Document:

Exhibit 4.3

                            CLAYMORE MACROSHARES OIL
                             PARTICIPANTS AGREEMENT

         This Claymore MACROshares Oil Participants Agreement (the "Participants
Agreement"), dated as of November 24, 2006 is hereby entered into by and among
the parties listed from time to time on Schedule I attached hereto
(individually, an "Authorized Participant" and collectively, the "Authorized
Participants"), MACRO Securities Depositor, LLC, as depositor (the "Depositor"),
Investors Bank & Trust Company, a Massachusetts trust company, not in its
individual capacity but solely (i) as trustee of the Claymore MACROshares Oil Up
Holding Trust (the "Up-MACRO Holding Trust" and the "Up-MACRO Holding Trustee,"
respectively), (ii) as trustee of the Claymore MACROshares Oil Down Holding
Trust (the "Down-MACRO Holding Trust" and the "Down-MACRO Holding Trustee,"
respectively; the Down-MACRO Holding Trust together with the Up-MACRO Holding
Trust will be referred to herein as the "Paired Holding Trusts"), (iii) as
trustee of the Claymore MACROshares Oil Up Tradeable Trust (the "Up-MACRO
Tradeable Trust" and the "Up-MACRO Tradeable Trustee," respectively), and (iv)
as trustee of the Claymore MACROshares Oil Down Tradeable Trust (the "Down-MACRO
Tradeable Trust" and the "Down-MACRO Tradeable Trustee," respectively; the
Down-MACRO Tradeable Trust together with the Up-MACRO Tradeable Trust will be
referred to herein as the "Tradeable Trusts" and collectively, with the Paired
Holding Trusts, the "MACRO Trusts") (such entity, in its capacities set forth
above, the "Trustee") and Claymore Securities, Inc., not in its individual
capacity but solely as administrative agent of the MACRO Trusts (the
"Administrative Agent").

                                     SUMMARY

         Pursuant to the Amended and Restated Claymore MACROshares Oil Up
Holding Trust Agreement, dated as of November 24, 2006 (the "Up-MACRO Holding
Trust Agreement"), among the Depositor, the Up-MACRO Holding Trustee, the
Administrative Agent, Claymore Securities, Inc., not in its individual capacity
but as a marketing agent and MACRO Financial, LLC, not in its individual
capacity but also as a marketing agent (together, in their respective
capacities, the "Marketing Agents") of the MACRO Shares (as defined below), the
Up-MACRO Holding Trust will issue a global certificate which shall be registered
in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"),
and which will represent all of the undivided beneficial interests in the
Up-MACRO Holding Trust (such beneficial interests, the "Up-MACRO Holding
Shares"), and pursuant to the Amended and Restated Claymore MACROshares Oil Down
Holding Trust Agreement, dated as of November 24, 2006 (the "Down-MACRO Holding
Trust Agreement" and, together with the Up-MACRO Holding Trust Agreement, the
"Holding Trust Agreements"), among the Depositor, the Down-MACRO Holding Trustee
(together with the Up-MACRO Holding Trustee, the "Holding Trustees"), the
Administrative Agent and the Marketing Agents the Down-MACRO Holding Trust will
issue a global certificate which shall be registered in the name of Cede & Co.,
as nominee of DTC, and

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which will represent all of the undivided beneficial interests in the
Down-MACRO Holding Trust (such beneficial interests, the "Down-MACRO Holding
Shares" and, together with the Up-MACRO Holding Shares, the "Paired Holding
Shares" or if referencing either an Up-MACRO Holding Share or a Down-MACRO
Holding Share, a "Holding Share").

         Pursuant to the Amended and Restated Claymore MACROshares Oil Up
Tradeable Trust Agreement, dated as of November 27, 2006 (the "Up-MACRO
Tradeable Trust Agreement"), among the Depositor, the Up-MACRO Tradeable
Trustee, the Administrative Agent and the Marketing Agents, the Up-MACRO
Tradeable Trust will issue a global certificate which shall be registered in the
name of Cede & Co., as nominee of DTC, and which will represent all of the
undivided beneficial interests in the Up-MACRO Tradeable Trust (such beneficial
interests, the "Up-MACRO Tradeable Shares"), and pursuant to the Amended and
Restated Claymore MACROshares Oil Down Tradeable Trust Agreement, dated as of
November 24, 2006 (the "Down-MACRO Tradeable Trust Agreement" and, together with
the Up-MACRO Tradeable Trust Agreement, the "Tradeable Trust Agreements" and,
together with the Holding Trust Agreements, the "Trust Agreements"), among the
Depositor, the Down-MACRO Tradeable Trustee (and, together with the Up-MACRO
Tradeable Trustee, the "Tradeable Trustees"), the Administrative Agent and the
Marketing Agents, the Down-MACRO Tradeable Trust will issue a global certificate
which shall be registered in the name of Cede & Co., as nominee of DTC, and
which will represent all of the undivided beneficial interests in the Down-MACRO
Tradeable Trust (such beneficial interests, the "Down-MACRO Tradeable Shares"
and, together with the Up-MACRO Tradeable Shares, the "Tradeable Shares" and,
together with the Paired Holding Shares, the "MACRO Shares").

         The MACRO Shares are being offered pursuant to (i) a Prospectus, dated
as of November 27, 2006, relating to the Up-MACRO Holding Shares and the
Up-MACRO Tradeable Shares (the "Up-MACRO Prospectus"), which has been filed in
connection with the registration statement on Form S-1, as amended, File No.:
333-116566, dated and filed with the Securities and Exchange Commission ("SEC")
on November 27, 2006 (as the same may be amended from time to time thereafter,
the "Up-MACRO Registration Statement") and (ii) a Prospectus, dated as of
November 27, 2006, relating to the Down-MACRO Holding Shares and the Down-MACRO
Tradeable Shares (the "Down-MACRO Prospectus" and together with the Up-MACRO
Prospectus, each a "Prospectus"), which has been filed in connection with the
registration statement on Form S-1, as amended, File No.: 333-135120, dated and
filed with the SEC on November 27, 2006 (as the same may be amended from time to
time thereafter, the "Down- MACRO Registration Statement" and together with the
Up-MACRO Registration Statement, the "Registration Statements").

         In accordance with this Participants Agreement, the Trustee, acting
together with the Administrative Agent on behalf of the Paired Holding Trusts,
may create or redeem Paired Holding Shares in units of 50,000 Up-MACRO Holding
Shares and 50,000 Down-MACRO Holding Shares (such pairs, a "MACRO Unit") at the
instructions of an Authorized Participant and in accordance with the procedures
set forth herein.

         Under the Holding Trust Agreements, the Administrative Agent will
instruct the Trustee to issue MACRO Units to, and redeem MACRO Units from,
Authorized Participants, only

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through the facilities of DTC or a successor depository. In exchange for a
deposit of cash with an aggregate purchase price set forth herein and in the
applicable Holding Trust Agreement, an Authorized Participant may create MACRO
Units. In exchange for a deposit of Paired Holding Shares constituting one or
more MACRO Units, an Authorized Participant may redeem one or more MACRO Units
for cash and/or Eligible Treasuries (as defined in the applicable Holding Trust
Agreement) as further described herein. This Participants Agreement sets forth
the specific procedures by which an Authorized Participant may create or redeem
MACRO Units.

         In accordance with this Participants Agreement, the Administrative
Agent may cause the Trustee to create or exchange additional Tradeable Shares in
units of 50,000 Up-MACRO Tradeable Shares or 50,000 Down-MACRO Tradeable Shares
at the instructions of an Authorized Participant. The creation or exchange of
Up-MACRO Tradeable Shares and Down-MACRO Tradeable Shares does not need to occur
simultaneously. Up-MACRO Tradeable Shares may be created independently by the
deposit of Up-MACRO Holding Shares into the Up-MACRO Tradeable Trust, and
Down-MACRO Tradeable Shares may be created independently by the deposit of
Down-MACRO Holding Shares into the Down-MACRO Tradeable Trust. Accordingly,
Up-MACRO Tradeable Shares may be exchanged independently to Up-MACRO Holding
Shares by the deposit of Up-MACRO Tradeable Shares into the Up-MACRO Tradeable
Trust and Down MACRO Tradeable Shares may be exchanged independently to
Down-MACRO Holding Shares by the deposit of Down-MACRO Tradeable Shares into the
Down-MACRO Tradeable Trust.

         Under the Tradeable Trust Agreements, the Administrative Agent will
authorize the Trustee to issue additional Tradeable Shares to, and redeem
Tradeable Shares from, Authorized Participants, only through the facilities of
DTC or a successor depository. This Participants Agreement sets forth the
specific procedures by which an Authorized Participant may create or redeem
Tradeable Shares.

         Because new MACRO Shares can be created and issued on an ongoing basis,
on every Business Day, at any point during the life of the MACRO Trusts, a
"distribution," as such term is used in the Securities Act of 1933, as amended
("Securities Act"), may be occurring. Each Authorized Participant is cautioned
that some of its activities may result in its being deemed a participant in a
distribution which would render it a statutory underwriter and subject it to the
prospectus-delivery requirements and the liability provisions of the Securities
Act. Each Authorized Participant should review the "Plan of Distribution"
portion of the Prospectuses and consult with its own counsel in connection with
entering into this Participants Agreement and placing a Creation Order, a
Redemption Order or an Exchange Order (as defined in Section 3, 4 or 5 hereof,
as applicable).

         Capitalized terms used but not defined in this Participants Agreement
shall have the meanings assigned to such terms in the applicable Trust
Agreement. To the extent there is a conflict between any provision of this
Participants Agreement and the provisions of the Trust Agreements, the
provisions of this Participants Agreement will govern insofar as they relate to
the Procedures (as defined below).

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         To give effect to the foregoing premises and in consideration of the
mutual covenants and agreements set forth below, the parties hereto agree as
follows:

         Section 1. Order Placement.

              (a) To create one or more MACRO Units and concurrently exchange
them into Tradeable Shares or to create one or more MACRO Units, Authorized
Participants must follow the procedures for creation set forth in Section 3 of
this Participants Agreement and the procedures described in Attachment A.I
hereto (the "Creation Procedures"), as each may be amended, modified or
supplemented from time to time.

              (b) To exchange Tradeable Shares into Holding Shares and
concurrently redeem such Holding Shares as one or more MACRO Units for cash or
for cash and/or Eligible Treasuries or to redeem MACRO Units for cash or for
cash and/or Eligible Treasuries, Authorized Participants must follow the
procedures for redemption set forth in Section 4 of this Participants Agreement
and the procedures described in Attachment A.II hereto (the "Redemption
Procedures"), as each may be amended, modified or supplemented from time to
time.

              (c) To exchange Holding Shares into their respective Tradeable
Shares or to exchange Tradeable Shares into their respective Holding Shares,
Authorized Participants must follow the procedures for exchange set forth in
Section 5 of this Participants Agreement and the procedures described in
Attachment A.III hereto (the "Exchange Procedures" and, together with the
Creation Procedures and the Redemption Procedures, the "Procedures"), as each
may be amended, modified or supplemented from time to time.

         Section 2. Status of Authorized Participant. Each Authorized
Participant, individually and severally, represents, warrants and covenants
that:

              (a) It is a DTC Participant or an Indirect Participant. If it
ceases to be a DTC Participant or an Indirect Participant, such Authorized
Participant shall give immediate notice to the Trustee, the Depositor and the
Administrative Agent of such event, and this Participants Agreement shall
terminate immediately (with respect to that Authorized Participant only) as of
the date such Authorized Participant ceases to be a DTC Participant or an
Indirect Participant.

              (b) Unless Section 2(c) applies, it either (i) is registered as a
broker-dealer under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and is a member in good standing of the National Association of
Securities Dealers, Inc. (the "NASD"), or (ii) is exempt from being, or
otherwise is not required to be, licensed as a broker-dealer or a member of the
NASD, and in either case is qualified to act as a broker or dealer in the states
or other jurisdictions where the nature of its business so requires. Such
Authorized Participant shall maintain any such registrations, qualifications and
membership in good standing and in full force and effect throughout the term of
this Participants Agreement. Such Authorized Participant shall comply with all
applicable federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, and with the
Constitution, By-Laws and Conduct Rules of the NASD (if it is a NASD member),
and will not offer or sell Holding Shares

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or Tradeable Shares in any state or other jurisdiction where they may not
lawfully be offered and/or sold.

              (c) If it is offering or selling Holding Shares or Tradeable
Shares in jurisdictions outside the several states, territories and possessions
of the United States and is not otherwise required to be registered, qualified
or a member of the NASD as set forth in Section 2(b) above, such Authorized
Participant shall (i) observe the applicable laws of the jurisdiction in which
such offer and/or sale is made, (ii) comply with the full disclosure
requirements of the Securities Act and the regulations promulgated thereunder,
and (iii) conduct its business in accordance with the spirit of the NASD Conduct
Rules.

              (d) It is in compliance with the anti-money laundering and related
provisions of the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "Patriot
Act") and the regulations promulgated thereunder, if such Authorized Participant
is subject to the requirements of the Patriot Act.

(e) It has the capability to send and receive communications via authenticated
electronic facilities to and from the Trustee and the Administrative Agent. Such
Authorized Participant shall confirm such capability to the satisfaction of the
Trustee and the Administrative Agent by the end of the Business Day before
placing its first Order (as set forth in Section 3, 4 or 5, as applicable) with
the Administrative Agent.

              (f) Each Authorized Participant, by its acquisition or holding of
any Paired Holding Share, is deemed to have represented and warranted that it is
not, and is not using assets of, any (i) "employee benefit plan" (as defined in
section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")), subject to Title I of ERISA, (ii) "plan" (as defined in section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code")),
subject to section 4975 of the Code, including without limitation individual
retirement accounts and Keogh plans, or (iii) entity whose underlying assets
include plan assets by reason of such an employee benefit plan's or plan's
investment in such entity, including without limitation, as applicable, an
insurance company general account (each of (i), (ii) and (iii), a "Benefit Plan
Investor"). Any purported purchase or transfer of an Up-MACRO Holding Share or a
Down-MACRO Holding Share to a Benefit Plan Investor shall be null and void ab
initio.

         Section 3. Creation Order.

              (a) All orders to create one or more MACRO Units and concurrently
exchange them into their respective Tradeable Shares or, in the event that the
Authorized Participant instruct otherwise, to create one or more MACRO Units,
shall be made in accordance with the terms of the applicable Trust Agreement,
this Participants Agreement and the Creation Procedures. Each party will comply
with such foregoing terms and procedures to the extent applicable. Each
Authorized Participant hereby consents to the use of recorded telephone lines
whether or not such use is reflected in the Creation Procedures. The applicable
Trustee, the Administrative Agent and the Depositor may issue additional or
other procedures from time to time relating to the manner of creation of MACRO
Units or creation of MACRO Units and concurrently exchanging all or part of such
Holding Shares into Tradeable Shares, which are not related

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to the Creation Procedures, and each Authorized Participant shall comply with
such procedures.

(b) Each Authorized Participant acknowledges and agrees on behalf of itself and
any party for which it is acting (whether such party is a customer or otherwise)
that each order to create a MACRO Unit and concurrently exchange such MACRO Unit
into Tradeable Shares or to create a MACRO Unit (a "Creation Order") may not be
revoked by such Authorized Participant after the placement and acceptance of
such Order with the Administrative Agent. Such order shall be a binding
obligation of the Authorized Participant that placed such order. A form of a
Creation Order is attached hereto as EXHIBIT B (the "Creation Order Form"). The
Creation Order Form shall not be required if such Creation Order is conducted
through the electronic facilities of the Administrative Agent; provided,
however, that the Administrative Agent, in its sole discretion, may require the
use of the Creation Order Form for any reason as an alternative for its
electronic facilities. The information required by such electronic facilities
shall be substantially similar to the information on the Creation Order Form
attached hereto.

              (c) The Administrative Agent and the Depositor shall each have the
absolute right, but shall have no obligation, to reject any Creation Order (i)
if the Administrative Agent determines that the Creation Order is not in the
required form, (ii) if the Administrative Agent determines that the Authorized
Participant or Authorized Participants have deposited an insufficient amount of
money with the Trustee, (iii) if the Depositor determines, based upon an opinion
of counsel, that such Creation Order would have adverse tax or securities law
consequences for one or more of the MACRO Trusts or the holders of any of the
MACRO Shares, (iv) the acceptance or fulfillment of which would, in the opinion
of counsel to the Depositor acceptable to the Trustee, be unlawful, (v) if the
trustee of one of the Paired Holding Trusts or of one of the Tradeable Trusts
notifies the other applicable trustees that the Creation Order for additional
MACRO Shares made in connection with such order has been or will be rejected by
it, by the Depositor or by the Administrative Agent, (vi) if such Creation Order
will cause one of the Tradeable Trusts to hold fifty percent or less of the
outstanding related Holding Shares or (vii) if circumstances outside the control
of the Trustee, the Depositor or the Administrative Agent make it impractical or
not feasible to process the Creation Order on the Creation Order Date or the
Creation Date. None of the Trustee, the Depositor or the Administrative Agent
shall be liable to any Person by reason of the rejection of any Creation Order.

              (d) The Administrative Agent shall suspend the applicable right of
creation (i) for any period during which the AMEX or NYMEX is closed, or trading
on the AMEX or the NYMEX is suspended or restricted, (ii) for any period during
which an emergency exists as a result of which delivery or acquisition of
Eligible Treasuries by the Paired Holding Trusts is not reasonably practicable
or (iii) for such other period as the Depositor, the Trustee or the
Administrative Agent determines to be necessary for the protection of the
Beneficial Owners of any of the MACRO Shares. None of the Trustee, the Depositor
or the Administrative Agent shall be liable to any Person or in any way for any
loss or damage that may result from any such postponement.

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         Section 4. Redemption Order.

              (a) Except as otherwise provided for herein, all orders to
exchange Tradeable Shares into Holding Shares and concurrently redeem such
Holding Shares as one or more MACRO Units based on the default procedure or to
redeem Holding Shares pursuant to instructions submitted by the Authorized
Participant for cash or for cash and/or Eligible Treasuries shall be made in
accordance with the terms of the applicable Trust Agreements, this Participants
Agreement and the Redemption Procedures. Each party will comply with such
foregoing terms and procedures to the extent applicable. Each Authorized
Participant hereby consents to the use of recorded telephone lines whether or
not such use is reflected in the Redemption Procedures. The applicable Trustee,
the Administrative Agent and the Depositor may issue additional or other
procedures from time to time relating to the manner of exchanging Tradeable
Shares and concurrently redeeming such shares as part of one or more MACRO
Units or redeeming Paired Holding Shares consisting of one or more MACRO Units
which are not related to the Redemption Procedures, and each Authorized
Participant shall comply with such procedures.

              (b) Each Authorized Participant acknowledges and agrees on behalf
of itself and any party for which it is acting (whether such party is a customer
or otherwise) that each order to exchange Tradeable Shares into Holding Shares
and concurrently redeem such Holding Shares or to redeem Holding Shares as one
or more MACRO Units for cash or for cash and/or Eligible Treasuries (a
"Redemption Order") may not be revoked by such Authorized Participant after the
placement and acceptance of such order with the Administrative Agent. Such
Orders shall be a binding obligation of the Authorized Participant that placed
such Order. A form of Redemption Order is attached hereto as EXHIBIT C (a
"Redemption Order Form"). The Redemption Order Form shall not be required if
such Redemption Order is conducted through the electronic facilities of the
Administrative Agent; provided, however, that the Administrative Agent, in its
sole discretion, may require the use of the Redemption Order Form for any reason
as an alternative for its electronic facilities. The information required by
such electronic facilities shall be substantially similar to the information on
the Redemption Order Form attached hereto.

