Document:

EX-4.1

 

Exhibit 4.1

DECLARATION OF TRUST

AND

TRUST AGREEMENT

OF

BROOKSHIRE RAW MATERIALS (U.S.) TRUST

By and Among

BROOKSHIRE RAW MATERIALS MANAGEMENT, LLC,

CSC TRUST COMPANY OF DELAWARE (THE “TRUSTEE”)

and

THE LIMITED OWNERS

from time to time hereunder

 

 

I. BROOKSHIRE RAW MATERIALS (U.S.) TRUST

DECLARATION OF TRUST AND TRUST AGREEMENT

     This declaration of trust and trust agreement of BROOKSHIRE RAW MATERIALS (U.S.) TRUST (the
“Trust Agreement”) is dated as of the 16th day of August, 2006, by and among
BROOKSHIRE RAW MATERIALS MANAGEMENT, LLC, a Delaware limited liability company (the “Managing
Owner”), CSC TRUST COMPANY OF DELAWARE, a Delaware Corporation, as trustee (the “Trustee”), and the
LIMITED OWNERS from time to time hereunder.

     WHEREAS, the parties hereto desire to provide for the governance of the Trust and to set forth
in detail their respective rights and duties relating to the Trust.

     NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained, the
receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally
bound, hereby agree as follows:

ARTICLE I

DEFINITIONS; THE TRUST

     SECTION 1.1 Definitions. As used in this Trust Agreement, the following terms shall
have the following meanings unless the context otherwise requires:

     “Administrator” means the administrator of each series selected by the Managing Owner in its
sole discretion, responsible for the supervision of the general administration services required by
each Series, from time to time.

     “Affiliate of the Managing Owner” means: (i) any officer, director, or partner of the Managing
Owner, (ii) any corporation, partnership, trust or other entity controlling, controlled by or under
common control with the Managing Owner or any Person described in (i) above, (iii) any officer,
director, trustee, or general partner of any Person who is a member, other than as limited partner,
with any Person described in (i) and (ii) above, in a relationship of joint venture, general
partnership or similar form of unincorporated business association. For purposes of this definition
the term “control” shall also mean the control or ownership of ten percent (10%) or more of the
beneficial interest in the Person referred to.

     “Benefit Plan Investors” means employee benefit plans subject to Title I of ERISA, benefit
plans subject to Section 4975 of the Code, government plans, church plans, Individual Retirement
Accounts, Keogh Plans covering only self-employed persons and no employees, employee benefit plans
covering only the sole owner of a business and/or his spouse and foreign pension plans.

     “Business Day” means any day when the New York Mercantile Exchange is open for business.

 

 

     “Capital Contribution” means the amount contributed and agreed to be contributed to the Trust
or any Series in the Trust by any subscriber or by the Managing Owner, as applicable, in accordance
with Article III hereof.

     “CE Act” means the Commodity Exchange Act, as amended.

     “Certificate of Trust” means the Certificate of Trust of the Trust in the form attached hereto
as Exhibit A-1, filed with the Secretary of State of the State of Delaware pursuant to Section 3810
of the Delaware Statutory Trust Act.

     “CFTC” means the Commodity Futures Trading Commission.

     “Class” means any separate class within any Series of Interests of the Trust as provided in
Sections 3806(b)(1) of the Delaware Statutory Trust Act, the Interests of which will have the
rights, duties and privileges with respect to the Trust Estate of such Series as are set forth in
this Trust Agreement, any document creating such Class or any Registration Statement relating
thereto.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Commodities” means positions in Commodity Contracts, forward contracts, foreign exchange
positions and traded physical commodities, as well as cash commodities resulting from any of the
foregoing positions.

     “Commodity Broker” means any person who engages in the business of effecting transactions in
Commodity Contracts for the account of others or for his or her own account.

     “Commodity Contract” means any contract or option thereon providing for the delivery or
receipt at a future date of a specified amount and grade of a traded physical commodity at a
specified price and delivery point.

