Delaware
Trustee, any Registered Owner or any Beneficial Owner. The Trustee may terminate such other entity at any time and is not required to appoint a replacement therefor. 
 Section 5.9 Resignation or Removal of the Trustee; Appointment of Successor Trustee. (a) The Trustee may at any time resign as Trustee hereunder by written notice of its election so to do, delivered
to the Sponsor, and such resignation shall take effect upon the appointment of a successor Trustee and its acceptance of such appointment as hereinafter provided. 
  

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 (b) The Sponsor may remove the Trustee in its discretion by written notice delivered to the Trustee in
the manner provided in Section 7.4 at any time after the first anniversary of the date hereof. If at any time the Trustee ceases to be a Qualified Bank or is in material breach of its obligations under this Agreement and the Trustee
fails to cure such breach within thirty (30) days after receipt by the Trustee of written notice from the Sponsor, or Registered Owners acting on behalf of at least 25% of the outstanding Shares, specifying such default and requiring the
Trustee to cure such default, the Sponsor may remove the Trustee by written notice delivered to the Trustee in the manner provided in Section 7.4, and such removal shall take effect upon the appointment of a successor Trustee and its
acceptance of such appointment as hereinafter provided. 
 (c) If the Trustee acting hereunder resigns or is removed, the Sponsor shall use
its reasonable efforts to appoint a successor Trustee, which shall be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to the Sponsor an instrument in writing accepting its appointment hereunder, and
thereupon such successor Trustee, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due to it and on the
written request of the Sponsor, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Trust Property
to such successor and shall deliver to such successor a list of the Registered Owners of all outstanding Shares. The Sponsor or any such successor Trustee shall promptly mail notice of the appointment of such successor Trustee to the Registered
Owners. 
 (d) Any corporation into which the Trustee may be merged, consolidated or converted in a transaction in which the Trustee is not
the surviving corporation shall be the successor of the Trustee without the execution or filing of any document or any further act. During the 90-day period following the effectiveness of a merger, consolidation or conversion described in the
immediately preceding sentence, the Sponsor may, by written notice to the Trustee, remove the Trustee and designate a successor Trustee in compliance with the provisions of Section 5.9(c). 
 Section 5.10 Custodians. The Trustee may at any time appoint one or more custodians (each, a “Custodian”) to hold assets of
the Trust, without the consent of any Registered Owner and any Beneficial Owner. The Trustee may terminate any such Custodian at any time and is not required to appoint a replacement therefor. 
 Section 5.11 Indemnification. (a) The Sponsor shall indemnify the Trustee, its directors, employees and delegates (the “Trustee
Indemnified Persons”) against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) (collectively, “Indemnified Amounts”) that is
incurred by any of them and that arises out of or is related to (i) any offer or sale by the Trust of Baskets under this Agreement, (ii) acts performed or omitted pursuant to the provisions of this Agreement, as the same may be amended,
modified or supplemented from time to time, (A) by a Trustee Indemnified Person or (B) by the Sponsor or (iii) any filings with or submissions to the SEC in connection with or with respect to the Shares (which, by way of illustration
and not by way of limitation, include any registration statement and any amendments or supplements thereto filed with the SEC or any periodic reports or updates that may be filed under the Exchange Act or any failure to make any filings with or
submissions to the SEC that are required to be made in connection with or with respect to the Shares), except that the Sponsor shall not have any obligations under this Section 5.11(a) to pay any Indemnified Amounts incurred as a result
of and attributable to (x) the negligence or bad faith of, or material breach of the terms of this Agreement by, the Trustee, (y)

  

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information furnished in writing by the Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the SEC
relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions made by a Depositor (other than the Sponsor) in connection with such Depositor’s offer and sale of Shares. 
 (b) The Trustee shall indemnify the Sponsor, its directors, employees and delegates against, and hold each of them harmless from, any Indemnified Amounts
(i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic
report, filed with the SEC relating to the Shares that is not materially altered by the Sponsor. 
 (c) If the indemnification provided for
in Section 5.11(a) or (b) is unavailable or insufficient to hold harmless the indemnified party under Section 5.11(a) or (b) above, then the indemnifying party shall contribute to the Indemnified
Amounts referred to in Section 5.11(a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor on the one hand and the Trustee on the other hand from the offering of
the Shares which are the subject of the action 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 Sponsor on the one hand and the Trustee on the other hand in connection with the action, statement or omission that resulted in such Indemnified Amount, as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact from which the action arises
relates to information supplied by the Sponsor or the Trustee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission or the act or omission from which the
action arises. The amount of Indemnified Amounts referred to in the first sentence of this Section 5.11(c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim that is the subject of this Section 5.11. 
 (d) The Sponsor and its shareholders,
directors, officers, employees, affiliates (as such term is defined under the Securities Act) and subsidiaries (each, a “Sponsor Indemnified Party”) shall be indemnified from the Trust and held harmless against any Indemnified
Amounts arising out of or in connection with the performance of its obligations under this Agreement or any actions taken in accordance with the provisions of this Agreement and incurred without (1) negligence, bad faith, willful misconduct or
willful malfeasance on the part of such Sponsor Indemnified Party or (2) reckless disregard on the part of such Sponsor Indemnified Party of its obligations and duties under this Agreement. Such indemnity shall include payment from the Trust of
the costs and expenses incurred by such Sponsor Indemnified Party in defending itself against any claim or liability in its capacity as Sponsor. Any amounts payable to a Sponsor Indemnified Party under this Section 5.11(d) may be payable
in advance or shall be secured by a lien on the Trust. The Sponsor may, in its discretion, undertake any action that it may deem to be necessary or desirable in respect of this Agreement and the rights and duties of the parties hereto and the
interests of the Registered Owners and, in such event, the legal expenses and costs of any such actions shall be expenses and costs of the Trust, and the Sponsor shall be entitled to be reimbursed therefor by the Trust. 
 (e) If an action, proceeding (including, but not limited to, any governmental investigation), claim or dispute (collectively, a
“Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly (and in no event more
than seven (7) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify the Indemnitor shall
not impair the Indemnitee’s ability to seek 

