Document:

Form of Limited Liability Company Agreement

 Exhibit 4.2 
  

  
 LIMITED LIABILITY COMPANY
AGREEMENT 
  
 OF 
  
 iSHARES GSCI® COMMODITY-INDEXED INVESTING POOL LLC 
  
 Dated as of [·], 2005 
  

 TABLE OF CONTENTS 
  

									
	 	  	 	  	 	 	 	  	PAGE

	ARTICLE I	  	DEFINITIONS AND RULES OF CONSTRUCTION	  	1
					
	 	  	Section 1.1	  	 	 	Definitions	  	1
	 	  	Section 1.2	  	 	 	Rules of Construction	  	3
			
	ARTICLE II	  	GENERAL	  	4
					
	 	  	Section 2.1	  	 	 	Name	  	4
	 	  	Section 2.2	  	 	 	Organization; Certificate	  	4
	 	  	Section 2.3	  	 	 	Location of Principal Place of Business	  	4
	 	  	Section 2.4	  	 	 	Registered Office	  	4
	 	  	Section 2.5	  	 	 	Registered Agent	  	4
	 	  	Section 2.6	  	 	 	Term	  	4
	 	  	Section 2.7	  	 	 	Purpose	  	4
	 	  	Section 2.8	  	 	 	Powers	  	5
	 	  	Section 2.9	  	 	 	Property of the Company	  	5
			
	ARTICLE III	  	CAPITAL CONTRIBUTIONS, INVESTING POOL INTERESTS AND DISTRIBUTIONS	  	5
					
	 	  	Section 3.1	  	 	 	Form of Contribution	  	5
	 	  	Section 3.2	  	 	 	Initial Contributions	  	5
	 	  	Section 3.3	  	 	 	Additional Contributions	  	5
	 	  	Section 3.4	  	 	 	Investing Pool Interests	  	5
	 	  	Section 3.5	  	 	 	Investing Pool Interests as Personal Property	  	6
	 	  	Section 3.6	  	 	 	Interest on Capital Contributions	  	6
	 	  	Section 3.7	  	 	 	In-Kind Contributions and Distributions	  	6
	 	  	Section 3.8	  	 	 	Limitation on Distributions	  	7
			
	ARTICLE IV	  	MEMBERS	  	7
					
	 	  	Section 4.1	  	 	 	Powers of Members	  	7
	 	  	Section 4.2	  	 	 	Resignation	  	7
	 	  	Section 4.3	  	 	 	Liability of Members	  	7
			
	ARTICLE V	  	MANAGEMENT	  	8
					
	 	  	Section 5.1	  	 	 	Manager	  	8
	 	  	Section 5.2	  	 	 	Authority of the Manager	  	8

									
	 	  	 	  	 	  	 	  	Page

	 	  	Section 5.3	  	 	  	Officers and Agents of the Company	  	8
	 	  	Section 5.4	  	 	  	Officers: Term of Office; Resignation; Removal; Vacancies	  	8
	 	  	Section 5.5	  	 	  	Reliance by Third Parties	  	9
	 	  	Section 5.6	  	 	  	Appointment of a Futures Commission Merchant and Clearing FCM	  	9
	 	  	Section 5.7	  	 	  	Appointment of a Commodity Trading Adviser	  	9
	 	  	Section 5.8	  	 	  	Manager Allocation; Payment of Operating Costs	  	9
	 	  	Section 5.9	  	 	  	Determination of Net Asset Value	  	9
			
	ARTICLE VI	  	TAX MATTERS	  	9
			
	ARTICLE VII	  	TRANSFERS OF INVESTING POOL INTERESTS	  	10
					
	 	  	Section 7.1	  	 	  	Transfers of Investing Pool Interests	  	10
			
	ARTICLE VIII	  	DISSOLUTION, LIQUIDATION AND TERMINATION	  	10
					
	 	  	Section 8.1	  	 	  	No Dissolution	  	10
	 	  	Section 8.2	  	 	  	Events Causing Dissolution	  	10
	 	  	Section 8.3	  	 	  	Notice of Dissolution	  	10
	 	  	Section 8.4	  	 	  	Liquidation	  	10
	 	  	Section 8.5	  	 	  	Termination	  	10
			
	ARTICLE IX	  	MISCELLANEOUS	  	11
					
	 	  	Section 9.1	  	 	  	Binding Effect; Entire Agreement	  	11
	 	  	Section 9.2	  	 	  	Amendments	  	11
	 	  	Section 9.3	  	 	  	Governing Law; Severability	  	11
	 	  	Section 9.4	  	 	  	Consent to Jurisdiction	  	11
	 	  	Section 9.5	  	 	  	Relationship between the Agreement and the Act	  	11
	 	  	Section 9.6	  	 	  	Exculpation	  	12
	 	  	Section 9.7	  	 	  	Indemnification	  	12
	 	  	Section 9.8	  	 	  	Notices	  	12
	 	  	Section 9.9	  	 	  	Headings	  	13
	 	  	Section 9.10	  	 	  	Counterparts	  	13

  

 ii 

							
	 	 	 	  	Page

	ANNEX A	  	–	 	Initial Capital Contributions	  	15
				
	ANNEX B	  	–	 	Form of Commodity Trading Advisor Agreement	  	16

  

 iii 

 LIMITED LIABILITY COMPANY AGREEMENT 
  
 This Limited Liability Company Agreement of iShares GSCI® Commodity-Indexed Investing Pool LLC, a Delaware limited liability company (the
“Company”), is made as of [·], 2005, among iShares GSCI® Commodity-Indexed Trust, a Delaware statutory trust, in its capacity as a member (“Member A”) and
Barclays Global Investors International, Inc., a Delaware corporation (or any Substitute Member, in its capacity as a member, “Member B” and, together with Member A, the “Members”). 
  
 WHEREAS, the Company was formed pursuant to the Delaware Limited Liability
Company Act, 6 Del. Code § 18-101, et seq., as amended from time to time and any successor to such statute (the “Act”), pursuant to a Certificate of Formation filed with the Secretary of State of Delaware on [·], 2005. 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants hereinafter set forth, the Members, intending to be legally bound, declare the
following to be the Limited Liability Company Agreement of the Company and hereby mutually covenant and agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS AND RULES OF CONSTRUCTION 
  
 Section 1.1 Definitions. Except as otherwise specified in this Agreement or unless the context may otherwise require, the following terms have the
respective meanings set forth below for all purposes of this Agreement. 
  
 “Act” has the meaning specified in the recitals hereto. 
  
 “Administrator” means Barclays Global Investors, N.A., a national banking association, or another entity appointed by the Manager to perform administration services set forth in this Agreement.

  
 “Affiliate” means, with respect to any
Person, any Person directly or indirectly controlling, controlled by or under common control with such person. 
  
 “Agreement” means this Limited Liability Company Agreement as amended, modified, supplemented and restated from time to time, in
accordance with its terms. 
  
 “Business Day”
means any day (1) on which none of the following occurs: (a) the Exchange is closed for regular trading, (b) the CME is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the
Trustee determines that it is able to conduct business. 
  
 “Capital Account” has the meaning specified in Section 3.4(a). 
  
 “CERFs” means GSCI® Excess Return Futures Contracts traded on the CME. 
  

 1 

 “Certificate” means the Certificate of Formation of the Company filed with the Delaware
Secretary of State for the purpose of forming the Company under the Act, as amended, modified, supplemented or restated from time to time. 
  
 “Clearing FCM” means Goldman, Sachs & Co., or any other futures commission merchant appointed by the Manager as clearing futures
commission merchant for the Investing Pool. 
  
 “CME” means the Chicago Mercantile Exchange Inc., or its successor. 
  
 “Company” has the meaning specified in the Preamble hereto. 
  
 “Company Costs” means the Company’s costs in acquiring, holding or disposing of CERFs, cash and Short-Term Securities and all other
liabilities, fees or expenses of any nature incurred by the Company that directly or indirectly arise out of, result from or are incurred in connection with the Company’s acquiring, holding or disposing of CERFs, cash and Short-Term Securities,
including, without limitation, commissions paid to any Futures Commission Merchant. 
  
 “Exchange” means the [·] Stock Exchange. 
  
 “Futures Commission Merchant” means any futures commission
merchant that solicits or accepts orders for CERFs on the CME for, and accepts payment from or on behalf of, the Company. 
  
 “Indemnitees” has the meaning specified in Section 9.7. 
  
 “Initial Contributions” has the meaning specified in Section 3.2. 
  
 “Investing Pool Administrator” means Investors Bank &
Trust Company, a banking corporation organized under the laws of Massachusetts, when acting in its capacity as administrator of the Investing Pool. 
  
 “Investing Pool Interests” means the limited liability company interests issued by the Company to the Members. 
  
 “Manager” means Barclays Global Investors International,
Inc., a Delaware corporation, in its capacity as Manager. The Manager is hereby designated as a “manager” of the Company within the meaning of §18-101(10) of the Act. 
  
