Document:

EX-10.4

 

Exhibit 10.4

CUSTODY AGREEMENT

     This Custody Agreement (this “Agreement”) dated as of November 30, 2007 is made by and
among Brookshire Raw Materials U.S. Trust, a Delaware statutory trust (the “Trust”) acting
for and on behalf of each Fund (as defined below), Brookshire Raw Materials Management, LLC (the
“Managing Owner”) and JPMorgan Chase Bank, N.A., in its capacity as custodian hereunder
(the “Custodian”).

     WHEREAS, the Trust is a Delaware statutory trust organized under 12 Del. Chapter 3801 et seq.
(as amended from time to time, the “Delaware Trust Act”) composed of the following separate
and distinct series (subject to such series receiving sufficient funding to commence trading and
for so long as such series continues trading thereafter), referred to as the Brookshire Raw
Materials (U.S.) Core USD Fund, Brookshire Raw Materials (U.S.) Core CDN Fund, Brookshire Raw
Materials (U.S.) Agriculture USD Fund, Brookshire Raw Materials (U.S.) Agriculture CDN Fund,
Brookshire Raw Materials (U.S.) Metals USD Fund, Brookshire Raw Materials (U.S.) Metals CDN Fund,
Brookshire Raw Materials (U.S.) Energy USD Fund, Brookshire Raw Materials (U.S.) Energy CDN Fund,
Brookshire Raw Materials (U.S.) Accelerated Core USD Fund, and the Brookshire Raw Materials (U.S.)
Accelerated Core CDN Fund (each such series that receives sufficient funding to commence trading
and for so long as such series continues trading, a “Fund” and collectively, the
“Funds”), with Funds whose names includes “USD Fund” being denominated in U.S. Dollars and
Funds whose names includes “CDN Fund” being denominated in Canadian Dollars;

     WHEREAS, the Managing Owner serves as the sole managing owner of the Trust and has complete
management authority over the Trust;

     WHEREAS, the Trust and the Managing Owner wish to set up a (i) US Dollar denominated account
(the “US Main Cash Account”) into which cash for the USD Funds will be initially deposited
and upon the written instruction of the Managing Owner moved into the USD Fund accounts specified
in such written notice and (ii) Canadian Dollar denominated account (the “Canadian Main Cash
Account”) into which cash for the Canadian Funds will be initially deposited and upon the
written instruction of the Managing Owner moved into the Canadian Fund accounts specified in such
written notice; and

     WHEREAS, the Trust and the Managing Owner wish to set forth the terms and conditions pursuant
to which JPMorgan Chase Bank, N.A. shall serve as custodian of securities owned by the USD Funds
(the “US Securities”) and the CDN Funds (the “Canadian Securities”) (other than
commodity futures contracts and forward contracts held in custody by each Fund’s futures commission
merchants) (the US Securities and Canadian Securities (other than commodity futures contracts and
forward contracts) (collectively referred to as “Investments”), cash and other assets of
each Fund, collectively, “Assets”).

     NOW THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set
forth, the parties hereto agree as follows:

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     1. Appointment.

          (a) The Trust and the Managing Owner hereby appoint the Custodian as custodian in respect of
each Fund for the purposes set forth herein, and the Custodian hereby accepts such appointment and
agrees to establish and maintain (a) the US Main Cash Account (in the case of a USD Fund) and the
Canadian Main Cash Account (in the case of a CDN Fund) and (b) one or more segregated securities
and cash accounts for each Fund to hold either US Assets or Canadian Assets for such Fund (with
each such account being separate and distinct with respect to each Fund) in which Custodian will
hold the respective Assets of each Fund as provided herein, in each case upon the terms and subject
to the conditions set forth herein. Each such account shall be in the name of the applicable Fund.

          (b) Each Fund will deliver to the Custodian all Assets owned by it, and all payments of
income, payments of principal or capital distributions received by it with respect to all
Investments owned by such Fund from time to time. The Custodian shall not be under any duty or
obligation to require any Fund to deliver to it any Assets owned by any Fund and shall have no
responsibility or liability for or on account of Assets not so delivered.

          (c) The Custodian may from time to time in accordance with this Agreement appoint one or more
domestic sub-custodians, foreign sub-custodians and interim sub-custodians to act on behalf of
Custodian for each Fund (collectively, the “Sub-Custodians”). Sub-Custodians may include
branches and affiliates of the Custodian.

          (d) All Assets of each Fund delivered to the Custodian, any Sub-Custodian or its agents shall
be administered as provided in this Agreement. The duties of the Custodian with respect to each
Fund’s delivered Assets shall be only as set forth expressly in this Agreement and no other duties
shall be implied.

     2. Initial Deposit of Assets. The initial deposit of Assets for each Fund shall consist of
funds transferred from the subscription escrow account for such Fund that is held by JPMorgan Chase
Bank, N.A., in its capacity as the escrow agent (in such capacity, the “Escrow Agent”)
pursuant to that certain Subscription Escrow Agreement dated October 12, 2007 (the
“Subscription Escrow Agreement”), following the Initial Closing (as defined in the
Subscription Escrow Agreement) for such Fund

     3. Additional Deposits of Assets.

          (a) From time to time following the Initial Closing of a Fund, one or more additional persons
or entities may subscribe to such Fund (each, an “Additional Subscription”). Proceeds of
each Additional Subscription shall be deposited with the Custodian in the US Main Cash Account (in
the case of a US dollar subscription) or the Canadian Main Cash Account (in the case of a Canadian
dollar subscription), and from there moved into the appropriate USD Fund account or Canadian Fund
account only upon the written instruction of the Managing Owner.

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          (b) The Managing Owner shall instruct subscribers and prospective subscribers to make checks
for subscriptions payable to the order of “JPMorgan Chase Bank, NA as Custodian for Brookshire Raw
Materials” or send wire transfers for subscriptions directly to the Custodian in accordance with
the instructions set forth on Schedule 2 attached hereto. If Custodian receives any U.S.
dollar checks that are sent to the Custodian but not made payable in conformity to this Section
3(b), the Custodian shall promptly notify the Managing Owner and shall not deposit the same
into the US Main Cash Account (in the case of a US dollar subscription). The Managing Owner shall
then be entitled to work with the transmitter of such check for a period not to exceed five (5)
Business Days (as hereinafter defined). In the event that the Managing Owner is unable to have
such defect remedied within such five (5) Business Day period, the Custodian shall reject such
checks and return them to their sender. Any wires that are sent to the Custodian or the
Sub-Custodian but not made payable in conformity to this Section 3(b) shall not be
deposited to the US Main Cash Account (in the case of a US dollar subscription) or to the Canadian
Main Cash Account (in the case of a Canadian dollar subscription) but shall be rejected by the
Custodian or the Sub-Custodian, as applicable.

          (c) For any U.S. dollar check returned unpaid to the Custodian, such unpaid amount shall be
debited against the US Main Cash Account and the Custodian shall promptly notify the Managing Owner
thereof and return the returned check to the sender thereof.

     4. Instructions.

          (a) Unless otherwise explicitly indicated herein, the Custodian shall perform its duties
pursuant to written instructions provided to the Custodian by the Managing Owner
(“Instructions”). Instructions shall be valid only if given by an authorized person listed
on Schedule 4 (an “Authorized Person”). Instructions may be transmitted by the
Managing Owner to the Custodian only in writing. The Custodian shall follow such written
Instructions; provided, that (i) the Custodian shall have no liability for shipping and
insurance costs associated therewith, and (ii) full payment shall have been made to the Custodian
of its compensation, costs, expenses and other amounts to which it is entitled to under this
Agreement.

          (b) The Custodian may treat any Authorized Person as having full authority of the Managing
Owner to issue Instructions hereunder unless Schedule 4 contains explicit limitations as
to said authority. The Custodian shall be entitled to rely upon the authority of Authorized
Persons until it receives appropriate written notice from the Managing Owner to the contrary.

          (c) The applicable Authorized Person shall be responsible for assuring the adequacy and
accuracy of Instructions. Particularly, upon any acquisition or disposition or other dealing in
the applicable Fund’s Investments and upon any delivery and transfer of any Investment or moneys,
the Authorized Person initiating such Instruction shall give the Custodian an Instruction with
appropriate detail, including, without limitation:

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          (i) The transaction date, and the date and location of settlement;

          (ii) The specification of the type of transaction;

          (iii) A description of the Assets in question, including, as appropriate, quantity,
price per unit, amount of money to be received or delivered, currency information and
identifying number such as a CUSIP, SEDOL or ISIN number. The Custodian shall be entitled
to rely on such descriptive information as controlling notwithstanding any inconsistency
contained in such Instruction, particularly with respect to the description of the security
in question; and

          (iv) The name of the broker and broker number or similar entity and number concerned
with execution of the transaction (if applicable).

          (d) If the Custodian believes an Instruction to be either unclear or incomplete, the Custodian
may give prompt notice of such determination to the Managing Owner, and the Managing Owner shall
thereupon amend or otherwise reform such Instruction. In such event, the Custodian shall have no
obligation to take any action in response to the Instruction initially delivered until the
redelivery of an amended or reformed Instruction.

     5. Safekeeping of Fund Assets.

          (a) General. The Custodian shall keep safely the Assets of each Fund that have been delivered
to the Custodian and from time to time shall accept delivery of Assets of each Fund for
safekeeping.

          (b) Use of Securities Depositories. The Custodian may deposit and maintain the US Securities
in (i) The Depository Trust Company, (ii) the Participants Trust Company, (iii) any book-entry
system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, Subpart B of 31CFR Part
350, or the book-entry regulations of federal agencies substantially in the form of Subpart O, or
(iv) any other domestic clearing agency registered with the Securities and Exchange Commission (the
“SEC”) under Section 17A of the Securities Exchange Act of 1934, as amended, which acts as
a securities depository and whose use the Trust has previously approved (each of the foregoing
being referred to in this Agreement as a “Securities Depositary”), appointed by the
Custodian either directly or through one or more Sub-Custodians. US Securities held in a
Securities Depository shall be held (i) subject to the agreement, rules, statement of terms and
conditions or other document or conditions effective between the Securities Depository and the
Custodian, or the Sub-Custodian as the case may be, and (ii) in an account for each Fund or in bulk
segregation in an account maintained for the non-proprietary assets of the entity holding such US
Securities in the Depository. If market practice or the rules and regulations of the Securities
Depository prevent the Custodian, Sub-Custodian or (any agent of either) from holding its client
assets in such a separate account, the Custodian, Sub-Custodian or other agent shall as appropriate
segregate such Investments for benefit of the applicable Fund or for the benefit of clients

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of the Custodian generally on its own books. The parties understand that Canadian Securities held
by the Custodian, Sub-Custodian or other agent will not be held in the above-mentioned Securities
Depositories.