  

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indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the
Indemnitor’s ability to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no
conflict of interest exists as specified in clause (i) below and there are no other defenses available to Indemnitee as specified in clause (iii) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee
(in which case all attorney’s fees and expenses shall be borne by the Indemnitor, and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but, in such case, no fees and expenses of such counsel shall be borne by the Indemnitor unless such fees and expenses are otherwise required to be indemnified under Section 5.11(a), (b) or
(d), as applicable, and (i) there is such a conflict of interest between the Indemnitor and the Indemnitee as would preclude, in compliance with the ethical rules in effect in the jurisdiction in which the Proceeding was brought, one
lawyer from representing both parties simultaneously, (ii) the Indemnitor fails, within the earlier of (x) twenty (20) days following receipt of notice of the Proceeding from the Indemnitee or (y) seven (7) days prior to the
date the first response or appearance is required to be made in such Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (iii) there are legal defenses available to Indemnitee that are
different from or are in addition to those available to the Indemnitor. No compromise or settlement of such Proceeding may be effected by either party without the other party’s consent unless (m) there is no finding or admission of any
violation of law and no effect on any other claims that may be made against such other party and (n) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability
with respect to any compromise or settlement effected without its consent, which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred
by the Indemnitee as a result of a default judgment entered against the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 
 Section 5.12 Charges of Trustee. (a) Each Depositor and each Person Surrendering Baskets for the purpose of withdrawing Trust Property
shall pay to the Trustee a transaction fee relating to the cost to the Trust of entering into or liquidating futures or forward positions in connection with such creation or redemption of Baskets (or such other fee as the Sponsor and Trustee may
establish from time to time and notify to all Authorized Participants in accordance with their respective Authorized Participant Agreements) for the Delivery of Shares pursuant to Section 2.6 and the Surrender of Baskets pursuant to
Section 2.8 or 6.2(b). 
 (b) The Trustee is entitled to receive from the Sponsor fees for its services and reimbursement
for its out-of-pocket expenses in accordance with written agreements between the Sponsor and the Trustee. 
 (c) The Trustee is entitled to
charge the Trust for all expenses and disbursements incurred by it under Section 5.17(a) or that are of the type described in Sections 4.5(a)(2), (3) or (4) (in respect of services performed or action taken
by the Trustee) (including the fees and disbursements of legal counsel), except that the Trustee is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the
Exchange and (ii) fees of agents for performing services the Trustee is required to perform under this Agreement. 
 Section 5.13
Charges of the Sponsor. (a) The Sponsor is entitled to receive from the Trust, as an expense of the Trust, a fee for services that will accrue daily and be paid monthly in arrears at an annualized rate of [    ]% of
Adjusted Net Asset Value. 
  

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 (b) The Sponsor is entitled to receive reimbursement from the Trust for all expenses and disbursements
incurred by it under the last sentence of Section 5.11(d) or that are of the type described in Sections 4.5(a)(2), (3) or (4) (in respect of services performed or actions taken by the Sponsor) of this Agreement
(including the fees and disbursements of legal counsel), except that the Sponsor is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and
(ii) fees of agents for performing services the Sponsor is required to perform under this Agreement. 
 Section 5.14 Retention
of Trust Documents. The Trustee is authorized to destroy those documents, records, bills and other data compiled during the term of this Agreement at the times permitted by the laws or regulations governing the Trustee, unless the Sponsor
reasonably requests the Trustee in writing to retain those items for a longer period. 
 Section 5.15 Federal Securities and
Commodities Law Filings. (a) The Sponsor has prepared and filed a registration statement with the SEC and shall (i) take such action as is necessary to qualify the Shares for offering and sale under the federal securities laws of the
United States, including the preparation and filing of amendments and supplements to such registration statement, and, if the Sponsor so determines, under the laws of any other relevant jurisdiction, (ii) promptly notify the Trustee of any
amendment or supplement to the registration statement or prospectus, of any order preventing or suspending the use of any prospectus, of any request to amend or supplement the registration statement or prospectus or if any event or circumstance
occurs that is known to the Sponsor as a result of which the registration statement or prospectus, as then amended or supplemented, would include an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, (iii) provide the Trustee with copies, including copies in electronic form, of the prospectus, as amended and supplemented, in such quantities as
the Trustee may from time to time reasonably request and (iv) prepare, file and distribute, if applicable, any periodic reports or updates that may be required under the Exchange Act, the United States Commodity Exchange Act, as amended, or the
rules and regulations thereunder. The Trustee shall furnish to the Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing as needed to prepare any filing or submission that the Sponsor or the Trust is
required to make under the federal securities or commodities laws of the United States or the laws of any other jurisdiction. 
 (b) The
Sponsor shall have all necessary and exclusive power and authority to (i) adopt, implement or amend, from time to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or
desirable, in the Sponsor’s reasonable judgment, to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws, (ii) appoint and remove the auditors of the Trust, (iii) make
any determination, choice, estimate or other decision that may be necessary or desirable in connection with the preparation of the financial statements of the Trust and (iv) seek from the relevant securities or other regulatory authorities such
relief, clarification or other action as the Sponsor shall deem to be necessary or desirable regarding the disclosure or financial reporting obligations of the Trust. 
 (c) The policies and procedures comprising the Trust’s initial internal control over financial reporting have been adopted as of the date of this Agreement and copies thereof have been delivered to the
appropriate officers of the Sponsor and the Trustee. Amendments to such initial internal control over financial reporting may be proposed from time to time by the Sponsor, but such amendments may not be adopted in connection with the preparation of
the Trust’s financial statements without the Trustee’s consent (which consent will not be unreasonably withheld or delayed). 
  