     “Continuous Offering Period” Following the close of the Initial Offering Period, after trading
commences in a Series, Interest in such Series will be offered each Business Day and will continue
to be offered until the maximum number of such Series’ Interests which are registered are
outstanding, such period being referred to as the Continuous Offering Period. The Managing Owner
may terminate the Continuous Offering Period at any time.

     “Corporate Trust Office” means the principal office at which at any particular time the
corporate trust business of the Trustee is administered, which office at the date hereof is located
at Little Falls Centre One, 2711 Centerville Road, Wilmington, Delaware, 19808.

     “Custodian” means
the custodian for the Trust and each Series that serves as custodian of all securities and cash at any time delivered to Custodian
by each respective Series. The Managing Owner in its sole and absolute discretion may
appoint additional or substitute Custodians for the Trust.

     “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.C.
§3801 et seq., as the same may be amended from time to time.

     “Disposition Gain” means, with respect to each Series, for each Fiscal Year, the Series’
aggregate recognized gain (including the portion thereof, if any, treated as ordinary income)
resulting from each disposition of Series assets during such Fiscal Year with respect to which gain
or loss is recognized for federal income tax purposes, including, without limitation, any gain or
loss required to be recognized by the Series for federal income tax purposes pursuant to Section
988 or 1256 (or any successor provisions) of the Code.

2

 

     “Disposition Loss” means, with respect to each Series, for each Fiscal Year, the Series’
aggregate recognized loss (including the portion thereof, if any, treated as ordinary loss)
resulting from each disposition of Series assets during such Fiscal Year with respect to which gain
or loss is recognized for federal income tax purposes, including, without limitation, any gain or
loss required to be recognized by the Series for federal income tax purposes pursuant to Sections
988 or 1256 (or any successor provisions) of the Code.

     “DOL” means the United States Department of Labor.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “Fiscal Year” shall have the meaning set forth in Article X hereof.

     “Initial Offering Period” means that Interests for each Series will be offered for 60 days
from the start of the offering (unless extended one or more times by the Managing Owner, at its
sole discretion, for up to an additional 180 days). The Initial Offering Period of a Series may be
shorter if the subscription minimum for such Series is reached before that date. Following the
close of the Initial Offering Period for any Fund, Interest in such Series will be continuously
offered.

     “Interests” means the units of beneficial interest of each Interest Holder in the profits,
losses, distributions, capital and assets of a Series. The Managing Owner’s Capital Contributions
shall be represented by “General” Interests and a Limited Owner’s Capital Contributions shall be
represented by “Limited” Interests. Interests need not be represented by certificates.

     “Interest Holder” means the Managing Owner and all Limited Owners, as holders of interest of a
Series, where no distinction is required by the context in which the term is used.

     “Limited Owner” means any person or entity who becomes a holder of Limited Interests (as
defined in Article III) and who is listed as such on the books and records of the Trust, and may
include the Managing Owner with respect to the Limited Interests purchased by it.

     “IRA” means an individual retirement account.

     “IRS” means the Internal Revenue Service.

     “Losses” means, with respect to each Series, for each Fiscal Year, losses of the Series as
determined for federal income tax purposes, and each item of income, gain, loss or deduction
entering into the computation thereof, except that any gain or loss taken into account in
determining the Disposition Gain or the Disposition Loss of the Series for such Fiscal Year shall
not enter into such computations.

     “Managing Owner” means Brookshire Raw Materials Management, LLC or any substitute therefor as
provided herein.

     “Margin Call” means a demand for additional funds after the initial good faith deposit
required to maintain a customer’s account in compliance with the requirements of a particular
commodity exchange or of a commodity broker.

3

 

     “Net Asset Value of a Series” means the net asset value of the Trust and of each Series equal
to total assets minus total liabilities determined on an accrual basis of accounting in accordance
with U.S. generally accepted accounting principles, with each position in a commodity interest
accounted for at fair market value. The Trust and each Series and each Class within the Series will
have its respective net asset value determined in accordance with the foregoing and based upon the
assets and liabilities attributable to the Series and Class. The Managing Owner will calculate the
net asset value each Business Day. The Net Asset Value is calculated on each Business Day as
required. Upon request, the Managing Owner will make available to any Limited Owner the net asset
value per Series for each Fund. Each Limited Owner will be notified of any decline in the net
asset value per Series of a Fund to less than fifty percent (50%) of the net asset value per Series
as of the last Valuation Point.