          (c) Certificated Assets. Investments which are certificated may be held in registered or
bearer form: (i) in the Custodian’s vault; (ii) in the vault of a Sub-Custodian or an agent of the
Custodian; or (iii) in an account maintained by the Custodian Sub-Custodian or, in the case of US
Securities, by an agent at a Securities Depository; all in accordance with customary market
practice in the jurisdiction in which any Investments are held, in the name of and for the
applicable Fund.

          (d) Registered Assets. Investments which are registered may be registered in the name of the
applicable Fund or a nominee (other than a nominee of the Custodian or Sub-Custodian) for any of
the foregoing, and may be held in any manner set forth in Section 3(b) above without any
identification of fiduciary capacity in such registration.

          (e) Book Entry Assets. Investments which are represented by book-entry may be so held in an
account maintained by a book-entry agent on behalf of the Custodian or another agent of the
Custodian, or a Securities Depository.

          (f) Replacement of Lost Investments. In the event of a loss of any Investments for which the
Custodian is responsible under the terms of this Agreement, the Custodian shall replace such
Investment, or in the event that such replacement cannot be effected, the Custodian shall pay to
the applicable Fund the fair market value of such Investment based on the last available price as
of the close of business in the relevant market on the date that a claim was first made to the
Custodian with respect to such loss, or, if less, such other amount as shall be agreed by the
parties as the date for settlement.

     6. Additional Duties of the Custodian. The Custodian shall perform the following duties with
respect to Investments of each Fund.

          (a) Purchase of Investments. Pursuant to Instructions, Investments for a Fund purchased for
the account of such Fund shall be paid for (i) against delivery thereof to the Custodian, a
Sub-Custodian, either directly or through a clearing corporation or a Securities Depository (in
accordance with the rules of such Securities Depository or such clearing corporation), or (ii)
otherwise in accordance with an Instruction, applicable law, generally accepted trade practices, or
the terms of the instrument representing such Investment.

          (b) Sale of Investments. Pursuant to Instructions, Investments sold for the account of a Fund
shall be delivered (i) against payment therefor, by check or by bank wire transfer, (ii) by credit
to the account of the Custodian or a Sub-Custodian with a clearing corporation or a Securities
Depository (in accordance with the rules of such Securities Depository or such clearing
corporation), or (iii) otherwise in accordance with an Instruction, applicable law, generally
accepted trade practices, or the terms of the instrument representing such Investment.

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          (c) Contractual Obligations and Similar Investments. From time to time, a Fund’s Investments
may include Investments that are not ownership interests as may be represented by certificate
(whether registered or bearer), by entry in a Securities Depository or by book entry agent,
registrar or similar agent for recording ownership interests in the relevant Investment. If a Fund
shall at any time acquire such Investments, including without limitation deposit obligations, the
Custodian shall (i) receive and retain, to the extent the same are provided to the Custodian,
confirmations or other documents evidencing the arrangement; and (ii) perform on such Fund’s
account in accordance with the terms of the applicable arrangement, but only to the extent directed
to do so by Instruction. The Custodian shall have no responsibility for agreements running to such
Fund as to which it is not a party other than to retain, to the extent the same are provided to the
Custodian, documents or copies of documents evidencing the arrangement and, in accordance with
Instruction, to include such arrangements in reports made to such Fund.

          (f) Surrender of Securities. As directed by Instruction, the Custodian may surrender
securities: (i) in temporary form for definitive securities; (ii) for transfer into the name of an
entity allowable under Section 3(d); and (iii) for a different number of certificates or
instruments representing the same principal amount of indebtedness.

          (g) Income Collection. Unless otherwise directed by Instruction, the Custodian shall receive
any amount due and payable to each Fund with respect to Investments and promptly credit the amount
collected to such Fund’s account; provided, however, that the Custodian shall not
be responsible for: (i) the collection of amounts due and payable with respect to Investments that
are in default or (ii) the collection of cash or security entitlements with respect to Investments
that are not registered in the name of the Custodian, a Sub-Custodian or a nominee thereof. The
Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and
delivered to effect collection of any amount due and payable to a Fund with respect to Investments.
Where dividends, interest or other entitlements or benefits arise in relation to the Assets held
in any pooled account together with assets held by the Custodian for other clients, the Custodian
will allocate to the Fund for whom it holds such Assets a pro rata share in such entitlements in
proportion to the pro rata share of the pooled account assets held for the benefit of such Fund.
Where an allocation of a pro rata entitlement would otherwise require the Custodian to allocate a
fraction of a currency unit or other asset to the relevant Fund, such fraction may be retained by
the Custodian as an additional fee.

          (h) Taxes.

          (i) Each Fund shall be liable for all taxes, assessments, duties and other
governmental charges, including any interest or penalty with respect thereto (collectively,
“Taxes”), with respect to any Assets held on behalf of a Fund or any transaction
related thereto. In accordance with Section 13, the Custodian shall be indemnified
by the Trust and the applicable Fund(s) for the amount of any Tax that the Custodian,
Sub-Custodian or any other withholding agent is required under applicable laws (whether by
assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments
or distributions

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made to or for the account of the Trust or a Fund (including any payment of Tax
required by reason of an earlier failure to withhold). In the event that the Custodian or
Sub-Custodian is required under applicable law to pay any Tax on behalf of a Fund with
respect to interest earned on cash deposits, the Custodian is hereby authorized to withdraw
cash from any US Cash Account or Canadian Cash Account for that particular Fund only, in
the amount required to pay such Tax and to use such cash, for the timely payment of such
Tax in the manner required by applicable law. If the aggregate amount of cash in all cash
accounts for that particular Fund is not sufficient to pay such Tax, the Custodian shall
promptly notify the Managing Owner of the additional amount of cash (in the appropriate
currency) required, and the Managing Owner shall directly deposit such additional amount in
the appropriate cash account for that Fund promptly after receipt of such notice, for use
by the Custodian as specified herein.

          (ii) The Custodian and each Sub-Custodian shall be indemnified in accordance with
Section 13 in respect of any liability arising from any under-withholding or
underpayment of any Tax which results from the inaccuracy or invalidity of any such forms
or other documentation, and such obligation to indemnify the Custodian and each
Sub-Custodian shall survive the resignation or removal of the Custodian or the termination
of this Agreement.

          (iii) All interest earned on cash deposited with the Custodian under this Agreement by
a particular Fund shall be allocated and reported by the Custodian to the IRS as income of
such Fund. The Custodian shall file U.S. information returns based on the income of each
Fund and will withhold any taxes as are required by any law or regulation then in effect.
The parties hereto acknowledge and agree that (A) the Custodian will only be reporting
under U.S. law, and (B) the Custodian will not report any income earned by a Fund under
this Agreement to any subscriber.

          (j) Transaction Records.

          (i) The Custodian shall furnish to the Managing Owner and the Trust (on behalf of each
Fund), on a monthly basis, a statement setting forth daily transactions and a monthly
summary of all transfers to or from each account maintained by the Custodian (either
directly or through a Sub-Custodian) on behalf of each Fund.

          (ii) Receipt, investment and reinvestment of the Assets shall be confirmed by the
Custodian as soon as practicable by account statement, and any discrepancies in any such
account statement shall be noted by the Managing Owner or the Trust to Custodian within
thirty (30) calendar days after receipt thereof. Failure to inform the Custodian in
writing of any discrepancies in any such account statement within said thirty (30) day
period shall conclusively be deemed confirmation of such account statement in its entirety.

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     7. Cash Accounts, Deposits and Money Movements. Subject to the terms and conditions set forth
in this Section 7, the Trust and the Managing Owner each hereby authorize the Custodian to
open and maintain on behalf of each Fund, with itself, or with a Sub-Custodian US dollar cash
accounts and Canadian dollar cash accounts, or in such other cash account(s) to hold other
currencies, as the Managing Owner shall from time to time request by Instruction, as shall be
acceptable to the Custodian.

          (a) Types of Cash Accounts. Cash accounts opened on the books of the Custodian shall be opened
in the name of the applicable Fund. Such accounts collectively shall be a deposit obligation of the
Custodian and shall be subject to the terms of this Section 7 and the general liability
provisions contained in Section 9.

          (b) Payments and Credits with Respect to Cash Accounts. The Custodian shall make payments from
or deposits to any of said accounts in the course of carrying out its administrative duties,
including but not limited to income receipt with respect to a Fund’s Investments, and otherwise in
accordance with Instructions. The Custodian shall be required to credit amounts to the cash
accounts only when moneys are actually received in cleared funds in accordance with banking
practice in the country and currency of deposit. Any credit made to any cash account before actual
receipt of cleared funds shall be provisional and may be reversed by the Custodian in the event
such payment is not actually collected.

          (c) Foreign Exchange Transactions. The Custodian may be asked to exchange currencies of the
United States with other currencies.

          (d) Custodian’s Rights. The Custodian shall not be obligated to make any advance or to allow
an advance to occur to a Fund, and in the event that the Custodian does make or allow an advance,
any such advance and any transaction giving rise to such advance shall be for the account and risk
of the applicable Fund and shall not be deemed to be a transaction undertaken by the Custodian for
its own account and risk. If such advance shall have been made or allowed by any other person, the
Custodian may assign all or part of its security interest and any other rights granted to the
Custodian hereunder to such other person. If the applicable Fund shall fail to repay the costs of
such advance when due, the Custodian or its assignee, as the case may be, shall be entitled to a
portion of the available cash balance in any cash account of such Fund equal to such costs, and the
Fund authorizes the Custodian, on behalf of such Fund, to withdraw an amount equal to such advance
costs irrevocably to such other person, and to dispose of any Assets in such Account to the extent
necessary to make such payment. Any Investments and funds credited to accounts subject to this
Agreement created pursuant hereto shall be treated as financial assets credited to securities
accounts under Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New
York from time to time. Accordingly, the Custodian shall have the rights and benefits of a secured
creditor that is a securities intermediary under such Articles 7 and 8.

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     8. Responsibilities of the Custodian.

