Document:

EXHIBIT 10.01

                            INDEMNIFICATION AGREEMENT
                            -------------------------

     This Indemnification Agreement (this "Agreement") is made as of the 5th day
of September,  2006, by and between Volt Information Sciences,  Inc., a New York
corporation (the "Corporation"), and Deborah Shaw (the "Indemnitee").

                                   WITNESSETH:

     WHEREAS, it is essential to the Corporation to retain and attract directors
and/or officers who are the most capable persons available;

     WHEREAS,  the  Indemnitee  is  serving or has agreed to serve as a director
and/or  officer of the  Corporation  and in such capacity  will render  valuable
services to the Corporation;

     WHEREAS,  the  Corporation  and the  Indemnitee  recognize the  substantial
increase in  litigation  and claims  being  asserted  against  directors  and/or
officers;

     WHEREAS,  the  Corporation's   By-laws  (together  with  the  Corporation's
Restated Certificate of Incorporation, the "Constituent Documents") provide that
the  Corporation  will  indemnify  its  directors  and officers and will advance
expenses in connection  therewith,  and  Indemnitee's  willingness to serve as a
director and/or officer of the Corporation, or, at the Corporation's request, to
serve any Other  Enterprise (as defined in Paragraph  2(e)) in any capacity,  is
based in part on Indemnitee's reliance on such provisions;

     WHEREAS,  in recognition of Indemnitee's  need for  substantial  protection
against personal liability in order to encourage  Indemnitee's continued service
to the Corporation or, at the Corporation's request, any Other Enterprise, in an
effective manner, and Indemnitee's  reliance on the aforesaid  provisions of the
Constituent  Documents,  and to  provide  Indemnitee  with  express  contractual
indemnification  (regardless  of,  among  other  things,  any  amendment  to  or
revocation  of  such  provisions  or  any  change  in  the  composition  of  the
Corporation's  Board of Directors (the "Board") or any acquisition,  disposition
or  other  business  combination   transaction  involving  or  relating  to  the
Corporation),  the  Corporation  wishes to  provide  in this  Agreement  for the
indemnification  of Indemnifiable  Losses (as defined in Paragraph 2(d)) and the
advancement  of Expenses (as defined in  Paragraph  2(c)) to  Indemnitee  as set
forth in this  Agreement  and, to the extent  insurance is  maintained,  for the
continued  coverage  of  Indemnitee  under  the  Corporation's   directors'  and
officers' liability insurance policies.

     NOW, THEREFORE, in consideration of the Indemnitee's continued service as a
director  and/or officer of the  Corporation,  the Corporation and Indemnitee do
hereby agree as follows:

     1. Agreement to Serve. Indemnitee agrees to continue to serve as a director
and/or  officer of the  Corporation  for so long as he or she is duly elected or
appointed or until such earlier time as he or she tenders his or her resignation
in writing. This provision is not a guarantee of employment or service.

     2. Certain Definitions.  In addition to terms defined elsewhere herein, the
following terms have the following meanings when used in this Agreement:

        (a) The term "Affiliate"  has the meaning given to that term in Rule 405
under the  Securities  Act of 1933,  as  amended;  provided,  however,  that for
purposes of this  Agreement the  Corporation  and its  subsidiaries  will not be
deemed to constitute Affiliates of any Indemnitee.

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        (b) The term "Claim" means any threatened, pending or completed  action,
suit  or  proceeding  (whether  civil,  criminal,  administrative,  arbitrative,
investigative  or  other),  whether  instituted  by  or  in  the  right  of  the
Corporation  or any other  Person,  or any  inquiry  or  investigation,  whether
instituted by the Corporation or any other Person in which  Indemnitee is or was
a party or is threatened to be made a party or in good faith believes might lead
to the institution of any such action, suit or proceeding, by reason of the fact
that  Indemnitee  is or  was a  director,  officer,  employee  or  agent  of the
Corporation (or any subsidiary of the Corporation),  or is or was serving at the
request of the Corporation as a director,  officer,  employee,  member, manager,
trustee, agent or fiduciary (or in any other capacity) of an Other Enterprise.

        (c) The  term "Expenses"  includes all  attorneys'  and   experts' fees,
expenses and charges and all other  costs,  expenses  and  obligations,  paid or
incurred in connection with  investigating,  defending,  or participating  (as a
party, a witness, or otherwise) in (including on appeal), or preparing to defend
or   participate   in,  any  Claim  or   otherwise   establishing   a  right  to
indemnification under this Agreement.

        (d) The  term  "Indemnifiable  Losses"  means  any  and  all   Expenses,
damages, losses,  liabilities,  judgments,  fines, penalties and amounts paid or
payable in settlement (including,  without limitation, all interest, assessments
and other charges paid or payable in connection with or in respect of any of the
foregoing, including any excise taxes assessed on Indemnitee with respect to any
employee benefit plan), relating to, resulting from or arising out of any act or
failure to act by the Indemnitee, or his or her status as any person referred to
in  clause  (i) of this  sentence,  (i) in his or her  capacity  as a  director,
officer,  employee or agent of the  Corporation or any of its Affiliates or as a
director, officer, employee, member, manager, trustee, agent or fiduciary (or in
any other capacity) of any Other Enterprise as to which the Indemnitee is or was
serving  at the  Corporation's  request  and (ii) in  respect  of any  business,
transaction  or other  activity of any entity  referred to in clause (i) of this
sentence.

        (e) The  term "Other  Enterprise" shall mean  any  corporation,  limited
liability  company,  partnership,  joint  venture,  trust  or  other  entity  or
enterprise, whether or not for profit, or any employee benefit plan.

        (f) The  term  "to serve  at  the Corporation's  request" shall mean any
service as a  director,  officer,  employee  or agent of the  Corporation  which
imposes duties on, or involves services by, such Person as a director,  officer,
partner, member, manager, employee, trustee, agent or fiduciary (or in any other
capacity) with respect to any Other Enterprise.

        (g) The term "Person" shall mean any individual, governmental  entity or
Other Enterprise.

        (h) The  term "not  opposed to  the best interests of  the  Corporation"
shall  include  action  taken in good faith and in a manner  the  person  acting
reasonably believed to be in the interest of the Corporation or its shareholders
or the participants and beneficiaries of an employee benefit plan.

     3. General  Indemnification.  The Corporation shall indemnify Indemnitee in
accordance with the provisions of this Paragraph 3 against all Expenses actually
and  reasonably  incurred  by  Indemnitee  in  connection  with the  defense  or
settlement of any Claim; provided, however, that no indemnification for Expenses
shall be made under this  Paragraph  3 in respect of any Claim if a judgment  or
other final adjudication  adverse to Indemnitee  establishes that (i) his or her
acts were  committed  in bad faith or were the result of active  and  deliberate
dishonesty  and,  in  either  case,  were  material  to the  cause of  action so
adjudicated,  or (ii) he or she personally  gained in fact a financial profit or
other  advantage to which he or she was not legally  entitled unless and only to
the extent that the court in which such Claim was brought,  or, if no action was
brought, any court of competent  jurisdiction  determines upon application that,
despite the  adjudication of liability but in view of all the  circumstances  of
the case,  Indemnitee  is fairly and  reasonably  entitled to indemnity  for the
Expenses and the amount of the  Indemnifiable  Losses which the court shall deem
proper.

     4.  Indemnification  of Expenses of Successful Party.  Notwithstanding  any

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other  provision  of this  Agreement,  to the extent  that  Indemnitee  has been
successful on the merits or otherwise, in defense of any Claim, Indemnitee shall
be  indemnified  against  all  Expenses  actually  and  reasonably  incurred  by
Indemnitee in connection  therewith to the fullest extent  permitted by New York
Law.

     5.  Advances of Expenses.  The  Indemnitee's  right to  indemnification  in
Paragraph 3 of this  Agreement  shall include the right of Indemnitee to receive
an advance from the Corporation of any Expenses.  If so requested by Indemnitee,
the Corporation will advance within 45 days of such request any and all Expenses
to  Indemnitee  which  Indemnitee  reasonably  determines  likely to be payable;
provided,  however,  that Indemnitee  will return,  without  interest,  any such
advance which remains unspent at the final  conclusion of the Claim to which the
advance related; and provided,  further, that all amounts advanced in respect of
such  Expenses  shall be repaid to the  Corporation  by  Indemnitee  if it shall
ultimately be determined in a final judgment or as provided in Paragraph 7, that
Indemnitee is not entitled to be indemnified for such Expenses. This undertaking
by  Indemnitee  is an  unlimited  general  undertaking  but no security for such
undertaking will be required.

     6. Indemnification for Additional Expenses. Without limiting the generality
or effect of the foregoing,  the Corporation will indemnify  Indemnitee  against
and, if requested by Indemnitee,  will within 45 days of such request advance to
Indemnitee,  any and all Expenses  paid or incurred by  Indemnitee in connection
with any Claim  asserted or brought by  Indemnitee  for (i)  indemnification  or
advance payment of Expenses by the Corporation under this Agreement or any other
agreement or under any provision of the Corporation's  Constituent Documents now
or hereafter in effect relating to Claims for  Indemnifiable  Losses and/or (ii)
recovery  under  any  directors'  and  officers'  liability  insurance  policies
maintained by the Corporation,  regardless of whether  Indemnitee  ultimately is
determined to be entitled to such  indemnification,  advance  expense payment or
insurance recovery, as the case may be.

     7. Right of Indemnitee to Indemnification Upon Application;  Procedure Upon
Application.

        (a)  Subject  to  Paragraph  8 of  this Agreement,  Indemnitee  will  be
presumed to be entitled to indemnification  under this Agreement.  The burden of
proving that  indemnification or advances of Expenses are not appropriate shall,
to the extent permitted by law, be on the Corporation.

        (b) Any   indemnification  under   Paragraph  3 shall  be  paid  by  the
Corporation  no later  than 45 days  after  receipt  of the  written  request of
Indemnitee,  unless a determination is made within said 45-day period by (i) the
Board of  Directors  by a majority  vote of  directors  who are not and were not
parties  to the  Claim in  respect  of  which  indemnification  is being  sought
("Disinterested  Directors"),  (ii)  a  committee  of  the  Board  of  Directors
comprised of  Disinterested  Directors or (iii)  independent  legal counsel in a
written  opinion,  that  Indemnitee  has  not  met the  relevant  standards  for
indemnification  set forth in this Agreement.  In any such case, the Corporation
shall send prompt  written notice to the  Indemnitee of such  determination.  If
requested by the Indemnitee in writing,  any such determination shall be made by
independent  legal counsel not  previously  employed by the  Corporation  or any
Affiliate thereof.

        (c)  Indemnitee  will  be  entitled to  a hearing  before  the  Board of
Directors of Corporation or the Disinterested  Directors and/or any other person
or  persons  making  a  determination   and  evaluation  under  Paragraph  7(b).
Indemnitee  will be entitled to be represented  by counsel at such hearing.  The
cost  of any  determination  and  evaluation  under  Paragraph  7(b)  (including
attorneys'  fees and other expenses  incurred by Indemnitee in preparing for and
attending  the hearing  contemplated  by Paragraph 7 and otherwise in connection
with the  determination  and evaluation  under Paragraph 7) will be borne by the
Corporation.

        (d) The right to  indemnification or advancement of Expenses as provided
by this  Agreement  shall be enforceable by Indemnitee in any court of competent
jurisdiction.  Neither the failure of the  Corporation  (including  its Board of
Directors or independent  legal counsel) to have made a  determination  prior to
the commencement of such action that Indemnitee has met the applicable  standard
of conduct nor an actual  determination by the Corporation  (including its Board
of Directors or  independent  legal  counsel) that  Indemnitee  has not met such
standard  shall  be a  defense  to the  action  or  create  a  presumption  that
Indemnitee has not met the applicable standard of conduct. Indemnitee's Expenses

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actually and reasonably  incurred in connection with  successfully  establishing
his or her right to indemnification or advances, in whole or in part, shall also
be indemnified by the Corporation.

        (e) With  respect to  any Claim for which  indemnification is requested,
the Corporation will be entitled to participate  therein at its own expense and,
except as  otherwise  provided  below,  the  Corporation  may assume the defense
thereof,  with  counsel  satisfactory  to  Indemnitee.  After  notice  from  the
Corporation to Indemnitee of its election to assume the defense of a Claim,  the
Corporation  will not be liable  to  Indemnitee  under  this  Agreement  for any
Expenses  subsequently  incurred by Indemnitee  in  connection  with the defense
thereof,  other than as provided  below.  The  Corporation  shall not settle any
Claim in any manner which would impose any penalty or  limitation  on Indemnitee
without Indemnitee's written consent.  Indemnitee shall have the right to employ
counsel in any Claim but the fees and  expenses of such counsel  incurred  after
notice from the  Corporation of its assumption of the defense of the Claim shall
be at the  expense  of  Indemnitee,  unless  (i) the  employment  of  counsel by
Indemnitee has been authorized by the  Corporation,  (ii) Indemnitee  shall have
reasonably  concluded  that  there may be a conflict  of  interest  between  the
Corporation  and Indemnitee in the conduct of the defense of a Claim,  (iii) the
named parties in any such Claim  (including any impleaded  parties) include both
the Corporation and Indemnitee,  and Indemnitee shall conclude that there may be
one or more legal defenses available to him or her that are different from or in
addition to those available to the Corporation,  (iv) any such representation by
the  Corporation   would  be  precluded   under  the  applicable   standards  of
professional  conduct then prevailing or (v) the  Corporation  shall not in fact
have employed  counsel to assume the defense of a Claim,  in each of which cases
the fees and  expenses  of  Indemnitee  's  counsel  shall  be  advanced  by the
Corporation.  Notwithstanding  the  foregoing,  the  Corporation  shall  not  be
entitled  to assume the  defense of any Claim  brought by or in the right of the
Corporation.

        (f) The  Corporation  shall pay to Indemnitee,  at the time payments are
made to  Indemnitee  for  Expenses  pursuant to this  Agreement,  an  additional
payment (the "Gross Up Amount") such that after payment of all taxes, if any, on
payments  so made,  including  the  amount  of the Gross Up  Amount,  Indemnitee
retains an amount equal to the amount to be received.