     “Net Asset Value of a Series per Interest” means the Net Asset Value of a Series divided by
the number of Interests of a Series outstanding on the date of calculation.

     “Net Worth” means the excess of total assets over total liabilities as determined by generally
accepted accounting principles. Net Worth shall be determined exclusive of home, home furnishings
and automobiles.

     “NFA” means the National Futures Association.

     “Nominal Net Asset Value” means to the net asset value of a Series, plus in the case of the
Accelerated Core Fund Interests, any notional funding or value utilized by the Series.

     “Organization and Offering Expenses” shall have the meaning set forth in Section 4.7 of this
Trust Agreement.

     “Owners” means the Managing Owner and all Limited Owners, as holders of Interests of a Series,
where no distinction is required by the context in which the term is used.

     “Person” means any natural person, partnership, limited liability company, statutory trust,
corporation, business trust, association, Benefit Plan Investor or other legal entity.

     “Profits” means, with respect to each Series for each Fiscal Year, the income of the Series,
as determined for Federal income tax purposes, with each item of income, gain, loss or deduction
entering into the computation thereof, except that any gain or loss taken into account in
determining the Disposition Gain or the Disposition Loss of the Series for such Fiscal Year shall
not enter into such computations.

     “Pyramiding” means the use of unrealized profits on existing Commodities positions to provide
margins for additional Commodities positions of the same or a related commodity.

     “Redemption Date” means the day of the week the Administrator is in receipt of a redemption
order by 4:00 PM New York Time (E.S.T.) (“NYT”). In the event the Administrator is in receipt of a
redemption order after 4:00 PM NYT on any Business Day, the Redemption Date shall be the next
Business Day.

     “Registration Statement” means the Registration Statement of the Trust on form S-1, as such
may at any time and from time to time be amended or supplemented.

4

 

     “Series” means a separate series of the Interests in the Trust as provided in Sections
3806(b)(2) and 3804 of the Delaware Statutory Trust Act, the Interests of which shall be beneficial
interests in the Trust Estate separately identified with and belonging to such Series.

     “Sponsor” means any person directly or indirectly instrumental in organizing the Trust or any
person who will manage or participate in the management of the Trust, including the Managing Owner
who pays any portion of the Organizational Expenses of the Trust and any other person who regularly
performs or selects the persons who perform services for the Trust. Sponsor does not include wholly
independent third parties such as attorneys, accountants, and underwriters whose only compensation
is for professional services rendered in connection with the offering of the Interests. The term
“Sponsor” shall be deemed to include its Affiliates.

     “Subscription Agreement” means the agreement that accompanies the Registration Statement
pursuant to which subscribers may subscribe for the purchase of the Limited Interests.

     “Subscription Minimum” means the meaning as set forth in Section 3.5 herein.

     “Trust” means BROOKSHIRE RAW MATERIALS (U.S.) TRUST formed pursuant to this Trust
Agreement.

     “Trust Agreement” means this Declaration of Trust and Trust Agreement as the same may at any
time or from time to time be amended.

     “Trustee” means CSC Trust Company of Delaware or any substitute therefor as provided herein,
acting not in its individual capacity but solely as trustee of the Trust.

     “Trust Estate” means, with respect to a Series, any cash, commodity futures, forward and
option contracts, all funds on deposit in the Series’ accounts, and any other property held by the
Series, and all proceeds therefrom, including any rights of the Series pursuant to any Subscription
Agreement and any other agreements to which the Trust or a Series thereof is a party.

     “Valuation Date” means the date as of which the Net Asset Value of a Series is determined.

     “Valuation Point” means 6:00 p.m. (NYT) on each Valuation Date, or such other day as may be
determined by the Managing Owner.

     SECTION 1.2 Name.