          (a) General. In performing its duties and obligations hereunder, the Custodian shall use
reasonable care under the facts and circumstances prevailing in the market. Subject to the
specific provisions of this Section 8, the Custodian shall be liable for any direct damage
or loss incurred by any Fund for which of the Custodian’s or a Sub-Custodian’s gross negligence or
willful misconduct was a primary cause of such damage or loss as determined by a court of competent
jurisdiction. In no event shall the Custodian be liable hereunder for any special, indirect,
punitive or consequential damages arising out of, pursuant to or in connection with this Agreement
(including but not limited to lost profits), even if the Custodian has been advised of the
possibility of such damages. It is agreed that the Custodian shall have no duty to assess the
risks inherent in any Fund’s Investments or to provide investment advice with respect to such
Investments and that any Fund as principal shall bear any risks attendant to particular Investments
such as failure of counterparty or issuer. The Custodian shall have no liability in its capacity as
Custodian under and no duty to inquire as to the provisions of any agreement other than this
Custody Agreement. The Custodian may rely upon and shall not be liable for acting or refraining
from acting upon any written notice, instruction or request furnished to it hereunder and believed
by it to be genuine and to have been signed or presented by the proper party or parties. The
Custodian shall be under no duty to inquire into or investigate the validity, accuracy or content
of any such document. The Custodian shall have no duty to solicit any payments which may be due it
or the Account. The Custodian may execute any of its powers and perform any of its duties
hereunder directly or through Sub-Custodians, agents or attorneys (and shall be liable in the case
of agents and attorneys only for the careful selection of any such agent or attorney) and may
consult with counsel, accountants and other skilled persons to be selected and retained by it. The
Custodian shall not be liable for anything done, suffered or omitted in good faith by it in
accordance with the advice or opinion of any such counsel, accountants or other skilled persons.
In the event that the Custodian shall be uncertain as to its duties or rights hereunder or shall
receive instructions, claims or demands from any party hereto which, in its opinion, conflict with
any of the provisions of this Custody Agreement, it shall be entitled to refrain from taking any
action and its sole obligation, subject to applicable law and regulation, shall be to keep safely
all property held under the terms of this Custody Agreement until it shall be directed otherwise in
writing by all of the other parties hereto or by a final order or judgment of a court of competent
jurisdiction.

          (b) Limitations of Performance. The Custodian shall not be responsible under this Agreement
for any failure to perform its duties, and shall not be liable hereunder for any loss or damage in
association with such failure to perform, for or in consequence of the following causes:

          (i) Force Majeure. “Force Majeure” shall mean any circumstance or event which
is beyond the reasonable control of the Custodian, a Sub-Custodian or any agent of the
Custodian or a Sub-Custodian which adversely affects the performance by the Custodian of
its obligations hereunder by a Sub-Custodian or by any other agent of the Custodian, or a
Sub-Custodian including any event caused by, arising out of or involving (A) an act of God,
(B) accident,

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fire, water damage or explosion, (C) any computer, system or other equipment failure or
malfunction caused by any computer virus or the malfunction or failure of any
communications medium, (D) any interruption of the power supply or other utility service,
(E) any strike or other work stoppage, whether partial or total, (F) any delay or
disruption resulting from or reflecting the occurrence of any Sovereign Risk, (G) any
disruption of, or suspension of trading in, the securities, commodities or foreign exchange
markets, whether or not resulting from or reflecting the occurrence of any Sovereign Risk,
(H) any encumbrance on the transferability of a currency or a currency position on the
actual settlement date of a foreign exchange transaction, whether or not resulting from or
reflecting the occurrence of any Sovereign Risk, or (I) any other cause similarly beyond
the reasonable control of the Custodian.

          (ii) Sovereign Risk. “Sovereign Risk” shall mean, in respect of any
jurisdiction, including the United States of America, where Investments are acquired or
held hereunder, (A) any act of war, terrorism, riot, insurrection or civil commotion, (B)
the imposition of any investment, repatriation or exchange control restrictions by any
governmental authority, (C) the confiscation, expropriation or nationalization of any
Investments by any governmental authority, whether de facto or de jure, (D) any devaluation
or revaluation of any currency, (E) the imposition of taxes, levies or other charges
affecting Investments, (F) any change in the applicable law, or (G) any other economic or
political risk incurred or experienced.

          (c) Limitations on Liability. The Custodian shall not be liable for any loss, claim, damage or
other liability arising from the following causes:

          (i) Failure of Third Parties. The failure of any third party including: (A) the
Managing Owner; (B) any futures commission merchant(s); (C) any issuer of Investments or
book-entry or other agent of any issuer; (D) any counterparty with respect to any
Investment, including any issuer of exchange, traded or other futures, option, derivative
or commodities contract; (E) failure of an investment advisor or other agent of any Fund;
or (F) failure of other third parties similarly beyond the control or choice of the
Custodian.

          (ii) Information Sources. The Custodian may rely upon information received from
issuers of Investments or agents of such issuers, information received from other
commercially reasonable sources such as commercial data bases and the like, but shall not
be responsible for specific inaccuracies in such information, provided that the Custodian
has relied upon such information in good faith, or for the failure of any commercially
reasonable information provider.

          (iii) Reliance on Instruction. Action by the Custodian or a Sub-Custodian in
accordance with an Instruction, even when such action conflicts with, or is contrary to any
provision of, the Trust Agreement of the Trust, applicable law, or actions by the owners of
a Fund.

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          (iv) Restricted Securities. The limitations inherent in the rights, transferability or
similar investment characteristics of a given Investment of a Fund.

     9. Succession. The Custodian may resign and be discharged from its duties or obligations
hereunder by giving 60 days’ advance notice in writing of such resignation to the other parties
hereto specifying a date when such resignation shall take effect. The Custodian shall have the
right to receive from the Managing Owner an amount equal to any amount due and owing to the
Custodian, plus any costs and expenses the Custodian shall have reasonably incurred in connection
with the termination of this Agreement. Any corporation or association into which the Custodian
may be merged or converted or with which it may be consolidated, or any corporation or association
to which all or substantially all the escrow business of the Custodian may be transferred, shall be
the Custodian under this Agreement without further act.

     10. Termination.

          (a) This Agreement shall continue and remain in force and effect for a period of one (1) year
from the day hereof and thereafter for further successive periods of one (1) year each, in
perpetuity, unless and until terminated in accordance with the remainder of this Section
10.

          (b) The Managing Owner and/or the Trust giving written notice to the Custodian (either with
respect to any or all of the Funds) may terminate this Agreement on sixty (60) days’ prior written
notice (or at such earlier date as may be agreed between the Managing Owner and the Custodian).
Any such notice shall specify the Funds to which the termination of this Agreement is being
effected and for the avoidance of doubt, it is understood and agreed that the termination of this
Agreement with respect to one or more Funds shall not affect the effectiveness of this Agreement
with respect to Funds not specified in the termination notice.

          (c) In the event that the Trust or a Fund terminates in accordance with the Trust Agreement,
this Agreement shall terminate, effective as of such time, with respect to the Trust and all Funds
(in the event that the Trust is terminated) or the applicable Fund(s) (in the event that one or
more Funds are terminated), but only upon written notice from the Managing Owner. The Managing
Owner shall give the Custodian prompt written notice of the termination of the Trust and/or one or
more Funds. Any such notice shall specify the Funds to which the termination of this Agreement is
being effected and for the avoidance of doubt, it is understood and agreed that the termination of
this Agreement with respect to one or more Funds shall not affect the effectiveness of this
Agreement with respect to Funds not specified in the termination notice.

          (d) In addition, without prejudice to any of the rights or obligations accrued up to the time
of termination, this Agreement may be terminated by either (i) the Managing Owner giving written
notice to the Custodian (either with respect to any or all

11

 

of the Funds) or (ii) the Custodian giving written notice to the Managing Owner and the Trust
(either with respect to any or all of the Funds):

          (i) if the other party(ies) has/have committed any material breach of its obligations
under this Agreement and failed to cure such breach within thirty (30) days of receipt of
notice from the other requiring it so to do; or

          (ii) if the other party(ies) (A) applies/apply for or consents to the appointment of a
receiver, trustee, custodian, or liquidator because of its inability to pay its debts as
they mature; (B) makes/make a general assignment for the benefit of creditors; (C)
becomes/become adjudicated as bankrupt or insolvent or becomes the subject of an order for
relief under Title 11 of the United States Code or any foreign counterpart thereto; (D)
files/file a voluntary petition in bankruptcy, or a petition or an answer seeking
reorganization, insolvency, readjustment of debt, dissolution or liquidation law or
statute, or an answer admitting the material allegations of a petition filed against it in
any proceeding under such law; or (E) suffers/suffer the filing against it of an
involuntary petition seeking relief under Title 11 of the United States Code or any foreign
counterpart thereto, and any such action remains as not remedied for 90 consecutive days;
or

          (iii) if an order, judgment or decree is entered, without the application, approval or
consent of the other party(ies), by any court of competent jurisdiction, approving a
petition seeking reorganization or appointing a receiver of such other party or
substantially all of the assets of such other party, and such order, judgment or decrees
continues unstayed and in effect for any period of 60 consecutive days.

     Upon termination of this Agreement, if any Assets remain in any account of any Fund, the
Custodian shall deliver to the applicable Fund such Assets as directed in writing by the Managing
Owner. Except as otherwise provided herein, all obligations of the parties to each other under
this Agreement shall cease upon termination of this Agreement.

     11. Fees. The Managing Owner agrees to (a) pay the Custodian upon execution of this Agreement
and from time to time thereafter reasonable compensation for the services to be rendered hereunder,
which unless otherwise agreed in writing by the Managing Owner and the Custodian shall be as
described in Schedule 3 attached hereto, and (b) pay or reimburse the Custodian upon
request for all reasonable and appropriately evidenced expenses, disbursements and advances (other
than those expenses, disbursements and advances for which the Managing Owner and the Trust would
not be required to indemnify the Indemnitees pursuant to Section 12), including reasonable
attorney’s fees and expenses, incurred or made by it in connection with the preparation, execution,
performance, delivery, modification and termination of this Agreement. The parties hereto
acknowledge that this Section 11 shall survive the resignation or removal of the Custodian
or the termination of this Agreement

12

 

     12. Indemnity. The (a) Managing Owner and the Trust (in the case of a claim against Custodian
with respect to the Trust itself or all Funds), (b) the Managing Owner and the applicable Fund(s)
(in the case of a claim against Custodian with respect to one or more specific Funds) shall jointly
and severally indemnify, defend and save harmless the Custodian and its directors, officers, agents
and employees (collectively, the “Indemnitees”) from all loss, liability or expense
incurred by any of them (including reasonable attorney’s fees and expenses) arising out of or in
connection with (i) the Custodian’s execution and performance of this Agreement, except in the case
of any Indemnitee, to the extent that such loss, liability or expense is due to the gross
negligence or willful misconduct of such Indemnitee, or (ii) such Indemnitee’s following any
instructions or other directions reasonably believed by such Indemnitee to be from the Managing
Owner or the Trust, except to the extent that the Custodian’s following any such instruction or
direction is expressly forbidden by the terms hereof. The parties hereto acknowledge that the
foregoing indemnities shall survive the resignation or removal of the Custodian or the termination
of this Agreement.