     8.  Limitation on  Indemnification.  No payment  pursuant to this Agreement
shall be made by the Corporation:

        (a) to indemnify or  advance  funds  to   Indemnitee  for  Expenses with
respect to Claims  initiated or brought or joined in  voluntarily  by Indemnitee
and not by way of defense, except with respect to Claims brought to establish or
enforce  a right to  indemnification  or  advancement  of  Expenses  under  this
Agreement or as otherwise required by New York law, but such  indemnification or
advancement of Expenses may be provided by the  Corporation in specific cases if
the Board finds it to be appropriate;

        (b) to indemnify  Indemnitee for any Expenses sustained in any Claim for
which  payment is  actually  made to  Indemnitee  under a valid and  collectible
insurance  policy,  except in respect of any excess beyond the amount of payment
under such insurance;

        (c) to indemnify  Indemnitee for any Expenses sustained in any Claim for
an  accounting  of  profits  made from the  purchase  or sale by  Indemnitee  of
securities of the Corporation pursuant to the provisions of Section 16(b) of the
Securities  Exchange  Act  of  1934,  as  amended,  the  rules  and  regulations
promulgated  thereunder  and  amendments  thereto or similar  provisions  of any
federal, state, or local statutory law;

        (d) to indemnify  Indemnitee if his or her acts violated Section  719 of
the New York Business Corporation law (the "NYBCL"); or

        (e) if a court of competent jurisdiction finally  determines  that  such
payment hereunder is unlawful.

     9.  Indemnification   Hereunder  Not  Exclusive.  The  indemnification  and
advancement of Expenses provided by this Agreement shall not be deemed exclusive

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of any other rights to which  Indemnitee may be entitled  under the  Constituent
Documents  of the  Corporation,  any  agreement,  any  vote of  stockholders  or
Disinterested  Directors,  the  NYBCL or  otherwise,  both as to  action  in his
official capacity and as to action in another capacity while holding such office
(collectively, "Other Indemnity Provisions"); provided, however, that (i) to the
extent that Indemnitee otherwise would have any greater right to indemnification
under  any Other  Indemnity  Provision,  Indemnitee  will be deemed to have such
greater  right  hereunder  and (ii) to the extent that any change is made to any
Other  Indemnity  Provision  which permits any greater right to  indemnification
than that provided under this Agreement as of the date hereof,  Indemnitee  will
be deemed to have such  greater  right  hereunder.  The  indemnification  rights
afforded to Indemnitee  hereby are contract rights and the Corporation  will not
adopt any  amendment  to any of the  Constituent  Documents  the effect of which
would be to eliminate, deny, diminish, encumber or otherwise affect Indemnitee's
right to indemnification  under this Agreement or any Other Indemnity Provision.
The  indemnification  provided by this Agreement shall continue as to Indemnitee
even  though he or she may have ceased to be a  director,  officer,  employee or
agent of the  Corporation  and  shall  inure to the  benefit  of the  heirs  and
personal representatives of Indemnitee.

     10. Partial Indemnification.  If Indemnitee is entitled under any provision
of this Agreement to  indemnification  by the  Corporation  for a portion of the
Expenses and/or  Indemnifiable Losses actually and reasonably incurred by him or
her in any Claim but not, however, for the total amount thereof, the Corporation
shall nevertheless  indemnify Indemnitee for the portion of such Expenses and/or
Indemnifiable Losses to which Indemnitee is entitled. Moreover,  notwithstanding
any other  provision of this  Agreement,  to the extent that Indemnitee has been
successful  on the merits or otherwise in defense of any or all Claims  relating
in whole  or in part to an  Indemnifiable  Loss or in  defense  of any  issue or
matter therein,  including,  without  limitation,  dismissal without  prejudice,
Indemnitee  will be  indemnified  against all  Expenses  incurred in  connection
therewith.

     11. No Other Presumption.  For purposes of this Agreement,  the termination
of any Claim by  judgment,  order,  settlement  (whether  with or without  court
approval) or conviction,  or upon a plea of nolo  contendere or its  equivalent,
shall not, of itself,  create a presumption  that Indemnitee did not act in good
faith in a manner which he or she reasonably believed to be in or not opposed to
the best interests of the Corporation.

     12.  Indemnification  of  Indemnitee's  Estate.  Notwithstanding  any other
provision of this Agreement,  and regardless of whether  indemnification  of the
Indemnitee  would be permitted  and/or  required  under this  Agreement,  if the
Indemnitee is deceased,  the  Corporation  shall indemnify and hold harmless the
Indemnitee's  estate,   spouse,   heirs,   administrators,   personal  or  legal
representatives, executors and trustees (collectively the "Indemnitee's Estate")
against,  and the  Corporation  shall  assume,  any and  all  Expenses  actually
incurred by the  Indemnitee or the  Indemnitee's  Estate in connection  with the
investigation,  defense,  settlement or appeal of any Claim.  Indemnification of
the Indemnitee's Estate pursuant to this Paragraph 12 shall be mandatory and not
require any  determination or finding that the Indemnitee's  conduct satisfied a
particular standard of conduct.

     13. Spousal Indemnification. The indemnifications, benefits and obligations
of this Agreement  shall extend to the spouse of an Indemnitee in the event that
the  spouse  is  made a  party  to a  Proceeding  or  collection,  execution  or
enforcement efforts arising from a Claim.

     14.  Limitation of Actions and Release of Claims.  No  proceeding  shall be
brought  and no cause  of  action  shall  be  asserted  by or on  behalf  of the
Corporation,  any subsidiary of the Corporation or any Other Enterprise  against
the Indemnitee, after the expiration of one year from the act or omission of the
Indemnitee  upon which such  proceeding is based;  however,  in a case where the
Indemnitee  fraudulently  conceals the facts underlying such cause of action, no
proceeding  shall be brought and no cause of action shall be asserted  after the
expiration  of one year from the  earlier of (i) the date the  Corporation,  any
subsidiary of the Corporation or any Other  Enterprise  discovers such facts, or
(ii) the date the  Corporation,  any subsidiary of the  Corporation or any Other
Enterprise  could have  discovered  such  facts by the  exercise  of  reasonable
diligence.  Any claim or cause of action of the  Corporation,  any subsidiary of
the Corporation or any Other  Enterprise,  including claims  predicated upon the

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act or omission of the  Indemnitee,  shall be  extinguished  and deemed released
unless  asserted by filing of a legal action within such period.  This Paragraph
14 shall not apply to any cause of action  which has  accrued on the date hereof
and of which the  Indemnitee  is aware on the date  hereof,  but as to which the
Corporation has no actual knowledge apart from the Indemnitee's knowledge.

     15. Maintenance of Liability Insurance.

        (a) The  Corporation  hereby  covenants  and  agrees  that,  as  long as
Indemnitee  continues to serve as a director or officer of the  Corporation  and
thereafter as long as Indemnitee may be subject to any Claim,  the  Corporation,
subject to  subparagraph  (c)  below,  shall  maintain  in full force and effect
directors' and officers'  liability  insurance  ("D&O  Insurance") in reasonable
amounts from established and reputable insurers.

        (b) In  all  D&O  Insurance policies,  Indemnitee shall  be named as  an
insured  in such a manner as to  provide  the  Indemnitee  the same  rights  and
benefits as are  accorded  to the most  favorably  insured of the  Corporation's
directors and officers.

        (c)  Notwithstanding  the  foregoing,  the   Corporation  shall  have no
obligation to obtain or maintain D&O Insurance if the Corporation  determines in
good faith that such  insurance is not reasonably  available,  the premium costs
for such insurance are disproportionate to the amount of coverage provided,  the
coverage provided by such insurance is so limited by exclusions that it provides
an  insufficient   benefit,  or  Indemnitee  is  covered  by  similar  insurance
maintained by a subsidiary of the Corporation.

     16.  Subrogation.  In the  event  of  payment  under  this  Agreement,  the
Corporation  will be  subrogated  to the  extent of such  payment  to all of the
related rights of recovery of Indemnitee  against other  Persons,  including any
carrier  of  D&O  Insurance  (other  than  personal  directors'  (or  officers')
insurance coverage,  if any, which is maintained by Indemnitee).  The Indemnitee
will  execute all papers  reasonably  required  to evidence  such rights (all of
Indemnitee's  reasonable Expenses related thereto to be reimbursed by or, at the
option of Indemnitee, advanced by the Corporation).

     17. No Duplication of Payments.  The  Corporation  will not be liable under
this  Agreement to make any payment in connection  with any  Indemnifiable  Loss
made against Indemnitee to the extent Indemnitee has otherwise actually received
payment (net of Expenses  incurred in connection  therewith) under any insurance
policy, the Constituent Documents and Other Indemnity Provisions or otherwise of
the amounts otherwise  indemnifiable  hereunder provided that, if Indemnitee for
any reason is required to disgorge  any payment  actually  received by him,  the
Corporation  shall be obligated to pay such amount to  Indemnitee  in accordance
with the other terms of this  Agreement  (i.e.,  disregarding  the terms of this
Paragraph 17).

     18. Successors and Binding Agreement.

        (a) The  Corporation  will  require  any  successor  (whether  direct or
indirect, by purchase,  merger,  consolidation,  reorganization or otherwise) to
all or  substantially  all of the  business  or  assets  of the  Corporation  (a
"Successor"),  by agreement in form and substance satisfactory to Indemnitee and
his or her counsel,  expressly to assume and agree to perform this  Agreement in
the same  manner and to the same  extent the  Corporation  would be  required to
perform if no such  succession  had taken place.  This Agreement will be binding
upon and  inure to the  benefit  of the  Corporation  and may be  assigned  to a
Successor,   but  will  not  otherwise  be  assignable  or  delegatable  by  the
Corporation.

        (b) This  Agreement  will inure  to the benefit of and be enforceable by
the   Indemnitee's   Estate  and,  to  the  extent  provided  in  Paragraph  13,
Indemnitee's spouse.

        (c) This  Agreement is  personal in  nature and  neither of  the parties
hereto will, without the consent of the other, assign or delegate this Agreement
or  any  rights  or  obligations  hereunder  except  as  expressly  provided  in
Paragraphs  18(a) and 18(b).  Without  limiting the  generality or effect of the
foregoing,  Indemnitee's  right  to  receive  payments  hereunder  will  not  be
assignable,  whether by pledge,  creation of a security  interest or  otherwise,

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other than by a transfer by the Indemnitee's  will or by the laws of descent and
distribution, and, in the event of any attempted assignment or transfer contrary
to this  Paragraph  18(c),  the  Corporation  will have no  liability to pay any
amount so attempted to be assigned or transferred.

     19.  Notices.  For all  purposes  of this  Agreement,  all  communications,
including without limitation notices, consents, requests or approvals,  required
or permitted to be given hereunder will be in writing and will be deemed to have
been duly  given when hand  delivered  or  dispatched  by  electronic  facsimile
transmission  (with receipt  thereof  orally  confirmed),  or five business days
after having been mailed by United States  registered or certified mail,  return
receipt  requested,  postage  prepaid or one business day after having been sent
for next-day  delivery by a nationally  recognized  overnight  courier  service,
addressed  to  the  Corporation  (to  the  attention  of  the  Secretary  of the
Corporation)  and to the Indemnitee at the addresses shown on the signature page
hereto, or to such other address as any party may have furnished to the other in
writing and in  accordance  herewith,  except that notices of changes of address
will be effective only upon receipt.

     20.   Governing  Law.  The  validity,   interpretation,   construction  and
performance  of this  Agreement  will be governed by and construed in accordance
with the substantive laws of the State of New York, without giving effect to the
principles  of  conflict  of  laws  of  such  State.   Each  party  consents  to
non-exclusive  jurisdiction  of any New York state or federal court for purposes
of any action,  suit or  proceeding  hereunder,  waives any  objection  to venue
therein or any defense  based on forum non  conveniens  or similar  theories and
agrees  that  service of process may be  effected  in any such  action,  suit or
proceeding by notice given in accordance with Paragraph 19.

     21. Validity.  If any provision of this Agreement or the application of any
provision hereof to any person or circumstance is held invalid, unenforceable or
otherwise illegal by any court of competent jurisdiction,  the remainder of this
Agreement  and  the  application  of  such  provision  to any  other  person  or
circumstance  will not be  affected,  and the  provision  so held to be invalid,
unenforceable or otherwise  illegal will be reformed to the extent,  and only to
the extent, necessary to make it enforceable, valid or legal.

     22. Miscellaneous.  No provision of this Agreement may be waived,  modified
or  discharged  unless such  waiver,  modification  or discharge is agreed to in
writing  signed by  Indemnitee  and the  Corporation.  No waiver by either party
hereto at any time of any breach by the other party  hereto or  compliance  with
any condition or provision of this Agreement to be performed by such other party
will be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time. No agreements or representations,  oral
or  otherwise,  expressed or implied with respect to the subject  matter  hereof
have  been  made by  either  party  that  are not set  forth  expressly  in this
Agreement. References to Paragraphs are to Paragraphs of this Agreement.

     23.   Counterparts.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  each of which will be deemed to be an  original  but all of which
together will constitute one and the same agreement.

     24.  Amendments.  No  amendment,  waiver,  modification,   termination,  or
cancellation  of this Agreement  shall be effective  unless in writing signed by
both parties hereto.

     25. Cooperation and Interest. The Corporation shall cooperate in good faith
with the  Indemnitee  and use its best efforts to ensure that the  Indemnitee is
indemnified and/or reimbursed for liabilities described in this Agreement to the
fullest extent permitted by law.