              (c) The Administrative Agent and the Depositor shall each have the
absolute right but shall have no obligation to reject any Redemption Order (i)
if the Administrative Agent determines that the Redemption Order is not in the
required form, (ii) if the Administrative Agent determines that the Authorized
Participant or Authorized Participants have deposited an insufficient number of
shares with the Trustee, (iii) if the Depositor has determined, based upon an
opinion of counsel, and advised the Trustee and the Administrative Agent that
such Redemption Order would have adverse tax or securities laws consequences to
one or more of the MACRO Trusts or any of the holders of the MACRO Shares, (iv)
if the acceptance of the Redemption Order would, in the opinion of counsel to
the Depositor, be unlawful, (v) if the trustee of one of the Paired Holding
Trusts notifies the trustee of the other Paired Holding Trust that the related
Redemption Order will be rejected by it, by the Depositor or by the
Administrative Agent, (vi) if such Redemption Order will cause one or both of
the Tradeable Trusts to hold fifty percent or less of the related outstanding
Holding Shares or (vii) if circumstances outside the control of the Trustee, the
Depositor or the Administrative Agent make

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it impractical or not feasible to process the Redemption Order on the
Redemption Order Date or on the Order Date. None of the Trustee, the Depositor
or the Administrative Agent shall be liable to any Person by reason of the
rejection of any Redemption Order.

              (d) The Administrative Agent shall suspend the right of redemption
or postpone the applicable settlement date, (i) for any period during which the
AMEX or the NYMEX is closed, or trading on the AMEX or the NYMEX is suspended or
restricted, (ii) for any period during which an emergency exists as a result of
which delivery or acquisition of Eligible Treasuries by the paired Holding
Trusts is not reasonably practicable, (iii) if any such redemption would cause
the Up-MACRO or Down-MACRO Investment Amount to equal less than 10 million
dollars or (iv) for such other period as the Depositor, the Trustee or the
Administrative Agent determines to be necessary for the protection of the
Beneficial Owners of any of the MACRO Shares. Neither the Depositor, the
Administrative Agent nor the Trustee shall be liable to any Person or in any way
for any loss or damages that may result from any such suspension or
postponement.

         Section 5. Exchange Order.

              (a) All orders to exchange Holding Shares into their related
Tradeable Shares or exchange Tradeable Shares into their related Holding Shares
shall be made in accordance with the terms of the applicable Trust Agreements,
this Participants Agreement and the Exchange Procedures. Each party will comply
with such foregoing terms and procedures to the extent applicable. Each
Authorized Participant hereby consents to the use of recorded telephone lines
whether or not such use is reflected in the Exchange Procedures. The Trustee,
the Administrative Agent and the Depositor may issue additional or other
procedures from time to time relating to the manner of exchanging Holding Shares
or exchanging Tradeable Shares, which are not related to the Exchange
Procedures, and each Authorized Participant shall comply with such procedures.

              (b) Each Authorized Participant acknowledges and agrees on behalf
of itself and any party for which it is acting (whether such party is a customer
or otherwise) that each order to exchange Holding Shares or to exchange
Tradeable Shares (an "Exchange Order," and together with a Creation Order and a
Redemption Order, each an "Order") may not be revoked by such Authorized
Participant after the placement and acceptance of such Order with the
Administrative Agent. Such order shall be a binding obligation of the Authorized
Participant that placed such order. A form of an Exchange Order is attached
hereto as EXHIBIT D (the "Exchange Order Form"). The Exchange Order Form shall
not be required if such Exchange Order is conducted through the electronic
facilities of the Administrative Agent; provided, however, that the
Administrative Agent, in its sole discretion, may require the use of the
Exchange Order Form for any reason as an alternative for its electronic
facilities. The information required by such electronic facilities shall be
substantially similar to the information on the Exchange Order Form attached
hereto.

              (c) The Administrative Agent and the Depositor shall each have the
absolute right but shall have no obligation to reject any Exchange Order (i) if
the Administrative Agent determines that the Exchange Order is not in the
required form, (ii) if the Administrative Agent

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determines that the Authorized Participant or Authorized Participants have
deposited an insufficient number of shares with the Trustee, (iii) if the
Depositor determines, based upon an opinion of counsel, that such Exchange
Order would have adverse tax or securities law consequences for one or more of
the MACRO Trusts or the holders of any of the MACRO Shares, (iv) the acceptance
or fulfillment of which would, in the opinion of counsel to the Depositor
acceptable to the Trustee, be unlawful or (v) if circumstances outside the
control of the Trustee, the Depositor or the Administrative Agent make it
impractical or not feasible to cause the Tradeable Trusts to issue additional
Tradeable Shares. None of the Trustee, the Depositor or the Administrative
Agent shall be liable to any Person by reason of the rejection of any Exchange
Order.

              (d) The Administrative Agent shall suspend the right of exchange
(i) for any period during which the AMEX or the NYMEX is closed, or trading on
the AMEX or the NYMEX is suspended or restricted (ii) if such Exchange Order
will cause one of the Tradeable Trusts to hold fifty percent or less of the
outstanding related Holding Shares or (iii) for such other period as the
Depositor, the Trustee or the Administrative Agent determines to be necessary
for the protection of the Beneficial Owners of any of the MACRO Shares. None of
the Trustee, the Depositor or the Administrative Agent shall be liable to any
Person or in any way for any loss or damage that may result from any such
suspension.

         Section 6. Transfers.

              (a) Any MACRO Shares or Eligible Treasuries to be transferred in
connection with any Order shall be transferred between that Authorized
Participant's designated account at DTC and the Netting Account or the
Securities Account of the applicable MACRO Trust in accordance with the
Procedures. Any transfer of MACRO Shares shall be conducted through the Deposit
and Withdrawal At Custodian process (the "DWAC process") of the DTC system. The
Authorized Participant shall be responsible for all costs and expenses relating
to or connected with any transfer of MACRO Shares or Eligible Treasuries between
its designated account and the Netting Account or the Securities Account of the
applicable MACRO Trust. Any transfer of cash in connection with the Orders shall
be made between a bank account designated by that Authorized Participant and the
Netting Account or the Distribution Account of the applicable Holding Trust in
accordance with the Procedures. Any transfer of cash shall be conducted through
the Federal Wire Electronic Transfer System. The Authorized Participant shall be
responsible for all costs and expenses relating to or in connection with any
transfers of cash between its designated bank account and the applicable Netting
Account or Distribution Account.

              (b) Each of the MACRO Trusts, the Depositor, the Trustee and the
Administrative Agent shall have no liability for loss or damages suffered by an
Authorized Participant in respect of the Authorized Participant's Participant
Custodian Account. The Authorized Participant acknowledges that it is an
unsecured creditor of the applicable Trustee, on behalf of the applicable Trust,
with respect to any MACRO Shares, Eligible Treasuries and/or cash held in each
Authorized Participant's Participant Custodian Account and that such MACRO
Shares, Eligible Treasuries and/or cash are at risk in the event that the
Trustee becomes insolvent.

         Section 7. Fees.

              (a) In connection with each Creation Order, the Authorized
Participant shall pay to the Trustee a fee (such fee, the "Creation Transaction
Fee") for such creation. The initial Creation Transaction Fee shall be two
thousand dollars ($2,000) for the creation of one or more MACRO Units and the
concurrent exchange of such MACRO Units to their related Tradeable Shares or for
the creation of one or more MACRO Units. The Creation Transaction Fee may be

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adjusted from time to time in accordance with Section 7(c) of this Participants
Agreement. A single Creation Transaction Fee shall be due for each Creation
Order from a single Authorized Participant.

(b) In connection with each Redemption Order, the Authorized Participant shall
pay to the Trustee a fee (such fee, the "Redemption Transaction Fee," and
together with the Creation Transaction Fee, the "Transaction Fee") for such
redemption of shares. The initial Redemption Transaction Fee for the exchange
of Tradeable Shares which constitute one or more MACRO Units and the concurrent
redemption of such MACRO Units for cash and/or Eligible Treasuries or for the
redemption of Holding Shares that constitute one or more MACRO Units for cash
and/or Eligible Treasuries shall be two thousand dollars ($2,000). The
Redemption Transaction Fee may be adjusted from time to time in accordance with
Section 7(c) of this Participants Agreement. A single Redemption Transaction
Fee shall be due for each Redemption Order from a single Authorized Participant
regardless of the aggregate amount of redemptions on such Redemption Order.

              (c) The Transaction Fee may subsequently be waived, modified,
reduced, increased or otherwise changed by the Trustee, with the prior written
consent of the Depositor, and without the required consent of the Authorized
Participants at that time, but will not in any event exceed 0.10% of the value
of a MACRO Unit at the time of creation or redemption, as the case may be (in
each case determined at the proportionate underlying value of a MACRO Unit on
the date of either the Creation Order or the Redemption Order). Promptly after
agreeing to and prior to implementing such change, the Depositor shall file,
with the cooperation of the Trustee, a post-effective amendment with the SEC
disclosing any such change in the Transaction Fee and the Administrative Agent
shall, concurrently, notify the Depository and each Authorized Participant. Any
such change in the Transaction Fee shall not be implemented until thirty (30)
days after the filing of the applicable post-effective amendment. The amount of
the Transaction Fee in effect at any given time shall be made available by the
Administrative Agent upon request.

         Section 8. Authorized Persons. Concurrently with the execution of this
Participants Agreement and from time to time thereafter, each Authorized
Participant shall deliver to the Administrative Agent, with copies to the
Trustee, notarized and duly certified as appropriate by its secretary or other
duly authorized official, a certificate in the form of EXHIBIT A setting forth
the names and signatures of all persons authorized to give instructions relating
to activity contemplated hereby or by any other notice, request or instruction
given on behalf of the Authorized Participant (each, an "Authorized Person").
The Administrative Agent may accept and rely upon such certificate as conclusive
evidence of the facts set forth therein and shall consider such certificate to
be in full force and effect until the Administrative Agent receives a
superseding certificate bearing a subsequent date. Upon the termination or
revocation of

                                       10
<PAGE>

authority of any Authorized Person by the Authorized Participant, the
Authorized Participant shall give immediate written notice of such fact to the
Administrative Agent and such notice shall be effective upon receipt by the
Administrative Agent. The Administrative Agent shall issue to each Authorized
Person a unique personal identification number (the "PIN Number") by which such
Authorized Person shall be identified and which shall be used as authentication
for Orders placed by that Authorized Person. The Administrative Agent shall
provide to the Depositor and the Trustee, if so requested, a list of the
Authorized Persons and their corresponding PIN Numbers and shall promptly
update such list upon any changes to such list.

The PIN Number shall be kept confidential by the Authorized Participant and
shall only be provided to the Authorized Person. If, after issuance, the
Authorized Person's PIN Number is changed, the new PIN Number shall become
effective within two Business Days after the new PIN Number has been issued to
the Authorized Person.

         Section 9. Representation regarding Securities Delivered. Each
redeeming Authorized Participant represents and warrants that it will not obtain
a Submission Number (as described in the Procedures) from the Administrative
Agent for a Redemption Order or an Exchange Order unless such Authorized
Participant first ascertains that (i) it or its customer or any other person on
whose behalf it is acting, as the case may be, owns outright or has full legal
authority and legal and beneficial right to tender the MACRO Shares and (ii)
such MACRO Shares have not been loaned or pledged to another party and are not
the subject of a repurchase agreement, securities lending agreement or any other
arrangement which would preclude the delivery of such securities to the Trustee
on the first Business Day following the applicable order date.

         Section 10. Role of the Authorized Participant.

              (a) Each Authorized Participant acknowledges that, for all
purposes of this Participants Agreement and the Trust Agreements, it is and
shall be deemed to be an independent contractor and has and shall have no
authority to act as agent for the Paired Holding Trusts, the Tradeable Trusts,
the Depositor, the Administrative Agent or the Trustee in any matter or in any
respect.

              (b) Each Authorized Participant will make itself and its employees
available, upon request, during normal business hours to consult with the
Trustee and the Administrative Agent concerning the performance of such
Authorized Participant's responsibilities under this Participants Agreement.

              (c) With respect to any Order made by an Authorized Participant
pursuant to this Participants Agreement for the benefit of any customer or any
other DTC Participant or Indirect Participant or any other beneficial owner,
such Authorized Participant shall extend to any such party all of the rights,
and shall be bound by all of the obligations, of a DTC Participant in addition
to any obligations that it undertakes hereunder or in accordance with the Trust
Agreements.

              (d) Each Authorized Participant will maintain records of all sales
and redemptions of Holding Shares or Tradeable Shares made by or through it and
will furnish copies of such records to the Depositor upon the reasonable request
of the Depositor.

                                       11
<PAGE>

         Section 11. Indemnification.

              (a) Each Authorized Participant, individually and severally,
hereby indemnifies and holds harmless the Paired Holding Trusts, the Tradeable
Trusts, the Trustee, the Administrative Agent, the Depositor, their respective
direct or indirect affiliates (as defined below) and their respective
directors, officers, managers, members, employees and agents, and each person,
if any, who controls such persons within the meaning of Section 15 of the
Securities Act (each, an "AP Indemnified Party") from and against any losses,
liabilities, damages, costs and expenses (including attorney's fees and the
reasonable cost of investigation) incurred by such AP Indemnified Party as a
result of or in connection with: (i) any breach by such Authorized Participant
of any provisions of this Participants Agreement, including its
representations, warranties and covenants, (ii) any failure on the part of such
Authorized Participant to perform any of its obligations set forth in this
Participants Agreement, (iii) any failure by such Authorized Participant to
comply with applicable laws and the rules and regulations of self-regulatory
organizations, (iv) any actions of such AP Indemnified Party in reliance upon
any instructions issued in accordance with the Procedures believed by the AP
Indemnified Party to be genuine and to have been given by such Authorized
Participant, or (v) (A) any representation by such Authorized Participant, its
employees or its agents or other representatives about any type of MACRO Shares
or any AP Indemnified Party that is not consistent with the then-current
Prospectuses made in connection with the offer or the solicitation of an offer
to buy or sell any type of MACRO Shares and (B) any untrue statement or alleged
untrue statement of a material fact contained in any Participant Written
Communication described in Section 15(b) herein or any alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading to the extent that such statement or
omission relates to the MACRO Shares or any AP Indemnified Party, unless, in
either case, such representation, statement or omission was made or included by
the Authorized Participant at the written direction of the Depositor or is
based upon any omission or alleged omission by the Depositor to state a
material fact in connection with such representation, statement or omission
necessary to make such representation, statement or omission not misleading.

              (b) The Paired Holding Trusts, on behalf of themselves and their
related Tradeable Trusts, hereby agree to indemnify and hold harmless, severally
and not jointly, each Authorized Participant, its respective subsidiaries,
affiliates, directors, officers, employees and agents, and each person, if any,
who controls such persons within the meaning of Section 15 of the Securities Act
(each, a "Trust Indemnified Party") from and against any losses, liabilities,
damages, costs and expenses (including reasonable attorneys' fees) incurred by
such Trust Indemnified Party as a result of (i) any breach by a MACRO Trust of
any provision of this Participants Agreement that relates to a MACRO Trust, (ii)
any failure on the part of a MACRO Trust to perform any of its obligations set
forth in this Participants Agreement or (iii) any untrue statement or alleged
untrue statement of a material fact contained in the Prospectuses as originally
filed with the SEC or in any amendment thereof, or in any amendment thereof or
supplement thereto, or arising out of or based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except those statements
in the Prospectuses based on information furnished in writing by or on behalf of
the Authorized Participant expressly for use in the Prospectuses.

                                       12
<PAGE>

              (c) This Section 11 shall not apply to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of or in
connection with any gross negligence, bad faith or willful misconduct on the
part of the AP Indemnified Party or the Trust Indemnified Party, as the case may
be. The term "affiliate" in this Section 11 shall include, with respect to any
person, entity or organization, any other person, entity or organization which
directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such person, entity or
organization.

              (d) If the indemnification provided for in this Section 11 is
unavailable to an AP Indemnified Party under Section 11(a) or a Trust
Indemnified Party under Section 11(b) or insufficient to hold an indemnified
party harmless in respect of any losses, liabilities, damages, costs and
expenses referred to therein, then each applicable indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, liabilities, damages, costs and expenses (i) in such proportion
as is appropriate to reflect the relative benefits received by a Paired Holding
Trust, on the one hand, and by the Authorized Participant, on the other hand,
from the services provided hereunder or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
above but also the relative fault of a Paired Holding Trust, on the one hand,
and of the Authorized Participant, on the other hand, in connection with, to
the extent applicable, the statements or omissions which resulted in such
losses, liabilities, damages, costs and expenses, as well as any other relevant
equitable considerations. The relative benefit of a Paired Holding Trust shall
be deemed to be in the same proportion as the total net proceeds from the
offering (after deducting expenses) received by that Paired Holding Trust. To
the extent applicable, the relative fault of a Paired Holding Trust and its
related Tradeable Trust, on the one hand, and of the Authorized Participant, on
the other hand, shall be determined by reference to, among other things,
whether the untrue statement or alleged untrue statement of a material fact or
omission or alleged omission relates to information supplied by that trust or
by the Authorized Participant and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission. The amount paid or payable by a party as a result of the losses,
liabilities, damages, costs and expenses referred to in this Section 11(d)
shall be deemed to include any legal or other fees or expenses reasonably
incurred by such party in connection with investigating, preparing to defend or
defending any action, suit or proceeding (each, a "Proceeding") related to such
losses, liabilities, damages, costs and expenses.

              (e) Each Paired Holding Trust and each Authorized Participant
agree that it would not be just and equitable if contribution pursuant to this
Section 11 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred
to in Section 11(d) above. Each Authorized Participant shall not be required to
contribute any amount in excess of the amount by which the total price at which
the Paired Holding Shares or Tradeable Shares, as applicable, created by the
Authorized Participant and distributed to the public exceeds the amount of any
damage which the Authorized Participant has otherwise been required to pay by
reason of such untrue statement or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

                                       13
<PAGE>

              (f) The indemnity and contribution provisions contained in this
Section 11 shall remain in full force and effect regardless of any
investigation made by or on behalf of an Authorized Participant, its partners,
stockholders, members, directors, officers, employees and or any person
(including each partner, stockholder, member, director, officer or employee of
such person) who controls an Authorized Participant within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on
behalf of each of the Paired Holding Trusts, its managers, members, officers,
employees or any person who controls the Paired Holding Trusts within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
and shall survive any termination of this Participants Agreement. Each Paired
Holding Trust and each Authorized Participant agree promptly to notify each
other of the commencement of any Proceeding against it and, in the case of a
Paired Holding Trust, against the Trustee or the Depositor, in connection with
the issuance and sale of the Paired Holding Shares or Tradeable Shares or in
connection with the Registration Statement or the Prospectuses.

              (g) Pursuant to the Holding Trust Agreements, each Paired Holding
Trust hereby agrees jointly and severally to pay any Trust Indemnified Party
such amounts when due under this Section 11 (including any amount in
contribution thereof that may be owed to such Trust Indemnified Party pursuant
to this Section 11), and to pay any and all expenses (including reasonable and
documented counsel fees and expenses) incurred by the Trust Indemnified Party in
enforcing its rights under this Section 11(g).

         Section 12. Limitation of Liability.

              (a) None of the Depositor, the Trustee, the Administrative Agent
or the Authorized Participant shall be liable to each other or to any other
Person, including any AP Indemnified Party or any other person claiming by,
through or on behalf of an Authorized Participant, for any losses, liabilities,
damages, costs or expenses arising out of any mistake or error in data or other
information provided to any of them by any of the others or any other person or
out of any interruption or delay in the electronic means of communications used
by them.

              (b) Tax Liability. Each Authorized Participant shall be
responsible for the payment of any transfer tax, sales or use tax, stamp tax,
recording tax, value added tax and any other similar tax or government charge
applicable to (i) the creation or redemption of any MACRO Unit or (ii) the
creation or redemption of Tradeable Shares made pursuant to this Participants
Agreement, regardless of whether or not such tax or charge is imposed directly
on each Authorized Participant. To the extent the Trustee, the Administrative
Agent, the Depositor, the Paired Holding Trusts or the Tradeable Trusts are
required by law to pay any such tax or charge, the Authorized Participant agrees
to promptly indemnify such party for any such payment, together with any
applicable penalties, additions to tax or interest thereon.

Section 13. Acknowledgment. Each Authorized Participant acknowledges receipt of
a copy of (i) the Trust Agreements, (ii) the current Up-MACRO Prospectus and
(iii) the current Down-MACRO Prospectus and represents that it has reviewed and
understands such documents.

                                       14
<PAGE>

         Section 14. Effectiveness and Termination. Upon the execution of this
Participants Agreement by the parties hereto, this Participants Agreement shall
become effective in this form as of the date first set forth above and may be
terminated at any time by any party upon thirty (30) days' prior written notice
to the other parties unless earlier terminated: (i) in accordance with Section
2(a), (ii) upon notice to the Authorized Participant by the Trustee in the event
of a breach by the Authorized Participant of this Participants Agreement or the
Procedures described or incorporated herein, (iii) immediately in the
circumstances described in Section 21(j), or (iv) at such time as the Paired
Holding Trusts are terminated pursuant to the Holding Trust Agreements.