 “Member” has the meaning specified in the Preamble hereto. 
  
 “Member A” has the meaning specified in the Preamble hereto.

  
 “Member B” has the meaning specified in the
Preamble hereto. 
  
 “Net Asset Value” means, on
any day on which the Exchange is open for regular trading, the value of the CERFs, Short-Term Securities, cash and other assets of the Company 

  

 2 

 
(calculated on the basis provided in Section 3.7(a)) owned as of the close of trading on the Exchange on that day less the Company’s accrued
expenses and liabilities as of such time, as determined by or on behalf of the Manager. 
  
 “Operating Costs” means the Company’s costs incurred in its operations, including the costs of employing the Administrator, the Investing Pool Administrator and the Tax Administrator, but
excluding Company Costs. 
  
 “Person” means any
natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Redemption Event” means any date on which a Member redeems
all or a portion of its Investing Pool Interests in exchange for the amount of CERFs, cash or Short-Term Securities. 
  
 “Short-Term Securities” means U.S. Treasury securities or other short-term securities and similar securities, in each case that are
eligible as margin deposits under the CME’s rules. 
  
 “Substitute Member” has the meaning specified in Section 7.1. 
  
 “Tax Administrator” means PricewaterhouseCoopers LLP, a limited liability partnership formed under the laws of the State of Delaware. 
  
 Section 1.2 Rules of Construction. Unless the context otherwise requires: 
  
 (i) a term has the meaning assigned to it; 
  
 (ii) an accounting term not otherwise defined has the
meaning assigned to it in accordance with generally accepted accounting principles as in effect in the United States; 
  
 (iii) “or” is not exclusive; 
  
 (iv) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as
a whole and not to any particular Article, Section or other subdivision; 
  
 (v) “including” means including without limitation; and 
  
 (vi) words in the singular include the plural and words in the plural include the singular. 
  

 3 

 ARTICLE II 
  

GENERAL 
  
 Section 2.1 Name. The name of the Company is “iShares GSCI® Commodity-Indexed Investing Pool LLC.” 
  

Section 2.2 Organization; Certificate. Pursuant to the Act, the Company was formed on [·], 2005. The parties hereby ratify the execution, delivery and filing of the Certificate with the Delaware Secretary of State by [name of filing person/entity], as an
“authorized person” within the meaning of the Act. Upon the filing of the Certificate with the Delaware Secretary of State, [name of filing person/entity]’s powers as an “authorized person” ceased, and from the date hereof,
the Manager thereupon became a designated “authorized person” and shall continue as designated “authorized person” within the meaning of the Act. The affairs of the Company shall be governed by this Agreement and the laws of the
State of Delaware. The Manager, as an “authorized person,” shall immediately, and from time to time hereafter as may be required by applicable law, execute any required amendments to the Certificate, and do all filings, recordings and
other acts as may be appropriate to comply with the operation of the Company under the Act. 
  
 Section 2.3 Location of Principal Place of Business. The location of the principal place of business of the Company shall be 45 Fremont Street, San Francisco, CA 94105 or such other location within or without
the State of Delaware as may be determined by the Manager. In addition, the Company may maintain such other offices as the Manager may deem advisable at any other place or places within or without the State of Delaware. 
  
 Section 2.4 Registered Office. The address of the registered office of
the Company in the State of Delaware shall be at Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801, or at such other place as the Manager may determine from time to time. 
  
 Section 2.5 Registered Agent. The registered agent for the Company
shall be The Corporation Trust Company located at Corporate Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801, or such other registered agent as the Manager may designate from time to time. 

 
 Section 2.6 Term. The term of the Company commenced upon the date
the Certificate of the Company was filed in the office of the Delaware Secretary of State and shall continue until the Company is dissolved in accordance with the provisions of the Act or under the provisions of Article VIII of this
Agreement. 
  
 Section 2.7 Purpose. The Company is
organized for the purpose of acquiring, owning and disposing of CERFs, cash and Short-Term Securities, and conducting any other business or duties authorized by this Agreement, as well as any activities incidental or necessary to carry out the
business and duties set forth in this Agreement. 
  

 4 

 Section 2.8 Powers. In furtherance of its purpose, but subject to all of the provisions of this
Agreement, the Company shall have the power and is hereby authorized to do anything and engage in any activity related to its purpose, business or activities as may be necessary, convenient or incidental to the conduct of the business or activities
of the Company, and have and exercise all of the powers, rights and privileges conferred upon limited liability companies formed pursuant to the Act or by any other law of the State of Delaware or by this Agreement (if not prohibited by the Act),
together with any powers incidental thereto, so far as such powers and rights are necessary, suitable or convenient to the conduct, promotion or attainment of the business purposes or activities of the Company. 
  
 Section 2.9 Property of the Company. All business of the Company shall
be conducted in the name of the Company. The Company shall hold title to all of its property in the name of the Company. 
  
 ARTICLE III 
  
 CAPITAL CONTRIBUTIONS, INVESTING POOL INTERESTS AND DISTRIBUTIONS 
  
 Section 3.1 Form of Contribution. The Members may make contributions of capital to the Company only in the form of CERFs, cash or Short-Term
Securities, in each case as determined by the Manager in its discretion. 
  
 Section 3.2 Initial Contributions. Each Member shall, on the date hereof, make its respective contributions to the Company as specified in Annex A hereto (the “Initial Contributions”).

  
 Section 3.3 Additional Contributions. Member A may make
additional capital contributions of CERFs, cash or Short-Term Securities to the Company from time to time in accordance with the terms of this Agreement. 
  
 Section 3.4 Investing Pool Interests. (a) The Company shall establish and maintain a separate account (the “Capital Account”) for
each Member’s Investing Pool Interests. The initial balance of each Member’s Capital Account shall be such Member’s Initial Contribution. 
  
 (b) The Members acknowledge and agree that their Investing Pool Interests shall be adjusted to reflect additional capital contributions of CERFs, cash or
Short-Term Securities by Member A and distributions made to the Manager. The Capital Account of Member A shall be increased to reflect its additional capital contributions of CERFs, cash or Short-Term Securities to the Company and shall be decreased
upon a Redemption Event. The ownership of Investing Pool Interests shall be recorded and reflected on the books of the Company. Investing Pool Interests shall not be evidenced by any certificate or other written instrument, but shall be evidenced
only by this Agreement. In the event that the Manager shall decide to issue certificates evidencing the ownership of Investing Pool Interests, such certificates shall be in the form the Manager shall determine. 
  

 5 

 (c) Investing Pool Interests may not be issued to or redeemed by any Person other than a Member.

  
 Section 3.5 Investing Pool Interests as Personal
Property. Each Member hereby agrees that its Investing Pool Interests shall for all purposes be personal property. A Member has no interest in specific property of the Company. 
  
 Section 3.6 Interest on Capital Contributions. No Member shall be entitled to any interest on its capital
contribution. 
  
 Section 3.7 In-Kind Contributions and
Distributions. (a) The value, on any day, of contributions or distributions of CERFs, Short-Term Securities and any other property, other than cash, made under this Agreement shall be determined as of the close of trading on the Exchange on that
day as follows: 
  
 (i) The Manager (or the
Investing Pool Administrator on behalf of the Manager) will value CERFs on the basis of that day’s announced CME settlement price for the CERF. If there is no announced CME settlement price for the CERF on that day, the Manager (or the
Investing Pool Administrator on behalf of the Manager) will use the most recently announced CME settlement price unless the Manager (or the Investing Pool Administrator on behalf of the Manager) determines that that price is inappropriate as a basis
for the valuation of CERFs. 
  
 (ii) The Manager
(or the Investing Pool Administrator on behalf of the Manager) will value the Short-Term Securities for which market quotations are readily available at their current market value, or, if the current value cannot be determined, at their fair value
as reasonably determined by the Manager (or the Investing Pool Administrator on behalf of the Manager), except that any Short-Term Securities with a remaining maturity of sixty (60) days or less will be valued at their amortized cost if the Manager
(or the Investing Pool Administrator on behalf of the Manager) determines that amortized cost represents fair value. 
  
 (iii) The Manager (or the Investing Pool Administrator on behalf of the Manager) will value all other property not referred to in clauses
(i) or (ii) at (A) its current market value, if quotations for such property is readily available or (B) its fair value, as reasonably determined by the Manager (or the Investing Pool Administrator on behalf of the Manager), if the current market
value cannot be determined. 
  
 The Manager (or the Investing Pool Administrator
on behalf of the Manager) may (but is not required to) employ the services of, and rely upon the reports of, a recognized pricing service (including a pricing service that is an Affiliate of the Manager). If the Manager (or the Investing Pool
Administrator on behalf of the Manager) determines that the procedures in this Section 3.7(a) are an inappropriate basis for the valuation of the Company’s assets, it shall determine an alternative basis to be employed. None of the
Manager or the Investing Pool Administrator shall be liable to any Person for any determination as to the alternative basis for evaluation; provided that such determination is made in good faith. 
  