     13. TINs. The Managing Owner, the Trust and each Fund represents (severally and not jointly)
that its correct TIN assigned by the Internal Revenue Service (“IRS”) and any other
applicable taxing authority is set forth in Schedule 1. Upon execution of this Agreement,
the Managing Owner, the Trust and each Fund shall provide the Custodian with a fully executed IRS
Form W-9 or W-8, which shall include the TIN of the Managing Owner, the Trust or such Fund, as
applicable.

     14. Notices.

          (a) All communications hereunder shall be in writing and shall be deemed to be duly given and
received: (i) upon delivery if delivered personally or upon confirmed transmittal if by facsimile;
(ii) on the next Business Day (as hereinafter defined) if sent by overnight courier; or (iii) four
(4) Business Days after mailing if mailed by prepaid registered mail, return receipt requested, to
the appropriate notice address set forth on Schedule 1 or at such other address as any
party hereto may have furnished to the other parties in writing by registered mail, return receipt
requested

          (b) In the event that the Custodian, in its sole discretion, shall determine that an emergency
exists, the Custodian may use such other means of communication as the Custodian deems appropriate.

          (c ) “Business Day” shall mean any day other than a Saturday, Sunday or other day on
which the Custodian or a Sub-Custodian hereunder located in New York, the United Kingdom or Canada
is authorized or required by law or executive order to remain closed.

     15. Fund Disclaimer. Notwithstanding anything to the contrary contained herein, the parties
hereto acknowledge and agree that the Trust is organized in series pursuant to Sections 3804(a) and
3806(b)(2) of the Delaware Trust Act. As such, the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to each series of the Trust shall be
enforceable against the assets of such series of the Trust only, and not against the assets of the
Trust generally or the assets of

13

 

any other series of the Trust or against the Trustee. There may be several series of the Trust
created pursuant to the Trust Agreement of the Trust.

     16. Limitation of Limited Owner and Managing Owner Liability. This Agreement has been made
and executed by and on behalf of the Custodian, the Trust and the Managing Owner. The obligations
of the Custodian, the Trust and/or the Managing Owner set forth herein are not binding upon any of
the Limited Owners individually but are binding only upon the assets and property identified
herein. No resort shall be had to the assets of other Funds or the Limited Owners’ assets or
personal property, for the satisfaction of any obligation or claim with respect to a different Fund
hereunder. The obligations of the Trust set forth herein are not binding upon the Managing Owner.
No resort shall be had to the assets of the Managing Owner’s assets or personal property, for the
satisfaction of any of the Trust’s, and Funds’ or the Limited Owners’ obligations or claims
hereunder.

     17. Subordination of Certain Claims and Rights. Except for amounts hereunder for which the
Managing Owner is responsible (for which the Managing Owner shall be responsible for paying), the
Custodian agrees and consents (the “Consent”) to look solely to the applicable Fund (the
“Contracting Fund”) and its assets (the “Contracting Fund Assets”) for payment.
The Contracting Fund Assets include only those funds and other assets that are paid, held or
distributed to the Trust on account of and for the benefit of the Contracting Fund, including,
without limitation, funds delivered to the Trust for the purchase of units in a Fund. In
furtherance of the Consent, the Custodian agrees that any debts, liabilities, obligations,
indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively,
“Claims”) incurred, contracted for or otherwise existing arising from, related to or in
connection with the Trust and its assets and the Contracting Fund and the Contracting Fund Assets,
shall be subject to the following limitations:

          (a) Except as set forth below, the Claims, if any, of the Custodian (the “Subordinated
Claims”) incurred, contracted for or otherwise existing, arising from, related to or in
connection with the Contracting Fund and the Contracting Fund Assets and the assets of the Trust
shall be expressly subordinate and junior in right of payment to any and all other Claims against
the Trust and the Contracting Fund and any of their respective assets which may arise as a matter
of Law or pursuant to any Contract; provided, however, that bona fide Claims of the Custodian, if
any, against the Contracting Fund shall be pari passu and equal in right of repayment and
distribution with all other bona fide Claims against the Contracting Fund;

          (b) The Custodian will not take, demand or receive from any Fund or the Trust or any of their
respective assets (other than the Contracting Fund or its assets) any payment for the Subordinated
Claims, except in accordance with this Section 17;

          (c) Subject to this Section 17, the Claims of the Custodian with respect to the
Contracting Fund shall only be asserted and enforceable against the Contracting Fund’s assets and
the Managing Owner and its assets, and shall not be asserted or

14

 

enforceable for any reason whatsoever against the assets of any other Fund or the Trust
generally;

          (d) If the Claims of the Custodian against the Contracting Fund or the Trust are secured in
whole or in part, the Custodian hereby waives (under section 1111(b) of the Bankruptcy Code (11
U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the
event such security is inadequate to satisfy such Claims) treated as unsecured Claims against the
Trust or any other Fund, as the case may be;

          (e) In furtherance of the foregoing, if and to the extent that the Custodian receives monies
in connection with the Subordinated Claims from a Fund or the Trust (or their respective assets)
other than the Contracting Fund or the Managing Owner and their respective assets and except as
permitted by this Section 17, the Custodian shall be deemed to hold such monies in trust
and shall promptly remit such monies to the Fund or the Trust that paid such amounts for
distribution by such Fund or the Trust in accordance with the terms hereof; and

          (f) The provisions of this Section 17 shall apply at all times notwithstanding that
the Claims are satisfied, and notwithstanding that the agreements in respect of such Claims are
terminated, rescinded or canceled.

     18. Investment of Accounts. During the term of this Custody Agreement, cash in the USD Fund
accounts (i.e., which is not invested in US Securities) shall be invested in a Trust Account at
JPMorgan Chase Bank, N.A. (a “Trust Account”) or a successor or similar investment offered
by the Custodian, unless otherwise instructed in writing by the Managing Owner and as shall be
acceptable to the Custodian. Cash in the Canadian Fund accounts (i.e., which is not
invested in Canadian Securities) shall be invested in a Canadian Dollar interest bearing Deposit
Account (“Deposit Account”) or a successor or similar investment offered by the applicable
Sub-Custodian, unless otherwise instructed in writing by the Managing Owner and as shall be
acceptable to the Custodian. The Custodian will provide compensation on balances in the respective
securities accounts (to the extent not invested in US Securities or Canadian Securities) at a rate
determined by the Custodian from time to time. The Custodian is hereby authorized to execute
purchases and sales of investments through its own trading facilities or capital markets operations
or those of an affiliated entity. The Custodian or any of its affiliates may receive compensation
with respect to any investment directed hereunder including without limitation charging an agency
fee in connection with each transaction. The Custodian shall not have any liability for any loss
sustained as a result of any investment made pursuant to the terms of this Custody Agreement or as
a result of any liquidation of any investment prior to its maturity or for the failure of the
Managing Owner to give the Custodian instructions to invest or reinvest the Assets. The Custodian
shall have the right to liquidate any investments held in order to provide funds necessary to make
required payments under this Agreement. The parties hereto acknowledge and agree that the US Main
Cash account and Canadian Main Cash account will be non-interest bearing accounts where funds will
be held uninvested and without compensation thereunder.

15

 

     19. Patriot Act Disclosure. Section 326 of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT
Act”) requires the Custodian to implement reasonable procedures to verify the identity of any
person that opens a new account with it. Accordingly, the parties acknowledge that Section 326 of
the USA PATRIOT Act and the Custodian’s identity verification procedures require the Custodian to
obtain information which may be used to confirm the parties identity including without limitation
name, address and organizational documents (“identifying information”). The parties agree to
provide the Custodian with and consent to the Custodian obtaining from third parties any such
identifying information required as a condition of opening an account with or using any service
provided by the Custodian.

     20. Security Procedures. In the event funds transfer instructions are given (other than in
writing at the time of execution of this Custody Agreement, as indicated in Schedule 1
attached hereto), whether in writing, by telecopier or otherwise, the Custodian is authorized to
seek confirmation of such instructions by telephone call-back to the person or persons designated
on Schedule 4 hereto (“Schedule 4”), and the Custodian may rely upon the
confirmation of anyone purporting to be the person or persons so designated. The persons and
telephone numbers for call-backs may be changed only in a writing actually received and
acknowledged by the Custodian. If the Custodian is unable to contact any of the authorized
representatives identified in Schedule 4, the Custodian is hereby authorized to seek
confirmation of such instructions by telephone call-back to any one or more of the Managing Owner’s
executive officers (“Executive Officers”), which shall include the titles of President,
Chief Financial Officer and General Counsel, as the Custodian may select. Such “Executive Officer”
shall deliver to the Custodian a fully executed Incumbency Certificate, and the Custodian may rely
upon the confirmation of anyone purporting to be any such officer. The Custodian and the
beneficiary’s bank in any funds transfer may rely solely upon any account numbers or similar
identifying numbers provided by the managing Owner or the Trust to identify (i) the beneficiary,
(ii) the beneficiary’s bank, or (iii) an intermediary bank. The Custodian may apply any of the
funds from the applicable Fund for any payment order it executes using any such identifying number,
even when its use may result in a person other than the beneficiary being paid, or the transfer of
funds to a bank other than the beneficiary’s bank or an intermediary bank designated. All funds
transfer must be executed by the persons listed on Schedule 4 hereto. The person confirming
such funds transfer instructions must not be the same person who authorized said funds transfer.
The parties to this Agreement acknowledge that these security procedures are commercially
reasonable.

     21. Miscellaneous. The provisions of this Agreement may be waived, altered, amended or
supplemented, in whole or in part, only by a writing signed by all of the parties hereto. The
parties hereby acknowledge and agree that this Agreement shall be amended upon mutually agreeable
terms to provide for electronic transaction processing on the Custodian’s Transaction Initiation
Platform. Neither this Agreement nor any right or interest hereunder may be assigned in whole or
in part by any party, without the prior consent of the other parties. This Agreement shall be
governed by and construed under the laws of the State of New York, except for Sections 15,
16 and 17, which shall be

16

 

governed by and construed under the laws of the State of Delaware. Each party hereto irrevocably
waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and
irrevocably consents to service of process by mail or in any other manner permitted by applicable
law and consents to the jurisdiction of the courts located in the State of New York. The parties
further hereby waive any right to a trial by jury with respect to any lawsuit or judicial
proceeding arising or relating to this Agreement. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

[Remainder of page intentionally left blank]

17

 

IN WITNESS WHEREOF, the duly authorized representatives of the parties have executed this Agreement
as of the date first written above.