         Section 15. Marketing Materials; Representations Regarding Paired
Holding Shares; Identification in Registration Statement.

              (a) Each Authorized Participant represents, warrants and covenants
that, without the prior written consent of the Depositor, (i) such Authorized
Participant will not make, or permit any of its representatives to make any
representations concerning the Paired Holding Shares, the Tradeable Shares or
any AP Indemnified Party other than representations contained (A) in the
then-current Prospectuses, (B) in printed information approved by the Depositor
as information supplemental to such Prospectuses or (C) in any promotional
materials or sales literature furnished to such Authorized Participant by the
Depositor and (ii) such Authorized Participant will not prepare, make, use,
authorize, approve, disseminate or refer to any "written communication" (as
defined in Rule 405 under the Act) that constitutes an offer to sell or
solicitation of an offer to buy any of the MACRO Shares other than the
then-current Prospectuses. Copies of the then-current Prospectuses and any such
printed supplemental information will be supplied by the Depositor to the
Authorized Participant in reasonable quantities upon request.

              (b) Notwithstanding the foregoing, each Authorized Participant
may, without the written approval of the Depositor, prepare and circulate to one
or more of its potential investors one or more "written communications" (as
defined under Rule 405 under the Securities Act) containing no more than the
following: information contemplated by Rule 134 under the Securities Act ("Rule
134 Information") which is consistent with the then-current prospectuses and
information included in the then-current prospectuses (a "Participant Free
Writing Prospectus", and together with Rule 134 Information, the "Participant
Written Communication").

              (c) Each Authorized Participant severally represents, warrants,
covenants and agrees with the Trustee, the Administrative Agent and the
Depositor that:

                  (i) each Participant Written Communication prepared by it
         will not, as of the date such Participant Written Communication was
         conveyed or delivered to any prospective purchaser of MACRO Shares,
         include any untrue statement of a material fact or omit any material
         fact necessary to make the statements contained therein, in light of
         the circumstances under which they were made, not misleading;
         provided, however, that no Authorized Participant makes such
         representation, warranty or agreement to the extent such misstatements
         or omissions were the result of any inaccurate information which was
         included in the Prospectuses or any written information furnished to
         the related Authorized

                                       15
<PAGE>

         Participant by the Trustee, the Administrative Agent and the Depositor
         expressly for use therein, which information was not corrected by
         information subsequently filed with the SEC or by such information
         subsequently delivered by the Trustee, the Administrative Agent or the
         Depositor to the related Authorized Participant prior to the time of
         use of such Participant Written Communication;

                  (ii) each Rule 134 Information prepared by it shall contain a
         legend substantially in the form of and in compliance with Rule 134(b)
         or (d) of the Securities Act, as applicable, and shall otherwise
         conform to all of the requirements of Rule 134 under the Securities
         Act;

                  (iii) each Participant Free Writing Prospectus prepared by it
         shall contain a legend substantially in the form of and in compliance
         with Rule 433(c)(2)(i) of the Securities Act, and shall otherwise
         conform to all of the requirements for "Free Writing Prospectus" (as
         defined under Rule 405 under the Securities Act) under the Securities
         Act; and

                  (iv) each Participant Free Writing Prospectus prepared by it
         shall be delivered to the Trustee, the Administrative Agent and the
         Depositor no later than the time of first use and, unless otherwise
         agreed to by the Trustee, the Administrative Agent and the Depositor
         and the related Authorized Participant, such delivery shall occur no
         later than the close of business for the applicable MACRO Trust
         (Eastern Time) on the date of first use; provided, however, if the date
         of first use is not a Business Day, such delivery shall occur no later
         than the close of business for the applicable MACRO Trust (Eastern
         Time) on the first Business Day preceding such date of first use.

              (d) Each Authorized Participant severally represents and agrees
(i) that it did not enter into any contract of sale for any MACRO Share prior to
the initial time of sale as determined by the Depositor (the "Initial Time of
Sale") and (ii) that it will, at any time that such Authorized Participant is
acting as an "underwriter" (as defined in Section 2(a)(11) of the Securities
Act) with respect to any type of MACRO Share, deliver to each investor to whom
the MACRO Shares are offered a copy of the then-current Prospectuses as required
under the Securities Act.

              (e) Each Authorized Participant hereby agrees that, for the term
of this Participants Agreement, the Depositor may deliver the then-current
Prospectuses, and any supplements or amendments thereto or recirculation
thereof, to such Authorized Participant in Portable Document Format ("PDF") via
electronic mail in lieu of delivering the Prospectuses in paper form. Each
Authorized Participant may revoke the foregoing agreement at any time by
delivering written notice to the Depositor and the Administrative Agent and,
whether or not such agreement is in effect, each Authorized Participant may, at
any time, request reasonable quantities of the Prospectuses, and any supplements
or amendments thereto or recirculation thereof, in paper form from the
Depositor. Each Authorized Participant acknowledges that it has the capability
to access, view, save and print material provided to it in PDF and that it will
incur no appreciable extra costs by receiving the Prospectuses in PDF instead of
in paper form.

                                       16
<PAGE>

              (f) For as long as this Participants Agreement is effective, each
Authorized Participant agrees to be identified as an authorized participant of
the Paired Holding Trusts and the Tradeable Trusts (i) in the section of the
Prospectuses included within the Registration Statements entitled "Plan of
Distribution" and in any other section as may be required by the SEC, (ii) in
any SEC filing as may be required under the Securities Act or the Exchange Act
and (iii) on any website relating to the Paired Holding Trusts or the Tradeable
Trusts.

         Section 16. Certain Covenants of the Depositor. The Depositor covenants
and agrees:

              (a) to advise the Authorized Participant promptly of the
happening of any event during the term of this Participants Agreement which
could require the making of any change in the Prospectuses then being used so
that the Prospectuses would not include an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they are made, not misleading, and,
during such time, to prepare and furnish, at the expense of the Paired Holding
Trusts, to each Authorized Participant promptly such amendments or supplements
to such Prospectuses as may be necessary to reflect any such change;

              (b) to deliver a certification by a duly authorized officer of the
Depositor in the form attached hereto as EXHIBIT E to each Authorized
Participant, upon the occurrence of (i) an amendment to any of the Registration
Statements or the Prospectuses by the filing of a post-effective amendment, (ii)
the filing of a new Registration Statement to register additional Paired Holding
Shares in reliance on Rule 429 under the Securities Act, or (iii) incorporation
by reference of new financial information into the Registration Statements or
the Prospectuses. In addition, any certificate signed by any officer of the
Depositor and delivered to each Authorized Participant or counsel for each
Authorized Participant pursuant hereto shall be deemed to be a representation
and warranty by the Depositor as to matters covered thereby to each Authorized
Participant;

              (c) upon (i) amending any of the Registration Statements or (ii)
the filing and effectiveness of a new Registration Statement to register
additional Paired Holding Shares or Tradeable Shares in reliance on Rule 429
under the Securities Act, to furnish to each Authorized Participant, an agreed
upon opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the
Depositor, addressed to each Authorized Participant and dated such dates;

              (d) to deliver letters from the MACRO Trusts' accountants, dated
as of the date of such events below, that are addressed to each Authorized
Participant and the MACRO Trusts' certified independent public accountants and
stating in effect that they have performed certain specified procedures as a
result of which they have determined that certain information of an accounting,
financial or statistical nature (which is limited to accounting, financial or
statistical information derived from the general accounting records of the
MACRO Trusts) set forth in the Prospectuses, agrees with the accounting records
of the MACRO Trusts, excluding any questions of legal interpretation, upon the
occurrence of (i) an amendment to any of the Registration Statements or the
Prospectuses by the filing of a post-effective amendment or (ii) incorporation
by reference of new financial information into the Registration Statements or
the Prospectuses; and

                                       17
<PAGE>

              (e) on behalf of each of the MACRO Trusts, to file a
post-effective amendment to their respective Registration Statements no less
frequently than once per calendar quarter on or about the same time that the
Depositor files a quarterly or annual report pursuant to Section 13 or 15(d) of
the Exchange Act (including the information contained in such report), until
such time as the MACRO Trusts' reports filed pursuant to Section 13 or 15(d) of
the Exchange Act are incorporated by reference in the Registration Statement.

         Section 17. Addition and Removal of Authorized Participants.

              (a) On any Business Day, any Person who satisfied the
requirements set forth in Section 2 of this Participants Agreement may notify
the Administrative Agent and the Depositor of its desire to be added to
Schedule I of this Participants Agreement. The Administrative Agent shall
review such Person's request, and if such Person is acceptable to the
Depositor, the Administrative Agent shall prepare, or cause to be prepared, a
supplement to this Participants Agreement under which such Person will be added
to Schedule I attached hereto and pursuant to which such Person shall assume
the role, responsibilities and privileges of an Authorized Participant as set
forth in this Participants Agreement. Upon instruction from the Depositor, each
of the Administrative Agent and Trustee hereby acknowledge and agree that it
will execute and deliver such supplement to the extent permitted by law.
Furthermore, each Authorized Participant acknowledges and agrees that its
execution and delivery of such supplement shall not be required to bind any
future Authorized Participant to the terms and conditions set forth herein. The
Trustee shall use commercially reasonable efforts to submit on behalf of such
Person an application to create an account at DTC pursuant to which it can
effectuate creations, redemptions and/or exchanges in accordance with
Attachment A attached hereto. Upon an approval from DTC and the execution and
delivery of such supplement by such Person, the Administrative Agent, the
Trustee and the Depositor, such Person shall be deemed to be an Authorized
Participant under this Participants Agreement. To the extent required under the
Exchange Act, the Depositor shall file within four (4) Business Days of
executing a supplement a Form 8-K disclosing the addition of an Authorized
Participant.

              (b) Upon five (5) Business Days' written notice, an Authorized
Participant may terminate its role with respect to this Participants Agreement.
The Administrative Agent shall prepare, or cause to be prepared, an amendment to
Schedule I under which such Authorized Participant shall be removed from such
schedule. The Administrative Agent, the Depositor, the Trustee and such
Administrative Agent shall execute such amendment upon its preparation and
delivery. Each Authorized Participant acknowledges and agrees that the execution
and delivery by it of such amendment is not required for the removal of an
Authorized Participant from the Schedule. To the extent required under the
Exchange Act, the Depositor shall file within four (4) Business Days of
executing an amendment a Form 8-K disclosing the removal of such Authorized
Participant.

         Section 18. Third Party Beneficiaries. Each AP Indemnified Party, to
the extent it is not a party to this Participants Agreement, is a third-party
beneficiary of this Participants Agreement (each, a "Third Party Beneficiary")
and may proceed directly against each Authorized Participant (including by
bringing proceedings against each Authorized Participant in its own name) to

                                       18
<PAGE>

enforce any obligation of each Authorized Participant under this Participants
Agreement which directly or indirectly benefits such Third Party Beneficiary.

         Section 19. Force Majeure. No party to this Participants Agreement
shall incur any liability for any delay in performance, or for the
non-performance, of any of its obligations under this Participants Agreement by
reason of any cause beyond its reasonable control. This includes any act of God
or war or terrorism, any breakdown, malfunction or failure of transmission in
connection with or other unavailability of any wire, communication or computer
facilities, any transport, port or airport disruption, industrial action, acts
and regulations and rules of any governmental or supra-national bodies or
authorities or regulatory or self-regulatory organization or failure of any such
body, authority or organization for any reason, to perform its obligations.

         Section 20. Ambiguous Instructions. If any Creation, Redemption or
Exchange Order Form otherwise in good form contains order terms that differ from
the information provided in the telephone call at the time of issuance of the
applicable order number, the Administrative Agent will attempt to contact one of
the Authorized Persons of the Authorized Participant to request confirmation of
the terms of the Order. If an Authorized Person confirms the terms as they
appear in the Order, then the Order will be accepted and processed. If an
Authorized Person contradicts the Order terms, the Order will be deemed invalid,
and a corrected Order must be received by the Administrative Agent, as the case
may be, not later than within fifteen (15) minutes of such contact with the
Authorized Person. If the Administrative Agent is not able to contact an
Authorized Person, then the Order shall be accepted and processed in accordance
with its terms notwithstanding any inconsistency from the terms of the telephone
information. In the event that an Order contains terms that are illegible, the
Order will be deemed invalid and the Administrative Agent will attempt to
contact one of the Authorized Persons of each Authorized Participant to request
retransmission of the Order. A corrected Order must be received by the
Administrative Agent not later than within fifteen (15) minutes of such contact
with the Authorized Person. The Administrative Agent will incur no liabilities
under this Section 20.

         Section 21. Miscellaneous.

              (a) Amendment and Modification. This Participants Agreement, the
Procedures attached hereto and the Exhibits hereto may be amended, modified or
supplemented by the Trustee, the Administrative Agent and the Depositor, without
consent of any holder of the MACRO Shares or the Authorized Participants;
provided, however, that the Trustee will not be required to enter into any
amendment or modification of this Participants Agreement that would (i) alter
the status of any Paired Holding Trust as a partnership or any of the Tradeable
Trusts as grantor trust for federal income tax purposes or (ii) cause any Trust
to be required to register as an investment company under the Investment Company
Act of 1940, as amended, or (iii) cause or potentially cause the assets of any
MACRO Trust to constitute "plan assets" within the meaning of ERISA unless (in
each case) it has obtained a favorable opinion of counsel at the expense of the
applicable trust to the effect that such amendment would not have such effect.
After the amendment, modification or supplement has been agreed to, the
Administrative Agent shall mail a copy of the proposed amendment, modification
or supplement to each Authorized Participant. The Administrative Agent may also
deliver such amendment, modification or supplement thereto by electronic mail;
provided, however, that physical delivery via the United States postal system or
similar system shall be required. For the purposes of this Participants
Agreement, mail will be deemed received by the recipient thereof on the third
(3rd) calendar day following the deposit of such mail into the United

                                      19
<PAGE>

States postal system or similar system. Within ten (10) calendar days after its
deemed receipt, the amendment, modification or supplement will become part of
this Participants Agreement, the Attachments or the Exhibits, as the case may
be, in accordance with its terms. If at any time there is any material
amendment, modification or supplement of any Participants Agreement (other than
this Participants Agreement), the Administrative Agent will promptly mail a
copy of such amendment, modification or supplement to each Authorized
Participant.

          Notwithstanding the foregoing, any amendment, modification or
supplement to any creation or redemption procedural item in the Procedures
shall be made in accordance with the terms of such agreements. After the
amendment, modification or supplement has been agreed to, the Trustee will mail
a copy of the amendment, modification or supplement to each Authorized
Participant.

              (b) Waiver of Compliance. Any failure of any of the parties to
comply with any obligation, covenant, agreement or condition herein may be
waived by the party entitled to the benefits thereof only by a written
instrument signed by the party granting such waiver, but any such written
waiver, or the failure to insist upon strict compliance with any obligation,
covenant, agreement or condition herein, shall not operate as a waiver of, or
estoppel with respect to, any subsequent or other failure.

              (c) Notices. Except as otherwise specifically provided in this
Participants Agreement, all notices required or permitted to be given pursuant
to this Participants Agreement shall be given in writing and delivered by
personal delivery, by postage prepaid registered or certified United States
first-class mail, return receipt requested, by nationally recognized overnight
courier (delivery confirmation received) or by telex, telegram, telephonic
facsimile, electronic mail or similar means of same day delivery (transmission
confirmation received), with a confirming copy regular mail, postage prepaid.
Unless otherwise notified in writing, all notices to any MACRO Trusts shall be
given or sent to the Administrative Agent, with copies to the Trustee. All
notices shall be directed as follows:

         If to the Trustee:

                  INVESTORS BANK & TRUST COMPANY
                  200 Clarendon Street
                  Boston, MA 02116

                  Attention:  MACROshares Transfer Agent
                  Copy to:  Andrew Josef
                  Telephone:  (617) 937-3889
                  Facsimile:   (617) 351-4314

                                       20
<PAGE>

         If to the Depositor:

                  MACRO Securities Depositor, LLC
                  73 Green Tree Drive #9
                  Dover, DE 19904

                  Attention:  Samuel Masucci, III
                  Telephone:  (888) MACROS1
                  Facsimile:   (973) 695-1643

         If to the Administrative Agent:

                  CLAYMORE SECURITIES, INC.
                  2455 Corporate West Drive
                  Lisle, IL 60532

                  Attention:  Nicholas Dalmaso
                  Telephone:  (630) 505-3700
                  Facsimile:   (630) 799-3834

         If to each Authorized Participant:

                  KV EXECUTION SERVICES LLC

                  Attention:   Mark Criscitello
                  Telephone:   (732) 291-6311
                  Facsimile:   (732) 291-6937

or to the address listed on Schedule I attached hereto; 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.

              (d) Successors and Assigns. This Participants Agreement and all of
the provisions hereof shall be binding upon and inure to the benefit of the
parties and their respective successors and permitted assigns.

              (e) Assignment. Neither this Participants Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any party
without the prior written consent of the other parties, except that any entity
into which a party hereto may be merged or converted or with which it may be
consolidated or any entity resulting from any merger, conversion or
consolidation to which such party hereunder shall be a party, or any entity
succeeding to all or substantially all of the business of the party, shall be
the successor of the party under this Participants Agreement. The party
resulting from any such merger, conversion, consolidation or

                                       21
<PAGE>

succession shall notify the other parties hereto of the change. Any purported
assignment in violation of the provisions hereof shall be null and void.
Notwithstanding the foregoing, this Participants Agreement shall be
automatically assigned to any successor Trustee, Administrative Agent or
Depositor at such time such successor qualifies as a successor Trustee,
Administrative Agent or Depositor under the terms of the Trust Agreements.

              (f) Governing Law; Consent to Jurisdiction. This Participants
Agreement shall be governed by and construed in accordance with the laws of the
State of New York (regardless of the laws that might otherwise govern under
applicable New York conflict of laws principles other than Section 5-1401 et
seq. of the General Obligations Law of the State of New York) as to all matters,
including matters of validity, construction, effect, performance and remedies.
Each party hereto irrevocably consents to the jurisdiction of the courts of the
State of New York and of any federal court located in the Borough of Manhattan
in such state in connection with any action, suit or other proceeding arising
out of or relating to this Participants Agreement or any action taken or omitted
hereunder, and waives any claim of forum non conveniens and any objections as to
laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by
certified or registered mail directed to such party at such party's address for
purposes of notices hereunder.

              (g) Counterparts. This Participants Agreement may be executed in
one or more counterparts, each of which will be deemed to be an original copy of
this Participants Agreement and all of which, when taken together, will be
deemed to constitute one and the same agreement, and it shall not be necessary
in making proof of this Participants Agreement as to any party hereto to produce
or account for more than one such counterpart executed and delivered by such
party.

              (h) Interpretation. The section, paragraph and other subdivision
headings contained in this Participants Agreement are solely for the purpose of
reference, are not part of the agreement of the parties and shall not in any way
affect the meaning or interpretation of this Participants Agreement.

              (i) Entire Agreement. This Participants Agreement and the Trust
Agreements, along with any other agreement or instrument delivered pursuant to
this Participants Agreement and the Trust Agreements, supersede all prior
agreements and understandings between the parties with respect to the subject
matter hereof; provided however, that each Authorized Participant shall not be
deemed by this provision to be a party to the Trust Agreements.

              (j) Severance. If any provision of this Participants Agreement is
held by any court or any act, regulation, rule or decision of any other
governmental or supra-national body or authority or regulatory or
self-regulatory organization to be invalid, illegal or unenforceable for any
reason, it shall be invalid, illegal or unenforceable only to the extent so held
and shall not affect the validity, legality or enforceability of the other
provisions of this Participants Agreement and this Participants Agreement will
be construed as if such invalid, illegal, or unenforceable provision had never
been contained herein, unless the Depositor determines in its discretion, after
consulting with the Trustee and the Administrative Agent, that the provision of

                                       22
<PAGE>

this Participants Agreement that was held invalid, illegal or unenforceable does
affect the validity, legality or enforceability of one or more other provisions
of this Participants Agreement, and that this Participants Agreement should not
be continued without the provision that was held invalid, illegal or
unenforceable, and in that case, upon the Depositor's notification of the
Trustee and the Administrative Agent of such a determination, this Participants
Agreement shall immediately terminate and the Administrative Agent will so
notify each Authorized Participant immediately.