 6 

 (b) Members shall be entitled to receive distributions from the Company upon the occurrence of (i) a
Redemption Event, in which case the distribution will be in the form of CERFs, cash or Short-Term Securities as determined by the Manager, or (ii) upon dissolution, liquidation or termination pursuant to Article VIII, in which case the
distribution shall be in the form directed by the Manager in accordance with the terms of this Agreement; provided that, in the case of a Redemption Event, the amount of the distribution shall be determined by the Manager under Section
3.7(a). 
  
 Section 3.8 Limitation on Distributions.
Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make any distribution to a Member on account of its interest in the Company if such distribution would violate the Act or any other
applicable law. A determination that a distribution is not prohibited under this Section 3.8 or the Act shall be made by the Manager and, to the fullest extent permitted by applicable law, may be based either on financial statements prepared
on the basis of accounting practices and principles that are reasonable under the circumstances or on a fair valuation or any other method that is reasonable under the circumstances. Unless otherwise agreed to by the Members, a Member shall be
entitled only to the distributions expressly provided for in this Agreement. 
  
 ARTICLE IV 
  
 MEMBERS

  
 Section 4.1 Powers of Members. Notwithstanding
anything herein to the contrary, the Members shall have all of the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. The Members, in their capacity as Members of the
Company, shall not be agents of the Company and shall not have any right, power or authority to transact any business in the name of the Company or to act for or on behalf of or to bind the Company. No annual or special meetings of the Members shall
be required. 
  
 Section 4.2 Resignation. A Member may
resign from the Company prior to the dissolution and winding up of the Company only upon the transfer of its Investing Pool Interest in accordance with the provisions of this Agreement. A resigning Member shall not be entitled to receive any
distribution and shall not otherwise be entitled to receive the fair value of its Investing Pool Interests except as otherwise expressly provided for in this Agreement. 
  
 Section 4.3 Liability of Members. (a) Except as otherwise required by the Act, the debts, obligations and liabilities
of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by
reason of being a Member of the Company. Except as expressly required herein or by law, a Member, in its capacity as such, shall have no liability in excess of (A) the value of its Investing Pool Interests, or (B) in the amount of any distributions
wrongfully distributed to it. 
  
 (b) The Manager shall not be
liable for any change in the federal income tax laws as they apply to the Company, whether such change occurs through legislative, judicial or administrative action, so long as the Manager has acted in good faith and in a manner believed to be in
the best interests of the Members. 
  

 7 

 ARTICLE V 
  

MANAGEMENT 
  
 Section 5.1 Manager. Except as otherwise specifically provided by law or in this Agreement, the business and affairs of the Company shall be
managed solely by the Manager (or by any officers and agents of the Company to whom the Manager has delegated its authority, or by such officers, agents and third parties acting at the direction of the Manager). The Manager shall have full and
complete authority, power, and discretion, acting alone and without the consent or approval of the Members, to make any and all decisions and to do any and all things that the Manager reasonably deems to be within its authority set forth in
Section 5.2. 
  
 Section 5.2 Authority of the
Manager. Except as otherwise provided in this Agreement, the Manager shall have the power on behalf and in the name of the Company to carry out any and all of the objects and purposes of the Company, and to perform such acts and enter into and
perform such contracts and other undertakings on behalf of the Company that the Manager may deem necessary, advisable, or incidental thereto. Except for those specific matters identified in this Agreement, the Manager, acting alone and without the
consent or approval of the Members, shall be fully authorized to approve and consent to any matter within the purposes of the Company. The Manager shall have the authority to appoint officers and agents of the Company and to delegate its authority
to those officers and agents of the Company, including, without limitation to the Administrator, the Investing Pool Administrator and the Tax Administrator. The Manager shall have the authority to engage third parties to act at its direction on
behalf of the Company. The Manager shall devote so much of its time to the affairs of the Company and the conduct of the Company’s business as it, in its sole judgment, shall reasonably determine to be required and shall not be obligated to do
or perform any act or thing in connection with the business of the Company not expressly set forth herein. 
  
 Section 5.3 Officers and Agents of the Company. Any officer or agent appointed by the Manager pursuant to Section 5.2 shall have such
authority as is delegated to such officer or agent by the Manager. Any such officer or agent shall be authorized to act (and entitled to rely) on the instructions of the Manager and shall have signature authority on behalf of the Company to the
extent granted by the Manager so that agreements and documents executed by such officer or agent within its authority shall be binding on the Company. Any officer or agent appointed by the Manager may be an employee of a Member, the Manager or any
Affiliate of the foregoing. 
  
 Section 5.4 Officers: Term of
Office; Resignation; Removal; Vacancies. Except as otherwise determined by the Manager, each officer shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal. Any officer may resign
at any time upon written notice to the Manager. Such resignation shall take effect at the time specified therein, and, unless otherwise specified therein, no acceptance of such resignation shall be necessary to make it effective. The Manager may
remove any officer with or without cause at any time. Any such removal shall be without prejudice to the contractual rights 

  

 8 

 
of such officer, if any, with respect to the Company, but the election of any officer shall not in and of itself create any contractual rights. Any vacancy
occurring in any office of the Company by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Manager at any time. 
  
 Section 5.5 Reliance by Third Parties. Persons dealing with the Company are entitled to rely conclusively upon the
power and authority of any duly appointed and acting officers or agents acting on behalf of the Company. In dealing with any officer or agent duly appointed and acting as set forth in this Agreement, no Person shall be required to inquire into the
authority of any such officer or agent to bind the Company. 
  
 Section 5.6 Appointment of a Futures Commission Merchant and Clearing FCM. The Manager shall appoint one or more Futures Commission Merchants to act on its behalf to hold, establish or dispose of long positions in CERFs. The Manager
may also appoint one or more clearing futures commission merchants to act as a Clearing FCM for the Company. 
  
 Section 5.7 Appointment of a Commodity Trading Adviser. The Manager shall appoint a commodity trading adviser to act on behalf of the Company and
to perform such duties and services as are set forth in the form of agreement with the commodity trading adviser attached as Annex B to this Agreement. 
  
 Section 5.8 Manager Allocation; Payment of Operating Costs. The Manager shall assume all Operating Costs of the
Company. In return for assuming the Operating Costs of the Company, the Manager will receive an allocation from the Investing Pool that will accrue daily at an annualized rate equal to 0.75% of the Net Asset Value and that will be payable monthly in
arrears. 
  
 Section 5.9 Determination of Net Asset Value.
On each Business Day on which the Exchange is open for regular trading, as of the close of regular trading of the shares of Member A on the Exchange, the Manager (or the Investing Pool Administrator on behalf of the Manager) will determine the Net
Asset Value and immediately thereafter notify Member A of such Net Asset Value. 
  
 ARTICLE VI 
  
 TAX
MATTERS 
  
 [To Come] 
  

 9 

 ARTICLE VII 
  
 TRANSFERS OF INVESTING POOL INTERESTS 
  
 Section 7.1 Transfers of Investing Pool Interests. A Member may not sell, assign or otherwise transfer any of its
Investing Pool Interests in the Company without the prior written consent of the other Member; provided, however, Member B may assign or otherwise transfer any of its Investing Pool Interests in the Company without the prior written
consent of Member A to a substitute member and Manager who is an Affiliate of Barclays Global Investors International, Inc. (the “Substitute Member”). Any attempted transfer in violation of the foregoing shall be deemed to be null
and void and shall not be recognized by the Company. No transfer of Investing Pool Interests in accordance with the terms of this Agreement shall be deemed to be effective until recorded upon the books and records of the Company. 

 
 ARTICLE VIII 
  
 DISSOLUTION, LIQUIDATION AND TERMINATION 
  
 Section 8.1 No Dissolution. The Company shall not be dissolved by the
admission of Members. The death, insanity, retirement, resignation, expulsion, bankruptcy or dissolution of any Member, or the occurrence of any other event that terminates the continued membership of a Member in the Company, shall not in and of
itself cause the Company to be dissolved or its affairs to be wound up. Upon the occurrence of any such event, the business of the Company shall be continued without dissolution. The bankruptcy of a Member shall not cause a Member to cease to be a
member of the Company. 
  
 Section 8.2 Events Causing
Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the first to occur of either of the following: (i) the entry of a decree of judicial dissolution under Section 18-802 of the Act or (ii) the written consent of
all the Members. 
  
 Section 8.3 Notice of Dissolution.
Upon the dissolution of the Company, the Manager shall promptly notify the Members of such dissolution. 
  
 Section 8.4 Liquidation. Upon dissolution of the Company, the Manager, as liquidating trustee, shall immediately commence to wind up the
Company’s affairs; provided, however, that a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the satisfaction of liabilities to creditors so as to minimize the losses attendant upon a
liquidation. 
  
 Section 8.5 Termination. Upon the
completion of the winding up, liquidation and distribution of the assets, the Company shall be terminated when the Certificate is cancelled in the manner required by the Act. The existence of the Company as a separate legal entity shall continue
until cancellation of the Certificate as provided in the Act. 
  