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 Section 5.16 Prospectus Delivery. The Sponsor, or the Trustee on its behalf, will comply with
the requirements to provide copies of the current prospectus for the Trust to Authorized Participants as provided in the relevant Authorized Participant Agreements. 
 Section 5.17 Discretionary Actions by Trustee; Consultation. (a) The Trustee may, in its discretion, undertake any action that it deems to be necessary or desirable to protect the Trust or the
interests of the Registered Owners. The expenses incurred by the Trustee in connection with taking any such action (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Trustee shall be entitled to be
reimbursed for those expenses by the Trust. 
 (b) The Trustee shall notify and consult with the Sponsor (i) prior to undertaking any
action described in Section 5.17(a) or (ii) if the Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. 
 (c) The Sponsor shall notify and consult with the Trustee (i) prior to undertaking any action described in the last sentence of
Section 5.11(d) or (ii) if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. 
 Section 5.18 Trustees. The number of Trustees of the Trust initially shall be two (2), and thereafter the number of Trustees shall be such
number as shall be fixed from time to time by the Sponsor. The Sponsor is entitled, subject to Section 5.9, to appoint or remove without cause any Trustee at any time; provided, however, that, if required by the Act, there
shall at all times be a Delaware Trustee. 
 Section 5.19 Trustee. (a) The initial Trustee shall be Barclays Global
Investors, N.A. 
 (b) Except as expressly set forth in this Agreement, any power of the Trustee may be exercised by, or with the consent of,
any one (1) or more Trustees. 
 (c) Except as otherwise required by the Act, the Trustee is authorized to execute on behalf of the
Trust any documents that the Trustee has the power and authority to cause the Trust to execute pursuant to this Agreement. 
 Section 5.20 Delaware Trustee. (a) The Delaware Trustee shall either be (i) a natural person who is at least twenty-one (21) years of age and a resident of the State of Delaware or (ii) a legal entity that
has its principal place of business in the State of Delaware, otherwise meets the requirements of applicable Delaware law and shall act through one or more persons authorized to bind such entity. If at any time the Delaware Trustee shall cease to be
eligible in accordance with the provisions of this Section 5.20, it shall resign immediately in the manner and with the effect hereinafter specified in this Section 5.20. The initial Delaware Trustee shall be Wilmington Trust
Company. 
 (b) The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities, of the Trustee or the Sponsor that are set forth herein. The Delaware Trustee shall be one of the Trustees of the Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Act and for taking
such actions as are required to be taken by a Delaware trustee under the Act. The duties (including fiduciary duties), liabilities and obligations of the Delaware Trustee shall be limited to (i) accepting legal process served on the Trust in
the State of Delaware and (ii) executing any certificates required to be filed with the Delaware Secretary of State that the Delaware Trustee is required to execute under Section 3811 of the Act, and there shall be no other duties
(including fiduciary duties) or obligations, express or implied, at law or in equity, of the Delaware Trustee. 
  