     26. Legal Fees and Expenses.  It is the intent of the Corporation  that the
Indemnitee not be required to incur legal fees and or other Expenses  associated
with the  interpretation,  enforcement or defense of  Indemnitee's  rights under
this Agreement by litigation or otherwise  because the cost and expense  thereof
would  substantially  detract from the  benefits  intended to be extended to the
Indemnitee hereunder.  Accordingly, without limiting the generality or effect of
any other provision  hereof,  (i) if it should appear to the Indemnitee that the
Corporation  has  failed  to  comply  with  any of its  obligations  under  this
Agreement  or that an action  should be brought  in the nature of a  declaratory
judgment to  determine  the rights of the parties  hereto,  or (ii) in the event
that the  Corporation  or any other person takes or threatens to take any action

<PAGE>

to declare this Agreement void or unenforceable, or institutes any litigation or
other action or proceeding  designed to deny, or to recover from, the Indemnitee
the benefits  provided or intended to be provided to the  Indemnitee  hereunder,
the  Corporation  irrevocably  authorizes  the  Indemnitee  from time to time to
retain  counsel of  Indemnitee's  choice,  at the expense of the  Corporation as
hereafter  provided,  to advise and represent the Indemnitee in connection  with
any such  interpretation,  enforcement or defense,  including without limitation
the initiation or defense of any litigation or other legal action, whether by or
against the  Corporation or any director,  officer,  stockholder or other person
affiliated  with  the  Corporation.   Notwithstanding   any  existing  or  prior
attorney-client  relationship  between the  Corporation  and such  counsel,  the
Corporation   irrevocably   consents  to  the  Indemnitee's   entering  into  an
attorney-client  relationship  with such  counsel,  and in that  connection  the
Corporation  and the  Indemnitee  agree that a confidential  relationship  shall
exist between the  Indemnitee and such counsel.  Without  respect to whether the
Indemnitee  prevails,  in  whole  or in  part,  in  connection  with  any of the
foregoing,  the Corporation will pay and be solely  financially  responsible for
any and all attorneys' and related fees and expenses  incurred by the Indemnitee
in connection with any of the foregoing.

     27. Certain  Interpretive  Matters.  No provision of this Agreement will be
interpreted  in favor of, or against,  either of the parties hereto by reason of
the  extent  to which  either  such  party or its  counsel  participated  in the
drafting  thereof  or by reason of the  extent  to which any such  provision  is
inconsistent with any prior draft hereof or thereof.

     28.  Effective  Date. The provisions of this Agreement  shall cover Claims,
whether now pending or hereafter  commenced,  and shall be  retroactive to cover
acts or  omissions  or alleged acts or  omissions  which  heretofore  have taken
place.

     IN WITNESS WHEREOF,  Indemnitee has executed and the Corporation has caused
its duly  authorized  representative  to execute  this  Agreement as of the date
first above written.

     Attest:                            Volt Information Sciences, Inc.

                                        By:
     ---------------------------           ---------------------------

     Assistant Secretary                       Name: Howard B. Weinreich

     Title:   Senior Vice President &

     General Counsel

                                        -------------------------------

                                                  IndemniteeForm of Amended and Restated Declaration of Trust of the Registrant

 EXHIBIT 4.1 
  
  FORM OF 
  AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND 
 TRUST AGREEMENT 
 OF 
  POWERSHARES DB G10 CURRENCY
HARVEST FUND 
  
 Dated as of
                         , 2006 
   
 By and Among 
  
 DB COMMODITY SERVICES LLC 
 WILMINGTON
TRUST COMPANY 
  
 and 
  
 THE UNITHOLDERS 
 from time to time hereunder 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	 DEFINITIONS; THE TRUST
	  	1
			
	 SECTION 1.1.
	  	 Definitions
	  	1
	 SECTION 1.2.
	  	 Name.
	  	6
	 SECTION 1.3.
	  	 Delaware Trustee; Business Offices
	  	6
	 SECTION 1.4.
	  	 Declaration of Trust
	  	6
	 SECTION 1.5.
	  	 Purposes and Powers
	  	7
	 SECTION 1.6.
	  	 Tax Treatment
	  	7
	 SECTION 1.7.
	  	 General Liability of the Managing Owner
	  	8
	 SECTION 1.8.
	  	 Legal Title
	  	8
	 SECTION 1.9.
	  	 Commencement of Business
	  	8
			
	 ARTICLE II
	  	 THE TRUSTEE
	  	8
			
	 SECTION 2.1.
	  	 Term; Resignation
	  	8
	 SECTION 2.2.
	  	 Powers
	  	9
	 SECTION 2.3.
	  	 Compensation and Expenses of the Trustee
	  	9
	 SECTION 2.4.
	  	 Indemnification
	  	9
	 SECTION 2.5.
	  	 Successor Trustee
	  	10
	 SECTION 2.6.
	  	 Liability of Trustee
	  	10
	 SECTION 2.7.
	  	 Reliance; Advice of Counsel
	  	11
	 SECTION 2.8.
	  	 Payments to the Trustee
	  	12
			
	 ARTICLE III
	  	 UNITS; CAPITAL CONTRIBUTIONS
	  	12
			
	 SECTION 3.1.
	  	 General
	  	12
	 SECTION 3.2.
	  	 Offer of Limited Units
	  	12
	 SECTION 3.3.
	  	 Procedures for Creation and Issuance of Creation Baskets
	  	13

   

 i 

					
	 SECTION 3.4.
	  	 Book-Entry-Only System, Global Security
	  	14
	 SECTION 3.5.
	  	 Assets
	  	17
	 SECTION 3.6.
	  	 Liabilities
	  	17
	 SECTION 3.7.
	  	 Distributions
	  	17
	 SECTION 3.8.
	  	 Voting Rights
	  	18
	 SECTION 3.9.
	  	 Equality
	  	18
			
	 ARTICLE IV
	  	 THE MANAGING OWNER
	  	18
			
	 SECTION 4.1.
	  	 Management of the Trust
	  	18
	 SECTION 4.2.
	  	 Authority of Managing Owner
	  	18
	 SECTION 4.3.
	  	 Obligations of the Managing Owner
	  	19
	 SECTION 4.4.
	  	 General Prohibitions
	  	20
	 SECTION 4.5.
	  	 Liability of Covered Persons
	  	21
	 SECTION 4.6.
	  	 Fiduciary Duty
	  	21
	 SECTION 4.7.
	  	 Indemnification of the Managing Owner
	  	22
	 SECTION 4.8.
	  	 Expenses and Limitations Thereon
	  	23
	 SECTION 4.9.
	  	 Compensation to the Managing Owner
	  	24
	 SECTION 4.10.
	  	 Other Business of Unitholders
	  	24
	 SECTION 4.11.
	  	 Voluntary Withdrawal of the Managing Owner
	  	24
	 SECTION 4.12.
	  	 Authorization of Registration Statements
	  	25
	 SECTION 4.13.
	  	 Litigation
	  	25
			
	 ARTICLE V
	  	 TRANSFERS OF UNITS
	  	25
			
	 SECTION 5.1.
	  	 General Prohibition
	  	25
	 SECTION 5.2.
	  	 Transfer of Managing Owner’s General Units
	  	25
	 SECTION 5.3.
	  	 Transfer of Limited Units
	  	26

   

 ii 

					
	 ARTICLE VI
	  	 DISTRIBUTIONS
	  	26
			
	 SECTION 6.1.
	  	 Distributions of Cash Received from the Master Fund Other than Redemption Proceeds
	  	26
	 SECTION 6.2.
	  	 Liability for State and Local and Other Taxes
	  	26
			
	 ARTICLE VII
	  	 REDEMPTIONS
	  	27
			
	 SECTION 7.1.
	  	 Redemption of Redemption Baskets
	  	27
	 SECTION 7.2.
	  	 Other Redemption Procedures
	  	28
			
	 ARTICLE VIII
	  	 THE LIMITED OWNERS
	  	29
			
	 SECTION 8.1.
	  	 No Management or Control; Limited Liability; Exercise of Rights through DTC
	  	29
	 SECTION 8.2.
	  	 Rights and Duties
	  	29
	 SECTION 8.3.
	  	 Limitation on Liability
	  	30
			
	 ARTICLE IX
	  	 BOOKS OF ACCOUNT AND REPORTS
	  	31
			
	 SECTION 9.1.
	  	 Books of Account
	  	31
	 SECTION 9.2.
	  	 Annual Reports and Monthly Statements
	  	31
	 SECTION 9.3.
	  	 Tax Information
	  	31
	 SECTION 9.4.
	  	 Calculation of Net Asset Value
	  	31
	 SECTION 9.5.
	  	 Maintenance of Records
	  	31
	 SECTION 9.6.
	  	 Certificate of Trust
	  	32
			
	 ARTICLE X
	  	 FISCAL YEAR
	  	32
			
	 SECTION 10.1.
	  	 Fiscal Year
	  	32

   

 iii 

					
	 ARTICLE XI
	  	 AMENDMENT OF TRUST AGREEMENT; MEETINGS
	  	32
			
	 SECTION 11.1.
	  	 Amendments to this Trust Agreement
	  	32
	 SECTION 11.2.
	  	 Meetings of the Trust
	  	34
	 SECTION 11.3.
	  	 Action Without a Meeting
	  	34
			
	 ARTICLE XII
	  	 TERM
	  	35
			
	 SECTION 12.1.
	  	 Term
	  	35
			
	 ARTICLE XIII
	  	 TERMINATION
	  	35
			
	 SECTION 13.1.
	  	 Events Requiring Dissolution of the Trust
	  	35
	 SECTION 13.2.
	  	 Distributions on Dissolution
	  	36
	 SECTION 13.3.
	  	 Termination; Certificate of Cancellation
	  	37
			
	 ARTICLE XIV
	  	 POWER OF ATTORNEY
	  	37
			
	 SECTION 14.1.
	  	 Power of Attorney Executed Concurrently
	  	37
	 SECTION 14.2.
	  	 Effect of Power of Attorney
	  	37
	 SECTION 14.3.
	  	 Limitation on Power of Attorney
	  	38
			
	 ARTICLE XV
	  	 MISCELLANEOUS
	  	38
			
	 SECTION 15.1.
	  	 Governing Law
	  	38
	 SECTION 15.2.
	  	 Provisions In Conflict With Law or Regulations
	  	39
	 SECTION 15.3.
	  	 Construction
	  	39
	 SECTION 15.4.
	  	 Notices
	  	39
	 SECTION 15.5.
	  	 Counterparts
	  	39
	 SECTION 15.6.
	  	 Binding Nature of Trust Agreement
	  	40
	 SECTION 15.7.
	  	 No Legal Title to Trust Estate
	  	40
	 SECTION 15.8.
	  	 Creditors
	  	40
	 SECTION 15.9.
	  	 Integration
	  	40
	 SECTION 15.10.
	  	 Goodwill; Use of Name
	  	40
			
	 EXHIBIT A
	  	 	  	 
	 Form of Global Certificate
	  	A-1
			
	 EXHIBIT B
	  	 	  	 
	 Form of Participant Agreement
	  	B-1
			
	 EXHIBIT C
	  	 	  	 
	 Form of Initial Purchaser Agreement
	  	C-1

   

 iv 

  POWERSHARES DB G10 CURRENCY HARVEST FUND 
   
 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST
AGREEMENT 
  
  This AMENDED AND RESTATED DECLARATION OF
TRUST AND TRUST AGREEMENT of POWERSHARES DB G10 CURRENCY HARVEST FUND is made and entered into as of the              day of
                        , 2006, by and among DB COMMODITY SERVICES LLC, a Delaware limited liability company,
WILMINGTON TRUST COMPANY, a Delaware banking company, as trustee, and the UNITHOLDERS from time to time hereunder. 
   
 *         *         * 
  
 RECITALS 
  
  WHEREAS, the Trust was formed on April 12, 2006 pursuant to the execution and filing by the Trustee of the
Certificate of Trust on April 12, 2006 and the execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of April 12, 2006, as amended on July 19, 2006 (the
“Original Agreement”); 
   
 WHEREAS, currently,
there are and have been no Limited Owners; 
  
 WHEREAS, the
Trustee and the Managing Owner desire to amend the Original Agreement to make the amendments effectuated hereby. 
  
 NOW, THEREFORE, pursuant to Section 8 of the Original Agreement, the Trustee and the Managing Owner hereby amend and restate the Original Agreement
in its entirety as set forth below. 
  
 ARTICLE I

  
 DEFINITIONS; THE TRUST 
  
 SECTION 1.1. Definitions. As used in this Trust Agreement, the
following terms shall have the following meanings unless the context otherwise requires: 
  
 “Administrator” means any Person from time to time engaged to provide administrative services to the Trust pursuant to authority delegated by the Managing Owner. 
  
 “Affiliate” – An “Affiliate” of a “Person”
means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly
or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager
or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity. 

 “Basket” means a Creation Basket or a Redemption Basket, as the context may require.

  
 “Beneficial Owners” shall have the meaning assigned
to such term in Section 3.4(d). 
  
 “Business Day”
means a day other than Saturday, Sunday or other day when banks and/or securities exchanges in the City of New York or the City of Wilmington are authorized or obligated by law or executive order to close. 
  
 “Capital Contributions” means the amounts of cash contributed and
agreed to be contributed to the Trust by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof. 
  
 “CE Act” means the Commodity Exchange Act, as amended. 
  

 “Certificate of Trust” means the Certificate of Trust of the Trust filed with the Secretary of State of the State of Delaware pursuant to
Section 3810 of the Delaware Trust Statute, and as amended from time-to-time. 
   
 “CFTC” means the Commodity Futures Trading Commission. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Corporate Trust Office” means the principal office at which at any particular time the corporate trust business
of the Trustee is administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 
  
 “Covered Person” means the Trustee, the Managing Owner and their
respective Affiliates. 
  
  “Creation Basket” means
the minimum number of Limited Units that may be created at any one time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time to time. 
  
 “Creation Basket Capital Contribution” means a Capital Contribution made by a Participant in connection with a
Purchase Order Subscription Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription Agreement by
(ii) the Net Asset Value per Basket as of closing time of the Exchange or the last to close of the exchanges on which any of the Master Fund’s assets are traded, whichever is later, on the Purchase Order Subscription Date. 

 
 “Currencies” means positions in Currency Contracts, forward
contracts, other foreign exchange positions, as well as cash resulting from any of the foregoing positions. 
  

 2 

 “Currency Contract” means any futures contract or option thereon providing for the delivery or
receipt at a future date of a specified amount of a traded currency at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 
  
   “Delaware Trust Statute” means the Delaware Statutory
Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time. 
  
 “Depository” means The Depository Trust Company, New York, New York, or such other depository of Limited Units as may be selected by the
Managing Owner as specified herein. 
  
  “Depository
Agreement” means the Letter of Representations from the Managing Owner to the Depository, dated as of
                        , 2006 as the same may be amended or supplemented from time to time. 
   
 “Distributor” means any Person from time to time engaged to provide
distribution services or related services to the Trust pursuant to authority delegated by the Managing Owner. 
  