 10 

 ARTICLE IX 
  

MISCELLANEOUS 
  
 Section 9.1 Binding Effect; Entire Agreement. Except as otherwise provided in this Agreement, every covenant, term and provision of this Agreement
shall be binding upon and inure to the benefit of the Members and their respective legal representatives, successors, transferees and assigns. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof
and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter in any way. 
  
 Section 9.2 Amendments. This Agreement may not be amended, supplemented or repealed other than as agreed to in writing by the Members. 

 
 Section 9.3 Governing Law; Severability. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware. In particular, this Agreement shall be construed to the maximum extent possible to comply with all of the terms and conditions of the Act. If, nevertheless, it shall
be determined by a court of competent jurisdiction that any provisions or wording of this Agreement shall be invalid or unenforceable under the Act or other applicable law, such invalidity or unenforceability shall not invalidate the entire
Agreement. In that case, this Agreement shall be construed so as to limit any term or provision so as to make it enforceable or valid within the requirements of applicable law, and, in the event that such term or provisions cannot be so limited,
this Agreement shall be construed to omit such invalid or unenforceable provisions. If it shall be determined by a court of competent jurisdiction that any provision relating to distributions is invalid or unenforceable, this Agreement shall be
construed or interpreted so as (a) to make it enforceable or valid and (b) to make the distributions as closely equivalent to those set forth in this Agreement as is permissible under applicable law. 
  
 Section 9.4 Consent to Jurisdiction. The Members hereby (i)
irrevocably submit to the non-exclusive jurisdiction of any Delaware state court or federal court sitting in Wilmington, Delaware in any action arising out of or relating to this Agreement, and (ii) consent to the service of process by mail. Nothing
herein shall affect the right of any party to serve legal process in any manner permitted by law or affect its right to bring any action in any other court. Each party agrees that, in the event that any dispute arising from or relating to this
Agreement becomes subject to any judicial proceeding, such party, to the fullest extent permitted by applicable law, waives any right it may otherwise have to (a) seek punitive or consequential damages, or (b) request a trial by jury. 
  
 Section 9.5 Relationship between the Agreement and the Act. Regardless
of whether any provision of this Agreement specifically refers to particular Default Rules, (a) if any provision of this Agreement conflicts with a Default Rule, the provision of this Agreement controls and the Default Rule is modified or negated
accordingly, and (b) if it is necessary to construe a Default Rule as modified or negated in order to effectuate any provision of this Agreement, the Default Rule is modified or negated accordingly. For purposes of this Section 9.5,
“Default Rule” shall mean a rule stated in the Act that applies except to the extent it is negated or modified through the provisions of a limited liability company’s Certificate or operating agreement. 
  

 11 

 Section 9.6 Exculpation. To the fullest extent permitted by applicable law, no Member or any of
its agents or officers shall have personal liability to the Company or the other Members for monetary damages for breach of fiduciary duty (if any) or for any act or omission performed or omitted by any such person in good faith on behalf of the
Company, except for such person’s gross negligence or willful misconduct. Except to the extent provided for in this Section 9.6, the Members shall not be liable under a judgment, decree, or order of a court, or in any other manner, for
any debt, obligation, or liability of the Company. 
  
 Section 9.7
Indemnification. To the fullest extent permitted by applicable law, the Manager, the officers, any agents and any delegatee of the Company (collectively, “Indemnitees”) shall be entitled to indemnification from the Company
for any loss, damage, claim or expense (including reasonable attorney’s fees) incurred by such Indemnitee by reason of any act or omission performed or omitted by such Indemnitee on behalf of the Company; provided, however, that
there shall be no obligation to pay Indemnitees for amounts incurred as a result of and attributable to such person’s gross negligence, bad faith or willful misconduct; and provided, further that any indemnity under this
Section 9.7 shall be provided out of and only to the extent of Company assets, and no Member shall have any personal liability on account thereof. The right to indemnification provided under this Section 9.7 shall continue as to any
person who has ceased to be an officer or agent of the Company and shall inure to the benefit of the heirs, executors and administrators of such person. The right to indemnification under this Section 9.7 is a contract right. The Company may
purchase and maintain insurance to protect any officer or agent of the Company against liability asserted against him or her, or incurred by him or her, arising out of his or her status as such, to the fullest extent permitted by applicable law.

  
 Section 9.8 Notices. 
  
 (a) All notices given under this Agreement must be in writing. 

 
 (b) Any and all notices to be given to the Company shall be deemed to have
been duly given (i) when it is actually delivered by a messenger or a recognized courier service, (ii) five (5) days after it is mailed by registered or certified mail, postage paid or (iii) when receipt of a facsimile transmission is acknowledged
via a return receipt or receipt confirmation as requested by the original transmission, in each case to or at the address set forth below: 
  
 To the Company: 
  
 iShares GSCI® Commodity-Indexed Investing Pool LLC 
 45 Fremont Street 
 San Francisco, CA 94105 
  
 (c) If given to any Member, at the address set forth in the books and records
of the Company. Any and all notices to be given to a Member shall be deemed to have been duly given (i) when it is actually delivered by a messenger or a recognized courier service, (ii) five (5) days after it is mailed by registered or certified
mail, postage paid or (iii) when receipt of a facsimile transmission is acknowledged via a return receipt or receipt confirmation as requested by the original transmission. 
  

 12 

 Section 9.9 Headings. The titles of the Articles and the headings of the Sections of this
Agreement are for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. 
  
 Section 9.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such
counterparts shall constitute one and the same agreement. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 13 

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

			
	iSHARES GSCI COMMODITY-INDEXED TRUST
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 BARCLAYS GLOBAL INVESTORS
INTERNATIONAL, INC.

		
	By:	 	  

	Name:	 	 
	Title:	 	 

 ANNEX A 
  
 INITIAL CONTRIBUTIONS 

 ANNEX B 
  
 FORM OF COMMODITY TRADING ADVISOR AGREEMENTForm of Authorized Participant Agreement

 Exhibit 4.3 
  
 AUTHORIZED PARTICIPANT AGREEMENT 
  
 AUTHORIZED PARTICIPANT AGREEMENT (this “Agreement”) dated as of
[                        ] among (i) [            ], a
[            ] organized under the laws of [            ] (the “Authorized Participant”), (ii) Barclays Global
Investors N.A., a national banking association acting in its capacity as trustee (in such capacity, the “Trustee”) of the iShares GSCI Commodity-Indexed Trust (the “Trust”), a statutory trust created under Delaware
law pursuant to the provisions of the Trust Agreement (the “Trust Agreement”), dated as of
[                        ] between the Trustee and Barclays Global Investors International, Inc., a Delaware corporation, in its
capacity as sponsor of the Trust (in such capacity, the “Sponsor”), and (iii) the Sponsor. 
  
 R E C I T A L S 
  
 A. Pursuant to the provisions of the Trust Agreement, the Trust may from time to time issue or redeem equity securities representing an interest in the assets of the Trust (“iShares”), in each case only in aggregate amounts of
50,000 iShares (such aggregate amount, a “Basket”), and integral multiples thereof, and only in transactions with a party who, at the time of the transaction, shall have signed and in effect an Authorized Participant Agreement with the
Trust. 
  
 B.
[            ] has requested to become an “Authorized Participant” with respect to the Trust (as such term is defined in the Trust Agreement), and the Sponsor and the Trustee have
agreed to such request. 
  
 NOW, THEREFORE, in consideration of
the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows: 
  
 Section 1. Procedures. The Authorized Participant will purchase or redeem Baskets of iShares of the Trust in compliance with
the Trust Agreement as supplemented by the Creation and Redemption Procedures attached to this Agreement as Schedule 1 (such procedures, as the same may be amended or modified from time to time in compliance with the provisions hereof and thereof,
the “Procedures”), using the form attached thereto as Annex I in the case of an order to purchase one or more Baskets of iShares (the “Purchase Order”), or the form attached thereto as Annex II in case of an order to redeem one
or more Baskets of iShares (the “Redemption Order”). All Purchase Orders and Redemption Orders (collectively, “Orders”) shall be placed and executed in accordance with the Trust Agreement as supplemented by the Procedures.

  
 Section 2. Incorporation of Standard Terms. The Standard Terms
attached hereto as Schedule 2 (the “Standard Terms”) are hereby incorporated by reference into, and made a part of, this Agreement. 
  
 Section 3. Conflicts Rules. In case of any inconsistency between the provisions of this Agreement and the Trust Agreement, the provisions of the Trust
Agreement shall control. In case of inconsistency between the provisions incorporated by reference into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control. 
  

 1 

 Section 4. Authorized Representatives. Pursuant to Section 2.01 of the Standard Terms, attached hereto as
Schedule 3 is a certificate listing the Authorized Representatives of the Authorized Participant. 
  