              (k) No Strict Construction. The language used in this Participants
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rule of strict construction will be applied against
any party.

              (l) Survival. Section 11 (Indemnification) and Section 18 (Third
Party Beneficiaries) hereof shall survive the termination of this Participants
Agreement.

              (m) Other Usages. The following usages shall apply in interpreting
this Participants Agreement: (i) references to a governmental or
quasi-governmental agency, authority or instrumentality shall also refer to a
regulatory body that succeeds to the functions of such agency, authority or
instrumentality; and (ii) "including" means "including, but not limited to."

         IN WITNESS WHEREOF, each Authorized Participant, the Depositor, the
Administrative Agent and the Trustee have caused this Participants Agreement to
be executed by their duly authorized representatives as of the date first set
forth above.

                         INVESTORS BANK & TRUST COMPANY
                         not in its individual capacity, but solely as the
                         Trustee for the Paired Holding Trusts and the
                         Tradeable Trusts

                         By:        /s/  Michael F. Rogers
                              ----------------------------------------------
                         Name:     Michael F. Rogers
                         Title:    President
                         Address:  200 Clarendon Street
                                   Boston, MA 02116
                         Telephone: (617) 937-3889
                         Facsimile: (617) 351-4314

                         CLAYMORE SECURITIES, INC.
                         not in its individual capacity, but solely as the
                         Administrative Agent of the Paired Holding Trusts and
                         the Tradeable Trusts

                         By:               /s/  Steven M. Hill
                              ----------------------------------------------
                         Name:     Steven M. Hill
                         Title:    Senior Managing Director
                         Address:  2455 Corporate West Drive
                                   Lisle, IL 60532
                         Telephone: (630) 505-3700
                         Facsimile: (630) 799-3834

                                       23
<PAGE>

                         MACRO SECURITIES DEPOSITOR, LLC
                         Depositor of the Paired Holding Trusts and the
                         Tradeable Trusts

                          By:              /s/  Samuel Masucci, III
                                   ---------------------------------------------
                          Name:    Samuel Masucci, III
                                   Title: President
                         Address:  73 Green Tree Drive #9
                                   Dover, DE 19904
                            Telephone: (800) MACROS1
                            Facsimile: (973) 695-1643

                            [Authorized Participant]

                            KV EXECUTION SERVICES LLC

                            By:         /s/ Mark Criscitello
                                        ----------------------------------------
                            Name:       Mark Criscitello
                            Title:      Chief Operating Officer
                            Address:    1041 Rt. 36, Suite 301
                                        Atlantic Highlands, NJ 07716
                            Telephone:  (732) 291-6311
                            Facsimile:  (732) 291-6937
                            DTC Number:  0407

                                       24
<PAGE>

                            KV EXECUTION SERVICES LLC

                            By:         /s/ Mark Criscitello
                                        ---------------------------------------
                            Name:       Mark Criscitello
                            Title:      Chief Operating Officer
                            Address:    1041 Rt. 36, Suite 301
                                        Atlantic Highlands, NJ 07716
                            Telephone:  (732) 291-6311
                            Facsimile:  (732) 291-6937
                            DTC Number:  0407

                                       25
<PAGE>

                                                                      SCHEDULE I

                        LIST OF AUTHORIZED PARTICIPANTS

1.   KV EXECUTION SERVICES LLC

                                  SCHEDULE I-1
<PAGE>

                                    EXHIBIT A

                    CLAYMORE MACROSHARES OIL UP HOLDING TRUST
                   CLAYMORE MACROSHARES OIL DOWN HOLDING TRUST

                   CLAYMORE MACROSHARES OIL UP TRADEABLE TRUST
                  CLAYMORE MACROSHARES OIL DOWN TRADEABLE TRUST

         FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

         The following are the names, titles, addresses, e-mail addresses and
signatures of all persons (each, an "Authorized Person") authorized to give
instructions relating to any activity contemplated by the Participants Agreement
or any other notice, request or instruction on behalf of the Authorized
Participant pursuant to the Participants Agreement.

Authorized Participant:                           (the "Authorized Participant")
                           -----------------------      ----------------------
Name:                                          Name:
      -------------------------------          ---------------------------------
Title:                                         Title:
      -------------------------------          ---------------------------------
Address:                                       Address:
      -------------------------------          ---------------------------------

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

E-Mail:                                        E-Mail:
      -------------------------------          ---------------------------------
PH:                                            PH:
      -------------------------------          ---------------------------------
Signature:                                     Signature:
      -------------------------------          ---------------------------------
Name:                                          Name:
      -------------------------------          ---------------------------------
Title:                                         Title:
      -------------------------------          ---------------------------------

Address:                                       Address:
      -------------------------------          ---------------------------------

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

E-Mail:                                        E-Mail:
      -------------------------------          ---------------------------------

                                      A-1

<PAGE>

PH:                                            PH:
      -------------------------------          ---------------------------------
Signature:                                     Signature:
      -------------------------------          ---------------------------------

         The undersigned, [name], [title] of [company], does hereby certify that
the persons listed above have been duly elected to the offices set forth beneath
their names, that they presently hold such offices, that they have been duly
authorized to act as Authorized Persons pursuant to the Participants Agreement,
dated as of [date], by and among the Authorized Participant, the Trustee, the
Administrative Agent and the Depositor, and that their signatures set forth
above are their own true and genuine signatures.

         E-Mail Address to Confirm the Above Information:                      .
                                                        -----------------------

                                      A-2

<PAGE>

         IN WITNESS WHEREOF, I, the undersigned, a duly authorized officer of
the Authorized Participant hereby execute this certificate as of the date first
set forth above.

                                    --------------------------------------------
                                    NAME OF AUTHORIZED PARTICIPANT

                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:

Subscribed and sworn to before me this _____ day of
____________, 20

                                    By:
                                          --------------------------------------
                                    Name:
                                          --------------------------------------
                                    Title:
                                          --------------------------------------
                                    Date:
                                          --------------------------------------

                                 Notary Public:
                                               ---------------------------------

                                      A-3
<PAGE>

                                    EXHIBIT B

                                     FORM OF
                            CLAYMORE MACROSHARES OIL
                                 CREATION ORDER

Authorized Participant:                         (the "Authorized Participant")
                         ---------------------        ----------------------

Date:
       --------------------

Submission Number:
                    ----------------------------

PIN Number:
             ----------------------------

Number of MACRO Units to which this order applies:

You will be receiving Tradeable Shares in exchange for the MACRO Units being
created unless you indicate otherwise below.

Do you wish to receive Holding Shares?

-------
Yes

         All Creation Orders are subject to the terms and conditions of the
applicable Trust Agreements as currently in effect and the Participants
Agreement, dated as of [ ] (the "Participants Agreement"), among the Authorized
Participant, the Trustee, the Administrative Agent and the Depositor named
therein.

         The Authorized Participant by executing this Creation Order hereby
makes each of the representations and warranties set forth in the Participants
Agreement as of the date hereof and as of the settlement date related to this
Creation Order.

         The undersigned does hereby certify as of the date set forth below that
he/she is an Authorized Person under the Participants Agreement and that he/she
is authorized to deliver this Creation Order Form to the Administrative Agent
and the Trustee on behalf of the Authorized Participant.

         The Authorized Participant, by placing this order, acknowledges that a
"distribution" as such term is used in the Securities Act of 1933, as amended
(the "Securities Act"), may be occurring. The Authorized Participant is
cautioned that some of its activities may result in its being deemed a
participant in a distribution which would render it a statutory underwriter
pursuant to Section 2(a)(11) of the Securities Act and subject it to the
prospectus-delivery

                                      B-1
<PAGE>

requirements and the liability provisions of the Securities Act. The Authorized
Participant should review the "Plan of Distribution" portion of the
Prospectuses and consult with its own counsel prior to placing this Creation
Order.

                                      B-2
<PAGE>

         IN WITNESS WHEREOF, I, the undersigned, an Authorized Person of the
Authorized Participant, hereby execute this Creation Order as of the date set
forth below.

                                     NAME OF AUTHORIZED PARTICIPANT

                                     By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                     Date:
                                            ------------------------------------

                                      B-3
<PAGE>

                                    EXHIBIT C

                                     FORM OF
                    CLAYMORE MACROSHARES OIL REDEMPTION ORDER

Authorized Participant:                          (the "Authorized Participant")
                         ------------------------      ----------------------

Date:
       -----------------------------

Submission Number:
                    ---------------------------------
PIN Number:
             -------------------------------

Number of MACRO Units to which this order applies:

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

You will be submitting Tradeable Shares to be exchanged into Holding Shares
which constitute one or more MACRO Units and concurrently be redeemed, unless
you indicate otherwise below.

CUSIP Numbers:

-------------------------                         ---------------------------
Up-MACRO Tradeable Shares                         Down-MACRO Tradeable Shares

Authorized Participant's account details:

Bank's Name:
             -----------
ABA No.:
         ---------------

Account No.:
            -------------

Do you wish to submit Holding Shares?

-------
Yes

CUSIP Numbers:

-------------------------                         ---------------------------
Up-MACRO Holding Shares                           Down-MACRO Holding Shares

         All Redemption Orders are subject to the terms and conditions of the
applicable Trust Agreements as currently in effect and the Participants
Agreement, dated as of [ ] (the

                                      C-1
<PAGE>

"Participants Agreement"), among the Authorized Participant, the Trustee, the
Administrative Agent and the Depositor named therein.

         The Authorized Participant by executing this Redemption Order hereby
makes each of the representations and warranties set forth in the Participants
Agreement as of the date hereof and as of the settlement date related to this
Redemption Order.

         The undersigned does hereby certify as of the date set forth below that
he/she is an Authorized Person under the Participants Agreement and that he/she
is authorized to deliver this Redemption Order Form to the Trustee on behalf of
the Authorized Participant.

                                      C-2
<PAGE>

         IN WITNESS WHEREOF, I, the undersigned, an Authorized Person of the
Authorized Participant, hereby execute this Redemption Order as of the date set
forth below.

                                     NAME OF AUTHORIZED PARTICIPANT

                                     By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                     Date:
                                            ------------------------------------

                                      C-3
<PAGE>

                                    EXHIBIT D

                                     FORM OF
                     CLAYMORE MACROSHARES OIL EXCHANGE ORDER

Authorized Participant:                          (the "Authorized Participant")
                         ------------------------      ----------------------

Date:
       -----------------------------

Submission Number:
                    --------------------------

PIN Number:
             -------------------------------

Number of Up-MACRO Holding Shares to be exchanged into Up-MACRO Tradeable
Shares:

                   (Number)                           (check if not applicable)
------------------                          ---------

Number of Down-MACRO Holding Shares to be exchanged into Down-MACRO Tradeable
Shares:

                   (Number)                           (check if not applicable)
------------------                          ---------

Number of Up-MACRO Tradeable Shares to be exchanged into Up-MACRO Holding
Shares:

                   (Number)                           (check if not applicable)
------------------                          ---------

Number of Down-MACRO Tradeable Shares to be exchanged into Down-MACRO Holding
Shares:

                   (Number)                           (check if not applicable)
------------------                          ---------

CUSIP Number(s):

-------------------------                         ---------------------------
Up-MACRO Holding Shares                           Down-MACRO Holding Shares

-------------------------                         ---------------------------
Up-MACRO Tradeable Shares                         Down-MACRO Tradeable Shares

         All Exchange Orders are subject to the terms and conditions of the
applicable Trust Agreements as currently in effect and the Participants
Agreement, dated as of [ ] (the "Participants Agreement"), among the Authorized
Participant, the Trustee, the Administrative Agent and the Depositor named
therein.

                                      D-1
<PAGE>

         The Authorized Participant by executing this Exchange Order hereby
makes each of the representations and warranties set forth in the Participants
Agreement as of the date hereof and as of the settlement date related to this
Exchange Order.

         The undersigned does hereby certify as of the date set forth below that
he/she is an Authorized Person under the Participants Agreement and that he/she
is authorized to deliver this Exchange Order Form to the Trustee on behalf of
the Authorized Participant.

         The Authorized Participant, by placing this order, acknowledges that a
"distribution" as such term is used in the Securities Act of 1933, as amended
(the "Securities Act"), may be occurring. The Authorized Participant is
cautioned that some of its activities may result in its being deemed a
participant in a distribution which would render it a statutory underwriter
pursuant to Section 2(a)(11) of the Securities Act and subject it to the
prospectus-delivery requirements and the liability provisions of the Securities
Act. The Authorized Participant should review the "Plan of Distribution" portion
of the Prospectuses and consult with its own counsel prior to placing this
Exchange Order.

                                      D-2
<PAGE>

          IN WITNESS WHEREOF, I, the undersigned, an Authorized Person of the
Authorized Participant, hereby execute this Exchange Order as of the date set
forth below.

                                     NAME OF AUTHORIZED PARTICIPANT

                                     By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                     Date:
                                            ------------------------------------

                                      D-3
<PAGE>

                                    EXHIBIT E

                         MACRO SECURITIES DEPOSITOR, LLC
                              [month][date], [year]

                              OFFICER'S CERTIFICATE

         The undersigned, a duly authorized officer of MACRO Securities
Depositor, LLC, a Delaware limited liability company (the "Depositor"), and
pursuant to Section 16(b) of the Participants Agreement (the "Participants
Agreement"), dated as of __________, 2006 by and among the parties listed on
Schedule I attached hereto (individually, an "Authorized Participant" and
collectively, the "Authorized Participants"), the Depositor, Investors Bank &
Trust Company, a Massachusetts trust company, not in its individual capacity but
solely (i) as trustee of the Claymore MACROshares Oil Up Holding Trust (the
"Up-MACRO Holding Trust"), (ii) as trustee of the Claymore MACROshares Oil Down
Holding Trust (the "Down-MACRO Holding Trust" and, together with the Up-MACRO
Holding Trust, the "Paired Holding Trusts"), (iii) as trustee of the Claymore
MACROshares Oil Up Tradeable Trust (the "Up-MACRO Tradeable Trust"), and (iv) as
trustee of the Claymore MACROshares Oil Down Tradeable Trust (the "Down-MACRO
Tradeable Trust" and, together with the Up-MACRO Tradeable Trust, the "Tradeable
Trusts" and, collectively, with the Paired Holding Trusts, the "MACRO Trusts")
(such entity, in its capacities set forth above, the "Trustee") and Claymore
Securities, Inc., not in its individual capacity but solely as administrative
agent of the MACRO Trusts (the "Administrative Agent"), hereby certifies, based
on his/her actual knowledge and acting solely in his/her capacity as a duly
authorized officer of the Depositor, that:

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

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

                                      E-1
<PAGE>

                    Participant to the Depositor expressly for use in such
                    Registration Statement or such Prospectus; and neither the
                    Depositor nor any person known to the Depositor acting on
                    behalf of the MACRO Trusts has distributed nor will
                    distribute any offering material other than a Prospectus;

               (b)  each Paired Holding Trust has been duly formed and is
                    validly existing as a trust under the laws of the State of
                    New York, as described in the applicable Prospectus relating
                    to such Paired Holding Trust, and the Holding Trust
                    Agreements authorize the Trustee to issue and deliver the
                    Paired Holding Shares to each Authorized Participant
                    pursuant to the Holding Trust Agreements and the related
                    Participants Agreement as contemplated in each such
                    Registration Statement and Prospectus;

               (c)  each Tradeable Trust has been duly formed and is validly
                    existing as a trust under the laws of the State of New York,
                    as described in the applicable Prospectus relating to such
                    Tradeable Trust, and the Tradeable Trust Agreements
                    authorize the Trustee to issue and deliver the applicable
                    Tradeable Shares to each Authorized Participant pursuant to
                    the Tradeable Trust Agreements and the related Participants
                    Agreement as contemplated in each such Registration
                    Statement and Prospectus;

               (d)  the Depositor has been duly formed and is validly existing
                    as a limited liability company in good standing under the
                    laws of the State of Delaware, with full power and authority
                    to conduct its business as described in the applicable
                    Prospectus, and has all requisite power and authority to
                    execute and deliver the Participants Agreement;

               (e)  the Depositor is duly qualified and is in good standing in
                    each jurisdiction where the conduct of its business requires
                    such qualification; and each of the MACRO Trusts is not
                    required to so qualify in any jurisdiction;

               (f)  complete and correct copies of the Trust Agreements, and any
                    and all amendments, modifications and supplements thereto,
                    have been delivered to each Authorized Participant, and no
                    changes thereto have been made;

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

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

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

               (j)  the Tradeable Shares conform in all material respects to the
                    description thereof contained in the applicable Registration
                    Statement and Prospectus,

                                      E-2
<PAGE>

                    and the holders of the Tradeable Shares will not be subject
                    to personal liability by reason of being such holders;

                    (k)  the Participants Agreement has been duly authorized,
                         executed and delivered by the Depositor and constitutes
                         the valid and binding obligation of the Depositor,
                         enforceable against the Depositor in accordance with
                         its terms;

                    (l)  the Depositor is not in breach or violation of or in
                         default under any of its respective constitutive
                         documents, or any agreement, mortgage, deed of trust,
                         loan or credit agreement or other evidence of
                         indebtedness, or any license, lease, contract or other
                         agreement or instrument to which the Depositor is a
                         party or by which any of its properties may be bound or
                         affected, and the execution, delivery and performance
                         of the Participants Agreement, the issuance and sale of
                         Paired Holding Shares and Tradeable Shares to each
                         Authorized Participant party to the Trust Agreements
                         and the consummation of the transactions contemplated
                         thereto does not conflict with, result in any breach or
                         violation of or constitute a default under any of its
                         respective constitutive documents, the Trust
                         Agreements, or any agreement, mortgage, deed of trust,
                         loan or credit agreement or other evidence of
                         indebtedness, or any license, lease, contract or other
                         agreement or instrument to which the Depositor is a
                         party or by which the Depositor or any of its
                         properties may be bound or affected, or any federal,
                         state, local or foreign law, regulation or rule or any
                         decree, judgment or order applicable to the Depositor;

                    (m)  no approval, authorization, consent or order of or
                         filing with any federal, state, local or foreign
                         governmental or regulatory commission, board, body,
                         authority or agency is required in connection with the
                         issuance and sale of Paired Holding Shares or Tradeable
                         Shares to any Authorized Participant under the Trust
                         Agreements and the related Participants Agreement or
                         the consummation by the Depositor of the transactions
                         contemplated hereunder other than registration of the
                         Paired Holding Shares and the Tradeable Shares under
                         the Securities Act, which has been effected, and any
                         necessary qualification under the securities or blue
                         sky laws of the various jurisdictions in which the
                         Paired Holding Shares and Tradeable Shares are being
                         offered or under the rules and regulations of the
                         National Association of Securities Dealers, Inc. (the
                         "NASD");

                    (n)  the Depositor has all necessary licenses,
                         authorizations, consents and approvals and has made all
                         necessary filings required under any federal,

                                      E-3
<PAGE>

                    state, local or foreign law, regulation or rule, and has
                    obtained all necessary authorizations, consents and
                    approvals from other persons, in order to conduct its
                    respective business; the Depositor is not in violation of,
                    or in default under, or has received notice of any
                    proceedings relating to revocation or modification of, any
                    such license, authorization, consent or approval or any
                    federal, state, local or foreign law, regulation or rule or
                    any decree, order or judgment applicable to the Depositor;

                    (o)  except as set forth in the applicable Registration
                         Statement and Prospectus, there are no actions, suits,
                         claims, investigations or proceedings pending or, to
                         the knowledge of the Depositor, threatened or
                         contemplated to which the Depositor is or would be a
                         party or of which any of its properties are or would be
                         subject at law or in equity, before or by any federal,
                         state, local or foreign governmental or regulatory
                         commission, board, body, authority or agency;

                    (p)  [ ], whose report on the audited financial statements
                         of the MACRO Trusts are filed with the SEC as part of
                         each Registration Statement and each Form 10-K, are
                         independent public accountants as required by the
                         Securities Act;

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

                    (r)  subsequent to the respective dates of each Prospectus,
                         there has not been (i) any material adverse change, or
                         any development involving a prospective material
                         adverse change affecting the Depositor or the MACRO
                         Trusts, (ii) any transaction which is material to the
                         Depositor or the MACRO Trusts taken as a whole, (iii)
                         any obligation, direct or contingent (including any
                         off-balance sheet obligations), incurred by the
                         Depositor or the MACRO Trusts, which is material to the
                         MACRO Trusts (other than any action taken by a MACRO
                         Trust relating to a Paired Issuance, Paired Optional
                         Redemption or exchange or creation of Tradeable
                         Shares), and (iv) any change in the Paired Holding
                         Shares or Tradeable Shares purchased by each Authorized
                         Participant (collectively, a "Material Change") which
                         has not been the subject of a filing as required under
                         the Exchange Act;

                                      E-4
<PAGE>

                    (s)  each of the MACRO Trusts is not and, after giving
                         effect to the offering and sale of the Paired Holding
                         Shares, will not be an "investment company" or an
                         entity "controlled" by an "investment company," as such
                         terms are defined in the Investment Company Act of
                         1940, as amended;

                    (t)  all tax returns required to be filed by the MACRO
                         Trusts have been filed, and all taxes and other
                         assessments of a similar nature (whether imposed
                         directly or through withholding) including any
                         interest, additions to tax or penalties applicable
                         thereto due or claimed to be due from such entities
                         have been paid;

                    (u)  any statistical and market-related data included in the
                         Prospectuses are based on or derived from sources that
                         the Depositor believes to be reliable and accurate, and
                         the Depositor has obtained the written consent (if such
                         consent is required) to the use of such data from such
                         sources to the extent required; and

                    (v)  neither the Depositor, nor any of the Depositor's
                         managers, members, officers, affiliates or controlling
                         persons has taken, directly or indirectly, any action
                         designed, or which has constituted or might reasonably
                         be expected to cause or result in, under the Exchange
                         Act or otherwise, the stabilization or manipulation of
                         the price of any security or asset of a MACRO Trust to
                         facilitate the sale or resale of the Paired Holding
                         Shares or Tradeable Shares; and there are no
                         affiliations or associations between any member of the
                         NASD and any of the Depositor's officers, managers or
                         5% or greater security holders, except as set forth in
                         the Prospectuses and except as to Claymore Securities,
                         Inc., which is a wholly-owned subsidiary of Claymore
                         Group Inc., and Macro Financial, LLC, which is a
                         wholly-owned subsidiary of MacroMarkets LLC. Each of
                         Claymore Group Inc. and MacroMarkets LLC holds a 50%
                         interest in the Depositor.