(a) The name
of the Trust is “BROOKSHIRE RAW MATERIALS (U.S.) TRUST” in which name
the Trustee and the Managing Owner may engage in the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust.

     SECTION 1.3 Delaware Trustee; Business Offices.

     (a) The sole trustee of the Trust is CSC TRUST COMPANY OF DELAWARE, which is located at the
Corporate Trust Office or at such other address in the State of Delaware as the Trustee may
designate in writing to the Owners. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing
address. In the event the Trustee resigns or is

5

 

removed as the trustee, the Trustee of the Trust in the State of Delaware shall be the
successor trustee. The Trustee is hereby authorized and directed to (i) execute and file a
Certificate of Trust in substantially the form attached hereto as Exhibit A-1, in the office of the
Secretary of State of the State of Delaware (the “Secretary of State”) and (ii) to execute and file
in the office of the Secretary of State such certificates as may from time to time be required
under the Delaware Statutory Trust Act or other applicable laws.

     (b) The principal office of the Trust, and such additional offices as the Managing Owner
may establish, shall be located at such place or places inside or outside the State of Delaware as
the Managing Owner may designate from time to time in writing to the Trustee and the Owners.
Initially, the principal office of the Trust shall be at c/o Brookshire Raw Materials Management,
LLC, Dufferin Liberty Centre, 219 Dufferin Street, Suite 300A, Toronto, Ontario M6K 1Y9, Canada.

     (c) Declaration of Trust. The Managing Owner, as grantor of the Trust, hereby contributes,
and the Managing Owner hereby acknowledges that the Trust has received, the sum of $1,000 per Series in
bank accounts in the name of each Series of the Trust controlled by the Managing Owner, and the
Managing Owner hereby declares that it shall hold such sum in trust, upon and subject to the conditions
set forth herein for the use and benefit of the Owners. It is the intention of the parties hereto
that the Trust shall be a statutory trust under the Delaware Statutory Trust Act and that this
Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of
the parties hereto to create a general partnership, limited partnership, joint stock association,
corporation, bailment or any form of legal relationship other than a Delaware statutory trust
except to the extent that the Trust constitutes a partnership under the Code and applicable state
and local tax laws. Nothing in this Trust Agreement shall be construed to make the Owners partners
or members of a joint stock association except to the extent such Owners are deemed to be partners
under the Code and applicable state and local tax laws. Notwithstanding the foregoing, it is the
intention of the parties that the Trust be treated as a partnership under the Code and applicable
state and local tax laws. In furtherance of the foregoing, the Trust shall not elect to be treated
as an association taxable as a corporation for federal income tax purposes. Effective as of the
date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set
forth herein and in the Delaware Statutory Trust Act with respect to accomplishing the purposes of
the Trust. The Trustee has filed the Certificate of Trust required by Section 3810 of the Delaware
Statutory Trust Act in connection with the formation of the Trust under the Delaware Statutory
Trust Act.

     SECTION 1.4 Purposes and Powers. The purposes of the Trust and each Series shall be (a)
to trade, buy, sell, spread or otherwise acquire, hold or dispose of commodity futures, forward and
option contracts, including foreign futures, forward contracts and foreign exchange positions
worldwide; (b) to enter into any lawful transaction and engage in any lawful activities in
furtherance of or incidental to the foregoing purposes; and (c) as determined from time to time by
the Managing Owner, to engage in any other lawful business or activity for which a statutory trust
may be organized under the Delaware Statutory Trust Act. The Trust shall have all of the powers
specified in Section 15.1 hereof, including, without limitation, all of the powers which may be
exercised by a Managing Owner on behalf of the Trust under this Trust Agreement.

     SECTION 1.5 Tax Treatment.