 Section 5. Notices. Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall be
given in writing and delivered by personal delivery or by postage prepaid registered or certified United States first class mail, return receipt requested, or by telex, telegram or facsimile or similar means of same day delivery (with a confirming
copy by mail) addressed as follows: 
  

	 	(i)	If to the Trustee: 

  
 Barclays Global Investors, N.A. 
 45 Fremont
Street 
 San Francisco, CA 94105 
 Attn: 
  
 with a copy to: [IBT]

  

	 	(ii)	If to the Sponsor: 

  
 Barclays Global Investors International, Inc. 
 45 Fremont Street 
 San Francisco, CA 94105 
 Attn: Product Management Team, Intermediary Investors and Exchange 
 Traded Products Group 
 Telephone: (415) 402-4671 
 Facsimile: (415)
618-5097 
  
 with a copy to: 
  
 Barclays Global Investors, N.A. 
 45 Fremont Street 
 San Francisco, CA 94105

 Attn: Legal Department 
 Telephone: (415) 597-2860 
 Facsimile: (415) 597-2753 
  

	 	(i)	If to the Authorized Participant: 

  
 [                    ] 
 Address: 
 Attention: 
 Telephone: 
 Fax: 
  
 or to such other address as any of the parties hereto shall have communicated in writing to
the remaining parties in compliance with the provisions hereof. 
  

 2 

 Section 6. Effectiveness, Termination and Amendment. This Agreement shall become effective upon
execution and delivery by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days prior written notice to the other parties and may be terminated earlier by the Trustee or the Sponsor at any time on the
event of a breach by the Authorized Participant of any provision of this Agreement (including the Standard Terms incorporated by Section 2 hereof) or the Procedures. This Agreement supercedes any prior agreement between or among the parties
concerning the matters governed hereby. This Agreement (including the Procedures and Standard Terms) may be amended by the Trustee and the Sponsor from time to time without the consent of the Authorized Participant, or any person on whose behalf the
Authorized Participant holds iShares, by the following procedure: the Trustee or the Sponsor will mail a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement; if the Authorized Participant
does not object in writing to the amendment within ten (10) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement in accordance with its terms. 
  
 Section 7. Governing Law. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York. The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in New York City over any suit, action or proceeding
arising out of, or relating to, this Agreement. 
  
 Section 8.
Assignment. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising hereunder without the prior written consent of the other parties hereto; provided, that any entity into which a
party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party hereto. Any
purported assignment or delegation in violation of these provisions shall be null and void. Notwithstanding the foregoing, any successor Trustee appointed in compliance with the Trust Agreement shall automatically become a party hereto and shall
assume all the obligations, and be entitled to all the rights and remedies of the Trustee hereunder. 
  
 Section 9. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Authorized Participant Agreement as of
the date set forth above. 
  

							
	BARCLAYS GLOBAL INVESTORS, N.A., in its capacity as Trustee of the iShares GSCI Commodity-Indexed Trust,	 	 	 	 
				
	 By:
	 	  

	 	 By:
	 	  

	 Name:
	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 Title:
	 	 
			
	BARCLAYS GLOBAL INVESTORS INTERNATIONAL, INC., in its capacity as Sponsor of the iShares GSCI Commodity-Indexed Trust	 	 	 	 
				
	 By:
	 	  

	 	 By:
	 	  

	 Name:
	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 Title:
	 	 
			
	 [                        ]
	 	 	 	 
				
	 By:
	 	  

	 	 	 	 
	 Name:
	 	 	 	 	 	 
	 Title:
	 	 	 	 	 	 

  

 4 

 Schedule 1 
  
 CREATION AND REDEMPTION PROCEDURES 
  

 1 

 TABLE OF CONTENTS 
  

									
	 	  	Page

	ARTICLE I	  	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	1
					
	 	 	Section 1.01.	  	 	 	Definitions	  	1
	 	 	Section 1.02.	  	 	 	Interpretation	  	3
	 	 	Section 1.03.	  	 	 	Conflicts	  	3
			
	ARTICLE II	  	CREATION PROCEDURES	  	3
					
	 	 	Section 2.01.	  	 	 	Initial Creation of iShares	  	3
	 	 	Section 2.02.	  	 	 	Subsequent Creation of iShares	  	3
			
	ARTICLE III	  	REDEMPTION PROCEDURES	  	5
					
	 	 	Section 3.01.	  	 	 	Redemption of iShares	  	5

  

 -i- 

 iSHARES GSCI COMMODITY-INDEXED TRUST 
  
 CREATION AND REDEMPTION PROCEDURES 
  
 adopted by the Sponsor and the Trustee (each as defined below) as of
[                        ], 2005 
  
 ARTICLE I 
  
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  
 Section 1.01. Definitions. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Trust Agreement. For purposes
of these Procedures, unless the context otherwise requires, the following terms will have the following meanings: 
  
 “Authorized Participant” shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant Agreement. 

 
 “Authorized Participant Agreement” shall mean the Authorized Participant
Agreement to which these Procedures are attached as Schedule 1. 
  
 “Authorized Representative” shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions of the Authorized Participant Agreement between such Authorized Participant, the Sponsor and
the Trustee, has the power and authority to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal identification number (PIN) assigned by the Trustee
for use in any communications regarding Purchase or Redemption Orders on behalf of such Authorized Participant. 
  
 “Basket” shall mean 50,000 iShares. 
  
 “Basket Constituents” shall mean, for each Business Day, a basket of financial instruments published by the Trustee in respect of such Business Day
consisting of a specified number of CERFs together, cash and/or Short-Term Securities. 
  
 “Business Day” shall mean any day (a) on which none of the following occurs: (i) the Exchange is closed for regular trading, (ii) the CME is closed for regular trading or (iii) the Federal Reserve wire transfer system is
closed for cash wire transfers, or (b) that the Administrative Trustee determines that it is able to conduct business. 
  
 “CERFs” mean futures contracts on the GSCI Excess Return Index listed on the Chicago Mercantile Exchange. 
  
 “Creation” means the process that begins when an Authorized Participant
first indicates to the Creation and Redemption Agent its intention to purchase one or more Baskets pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such Authorized Participant of the corresponding number of
iShares. 
  

 S1-1 

 “Creation and Redemption Agent” means Investors Bank & Trust Company, a Massachusetts banking
organization, or any successor thereto appointed by the Trustee as the Trustee’s agent for effecting Creations and Redemptions with Authorized Participants. 
  
 “Creation and Redemption Line” shall mean a telephone number designated as such by the Creation and Redemption Agent and
communicated to each Authorized Participant in compliance with the notice provisions of the respective Authorized Participant Agreement. 
  
 “Clearing FCM” shall mean Goldman Sachs & Co., as clearing futures commission merchant for the Investing Pool, and any successor clearing FCM
appointed by the Investing Pool. 
  
 “Deliver” means full
delivery of all the constituents of a Basket to or from (as the context may be require) the Trust or an account designated by the Trust (which may be the Investing Pool’s account at the Clearing FCM). In the case of CERFs, such delivery shall
be effected by an exchange of futures for physical transaction in accordance with the rules of the CME. 
  
 “DTC” shall mean The Depository Trust Company, its nominees and their respective successors. 
  
 “iShares” shall mean shares issued by the Trustee representing fractional, undivided interests in the net assets of the Trust. 
  
 “Initial Creation” shall mean the initial creation of iShares pursuant to
the provisions of Section 2.01. 
  
 “Investing Pool” means
iShares GSCI Commodity-Indexed Investing Pool, LLC. 
  
 “Order Cut-Off
Time” shall mean [3:00 p.m. (New York time)]. 
  
 “Order
Date” shall have, (i) with respect to a Purchase Order, the meaning ascribed to the term in Section 2.3 of the Trust Agreement; and (ii) with respect to a Redemption Order, the meaning ascribed to the term in Section 2.6 of the Trust
Agreement. 
  
 “Purchase Order” shall mean an order to purchase
one or more Baskets in the form attached hereto as Annex I. 
  
 “Redemption Order” shall mean an order to redeem one or more Baskets in the form attached hereto as Annex II. 
  
 “Sponsor” shall mean Barclays Global Investors International, Inc., a Delaware corporation, in its capacity as sponsor under the Trust Agreement.

  
 “Trustee” shall mean Barclays Global Investors, N.A., a
national banking association, in its capacity as Trustee under the Trust Agreement, and any successor thereto in compliance with the provisions thereof. 
  
 “Trust” shall mean the iShares GSCI Commodity-Indexed Trust, a trust governed by the provisions of the Trust Agreement. 
  

 S1-2 

 “Trust Agreement” shall mean the Trust Agreement dated
[                        ], 200[  ] among the Trustee, the Sponsor, all owners and beneficial owners from time to time
of iShares and all depositors. 
  
 Section 1.02.
Interpretation. In these Procedures: 
  
 Unless otherwise
indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits in or to these Procedures. 
  
 The words “hereof”, “herein”, “hereunder” and words of similar import shall refer to these
Procedures as a whole, and not to any individual provision in which such words may appear. 
  
 A reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re-enacted, re-designated
or amended from time to time. 
  