 “DTC” shall have the meaning assigned to such term in Section 3.4(b). 
  
 “DTC Participants” shall have the meaning assigned to such term in Section 3.4(c). 
  
 “Exchange” means the American Stock Exchange or, if the Limited
Units shall cease to be listed on the American Stock Exchange and are listed on one or more other exchanges, the exchange on which the Units are principally traded, as determined by the Managing Owner. 
  
 “Fiscal Quarter” shall mean each period ending on the last day of
each March, June, September and December of each Fiscal Year. 
  
 “Fiscal Year” shall have the meaning set forth in Article X hereof 
  
  “Global Security” means the global certificate or certificates issued to the Depository as provided in the Depository Agreement, each of which shall be in substantially the form attached hereto as Exhibit A.

  
 “Index Currencies” means the underlying Currencies
which comprise the Deutsche Bank G10 Currency Future Harvest Index —Excess ReturnTM from time to time, as described in the Prospectus. 
   
 “Indirect Participants” shall have the meaning assigned to such term in Section 3.4 (c). 
  
  “Initial Purchaser Agreement” means an agreement among the
Trust, the Managing Owner and the Initial Purchaser, substantially in the form of Exhibit C hereto, as it may be amended from time to time in accordance with its terms. 
  
 “Initial Purchaser” means Deutsche Bank Securities Inc., a Delaware corporation. 
   

 3 

 “Internal Revenue Service” or “IRS” means the U.S. Internal Revenue Service or any
successor thereto. 
  
 “Limited Owner” means any person
or entity who is or becomes a Beneficial Owner of Limited Units. 
  
 “Managing Owner” means DB Commodity Services LLC, or any substitute therefor as provided herein, or any successor thereto by merger or operation of law. 
  
  “Master Fund” means DB G10 Currency Harvest Master Fund, a Delaware statutory trust. 
   
 “Master Fund Shares” means the common units of fractional undivided
beneficial interest with limited liability in the profits, losses, distributions, capital and assets of, and ownership of the Master Fund. 
  
 “Net Asset Value” at any time means the total assets in the Trust Estate, determined on the basis of generally accepted accounting principles in
the United States, consistently applied under the accrual method of accounting. The amount of any distribution made pursuant to Article VI hereof shall be a liability of the Trust from the day when the distribution is declared until it is paid.

  
 “Net Asset Value Per Basket” means the product
obtained by multiplying the Net Asset Value Per Unit by the number of Limited Units comprising a Basket at such time. 
  
 “Net Asset Value per Unit” means the Net Asset Value divided by the number of Units outstanding on the date of calculation. 
  
 “NFA” means the National Futures Association. 
  
 “Order Cut-Off Time” means 1:00 pm, New York time, on a Business
Day. 
  
 “Organization and Offering Expenses” shall have
the meaning assigned thereto in Section 4.8(a)(iv). 
  
 “Participant” means a Person that is a DTC Participant and has entered into a Participant Agreement which, at the relevant time, is in full force and effect. 
  
  “Participant Agreement” means an agreement among the Trust, the Managing Owner and a Participant,
substantially in the form of Exhibit B hereto, as it may be amended or supplemented from time to time in accordance with its terms. 
   
 “Person” means any natural person, partnership, limited liability company, statutory trust, corporation, association, or other legal entity.

  
 “Prospectus” means the final prospectus and
disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and declared effective thereby, as the same may at any time and from time to time be amended or supplemented. 
  

 4 

 “Purchase Order Subscription Agreement” shall have the meaning assigned thereto in
Section 3.3(a)(i). 
  
 “Purchase Order Subscription
Date” shall have the meaning assigned thereto in Section 3.3(a)(i). 
  
 “Redemption Basket” means the minimum number of Limited Units that may be redeemed pursuant to Section 7.1, which shall be the number of Limited Units constituting a Creation Basket on the relevant
Redemption Order Date. 
  
 “Redemption Distribution”
means the cash delivered in satisfaction of a redemption of a Redemption Basket as specified in Section 7.1(c). 
  
 “Redemption Order” shall have the meaning assigned thereto in Section 7.1(a). 
  
 “Redemption Order Date” shall have the meaning assigned thereto in Section 7.1(b). 
  
 “Redemption Settlement Time” shall have the meaning assigned
thereto in Section 7.1(d). 
  
 “Registration
Statement” means a registration statement on Form S-1, as it may be amended from time to time, filed with the Securities and Exchange Commission pursuant to which the Trust registered the Limited Units, as the same may at any time and from time
to time be further amended or supplemented. 
  
 “SEC”
means the Securities and Exchange Commission. 
  
 “Sponsor” means any person directly or indirectly instrumental in organizing the Trust or any person who will manage or participate in the management of the Trust, including the Managing Owner or an Affiliate of the Managing
Owner, who pays any portion of the Organizational Expenses of the Trust and any other person who regularly performs or selects the persons who perform services for the Trust. Sponsor does not include wholly independent third parties such as
attorneys, accountants and underwriters whose only compensation is for professional services rendered in connection with the offering of the Units. The term “Sponsor” shall be deemed to include its Affiliates. 
  
 “Subscribing Participant” means a Participant who has submitted a
Purchase Order Subscription Agreement to create one or more Units that has not yet been filled or accepted by the Trust. 
  
 “Suspended Redemption Order” shall have the meaning assigned thereto in Section 7.1(d). 
  
 “Transaction Fee” shall have the meaning assigned thereto in
Section 3.3(d). 
  
 “Treasury Regulations” means
regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations. 
  

 5 

  “Trust” means PowerShares DB G10 Currency Harvest Fund, the Delaware statutory trust formed
pursuant to the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 
   
 “Trust Agreement” means this Amended and Restated Declaration of Trust and Trust Agreement as the same may at any time or from time to time be
amended. 
  
 “Trustee” means Wilmington Trust Company or
any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust. 
  
 “Trust Estate” means all property and cash held by the Trust, and all proceeds therefrom. 
  
 “Unitholders” means the Managing Owner and all Limited Owners, as
holders of Units, where no distinction is required by the context in which the term is used. 
  
 “Units” means the common units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust. The Managing Owner’s Capital
Contributions shall be represented by “General” Units and a Limited Owner’s Capital Contributions shall be represented by “Limited” Units. 
  
 SECTION 1.2. Name. 
  
  (a) The name of the Trust is “PowerShares DB G10 Currency Harvest Fund” in which name the Trustee and the Managing Owner may engage in the
business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 
   
 SECTION 1.3. Delaware Trustee; Business Offices. 
  
 (a) The sole Trustee of the Trust is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in the State of
Delaware as the Trustee may designate in writing to the Unitholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is removed as the
Trustee, the Trustee of the Trust in the State of Delaware shall be the successor Trustee. 
  
  (b) The principal office of the Trust, and such additional offices as the Managing Owner may establish, shall be located at such place or places inside or outside the State of Delaware as the Managing Owner may
designate from time to time in writing to the Trustee and the Unitholders. Initially, the principal office of the Trust shall be at c/o DB Commodity Services LLC, 60 Wall Street, New York, New York 10005. 
   
 SECTION 1.4. Declaration of Trust. The Trustee hereby acknowledges
that the Trust has received the sum of $1,000 in bank accounts in the name of the Trust controlled by the Managing Owner from the Managing Owner as grantor of the Trust, and hereby declares that it 

  

 6 

 
shall hold such sum in trust, upon and subject to the conditions set forth herein for the use and benefit of the Unitholders. It is the intention of the
parties hereto that the Trust shall be a statutory trust under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general
partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except to the extent that the Trust is deemed to constitute a grantor
trust under the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Unitholders partners or members of a joint stock association. The Managing Owner shall not be liable to any person for the
failure of the Trust to qualify as a grantor trust under the Code or any comparable provision of the laws of any State or other jurisdiction where such treatment is sought. Effective as of the date hereof, the Trustee and the Managing Owner shall
have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust
Statute in connection with the formation of the Trust under the Delaware Trust Statute. 
  
  SECTION 1.5. Purposes and Powers. The purposes of the Trust shall be to acquire, hold and redeem Master Fund Shares and to enter into any lawful transaction and engage in any lawful activities in furtherance of
or incidental to the foregoing purposes. The Trust shall not engage in any other business or activity and shall not acquire or own any other assets or take any of the actions set forth in Section 4.4. The Trust shall have all of the powers
specified in Section 15.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner on behalf of the Trust under this Trust Agreement. Nothing in this Trust Agreement shall be construed to give the
Trustee or the Managing Owner the power to vary the investment of the Beneficial Owners within the meaning of Treasury Regulation Section 301.7701-4(c) or similar or successor provisions of United States Treasury Regulations under the Code, nor
shall the Managing Owner take any action that would vary the investment of the Beneficial Owners. 
   
 SECTION 1.6. Tax Treatment. 
  
 (a) Each of the parties hereto, by entering into this Trust Agreement, (i) expresses its intention that the Units will qualify under applicable tax
law as interests in a grantor trust which holds the Trust Estate for their benefit, (ii) agrees that it will file its own Federal, state and local income, franchise and other tax returns in a manner that is consistent with the treatment of the
Trust as a grantor trust in which each of the Unitholders thereof is a beneficiary and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from any taxing authority having jurisdiction over
such holders of Units with respect to the treatment of the Units as anything other than interests in a grantor trust. 
  
 (b) The Managing Owner shall prepare or cause to be prepared and filed the Trust’s tax returns as a grantor trust for Federal, state and local tax
purposes. Subject to Section 4.7, the Trust hereby indemnifies, to the full extent permitted by law, the Managing Owner 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 1.6(b), provided such action taken or omitted to be taken does not constitute fraud, negligence or misconduct. 
  

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 (c) Each Unitholder shall furnish the Managing Owner and the Trustee with information necessary to enable
the Managing Owner to comply with U.S. federal income tax information reporting requirements in respect of such Unitholder’s Units. 
  
 SECTION 1.7. General Liability of the Managing Owner. 
  
 (a) The Managing Owner shall be liable for the acts, omissions, obligations and expenses of the Trust, to the extent not paid out of the assets of the
Trust, to the same extent the Managing Owner would be so liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act and the Managing Owner were a general partner of such partnership. The foregoing provision
shall not, however, limit the ability of the Managing Owner to limit its liability by contract. The obligations of the Managing Owner under this Section 1.7 shall be evidenced by its ownership of the General Units which, solely for purposes of
the Delaware Trust Statute, will be deemed to be a separate class of Units. Without limiting or affecting the liability of the Managing Owner as set forth in this Section 1.7, notwithstanding anything in this Trust Agreement to the contrary,
Persons having any claim against the Trust by reason of the transactions contemplated by this Trust Agreement and any other agreement, instrument, obligation or other undertaking to which the Trust is a party, shall look only to the Trust Estate for
payment or satisfaction thereof. 
  
 (b) Subject to Sections 8.1
and 8.3 hereof, no Unitholder, other than the Managing Owner, to the extent set forth above, shall have any personal liability for any liability or obligation of the Trust. 
  
 SECTION 1.8. Legal Title. Legal title to all of the Trust Estate 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 Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or
in the name of the Managing Owner or any other Person (other than a Unitholder) as nominee. 
  
  SECTION 1.9. Commencement of Business. The commencement of the Trust’s business and the sale of the Limited Units to the Initial Purchaser
pursuant to the Initial Purchaser Agreement shall commence at such time as the Managing Owner shall determine. 
   
 ARTICLE II 
  
 THE TRUSTEE 
  
 SECTION 2.1. Term;
Resignation. 
  
 (a) Wilmington Trust Company has been
appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the
Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Section 2.5 hereof. 
  

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 (b) The Trustee may resign at any time upon the giving of at least 60 days’ advance written notice
to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner does not act within such
sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 
  
 SECTION 2.2. Powers. Except to the extent expressly set forth in Section 1.3(a) and this Article II, the duty
and authority of the Trustee to manage the business and affairs of the Trust is hereby delegated to the Managing Owner, which duty and authority the Managing Owner may further delegate as provided herein, all pursuant to Section 3806(b)(7) of
the Delaware Trust Statute. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the
Trust. The Trustee shall have the power and authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt notice to the
Managing Owner of its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that would reasonably be expected to affect the rights,
obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. 
  
 SECTION 2.3. Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the Managing Owner (including the Trust) reasonable compensation for
its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Managing Owner or an Affiliate of the Managing Owner (including the Trust) for reasonable out-of-pocket expenses incurred by it in the
performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ in connection with the exercise and performance of
its rights and duties hereunder. 
  
 SECTION 2.4.
Indemnification. The Managing Owner agrees (and any additional Managing Owner admitted pursuant to Section 4.2(g) will be deemed to agree), whether or not any of the transactions contemplated hereby shall be consummated, to assume
liability for, and does hereby indemnify, protect, save and keep harmless Wilmington Trust Company (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers, directors, employees, agents and servants
(the “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services
hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or disbursements (including legal fees and expenses) of any kind and nature whatsoever (collectively,
“Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any
other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in
this Section 2.4 shall survive the termination of this Trust Agreement or the removal or resignation of the Trustee. The Indemnified Parties shall not be entitled to indemnification from any Trust Estate. 
  

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 SECTION 2.5. Successor Trustee. Upon the resignation or removal of the Trustee, the Managing Owner
shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and
appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to the outgoing Trustee are
paid. Following compliance with the preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally
named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. 
  
 SECTION 2.6. Liability of Trustee. Except as otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company
acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust is a
party shall look only to the Trust Estate for payment or satisfaction thereof; provided, however, that in no event is the foregoing intended to affect or limit the liability of the Managing Owner as set forth in Section 1.7
hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust is a party, except for the Trustee’s own gross negligence or willful misconduct. In particular,
but not by way of limitation: 
  
 (a) The Trustee shall have no
liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency, value or validity of any Trust Estate; 
  
 (b) The Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions
of the Managing Owner or the Liquidating Trustee; 
  
 (c) The
Trustee shall not have any liability for the acts or omissions of the Managing Owner or its delegatees; 
  
 (d) The Trustee shall not be liable for its failure to supervise the performance of any obligations of the Managing Owner or its delegatees or any
Participant; 
  
 (e) No provision of this Trust Agreement shall
require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (f) Under no circumstances shall the Trustee be liable for indebtedness evidenced by or other obligations of the Trust arising under this Trust Agreement
or any other agreements to which the Trust is a party; 
  

 10 

 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, order or direction of the Managing Owner unless the Managing Owner has offered to
Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington Trust Company (including, without limitation, the
reasonable fees and expenses of its counsel) therein or thereby; 
  
 (i) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will require the
consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware,
(ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Trustee or
(iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby;
and 
  
  (ii) To the extent that, at law or in
equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Unitholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to
any other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are
agreed by the parties hereto to replace such other duties and liabilities of the Trustee. 
   