	 	 	 	 	 
	 	JPMORGAN CHASE BANK,

NATIONAL ASSOCIATION

as Custodian

 	 
	 	By:  	/s/ Gary P. Shea
 	 
	 	 	Name:  	Gary P. Shea 	 
	 	 	Title:  	Vice President 	 
	 
	 	BROOKSHIRE RAW MATERIALS MANAGEMENT, LLC,

as Managing Owner

 	 
	 	By:  	/s/ John M. Marshall
 	 
	 	 	Name:  	John M. Marshall 	 
	 	 	Title:  	Chief Executive Officer and Manager 	 
	 
	 	BROOKSHIRE RAW MATERIALS (U.S.) TRUST, for and on behalf of each Fund 	 
	 
	 	By:  	Brookshire Raw Materials Management, LLC, its sole managing owner
 	 
	 	 	 
	 	By:  	/s/ John M. Marshall
 	 
	 	 	Name:  	John M. Marshall 	 
	 	 	Title:  	Chief Executive Officer and Manager 	 

18

 

	 	 	 	 	 

Schedule 1

	 	 	 
	Trust Notice Address:

	 	c/o Brookshire Raw Materials Management, LLC
	 

	 	100 Hart Road, Suite 210
	 

	 	Barrington, IL 60010
	 

	 	Attention: Clyde Harrison
	 
	 	 
	Managing Owner Notice Address

	 	100 Hart Road, Suite 210
	 

	 	Barrington, IL 60010
	 

	 	Attention: Clyde Harrison
	 
	 	 
	Custodian Notice Address:

	 	(with respect to Canadian accounts)
	 
	 	 
	 

	 	JPMorgan Chase Bank, N.A.acting through its
	 

	 	London Branch
	 

	 	60 Victoria Embankment
	 

	 	London
	 

	 	EC4Y 0JP
	 

	 	Attention: Escrow Administration
	 

	 	Fax No. 
	 
	 	 
	 

	 	(with respect to U.S. accounts and all other
matters with respect to this Custody
Agreement)
	 
	 	 
	 

	 	JPMorgan Chase Bank, N.A.
	 

	 	Attn: Collateral and Agency Services
	 

	 	4 New York Plaza, 21st Floor
	 

	 	New York, NY 10004
	 

	 	Attention: Gregory P. Shea/Sandra Frierson
	 
	 	 
	 

	 	With a copy to
	 

	 	JPMorgan Chase Bank, N.A.
	 

	 	UK Office address to follow
	 

	 	London Branch
	 

	 	60 Victoria Embankment
	 

	 	London
	 

	 	EC4Y 0JP
	 

	 	Attention: Escrow Administration
	 

	 	Fax No. 
	 
	 	 
	

	 	
	 
	 	 
	

	 	

19

 

Schedule 2

Wire Instructions for Custody Funds for the Funds

[to follow]

20

 

Schedule 3

Compensation

21

 

Schedule 4

 Authorized Persons

If by the Managing Owner-General (other than as noted below:

	 	 	 	 	 
	Name	 	Telephone Number	 	Signatures
	1. Stephen Adams
	 	888-877-2719
	 	 
	2. Gary Sugar
	 	888-877-2719
	 	 

If by the Managing Owner-Solely with respect to issuing instructions to buy, sell or exchange fixed
income securities, give and confirm funds transfer instructions and provide FX trade instructions:

	 	 	 	 	 
	Name	 	Telephone Number	 	Signatures
	1. Dick Chambers
	 		 	 
	2. Stephen Adams
	 	888-877-2719
	 	 

22EX-10.5

 

EXHIBIT 10.5

BROOKSHIRETM RAW MATERIALS (U.S.) TRUST

SUBSCRIPTION AGREEMENT AND POWER OF ATTORNEY

IMPORTANT: READ ALL PAGES IN THIS PACKET BEFORE SIGNING

The undersigned, by execution and delivery of this Subscription Agreement and Power of Attorney and
by payment of the purchase price for Units in the applicable Fund of BrookshireTM Raw Materials
(U.S.) Trust (the “Trust”) hereby subscribes for the purchase of Units in the amount set
forth below. Capitalized terms not defined in this Subscription Agreement and Power of Attorney
have the meanings given to such terms in the final prospectus and disclosure document of the Trust,
as amended or supplemented from time to time (the “Prospectus”), and the Amended and
Restated Declaration of Trust and Trust Agreement of the Trust, a copy of which is attached as an
exhibit to the Prospectus.

	 	 	 	 	 
	1) Status of Subscriber(s) (Check one):	 	2) Specify Fund (check appropriate box(es)), number of Units and total dollar amount of subscription:
	 

	 	 	 	Dollar Amount
	 ̈   New Subscriber(s)

	 	 ̈ BrookshireTM Raw Materials (U.S.) Core USD Fund
	 	$                                        
	 ̈   Existing Owner(s)

	 	 ̈ BrookshireTM Raw Materials (U.S.) Core CDN Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Agriculture USD Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Agriculture CDN Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Metals USD Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Metals CDN Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Energy USD Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Energy CDN Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Accelerated Core USD Fund
	 	$                                        
	 

	 	 ̈ BrookshireTM Raw Materials (U.S.) Accelerated Core CDN Fund
	 	$                                        

3) B/D Investor Account Number:                                                             

	 	 	 	 	 
	4) Social Security #                      —                      —                     

	 	or
	 	Taxpayer ID# _______________

Taxable Investors (check one):

	 	 	 	 	 	 	 
	 ̈ Individual Ownership

	 	 ̈ Tenants in Common/Entirety
	 	 ̈ Estate
	 	 ̈ UGMA/UTMA (Minor)
	 ̈ Partnership

	 	 ̈ Joint Tenants with Right of Survivorship
	 	 ̈ Trust
	 	 ̈ Corporation
	 
	 	 	 	 	 	 
	Non-Taxable Investors (check one)
	 	 	 	 
	 
	 	 	 	 	 	 
	 ̈ IRA/SEP/Roth

	 	 ̈ Defined Contribution Plans

 ̈ Defined Benefit Plans
	 	 ̈ Non-ERISA
	 	 ̈ Other (specify)

	5)	 	 ̈ Check here if the Subscriber(s) is (are) a Benefit Plan Investor.
	 
	 	 	 ̈ Check here if the Subscriber(s) is (are) not a Benefit Plan Investor. If this box is checked, the Subscriber(s) certify(ies) that it (they) will not become a Benefit Plan Investor until such time as the Managing Owner
notifies the Subscriber(s) that such Fund is intended to be qualified as a publicly traded security or the Subscriber has obtained the consent of the Managing Owner. _______ Please initial.
	 
	6)	 	Full Registration Name of Subscriber(s) (No Initials): including Individuals, Partnerships, Joint Partnership, Estates, Trusts, and Corporations
	 
	 
	 	 	 

	7)	 	Resident Address and Telephone Number of Subscriber
	 
	 
	 	 	 

	 	 	
                        Street (P.O. Box not acceptable)              City            State            Zip Code            
Telephone Number
	 
	8)	 	Mailing Address and Telephone Number (if different)
	 
	 	 	 

	 	 	                        Street (P.O. Box not acceptable)              City            State            Zip Code           
 Telephone Number
	 
	9)	 	Address and Telephone Number of Custodian (if applicable)
	 
	 	 	 

	 	 	                        Street (P.O. Box not acceptable)              City            State            Zip Code            
Telephone Number

1

 

The Internal Revenue Service does not require your consent to any provision of this document other
than the certifications required to avoid backup withholding.

SUBSCRIBER(S) MUST SIGN

	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Signature of Subscriber
	 	Date	 	Signature of Joint Subscriber (if any) or Custodian	 	Date

Executing and delivering this Subscription Agreement and Power of Attorney shall in no respect be
deemed to constitute a waiver of any rights under the Securities Act of 1933, as amended, or under
the Securities and Exchange Act of 1934, as amended.

UNITED STATES INVESTORS ONLY

I have checked the following box if I am subject to backup withholding under the provisions of
Section 3406(a)(1)(C) of the Internal Revenue Code: (See directions for definition of subjectivity
to backup withholdings). Under penalties of perjury, by signature above I hereby certify that the
Social Security Number or Taxpayer Identification Number next to my name is my true, correct and
complete Social Security or Taxpayer Identification Number and that the information given in the
immediately preceding sentence is true, correct and complete.  ̈

NON-UNITED STATES INVESTORS ONLY

Under penalties of perjury, by signature above and by checking the following box I hereby certify
that (a) I am not a citizen of the United States or (b) (in the case of an investor, which is not
any individual) the investor is not a United States corporation, partnership, estate or trust.
 ̈

FINANCIAL ADVISOR MUST SIGN

I hereby certify that I have informed the Subscriber of all pertinent facts relating to the
liquidity and marketability of Units as set forth in the Prospectus dated September 24, 2007, and I
have reasonable grounds to believe (on the basis of information obtained from the person(s) named
above concerning such age, investment objectives, investment experience, income, net worth,
financial situation and needs, other investments of the person and any other information known by
me) that (a) the purchase of Units is a suitable and appropriate investment for such person(s); (b)
such person(s) meet(s) the minimum income and net worth standards; (c) such person(s) can benefit
from the investment based on such person(s) overall investment objectives and portfolio structure;
(d) such person(s) has a fair market net worth to bear the economic risk of the investment; and (e)
such person(s) has (have) an understanding of the fundamental risks of the investment, the risk
that an investor may lose its entire investment, the restriction on the liquidity of the Units, the
restrictions on the transferability of the Units and the background and qualifications of the
Selling Agent; (f) such person(s) satisfy the requirements to become a Subscriber on the basis set
forth in the Prospectus and this Subscription Agreement and Power of Attorney; (g) acceptance of
the Person’s subscription will not otherwise breach any laws, rules and regulations designed to
avoid money laundering applicable either to the Selling Agent, the Managing Owner, the Trust and
Each Fund.

I have ensured that a current Prospectus, together with the most recent Monthly Report for the
applicable Fund, if such Fund has commenced trading, has been furnished to the person(s) named
above at least 5 Business Days prior to the date of this Subscription Agreement and Power of
Attorney.

I have received all documents required to accept this subscription and acknowledge the suitability
of the Subscriber and the amount of the subscription for each Fund. If the Subscriber is other than
an individual, I acknowledge that my review of the Subscriber’s governing documents indicates that
such documents permit investment in commodities funds whose principal business is speculative
futures trading.