 A reference to any agreement,
instrument or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from time to time in compliance with the provisions thereof. 
  
 Section 1.03. Conflicts. In case of conflict between any provision of
these Procedures and the terms of the Trust Agreement, the terms of the Trust Agreement shall control. 
  
 ARTICLE II 
  
 CREATION PROCEDURES 
  
 Section 2.01. Initial Creation
of iShares. The initial creation of iShares will take place in compliance with such procedures as the Trustee, the Sponsor and the initial Depositor may agree. 
  
 Section 2.02. Subsequent Creation of iShares. After the Initial Creation, the issuance and Delivery of iShares shall
take place only in integral numbers of Baskets in compliance with the following rules: 
  
 a. Authorized Participants wishing to acquire from the Trustee one or more Baskets may place a Purchase Order with the Creation and Redemption Agent on any Business Day; provided, however, that only Purchase
Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Purchase Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time
on a Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. 
  
 b. For purposes of paragraph “a” above, a Purchase Order shall be deemed “received” by the Creation and Redemption Agent only when
each of the following has occurred: 
  
 (i) An Authorized
Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets. 
  

 S1-3 

 (ii) Within one hour following such telephone call, the Creation and Redemption Agent shall have
received, via facsimile or electronic mail message, a duly completed, irrevocable Purchase Order executed by an Authorized Representative of such Authorized Participant. 
  
 c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute
right to reject any Purchase Order including, without limitation, (i) Purchase Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Purchase Orders that the Trustee has determined would have adverse tax
consequences to the Trust, the Investing Pool or to owners of iShares, or (iii) Purchase Orders the acceptance of which would, in the opinion of counsel to the Trustee or the Creation and Redemption Agent, result in a violation of law. Neither the
Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Purchase Order. Should the Creation and Redemption Agent elect to accept the Purchase Order, it shall communicate its decision by sending to the Authorized
Participant (with copies to the Clearing FCM at the offices of the Clearing FCM in New York), via facsimile or electronic mail message, no later than 5:00 p.m. (New York time) on the Order Date for such Purchase Order a copy of the corresponding
Purchase Order endorsed “Accepted” by the Creation and Redemption Agent and indicating the Basket Constituents that the Authorized Participant shall Deliver to the Clearing FCM. Prior to the transmission of the Creation and Redemption
Agent’s acceptance as specified above, a Purchase Order will only represent the Authorized Participant’s unilateral offer to deposit the Basket Constituents in exchange for one or more Baskets and will have no binding effect upon the
Trust, the Trustee, the Creation and Redemption Agent or any other party. 
  
 d. On the first Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date as the Trustee in its discretion may agree, the Trustee shall issue the aggregate number of iShares
corresponding to the Baskets ordered by the Authorized Participant and instruct the Creation and Redemption Agent to deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase
Order, provided that, by 9:00 a.m. (New York time) on the date such issuance is to take place: 
  
 (i) the Manager or its agent shall have confirmed in writing to the Creation and Redemption Agent that Delivery of the Basket Constituents has been made
to the Clearing FCM (reflecting the Delivery of the Basket Constituents to the Trustee and the contribution by the Trustee of such Basket Constituents to the Investing Pool); and 
  
 (ii) the Creation and Redemption Agent shall have received from the Authorized Participant a per order transaction fee in
the amount of US$[            ], plus any expenses, taxes or charges (including stamp taxes or stock transfer taxes or fees) in connection with the Purchase Order (and, in the case of a
Basket created solely for cash, additional issuance costs determined by the Creation and Redemption Agent, including the costs to the Investing Pool of establishing the corresponding CERF position); and 
  

 S1-4 

 (iii) any other conditions to the issuance under the Trust Agreement shall have been satisfied.

  
 e. In all other cases, the Trustee shall issue the aggregate
number of iShares corresponding to the Baskets ordered by the Authorized Participant and instruct the Creation and Redemption Agent to deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such
purpose in its Purchase Order on the Business Day following the date on which the conditions set forth in clauses (i) to (iii) of paragraph “d” above shall have been met. 
  
 ARTICLE III 
  
 REDEMPTION PROCEDURES 
  
 Section 3.01. Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following
rules: 
  
 a. Authorized Participants wishing to redeem one or
more Baskets may place a Redemption Order with the Creation and Redemption Agent on any Business Day; provided, however, that only Redemption Orders received by the Trustee prior to the Order Cut-Off Time on a Business Day shall have such
Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as
their Order Date such next Business Day. 
  
 b. For purposes of
paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: 
  
 (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the
Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. 
  
 (ii) Within one hour following such telephone call, the Creation and Redemption Agent shall have received, via facsimile or electronic mail message, a
duly completed, irrevocable Redemption Order executed by an Authorized Representative of such Authorized Participant. 
  
 c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption
Order, including, without limitation, (i) a Redemption Order the acceptance of which would, in the opinion of counsel to the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances
make transactions or delivery of CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf
of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant (with copy to the Clearing FCM), via facsimile or electronic
mail 

  

 S1-5 

 
message, no later than [5]:00 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed
“Accepted” by the Creation and Redemption Agent and indicating the Basket Constituents to be Delivered to the Authorized Participant in respect of each Basket being redeemed. 
  
 d. The Creation and Redemption Agent shall confirm via electronic mail message or facsimile sent to an Authorized Person of
the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Day following the Order Date of such Redemption Order the account(s) where Delivery of the Basket Constituents will be made. 
  
 e. Provided that by 9:00 a.m. (New York time) on the first Business Day
following the Order Date of a Redemption Order, the Creation and Redemption Agent shall have confirmed in writing to the Clearing FCM that: 
  
 (i) the Authorized Participant has delivered to the Trustee’s account at DTC the total number of iShares to be redeemed by such Authorized
Participant pursuant to such Redemption Order; 
  
 (ii) the
Creation and Redemption Agent has received a per order transaction fee of US$[            ], plus any expenses, taxes or charges (including stamp taxes or stock transfer taxes or fees) in
connection with the Redemption Order (and, in the case of a Basket redeemed solely for cash, additional redemption costs determined by the Creation and Redemption Agent, including the costs to the Investing Pool of liquidating the corresponding CERF
position); and 
  
 (iii) any other conditions to the redemption
under the Trust Agreement have been satisfied, 
  
 the Trustee will, or will cause
the Manager or the Clearing FCM to (as part of the redemption of the relevant Investing Pool Interests), as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “d”
above, Deliver the applicable Basket Constituents to the account(s) of the redeeming Authorized Participant specified in the Clearing and Redemption Agent’s confirmation. Having made such Delivery, the Manager or Clearing FCM will send written
confirmation thereof to the Creation and Redemption Agent who will then cancel the iShares so redeemed on behalf of the Trustee. 
  
 f. In the event that, by 9:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph
“e” above, Trustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Creation and Redemption Agent will
cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Clearing FCM. 
  
 g. In all other cases, Delivery must be completed by the Manager or the Clearing FCM as soon as, in the reasonable judgment
of the Manager or Clearing FCM, it is practicable following receipt of written confirmation from the Creation and Redemption Agent as described in clauses “i” to “iii” of paragraph “e” above. 
  

 S1-6 

 IN WITNESS WHEREOF, the Sponsor and the Trustee have executed these Creation and Redemption
Procedures as of the date set forth above. 
  

							
	BARCLAYS GLOBAL INVESTORS, N.A., in its capacity as Trustee of the iShares GSCI Commodity-Indexed Trust	 	 	 	 
				
	 By:
	 	  

	 	 By:
	 	  

	 Name:
	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 Title:
	 	 
			
	BARCLAYS GLOBAL INVESTORS INTERNATIONAL INC., in its capacity as Sponsor	 	 	 	 
				
	 By:
	 	  

	 	 By:
	 	  

	 Name:
	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 Title:
	 	 

  

 S1-7 

 ANNEX I TO CREATION AND REDEMPTION PROCEDURES 
  
 PURCHASE ORDER 
  

	
	 Authorized Participant:
                                        
                    

	
	 Date:
                                        
                    

	
	 PIN:
                                        
                    

	
	 Basket Constituents to be delivered:
                                        
                    

	
	 Number of Baskets to be Issued:
                                        
                    

	
	 Additional information required for issuance of iShares:

  
 This Purchase Order is subject to the
terms and conditions of the Trust Agreement of the iShares GSCI Commodity-Indexed Trust as currently in effect and the Authorized Participant Agreement among the Authorized Participant, the Trustee and the Sponsor named therein. All representations
and warranties of the Authorized Participant set forth in Section 3.2 of the Trust Agreement and in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
  
 The undersigned does hereby certify as of the date set forth below that he/she is an
Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. 
  