 SECTION 2.7. Reliance; Advice of Counsel. 
  
 (a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the
statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolutions, request, consent, order, certificate, report, opinion, bond or other document or
paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee shall have examined any
certificates or opinions so as to reasonably determine compliance of the same with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Trustee
may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or 

  

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other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement, the Trustee, at the expense of the Managing Owner or an Affiliate of the
Managing Owner (including the Trust) (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such
agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be
selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons. 
  
 SECTION 2.8. Payments to the Trustee. Any amounts paid to the Trustee
pursuant to this Article shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the Trust Estate. 
  
 ARTICLE III 
  
 UNITS; CAPITAL CONTRIBUTIONS 
  
 SECTION 3.1. General. The Managing Owner shall have the power and
authority, without Limited Owner approval, to issue Units from time to time as it deems necessary or desirable. The number of Units authorized shall be unlimited, and the Units so authorized may be represented in part by fractional Units, calculated
to four decimal places. From time to time, the Managing Owner may divide or combine the Units into a greater or lesser number without thereby changing the proportionate beneficial interests. The Managing Owner may issue Units for such consideration
and on such terms as it may determine (or for no consideration if pursuant to a Unit dividend or split-up), all without action or approval of the Limited Owners. All Units when so issued on the terms determined by the Managing Owner shall be fully
paid and non-assessable. The Units initially shall be divided into two classes: General Units and Limited Units. Every Unitholder, by virtue of having purchased or otherwise acquired a Unit, shall be deemed to have expressly consented and agreed to
be bound by the terms of this Trust Agreement. 
  
 SECTION 3.2.
Offer of Limited Units. The Trust may offer Limited Units to Participants in Creation Baskets and admit additional Limited Owners and/or accept additional contributions from existing Limited Owners pursuant to the Prospectus, Sections 3.3 and
3.4 of this Trust Agreement and the Participant Agreements. The Trust is specifically authorized hereby to enter into and perform its obligations under the Initial Purchaser Agreement. 
  

 12 

 SECTION 3.3. Procedures for Creation and Issuance of Creation Baskets. 
  
 (a) General. The following procedures, as supplemented by the more
detailed procedures specified in the attachment to the Participant Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this
Trust Agreement), will govern the Trust with respect to the creation and issuance of additional Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of
Creation Baskets which may be issued by the Trust is unlimited. 
  
 (i) On any Business Day, a Participant may submit to the Managing Owner a purchase order and subscription agreement to subscribe for and agree to purchase one or more Creation Baskets (such request by a Participant, a
“Purchase Order Subscription Agreement”) in the manner provided in the Participant Agreement. Purchase Order Subscription Agreements must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription
Date”). The Managing Owner will process Purchase Order Subscription Agreements only from Participants with respect to which the Participant Agreement is in full force and effect. The Managing Owner will maintain and make available at the
Trust’s principal offices during normal business hours a current list of the Participants with respect to which the Participant Agreement is in full force and effect. The Managing Owner will deliver (or cause to be delivered) a copy of the
Prospectus to each Participant prior to its execution and delivery of the Participant Agreement and prior to accepting any Purchase Order Subscription Agreement. 
  
 (ii) Any Purchase Order Subscription Agreement is subject to rejection by the Managing Owner pursuant to
Section 3.3(c). 
  
 (iii) After accepting a
Participant’s Purchase Order Subscription Agreement, the Managing Owner will issue and deliver Creation Baskets to fill a Participant’s Purchase Order Subscription Agreement as of noon New York time on the business day immediately
following the Purchase Order Subscription Date, but only if by such time the Managing Owner has received (A) for its own account, the Transaction Fee, and (B) for the account of the Trust the Creation Basket Capital Contribution due from
the Participant submitting the Purchase Order Subscription Agreement. 
  
 (b) Deposit with the Depository. Upon issuing a Creation Basket pursuant to a Purchase Order Subscription Agreement, the Managing Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the
Depository’s customary procedures, for credit to the account of the Participant that submitted the Purchase Order Subscription Agreement. 
  
 (c) Rejection. The Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement
or Creation Basket Capital Contribution: (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Trust or to Limited Owners; (iii) the
acceptance or receipt of which would, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing 

  

 13 

 
Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by
reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 
  
 (d) Transaction Fee. A non-refundable transaction fee will be payable by a Participant to the Managing Owner for its own account in connection with
each Purchase Order Subscription Agreement pursuant to this Section and in connection with each Redemption Order of such Participant pursuant to Section 7.1 (each a “Transaction Fee”). The Transaction Fee charged in connection with
each such creation and redemption shall be initially $500, but may be changed as provided below. Even though a single Purchase Order Subscription Agreement or Redemption Order may relate to multiple Creation Baskets, only a single Transaction Fee
will be due for each Purchase Order or Redemption Order. The Transaction Fee may subsequently be waived, modified, reduced, increased or otherwise changed by the Managing Owner, but will not in any event exceed 0.10% of the Net Asset Value Per
Basket at the time of creation of a Creation Basket or redemption of a Redemption Basket, as the case may be. The Managing Owner shall notify the Depository of any agreement to change the Transaction Fee and shall not implement any increase for
redemptions of outstanding Units until 30 days after the date of that notice. The amount of the Transaction Fee in effect at any given time shall be made available by the Trustee upon request. 
  
 (e) Global Certificate Only. Certificates for Creation Baskets will
not be issued, other than the Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued and redeemed and Limited Units will be transferable solely through the book-entry systems of
the Depository and the DTC Participants and their Indirect Participants as more fully described in Section 3.4. The Depository may determine to discontinue providing its service with respect to Creation Baskets and Limited Units by giving
notice to the Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Managing Owner shall take action
either to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if such a replacement is unavailable, to terminate the Trust. 
  
 SECTION 3.4. Book-Entry-Only System, Global Security. 
  
  (a) Global Security. The Trust and the Managing Owner will enter
into the Depository Agreement pursuant to which the Depository will act as securities depository for Limited Units. Limited Units will be represented by the Global Security (which may consist of one or more certificates as required by the
Depository), which will be registered, as the Depository shall direct, in the name of Cede & Co., as nominee for the Depository and deposited with, or on behalf of, the Depository. No other certificates evidencing Limited Units will be
issued. The Global Security shall be in the form attached hereto as Exhibit A and shall represent such Limited Units as shall be specified therein, and may provide that it shall represent the aggregate amount of outstanding Limited Units from time
to time endorsed thereon and that the aggregate amount of outstanding Limited Units represented thereby may from time to time be increased or decreased to reflect creations or redemptions of Baskets. Any endorsement of a Global Security to reflect
the amount, or any increase or decrease in the amount, of outstanding Limited Units represented thereby shall be made in such manner and upon instructions given by the Managing Owner on behalf of the Trust as specified in the Depository Agreement.

   

 14 

 (b) Legend. Any Global Security issued to The Depository Trust Company or its nominee shall bear a
legend substantially to the following effect: “Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Trust or its agent 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 required 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.” 
  
  (c) The Depository. The Depository
has advised the Trust and the Managing Owner as follows: The Depository is a limited-purpose trust company organized under the laws of the State of New York, a member of the U.S. Federal Reserve System, a “clearing corporation” within the
meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. The Depository was created to hold securities of its
participants (the “DTC Participants”) and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants,
thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their
representatives) own the Depository. Access to the Depository’s system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either
directly or indirectly (“Indirect Participants”). 
  
 (d) Beneficial Owners. As provided in the Depository Agreement, upon the settlement date of any creation, transfer or redemption of Limited Units, the Depository will credit or debit, on its book-entry registration and transfer
system, the number of Limited Units so created, transferred or redeemed to the accounts of the appropriate DTC Participants. The accounts to be credited and charged shall be designated by the Managing Owner on behalf of the Trust and each
Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interests in Limited Units will be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect
Participants. Owners of beneficial interests in Limited Units (“Beneficial Owners”) will be shown on, and the transfer of beneficial ownership by Beneficial Owners will be effected only through, in the case of DTC Participants, records
maintained by the Depository and, in the case of Indirect Participants and Beneficial Owners holding through a DTC Participant or an Indirect Participant, through those records or the records of the relevant DTC Participants. Beneficial Owners are
expected to receive from or through the broker or bank that maintains the account through which the Beneficial Owner has purchased Limited Units a written confirmation relating to their purchase of Limited Units. 
   

 15 

  (e) Reliance on Procedures. So long as Cede & Co., as nominee of the Depository, is
the registered owner of Limited Units, references herein to the registered or record owners of Limited Units shall mean Cede & Co. and shall not mean the Beneficial Owners of Limited Units. Beneficial Owners of Limited Units will not be
entitled to have Limited Units registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered the record or registered holder of Limited Units under this Trust
Agreement. Accordingly, to exercise any rights of a holder of Limited Units under this Trust Agreement, a Beneficial Owner must rely on the procedures of the Depository and, if such Beneficial Owner is not a DTC Participant, on the procedures of
each DTC Participant or Indirect Participant through which such Beneficial Owner holds its interests. The Trust and the Managing Owner understand that under existing industry practice, if the Trust requests any action of a Beneficial Owner, or a
Beneficial Owner desires to take any action that the Depository, as the record owner of all outstanding Limited Units, is entitled to take, in the case of a Trustee request, the Depository will notify the DTC Participants regarding such request,
such DTC Participants will in turn notify each Indirect Participant holding Limited Units through it, with each successive Indirect Participant continuing to notify each person holding Limited Units through it until the request has reached the
Beneficial Owner, and in the case of a request or authorization to act being sought or given by a Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back to the Trust through each Indirect Participant and
DTC Participant through which the Beneficial Owner’s interest in the Limited Units is held. 
  
 (f) Communication between the Trust and the Beneficial Owners. As described above, the Trust will recognize the Depository or its nominee as the
owner of all Limited Units for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows. Pursuant to the Depository Agreement,
the Depository is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the Limited Unit holdings of each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of
Beneficial Owners holding Limited Units, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with sufficient copies of such notice, statement or other communication, in such form, number and at
such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each
such DTC Participant an amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. 
   
 (g) Distributions. Distributions on Limited Units pursuant to Section 3.7 shall be made to the Depository or its
nominee, Cede & Co., as the registered owner of all Limited Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment of distributions in respect of Limited Units, shall credit
immediately DTC Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Limited Units as shown on the records of the Depository or its nominee. The Trust and the Managing Owner also expect that
payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities 

  

 16 

 
held for the accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants and
Indirect Participants. None of the Trust, the Trustee or the Managing Owner will have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership
interests in Limited Units, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship
between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any person by or through which such
Beneficial Owner is considered to own Limited Units. 
  
  (h)
Limitation of Liability. The Global Security to be issued hereunder is executed and delivered solely on behalf of the Trust by the Managing Owner, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by
this Trust Agreement. The representations, undertakings and agreements made on the part of the Trust in the Global Security are made and intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee, but
are made and intended for the purpose of binding only the Trust. Nothing in the Global Security shall be construed as creating any liability on the Managing Owner or the Trustee, individually or personally, to fulfill any representation, undertaking
or agreement other than as provided in this Trust Agreement. 
   
 (i) Successor Depository. If a successor to The Depository Trust Company shall be employed as Depository hereunder, the Trust and the Managing Owner shall establish procedures acceptable to such successor with respect to the matters
addressed in this Section 3.4. 
  
 SECTION 3.5.
Assets. All consideration received by the Trust for the issue or sale of Units together with all of the Trust Estate in which such consideration is invested, all income, earnings, profits, and proceeds thereof, including any proceeds derived
from the sale, exchange or liquidation of such assets, shall belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the
books of account of the Trust. 
  
 SECTION 3.6.
Liabilities. The Trust Estate shall be charged with the liabilities of the Trust; and all expenses, costs, charges and reserves attributable to the Trust. The Managing Owner shall have full discretion, to the extent not inconsistent with
applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Unitholders. 
  
 SECTION 3.7. Distributions. 
  
 (a) Distributions on Units may be paid with such frequency as the Managing
Owner may determine, which may be daily or otherwise, to the Unitholders, from such of the income and capital gains, accrued or realized, from the Trust Estate, after providing for actual and accrued liabilities. All distributions on Units thereof
shall be distributed pro rata to the Unitholders in proportion to the total outstanding Units held by such Unitholders at the date and time of record established for the payment of such distribution and in accordance with Section 3.4(g). Such
distributions may be made in cash or Units as determined by the Managing Owner or pursuant to any program that the Managing Owner may have in effect at the time for the election by each Unitholder of the mode of the making of such distribution to
that Unitholder. 
  

 17 

 (b) The Units shall represent units of beneficial interest in the Trust Estate. Each Unitholder shall be
entitled to receive its pro rata share of distributions of income and capital gains in accordance with Section 3.7(a). 
  
 SECTION 3.8. Voting Rights. Notwithstanding any other provision hereof, on each matter submitted to a vote of the Unitholders, each Unitholder
shall be entitled to a proportionate vote based upon the product of the Net Asset Value per Unit multiplied by the number of Units, or fraction thereof, standing in its name on the books of the Trust in accordance with Section 3.4(g).

  
 SECTION 3.9. Equality. Except as provided herein, all
Units shall represent an equal proportionate beneficial interest in the assets of the Trust subject to the liabilities of the Trust, and each Unit shall be equal to each other Unit. The Managing Owner may from time to time divide or combine the
Units into a greater or lesser number of Units without thereby changing the proportionate beneficial interest in the assets of the Trust or in any way affecting the rights of Unitholders. 
  
 ARTICLE IV 
  
 THE MANAGING OWNER 
  
 SECTION 4.1. Management of the Trust. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the Managing
Owner and the conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. 
  