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

         Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the applicable Trust Agreement, and if such defined
term is not set forth therein, then such defined terms shall have the meanings
assigned to such terms in the Participants Agreement.

                           [SIGNATURE PAGE TO FOLLOW]

                                      E-5
<PAGE>

         IN WITNESS WHEREOF, I, a duly authorized officer of the Depositor, on
behalf of the Depositor, have caused this Officer's Certificate to be executed
as of the date first written above.

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title:

         I, _______________, in my capacity as [Vice President], hereby certify
that _______________ is the duly elected President of the Depositor, and that
the signature set forth immediately above is his genuine signature.

         IN WITNESS WHEREOF, I have hereunto set my hand as of the date first
set forth above.

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                      E-6

<PAGE>

                                  ATTACHMENT A

                               PROCEDURES FOR THE
                         CLAYMORE MACROSHARES OIL TRUSTS

        I. CREATION OF PAIRED HOLDING SHARES AND CONCURRENT EXCHANGE TO
TRADEABLE SHARES AND CREATION OF PAIRED HOLDING SHARES

Scope of Procedures and Overview

         These procedures (the "Creation Procedures") describe the processes by
which an Authorized Participant (as defined below) may create one or more MACRO
Units (as defined below), consisting of Claymore MACROshares Oil Up Holding
Shares (the "Up-MACRO Holding Shares") and Claymore MACROshares Oil Down Holding
Shares (the "Down-MACRO Holding Shares" and, together with the Up-MACRO Holding
Shares, the "Paired Holding Shares" or each a "Holding Share") or create one or
more MACRO Units and exchange all of the Holding Shares created into their
respective Claymore MACROshares Oil Up Tradeable Shares (the "Up-MACRO Tradeable
Shares") and the Claymore MACROshares Oil Down Tradeable Shares (the "Down-MACRO
Tradeable Shares" and, together with the Up-MACRO Tradeable Shares, the
"Tradeable Shares", and, collectively with the Paired Holding Shares, the "MACRO
Shares"). The Paired Holding Shares constituting a MACRO Unit and their related
Tradeable Shares, if applicable, shall only be issued in connection with the
instructions set forth herein and in coordination with Investors Bank & Trust
Company, not in its individual capacity but solely (i) as trustee (the "Up-MACRO
Holding Trustee") of the Claymore MACROshares Oil Up Holding Trust (the
"Up-MACRO Holding Trust"), (ii) as trustee (the "Down-MACRO Holding Trustee") of
the Claymore MACROshares Oil Down Holding Trust (the "Down-MACRO Holding Trust"
and, together with the Up-MACRO Holding Trust, the "Paired Holding Trusts"),
(iii) as trustee (the "Up-MACRO Tradeable Trustee") of the Claymore MACROshares
Oil Up Tradeable Trust (the "Up-MACRO Tradeable Trust") and (iv) as trustee (the
"Down-MACRO Tradeable Trustee" and, in its various capacities under the
applicable Trust Agreements, the "Trustee") of the Claymore MACROshares Oil Down
Tradeable Trust (the "Down-MACRO Tradeable Trust" and together with the Up-MACRO
Tradeable Trust, the "Tradeable Trusts"; the Paired Holding Trusts and the
Tradeable Trusts, collectively, the "MACRO Trusts") and Claymore Securities,
Inc., not in its individual capacity but solely as administrative agent of the
MACRO Trusts (the "Administrative Agent").

         Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Participants Agreement and if such defined term is
not set forth therein, then such defined term shall have the meaning assigned to
such term in either (i) the Claymore MACROshares Oil Up Holding Trust Agreement,
dated as of November 24, 2006 (the "Up-MACRO Holding Trust Agreement"), among
the Up-MACRO Holding Trustee, the Administrative Agent, Claymore Securities,
Inc., not in its individual capacity but as a marketing agent, MACRO Financial,
LLC, not in its individual capacity but also as a marketing agent (together, in
their respective capacities, the "Marketing Agents") and MACRO Securities
Depositor, LLC (the "Depositor"), (ii) the Amended and Restated Claymore
MACROshares Oil Down Holding Trust Agreement, dated as of November 24, 2006 (the
"Down-MACRO Holding

                                Attachment A-1
<PAGE>

Trust Agreement" and, together with the Up-MACRO Holding Trust Agreement, the
"Holding Trust Agreements"), among the Down-MACRO Holding Trustee, the
Administrative Agent, the Marketing Agents and the Depositor, (iii) the Amended
and Restated Claymore MACROshares Oil Up Tradeable Trust Agreement, dated as of
November 24, 2006 (the "Up-MACRO Tradeable Trust Agreement"), among the
Down-MACRO Holding Trustee, the Administrative Agent, the Marketing Agents and
the Depositor or (iv) the Amended and Restated Claymore MACROshares Oil Down
Tradeable Trust Agreement, dated as of November 24, 2006 (the "Down-MACRO
Tradeable Trust Agreement" and, together with the Up-MACRO Tradeable Trust
Agreement, the " Tradeable Trust Agreements", and, collectively with the
Holding Trust Agreements, the "Trust Agreements"), among the Down-MACRO Holding
Trustee, the Administrative Agent, the Marketing Agents and the Depositor.

         The Paired Holding Shares may be created solely by the parties listed
on Schedule I attached to the Participants Agreement (each, an "Authorized
Participant"). The Paired Holding Shares may be created only in pairs of 50,000
Up-MACRO Holding Shares and 50,000 Down-MACRO Holding Shares (each such pair, a
"MACRO Unit"). The MACRO Units will be exchanged into their respective Tradeable
Shares concurrently with the creation of the MACRO Units unless the Authorized
Participant indicates that it wishes to receive Holding Shares in the Creation
Order Form.

         The MACRO Shares will be created on a net basis daily with respect to
all Orders received from all Authorized Participants on such date. In the event
that the number of Up-MACRO or Down-MACRO Tradeable Shares to be created based
on the Creation Orders and the Exchange Orders, if applicable, on such date
exceeds the number of such Tradeable Shares to be redeemed pursuant to the
Redemption Orders and, if applicable, the Exchange Orders on such date, the
newly created Tradeable Shares that will be issued will be equal to the total
number of such Tradeable Shares created minus the total number of such Tradeable
Shares redeemed. Similarly, in the event that the number of Up-MACRO or
Down-MACRO Tradeable Shares to be redeemed pursuant to the Redemption Orders
and, if applicable, the Exchange Orders on such date exceeds the number of such
Tradeable Shares to be created based on the Creation Orders and the Exchange
Orders, if applicable, on such date, the actual number of such Tradeable Shares
to be issued will be zero. Similarly, in the event that the number of MACRO
Units to be created based on the Creation Orders on such date exceeds the number
of MACRO Units to be redeemed pursuant to the Redemption Orders on such date,
the newly created MACRO Units that will be issued will be equal to the total
number of MACRO Units created minus the total number of MACRO Units redeemed.
Similarly, in the event that the number of MACRO Units to be redeemed pursuant
to the Redemption Orders on such date exceeds the number of MACRO Units to be
created based on the Creation Orders on such date, the actual number of MACRO
Units to be issued will be zero. The Exchange Order, as defined below, involves
the exchange of Holding Shares into their related Tradeable Shares or Tradeable
Shares into their related Holding Shares in integral units of 50,000 shares
each. The exchange of Holding Shares to their related Tradeable Shares or
Tradeable Shares to their related Holding Shares does not need to occur
simultaneously. The Settlement Contracts created on each date, if any, any
adjustment to amounts allocated under the Income Distribution Agreement and the
purchase of new Eligible Treasuries, if any, will also be done on a net basis
daily, in accordance to the daily netting of creation and redemption of MACRO
Units (such netting, collectively, the "Net Daily Basis").

                                 Attachment A-2
<PAGE>

         Upon acceptance of the Participants Agreement by the Authorized
Participant, the Administrative Agent will assign a personal identification
number (a "PIN number") to each Authorized Person authorized to act on behalf of
an Authorized Participant. This will allow an Authorized Participant through its
Authorized Person(s) to place Creation Order(s), Redemption Order(s) or Exchange
Order(s) for MACRO Shares.

Important Notes:

         o    Any Order is subject to rejection by the Depositor and the
              Administrative Agent for the reasons set forth in the Trust
              Agreements or the Participants Agreement.

         o    All Orders are subject to the provisions of the Trust Agreements
              and the Participants Agreement relating to unclear or ambiguous
              instructions.

                                 Attachment A-3
<PAGE>

                                CREATION PROCESS

         On any Business Day, an Authorized Participant may submit a Creation
Order, substantially in the form of EXHIBIT B to the Participants Agreement (or
to the extent that such order is electronic, such order shall include the
information set forth on such exhibit), to the Administrative Agent by the
Order Cut-Off Time (as defined below) on such Business Day (such Business Day,
"T" and any number added to T shall refer to such order day plus the number of
Business Days following such day) to create one or more MACRO Units and
concurrently exchange them into their related Tradeable Shares or, in the event
that the Authorized Participant instruct otherwise on the Creation Oder Form,
to create one or more MACRO Units without exchanging such MACRO Units to their
related Tradeable Shares. Any Creation Order that is placed after the Order
Cut-off Time shall be void and may be resubmitted on the next Business Day
based on such day's Underlying Value

         In connection with the Creation Order, the Authorized Participant shall
have wired to the Trustee by 10:00 a.m. New York City time on T+1 or, in the
event that T is a Distribution Date, or the Business Day following the
Distribution Date (such date, "an X or an X+1 Date") on T+3, the following:

         o    a Transaction Fee for the MACRO Units being created and
              concurrently exchanged into their related Tradeable Shares or, if
              so instructed by the Authorized Participant, for MACRO Shares
              created;

         o    cash equal to the aggregate Underlying Value on T of the Up-MACRO
              Holding Shares being created;

         o    cash equal to the aggregate Underlying Value on T of the
              Down-MACRO Holding Shares being created (such deposits for each
              MACRO Unit, the "MACRO Unit Deposit"); and

         o    in the event that the Issuance Order Date is an X or an X+1 Date,
              the Authorized Participant submitting such order will be required
              to deposit, in addition to the MACRO Unit Deposit, a sum equal to
              the Up-MACRO and Down MACRO Earned Income Accruals (each
              calculated on the basis of the Applicable Reference Price of Oil
              on the Issuance Order Date) for the intervening days between the
              Issuance Order Date and the Issuance Date (such sum, the "MACRO
              Unit Deposit Addition").

         Upon the satisfaction of the conditions set forth above, the
Administrative Agent shall instruct the Trustee to allocate from the applicable
Netting Account available Trading Shares or Holding Shares, as applicable, or,
in the event that there are insufficient such shares in the applicable Netting
Account, instruct the Trustees of the Paired Holding Shares to issue Holding
Shares and, if necessary, to exchange these newly created shares to their
related Tradeable Shares and deliver such shares to the creating Authorized
Participants' accounts at the Depository Trust Company ("DTC") to satisfy all
the Creation Orders submitted, on T+1 (or on T+3 if T is an X or an X+1 Date) by
3:00 p.m. New York City time. The Trustee, upon written instruction from the
Administrative Agent on a Net Daily Basis, shall adjust the amount to be
allocated under

                                 Attachment A-4
<PAGE>

the Income Distribution Agreement on the next Distribution Date and enter, if
applicable, into additional Settlement Contracts associated with the MACRO
Units being created.

                                 Attachment A-5
<PAGE>

                               CREATION PROCEDURES

ISSUANCE ORDER DATE (T)

          1.   By the earlier of (i) thirty (30) minutes prior to the close of
               trading of the Light Sweet Crude Oil Futures Contracts on the
               New York Mercantile Exchange (the "NYMEX") and (ii) the
               unanticipated close of trading of the Light Sweet Crude Oil
               Futures Contracts on the NYMEX (such time, the "Order Cut-Off
               Time"), an Authorized Person of the Authorized Participant shall
               notify the Administrative Agent through the Administrative
               Agent's electronic facilities that the Authorized Participant
               wishes to place a Creation Order. The Authorized Person shall
               provide its PIN number as identification to the Administrative
               Agent. The Authorized Participant shall indicate through the
               Administrative Agent's electronic facilities the following
               information:

               (a)  the Authorized Participant's e-mail address;

               (b)  its PIN Number; and

               (c)  the number of MACRO Units to which the Creation Order
                    applies, which will be concurrently exchanged into their
                    related Tradeable Shares, unless the Authorized Participant
                    instruct the Administrative Agent on the Creation Oder Form
                    that it wishes to receive Holding Shares.

          2.   Within fifteen (15) minutes of receipt of the Authorized
               Participant's Creation Order through the Administrative Agent's
               automated electronic system (and no later than 2:15 p.m. New York
               City time), the Administrative Agent's automated electronic
               system shall, provided such Creation Order was received in
               accordance with the preceding rules, send a notice to the
               Authorized Participant confirming the receipt of such Creation
               Order and including a submission number (a "Submission Number")
               relating to such Order.

          3.   By 3:00 p.m. New York City time, the Administrative Agent shall
               send to the Trustee an electronic file indicating the Creation
               Orders received from Authorized Participants on T prior to the
               Order Cut-Off Time (such file, the "Order File"). The
               transmission of the Order File shall be conducted on a best
               efforts basis.

          4.   By 4:00 p.m. New York City time, the Administrative Agent shall
               confirm the Order File and send any corrections to the Trustee
               and the Authorized Participant.

          5.   By 7:00 p.m. New York City time, but in any event, not prior to
               the dissemination of the settlement price of the Light Sweet
               Crude Oil Futures Contracts on such date, the Administrative
               Agent shall send an authenticated electronic message to the
               Authorized Participant, with a copy to the Trustee, indicating:

               (a)  the Transaction Fee;

                                 Attachment A-6
<PAGE>

               (b)  the MACRO Unit Deposit which will include, in the event that
                    the Issuance Order Date and the Issuance Date are not
                    consecutive days, as for example, whenever the Issuance
                    Order Date is a Friday, a sum equal to the Up-MACRO and Down
                    MACRO Earned Income Accruals (each calculated on the basis
                    of the Applicable Reference Price of Oil on the Issuance
                    Order Date) for the intervening days between the Issuance
                    Order Date and the Issuance Date;

               (c)  the MACRO Unit Deposit Addition, if applicable; and

               (d)  confirmation of the Authorized Participant request to
                    receive Holding Shares, if applicable.

ISSUANCE DATE (T+1 or T+3 if T is an X or an X+1 Date)

          1.   By 10:00 a.m. New York City time, each Authorized Participant
               submitting a Creation Order shall deposit the MACRO Unit Deposit
               and, if applicable, the MACRO Unit Deposit Addition into the
               Netting Accounts of each of the Holding Trusts and the
               Transaction Fee into the Trustee's account using the Federal Wire
               Electronic Transfer System.

          2.   By 10:30 a.m. New York City time, if the Trustee has not received
               the MACRO Unit Deposit, the MACRO Unit Deposit Addition, if
               applicable, and the Transaction Fee, the Trustee shall contact
               the Authorized Participant to inquire about any missing amounts.
               If the Trustee does not receive the full amount required, the
               Trustee shall not be obligated to cause any issuances.

          3.   By 12:00 p.m. New York City time, if the Trustee has not received
               the full amount of funds and a Federal Reference Number (or other
               form of authenticated confirmation) for such transfer, then the
               Administrative Agent shall notify the Authorized Participant of
               the amount owed to the Paired Holding Trusts. The deficient
               Authorized Participant shall immediately wire such amount through
               the Federal Wire Electronic Transfer System or its order may be
               cancelled and it will incur any costs associated with such
               cancellation as determined by the Administrative Agent.

          4.   By 3:00 p.m. New York City time, the Trustee shall deliver the
               requested Tradeable Shares or, if so instructed, the Holding
               Shares to the Authorized Participant's Account at DTC using the
               DWAC process.

                                      * * *

                                 Attachment A-7
<PAGE>

     II.  EXCHANGE OF TRADEABLE SHARES AND CONCURRENT REDEMPTION OF THOSE SHARES
          AS PART OF ONE OR MORE MACRO UNITS AND REDEMPTION OF PAIRED HOLDING
          SHARES

Scope of Procedures and Overview

         These procedures (the "Redemption Procedures") describe the processes
by which an Authorized Participant may exchange its Tradeable Shares into
Holding Shares and concurrently redeem such shares as part of one or more MACRO
Units or, if so instructed by the Authorized Participant on the Redemption Oder
Form, redeem Paired Holding Shares constituting one or more MACRO Units. The
Tradeable Shares can only be exchanged into Holding Shares and concurrently
redeemed as part of one or more MACRO Units and the Paired Holding Shares
constituting a MACRO Unit shall only be redeemed in accordance with the
Redemption Procedures set forth herein and in coordination with the Trustee and
the Administrative Agent.

         The MACRO Shares may be redeemed solely in accordance with the
instructions of the Authorized Participants. The Authorized Participants shall
submit Tradeable Shares in integral multiples of 50,000 Up-MACRO Tradeable
Shares and 50,000 Down-MACRO Tradeable Shares which together will constitute one
or more MACRO Units, or if so instructed in the Redemption Order Form, submit
Paired Holding Shares which constitute one or more MACRO Units for redemption.
The Tradeable Shares will be exchanged into their respective Holding Shares and
concurrently will be redeemed, together with the Holding Shares submitted, if
any, to cash from the applicable Netting Account or, in the event that the
applicable Netting Account does not have sufficient cash, to cash and/or
Eligible Treasuries pursuant to the applicable Trust Agreement.