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 (c) The Delaware Trustee shall serve until such time as the Sponsor removes the Delaware Trustee or the
Delaware Trustee resigns and a successor Delaware Trustee is appointed by the Sponsor in accordance with the terms of this Section 5.20. The Delaware Trustee may resign at any time upon the giving of at least sixty (60) days’
advance written notice to the Trustee; provided, that such resignation shall not become effective unless and until a successor Delaware Trustee shall have been appointed by the Sponsor in accordance with Section 5.20. If the
Sponsor does not act within such sixty (60) day period, the Delaware Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a successor Delaware Trustee. 
 (d) Upon the resignation or removal of the Delaware Trustee, the Sponsor shall appoint a successor Delaware Trustee by delivering a written instrument to
the outgoing Delaware Trustee. Any successor Delaware Trustee must satisfy the requirements of Section 3807 of the Act. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee shall not become
effective until a written acceptance of appointment is delivered by the successor Delaware Trustee to the outgoing Delaware Trustee and the Sponsor and any fees and expenses due to the outgoing Delaware Trustee are paid. Following compliance with
the preceding sentence, the successor Delaware Trustee (i) shall file an amendment to the Certificate of Trust reflecting the change of Delaware Trustee and (ii) shall become fully vested with all of the rights, powers, duties and
obligations of the outgoing Delaware Trustee under this Agreement, with like effect as if originally named as Delaware Trustee, and the outgoing Delaware Trustee shall be discharged of its duties and obligations under this Agreement. 
 (e) The Sponsor shall indemnify the Delaware Trustee, its directors, employees, delegates and agents (the “Delaware Trustee Indemnified
Persons”) against, and hold each of them harmless from, any Indemnified Amounts that are incurred by any of them and that arise out of or are related to (i) any offer or sale by the Trust of Baskets under this Agreement, (ii) acts
performed or omitted pursuant to the provisions of this Agreement, as the same may be amended, modified or supplemented from time to time, (A) by a Delaware Trustee Indemnified Person or (B) by the Sponsor or the Trustee or (iii) any
filings with or submissions to the SEC in connection with or with respect to the Shares (which, by way of illustration and not by way of limitation, include any registration statement and any amendments or supplements thereto filed with the SEC or
any periodic reports or updates that may be filed under the Exchange Act or any failure to make any filings with or submissions to the SEC that are required to be made in connection with or with respect to the Shares), except that the Sponsor shall
not have any obligations under this Section 5.20(e) to pay any Indemnified Amounts incurred as a result of and attributable to (x) the gross negligence or bad faith of, or material breach of the terms of this Agreement by, the
Delaware Trustee or (y) information furnished in writing by the Delaware Trustee to the Sponsor expressly for use in the registration statement, or any amendment thereto, filed with the SEC relating to the Shares that is not materially altered
by the Sponsor. Any such indemnity shall be subject to the provisions of Section 5.11(e). 
 Section 5.21 Compensation
and Expenses of the Delaware Trustee. The Delaware Trustee shall be entitled to receive from the Sponsor reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the
Sponsor for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Delaware Trustee may
employ in connection with the exercise and performance of its rights and duties hereunder. 
  

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 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 Section 6.1 Amendment. (a) The Trustee and the Sponsor
may amend any provisions of this Agreement without the consent of any Registered Owner or Beneficial Owner. Any amendment that imposes or increases any fees or charges (other than taxes and other governmental charges) or prejudices a substantial
existing right of the Registered Owners will not become effective until thirty (30) days after notice of such amendment is given by the Trustee to the Registered Owners. Every Registered Owner and Beneficial Owner, at the time any such
amendment becomes effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this Agreement as amended thereby. In no event shall any amendment impair the right of a
Registered Owner to Surrender Baskets and receive therefor the amount of Trust Property represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding any other provision of this Agreement, no amendment
to this Agreement may be made if, as a result of such amendment, it would cause the Trust to be taxable as an association taxable as a corporation for United States federal income tax purposes. 
 (b) No amendment shall be made to this Agreement without the consent of the Delaware Trustee if such amendment adversely affects any of its rights,
duties or liabilities. 
 Section 6.2 Termination. (a) The term for which the Trust will exist commenced on the date of the
filing of the Certificate of Trust and shall continue until terminated pursuant to the provisions hereof. The Trustee shall set a date on which the Trust shall dissolve and mail notice of that dissolution to the Registered Owners at least thirty
(30) days prior to the date set for dissolution if any of the following occurs: 
 (i) the Trustee is notified that the
Shares are delisted from the Exchange and are not approved for listing on another national securities exchange within five (5) Business Days of their delisting; 
 (ii) Registered Owners of at least 75% of the outstanding Shares notify the Trustee that they elect to dissolve the Trust; 
 (iii) sixty (60) days have elapsed since the Trustee notified the Sponsor of the Trustee’s election to resign, and a successor
Trustee has not been appointed and accepted its appointment as provided in Section 5.9; 
 (iv) the SEC (or its
staff) or a court of competent jurisdiction determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of that determination; 
 (v) the Sponsor notifies the Trustee in writing that it has determined, in its discretion, that the dissolution of the Trust is advisable;

 (vi) the Trust is treated as an association taxable as a corporation for United States federal income tax purposes and the
Trustee receives notice from the Sponsor that the Sponsor has determined that termination of the Trust is advisable; or 
 (vii) DTC is unable or unwilling to continue to perform its functions, and a comparable replacement is unavailable. 
  