	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 
	Signature of Financial Advisor
	 	Date	 	Office Manager Signature	 	Date
	 
	 	 	 	(if required by Selling Agent procedures)	 	 

	 	 	 	 	 	 	 
	Selling Agent Name
	 	F.A. Name	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	(print clearly for proper credit)	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	F.A. Phone
	 	F.A. Fax	 	F.A. Email Address	 	Branch ID	 	FA. Number
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 

F.A. Address

(for confirmations)

 

Street Address

 

2

 

Dear Sir/Madam:

1. Subscription for Units. By submitting this Subscription Agreement and Power of
Attorney and by payment of the purchase price for units of beneficial interest (“Units”) in
the applicable fund (a “Fund”) of BrookshireTM Raw Materials (U.S.) Trust (the
“Trust”), I hereby subscribe for the number of Units in the applicable Fund set forth on
the cover page to this Subscription Agreement and Power of Attorney. The purchase price for such
Units is $10.00 per Unit during the Initial Offering Period and then-current net asset value per
Unit of the applicable Fund(s) as per the Valuation Point on the Subscription Date during the
Continuous Offering Period. The terms of the offering of the Units are described in the
Prospectus. Brookshire Raw Materials Management, LLC (the “Managing Owner”) or the
Administrator may, in its sole and absolute discretion, accept or reject any subscription in whole
or in part. In this Subscription Agreement and Power of Attorney, references to “I” or “me” refer
to each person or entity listed as a Subscriber on Item 6 on the cover page of this Subscription
Agreement and Power of Attorney.

2. Representation and Warranties of Subscriber. I hereby represent and warrant to the
Trust, the Funds and the Managing Owner as follows (please initial each provision):

	 	 	 	 	 
	(1)

	 	_____
	 	If I am not acting on behalf of a Benefit Plan Investor, I
have either (i) a net worth (exclusive of home, home
furnishings, and automobiles) of at least $250,000 or (ii) a
net worth (similarly calculated) of at least $70,000 and an
annual gross income of at least $70,000 and not more than
10% of my net worth is invested in any Fund or in all Funds
combined. If I am acting on behalf of a Benefit Plan
Investor that is an IRA or a Keogh Plan which covers no
common law employees or a Plan that is not subject to ERISA,
each Participant meets the net worth and gross income
requirement in the preceding sentence, and not more than 10%
of its assets is invested in any Fund or in all Funds
combined. If I am acting on behalf of a Plan subject to
ERISA, the assets of the Plan are at least $250,000 and its
investment in any Fund or in all Funds combined does not
exceed 10% of the assets of such Plan at the time of
investment.
	 
	 	 	 	 
	(2)

	 	_____
	 	At least five (5) Business Days prior to the date of
execution of this Subscription Agreement and Power of
Attorney, I have received a Prospectus for the Trust —
including the appendices and supplements, if any — which
constitutes its Commodity Futures Trading Commission
(“CFTC”) Disclosure Document, the Amended and Restated
Declaration of Trust and Trust Agreement and summary
financial information relating to the applicable Fund
current within 60 calendar days — dated within nine months
of the date on which I have subscribed to purchase Units.
If trading for the applicable Fund has commenced, I have
received a copy of its most recent monthly report as
required by the CFTC. All of the information that I have
provided in connection with this Subscription Agreement and
Power of Attorney is true, correct, and complete as of the
date of execution of this Subscription Agreement and Power
of Attorney, and if there should be any material change in
such information prior to my admission in the applicable
Fund(s) as a Limited Owner, I will immediately furnish such
revised or corrected information to the Administrator (on
behalf of the Managing Owner). I will furnish the
Administrator or Managing Owner, as applicable, with such
other documents as either of them may request to evaluate
this subscription. To my best knowledge, I am independent
of the Trust, the Trustee, the Managing Owner and my Selling
Agent and the decision to invest in Units was made entirely
independently of such parties, and was not part of a
coordinated or joint investment effort with one or more
other investors. I either (i) am not required to be
registered with the CFTC or to be a member of the National
Futures Association (“NFA”); or (ii) if required to be so
registered, I am duly registered with the CFTC and am a
member in good standing of the NFA.
	 
	 	 	 	 
	(3)

	 	_____
	 	This Subscription Agreement and Power of Attorney will be,
duly executed and delivered by me and constitutes a legally
valid and binding obligation of me, the entity for which I
am subscribing on behalf of, or the beneficiary of a Benefit
Plan Investor for which I am a trustee or custodian
(whichever may be applicable), enforceable against the
applicable individual or entity in accordance with its
terms. I acknowledge and understand that my Units can be
mandatorily redeemed by the Managing Owner, as set forth in
the Prospectus and the Trust Agreement, and that my ability
to redeem, exchange and/or transfer Units is subject to
restrictions as set forth in the Prospectus and the Trust
Agreement.
	 
	 	 	 	 
	(4)

	 	_____
	 	If I am an individual, I am over 21 years old and am legally
competent and am permitted by applicable law to execute and
deliver this Subscription Agreement and Power of Attorney.
The address set forth on the cover page of this Subscription
Agreement is my true and correct address and I have no
present intention of becoming a resident of any other state
or country. If I am subscribing for a joint or community
property account, I have full power and authority to
purchase Units and enter into and be bound by the
Subscription Agreement and Power of Attorney on behalf of
the joint or community property account. Unless one of the
two following sentences is applicable, I am purchasing Units
for my own account and not as trustee, custodian or nominee
for another. If I am subscribing as a custodian for a
minor, either (i) the subscription is a gift I have made to
that minor and is not made with the minor’s funds, in which
case the representations as to net worth and annual income
apply only to me as custodian; or (ii) if the subscription
is not a gift, the representations as to net worth and
annual income, as set forth in (1) above, (or in a special
supplement to the Prospectus), apply only to that minor.
If I am subscribing on behalf of a corporation, limited
liability corporation, partnership or limited partnership, I
have full power and

3

 

	 	 	 	 	 
	 

	 	 	 	authority to purchase Units and enter
into and be bound by the Subscription Agreement and Power of
Attorney on behalf of the entity for which I am purchasing
Units, and such entity has full right and power to purchase
such Units and enter into and be bound by the Subscription
Agreement and Power of Attorney and become a Limited Owner
and be bound by the terms and conditions of the Amended and
Restated Declaration of Trust and Trust Agreement.
	 
	 	 	 	 
	(5)

	 	_____
	 	If I am a trustee or custodian of a Benefit Plan Investor
(or am otherwise an entity which holds plan assets), none of
the Trustee, Managing Owner or any Selling Agent, or any of
their affiliates either: (i) has investment discretion with
respect to the investment of the assets of such entity being
used to purchase Units; (ii) has authority or responsibility
to give or regularly gives investment advice with respect to
such Units for a fee and pursuant to an agreement or
understanding that such advice will serve as a primary basis
for investment decisions with respect to such Units and that
such advice will be based on the particular investment needs
of the trust or custodian; or (iii) is an employer
maintaining or contributing to the Trust. The purchase,
holding and disposition of Units will not constitute a
non-exempt prohibited transaction under ERISA or Section
4975 of the Code.
	 
	 	 	 	 
	(6)

	 	_____
	 	I am a not, and will not be, a resident of Canada (for
purposes of the Income Tax Act (Canada)) while I hold any
Units and; I am not, and will not be, “affiliated” with the
Administrator if such Administrator is a corporation or
trust resident in Canada, or a Canadian partnership, all
within the meaning of the Income Tax Act (Canada). I am
not, and no beneficial owner of me is, (i) an individual,
entity or organization identified on any U.S. Office of
Foreign Assets Control “watch list” and do not have any
affiliation of any kind with such an individual, entity or
organization; (ii) a foreign shell bank; and (iii) a person
or entity resident in or whose subscription funds are
transferred from or through a jurisdiction identified as
non-cooperative by the U.S. Financial Action Task Force. I
am not, and no beneficial owner of me is, a senior foreign
political figure,1 an immediate family member of
a senior foreign political figure2, or a close
associate of a senior foreign political figure3.
The funds to be invested in the Funds and the Trust were not
derived from activities that may contravene U.S. or non-U.S.
anti-money laundering laws or regulations.
	 
	 	 	 	 
	(7)

	 	_____
	 	I am acquiring Units for which I have subscribed for my own
account, as principal, for investment and not with a view to
the resale or distribution of all or a portion of such Units
or, if I am an intermediary subscribing for Units as a
record owner on behalf of one or more investors or
beneficial owners, I agree that the representations made in
item (6) are made by me on behalf of and with respect to
both me and all such investors or beneficial owners. I
acknowledge that, if, subsequent to my investment in the
Trust, the Trust or the Managing Owner reasonably believes
that I am or become a prohibited investor as described in
item (6) or have otherwise breached my representations and
covenants hereunder, the Trust or the Managing Owner may be
obligated to (i) freeze my investment, either by prohibiting
additional investments, declining any redemption requests
and/or segregating the assets constituting the investment in
accordance with applicable regulations, or by undertaking
such other comparable action, or (ii) immediately redeem my
investment. In any such case, I shall have no claim against
the applicable Fund or the Managing Owner for any form of
damages as a result of any of the aforementioned actions.
	 
	 	 	 	 
	(8)

	 	_____
	 	If I am signing on behalf of a partnership, Defined
Contribution Plan, Defined Benefits Plan, Estate, Trust, or
Non-ERISA investor, I certify that I have the power, under
its applicable charter or organization documents to enter
into transactions in each of the following types of
securities: (1) units of beneficial interest in a trust; (2)
U.S. government securities; and (3) managed futures (i.e.,
futures, forward, option, spot, swap, and security futures
contracts), and acknowledge that the Trust’s Managing Owner,
BrookshireTM Raw Materials Management, LLC, has not been
provided the Subscriber’s charter or organizational
documents and that neither the Trust nor the Managing Owner
will make a review or interpretation of such documents.

By making these representations and warranties, I am not waiving any rights of action which I may
have under applicable federal or state securities laws. Federal and state securities law provides
that any such waiver would be unenforceable. I should be aware, however, that the representations
and warranties set forth herein may be asserted in the defense of the Trust, the Funds, the
Managing Owner, or others in any subsequent litigation or other proceeding.

3. Covenants of Subscriber. By executing and submitting this Subscription Agreement and
Power of Attorney, I hereby covenant to and agree with the Trust, the Funds and the Managing Owner
to promptly provide any information deemed necessary by the Trust, the Trustee, the Managing Owner
and my Selling Agent to comply with its anti-money laundering program and related responsibilities
from time to time, to confirm that I am not a prohibited investor described in item (6) above, to
promptly inform the Managing Owner if any

 

			
	1	 	A “senior foreign political figure” is defined as an
official in the executive, legislative, administrative, military or judicial
branches of a foreign government (whether elected or not), a senior official of
a major foreign political party, or a senior executive of a foreign
government-owned corporation. In addition, a “senior foreign political figure”
includes any corporation, business or other entity that has been formed by, or
for the benefit of, a senior foreign political figure.
	 