         The MACRO Shares will be redeemed on a net basis daily with respect to
all Orders received from all Authorized Participants on such date. In the event
that the number of Up-MACRO or Down-MACRO Tradeable Shares to be redeemed
pursuant to the Redemption Orders and Exchange Orders, as applicable, on such
date exceeds the number of such Tradeable Shares to be created based on the
Creation Orders and Exchange Orders, as applicable, on such date, the Tradeable
Shares that will actually be redeemed will be equal to the total number of such
Tradeable Shares redeemed minus the total number of such Tradeable Shares
created. Similarly, in the event that the number of Up-MACRO or Down-MACRO
Tradeable Shares to be created based on the Creation Orders and the Exchange
Orders, as applicable, on such date exceeds the number of such Tradeable Shares
to be redeemed pursuant to the Redemption Orders and the Exchange Orders, as
applicable, on such date, the actual number of such Tradeable Shares to be
redeemed will be zero. Similarly, Holding Shares will be redeemed on a net
basis daily. In the event that the number of MACRO Units to be redeemed based
on the Redemption Orders on such date exceeds the number of MACRO Units to be
created pursuant to the Creation Orders on such date, the MACRO Units that will
be redeemed will be equal to the total number of MACRO Units redeemed minus the
total number of MACRO Units created. Similarly, in the event that the number of
MACRO Units to be created based on the Creation Orders on such date exceeds the
number of MACRO Units to be redeemed pursuant to the Redemption Orders on such
date, the actual number of MACRO Units that will be redeemed will equal zero.
The Exchange Order, as defined below, involves the exchange of Holding Shares
into their related Tradeable Shares or Tradeable Shares into their related
Holding Shares in integral units of 50,000 shares each. The exchange of Holding
Shares to their related Tradeable Shares or

                                 Attachment A-8
<PAGE>

Tradeable Shares to their related Holding Shares does not need to occur
simultaneously. The Settlement Contracts settled on each date, if any, and any
adjustment to amounts allocated under the Income Distribution Agreement, will
also be done on a net basis daily, in accordance to the daily netting of
creation and redemption of MACRO Units (such netting, collectively, the "Net
Daily Basis").

Important Notes:

          o    Any Order is subject to rejection by the Depositor and the
               Administrative Agent for the reasons set forth in the Trust
               Agreements or the Participants Agreement.

          o    All Orders are subject to the provisions of the Trust Agreements
               and the Participants Agreement relating to unclear or ambiguous
               instructions.

                                 Attachment A-9
<PAGE>

                               REDEMPTION PROCESS

         On any Business Day, an Authorized Participant may submit a Redemption
Order, substantially in the form of EXHIBIT C to the Participants Agreement (or
to the extent that such order is electronic, such order shall include the
information set forth on such exhibit), to the Administrative Agent by the
Order Cut-Off Time on such Business Day (such Business Day, "T" and any number
added to T shall refer to such day plus the number of Business Days following
such day) to exchange 50,000 existing Up-MACRO Tradeable Shares and 50,000
Down-MACRO Tradeable Shares or an integral multiple thereof to their related
Holding Shares and redeem such Holding Shares as part of one or more MACRO
Units or, if so instructed on the Redemption Order Form, to redeem Paired
Holding Shares consisting of one or more MACRO Units. Any Redemption Order that
is placed after the Order Cut-off Time shall be void and may be resubmitted on
the next Business Day at such day's Underlying Value.

         In connection with the Redemption Order, the Authorized Participant
shall have on deposit in its Participant Custodian Account and available to the
Trustee by 10:00 a.m. New York City time on T+1 or, if T is an X or an X+1
Date, on T+3 the following:

          o    the Transaction Fee for the Tradeable Shares being exchanged and
               redeemed, or if applicable, for the Holding Shares being
               redeemed;

          o    50,000 or an integral multiple thereof of Up-MACRO Tradeable
               Shares and Down-MACRO Tradeable Shares, which shall be exchanged
               into their related Holding Shares and concurrently redeemed as
               part of one or more MACRO Units or, if applicable, Paired Holding
               Shares which constitute one or more MACRO Units; and

          o    the Redemption Cash Component, if needed, (such amount, the
               "Redemption Cash Component Amount"), which is an amount equal to
               the excess of the purchase price of the Eligible Treasuries
               delivered by the Trustee to the Authorized Participant over the
               funds to which the Authorized Participant is eligible due to
               minimum denominations on the Eligible Treasuries on deposit in
               the Paired Holding Trusts.

         Upon the satisfaction of the conditions set forth above, the Trustee,
on behalf of the applicable MACRO Trust and as instructed by the Administrative
Agent, shall deliver cash from the applicable Netting Account or, in the event
that the amount of cash in the applicable Netting Account is insufficient,
deliver cash and/or Eligible Treasuries to the redeeming Authorized Participant
to fill the Redemption Order on T+1 (or on T+3 if T is an X or an X+1 Date) by
3:00 p.m. New York City time to an account designated by the Authorized
Participant and, as instructed by the Administrative Agent on a Net Daily Basis,
adjust the notional amount of the Income Distribution Agreement and, if
required, cancel the Settlement Contracts associated with the MACRO Units being
redeemed.

                                 Attachment A-10
<PAGE>

                              REDEMPTION PROCEDURES

REDEMPTION ORDER DATE (T)

          1.   By the Order Cut-Off Time, an Authorized Person of the Authorized
               Participant shall notify the Administrative Agent through the
               Administrative Agent's electronic facilities that the Authorized
               Participant wishes to place a Redemption Order. The Authorized
               Participant shall indicate through the Administrative Agent's
               electronic facilities the following information:

               (a)  the Authorized Participant's e-mail address;

               (b)  its PIN Number; and

               (c)  the number of MACRO Units to which the Redemption Order
                    applies and, if applicable, whether the Authorized
                    Participant wishes to deliver Paired Holding Shares to be
                    redeemed, and the CUSIP Numbers of the MACRO Shares
                    submitted.

          2.   Within fifteen (15) minutes of receipt of the Authorized
               Participant's Redemption Order through the Administrative Agent's
               automated electronic system (and no later than 2:15 p.m. New York
               City time), the Administrative Agent's automated electronic
               system shall, provided such Redemption Order was received in
               accordance with the preceding rules, send a notice to the
               Authorized Participant confirming the receipt of such Redemption
               Order and including a Submission Number relating to such Order.

          3.   By 3:00 p.m. New York City time, the Administrative Agent shall
               send to the Trustee an electronic file indicating the Redemption
               Orders received from Authorized Participants on T prior to the
               Order Cut-Off Time (such file, the "Order File"). The
               transmission of the Order File shall be conducted on a best
               efforts basis.

          4.   By 4:00 p.m. New York City time, the Administrative Agent shall
               confirm the Order File and send any corrections to the Trustee or
               any Authorized Participant redeeming its MACRO Shares.

          5.   By 7:00 p.m. New York City time, but in no event, not prior to
               the dissemination of the settlement price of the Light Sweet
               Crude Oil Futures Contracts on such date, the Administrative
               Agent shall send an authenticated electronic message to the
               Authorized Participant, with a copy to the Trustee, indicating:

               (a)  the Transaction Fee payable to the Trustee;

               (b)  the number of Up-MACRO Tradeable Shares and Down MACRO
                    Tradeable Shares that the Authorized Participant will
                    deliver, which number shall be in integral multiple of
                    50,000 or, if so instructed, the Paired Holding Shares to be
                    submitted;

                                 Attachment A-10
<PAGE>

               (c)  the Redemption Cash Component, if any.

REDEMPTION DATE (T+1 or T+3 if T is an X or an X+1 Date)

          1.   By 10:00 a.m. New York City time, each Authorized Participant
               submitting a Redemption Order shall deposit (i) the Transaction
               Fee into the Trustee's account and the Redemption Cash Component,
               if any, into the Distribution Account of the applicable Holding
               Trust as designated by the Trustee using the Federal Wire
               Electronic Transfer System, (ii) the Up-MACRO Tradeable Shares
               and the Down-MACRO Tradeable Shares in integral multiples of
               50,000 each or, if applicable, the Paired Holding Shares, which
               will constitute one or more MACRO Units into the applicable
               Netting Account using the DWAC process of the DTC system.

          2.   By 10:30 a.m. New York City time, if the Trustee has not received
               the requisite number of MACRO Shares and the cash amount as
               designated by the Administrative Agent, the Trustee shall contact
               the Authorized Participant to inquire about any missing
               securities or funds. If the Trustee does not receive the
               requisite number and type of such securities or the designated
               cash amount, the Trustee shall not be obligated to make any
               redemption.

          3.   By 12:00 p.m. New York City time, if the Trustee has not received
               the requisite number of MACRO Shares and the full amount of funds
               as designated by the Administrative Agent, the Administrative
               Agent shall notify the Authorized Participant of the number and
               type of the MACRO Shares that it needs to deposit and/or the
               missing amount required. The deficient Authorized Participant
               shall immediately transfer such shares and/or cash to the Trustee
               or its order may be cancelled and the Authorized Participant
               shall incur any costs associated with such cancellation as
               determined by the Administrative Agent.

          4.   By 3:00 p.m. New York City time, the Trustee, pursuant to the
               instructions of the Administrative Agent, shall deliver cash from
               the applicable Netting Account or, in the event that there is
               insufficient cash in the Netting Account, deliver cash and/or
               Eligible Treasuries pursuant to the applicable Trust Agreement to
               the account designated by the Authorized Participant using the
               Federal Wire Electronic Transfer System. The amount delivered by
               the Up-MACRO Holding Trustee and the Down-MACRO Holding Trustee
               will be equal to the MACRO Unit Deposit on the Redemption Date
               plus, if applicable, the MACRO Unit Deposit Addition.

                                      * * *

                                 Attachment A-11
<PAGE>

         III.  EXCHANGE OF HOLDING SHARES TO THEIR RESPECTIVE TRADEABLE SHARES
               AND EXCHANGE OF TRADEABLE SHARES TO THEIR RESPECTIVE HOLDING
               SHARES

Scope of Procedures and Overview

         These procedures (the "Exchange Procedures") describe the processes by
which an Authorized Participant (i) may exchange Up-MACRO Holding Shares or
Down-MACRO Holding Shares or both, into their related Tradeable Shares or (ii)
may exchange Up-MACRO Tradeable Shares or Down-MACRO Tradeable Shares or both,
into their related Holding Shares. The Tradeable Shares can only be exchanged
into Holding Shares and, the Holding Shares shall only be exchanged into
Tradeable Shares in connection with the instructions set forth herein and in
coordination with the Trustee and the Administrative Agent.

         The Holding Shares may be exchanged into their respective Tradeable
Shares and the Tradeable Shares may be exchanged into their respective Holding
Shares solely by the instructions of Authorized Participants. In accordance with
this Participants Agreement, the Administrative Agent may cause the Trustee to
create additional Tradeable Shares in units of 50,000 Up-MACRO Tradeable Shares
or 50,000 Down-MACRO Tradeable Shares and to exchange Tradeable Shares to their
respective Holding Shares in units of 50,000 Up-MACRO Tradeable Shares or 50,000
Down-MACRO Tradeable Shares. The exchange of Up-MACRO Tradeable Shares or
Up-MACRO Holding Shares and Down-MACRO Tradeable Shares or Down-MACRO Holding
Shares to their respective MACRO Shares does not need to occur simultaneously.
Up-MACRO Tradeable Shares may be created independently by the deposit of
Up-MACRO Holding Shares into the Up-MACRO Tradeable Trust and Down-MACRO
Tradeable Shares may be created independently by the deposit of Down-MACRO
Holding Shares into the Down-MACRO Tradeable Trust. Similarly, Up-MACRO Holding
Shares may be exchanged independently by the deposit of Up-MACRO Tradeable
Shares into the Up-MACRO Tradeable Trust and Down-MACRO Holding Shares may be
exchanged independently by the deposit of Down-MACRO Tradeable Shares into the
Down-MACRO Tradeable Trust.

         The MACRO Shares will be exchanged on a net basis daily with respect to
all Orders received from all Authorized Participants on such date. In the event
that the number of Up-MACRO or Down-MACRO Tradeable Shares to be created based
on the Creation Orders and the Exchange Orders, as applicable, on such date
exceeds the number of such Tradeable Shares to be redeemed pursuant to the
Redemption Orders and the Exchange Orders, as applicable, on such date, the
newly created Tradeable Shares that will be issued will be equal to the total
number of such Tradeable Shares created minus the total number of such Tradeable
Shares redeemed. Similarly, in the event that the number of Up-MACRO or
Down-MACRO Tradeable Shares to be redeemed pursuant to the Exchange Orders or
the Redemption Orders, as applicable, on such date exceeds the number of such
Tradeable Shares to be created based on the Creation Orders and the Exchange
Orders, as applicable, on such date, the actual number of such Tradeable Shares
to be redeemed will be equal to the total number of such Tradeable Shares
redeemed minus the total number of such Tradeable Shares created (such netting,
collectively, the "Net Daily Basis").

                                 Attachment A-12
<PAGE>

Important Notes:

         o    Any Order is subject to rejection by the Depositor and the
              Administrative Agent for the reasons set forth in the Trust
              Agreements or the Participants Agreement.

         o    All Orders are subject to the provisions of the Trust Agreements
              and the Participants Agreement relating to unclear or ambiguous
              instructions.

                                 Attachment A-13
<PAGE>

                                EXCHANGE PROCESS

         On any Business Day, an Authorized Participant may submit an Exchange
Order, substantially in the form of EXHIBIT D to the Participants Agreement (or
to the extent that such order is electronic, such order shall include the
information set forth on such exhibit), to the Administrative Agent to exchange
Holding Shares to their related Tradeable Shares or to exchange Tradeable Shares
to their related Holding Shares by the Order Cut-Off Time on such Business Day
(such Business Day, "T" and any number added to T shall refer to such day plus
the number of Business Days following such day). In connection with this
Exchange Order, the Authorized Participant shall deliver to the Trustee by 10:00
a.m. New York City time on T+1 the following:

         o    Up-MACRO Holding Shares or Down-MACRO Holding Shares, in integral
              multiple of 50,000 shares of each, for exchange into their
              respective Tradeable Shares, if applicable; and

         o    Up-MACRO Tradeable Shares or Down-MACRO Tradeable Shares, in
              integral multiple of 50,000 shares of each, for exchange into
              their respective Holding Shares, if applicable.

         Upon the satisfaction of the conditions set forth above, the applicable
Trustee, as instructed by the Administrative Agent, shall (i) deliver from the
applicable Netting Account or, in the event that there are insufficient required
Tradeable Shares in that Netting Account, cause the applicable Tradeable Trust
to issue Tradeable Shares to the designated account of the Authorized
Participant at DTC to fulfill the Exchange Order on T+1 by 3:00 p.m. New York
City time or (ii) deliver from the Netting Account or, in the event that there
are insufficient required Holding Shares in that Netting Account, cause the
applicable Trust to deliver from the applicable Securities Account Holding
Shares to the designated account of the Authorized Participant at DTC to fulfill
the Exchange Order on T+1 by 3:00 p.m. New York City time.

                                 Attachment A-14
<PAGE>

                               EXCHANGE PROCEDURES

EXCHANGE T (EXCHANGE ORDER DATE)

     1.   By the Order Cut-Off Time, an Authorized Person of the Authorized
          Participant shall notify the Administrative Agent through the
          Administrative Agent's electronic facilities that the Authorized
          Participant wishes to place an Exchange Order. The Authorized Person
          shall provide its PIN number as identification to the Administrative
          Agent. The Authorized Participant shall indicate through the
          Administrative Agent's electronic facilities the following
          information:

          (a)  the Authorized Participant's e-mail address;

          (b)  its PIN Number;

          (c)  the number and type of Holding Shares being exchanged, if any;

          (d)  the number and type of Tradeable Shares being exchanged, if any;
               and

          (e)  the CUSIP numbers of the MACRO Shares being tendered.

     2.   Within fifteen (15) minutes of receipt of the Authorized Participant's
          Exchange Order through the Administrative Agent's automated electronic
          system (and no later than 2:15 p.m. New York City time), the
          Administrative Agent's automated electronic system shall, provided
          such Exchange Order was received in accordance with the preceding
          rules, send a notice to the Authorized Participant confirming the
          receipt of such Exchange Order and including a Submission Number
          relating to such Order.

     3.   By 3:00 p.m. New York City time, the Administrative Agent shall send
          to the Trustee an electronic file indicating the Exchange Orders
          received from Authorized Participants on T prior to the Order Cut-Off
          Time (such file, the "Order File"). The transmission of the Order File
          shall be conducted on a best efforts basis.

     4.   By 4:00 p.m. New York City time, the Administrative Agent shall
          confirm the Order File and send any corrections to the Trustee and the
          Authorized Participant.

     5.   By 7:00 p.m. New York City time, but in no event, not prior to the
          dissemination of the settlement price of the Light Sweet Crude Oil
          Futures Contracts on such date, the Administrative Agent shall send an
          authenticated electronic message to the Authorized Participant, with a
          copy to the Trustee, indicating:

          (a)  the number and type of Holding Shares to be tendered, if any, to
               the Authorized Participant and the CUSIP numbers of the shares
               which will be delivered; and

                                 Attachment A-15
<PAGE>

          (b)  the number and type of Tradeable Shares to be tendered, if any,
               to the Authorized Participant and the CUSIP numbers of the shares
               which will be delivered.

EXCHANGE T+1 (EXCHANGE DATE)

     1.   By 10:00 a.m. New York City time, each Authorized Participant
          submitting an Exchange Order shall have delivered to the Netting
          Account of the applicable Trustee the MACRO Shares to be exchanged.

     2.   By 10:30 a.m. New York City time, if the Trustee has not received the
          MACRO Shares to be exchanged, the Trustee shall contact the Authorized
          Participant to inquire about any missing MACRO Shares.

     3.   By 12:00 p.m. New York City time, if the Trustee has still not
          received the required MACRO Shares, then the Trustee shall notify the
          Authorized Participant of the type and number of the MACRO Shares
          missing. The deficient Authorized Participant must immediately
          transfer such shares or its order may be cancelled and the Authorized
          Participant shall incur all costs associated with such cancellation as
          determined by the Administrative Agent.

     4.   By 3:00 p.m. New York City time, the Trustee shall, in accordance with
          the instructions of the Administrative Agent, deliver to the
          Authorized Participant's account at DTC, the Holding Shares and/or the
          Tradeable Shares as ordered by it in the Exchange Order.

                                      * * *

                                 Attachment A-16
<PAGE>EXHIBIT 4.4.1

(Multicurrency--Cross Border)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT
                          dated as of November 24, 2006

CLAYMORE MACROSHARES                                     CLAYMORE MACROSHARES
OIL UP HOLDING TRUST                   and               OIL DOWN HOLDING TRUST

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:

          Section 1. Interpretation

                    (i) Definitions. The terms defined in Section 14 and in
     the Schedule will have the meanings therein specified for the purpose of
     this Master Agreement.

                    (ii) Inconsistency. In the event of any inconsistency
     between the provisions of the Schedule and the other provisions of this
     Master Agreement, the Schedule will prevail. In the event of any
     inconsistency between the provisions of any Confirmation and this Master
     Agreement (including the Schedule), such Confirmation will prevail for
     the purposes of the relevant Transaction.

                    (iii) Single Agreement. All Transactions are entered into
     in reliance on the fact that this Master Agreement and all Confirmations
     form a single agreement between the parties (collectively referred to as
     this "Agreement"), and the parties would not otherwise enter into any
     Transactions.

Section 2.        Obligations

                    (i) General Conditions.

                         (1) Each party will make each payment or delivery
     specified in each Confirmation to be made by it, subject to the other
     provisions of this Agreement.
<PAGE>

                         (2) Payments under this Agreement will be made on the
     due date for value on that date in the place of the account specified in
     the relevant Confirmation or otherwise pursuant to this Agreement, in
     freely transferable funds and in the manner customary for payments in the
     required currency. Where settlement is by delivery (that is, other than by
     payment), such delivery will be made for receipt on the due date in the
     manner customary for the relevant obligation unless otherwise specified in
     the relevant Confirmation or elsewhere in this Agreement.

                         (3) Each obligation of each party under Section 2(a)(i)
     is subject to (1) the condition precedent that no Event of Default or
     Potential Event of Default with respect to the other party has occurred and
     is continuing, (2) the condition precedent that no Early Termination Date
     in respect of the relevant Transaction has occurred or been effectively
     designated and (3) each other applicable condition precedent specified in
     this Agreement.

                    (ii) Change of Account. Either party may change its account
     for receiving a payment or delivery by giving notice to the other party at
     least five Local Business Days prior to the scheduled date for the payment
     or delivery to which such change applies unless such other party gives
     timely notice of a reasonable objection to such change.