			
	 Date:
	 	  

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 S1-8 

 ANNEX II TO CREATION AND REDEMPTION PROCEDURES 
  
 REDEMPTION ORDER 
  

	
	 Authorized Participant:
                                        
                    

	
	 Date:
                                        
                    

	
	 PIN:
                                        
                    

	
	 Number of iShares to be redeemed:
                                        
                    

	
	 Additional information required for delivery of the Trust Property:

  
 This Redemption Order is subject to
the terms and conditions of the Trust Agreement of the iShares GSCI Commodity-Indexed Trust as currently in effect and the Authorized Participant Agreement among the Authorized Participant, the Trustee and the Sponsor named therein. All
representations and warranties of the Authorized Participant set forth in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
  
 The undersigned does hereby certify as of the date set forth below that he/she is an
Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. 
  

			
	 Date:
	 	  

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 S1-9 

 Schedule 2 
  

Standard Terms 
  
 STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed to as of
[                        ], 2005 by and between Barclays Global Investors, N.A., a national banking association, and Barclays
Global Investors International, Inc., a Delaware corporation. 
  
 ARTICLE I 
  
 ORDERS FOR PURCHASE AND REDEMPTION

  
 Section 1.01. Authorization to Purchase and Redeem
Baskets. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized Participant Agreement, the Authorized Participant will be authorized to purchase and redeem Baskets of iShares in compliance with the
provisions of the Trust Agreement. 
  
 Section 1.02. Procedures
for Orders. Each party hereto agrees to comply with the provisions of the Trust Agreement and the Procedures to the extent applicable to it. 
  
 Section 1.03. Consent to Recording. The phone lines used by the Trustee, the Creation and Redemption Agent, the Clearing FCM or their affiliated
persons may be recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties. 
  
 Section 1.04. Irrevocability. The Authorized Participant agrees on behalf of itself and any Authorized Participant Client that delivery to the
Creation and Redemption Agent of an Order shall be irrevocable; provided that each of the Trustee and the Sponsor reserves the right to reject any Order in compliance with the provisions of the Trust Agreement. 
  
 Section 1.05. Costs and Expenses. The Authorized Participant shall be
responsible for any and all expenses and costs incurred by the Trust in connection with any Orders. 
  
 Section 1.06. Delivery of Property to the Trust. The Authorized Participant understands and agrees that in the event Basket Constituents are not
transferred to or as directed by the Trustee by the time specified in the Purchase Order and in compliance with the Procedures and the Trust Agreement, a Purchase Order may be cancelled by the Creation and Redemption Agent and the Authorized
Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Clearing FCM related to the cancelled Order. 
  
 Section 1.07. Title to Basket Constituents and iShares Surrendered for Redemption. The Authorized Participant represents and warrants to the
Trustee that 
  
 a. in connection with each Purchase Order, the
Authorized Participant will have full power and authority to transfer to the Trust the corresponding Basket Constituents, and that upon Delivery of the Basket Constituents to the Clearing FCM in accordance with the Procedures, the Investing Pool
will acquire good and unencumbered title to such property, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances (other than those in favor of the Clearing FCM or the CME clearinghouse) and not subject to
any adverse claims or transferability restrictions, whether arising by operation of law or otherwise; and 
  

 S2-1 

 b. in connection with a Redemption Order, the Authorized Participant will have full power and authority
to surrender to the Creation and Redemption Agent for redemption the corresponding iShares, and upon such surrender the Trust will acquire good and unencumbered title to such iShares, free and clear of all liens, charges, duties imposed on the
transfer of assets and encumbrances and not subject to any adverse claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities lending agreements or other arrangements which would
preclude the delivery of such iShares on a “regular way” basis. 
  
 Section 1.08. Certain Payments or Distributions.  
  
 a. With respect to any Purchase Order, the Trust acknowledges and agrees to return to the Authorized Participant any payment, distribution or other amount
paid to the Trust in respect of any Basket Constituents transferred to the Trust that, based on the valuation of the Basket Constituents at the time of transfer, should have been paid to the Authorized Participant. Likewise, the Authorized
Participant on behalf of itself and any Authorized Participant Client acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant Client in respect of any
Basket Constituents transferred to the Trust that, based on the valuation of the Basket Constituents at the time of transfer, should have been paid to the Trust. 
  
 b. With respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant
Client acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client
that, based on the valuation of such property at the time of transfer, should have been paid to the Trust. The Trust is entitled to reduce the amount of any property due to the Authorized Participant or any Authorized Participant Client by an amount
equal to any payment, distribution or other sum to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on
the valuation of such property at the time of transfer, should be paid to the Trust. Likewise, the Trust acknowledges and agrees to return to the Authorized Participant or any Authorized Participant Client any payment, distribution or other amount
paid to it in respect of any iShares transferred to the Trust that, based on the valuation of such iShares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant Client. 
  

 S2-2 

 ARTICLE II 
  
 AUTHORIZED REPRESENTATIVES 
  
 Section 2.01. Certification. Concurrently with the execution of the Authorized Participant Agreement, and as requested from time to time by the
Trustee but no less frequently than annually, the Authorized Participant shall deliver to the Trust a certificate signed by the Authorized Participant’s Secretary or other duly authorized official setting forth the names, e-mail addresses and
telephone and facsimile numbers of all persons authorized to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an “Authorized
Representative”). Such certificate may be accepted and relied upon by the Trust as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trust of a superseding
certificate in a form approved by the Trust bearing a subsequent date, or (ii) termination of the Authorized Participant Agreement. 
  
 Section 2.02. PIN Numbers. The Creation and Redemption Agent shall issue to each Authorized Participant a unique personal identification number
(“PIN Number”) by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized
Representatives. The Authorized Participant may revoke the PIN Number at any time upon written notice to the Creation and Redemption Agent, and the Authorized Participant shall be responsible for doing so in the event that it becomes aware that an
unauthorized person has received access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Creation and Redemption Agent shall, as promptly as practicable, de-activate the
PIN Number. If an Authorized Participant’s PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Creation and Redemption Agent. The Authorized Participant agrees
that, absent the Creation and Redemption Agent’s fraud, willful misconduct or failure to cancel the PIN Number promptly following a written request to do so from the Authorized Participant or the termination of the Authorized Participant
Agreement, none of the Trust, the Trustee or the Creation and Redemption Agent shall be liable for losses incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior to the time the
Authorized Participant provides notice to the Creation and Redemption Agent of the termination or revocation of authority pursuant to Section 2.03. 
  
 Section 2.03. Termination of Authority. Upon the termination or revocation of authority of an Authorized Representative by the Authorized
Participant, the Authorized Participant shall (i) give immediate written notice of such fact to the Creation and Redemption Agent and such notice shall be effective upon receipt by the Creation and Redemption Agent; and (ii) request a new PIN
Number. The Creation and Redemption Agent shall, as promptly as practicable, de-activate the PIN Number upon receipt of such written notice. 
  
 Section 2.04. Verification. The Creation and Redemption Agent may assume that all instructions issued to it using the Authorized Participant’s
PIN Number have been properly placed by Authorized Representatives, unless the Creation and Redemption Agent has actual knowledge to the contrary or the Authorized Participant has revoked its PIN Number. The 

  

 S2-3 

 
Creation and Redemption Agent shall have no duty to verify that an Order has been placed by an Authorized Representative. The Authorized Participant agrees
that the Creation and Redemption Agent shall not be responsible for any losses incurred by the Authorized Participant as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an
unauthorized person identifying himself or herself as an Authorized Representative, unless the Creation and Redemption Agent previously received from the Authorized Participant written notice to revoke its PIN Number. 
  
 ARTICLE III 
  
 STATUS OF THE AUTHORIZED PARTICIPANT 
  

Section 3.01. Clearing Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized
Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national clearing and settlement
organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement
and the Authorized Participant shall give prompt written notice thereof to the Creation and Redemption Agent. 
  
 Section 3.02. Registration Status. The Authorized Participant represents and warrants that, unless the following paragraph is applicable to it, it
is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law,
(iii) a member in good standing of the NASD, (iv) registered as a futures commission merchant under the Commodity Exchange Act, as amended and (v) a member in good standing of the National Futures Association. The Authorized Participant agrees that
it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all Federal laws,
the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participant’s transactions in iShares, and with the
Constitution, By-Laws and Conduct Rules of the NASD applicable to its activities as an Authorized Participant, and that it will not offer or sell iShares in any state or jurisdiction where they may not lawfully be offered and/or sold. 
  
 Section 3.03. Foreign Status. If the Authorized Participant is
offering and selling iShares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member of the NASD as set forth in the preceding paragraph,
the Authorized Participant nevertheless agrees to observe the applicable laws of the jurisdiction in which such offer and/or sale is made (e.g., it will not offer or sell iShares in any state or jurisdiction where they may not lawfully be offered
and/or sold), to comply with the full disclosure requirements of the 1933 Act and the regulations promulgated thereunder and to conduct its business in accordance with the spirit of the NASD Conduct Rules. 
  

 S2-4 

 Section 3.04. Compliance with Certain Laws. If the Authorized Participant is subject to the
requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (“U.S.A. PATRIOT Act”), the Authorized Purchaser is in compliance with the anti-money laundering and
related provisions of the U.S.A. PATRIOT Act. 
  