	2	 	“Immediate family” of a senior foreign political figure
typically includes the figure’s parents, siblings, spouse, children and
in-laws.
	 
	3	 	A “close associate” of a senior foreign political
figure is a person who is widely and publicly known to maintain an unusually
close relationship with the senior foreign political figure, and includes a
person who is in a position to conduct substantial domestic and international
financial transactions on behalf of the senior foreign political figure.

4

 

event occurs that results or is reasonably likely to result in me becoming a prohibited investor as
described in item (6) above and that any redemption proceeds paid to me will be paid to the same
account from which my investment in the applicable Fund was originally remitted, unless the
Managing Owner or the Administrator agrees otherwise.

4. Acknowledgement of, Consent to and Agreement Regarding Subordination and Limitation on
Interseries Liability. In my capacity as a Subscriber for Units in a Fund that are the subject
of this Agreement (a “Contracting Fund”), I hereby agree and consent (the
“Consent”) to look solely to the assets (the “Contracting Fund Assets”) of the
relevant Contracting Fund and to the Managing Owner and its assets (to the extent of the Units
owned by the Managing Owner in such Fund) for payment in respect of any claim against or obligation
of such Fund and not against the assets of the Trust generally or of any other Fund. The
Contracting Fund Assets of a particular Fund include only those funds and other assets that are
paid, held or distributed to the Trust on account of and for the benefit of such Contracting Fund,
including, without limitation, funds delivered to the Trust for the purchase of Units in such Fund.
In furtherance of the Consent, I agree, with respect to each Contracting Fund, that (i) any debts,
liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and
descriptions (collectively, “Claims”) of such Contracting Fund incurred, contracted for or
otherwise existing and (ii) any Units, beneficial interests or equity ownership of any kind
(collectively, “Units”) of such Contracting Fund, arising from, related to or in connection
with the Trust and its assets and the Contracting Fund and the Contracting Fund Assets, shall be
subject to the following limitations:

(a) (i) except as set forth below, my Claims and Units, if any, (collectively, the
“Subordinated Claims and Units”) incurred, contracted for or otherwise existing, arising
from, related to or in connection with a Contracting Fund, the Contracting Fund Assets, and assets
of the Trust shall be expressly subordinate and junior in right of payment to any and all other
claims against and Units in the Trust and any Contracting Fund thereof, and any of their respective
assets, which may arise as a matter of law or pursuant to any contract; provided, however, that my
bona fide Claims (if any) against and Units (if any) in the applicable Contracting Fund shall be
pari passu and equal in right of repayment and distribution with all other bone fide Claims against
the Contracting Fund, (ii) I will not take, demand or receive from any Fund or the Trust or any of
their respective assets (other than the Contracting Fund or the Contracting Fund Assets) any
payment for the Subordinated Claims and Units except in accordance with this subsection;

(b) my Claims and Units with respect to the Contracting Fund shall only be asserted and
enforceable against the Contracting Fund, the Contracting Fund Assets and the Managing Owner and
its assets; and such Claims and Units shall not be asserted or enforceable for any reason
whatsoever against any other Fund, the Trust generally or any of their respective assets;

(c) if my Claims against the Contracting Fund or the Trust are secured in whole or in part, I
hereby waive (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b))) any right to have
any deficiency Claims (which deficiency Claims may arise in the event such security is inadequate
to satisfy such Claims) treated as unsecured Claims against the Trust or any Fund (other than the
Contracting Fund), as the case may be;

(d) in furtherance of the foregoing, if and to the extent that I receive monies in connection
with the Subordinated Claims and Units from a Fund or the Trust (or their respective assets), other
than the Contracting Fund, the Contracting Fund Assets and the Managing Owner and its assets and
except as permitted above, I shall be deemed to hold such monies in trust and shall promptly remit
such monies to the Fund or the Trust that paid such amounts for distribution by the Fund or the
Trust in accordance with the terms hereof; and

(e) the foregoing Consent shall apply at all times notwithstanding that the Claims are
satisfied, the Units are sold, transferred, redeemed or in any way disposed of and notwithstanding
that the agreements in respect of such Claims and Units are terminated, rescinded or canceled.

The representations and statements set forth herein may be asserted in the defense of the
Trust, the Funds, the Managing Owner, or others in any subsequent litigation or proceeding.

5. Power of Attorney. By submitting this Subscription Agreement and Power of Attorney,
and subscribing for Units, I hereby irrevocably constitute and appoint the Managing Owner and its
successors and assigns, as my true and lawful attorney-in-fact and agent, with full power of
substitution, in my name, place and stead, to (i) file, prosecute, defend, settle or compromise
litigation, claims or arbitrations on behalf of the Trust and each Fund in which I invest, and (ii)
execute, acknowledge, file and publish any Trust and Fund documents which may be considered
necessary or desirable by the Managing Owner, including, without limitation, the execution of such
certificates or other instruments which the Managing Owner deems appropriate or necessary in its
sole discretion to qualify or continue the Trust as a statutory trust, any instrument which may be
required to be filed by the Trust or a Fund under the Laws of any state or by any governmental
agency, or which the Managing Owner deems advisable or necessary in its sole discretion to file and
the Trust Agreement and any documents which may be required or appropriate to effect an amendment
to the Trust Agreement approved under the terms of the Trust Agreement or a continuation of the
Trust, the admission by me 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 in each case such
continuation, admission or termination is in accordance with the terms of the Trust Agreement.

5

 

The Power of Attorney granted hereby is a special, irrevocable Power of Attorney coupled with an
interest, and shall survive, and shall not be affected by, my subsequent death, incapacity,
disability, liquidation, termination or dissolution or any delivery by me of an assignment of the
whole or any portion of my Units except under the circumstance referenced in Article XIV of the
Trust Agreement. The limitations on the Power of Attorney listed in Article XIVof the Trust
Agreement shall apply to this Power of Attorney.

6. Governing Law. I hereby acknowledge and agree that this Subscription Agreement and
Power of Attorney shall be governed by and be interpreted in accordance with the laws of the State
of Delaware, without regard to its principles of conflicts of laws.

7. Irrevocability. I hereby acknowledge and agree that I am not entitled to cancel,
terminate or revoke this Subscription Agreement or any of my agreements herein after this
Subscription Agreement and Power of Attorney has been submitted (and not rejected) and that this
subscription and such agreements shall survive my death or disability, but shall terminate with the
full redemption of all my Units in the applicable Fund.

6

 

INSTRUCTIONS TO SUBSCRIPTION AGREEMENT FOR

BROOKSHIRETM RAW MATERIALS (U.S.) TRUST

LIMITED UNITS OF BENEFICIAL INTERESTS

Any person considering subscribing for Units should carefully read and review a current Prospectus.
The Prospectus should be accompanied by the most recent monthly report of the Trust.

INSTRUCTIONS (Please read carefully)

	A.	 	Capitalized terms not defined in this Subscription Agreement and Power
of Attorney have the meanings given to such terms in the final
prospectus and disclosure document of the Trust, as amended or
supplemented from time to time (the “Prospectus”), and the Amended and
Restated Declaration of Trust and Trust Agreement of the Trust, a copy
of which is attached as an exhibit to the Prospectus. References to
“I” or “me” refer to each person or entity listed as a Subscriber on
Item 6 on the cover page of this Subscription Agreement and Power of
Attorney.
	 
	B.	 	Using a typewriter or printing in ink, check the appropriate box(es)
and fill in the blanks on the signature page of this Subscription
Agreement and Power of Attorney as directed herein.

	 	 	 
	Number 1

	 	Check the applicable boxes:
	 
	 	 
	 

	 	New Subscriber(s): Complete the entire signature
page, as applicable; sign the signature page; and
have the Financial Advisor complete the Financial
Advisor information on the signature page.
	 
	 	 
	 

	 	Existing Owner(s) of Units purchasing Units:
	 
	 	 
	 

	 	(i) If your registration information is the same
as in your original Subscription Agreement and Power
of Attorney, complete Numbers 1, 2, 3 and 4 (only
Social Security # or Taxpayer ID # necessary);
complete Number 6; sign the signature page; and have
the Financial Advisor complete the Financial Advisor
information on the signature page.
	 
	 	 
	 

	 	(ii) If your registration information has changed
from the original Subscription Agreement and Power of
Attorney, follow the instructions listed under “New
Subscriber(s),” above.
	 
	 	 
	Number 2

	 	Please insert the total dollar amount of the
subscription for each Fund, as applicable. The
minimum subscription for any one Fund is $2,000 in
the currency of the applicable Fund and even
increments of $500 in excess thereof. There is no
minimum for Benefit Plan Investors (including IRAs)
but all subscriptions by Benefit Plan Investors
(including IRAs) must be in increments of $500 in the
currency of the Fund of the subscription. The
minimum initial subscription amount for residents of
Texas (including Benefit Plan Investors (including
IRAs)) is $5,000. During the Continuous Offering
Period, existing Limited Owners will be able to
purchase additional Units in increments of $500.
New Subscription Agreements and Powers of Attorney
are required with each additional purchase.
Fractional Units will be issued to four (4) decimal
places.
	 
	 	 
	Number 3

	 	Enter Broker Dealer (“B/D”) Investor Account Number.
	 
	 	 
	Number 4

	 	Enter your Social Security Number or Taxpayer ID Number, as applicable,
and check the appropriate box to indicate ownership type. For IRAs, the
Taxpayer ID Number of the Custodian should be entered, as well as the
Social Security Number of the investor. Please also initial the
statements printed underneath box 4 regarding organizational
transaction authority and trustee documentation, if applicable.
	 
	 	 
	Number 5

	 	Check the appropriate box(es) if you are, or are not, a Benefit Plan
Investor (or otherwise an entity which holds plan assets). If
subscribing as a trustee or custodian of a Benefit Plan Investor at the
direction of the beneficiary of such plan, the representations apply
only to the beneficiary of that plan. Initial where indicated.
	 
	 	 
	Number 6

	 	Enter the full legal name of each Subscriber. For UGMA/UTMA (Minor),
enter the minor name in Number 6, followed by “Minor,” and enter the
custodian name in Number 9. For Trusts, enter the Trust name in Number
6 and the Trustee(s) name(s) in Number 9. For Corporations,
Partnerships and Estates, enter the entity name in Number 6 and the
name of an

7

 

	 	 	 
	 

	 	officer or contact person in Number 9.
	 