                    (iii) Netting. If on any date amounts would otherwise be
     payable:--

                         (1) in the same currency; and

                         (2) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

                    (iv) Deduction or Withholding for Tax.

                         (1) Gross-Up. All payments under this Agreement will be
     made without any deduction or withholding for or on account of any Tax
     unless such deduction or withholding is required by any applicable law, as
     modified by the practice of any relevant governmental revenue authority,
     then in effect. If a party is so required to deduct or withhold, then that
     party ("X") will:--
<PAGE>

     (1)    promptly notify the other party ("Y") of such requirement;

     (2)    pay to the relevant authorities the full amount required to be
     deducted or withheld (including the full amount required to be deducted or
     withheld from any additional amount paid by X to Y under this Section 2(d))
     promptly upon the earlier of determining that such deduction or withholding
     is required or receiving notice that such amount has been assessed against
     Y;

     (3)    promptly forward to Y an official receipt (or a certified copy), or
     other documentation reasonably acceptable to Y, evidencing such payment to
     such authorities; and

     (4)    if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
     payment to which Y is otherwise entitled under this Agreement, such
     additional amount as is necessary to ensure that the net amount actually
     received by Y (free and clear of Indemnifiable Taxes, whether assessed
     against X or Y) will equal the full amount Y would have received had no
     such deduction or withholding been required. However, X will not be
     required to pay any additional amount to Y to the extent that it would not
     be required to be paid but for:--

          (A)   the failure by Y to comply with or perform any agreement
          contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

          (B)   the failure of a representation made by Y pursuant to Section
          3(f) to be accurate and true unless such failure would not have
          occurred but for (I) any action taken by a taxing authority, or
          brought in a court of competent jurisdiction, on or after the date
          on which a Transaction is entered into (regardless of whether such
          action is taken or brought with respect to a party to this
          Agreement) or (II) a Change in Tax Law.

                    (2) Liability. If:--

     (1)   X is required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, to make any deduction or
     withholding in respect of which X would not be required to pay an
     additional amount to Y under Section 2(d)(i)(4);

     (2)   X does not so deduct or withhold; and

     (3)   a liability resulting from such Tax is assessed directly against X,

     then, except to the extent Y has satisfied or then satisfies the
     liability resulting from such Tax, Y will promptly pay to X the amount of
     such liability (including any related liability for interest, but
     including any related liability for penalties only if Y has failed to
     comply with or perform any agreement contained in Section 4(a)(i),
     4(a)(iii) or 4(d)).

                    (v) Default Interest; Other Amounts. Prior to the
     occurrence or effective designation of an Early Termination Date in
     respect of the relevant Transaction, a party that defaults in the
     performance of any payment obligation will, to the extent permitted by law
     and subject to Section 6(c), be required to pay interest (before as well
     as after judgment) on the overdue amount to the other party on demand in
     the same currency as such overdue amount, for the period from (and
     including) the original due date for payment to (but excluding) the date
     of actual payment, at the Default Rate. Such interest will be calculated
     on the basis of daily compounding and the actual number of days elapsed.
     If, prior to the occurrence or effective designation of an Early
     Termination Date in respect of the relevant Transaction, a party defaults
     in the performance of any obligation required to be settled by delivery,
<PAGE>

     it will compensate the other party on demand if and to the extent provided
     for in the relevant Confirmation or elsewhere in this Agreement.

          Section 3. Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

                    (i)  Basic Representations.

                         (1) Status. It is duly organized and validly existing
     under the laws of the jurisdiction of its organization or incorporation
     and, if relevant under such laws, in good standing;

                         (2) Powers. It has the power to execute this
     Agreement and any other documentation relating to this Agreement to which
     it is a party, to deliver this Agreement and any other documentation
     relating to this Agreement that it is required by this Agreement to
     deliver and to perform its obligations under this Agreement and any
     obligations it has under any Credit Support Document to which it is a
     party and has taken all necessary action to authorise such execution,
     delivery and performance;

                         (3) No Violation or Conflict. Such execution,
     delivery and performance do not violate or conflict with any law
     applicable to it, any provision of its constitutional documents, any
     order or judgment of any court or other agency of government applicable
     to it or any of its assets or any contractual restriction binding on or
     affecting it or any of its assets;

                         (4) Consents. All governmental and other consents
     that are required to have been obtained by it with respect to this
     Agreement or any Credit Support Document to which it is a party have been
     obtained and are in full force and effect and all conditions of any such
     consents have been complied with; and

                         (5) Obligations Binding. Its obligations under this
     Agreement and any Credit Support Document to which it is a party
     constitute its legal, valid and binding obligations, enforceable in
     accordance with their respective terms (subject to applicable bankruptcy,
     reorganisation, insolvency, moratorium or similar laws affecting
     creditors' rights generally and subject, as to enforceability, to
     equitable principles of general application (regardless of whether
     enforcement is sought in a proceeding in equity or at law)).

                    (ii) Absence of Certain Events. No Event of Default or
     Potential Event of Default or, to its knowledge, Termination Event with
     respect to it has occurred and is continuing and no such event or
     circumstance would occur as a result of its entering into or performing
     its obligations under this Agreement or any Credit Support Document to
     which it is a party.

                    (iii) Absence of Litigation. There is not pending or, to
     its knowledge, threatened against it or any of its Affiliates any action,
     suit or proceeding at law or in equity or before
<PAGE>

     any court, tribunal, governmental body, agency or official or any
     arbitrator that is likely to affect the legality, validity or
     enforceability against it of this Agreement or any Credit Support Document
     to which it is a party or its ability to perform its obligations under
     this Agreement or such Credit Support Document.

                    (iv) Accuracy of Specified Information. All applicable
     information that is furnished in writing by or on behalf of it to the
     other party and is identified for the purpose of this Section 3(d) in the
     Schedule is, as of the date of the information, true, accurate and
     complete in every material respect.

                    (v) Payer Tax Representation. Each representation
     specified in the Schedule as being made by it for the purpose of this
     Section 3(e) is accurate and true.

                    (vi) Payee Tax Representations. Each representation
     specified in the Schedule as being made by it for the purpose of this
     Section 3(f) is accurate and true.

          Section 4.  Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

                    (i) Furnish Specified Information. It will deliver to the
     other party or, in certain cases under subparagraph (iii) below, to such
     government or taxing authority as the other party reasonably directs:--

                          (1) any forms, documents or certificates relating to
     taxation specified in the Schedule or any Confirmation;

                          (2) any other documents specified in the Schedule or
     any Confirmation; and

                          (3) upon reasonable demand by such other party, any
     form or document that may be required or reasonably requested in writing
     in order to allow such other party or its Credit Support Provider to make
     a payment under this Agreement or any applicable Credit Support Document
     without any deduction or withholding for or on account of any Tax or with
     such deduction or withholding at a reduced rate (so long as the
     completion, execution or submission of such form or document would not
     materially prejudice the legal or commercial position of the party in
     receipt of such demand), with any such form or document to be accurate
     and completed in a manner reasonably satisfactory to such other party and
     to be executed and to be delivered with any reasonably required
     certification, in each case by the date specified in the Schedule or such
     Confirmation or, if none is specified, as soon as reasonably practicable.

<PAGE>

                    (ii) Maintain Authorisations. It will use all reasonable
     efforts to maintain in full force and effect all consents of any
     governmental or other authority that are required to be obtained by it
     with respect to this Agreement or any Credit Support Document to which it
     is a party and will use all reasonable efforts to obtain any that may
     become necessary in the future.

                    (iii) Comply with Laws. It will comply in all material
     respects with all applicable laws and orders to which it may be subject
     if failure so to comply would materially impair its ability to perform
     its obligations under this Agreement or any Credit Support Document to
     which it is a party.

                    (iv) Tax Agreement. It will give notice of any failure of
     a representation made by it under Section 3(f) to be accurate and true
     promptly upon learning of such failure.

                    (v) Payment of Stamp Tax. Subject to Section 11, it will
     pay any Stamp Tax levied or imposed upon' it or in respect of its
     execution or performance of this Agreement by a jurisdiction in which it
     is incorporated, organised, managed and controlled, or considered to have
     its seat, or in which a branch or office through which it is acting for
     the purpose of this Agreement is located ("Stamp Tax Jurisdiction") and
     will indemnify the other party against any Stamp Tax levied or imposed
     upon the other party or in respect of the other party's execution or
     performance of this Agreement by any such Stamp Tax Jurisdiction which is
     not also a Stamp Tax Jurisdiction with respect to the other party.

          Section 5. Events of Default and Termination Events

                    (i) Events of Default. The occurrence at any time with
     respect to a party or, if applicable, any Credit Support Provider of such
     party or any Specified Entity of such party of any of the following events
     constitutes an event of default (an "Event of Default") with respect to
     such party:

                          (1) Failure to Pay or Deliver. Failure by the party to
     make, when due, any payment under this Agreement or delivery under Section
     2(a)(i) or 2(e) required to be made by it if such failure is not remedied
     on or before the third Local Business Day after notice of such failure is
     given to the party;

                          (2) Breach of Agreement. Failure by the party to
     comply with or perform any agreement or obligation (other than an
     obligation to make any payment under this Agreement or delivery under
     Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any
     agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be
     complied with or performed by the party in accordance with this Agreement
     if such failure is not remedied on or before the thirtieth day after notice
     of such failure is given to the party;
<PAGE>

                          (3) Credit Support Default.

          (1)   Failure by the party or any Credit Support Provider of such
          party to comply with or perform any agreement or obligation to be
          complied with or performed by it in accordance with any Credit
          Support Document if such failure is continuing after any applicable
          grace period has elapsed;

          (2)   the expiration or termination of such Credit Support Document or
          the failing or ceasing of such Credit Support Document to be in full
          force and effect for the purpose of this Agreement (in either case
          other than in accordance with its terms) prior to the satisfaction
          of all obligations of such party under each Transaction to which
          such Credit Support Document relates without the written consent of
          the other party; or

          (3)   the party or such Credit Support Provider disaffirms, disclaims,
          repudiates or rejects, in whole or in part, or challenges the
          validity of, such Credit Support Document;

                         (4) Misrepresentation. A representation (other than a
     representation under Section 3(e) or (f)) made or repeated or deemed to
     have been made or repeated by the party or any Credit Support Provider of
     such party in this Agreement or any Credit Support Document proves to
     have been incorrect or misleading in any material respect when made or
     repeated or deemed to have been made or repeated;

                         (5) Default under Specified Transaction. The party,
     any Credit Support Provider of such party or any applicable Specified
     Entity of such party (l) defaults under a Specified Transaction and,
     after giving effect to any applicable notice requirement or grace period,
     there occurs a liquidation of, an acceleration of obligations under, or
     an early termination of, that Specified Transaction, (2) defaults, after
     giving effect to any applicable notice requirement or grace period, in
     making any payment or delivery due on the last payment, delivery or
     exchange date of, or any payment on early termination of, a Specified
     Transaction (or such default continues for at least three Local Business
     Days if there is no applicable notice requirement or grace period) or (3)
     disaffirms, disclaims, repudiates or rejects, in whole or in part, a
     Specified Transaction (or such action is taken by any person or entity
     appointed or empowered to operate it or act on its behalf);

                         (6) Cross Default. If "Cross Default" is specified in
     the Schedule as applying to the party, the occurrence or existence of (l)
     a default, event of default or other similar condition or event (however
     described) in respect of such party, any Credit Support Provider of such
     party or any applicable Specified Entity of such party under one or more
     agreements or instruments relating to Specified Indebtedness of any of
     them (individually or collectively) in an aggregate amount of not less
     than the applicable Threshold Amount (as specified in the Schedule) which
     has resulted in such Specified Indebtedness becoming, or becoming capable
     at such time of being declared, due and payable under such agreements or
     instruments, before it would otherwise have been due and payable or (2) a
     default by such party, such Credit Support Provider or such Specified
     Entity (individually or collectively) in making one or more payments on
     the due date thereof in an aggregate amount of not less than the
     applicable Threshold Amount under such agreements or instruments (after
     giving effect to any applicable notice requirement or grace period);

                         (7) Bankruptcy. The party, any Credit Support
     Provider of such party or any applicable Specified Entity of such
     party:--

          (1)   is dissolved (other than pursuant to a consolidation,
          amalgamation or merger);

<PAGE>

          (2) becomes insolvent or is unable to pay its debts or fails or
          admits in writing its inability generally to pay its debts as they
          become due; (3) makes a general assignment, arrangement or
          composition with or for the benefit of its creditors; (4) institutes
          or has instituted against it a proceeding seeking a judgment of
          insolvency or bankruptcy or any other relief under any bankruptcy or
          insolvency law or other similar law affecting creditors', rights, or
          a petition is presented for its winding-up or liquidation, and, in
          the case of any such proceeding or petition instituted or presented
          against it, such proceeding or petition (A) results in a judgment of
          insolvency or bankruptcy or the entry of an order for relief or the
          making of an order for its winding-up or liquidation or (B) is not
          dismissed, discharged, stayed or restrained in each case within 30
          days of the institution or presentation thereof; (5) has a
          resolution passed for its winding-up, official management or
          liquidation (other than pursuant to a consolidation, amalgamation or
          merger); (6) seeks or becomes subject to the appointment of an
          administrator, provisional liquidator, conservator, receiver,
          trustee, custodian or other similar official for it or for all or
          substantially all its assets; (7) has a secured party take
          possession of all or substantially all its assets or has a distress,
          execution, attachment, sequestration or other legal process levied,
          enforced or sued on or against all or substantially all its assets
          and such secured party maintains possession, or any such process is
          not dismissed, discharged, stayed or restrained, in each case within
          30 days thereafter; (8) causes or is subject to any event with
          respect to it which, under the applicable laws of any jurisdiction,
          has an analogous effect to any of the events specified in clauses
          (1) to (7) (inclusive); or (9) takes any action in furtherance of,
          or indicating its consent to, approval of, or acquiescence in, any
          of the foregoing acts; or

                          (8) Merger Without Assumption. The party or any
     Credit Support Provider of such party consolidates or amalgamates with,
     or merges with or into, or transfers all or substantially all its assets
     to, another entity and, at the time of such consolidation, amalgamation,
     merger or transfer:--

          (1)   the resulting, surviving or transferee entity fails to assume
          all the obligations of such party or such Credit Support Provider
          under this Agreement or any Credit Support Document to which it or
          its predecessor was a party by operation of law or pursuant to an
          agreement reasonably satisfactory to the other party to this
          Agreement; or

          (2)   the benefits of any Credit Support Document fail to extend
          (without the consent of the other party) to the performance by such
          resulting, surviving or transferee entity of its obligations under
          this Agreement.

                    (ii) Termination Events. The occurrence at any time with
     respect to a party or, if applicable, any Credit Support Provider of such
     party or any Specified Entity of such party of any event specified below
     constitutes an Illegality if the event is specified in (i) below, a Tax
     Event if the event is specified in (ii) below, or a Tax Event Upon Merger
     if the event is specified in (iii) below, and, if specified to be
     applicable, a Credit Event Upon Merger if the event is specified pursuant
     to (iv) below, or an Additional Termination Event if the event is specified
     pursuant to (v) below:--

                          (1) Illegality. Due to the adoption of, or any
     change in, any applicable law after the date on which a Transaction is
     entered into, or due to the promulgation of, or any change in, the
     interpretation by any court, tribunal or regulatory authority with
     competent jurisdiction of any applicable law after such date, it becomes
     unlawful (other than as a result of a breach by the party of Section
     4(b)) for such party (which will be the Affected Party):--

          (1)   to perform any absolute or contingent obligation to make a
          payment or delivery or to receive a payment or delivery in respect
          of such Transaction or to comply with any other material provision
          of this Agreement relating to such Transaction; or

<PAGE>

          (2) to perform, or for any Credit Support Provider of such party to
          perform, any contingent or other obligation which the party (or such
          Credit Support Provider) has under any Credit Support Document
          relating to such Transaction;

                          (2) Tax Event. Due to (x) any action taken by a
     taxing authority, or brought in a court of competent jurisdiction, on or
     after the date on which a Transaction is entered into (regardless of
     whether such action is taken or brought with respect to a party to this
     Agreement) or (y) a Change in Tax Law, the party (which will be the
     Affected Party) will, or there is a substantial likelihood that it will,
     on the next succeeding Scheduled Payment Date (1) be required to pay to
     the other party an additional amount in respect of an Indemnifiable Tax
     under Section 2(d)(i)(4) (except in respect of interest under Section
     2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
     required to be deducted or withheld for or on account of a Tax (except in
     respect of Interest under Section 2(e), 6(d)(ii) or 6(e)) and no
     additional amount is required to be paid in respect of such Tax under
     Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
     (B));

                          (3) Tax Event Upon Merger. The party (the "Burdened
     Party") on the next succeeding Scheduled Payment Date will either (1) be
     required to pay an additional amount in respect of an Indemnifiable Tax
     under Section 2(d)(i)(4) (except in respect of interest under Section
     2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
     been deducted or withheld for or on account of an Indemnifiable Tax in
     respect of which the other party is not required to pay an additional
     amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either
     case as a result of a party consolidating or amalgamating with, or
     merging with or into, or transferring all or substantially all its assets
     to, another entity (which will be the Affected Party) where such action
     does not constitute an event described in Section 5(a)(viii);

                          (4) Credit Event Upon Merger. If "Credit Event Upon
     Merger" is specified in the Schedule as applying to the party, such party
     ("X"), any Credit Support Provider of X or any applicable Specified
     Entity of X consolidates or amalgamates with, or merges with or into, or
     transfers all or substantially all its assets to, another entity and such
     action does not constitute an event described in Section 5(a)(viii) but
     the creditworthiness of the resulting, surviving or transferee entity is
     materially weaker than that of X, such Credit Support Provider or such
     Specified Entity, as the case may be, immediately prior to such action
     (and, in such event, X or its successor or transferee, as appropriate,
     will be the Affected Party); or

                          (5) Additional Termination Event. If any "Additional
     Termination Event" is specified in the Schedule or any Confirmation as
     applying, the occurrence of such event (and, in such event, the Affected
     Party or Affected Parties shall be as specified for such Additional
     Termination Event in the Schedule or such Confirmation).

                    (iii) Event of Default and Illegality. If an event or
     circumstance which would otherwise5 constitute or give rise to an Event
     of Default also constitutes an Illegality, it will be treated as an
     Illegality and will not constitute an Event of Default.

          Section 6.  Early Termination

                    (i) Right to Terminate Following Event of Default. If at
     any time an Event of Default with respect to a party (the "Defaulting
     Party") has occurred and is then continuing, the
<PAGE>

     other party (the "Non-defaulting Party") may, by not more than 20 days
     notice to the Defaulting Party specifying the relevant Event of Default,
     designate a day not earlier than the day such notice is effective as an
     Early Termination Date in respect of all outstanding Transactions. If,
     however, "Automatic Early Termination" is specified in the Schedule as
     applying to a party, then an Early Termination Date in respect of all
     outstanding Transactions will occur immediately upon the occurrence with
     respect to such party of an Event of Default specified in Section
     5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and
     as of the time immediately preceding the institution of the relevant
     proceeding or the presentation of the relevant petition upon the
     occurrence with respect to such party of an Event of Default specified in
     Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

                    (ii) Right to Terminate Following Termination Event.

                          (1) Notice. If a Termination Event occurs, an
     Affected Party will, promptly upon becoming aware of it, notify the other
     party, specifying the nature of that Termination Event and each Affected
     Transaction and will also give such other information about that
     Termination Event as the other party may reasonably require.

                          (2) Transfer to Avoid Termination Event. If either
     an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is
     only one Affected Party, or if a Tax Event Upon Merger occurs and the
     Burdened Party is the Affected Party, the Affected Party will, as a
     condition to its right to designate an Early Termination Date under
     Section 6(b)(iv), use all reasonable efforts (which will not require such
     party to incur a loss, excluding immaterial, incidental expenses) to
     transfer within 20 days after it gives notice under Section 6(b)(i) all
     its rights and obligations under this Agreement in respect of the
     Affected Transactions to another of its Offices or Affiliates so that
     such Termination Event ceases to exist.

     If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     the notice is given under Section 6(b)(i).

     Any such transfer by a party under this Section 6(b)(ii) will be subject
     to and conditional upon the prior written consent of the other party,
     which consent will not be withheld if such other party's policies in
     effect at such time would permit it to enter into transactions with the
     transferee on the terms proposed.