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 (b) On and after the dissolution of the Trust, the Trustee shall, in accordance with Section 3808(e)
of the Act, wind up the business and affairs of the Trust. Subject to the payment or the reasonable provision of such payment by the Trustee of the claims and obligations of the Trust as required by Section 3808(e) of the Act, the Registered
Owners will, upon (i) Surrender of their Shares, (ii) payment of the fee of the Trustee for the Surrender of Shares provided in Section 5.12(a) and (iii) payment of any applicable taxes or other governmental charges, be
entitled to delivery to them or upon their order, of the amount of Trust Property represented by those Shares. The Trustee shall not accept any delivery of Basket Amounts after the date of dissolution. If any Shares remain outstanding after the date
of dissolution of the Trust, the Trustee thereafter shall discontinue the registration of transfers of Shares, shall not make any distributions to Registered Owners and shall not give any further notices, except that the Trustee shall continue to
collect distributions pertaining to Trust Property and hold the same uninvested and without liability for interest, pay pursuant to Section 3808(e) of the Act the Trust’s expenses and sell Trust Property as necessary to meet those expenses
and shall continue to deliver Trust Property, together with any distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares Surrendered to the Trustee (after deducting or upon payment
of, in each case, the fee of the Trustee set forth in Section 5.12(a) for the Surrender of Shares, any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement and any
applicable taxes or other governmental charges). At any time after the expiration of ninety (90) days following the date of dissolution of the Trust, the Trustee may sell the Trust Property then held under this Agreement and may thereafter,
after complying with Section 3808(e) of the Act, hold uninvested the net proceeds of any such sale, together with any other cash then held by it under this Agreement, unsegregated and without liability for interest, for the pro rata
benefit of the Registered Owners of the Shares that have not theretofore been Surrendered, such Registered Owners thereupon becoming general creditors of the Trustee with respect to such net proceeds. After making such sale or the completion of the
wind up of the business and affairs of the Trust have otherwise occurred, the Trust and this Agreement shall terminate and the Trustee shall execute and cause a certificate of cancellation of the Certificate of Trust to be filed in accordance with
the Act and notify the Delaware Trustee of such filing. After making such filing, the Trustee shall be discharged from all obligations under this Agreement, except to account for such net proceeds and other cash (after deducting, in each case, any
fees, expenses, taxes or other governmental charges payable by the Trust, the fee of the Trustee for the Surrender of Shares and any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this
Agreement and any applicable taxes or other governmental charges). 
 (c) Upon the termination of this Agreement, the Sponsor shall be
discharged from all obligations under this Agreement, except that its obligations to the Trustee under Sections 5.11 and 5.12(b) shall survive termination of this Agreement. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Counterparts. This Agreement may be executed in any number of counterparts, each of which is deemed to be an original and all of
such counterparts constitute one and the same agreement. Copies of this Agreement are filed with the Trustee and are open to inspection by any Registered Owner during the Trustee’s business hours. 
 Section 7.2 Third-Party Beneficiaries. Subject to Section 5.8, this Agreement is for the exclusive benefit of the parties hereto,
the Affiliates, officers and employees included in the definition of Covered Person, and the shareholders, directors, employees, delegates and affiliates referred to in Section 5.11, and the Registered Owners, Beneficial Owners and
Depositors from time to time, and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other Person. 
  

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 Section 7.3 Severability. In case any one or more of the provisions contained in this
Agreement are or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced or disturbed thereby. 
 Section 7.4 Notices. (a) All notices given under this Agreement must be in writing. 
 (b) Any notice to be given to the Trustee, the Sponsor or the Delaware Trustee shall be deemed to have been duly given (i) when it is actually
delivered by a messenger or a recognized courier service, (ii) five (5) days after it is mailed by registered or certified mail, postage paid or (iii) when receipt of a facsimile transmission is acknowledged via a return receipt or
receipt confirmation as requested by the original transmission, in each case to or at the address or facsimile number set forth below: 
 To
the Trustee: 
 Barclays Global Investors, N.A. 
 400 Howard Street 
 San Francisco, CA 94105 
 Attention: Fund Administration 
 Facsimile:
[                    ] 
 or (1) any other place to
which the Trustee may have transferred its Corporate Trust Office with notice to the Sponsor and the Delaware Trustee or (2) any entity to which the Trustee may have transferred all or some of its duties hereunder pursuant to
Section 5.8 at the address set forth in the notice of transfer provided to the Sponsor and the Delaware Trustee. 
 To the
Sponsor: 
 Barclays Global Investors International, Inc. 
 400 Howard Street 
 San Francisco, CA 94105 
 Attention: Product Management Team, Intermediary Investors and 
 Exchange Traded Products Department 
 Facsimile: 415-618-5097 
 or any other place to which the Sponsor may have transferred its principal office with notice to the Trustee and the Delaware Trustee. 
  

 - 27 - 

 To the Delaware Trustee: 
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, DE
19890 
 Attention: [                    ]

 Facsimile: [                    ]

 or any other place to which the Delaware Trustee may have transferred its principal office with notice to the Trustee and the Sponsor. 
 (c) Any notice to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by messenger or a recognized
courier service, (ii) when mailed, postage prepaid or (iii) when sent by facsimile transmission confirmed by letter, in each case at or to the address of such Registered Owner as it appears on the transfer books of the Trustee, or, if such
Registered Owner shall have filed with the Trustee a written request that any notice or communication intended for such Registered Owner be delivered to some other address, at the address designated in such request. 
 Section 7.5 Governing Law; Consent to Jurisdiction. (a) This Agreement is governed by and is to be construed in accordance with the laws
of the State of Delaware. 
 (b) The parties hereto hereby (i) irrevocably submit to the non-exclusive jurisdiction of any Delaware
state court or federal court sitting in Wilmington, Delaware in any action arising out of or relating to this Agreement and (ii) consent to the service of process by mail. Nothing herein shall affect the right of any party to serve legal
process in any manner permitted by law or affect its right to bring any action in any other court. Each party agrees that, in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such
party waives any right that it may otherwise have to (x) seek punitive or consequential damages or (y) request a trial by jury. 
 Section 7.6 Headings. The titles of the Articles and the headings of the Sections of this Agreement are for convenience of reference only and are not to be considered in construing the terms and provisions of this Agreement.