     (a) The Tax Matters Partner (as defined in Section 6231 of the Code and any corresponding
state and local tax law) of the Trust shall initially be the Managing Owner. The

6

 

Tax Matters
Partner, at the expense of the Trust, (i) shall prepare or cause to be prepared and filed the
Trust’s tax returns as a partnership for federal, state and local tax purposes and (ii) shall be
authorized to perform all duties imposed by Section 6221 et seq. of the Code, including, without
limitation, (A) the power to conduct all audits and other administrative proceedings with respect
to the tax items; (B) the power to extend the statute of limitations for all Owners with respect to
the tax items; (C) the power to file a petition with an appropriate federal court for review of a
final administrative adjustment of any tax items; and (D) the power to enter into a settlement with
the IRS on behalf of, and binding upon, those Limited Owners having less than one percent (1%)
interest in the Trust, unless a Limited Owner shall have notified the IRS and the Managing Owner
that the Managing Owner shall not act on such Limited Owner’s behalf. The designation made by each
Interest Holder in this Section 1.5(a) is hereby approved by each Interest Holder as an express
condition to becoming a Interest Holder. Each Interest Holder agrees to take any further action as
may be required by regulation or otherwise to effectuate such designation. Subject to Section 4.6,
the Trust shall indemnify, to the full extent permitted by law, the Managing Owner from and against
any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any
action taken or omitted to be taken by it in carrying out its responsibilities as Tax Matters
Partner, provided such action taken or omitted to be taken does not constitute fraud, negligence or
misconduct.

     (b) Each Interest Holder shall furnish the Managing Owner with information necessary to
enable the Managing Owner to comply with United States federal income tax information reporting
requirements in respect of such Interest Holder’s Interests.

     SECTION 1.6 General Liability of the Managing Owner.

     (a) Subject to the restrictions set forth in Section 4.6 hereof, the Managing Owner shall
be liable for the acts, omissions, obligations and expenses of each Series of the Trust, to the
extent not paid out of the assets of the Series, to the same extent the Managing Owner would be so
liable if each Series were a partnership under the Delaware Revised Uniform Limited Partnership Act
and the Managing Owner were a general partner of such partnership. The foregoing provision shall
not, however, limit the ability of the Managing Owner to limit its liability by contract. The
obligations of the Managing Owner under this Section 1.6 shall be evidenced by its ownership of the
General Interests which, solely for purposes of the Delaware Statutory Trust Act, will be deemed to
be a separate Class of Interests in each Series. Without limiting or affecting the liability of the
Managing Owner as set forth in this Section 1.6, notwithstanding anything in this Trust Agreement
to the contrary, Persons having any claim against the Trust by reason of the transactions
contemplated by this Trust Agreement and any other agreement, instrument, obligation or other
undertaking to which the Trust is a party, shall look only to the Trust Estate in accordance with
Section 3.7 hereof for payment or satisfaction thereof.

     (b) Subject to Sections 8.1 and 8.3 hereof, no Interest Holder, other than the Managing
Owner, to the extent set forth above, shall have any personal liability for any liability or
obligation of the Trust or any Series thereof.

     SECTION 1.7 Legal Title. Legal title to all the Trust Estate shall be vested in the
Trust as a separate legal entity; except where applicable law in any jurisdiction requires any part
of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust
Estate or any portion thereof to be held by or in the name of the Managing Owner or any other
Person as nominee.

7

 

     SECTION 1.8 Series Trust. The Interests of the Trust shall be divided into Series as
provided in Section 3806(b)(2) of the Delaware Statutory Trust Act. Accordingly, it is the intent
of the parties hereto that Articles IV, V, VI, VII, VIII, IX, X, XII and XIII of this Trust
Agreement shall apply also with respect to each such Series as if each such Series were a separate
statutory trust under the Delaware Statutory Trust Act, and each reference to the term Trust in
such Articles shall be deemed to be a reference to each Series to the extent necessary to give
effect to the foregoing intent. The use of the terms Trust or Series in this Trust Agreement shall
in no event alter the intent of the parties hereto that the Trust receive the full benefit of the
limitation on interseries liability as set forth in Section 3804 of the Delaware Statutory Trust
Act.

ARTICLE II

THE TRUSTEE

     SECTION 2.1 Term; Resignation.

     (a) CSC Trust Company of Delaware has been appointed and hereby agrees to continue to serve
as the trustee of the Trust. The Trust shall have only one trustee unless otherwise determined by
the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the
Trustee or the Trustee resigns and a successor trustee is appointed by the Managing Owner in
accordance with the terms of Section 2.5 hereof.