                          (3) Two Affected Parties. If an Illegality under
     Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected
     Parties, each party will use all reasonable efforts to reach agreement
     within 30 days after notice thereof is given under Section 6(b)(i) on
     action to avoid that Termination Event.

                          (4) Right to Terminate. If:--

          (1)  a transfer under Section 6(b)(ii) or an agreement under Section
          6(b)(iii), as the case may be, has not been effected with respect to
          all Affected Transactions within 30 days after an Affected Party
          gives notice under Section 6(b)(i); or,
<PAGE>

          (2)  an Illegality under Section 5(b)(i)(2), a Credit Event Upon
          Merger or an Additional Termination Event occurs, or a Tax Event
          Upon Merger occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then continuing, designate
     a day not earlier than the day such notice is effective as an Early
     Termination Date in respect of all Affected Transactions.

                    (iii) Effect of Designation.

                          (1) If notice designating an Early Termination Date
     is given under Section 6(a) or (b), the Early Termination Date will occur
     on the date so designated, whether or not the relevant Event of Default,
     or Termination Event is then continuing.

                          (2) Upon the occurrence or effective designation of
     an Early Termination Date, no further payments or deliveries under
     Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be
     required to be made, but without prejudice to the other provisions of
     this Agreement. The amount, if any, payable in respect of an Early
     Termination Date shall be determined pursuant to Section 6(e).

                    (iv) Calculations.

                          (1) Statement. On or as soon as reasonably
     practicable following the occurrence of an Early Termination Date, each
     party will make the calculations on its part, if any, contemplated by
     Section 6(e) and will provide to the other party a statement (1) showing,
     in reasonable detail, such calculations (including all relevant
     quotations and specifying any amount payable under Section 6(e)) and (2)
     giving details of the relevant account to which any amount payable to it
     is to be paid. In the absence of written confirmation from the source of
     a quotation obtained in determining a Market Quotation, the records of
     the party obtaining such quotation will be conclusive evidence of the
     existence and accuracy of such quotation.

                          (2) Payment Date. An amount calculated as being due
     in respect of any Early Termination Date under Section 6(e) will be
     payable on the day that notice of the amount payable is effective (in the
     case of an Early Termination Date which is designated or occurs as a
     result of an Event of Default) and on the day which is two Local Business
     Days after the day on which notice of the amount payable is effective (in
     the case of an Early Termination Date which is designated as a result of
     a Termination Event). Such amount will be paid together with (to the
     extent permitted under applicable law) interest thereon (before as well
     as after judgment) in the Termination Currency, from (and including) the
     relevant Early Termination Date to (but excluding) the date such amount,
     is paid, at the Applicable Rate. Such interest will be calculated on the
     basis of daily compounding and the actual number of days elapsed.

                    (v) Payments on Early Termination. If an Early Termination
     Date occurs, the following provisions shall apply based on the parties'
     election in the Schedule of a payment measure, either "Market Quotation"
     or "Loss", and a payment method, either the "First Method" or
<PAGE>

     the "Second Method". If the parties fail to designate a payment measure
     or payment method in the Schedule, it will be deemed that "Market
     Quotation" or the "Second Method", as the case may be, shall apply. The
     amount, if any, payable in respect of an Early Termination Date and
     determined pursuant to this Section will be subject to any Set-off.

                          (1) Events of Default. If the Early Termination Date
     results from an Event of Default:

          (1) First Method and Market Quotation. If the First Method and
          Market Quotation apply, the Defaulting Party will pay to the
          Non-defaulting Party the excess, if a positive number, of (A) the
          sum of the Settlement Amount (determined by the Non-defaulting
          Party) in respect of the Terminated Transactions and the Termination
          Currency Equivalent of the Unpaid Amounts owing to the
          Non-defaulting Party over (B) the Termination Currency Equivalent of
          the Unpaid Amounts owing to the Defaulting Party.

          (2) First Method and Loss. If the First Method and Loss apply, the
          Defaulting Party will pay to the Non-defaulting Party, if a positive
          number, the Non-defaulting Party's Loss in respect of this
          Agreement.

          (3) Second Method and Market Quotation. If the Second Method and
          Market Quotation apply, an amount will be payable equal to (A) the
          sum of the Settlement Amount (determined by the Non-defaulting
          Party) in respect of the Terminated Transactions and the Termination
          Currency Equivalent of the Unpaid Amounts owing to the
          Non-defaulting Party less (B) the Termination Currency Equivalent of
          the Unpaid Amounts owing to the Defaulting Party. If that amount is
          a positive number, the Defaulting Party will pay it to the
          Non-defaulting Party; if it is a negative number, the Non-defaulting
          Party will pay the absolute value of that amount to the Defaulting
          Party.

          (4) Second Method and Loss. If the Second Method and Loss apply, an
          amount will be payable equal to the Non-defaulting Party's Loss in
          respect of this Agreement. If that amount is a positive number, the
          Defaulting Party will pay it to the Non-defaulting Party; if it is a
          negative number, the Non-defaulting Party will pay the absolute
          value of that amount to the Defaulting Party.

                          (2) Termination Events. If the Early Termination
     Date results from a Termination Event:

          (1)  One Affected Party. If there is one Affected Party, the amount
          payable will be determined in accordance with Section 6(e)(i)(3), if
          Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
          except that, in either case, references to the Defaulting Party and
          to the Non-defaulting Party will be deemed to be references to the
          Affected Party and the party which is not the Affected Party,
          respectively, and, if Loss applies and fewer than all the
          Transactions are being terminated, Loss shall be calculated in
          respect of all Terminated Transactions.

          (2)  Two Affected Parties. If there are two Affected Parties:

               (A) if Market Quotation applies, each party will determine a
               Settlement Amount in respect of the Terminated Transactions,
               and an amount will be payable equal to (I) the sum of (a)
               one-half of the difference between the Settlement Amount of the
               party with the higher Settlement Amount ("X") and the
               Settlement Amount of the party with the lower Settlement Amount
               ("Y") and (b) the Termination Currency Equivalent of the Unpaid
               Amounts owing to X less (II) the Termination Currency
               Equivalent of the Unpaid Amounts owing to Y; and
<PAGE>

               (B) if Loss applies, each party will determine its Loss in
               respect of this Agreement (or, if fewer than all the
               Transactions are being terminated, in respect of all Terminated
               Transactions) and an amount will be payable equal to one-half
               of the difference between the Loss of the party with the higher
               Loss ("X") and the Loss of the party with the lower Loss ("Y").

          If the amount payable is a positive number, Y will pay it to X; if it
          is a negative number, X will pay the absolute value of that amount to
          Y.

                          (3) Adjustment for Bankruptcy. In circumstances
     where an Early Termination Date occurs because "Automatic Early
     Termination" applies in respect of a party, the amount determined under
     this Section 6(e) will be subject to such adjustments as are appropriate
     and permitted by law to reflect any payments or deliveries made by one
     party to the other under this Agreement (and retained by such other
     party) during the period from the relevant Early Termination Date to the
     date for payment determined under Section 6(d)(ii).

                          (4) Pre-Estimate. The parties agree that if Market
     Quotation applies an amount recoverable under this Section 6(e) is a
     reasonable pre-estimate of loss and not a penalty. Such amount is payable
     for the loss of bargain and the loss of protection against future risks and
     except as otherwise provided in this Agreement neither party will be
     entitled to recover any additional damages as a consequence of such losses.

          Section 7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:

                    (i) a party may make such a transfer of this Agreement
     pursuant to a consolidation or amalgamation with, or merger with or into,
     or transfer of all or substantially all its assets to, another entity (but
     without prejudice to any other right or remedy under this Agreement); and

                    (ii) a party may make such a transfer of all or any part of
     its interest in any amount payable to it from a Defaulting Party under
     Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

          Section 8. Contractual Currency

                    (i) Payment in the Contractual Currency. Each payment
     under this Agreement will he made in the relevant currency specified in
     this Agreement for that payment (the "Contractual Currency"). To the
     extent permitted by applicable law, any obligation to make payments under
     this Agreement in the Contractual Currency will not be discharged or
     satisfied by any tender in any currency other than the Contractual
     Currency, except to the extent such tender results in the actual receipt
     by the party to which payment is owed, acting in a reasonable manner and
     in good faith in converting the currency so tendered into the Contractual
     Currency, of the full amount in the

<PAGE>

     Contractual Currency of all amounts payable in respect of this Agreement.
     If for any reason the amount in the Contractual Currency so received falls
     short of the amount in the Contractual Currency payable in respect of this
     Agreement, the party required to make the payment will, to the extent
     permitted by applicable law, immediately pay such additional amount in the
     Contractual Currency as may be necessary to compensate for the shortfall.
     If for any reason the amount in the Contractual Currency so received
     exceeds the amount in the Contractual Currency payable in respect of this
     Agreement, the party receiving the payment will refund promptly the amount
     of such excess.

                    (ii) Judgments. To the extent permitted by applicable law,
     if any judgment or order expressed in a currency other than the Contractual
     Currency is rendered (i) for the payment of any amount owing in respect of
     this Agreement, (ii) for the payment of any amount relating to any early
     termination in respect of this Agreement or (iii) in respect of a judgment
     or order of another court for the payment of any amount described in (i) or
     (ii) above, the party seeking recovery, after recovery in full of the
     aggregate amount to which such party is entitled pursuant to the judgment
     or order, will be entitled to receive immediately from the other party the
     amount of any shortfall of the Contractual Currency received by such party
     as a consequence of sums paid in such other currency and will refund
     promptly to the other party any excess of the Contractual Currency received
     by such party as a consequence of sums paid in such other currency if such
     shortfall or such excess arises or results from any variation between the
     rate of exchange at which the Contractual Currency is converted into the
     currency of the judgment or order for the purposes of such judgment or
     order and the rate of exchange at which such party is able, acting in a
     reasonable manner and in good faith in converting the currency received
     into the Contractual Currency, to purchase the Contractual Currency with
     the amount of the currency of the judgment or order actually received by
     such party. The term "rate of exchange" includes, without limitation, any
     premiums and costs of exchange payable in connection with the purchase of
     or conversion into the Contractual Currency.

                    (iii) Separate Indemnities. To the extent permitted by
     applicable law, these indemnities constitute separate and independent
     obligations from the other obligations in this Agreement, will be
     enforceable as separate and independent causes of action, will apply
     notwithstanding any indulgence granted by the party to which any payment is
     owed and will not be affected by judgment being obtained or claim or proof
     being made for any other sums payable in respect of this Agreement.

                    (iv) Evidence of Loss. For the purpose of this Section 8, it
     will he sufficient for a party to demonstrate that it would have suffered a
     loss had an actual exchange or purchase been made.

          Section 9. Miscellaneous

                    (i) Entire Agreement. This Agreement constitutes the entire
     agreement and understanding of the parties with respect to its subject
     matter and supersedes all oral communication and prior writings with
     respect thereto.

                    (ii) Amendments. No amendment, modification or waiver in
     respect of this Agreement will be effective unless in writing (including a
     writing evidenced by a facsimile transmission) and executed by each of the
     parties or confirmed by an exchange of telexes or electronic messages on an
     electronic messaging system.
<PAGE>

                    (iii) Survival of Obligations. Without prejudice to Sections
     2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement
     will survive the termination of any Transaction.

                    (iv) Remedies Cumulative. Except as provided in this
     Agreement, the rights, powers, remedies and privileges provided in this
     Agreement are cumulative and not exclusive of any rights, powers, remedies
     and privileges provided by law.

                    (v) Counterparts and Confirmations.

                          (1) This Agreement (and each amendment, modification
     and waiver in respect of it) may be executed and delivered in counterparts
     (including by facsimile transmission), each of which will he deemed an
     original.

                          (2) The parties intend that they are legally bound by
     the terms of each Transaction from the moment they agree to those terms
     (whether orally or otherwise). A Confirmation shall be entered into as soon
     as practicable and may be executed and delivered in counterparts (including
     by facsimile transmission) or be created by an exchange of telexes or by an
     exchange of electronic messages on an electronic messaging system, which in
     each case will be sufficient for all purposes to evidence a binding
     supplement to this Agreement. The parties will specify therein or through
     another effective means that any such counterpart, telex or electronic
     message constitutes a Confirmation.

                    (vi) No Waiver of Rights. A failure or delay in exercising
     any right, power or privilege in respect of this Agreement will not be
     presumed to operate as a waiver, and a single or partial exercise of any
     right, power or privilege will not be presumed to preclude any subsequent
     or further exercise, of that right, power or privilege or the exercise of
     any other right, power or privilege.

                    (vii) Headings. The headings used in this Agreement are for
     convenience of reference only and are not to affect the construction of or
     to be taken inio consideration in interpreting this Agreement.

          Section 10.  Offices; Multibranch Parties

                    (i) If Section 10(a) is specified in the Schedule as
     applying, each party that enters into a Transaction through an Office other
     than its head or home office represents to the other party that,
     notwithstanding the place of booking office or jurisdiction of
     incorporation or organisation of such party, the obligations of such party
     are the same as if it had entered into the Transaction through its head or
     home office. This representation will be deemed to be repeated by such
     party on each date on which a Transaction is entered into.

                    (ii) Neither party may change the Office through which it
     makes and receives payments or deliveries for the purpose of a Transaction
     without the prior written consent of the other party.
<PAGE>

                    (iii) If a party is specified as a Multibranch Party in the
     Schedule, such Multibranch Party may make and receive payments or
     deliveries under any Transaction through any Office listed in the Schedule,
     and the Office through which it makes and receives payments or deliveries
     with respect to a Transaction will be specified in the relevant
     Confirmation.

          Section 11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

          Section 12. Notices

                    (i) Effectiveness. Any notice or other communication in
     respect of this Agreement may be given in any manner set forth below
     (except that a notice or other communication under Section 5 or 6 may not
     be given by facsimile transmission or electronic messaging system) to the
     address or number or in accordance with the electronic messaging system
     details provided (see the Schedule) and will be deemed effective as
     indicated:

                          (1) if in writing and delivered in person or by
     courier, on the date it is delivered;

                          (2) if sent by telex, on the date the recipient's
     answerback is received;

                          (3) if sent by facsimile transmission, on the date
     that transmission is received by a responsible employee of the recipient in
     legible form (it being agreed that the burden of proving receipt will be on
     the sender and will not be met by a transmission report generated by the
     sender's facsimile machine);

                          (4) if sent by certified or registered mail (airmail,
     if overseas) or the equivalent (return receipt requested), on the date that
     mail is delivered or its delivery is attempted; or

                          (5) if sent by electronic messaging system, on the
     date that electronic message is received,

     unless the date of that delivery (or attempted delivery) or that receipt,
     as applicable, is not a Local Business Day or that communication is
     delivered (or attempted) or received, as applicable, after the close of
     business on a Local Business Day, in which case that communication shall be
     deemed given and effective on the first following day that is a Local
     Business Day.

                    (ii) Change of Addresses. Either party may by notice to the
     other change the address, telex or facsimile number or electronic messaging
     system details at which notices or other communications are to be given to
     it.
<PAGE>

          Section 13. Governing Law and Jurisdiction

                    (i) Governing Law. This Agreement will be governed by and
     construed in accordance with the law specified in the Schedule.

                    (ii) Jurisdiction. With respect to any suit, action or
     proceedings relating to this Agreement ("Proceedings"), each party
     irrevocably:

                          (1) submits to the jurisdiction of the English courts,
     if this Agreement is expressed to be governed by English law, or to the
     non-exclusive jurisdiction of the courts of the State of New York and the
     United States District Court located in the Borough of Manhattan in New
     York City, if this Agreement is expressed to be governed by the laws of the
     State of New York; and

                          (2) waives any objection which it may have at any time
     to the laying of venue of any Proceedings brought in any such court, waives
     any claim that such Proceedings have been brought in an inconvenient forum
     and further waives the right to object, with respect to such Proceedings,
     that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

                    (iii) Service of Process. Each party irrevocably appoints
     the Process Agent (if any) specified opposite its name in the Schedule to
     receive, for it and on its behalf, service of process in any Proceedings.
     If for any reason any party's Process Agent is unable to act as such, such
     party will promptly notify the other party and within 30 days appoint a
     substitute process agent acceptable to the other party. The parties
     irrevocably consent to service of process given in the manner provided for
     notices in Section 12. Nothing in this Agreement will affect the right of
     either party to serve process in any other manner permitted by law.

                    (iv) Waiver of Immunities. Each party irrevocably waives, to
     the fullest extent permitted by applicable law, with respect to itself and
     its revenues and assets (irrespective of their use or intended use), all
     immunity on the grounds of sovereignty or other similar grounds from (i)
     suit, (ii) jurisdiction of any court, (iii) relief by way of injunction,
     order for specific performance or for recovery of property, (iv) attachment
     of its assets (whether before or after judgment) and (v) execution or
     enforcement of any judgment to which it or its revenues or assets might
     otherwise be entitled in any Proceedings in the courts of any jurisdiction
     and irrevocably agrees, to the extent permitted by applicable law, that it
     will not claim any such immunity in any Proceedings.

          Section 14. Definitions

As used in this Agreement:

 "Additional Termination Event" has the meaning specified in Section 5(b).

<PAGE>

"Affected Party" has the meaning specified the Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:

                    (i) in respect of obligations payable or deliverable (or
     which would have been but for Section 2(a)(iii)) by a Defaulting Party, the
     Default Rate;

                    (ii) in respect of an obligation to pay an amount under
     Section 6(e) of either party from and after the Rate (determined in
     accordance with Section 6(d)(ii)) on which that amount is payable, the
     Default Rate;

                    (iii) in respect of all other obligations payable or
     deliverable (or which would have been but for Section 2(a)(iii)) by a
     Non-defaulting Party, the Non-default Rate; and

                    (iv) in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law)'that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such

<PAGE>

jurisdiction, or being or having been organised, present or engaged in a trade
or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient, or related person having
executed, delivered, performed its obligations or received a payment under, or
enforced, this Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding, or at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and out-
of-pocket expenses referred to under Section 11. A party will determine its Loss
as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e), and, if each party is obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then

<PAGE>

one of such quotations shall he disregarded. If fewer than three quotations are
provided, it will be deemed that the Market Quotation in respect of such
Terminated Transaction or group of Terminated Transactions cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:

                    (v) the Termination Currency Equivalent of the Market
     Quotations (whether positive or negative) for each Terminated Transaction
     or group of Terminated Transactions for which a Market Quotation is
     determined; and

                    (vi) such party's Loss (whether positive or negative and
     without reference to any Unpaid Amounts) for each Terminated Transaction or
     group of Terminated Transactions for which a Market Quotation cannot be
     determined or would not (in the reasonable belief of the party making the
     determination) produce a commercially reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the
Schedule, (a) any transaction (including an agreement with respect thereto) now
existing or hereafter entered into between one party to this Agreement (or any
Credit Support Provider of such party or any applicable Specified Entity of such
party) and the other party to this Agreement (or any Credit Support Provider of
such other party or any applicable Specified Entity of such other party) which
is a rate swap transaction, basic swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction,

<PAGE>

collar transaction, currency swap transaction, cross-currency rate swap
transaction, currency option or any other similar transaction (including any
option with respect to any of these transactions), (b) any combination of these
transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by' the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 am. (in the city in which such foreign exchange agent is located)
on such date as would be customary for the determination of such a rate for the
purchase of such Other Currency for value on the relevant Early Termination Date
or that later date. The foreign exchange agent will, if only one party is
obliged to make a determination under Section 6(e), be selected in good faith by
that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency. Equivalents of the fair market
values reasonably determined by both parties.
<PAGE>

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

CLAYMORE MACROSHARES                        CLAYMORE MACROSHARES
OIL UP HOLDING TRUST                        OIL DOWN HOLDING TRUST

By:  Investors Bank & Trust Company,        By:  Investors Bank & Trust Company,
     not in its individual capacity              not in its individual capacity
     but solely as trustee of the                but solely as trustee of the
     Claymore MACROshares Oil Up                 Claymore MACROshares Oil Down
     Holding Trust                               Holding Trust

By:   /S/  Michael F. Rogers                By:     /S/  Michael F. Rogers
     -------------------------                   ------------------------------
     Name:  Michael F. Rogers                    Name:   Michael F. Rogers
     Title: President                            Title:  President
     Date: November 24, 2006                             Date: November 24, 2006

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