 Section 3.05.
Authorized Participant Status. 
  
 a. The
Authorized Participant understands and acknowledges that the method by which Baskets of iShares will be created and traded may raise certain issues under applicable securities laws. For example, because new Baskets of iShares may be issued and sold
by the Trust on an ongoing basis, at any point a “distribution”, as such term is used in the 1933 Act, may occur. The Authorized Participant understands and acknowledges that some activities on its part, depending on the circumstances, may
result in its being deemed a participant in a distribution in a manner which could render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. 
  
 b. The Sponsor shall ensure that the Prospectus contains an accurate and
current listing of Authorized Participants. 
  
 ARTICLE IV

  
 ROLE OF AUTHORIZED PARTICIPANT 
  
 Section 4.01. Independent Contractor. The Authorized Participant
acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust or the Trustee in any matter
or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized
Participant’s responsibilities under the Authorized Participant Agreement; provided, however, that the Authorized Participant shall be under no obligation to divulge or otherwise disclose any information that the Authorized Participant
reasonably believes (i) it is under legal obligation not to disclose, or (ii) it is confidential or proprietary in nature. 
  
 Section 4.02. Rights and Obligations of DTC Participant. In executing the Authorized Participant Agreement, the Authorized Participant agrees in
connection with any purchase or redemption transactions in which it acts for an Authorized Participant Client or for any other DTC Participant or indirect participant, or any other person on whose behalf it holds iShares, that it shall extend to any
such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or under the Procedures. 
  
 Section 4.03. Beneficial Owner Communications. The Authorized Participant agrees, subject to any limitations arising
under federal or state securities laws relating to privacy or other obligations it may have to its customers, to assist the Trustee or the Sponsor in determining the ownership level of each beneficial owner relating to positions in iShares that the
Authorized 

  

 S2-5 

 
Participant may hold as record holder. In addition, the Authorized Participant agrees, in accordance with applicable laws, rules and regulations, at the
request of the Sponsor or the Trustee to forward to such beneficial owners written materials and communications received from the requesting party in sufficient quantities to allow mailing thereof to such beneficial owners, including notices, annual
reports, disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the Trustee to such beneficial owners pursuant to the Trust Agreement or applicable law or regulation,
or that the Sponsor or the Trustee reasonably wishes to distribute, at its own expense, to such beneficial owners. 
  
 Section 4.04. Provision. [To follow] 
  
 ARTICLE V 
  
 MARKETING MATERIALS AND REPRESENTATIONS 
  
 Section 5.01. Authorized Participant’s Representation. The Authorized Participant represents, warrants and agrees that it will not make, or permit any of its representatives to make, any representations
concerning iShares other than those contained in the Trust’s then current Prospectus or in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant agrees not to furnish or
cause to be furnished to any person or display or publish any information or materials relating to iShares (including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements,
posters, signs or other similar materials), except such information and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may be approved in writing by the Sponsor. The Authorized
Participant understands that the Trust will not be advertised as offering redeemable securities, and that any advertising materials will prominently disclose that the iShares are not redeemable units of beneficial interest in the Trust, except in
Baskets. Notwithstanding the foregoing, the Authorized Participant may, without the written approval of the Sponsor, prepare and circulate in the regular course of its business reports, research or similar materials that include information,
opinions or recommendations relating to iShares (i) for public dissemination, provided that such reports, research or similar materials compare the relative merits and benefits of iShares with other products and are not used for purposes of
marketing iShares and (ii) for internal use by the Authorized Participant. 
  
 Section 5.02. Prospectus. The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then current Prospectus and any printed supplemental information in reasonable quantities
upon request. The Sponsor will notify the Authorized Participant when a revised, supplemented or amended Prospectus for the iShares is available, and make available to the Authorized Participant copies of such revised, supplemented or amended
Prospectus at such time and in such quantities as may be reasonable to permit the Authorized 

  

 S2-6 

 
Participant to comply with any obligation the Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor shall be deemed to
have complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended Prospectus by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties
promptly thereafter. 
  
 ARTICLE VI 
  
 INDEMNIFICATION; LIMITATION OF LIABILITY 
  
 Section 6.01. Indemnification. The provisions of this Section 6.01
shall survive termination of the Agreement. 
  
 a. The Authorized
Participant shall indemnify and hold harmless the Sponsor, the Trustee, the Trust, the Creation and Redemption Agent, their respective subsidiaries, Affiliates, directors, officers, employees and agents, and each person, if any, who controls such
persons within the meaning of Section 15 of the 1933 Act (each an “Indemnified Party”) from and against any loss, liability, cost and expense (including attorneys’ fees) incurred by such Indemnified Party as a result of (i) any
breach by the Authorized Participant of any representations or warranties of the Authorized Participant (including under Section 3.2 of the Trust Agreement); (ii) any failure on the part of the Authorized Participant to perform any of its
obligations set forth in the Authorized Participant Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations, that apply to it; (iv) actions of such
Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by such Indemnified Party to be genuine and to have been given by the Authorized Participant; (v) any representation by the Authorized
Participant, its employees, agents or other representatives about the iShares, the Trust or any Indemnified Party that is not consistent with the Trust’s then current Prospectus made in connection with the offer or the solicitation of an offer
to buy or sell iShares or (vi) any untrue statement or alleged untrue statement of a material fact contained in any marketing materials or research regarding the iShares prepared by the Authorized Participant, or the omission, or alleged omission,
of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 b. The Authorized Participant shall not be liable to any Indemnified Party for any damages arising out of (i) mistakes or
errors in data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, or (ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Trustee or
any Indemnified Party. 
  

 S2-7 

 ARTICLE VII 
  
 MISCELLANEOUS 
  
 Section 7.01. Commencement of Trading. The Authorized Participant may not submit an Order until five Business Days after the date of execution of
the Authorized Participant Agreement or a date agreed upon by the Trustee and the Authorized Participant. 
  
 Section 7.02. Definitions. The capitalized terms used herein are defined as follows. 
  
 a. “1933 Act” means the U.S. Securities Act of 1933, as amended. 
  
 b. “Affiliate” shall have the meaning given to it by Rule 501(b)
under the 1933 Act. 
  
 c. “Authorized Participant
Agreement” shall mean each Authorized Participant Agreement (including the Procedures attached thereto) among the Authorized Participant, the Trustee and the Sponsor into which these Standard Terms shall have been incorporated by reference.

  
 d. “Authorized Participant” shall have the meaning
ascribed to it in the introductory paragraph of the Authorized Participant Agreement. 
  
 e. “Authorized Participant Client” means any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer or otherwise). 
  
 f. “Authorized Representative” shall have the meaning ascribed to
it in Section 2.01 hereof. 
  
 g. “Basket” shall have
the meaning ascribed to it in the Recitals to the Authorized Participant Agreement. 
  
 h. “DTC” means The Depository Trust Company. 
  
 i. “Indemnified Party” shall have the meaning ascribed to it in Section 6.01.a hereof. 
  
 j. “iShares” means iShares issued by the Trust pursuant to the provisions of the Trust Agreement. 
  
 k. “NASD” means the National Association of Securities Dealers,
Inc. 
  
 l. “Prospectus” means the Trust’s current
prospectus included in its effective registration statement, as supplemented or amended from time to time. 
  
 m. All other capitalized terms used in these Standardized Terms and not otherwise defined shall have the meaning ascribed to such terms in the Authorized
Participant Agreement. 
  

 S2-8 

 IN WITNESS WHEREOF, the Sponsor and the Trustee have executed these Standard Terms as of the date
set forth above. 
  

			
	BARCLAYS GLOBAL INVESTORS, N.A., in its capacity as Trustee of the iShares GSCI Commodity-Indexed Trust
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	BARCLAYS GLOBAL INVESTORS INTERNATIONAL, INC., in its capacity as Sponsor of the iShares GSCI Commodity-Indexed Trust
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 S2-9 

 Schedule 3 
  

CERTIFICATE OF AUTHORIZED REPRESENTATIVES 
  
 Each of the following employees of [·] (each, an “Authorized
Representative”) is authorized, in accordance with the Authorized Participant Agreement dated [                        ]
among [·], the Sponsor and the Trustee, to submit Purchase Orders and Redemption Orders on behalf and in the name of [·] and to give instructions or any other notice or request on behalf of [·] with respect to such Orders or any other activity contemplated by the Authorized Participant Agreement. 
  
 Name: 
 e-mail Address: 
 Telephone: 
 Fax: 
  
 Name: 
 e-mail Address: 
 Telephone: 
 Fax: 
  
 Name: 
 e-mail Address: 
 Telephone: 
 Fax: 
  
 Name: 
 e-mail Address: 
 Telephone: 
 Fax: 
  
 The undersigned, [name of secretary or authorized officer], [title] of [·], does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives pursuant to the Authorized Participant
Agreement. 
  

			
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	 Date:
	 	 

  

 S3-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]