 Section 7.7 Compliance with Regulation B. If any banking institution that is either a party to this Agreement or a delegate
pursuant hereto reasonably believes that any of the activities described herein and to be performed by such institution are reasonably likely to result in such institution having to register as a broker-dealer under federal law, then (a) such
institution will promptly notify in writing the other parties in reasonable detail of the basis of its concern, (b) such institution thereafter shall not be deemed to be in violation of, or acting negligently or in bad faith with respect to,
this Agreement or any agreement incidental hereto by virtue of not engaging in such activity and (c) the parties hereto shall promptly restructure the arrangements described herein in good faith to the extent necessary to prevent such
registration from having to occur. 
 Section 7.8 Binding Effect; Entire Agreement. Except as otherwise provided in this
Agreement, every covenant, term and provision of this Agreement is binding upon and inures to the benefit of the parties hereto and their respective personal representatives, successors and permitted assigns. This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter in any way. 
  

 - 28 - 

 Section 7.9 Provisions in Conflict With Law or Regulations. The provisions of this Agreement
are severable, and if the Trustee determines, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Act or other applicable U.S. federal or state laws,
the Conflicting Provisions shall be deemed never to have constituted a part of this Agreement, even without any amendment of this Agreement pursuant to this Agreement; provided, however, that such determination by the Trustee shall not
affect or impair any of the remaining provisions of this Agreement or render invalid or improper any action taken or omitted prior to such determination. The Trustee shall not be liable for making or failing to make such a determination. 

[Signature Page Follows] 
  

 - 29 - 

 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the day and year first set
forth above. 
  

			
	BARCLAYS GLOBAL INVESTORS
	INTERNATIONAL, INC., as Sponsor
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BARCLAYS GLOBAL INVESTORS, N.A.,
 as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title	 	
	
	 WILMINGTON TRUST COMPANY,
 as Delaware
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 
 FORM OF CERTIFICATE 
 THE SHARES EVIDENCED
HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE iSHARES® DIVERSIFIED ALTERNATIVES TRUST (THE
“TRUST”) AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY THE SPONSOR, THE TRUSTEE, THE DELAWARE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY
IS INSURED UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE AGENT AUTHORIZED BY THE TRUST FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRUST SHARES 
 ISSUED BY 
 iSHARES® DIVERSIFIED ALTERNATIVES TRUST

 REPRESENTING 
 FRACTIONAL
UNDIVIDED INTERESTS IN THE NET ASSETS OF THE TRUST 
 BARCLAYS GLOBAL INVESTORS, N.A., as Trustee 
  

			
	No.             	  	*Shares
		  	CUSIP: [                    ]

 BARCLAYS GLOBAL INVESTORS, N.A., as Trustee
(the “Trustee”), hereby certifies that CEDE & CO., as nominee of The Depository Trust Company, or registered assigns, IS THE OWNER OF [    ]1 Shares issued by iShares® Diversified Alternatives Trust (the “Trust”), each representing a fractional
undivided beneficial interest in the net assets of the Trust, as provided in the Trust Agreement referred to below. The Trustee’s Corporate Trust Office and its principal executive office are located at 400 Howard Street, San Francisco, CA
94105. 
 This Certificate is issued upon the terms and conditions set forth in the Trust Agreement, dated as of
[            ], 2008 (the “Trust Agreement”), among Barclays Global Investors International, Inc. (the “Sponsor”), the Trustee, and Wilmington Trust
Company as Delaware Trustee. The Trust Agreement sets forth the rights of Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies of the Trust Agreement are on file at the Trustee’s Corporate Trust Office. 

 
  

	 1
	 That number of Shares held at The Depository Trust Company at any given point in time. 

  

 Exh. A-1 

 The Trust Agreement is hereby incorporated by reference into and made a part of this Certificate as if
set forth in full in this place. Capitalized terms not defined herein shall have the meanings set forth in the Trust Agreement. 
 This
Certificate shall not be entitled to any benefits under the Trust Agreement or be valid or obligatory for any purpose unless it is executed by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other
than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar. 
  

					
	Dated:                     	 	 BARCLAYS GLOBAL INVESTORS, N.A.,
 as
Trustee

			
		 	By:	 	  

 THE TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS IS 
 400 HOWARDSTREET, SAN FRANCISCO, CA 94105 
  

 Exh. A-2 

 ANNEX I 
 CAPITAL ACCOUNTS, DISTRIBUTIONS AND ALLOCATIONS 
 Section 1 Capital Accounts. 