 SECTION 4.2. Authority of Managing Owner. In addition to and not in limitation of any rights and powers conferred by law or other provisions of
this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner shall have and may exercise on behalf of the Trust, all powers and rights
necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation, the following: 
  
 (a) To enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts,
agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Units and the conduct of Trust activities;

  
 (b) To establish, maintain, deposit into, sign checks and/or
otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its purposes, any such
instrument or agreement so executed or accepted by the Managing Owner in the Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust by the Managing Owner; 
  

 18 

 (c) To deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any
manner consistent with the provisions of this Trust Agreement; 
  
 (d) To supervise the preparation and filing of the Registration Statement and supplements and amendments thereto, and the Prospectus; 
  
 (e) To pay or authorize the payment of distributions to the Unitholders and expenses of the Trust; 
  
 (f) To make any elections on behalf of the Trust under the Code, or any other
applicable U.S. federal or state tax law as the Managing Owner shall determine to be in the best interests of the Trust; and 
  
 (g) In the sole discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners; provided, that
notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its removal as a Managing Owner, pursuant to Section 8.2(d) hereof, or if the
concurrence of at least a majority in interest (over 50%) of the outstanding Units (not including Units owned by the Managing Owner) is not obtained. 
  
 SECTION 4.3. Obligations of the Managing Owner. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust
Agreement, the Managing Owner shall: 
  
 (a) Devote such of its
time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Limited Owners; 
  
 (b) Execute, file, record and/or publish all certificates, statements and
other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 
  
 (c) Retain independent public accountants to audit the accounts of the Trust;

  
 (d) Employ attorneys to represent the Trust; 
  
 (e) Use its best efforts to maintain the status of the Trust as a
“statutory trust” for state law purposes, and as a “grantor trust” for U.S. federal income tax purposes; 
  
 (f) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Managing Owner’s immediate possession or
control; 
  
 (g) enter into a Participant Agreement with each
Participant and discharge the duties and responsibilities of the Trust and the Managing Owner thereunder; 
  
  (h) receive from Participants and process properly submitted Purchase Order Subscription Agreements, as described in Section 3.3(a); 

 

 19 

 (i) in connection with Purchase Order Subscription Agreements, receive Creation Basket Capital
Contributions from Participants; 
  
  (j) in connection with
Purchase Order Subscription Agreements, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Participant submitting a Purchase Order Subscription Agreement for which the Managing Owner has received the requisite
Transaction Fee and the Trust has received the requisite Purchase Order Capital Contribution, as described in Section 3.3(b); 
   
 (k) receive from Participants and process properly submitted Redemption Orders, as described in Section 7.1(a), or as may from time to time be
permitted by Section 7.2; 
  
 (l) in connection with
Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel or cause to be cancelled, Limited Units corresponding to the Redemption Baskets to be redeemed as described in Section 7.1, or as may from
time to time be permitted by Section 7.2; 
  
 (m) interact
with the Depository as required; and 
  
 (n) delegate those of its
duties hereunder as it shall determine from time to time to one or more Administrators or Distributors. 
  
 SECTION 4.4. General Prohibitions. The Trust shall not: 
  

(a) Invest proceeds received on the issuance or sale of Units in anything other than Master Fund Shares; 
  
 (b) Reinvest distributions received in respect of Master Fund Shares;

  
 (c) Redeem Master Fund Shares other than to fund a redemption
request by a Participant; 
  
 (d) Borrow money from or loan money
to any Unitholder (including the Managing Owner) or other Person; 
  
 (e) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) liens for taxes not delinquent or being contested in
good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment
insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or
(v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good
faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; or 
  

 20 

 (f) Cause the Trust to elect to be treated as an association taxable as a corporation for U.S. federal
income tax purposes. 
  
 SECTION 4.5. Liability of Covered
Persons. A Covered Person shall have no liability to the Trust or to any Unitholder or other Covered Person for any loss suffered by the Trust which 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 misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner nor any other
Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to
this Trust Agreement shall be made solely from the assets of the Trust without any rights of contribution from the Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any Administrator or
other delegatee selected by the Managing Owner with reasonable care. 
  
 SECTION 4.6. Fiduciary Duty. 
  
  (a) To the
extent that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Unitholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be
liable to the Trust, the Unitholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that
they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the Trust’s
basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value (excluding Units held by the Managing Owner and its
Affiliates) of the Trust pursuant to Section 11.1(a) below. 
   
 (b) Unless otherwise expressly provided herein: 
  
 (i) whenever a conflict of interest exists or arises between the Managing Owner or any of its Affiliates, on the one hand, and the Trust or any Unitholder or any other Person, on the other hand; or 
  
  (ii) whenever this Trust Agreement or any other agreement
contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Unitholder or any other Person, 
  
 the Managing Owner 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 Managing Owner, the 

   

 21 

  
resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of this Trust Agreement or any other agreement
contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
  
 (c) The Managing Owner and any Affiliate of the Managing Owner 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 Managing Owner. If the Managing Owner
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 Managing Owner shall not be liable
to the Trust or to the Unitholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity or information
to the Trust. Neither the Trust nor any Unitholder shall have any rights or obligations by virtue of this Trust 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 wrongful or improper. Except to the extent expressly provided herein, the Managing Owner may engage or be interested in any
financial or other transaction with the Trust, the Unitholders or any Affiliate of the Trust or the Unitholders. 
   
 SECTION 4.7. Indemnification of the Managing Owner. 
  
 (a) The Managing Owner shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims
sustained by it in connection with its activities for the Trust, provided that (i) the Managing Owner was acting on behalf of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best
interests of the Trust and such liability or loss was not the result of negligence, misconduct, or a breach of this Trust Agreement on the part of the Managing Owner and (ii) any such indemnification will only be recoverable from the Trust
Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the
Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. The source of payments made in respect of indemnification under this Trust Agreement shall be the assets
of the Trust. 
  
 (b) Notwithstanding the provisions of
Section 4.7(a) above, the Managing Owner and any Person acting as broker-dealer for the Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws
unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without
limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including,
without limitation, litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 

 

 22 

 (c) The Trust shall not incur the cost of that portion of any insurance which insures any party against
any liability, the indemnification of which is herein prohibited. 
  
 (d) Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Managing Owner shall be paid by the Trust in advance of the final disposition of such action, suit or
proceeding, if the legal action relates to the performance of duties or services by the Managing Owner on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is initiated by a
Limited Owner and a court of competent jurisdiction specifically approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under
this Section 4.7. 
  
 (e) The term “Managing Owner”
as used only in this Section 4.7 shall include, in addition to the Managing Owner, any other Covered Person performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust
Agreement. 
  
 (f) In the event the Trust is made a party to any
claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, such
Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 
  
 SECTION 4.8. Expenses and Limitations Thereon. 
  
  (a) (i) The Managing Owner or an Affiliate of the
Managing Owner shall be responsible for the payment of all Organization and Offering Expenses incurred in connection with the creation of the Trust and sale of Units pursuant to the Initial Purchaser Agreement. 
  
 (ii) The Managing Owner or an Affiliate of the Managing
Owner also shall be responsible for the payment of all Organization and Offering Expenses incurred after the commencement of the Trust’s operations. 
  
 (iii) [Reserved.] 
  
 (iv) Organization and Offering Expenses shall mean those expenses incurred in connection with the formation, qualification and
registration of the Trust and the Units and in offering, distributing and processing the Units under applicable U.S. federal and state law, and any other expenses actually incurred and, directly or indirectly, related to the organization of the
Trust or the offering of the Units, including, but not limited to, expenses such as: (i) initial and ongoing registration fees, filing fees, escrow fees and taxes, (ii) costs of preparing, printing (including typesetting), amending,
supplementing, mailing and distributing the Registration Statement, the Exhibits thereto 

   

 23 

  
and the Prospectus prior to the commencement of the Trust’s operations, (iii) the costs of qualifying, printing (including typesetting), amending,
supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Units pursuant to the Initial Purchaser Agreement, (iv) travel, telegraph, telephone and other expenses in connection with the
offering and issuance of the Units pursuant to the Initial Purchaser Agreement, (v) accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith. However, such Organization and Offering Expenses
shall exclude any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related thereto. 
  
 (b) All ongoing charges, costs and expenses of the Trust’s operation,
including, but not limited to, the routine expenses associated with (i) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities; (ii) Trust meetings and preparing,
printing and mailing of proxy statements and reports to Unitholders; (iii) the payment of any distributions related to redemption of Units; (iv) routine services of the Trustee, legal counsel and independent accountants; (v) routine
accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vi) postage and insurance; (vii) client relations and services; and (viii) computer equipment and system
maintenance shall be billed to and/or paid by the Managing Owner. The Management Fee and extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto) shall be
billed to and/or paid by the Master Fund. 
   
 (c) The
Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of the Trust for which payment the Trust is responsible. In
addition, payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing services for the Trust in its capacity as the managing owner of the Trust, such as salaries and fringe benefits of officers and directors, rent or
depreciation, utilities and other administrative items generally falling within the category of the Managing Owner’s “overhead,” is prohibited. 
  

SECTION 4.9. Compensation to the Managing Owner. The Managing Owner shall be entitled to compensation for its services as managing owner of the
Trust as set forth in the Prospectus. 
  
 SECTION 4.10. Other
Business of Unitholders. Except as otherwise specifically provided herein, any of the Unitholders and any shareholder, officer, director, employee or other person holding a legal or beneficial interest in an entity which is a Unitholder, may
engage in or possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive with the business of the Trust, shall not be deemed wrongful or
improper. 
  
 SECTION 4.11. Voluntary Withdrawal of the
Managing Owner. The Managing Owner may withdraw voluntarily as the Managing Owner of the Trust only upon one hundred and twenty (120) days’ prior written notice to all Limited Owners and the Trustee. If the withdrawing Managing Owner
is the last remaining Managing Owner, Limited Owners holding 

  

 24 

 
Units equal to at least a majority (over 50%) of the Net Asset Value (not including Units held by the Managing Owner) may vote to elect and appoint,
effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall carry on the business of the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at the Net
Asset Value. If the Managing Owner withdraws and a successor Managing Owner is named, the withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 
  
 SECTION 4.12. Authorization of Registration Statements. Each Limited Owner (or any permitted assignee thereof) hereby
agrees that the Trust, the Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by the Registration Statements on behalf of
the Trust without any further act, approval or vote of the Limited Owners of the Trust, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 
  
  SECTION 4.13. Litigation. The Managing Owner is hereby authorized
to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision of any court, board or
authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the Trust’s assets and, thereafter, out of the assets (to
the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Managing Owner. 
   
 ARTICLE V 
  
 TRANSFERS OF UNITS 
  
 SECTION 5.1. General Prohibition. A Limited Owner may not sell, assign, transfer or otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title
and interest in the capital or profits in the Trust except as permitted in this Article V and any act in violation of this Article V shall not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge
thereof), unless approved in writing by the Managing Owner. 
  
 SECTION 5.2. Transfer of Managing Owner’s General Units. 
  
 (a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s General Units shall be purchased by the Trust for a purchase price in cash equal to the Net Asset Value thereof. The
Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any
reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed
against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part of its properties. 
  

 25 

 (b) To the full extent permitted by law, and on sixty (60) days’ prior written notice to the
Limited Owners, of their right to vote thereon, if the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Managing Owner with another corporation or other entity, the
reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the rights, duties and liabilities of the Managing Owner by, in the case of a
merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Units to an Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions
referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Units for purposes of Sections 5.2(a) or 5.2(c). 
  
 (c) Upon assignment of all of its Units, the Managing Owner shall not cease
to be a Managing Owner of the Trust, or to have the power to exercise any rights or powers as a Managing Owner, or to have liability for the obligations of the Trust under Section 1.7 hereof, until an additional Managing Owner, who shall carry
on the business of the Trust, has been admitted to the Trust. 
  
 SECTION 5.3. Transfer of Limited Units. Beneficial Owners that are not DTC Participants may transfer Limited Units by instructing the DTC Participant or Indirect Participant holding the Limited Units for such Beneficial Owner in
accordance with standard securities industry practice. Beneficial Owners that are DTC Participants may transfer Limited Units by instructing the Depository in accordance with the rules of the Depository and standard securities industry practice.

  
 ARTICLE VI 
  
 DISTRIBUTIONS 
  
 SECTION 6.1. Distributions of Cash Received from the Master Fund Other
than Redemption Proceeds. In the event the Trust receives any distributions of cash from the Master Fund other than from the Trust’s redemption of interests in the Master Fund, the Managing Owner shall cause the Trust to distribute such
amounts to the Unitholders in accordance with their interests therein as promptly as practicable. Any such distributions shall be made in a manner that is in compliance with the Federal income tax rules applicable to grantor trusts and Treasury
Regulation 301.7701-4(c). Any temporary investment of such cash receipts prior to their distribution shall be made in short-term debt instruments in compliance with the requirements of Treasury Regulation § 301.7701-4(c) as interpreted by
the IRS so as to ensure that the Trust maintains its status as a fixed investment trust within the meaning of such Regulation. 
  
 SECTION 6.2. Liability for State and Local and Other Taxes. In the event that the Trust shall be separately subject to taxation by any state or
local or by any foreign taxing 

  

 26 

 
authority, the Trust shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust shall be required to make payments to any
Federal, state or local or any foreign taxing authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Trust to such Unitholder, and such Unitholder shall be liable for, and
shall pay to the Trust, any taxes so required to be withheld and paid over by the Trust within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be liable for (and the Managing Owner shall be entitled to
redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust to the IRS or other taxing authority, from the date of the Managing Owner’s request for payment to the date of
payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount, if any, payable by the Trust to the Unitholder in respect of its Units so redeemed, or in
respect of any other actual distribution by the Trust to such Unitholder, shall be reduced by any obligations owed to the Trust by the Unitholder, including, without limitation, the amount of any taxes required to be paid over by the Trust to the
IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust from any actual distribution or redemption payment to such Unitholder shall be treated as an actual distribution to such Unitholder for all
purposes of this Trust Agreement. 
  
 ARTICLE VII

  
 REDEMPTIONS 
  
 SECTION 7.1. Redemption of Redemption Baskets. The following
procedures, as supplemented by the more detailed procedures specified in the attachment to the Participant Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will
not constitute an amendment of this Trust Agreement), will govern the Trust with respect to the redemption of Redemption Baskets. 
  