	 	 
	Number 7

	 	Enter your residence or legal address and telephone number.
	 
	 	 
	Number 8

	 	Enter your mailing address, and telephone number, if such information
is different from the information provided in Number 7.
	 
	 	 
	Number 9

	 	Enter the address, and telephone number of the custodian, if applicable.
	 
	 	 
	Number 10

	 	If you consent to receive delivery of reports of the Trust by
electronic means, check the box in Number 10 and provide your e-mail
address in the area indicated.
	 
	 	 
	Signature Block

	 	Sign and date the signature page. Do not sign without reading the
representations and warranties and familiarizing yourself with the
Prospectus.
	 
	 	 
	Tax Information

	 	Check the box regarding backup withholding, if applicable. You are
subject to backup withholding under the provisions of Section
3406(a)(1)(C) of the Internal Revenue Code if you have been notified by
the Internal Revenue Service that you are currently subject to backup
withholding because you have failed to report all interest and
dividends on your tax return. Please also review the statement under
“UNITED STATES INVESTORS ONLY” or “NON-UNITED STATES INVESTORS ONLY,”
as applicable, to ensure that you comply with the certification you are
making by signing the signature page
	 
	 	 
	Financial Advisor 

Information

	 	To be completed and signed by the Financial Advisor. Selling Agent
name, Financial Advisor name, Financial Advisor phone number, Financial
Advisor fax number, Financial Advisor e-mail address, Financial Advisor
Branch ID, Financial Advisor number and Financial Advisor address must
be entered.
	 
	 	 
	Reps. and
Warranties

	 	Please initial each representation and warranty on pages 3 and 4.

You should return this Subscription Agreement and payment to your Financial Advisor’s office
address.

	C.	 	Subscriber’s admission as a Limited Owner of a Fund will be effective when both the Subscriber’s duly
completed Subscription Agreement and Power of Attorney is received and accepted by the Administrator or
the Managing Owner and the Administrator or Managing Owner has been notified that cleared funds with
respect to the subscription have been received by the Custodian. If the Subscription Agreement is
received and accepted by the Administrator or Managing Owner or the Administrator or Managing Owner is
notified that cleared funds have been received with respect to such subscription after 4:00 P.M. New York
time, the subscription will be effective on the next Business Day.
	 
	D.	 	Payment of the subscription must be submitted with this Subscription Agreement in the form of a check or
a wire transfer in accordance with the Trust’s wire transfer instructions which will be provided by the
Administrator upon request.
	 
	E.	 	Residents of Iowa, Kansas, Minnesota and Texas must complete the applicable Supplement on the pages below.

8

 

BROOKSHIRETM RAW MATERIALS (U.S.) TRUST

SUPPLEMENT TO THE SUBSCRIPTION AGREEMENT FOR

LIMITED UNITS OF BENEFICIAL INTEREST

(FOR RESIDENTS OF IOWA ONLY)

Any person considering subscribing for Units should carefully read and

review a current Prospectus of the Trust, including the

Subscription Information and Subscription Agreement attached thereto.

If you are a resident of Iowa, the Iowa Securities and Regulated Industries Bureau requires that
you be an “accredited investor,” as defined in Rule 501 of the Securities Act of 1933, as amended,
in order to purchase Units. As further described in Rule 501, an accredited investor includes:

	 	•	 	a bank, insurance company, registered investment company, business development company,
or small business investment company;
	 
	 	•	 	an employee benefit plan, within the meaning of the Employee Retirement Income Security
Act, if a bank, insurance company, or registered investment adviser makes the investment
decisions, or if the plan has total assets in excess of $5 million;
	 
	 	•	 	a charitable organization, corporation, or partnership with assets exceeding $5 million;
	 
	 	•	 	a director, executive officer, or general partner of the company selling the securities;
	 
	 	•	 	a business in which all the equity owners are accredited investors;
	 
	 	•	 	a natural person who has individual net worth, or joint net worth with the person’s
spouse, that exceeds $1 million at the time of the purchase;
	 
	 	•	 	a natural person with income exceeding $200,000 in each of the two most recent years or
joint income with a spouse exceeding $300,000 for those years and a reasonable expectation
of the same income level in the current year; or
a trust with assets in excess of $5 million, not formed to acquire the securities offered,
whose purchases a sophisticated person makes.

9

 

BROOKSHIRETM RAW MATERIALS (U.S.) TRUST

SUPPLEMENT TO THE SUBSCRIPTION AGREEMENT FOR

LIMITED UNITS OF BENEFICIAL INTEREST

(FOR RESIDENTS OF KANSAS ONLY)

Any person considering subscribing for Units should carefully read and

review a current Prospectus of the Trust, including the

Subscription Information and Subscription Agreement attached thereto.

The Office of the Kansas Securities Commissioner recommends that you should limit your aggregate
investment in our funds and other similar managed futures investments to not more than 10% of your
liquid net worth. Liquid net worth is that portion of your total net worth (total assets minus
total liabilities) that is comprised of cash, cash equivalents and readily marketable securities as
determined in conformity with accounting principles generally accepted in the United States.

10

 

BROOKSHIRETM RAW MATERIALS (U.S.) TRUST

SUPPLEMENT TO THE SUBSCRIPTION AGREEMENT FOR

LIMITED UNITS OF BENEFICIAL INTEREST

(FOR RESIDENTS OF MINNESOTA ONLY)

Any person considering subscribing for Units should carefully read and review a

current Prospectus of the Trust, including the Subscription Information and Subscription

Agreement attached thereto.

INSTRUCTIONS (Please read carefully)

All capitalized and other defined terms used herein and not expressly defined herein shall have the
same respective meaning as are assigned such terms in the final prospectus and disclosure document
of the Trust and each Fund thereof, as the same may at any time and from time to time be amended or
supplemented (the “Prospectus”).

I certify that the category or categories of accredited investor indicated by the placement of my
initials on the line(s) preceding the appropriate category or categories below are applicable to me
(us).

	                    	 	Category 1. A bank, as defined in Section 3(a)(2) of the Act,
whether acting in its individual or fiduciary capacity; or

	                    	 	Category 2. A savings and loan association or other institution
as defined in Section 3(a)(5)(A) of the Act, whether acting in
its individual or fiduciary capacity; or

	                    	 	 Category 3. A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; or

	                    	 	 Category 4. An insurance company as defined in Section 2(13) of the Act; or

	                    	 	 Category 5. An investment company registered under the Investment Company Act of 1940; or

	                    	 	Category 6. A business development company as defined in Section
2(a)(48) of the Investment Company Act of 1940; or

	                    	 	Category 7. A small business investment company licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of
the Small Business Investment Act of 1958; or

	                    	 	 Category 8. A plan established and maintained by a state, its
political subdivisions or any agency or instrumentality of a
state or its political subdivisions, for the benefit of its
employees, with total assets in excess of $5,000,000; or
	 
	                    	 	Category 9. An employee benefit plan within the meaning of the
Employee Retirement Income Security Act of 1974 in which the
investment decision is made by a plan fiduciary, as defined in
Section 3(21) of such Act, which is either a bank, savings and
loan association, insurance company or registered investment
adviser, or an employee benefit plan with total assets in excess
of $5,000,000 or, if a self-directed plan, with investment
decisions made solely by persons who are accredited investors; or
	 
	                    	 	Category 10. A private business development company as defined in
Section 202(a)(22) of the Investment Advisers Act of 1940; or
	 
	                    	 	Category 11. An organization described in Section 501(c)(3) of
the Internal Revenue Code, a corporation, a Massachusetts or
similar business trust, or a partnership, not formed for the
specific purpose of acquiring the securities offered, with total
assets in excess of $5,000,000; or

	                    	 	Category 12. A director or executive officer of the Managing Owner; or

11

 

	                    	 	 Category 13. A natural person whose individual net worth, or
joint net worth (in each case not including homes, home
furnishings or automobiles) with that person’s spouse, at the
time of this purchase exceeds $1,000,000; or
	 
	                    	 	Category 14. A natural person who had an individual income in
excess of $200,000 in each of the two most recent years or joint
income with that person’s spouse in excess of $300,000 in each of
those years and has a reasonable expectation of reaching the same
income level in the current year; or
	 
	                    	 	Category 15. A trust, with total assets in excess of $5,000,000,
not formed for the specific purpose of acquiring the securities
offered, whose purchase is directed by a sophisticated person as
described in Rule 506(b)(2)(ii) under the Act; or
	 
	                    	 	Category 16. An entity in which all of the equity owners are accredited investors.

I agree to cooperate with and furnishing such additional information to the Trust as may be
requested in order to verify my status as an accredited investor.

Dated:                                                                    
             

Name:                                                                              
   

Individual Signature (if applicable):                                                                         
        

Entity Name:                                                                             
    

By:                                                                               
  

Name:                                                                               
  

Title:                                                                               
  

12

 

BROOKSHIRETM RAW MATERIALS (U.S.) TRUST

SUPPLEMENT TO THE SUBSCRIPTION AGREEMENT FOR

LIMITED UNITS OF BENEFICIAL INTEREST

(FOR RESIDENTS OF TEXAS ONLY)

Any person considering subscribing for Units should carefully read and

review a current Prospectus of the Trust, including the

Subscription Information and Subscription Agreement attached thereto.

INSTRUCTIONS (Please read carefully)

	 	A.	 	All capitalized and other defined terms used herein and not expressly
defined herein shall have the same respective meaning as are assigned
such terms in the final prospectus and disclosure document of the
Trust and each Fund thereof, as the same may at any time and from time
to time be amended or supplemented (the “Prospectus”).
	 
	 	B.	 	Please initial the space preceding the representations below after you have carefully read such representations.

	 	                    	 	I meet the minimum income and net worth standards set forth in the Prospectus.
	 
	 	                    	 	I am purchasing Units for my own account.
	 
	 	                     	 	I have received a current copy of the Prospectus.
	 
	 	                    	 	I acknowledge that an investment in the Trust is not liquid except
for the redemption provisions as set forth in the Prospectus.
	 
	 	                    	 	I am aware that my minimum initial subscription requirement is
$5,000, unless I am a Benefit Plan Investor (including IRA)s, in
which I have no minimum initial subscription requirement or if I am
a resident of Texas (including if I am a Benefit Plan Investor
(including IRAs)) in which case my minimum initial subscription
requirement is $5,000.

Signature of Subscriber:                                                                  
               

Name of Subscriber:                                                                   
              

Date:                                                                     
            

13

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