(a) The Trust shall establish and maintain a separate account (the “Capital Account”) for each Beneficial Owner’s Shares in
accordance with the following provisions (references to Sections in this Annex I will be to Sections in this Annex I unless otherwise stated and references to Sections of the Trust Agreement will be indicated as such): 
 (i) Initial Contribution. A Beneficial Owner’s initial contribution will be equal to the amount of cash contributed to the
Trust by the Beneficial Owner or its agent on the first issuance of Shares to the Beneficial Owner or its agent as described in Article II. 
 (ii) Initial Capital Account. The initial balance of the Capital Account of each Beneficial Owner shall be such Beneficial Owner’s initial contribution. 
 (iii) Adjustments to Capital Accounts. 
 (A) Each Beneficial Owner’s Capital Account shall be increased by the amount of additional cash contributed to the Trust by such
Beneficial Owner or its agent, and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2. 
 (B) Each Beneficial Owner’s Capital Account shall be decreased by the amount of cash distributed to such Beneficial Owner or its
agent pursuant to any provision of this Agreement, and by any expenses, deductions or losses computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2. 
 (iv) Contributions. Each Beneficial Owner agrees that it (or its agent) will contribute property to the Trust only if such property
has, to the best of that Beneficial Owner’s knowledge after reasonable inquiry, a basis for tax purposes equal to the fair market value of such property, and acknowledges that the Trust will rely upon such fair market value basis for purposes
of determining and allocating items of income, gain, loss, deduction, basis and other tax items. For this purpose, Section 7 shall apply to determine fair market value. 
 (b) For purposes of computing the amount of any item of income, gain, deduction, expense or loss to be reflected in a Beneficial Owner’s Capital
Account, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes; provided that: 
 (i) Items described in Section 705(a)(2)(B) of the Code shall be treated as items of deduction. All fees and other expenses incurred
by the Trust to promote the sale of (or to sell) a Share that can neither be deducted nor amortized under Section 709 of the Code shall, for purposes of Capital Account maintenance, be treated as an item described in Section 705(a)(2)(B)
of the Code. 
  

 A-I-1 

 (ii) Except as otherwise provided in Treasury Regulations
Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code. 
 (iii) In computing income, gain, deduction, expense or loss for Capital Account purposes, the amount of such item shall be determined
taking into account the book value of the Trust’s property, as adjusted pursuant to Section 1(d). 
 (c) In the event any
Beneficial Owner’s Shares are transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of such Beneficial Owner to the extent such Capital Account relates to the transferred Shares.

 (d) Consistent with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(f), upon an issuance or redemption of Shares, in
connection with the dissolution, liquidation or termination of the Trust, or otherwise as appropriate pursuant to generally accepted industry accounting practices, the Capital Accounts of all Beneficial Owners may, immediately prior to such
issuance, redemption, dissolution, liquidation, termination, or otherwise, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized Gain or Unrealized Loss attributable to Trust property, as if such
Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of such property, immediately prior to such issuance, redemption, dissolution, liquidation, termination, or otherwise, and had been allocated to the Beneficial Owners at such
time pursuant to Section 2. Pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(g), appropriate adjustments shall be made to the book value of Trust property with Unrealized Gain or Unrealized Loss. Proper adjustment shall be
made to the amount of any Capital Account adjustment under this Section 1(d) to take into account any prior Capital Account adjustment under this Section 1. 
 Section 2 Allocations for Capital Account Purposes. 
 (a) For purposes of maintaining Capital Accounts and in determining the rights of the Beneficial Owners among themselves, except as otherwise provided in this Section 2 each item of income, gain, loss,
expense and deduction (computed in accordance with Section 1(b)) shall be allocated to the Beneficial Owners in accordance with their respective Percentage Interests. 
 (b) Pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(g), items of depreciation, depletion, amortization and gain or loss attributable to
Adjusted Property that has a Book-Tax Disparity shall be allocated among the Beneficial Owners in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3). 
 (c) If any Beneficial Owner unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6), items of Trust income and gain shall be specially allocated to such Beneficial Owner in an amount and manner sufficient to eliminate a deficit balance in its Capital Account (after
decreasing such Beneficial Owner’s Capital Account balance by the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6)) created by such adjustments, allocations or distributions as quickly as
possible. This Section 2(c) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulations Section 1.704-1(b) (2)(ii)(d). 
  

 A-I-2 

 Section 3 Allocations for Tax Purposes. 
 (a) For U.S. federal income tax purposes, except as otherwise provided in this Section 3, each item of income, gain, loss, deduction and
credit of the Trust shall be allocated among the Beneficial Owners in accordance with their respective Percentage Interests. 
 (b) In an
attempt to eliminate Book-Tax Disparities, items of income, gain, or loss shall be allocated for U.S. federal income tax purposes among the Beneficial Owners under the principles of the remedial method of Treasury Regulations
Section 1.704-3(d). 
 (c) If any Beneficial Owner unexpectedly receives any adjustments, allocations or distributions described in
Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Beneficial Owner in an amount and manner consistent with the allocations of income and gain pursuant to Section 2(c).

 (d) The provisions of this Annex I and the other provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Regulations. The Trustee shall be authorized to make appropriate amendments to the allocations of items
pursuant to this Section 3 if necessary in order to comply with Section 704 of the Code or applicable Treasury Regulations thereunder. 
 Section 4 Tax Conventions. 
 (a) For purposes of Sections 1, 2 and 3, the
Trustee shall cause the Trust to adopt such conventions as may be necessary or appropriate in the Trustee’s reasonable discretion in order to comply with applicable law, including Section 706 of the Code and the Treasury Regulations or
rulings promulgated thereunder, or to allocate items of the Trust’s income, gain, loss, expenses, deductions and credits in a manner that reflects Beneficial Owner’s Shares. The Trustee may revise, alter or otherwise modify such
conventions in accordance with the standard established in the prior sentence. 
 (b) Unless the Trustee determines that another convention
is necessary or appropriate in the Trustee’s reasonable discretion in order to comply with applicable law, or to allocate items of the Trust’s income, gain, loss, expenses, deductions and credits in a manner that more accurately reflects
Trustee’s Shares, the Trust shall use the monthly convention described in this Section 4(b). 
 (i) All
issuances, redemptions and transfers of Shares or beneficial interests therein shall be deemed to take place at a price equal to the value of such Share or beneficial interest therein at the end of the Business Day during the month in which the
issuance, redemption or transfer takes place on which the value of a Share is lowest (such price, the “single monthly price”). Accordingly, in determining Unrealized Gain or Unrealized Loss and in making the adjustments provided for
by Section 1(d), the fair market value of all Trust property immediately prior to the issuance, redemption or transfer of Shares shall be deemed to be equal to the lowest value of such property (as determined under Section 7)
during the month in which such Shares are issued or redeemed. [[In the event that the Trust makes an election under Section 754 of the Code, adjustments to be made under Sections 734(b) and 743(b) of the Code will be made using the same monthly
convention, including by reference to the single monthly price]]. 
 (ii) All contributed property shall be deemed to be
contributed at a price equal to the weighted average value of such property (as determined under Section 7) during the month in which such property is contributed. All purchases and sales of property, however, shall be treated as taking
place at a price equal to the purchase or sales price of the property, respectively. 
  