  (a) On any Business Day, a Participant with respect to which a Participant Agreement is in full force and effect (as reflected on the list maintained by
the Managing Owner pursuant to Section 3.3(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Managing Owner (such request, a
“Redemption Order”) in the manner specified in the procedures specified in the attachment to the Participant Agreement, as amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment
will not constitute an amendment of this Trust Agreement). 
   
 (b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order
Date”). The Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a
Redemption Order in such circumstances. 
  
  (c) Subject to
deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash in an 

   

 27 

  
amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net
Asset Value Per Basket as of the closing time of the Exchange or the last to close of the exchanges on which any of the Master Fund’s assets are traded, whichever is later, on the Redemption Order Date. 
   
 (d) By noon, New York time, on the Business Day immediately following the
Redemption Order Date (the “Redemption Settlement Time”), if the Managing Owner’s account at the Depository has by noon, New York time, on such day been credited with the Redemption Baskets being tendered for redemption and the
Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by such
Redemption Settlement Time the Managing Owner has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption
Baskets received from the Participant and (ii) keep the redeeming Participant’s Redemption Order open until noon, New York time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order
(such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Managing Owner’s account at the Depository by noon, New York time, on such following Business
Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such Redemption Settlement Time the Managing Owner has not received from the redeeming
Participant all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be
cancelled. Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket
has not been credited to the Trust’s account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree.

  
 (e) The Managing Owner may, in its discretion, suspend the
right of redemption, or postpone the Redemption Settlement Date, (i) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during
which an emergency exists as a result of which delivery, disposal or evaluation of the Trust’s assets is not reasonably practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the protection of
Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 
  
 (f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the
Trust in accordance with the Depository’s procedures. 
  
 SECTION 7.2. Other Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Limited Units in lot sizes smaller than the Redemption Basket and
permitting the Redemption Distribution to be in a form, and delivered in a manner, other than that specified in Section 7.1. 
  

 28 

 ARTICLE VIII 
  
 THE LIMITED OWNERS 
  
 SECTION 8.1. No Management or Control; Limited Liability; Exercise of Rights through DTC. The Limited Owners shall not participate in the
management or control of the Trust’s business nor shall they transact any business for the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Managing Owner. Except as provided in
Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of his Capital Contribution plus his share of any Trust Estate in which such Limited Owner owns
a Unit and profits remaining, if any. Except as provided in Section 8.3 hereof, each Limited Unit owned by a Limited Owner shall be fully paid and no assessment shall be made against any Limited Owner. No salary shall be paid to any Limited
Owner in his capacity as a Limited Owner, nor shall any Limited Owner have a drawing account or earn interest on his contribution. By the purchase and acceptance or other lawful delivery and acceptance of Limited Units, each Beneficial Owner shall
be deemed to be a Limited Owner and beneficiary of the Trust and vested with beneficial undivided interest in the Trust to the extent of the Limited Units owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Trust
Agreement. The rights of Beneficial Owners under this Trust Agreement must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of the Depository, as provided in Section 3.4. 
  
 SECTION 8.2. Rights and Duties. The Limited Owners shall have the
following rights, powers, privileges, duties and liabilities: 
  
 (a) The Limited Owners shall have the right to obtain from the Managing Owner information of all things affecting the Trust, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner
of the Trust, including, without limitation, such reports as are set forth in Article IX and the list of Participants contemplated by Section 3.3(a)(i). In the event that the Managing Owner neglects or refuses to produce or mail to a Limited
Owner a copy of the list of Participants contemplated by Section 3.3(a)(i), the Managing Owner shall be liable to such Limited Owner for the costs, including reasonable attorney’s fees, incurred by such Limited Owner to compel the
production of such information, and for any actual damages suffered by such Limited Owner as a result of such refusal or neglect; provided, however, it shall be a defense of the Managing Owner that the actual purpose of the Limited Owner’s
request for such information was not reasonably related to the Limited Owner’s interest as a beneficial owner in the Trust (e.g., to secure such information in order to sell it, or to use the same for a commercial purpose unrelated to the
participation of such Limited Owner in the Trust). The foregoing rights are in addition to, and do not limit, other remedies available to Limited Owners under U.S. federal or state law. 
  
 (b) The Limited Owners shall receive the share of the distributions provided for in this Trust Agreement in the manner and
at the times provided for in this Trust Agreement. 
  
 (c) Except
for the Limited Owners’ redemption rights set forth in Article VII hereof, Limited Owners shall have the right to demand the return of their capital account only upon the dissolution and winding up of the Trust and only to the extent of funds
available 

  

 29 

 
therefor. In no event shall a Limited Owner be entitled to demand or receive property other than cash. No Limited Owner shall have priority over any other
Limited Owner either as to the return of capital or as to profits, losses or distributions. No Limited Owner shall have the right to bring an action for partition against the Trust. 
  
 (d) Limited Owners holding Units representing at least a majority (over 50%) in Net Asset Value (not including Units held by
the Managing Owner and its Affiliates) may vote to (i) continue the Trust as provided in Section 13.1(a), (ii) remove the Managing Owner on reasonable prior written notice to the Managing Owner, (iii) elect and appoint one or
more additional Managing Owners, or consent to such matters as are set forth in Section 5.2(b), (iv) approve a material change in the trading policies, as set forth in the Prospectus, which change shall not be effective without the prior
written approval of such majority, (v) approve the termination of any agreement entered into between the Trust and the Managing Owner or any Affiliate of the Managing Owner for any reason, without penalty, (vi) approve amendments to this
Trust Agreement as set forth in Section 11.1 hereof, and (vii) terminate the Trust as provided in Section 13.1(e), and in the case of (iii), (iv) and (v) in each instance on 60 days’ prior written notice. 
  
 Except as set forth above, the Limited Owners shall have no voting or other
rights with respect to the Trust. 
  
 SECTION 8.3. Limitation
on Liability. 
  
 (a) Except as provided in Sections 4.7(f),
and 6.2 hereof, and as otherwise provided under Delaware law, the Limited Owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law
of Delaware and no Limited Owner shall be liable for claims against, or debts of the Trust in excess of his Capital Contribution and his share of the applicable Trust Estate and undistributed profits. In addition, and subject to the exceptions set
forth in the immediately preceding sentence, the Trust shall not make a claim against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law,
such Limited Owner is liable to repay such amount. 
  
  (b) The
Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the applicable Trust Estate, each Limited Owner (excluding the Managing Owner to the extent of its ownership of any
Limited Units) against any claims of liability asserted against such Limited Owner solely because he is a beneficial owner of one or more Units as a Limited Owner (other than for taxes for which such Limited Owner is liable under Section 6.2
hereof). 
   
 (c) Every written note, bond, contract,
instrument, certificate or undertaking made or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon the Limited
Owners individually but are binding only upon the assets and property of the Trust, and no resort shall be had to the Limited Owners’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be
made to this Trust Agreement 

  

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and may contain any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Limited Owners
individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this Section 8.3 shall diminish the limitation on the liability of the Trust to the extent set forth in
Section 3.5 and 3.6 hereof. 
  
 ARTICLE IX 

 
 BOOKS OF ACCOUNT AND REPORTS 
  
 SECTION 9.1. Books of Account. Proper books of account for the Trust
shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the
Trust’s business as are required by the CE Act and regulations promulgated thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The
books of account shall be kept at the principal office of the Trust and each Limited Owner (or any duly constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy
the same for any purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and the Trust shall
report its Profits and Losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article X. 
  
 SECTION 9.2. Annual Reports and Monthly Statements. Each Limited Owner shall be furnished as of the end of each month and as of the end of each
Fiscal Year with (a) such reports (in such detail) as are required to be given to Limited Owners by the CFTC and the NFA, (b) any other reports (in such detail) required to be given to Limited Owners by any other governmental authority
which has jurisdiction over the activities of the Trust and (c) any other reports or information which the Managing Owner, in its discretion, determines to be necessary or appropriate. 
  
 SECTION 9.3. Tax Information. Appropriate tax information (adequate to
enable each Limited Owner to complete and file his U.S. federal tax return) shall be delivered to each Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than March 15. 
  
 SECTION 9.4. Calculation of Net Asset Value. Net Asset Value shall be
calculated at such times as the Managing Owner shall determine from time to time. 
  
 SECTION 9.5. Maintenance of Records. The Managing Owner shall maintain: (a) for a period of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last
known address of, and number of Units owned by, all Unitholders, a copy of the Certificate of Trust and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been
executed; copies of the Trust’s Federal, state and local income tax returns and reports, if any; and a record of the information obtained to indicate that a Limited Owner meets the investor suitability standards set 

  

 31 

 
forth in the Prospectus, and (b) for a period of at least six Fiscal Years copies of any effective written trust agreements, subscription agreements and
any financial statements of the Trust. The Managing Owner may keep and maintain the books and records of the Trust in paper, magnetic, electronic or other format at the Managing Owner may determine in its sole discretion, provided the Managing Owner
uses reasonable care to prevent the loss or destruction of such records. 
  
 SECTION 9.6. Certificate of Trust. Except as otherwise provided in the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall not be required to mail a copy of any Certificate of Trust filed
with the Secretary of State of the State of Delaware to each Limited Owner; however, such certificates shall be maintained at the principal office of the Trust and shall be available for inspection and copying by the Limited Owners in accordance
with this Trust Agreement. 
  
 ARTICLE X 
  
 FISCAL YEAR 
  
  SECTION 10.1. Fiscal Year. The Fiscal Year shall begin on the
1st day of January and end on the 31st day of December of each year. The first Fiscal Year of the Trust shall commence on the date of filing of the Certificate of Trust and end on the
31st day of December 2006. The Fiscal Year in which the Trust shall terminate shall end on the date of termination.

   
 ARTICLE XI 
  
 AMENDMENT OF TRUST AGREEMENT; MEETINGS 
  
  SECTION 11.1. Amendments to this Trust Agreement. 

 
 (a) Amendments to this Trust Agreement may be proposed by the Managing
Owner or by Limited Owners holding Units equal to at least 10% of the Net Asset Value of the Trust. Following such proposal, the Managing Owner shall submit to the Limited Owners a verbatim statement of any proposed amendment, and statements
concerning the legality of such amendment and the effect of such amendment on the limited liability of the Limited Owners. The Managing Owner shall include in any such submission its recommendations as to the proposed amendment. The amendment shall
become effective only upon the written approval or affirmative vote of Limited Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the Net Asset Value (excluding Units held
by the Managing Owner and its Affiliates) of the Trust or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and binding and will
not adversely affect the limitations on liability of the Limited Owners as described in Section 8.3 of this Trust Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of this Trust Agreement
requires the approval or affirmative vote of Limited Owners holding a greater interest in Limited Units than is required to amend this Trust Agreement under this Section 11.1, and/or the approval or affirmative vote of the Managing Owner, an
amendment to such provision(s) shall be effective only upon the written approval or affirmative vote of the minimum number of Unitholders which would be required to take or authorize such action, or as 

  

 32 

 
may otherwise be required by applicable law, and upon receipt of an opinion of independent legal counsel as set forth above in this Section 11.1. In
addition, except as otherwise provided below, reduction of the capital account of any assignee or modification of the percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to
this Trust Agreement without such assignee’s approval. 
  
  (b) Notwithstanding any provision to the contrary contained in Section 11.1(a) hereof, the Managing Owner may, without the approval of the Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add
to the representations, duties or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement
any provision herein which may be inconsistent with any other provision herein or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be
inconsistent with the provisions of this Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof
(A) is not adverse to the interests of the Limited Owners; (B) is consistent with Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the
Limited Owners or between the Limited Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability of the Limited Owners, as described in Article VIII hereof or the status of the Trust as a grantor trust for
U.S. federal income tax purposes. Amendments to this document which adversely affect (i) the rights of Limited Owners, (ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the
Trust pursuant to Section 13.1(f) below and (iv) any material changes in the Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at
least a majority (over 50%) of the Net Asset Value (excluding Units held by the Managing Owner and its Affiliates) pursuant to Section 11.1(a) above. 
   

(c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b) hereof, the Managing Owner may, without the approval of
the Limited Owners, amend the provisions of this Trust Agreement if the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are necessary to ensure that the Trust’s status as a grantor trust
will be respected for U.S. federal income tax purposes. 
  
 (d)
Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such change. 
  
 (e) No amendment shall be made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects
any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not withhold its consent for any action which the Limited Owners are permitted to take under Section 8.2(d) above. At the expense of the Managing
Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is required in the opinion of the Trustee. 
  

 33 

  (f) The Trustee shall be under no obligation to execute any amendment to this Trust Agreement or to
any agreement to which the Trust is a party until it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment,
(ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of this Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate
any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of this Trust Agreement in favor of the Trustee. 
  
 (g) No provision of this Trust Agreement may be amended, waived or otherwise
modified orally but only by a written instrument adopted in accordance with this Section. 
   
 SECTION 11.2. Meetings of the Trust. Meetings of the Unitholders may be called by the Managing Owner and will be called by it upon the written request of Limited Owners holding Units equal to at least 10% of
the Net Asset Value of the Trust. Such call for a meeting shall be deemed to have been made upon the receipt by the Managing Owner of a written request from the requisite percentage of Limited Owners. The Managing Owner shall deposit in the United
States mails, within 15 days after receipt of said request, written notice to all Unitholders thereof of the meeting and the purpose of the meeting, which shall be held on a date, not less than 30 nor more than 60 days after the date of mailing of
said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of
Limited Owners for the debts of the Trust. Unitholders may vote in person or by proxy at any such meeting. 
  
  SECTION 11.3. Action Without a Meeting. Any action required or permitted to be taken by Unitholders by vote may be taken without a meeting by
written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Unitholder to any action of the Trust or any Unitholder, as contemplated by this Trust
Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Unitholder given in the manner provided in Section 15.4. The vote or consent of each Unitholder so solicited shall be deemed conclusively to
have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Unitholder, unless the Unitholder expresses written objection to the vote or consent by notice given in the
manner provided in Section 15.4 below and actually received by the Trust within 20 days after the notice of solicitation is effected. The Managing Owner and all persons dealing with the Trust shall be entitled to act in reliance on any vote or
consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Unitholders shall not be void or
voidable by reason of timely communication made by or on behalf of all or any of such Unitholders in any manner other than as expressly provided in Section 15.4. 
   