     (b) The Trustee may resign at any time upon the giving of at least sixty (60) days’ advance
written notice to the Managing Owner and the Trust; provided, that such resignation shall not become effective unless and
until a successor trustee shall have been appointed by the Managing Owner in accordance with
Section 2.5 hereof. If the Managing Owner does not act within such sixty (60) day period, the
Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a
successor trustee at the expense of the Managing Owner.

     SECTION 2.2 Powers. Except to the extent expressly set forth in Section 1.3 and this
Article II, the duty and authority of the Trustee to manage the business and affairs of the Trust
is hereby delegated to the Managing Owner, which duty and authority the Managing Owner may further
delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Statutory Trust
Act. The Trustee shall have only the rights, obligations and liabilities specifically provided for
herein and in the Delaware Statutory Trust Act and shall have no implied rights, obligations and
liabilities with respect to the business and affairs of the Trust. The Trustee shall have the power
and authority to execute, deliver, acknowledge and file all necessary documents and to maintain all
necessary records of the Trust as required by the Delaware Statutory Trust Act. The Trustee shall
provide prompt notice to the Managing Owner of its performance of any of the foregoing. The
Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing
Owner with respect to the Trust that affect the rights, obligations or liabilities of the Trustee
hereunder or under the Delaware Statutory Trust Act. Notwithstanding anything set forth herein to
the contrary, the Trustee shall have no power, duty or authority to execute in connection with the
Trust any documents, reports or certificates required by the Sarbanes-Oxley Act of 2002.

     SECTION 2.3 Compensation and Expenses of the Trustee. The Trustee shall be entitled to
receive from the Managing Owner or an Affiliate of the Managing Owner (other than the Trust)
reasonable compensation for its services hereunder as set forth in a separate fee

8

 

agreement and
shall be entitled to be reimbursed by the Managing Owner or an Affiliate of the Managing Owner for
reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder,
including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements
of counsel and such other agents as the Trustee may employ in connection with the exercise and
performance of its rights and duties hereunder.

     SECTION 2.4 Indemnification. The Managing Owner agrees, whether or not any of the
transactions contemplated hereby shall be consummated, to assume liability for, and does hereby
indemnify, protect, save and keep harmless the Trustee and its successors, assigns, legal
representatives, officers, directors, agents and servants (the “Indemnified Parties”) from and
against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any
taxes payable by the Trustee on or measured by any compensation received by the Trustee for its
services hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4),
claims, actions, suits, costs, expenses or disbursements (including legal fees and expenses) of any
kind and nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or
asserted against the Indemnified Parties in any way relating to or arising out of the formation,
operation or termination of the Trust, the execution, delivery and performance of any other
agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or
thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the
Indemnified Parties. The indemnities contained in this Section 2.4 shall survive the termination of
this Trust Agreement or the removal or resignation of the Trustee. The Indemnified Parties shall
not be entitled to indemnification from the Trust Estate.

     SECTION 2.5 Successor Trustee. Upon the resignation or removal of the Trustee, the
Managing Owner shall appoint a successor trustee by delivering a written instrument to the outgoing
Trustee. Any successor trustee must satisfy the requirements of Section 3807 of the Delaware
Statutory Trust Act. Any resignation or removal of the Trustee and appointment of a successor
trustee shall not become effective until a written acceptance of appointment is delivered by the
successor trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to
the outgoing Trustee are paid. Following compliance with the preceding sentence, the successor
trustee shall become fully vested with all of the rights, powers, duties and obligations of the
outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee,
and the outgoing Trustee shall be discharged of its duties and obligations under this Trust
Agreement.