 A-I-3 

 (iii) Each item of Trust income, gain, expense, loss, deduction and credit attributable
to transferred Shares shall, for U.S. federal income tax purposes, be determined on a monthly basis and shall be allocated to the Beneficial Owners who own Shares as of the close of the last day of the month preceding the month in which the transfer
occurs, provided that, for the initial period beginning on the date hereof and ending on the last day of the month following the month in which this Agreement becomes effective, such items shall be allocated to the Beneficial Owners who own
the Shares as of the close of the last day of the month in which such items arose; and provided further that, unless the Trustee determines that another method is necessary or appropriate in the Trustee’s reasonable discretion, gain or
loss on a sale or other disposition of all or a substantial portion of the assets of the Trust (or, in the Trustee’s sole discretion, other sales or dispositions of assets if appropriate to more accurately allocate such gain and loss to
Beneficial Owners in a manner that corresponds to their economic gain and loss) shall be allocated to the Beneficial Owners who own Shares as of the close of the day in which such gain or loss is recognized for federal income tax purposes.
(iv) All such allocations are intended to constitute a reasonable method of allocation in accordance with Treasury Regulations Section 1.706-1(c)(2)(ii) and to take into account a Beneficial Owner or Beneficial Owner’s varying Shares
during the taxable year of any issuance, redemption or transfer of Shares or beneficial interests therein. Any person who is the transferee of Shares shall be deemed to consent to the methods of determination and allocation set forth in this
Section 4 as a condition of receiving such Shares. 
 Section 5 Shares as Personal Property. Each Beneficial Owner
hereby agrees that its Shares shall for all purposes be personal property. The Trust shall be the sole owner of the property and rights conveyed to it. No Beneficial Owner has any interest in specific Trust property, including property conveyed to
the Trust by a Beneficial Owner. 
 Section 6 Interest on Capital Contributions. No Beneficial Owner shall be entitled to any
interest on its capital contribution. 
 Section 7 Valuation.  
 (a) Unless otherwise provided in this Agreement, the value, on any day, of Short-Term Securities or any property, other than cash, shall be determined as
of the closing of trading on the Exchange on that day, as follows: 
 (i) The Trustee will value all property at (A) its
current market value, if quotations for such property are readily available or (B) its fair value, as reasonably determined by the Trustee, if the current market value cannot be determined. 
 (b) The Trustee may (but is not required to) employ the services of, and rely upon the reports of, a recognized pricing service (including a pricing
service that is an Affiliate of the Trustee). If the Trustee determines that the procedures in this Section 7 are an inappropriate basis for the valuation of the Trust’s assets, it shall determine an alternative basis to be
employed. The Trustee shall not be liable to any Person for any determination as to the alternative basis for evaluation; provided that such determination is made in good faith. 
  

 A-I-4 

 Section 8 Distributions. 
 (a) Distributions from the Trust upon the occurrence of a redemption or upon dissolution, liquidation or termination pursuant to Section 2.8 of
the Trust Agreement or Section 6.2 of the Trust Agreement, will be in the form of cash as determined by such sections, as applicable; provided that, in the case of a distributions upon dissolution, liquidation or termination,
amounts received by Beneficial Owners shall be in accordance with Capital Accounts as provided in Treasury Regulations Section 1.704-1(i)(2). 
 (b) Notwithstanding any provision to the contrary contained in this Agreement, the Trust, and the Trustee on behalf of the Trust, shall not be required to make a distribution with respect to Shares if such distribution would violate the Act
or any other applicable law. A determination that a distribution is not prohibited under this Section 8 or the Act shall be made by the Trustee and, to the fullest extent permitted by applicable law, may be based either on financial
statements prepared on the basis of accounting practices and principles that are reasonable under the circumstances or on a fair valuation or any other method that is reasonable under the circumstances. Unless otherwise agreed to by the Beneficial
Owners, a Beneficial Owner shall be entitled only to the distributions expressly provided for in this Agreement. 
 (c) Notwithstanding
anything to the contrary contained in this Agreement, the Beneficial Owners understand and acknowledge that a Beneficial Owner (or its agent) may be compelled to accept a distribution of any asset in kind from the Trust despite the fact that the
percentage of the asset distributed to such Beneficial Owner (or its agent) exceeds the percentage of that asset which is equal to the percentage in which such Beneficial Owner shares in distributions from the Trust. 
  

 A-I-5

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