 34 

 ARTICLE XII 
  
 TERM 
  
 SECTION 12.1. Term. The term for which the Trust is to exist shall commence on the date of the filing of the Certificate of Trust, and shall
terminate pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 
  
 ARTICLE XIII 
  
 TERMINATION 
  
 SECTION 13.1. Events Requiring
Dissolution of the Trust. The Trust shall dissolve at any time upon the happening of any of the following events: 
  
 (a) The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of 90 days after the date of notice
to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an “Event of
Withdrawal”) unless at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Trust or (ii) within 90 days of such Event of Withdrawal all the remaining Unitholders agree in
writing to continue the business of the Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is terminated as the result of an Event of Withdrawal and a failure of all remaining Unitholders
to continue the business of the Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within 120 days of such Event of Withdrawal, Limited Owners holding Units representing at least a majority (over 50%) of the Net
Asset Value (not including Units held by the Managing Owner and its Affiliates) may elect to continue the business of the Trust by forming a new statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in
this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted Trust.
If such an election is made, all Limited Owners of the Trust shall be bound thereby and continue as Limited Owners of the Reconstituted Trust. 
  
 (b) The occurrence of any event which would make unlawful the continued existence of the Trust. 
  
 (c) In the event of the suspension, revocation or termination of the Managing
Owner’s registration as a commodity pool operator under the CE Act, or membership as a commodity pool operator with the NFA (if, in either case, such registration is required under the CE Act or the rules promulgated thereunder) unless at the
time there is at least one remaining Managing Owner whose registration or membership has not been suspended, revoked or terminated. 
  
 (d) The Trust becomes insolvent or bankrupt. 
  

 35 

 (e) The Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value
(which excludes the Units of the Managing Owner) vote to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination. 
  
 (f) The determination of the Managing Owner that the aggregate net assets of
the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust
because the aggregate Net Asset Value of the Trust as of the close of business on any Business Day declines below $10 million. 
  
 (g) The Trust is required to be registered as an investment company under the Investment Company Act of 1940. 
  
 (h) DTC is unable or unwilling to continue to perform its functions, and a
comparable replacement is unavailable. 
  
 The death, legal
disability, bankruptcy, insolvency, dissolution, or withdrawal of any Limited Owner (as long as such Limited Owner is not the sole Limited Owner of the Trust) shall not result in the termination of the Trust, and such Limited Owner, his estate,
custodian or personal representative shall have no right to withdraw or value such Limited Owner’s Units. Each Limited Owner (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his
estate, and he directs the legal representative of his estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the assets of the Trust and any right to an audit or examination of the books of the
Trust, except for such rights as are set forth in Article IX hereof relating to the Books of Account and reports of the Trust. 
  
 SECTION 13.2. Distributions on Dissolution. Upon the dissolution of the Trust, the Managing Owner (or in the event there is no Managing Owner, such
person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further
authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such
powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and
affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: to the
expenses of liquidation and termination and to creditors, including Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for
payment thereof) other than liabilities for distributions to Unitholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Unitholder,
after giving effect to all adjustments made pursuant to Article VI and all distributions theretofore made to the Unitholders pursuant to Article VI. 
  

 36 

 SECTION 13.3. Termination; Certificate of Cancellation. Following the dissolution and distribution
of the assets of the Trust, the Trust shall terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in
accordance with the Delaware Trust Statute. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation.

  
 ARTICLE XIV 
  
 POWER OF ATTORNEY 
  
 SECTION 14.1. Power of Attorney Executed Concurrently. Concurrently
with the written acceptance and adoption of the provisions of this Trust Agreement, each Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of the Subscription Agreement, or in such other form as may be
prescribed by the Managing Owner. Each Limited Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power of substitution, as the true and lawful
attorney-in-fact and agent for such Limited Owner with full power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following:

  
 (a) Any certificates and other instruments, including but not
limited to, any applications for authority to do business and amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Trust as a business or statutory trust in the jurisdictions in which the Trust may conduct
business, so long as such qualifications and continuations are in accordance with the terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the Unitholders under the laws of any jurisdiction;

  
 (b) Any instrument which may be required to be filed by the
Trust under the laws of any state or by any governmental agency, or which the Managing Owner deems advisable to file; and 
  
  (c) This Trust Agreement and any documents which may be required to effect an amendment to this Trust Agreement approved under the terms of this Trust
Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Limited Owner or of others as additional or substituted Limited Owners, or the termination of the Trust, provided such continuation, admission or
termination is in accordance with the terms of this Trust Agreement. 
   
 SECTION 14.2. Effect of Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner: 
  
 (a) Is a special, irrevocable Power of Attorney coupled with an interest, and shall survive and not be affected by the
death, disability, dissolution, liquidation, termination or incapacity of the Limited Owner; 
  

 37 

 (b) May be exercised by the Managing Owner for each Limited Owner by a facsimile signature of one of its
officers or by a single signature of one of its officers acting as attorney-in-fact for all of them; and 
  
 (c) Shall survive the delivery of an assignment by a Limited Owner of the whole or any portion of his Limited Units; except that where the assignee
thereof has been approved by the Managing Owner for admission to the Trust as a substituted Limited Owner, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the Managing Owner to
execute, acknowledge and file any instrument necessary to effect such substitution. 
  
 Each Limited Owner agrees to be bound by any representations made by the Managing Owner and by any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting
negligence or misconduct. 
  
 SECTION 14.3. Limitation on Power
of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner shall not authorize the Managing Owner to act on behalf of Limited Owners in any situation in which this Trust Agreement requires the approval of
Limited Owners unless such approval has been obtained as required by this Trust Agreement. In the event of any conflict between this Trust Agreement and any instruments filed by the Managing Owner or any new Managing Owner pursuant to this Power of
Attorney, this Trust Agreement shall control. 
  
 ARTICLE XV

  
 MISCELLANEOUS 
  
 SECTION 15.1. Governing Law. The validity and construction of this
Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of
Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 15.1, and provided, further, that the
parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there
shall not be applicable to the Trust, the Trustee, the Managing Owner, the Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts
which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post
bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums
payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments
or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or 

  

 38 

 
responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and
powers of the Trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory
trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges
afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 
  
 SECTION 15.2. Provisions In Conflict With Law or Regulations.

  
 (a) The provisions of this Trust Agreement are severable, and
if the Managing Owner shall determine, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other applicable U.S. federal or state
laws, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such determination by the
Managing Owner shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee shall be liable for making or
failing to make such a determination. 
  
 (b) If any provision of
this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement
in any jurisdiction. 
  
 SECTION 15.3. Construction. In
this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted
for convenience and shall not affect the meaning, construction or effect of this Trust Agreement. 
  
 SECTION 15.4. Notices. All notices or communications under this Trust Agreement (other than requests for redemption of Units, notices of
assignment, transfer, pledge or encumbrance of Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent
electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is to be
given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Requests for redemption, notices of
assignment, transfer, pledge or encumbrance of Units shall be effective upon timely receipt by the Managing Owner in writing. 
  
 SECTION 15.5. Counterparts. This Trust Agreement may be executed in several counterparts, and all so executed shall constitute one agreement,
binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 
  

 39 

 SECTION 15.6. Binding Nature of Trust Agreement. The terms and provisions of this Trust Agreement
shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Unitholders. For purposes of determining the rights of any
Unitholder or assignee hereunder, the Trust and the Managing Owner may rely upon the Trust records as to who are Unitholders and permitted assignees, and all Unitholders and assignees agree that the Trust and the Managing Owner, in determining such
rights, shall rely on such records and that Limited Owners and assignees shall be bound by such determination. 
  
 SECTION 15.7. No Legal Title to Trust Estate. Subject to the provisions of Section 1.8 in the case of the Managing Owner, the Unitholders
shall not have legal title to any part of the Trust Estate. 
  
 SECTION 15.8. Creditors. No creditors of any Unitholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to the Trust Estate. 
  
 SECTION 15.9. Integration. This Trust Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
  
 SECTION 15.10. Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which shall belong exclusively to DB Commodity
Services LLC. 
  

 40 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amended and Restated Declaration of
Trust and Trust Agreement as of the day and year first above written. 
  
  
			
	WILMINGTON TRUST COMPANY,
	as Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 DB COMMODITY SERVICES LLC,
 as
Managing Owner

		
	By:	 	  

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

	Name:	 	Gregory S. Collett
	Title:	 	Chief Operating Officer
	
	All Limited Owners now and hereafter admitted as Limited Owners of the Trust and reflected in the records maintained by the Depository, the DTC Participants or the Indirect
Participants, as the case may be, as Limited Owners from time to time, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner by each of the Limited Owners
		
	By:	 	  

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

	Name:	 	Gregory S. Collett
	Title:	 	Chief Operating Officer

   

 41 

  EXHIBIT A 
   
 FORM OF GLOBAL CERTIFICATE 
  
 CERTIFICATE OF BENEFICIAL INTEREST 
 -Evidencing- 
 All Limited Units 
 -in- 
  
  POWERSHARES
DB G10 CURRENCY HARVEST FUND 
   
 UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT 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 REQUIRED 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. 
  
  This is to certify that CEDE & CO. is the owner and registered holder of this Certificate evidencing the ownership of all
issued and outstanding Limited Units (“Units”), each of which represents a fractional undivided unit of beneficial interest in PowerShares DB G10 Currency Harvest Fund (the “Trust”), a Delaware statutory trust formed under the
Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on April 12, 2006, and a Amended and
Restated Declaration of Trust and Trust Agreement, dated as of                         , 2006, by and among DB Commodity
Services LLC, a Delaware limited liability company, as managing owner, Wilmington Trust Company, a Delaware banking company, as trustee, and the unitholders from time to time thereunder (hereinafter called the “Trust Agreement”), copies of
which are available at the principal offices of the Trust. 
   
 At any given time this Certificate shall represent all limited units of beneficial interest in the Trust, which shall be the total number of Units that are outstanding at such time. The Trust Agreement provides for the deposit of cash with
the Trust from time to time and the issuance by the Trust of additional Creation Baskets representing the undivided units of beneficial interest in the assets of the Trust. At the request of the registered holder this Certificate may be exchanged
for one or more Certificates issued to the registered holder in such denominations as the registered holder may request, provided, however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Units
outstanding at any given time. 
  

 A-1 

  Each Authorized Participant hereby grants and conveys all of its rights, title and interest in and to
the Trust to the extent of the undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of this Trust Agreement, all the terms, conditions and covenants of which are incorporated herein as if
fully set forth at length. 
  
 The registered holder of this
Certificate is entitled at any time upon tender of this Certificate to the Trust, endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon
payment of any tax or other governmental charges, to receive at the time and in the manner provided in this Trust Agreement, such holder’s ratable portion of the assets of the Trust for each Redemption Basket tendered and evidenced by this
Certificate. 
  
 The holder of this Certificate, by virtue of the
purchase and acceptance hereof, assents to and shall be bound by the terms of this Trust Agreement, copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the Trust, to which
reference is made for all the terms, conditions and covenants thereof. 
   
 The Trust may deem and treat the person in whose name this Certificate is registered upon the books of the Trust as the owner hereof for all purposes and the Trust shall not be affected by any notice to the contrary.

  
  The Trust Agreement permits, with certain exceptions as
therein provided, the amendment thereof, by the Managing Owner with the consent of the Beneficial Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the net asset value of
the Trust or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and binding and will not adversely affect the limitations on
liability of the Beneficial Owners; provided, however that the Managing Owner may, without the approval of the Beneficial Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or
obligations of the Managing Owner or surrender any right or power granted to the Managing Owner in this Trust Agreement, for the benefit of the Beneficial Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision
in this Trust Agreement which may be inconsistent with any other provision in this Trust Agreement or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which
will not be inconsistent with the provisions of this Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to clause (iii) unless the adoption thereof
(A) is not adverse to the interests of the Beneficial Owners; (B) is consistent with Managing Owner’s control of and power to conduct the business of the Trust; (C) with certain exceptions, does not affect the allocation of
Profits and Losses among the Beneficial Owners or between the Beneficial Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability of the Beneficial Owners or the status of the Trust as a grantor trust for
U.S. federal income tax purposes. Any such consent or waiver by the holder of Units shall be conclusive and binding upon such holder of Units and upon all future holders of Units, and shall be binding upon any Units, whether evidenced by a
Certificate or held in uncertificated form, issued upon the registration or transfer hereof whether or not notation of such consent or waiver is made upon this Certificate and whether or not the 

   

 A-2 

 
Units evidenced hereby are at such time in uncertificated form. The Agreement also permits the amendment thereof, in certain limited circumstances, without
the consent of any holders of Units. 
  
  The Trust Agreement,
and this Certificate, is executed and delivered by DB Commodity Services LLC, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The representations, undertakings and agreements made on
the part of the Trust in this Trust Agreement or this Certificate are made and intended not as personal representations, undertakings and agreements by DB Commodity Services LLC but are made and intended for the purpose of binding only the Trust.
Nothing in the Agreement or this Certificate shall be construed as creating any liability on DB Commodity Services LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in this Trust
Agreement or this Certificate. 
  
 This Certificate shall not
become valid or binding for any purpose until properly executed by the Managing Owner pursuant to this Trust Agreement. 
  
 Terms not defined herein have the same meaning as in this Trust Agreement. 
  
 IN WITNESS WHEREOF, DB Commodity Services LLC, as Managing Owner, has caused this Certificate to be executed in its name by
the manual or facsimile signature of the following Authorized Officers. 
   
  
			
	DB Commodity Services LLC,
	as Managing Owner
		
	By:	 	  

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

	Name:	 	Gregory S. Collett
	Title:	 	Chief Operating Officer
		
	Date:	 	  

   

 A-3 

  EXHIBIT B 
   
 FORM OF PARTICIPANT AGREEMENT 
  

 Previously filed as Exhibit 4.3 to Form S-1 on 
  
 March 16, 2006. 
   
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 B-1 

  EXHIBIT C 
   
 FORM OF INITIAL PURCHASER AGREEMENT 
  
  Previously filed as Exhibit 1.1 to Pre-Effective Amendment No. 1 
  
 to Form S-1 on May 1, 2006. 
   
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 C-1

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