     SECTION 2.6 Liability of Trustee. Except as otherwise provided in this Article II, in
accepting the trust created hereby, CSC Trust Company of Delaware acts solely as Trustee hereunder
and not in its individual capacity, and all Persons having any claim against the Trustee by reason
of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust
is a party shall look only to the Trust Estate in accordance with Section 3.7 hereof for payment or
satisfaction thereof; provided, however, that in no event is the foregoing intended to affect or
limit the liability of the Managing Owner as set forth in Section 1.6 hereof. The Trustee shall not
be liable or accountable hereunder or under any other agreement to which the Trust is a party,
except for its own gross negligence or willful misconduct. In particular, but not by way of limitation:

     (a) The Trustee shall have no liability or responsibility for the validity or sufficiency
of this Trust Agreement or for the form, character, genuineness, sufficiency, value or validity of
the Trust Estate;

9

 

     (b) The Trustee shall not be liable for any actions taken or omitted to be taken by it in
accordance with the instructions of the Managing Owner;

     (c) The Trustee shall not have any liability for the acts or omissions of the Managing
Owner;

     (d) The Trustee shall not be liable for its failure to supervise the performance of any
obligations of the Managing Owner, any commodity broker or any selling agent;

     (e) No provision of this Trust Agreement shall require the Trustee to expend or risk funds
or otherwise incur any financial liability in the performance of any of its rights or powers
hereunder if the Trustee shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

     (f) Under no circumstances shall the Trustee be liable for indebtedness evidenced by or
other obligations of the Trust arising under this Trust Agreement or any other agreements to which
the Trust is a party;

     (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested
in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust
Agreement or any other agreements to which the Trust is a party, at the request, order or direction
of the Managing Owner or any Owners unless the Managing Owner or such Owners have offered to the
Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that
may be incurred by the Trustee (including, without limitation, the reasonable fees and expenses of
its counsel) therein or thereby; and

     (h) Notwithstanding anything contained herein to the contrary, the Trustee shall not be
required to take any action in any jurisdiction other than in the State of Delaware if the taking
of such action will (i) require the consent or approval or authorization or order of or the giving
of notice to, or the registration with or taking of any action in respect of, any state or other
governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result
in any fee, tax or other governmental charge under the laws of any jurisdiction or any political
subdivision thereof in existence as of the date hereof other than the State of Delaware becoming
payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the
State of Delaware, for causes of action arising from personal acts unrelated to the consummation of
the transactions by the Trustee, as the case may be, contemplated hereby.

     SECTION 2.7 Reliance; Advice of Counsel.

     (a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in
determining the truth of the statements and the correctness of the opinions contained therein, and
shall incur no liability to anyone in acting on any signature, instrument, notice, resolutions,
request, consent, order, certificate, report, opinion, bond or other document or paper believed by
it to be genuine and believed by it to be signed by the proper party or parties and need not
investigate any fact or matter pertaining to or in any such document; provided, however, that
the Trustee shall have examined any certificates or opinions so as to determine compliance of the
same with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the same is in full

10

 

force
and effect. As to any fact or matter the method of the determination of which is not specifically
prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the
president or any vice president or by the treasurer or other authorized officers of the relevant
party, as to such fact or matter, and such certificate shall constitute full protection to the
Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

     (b) In the exercise or administration of the Trust hereunder and in the performance of its
duties and obligations under this Trust Agreement, the Trustee, at the expense of the Managing
Owner or an Affiliate of the Managing Owner (other than the Trust) (i) may act directly or through
its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them,
and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys,
custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected
by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other
skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable
for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice
of any such counsel, accountant or other such Persons.

ARTICLE III

INTERESTS; CAPITAL CONTRIBUTIONS

     SECTION 3.1 General.

     (a) The Managing Owner shall have the power and authority, without Limited Owner approval,
to issue Interests in one or more Series from time to time as it deems necessary or desirable. Each
Series shall be separate from all other Series in respect of the assets and liabilities allocated
to that Series and shall represent a separate investment portfolio of the Trust. The Managing Owner
shall have exclusive power without the requirement of Limited Owner approval to establish and
designate such separate and distinct Series, as set forth in Section 3.4, and to fix and determine
the relative rights, duties and preferences as between the Interests of the separate Series as to
right of redemption, management fees, incentive fees, trading advisers, leverage, special and
relative rights as to dividends and other distributions and on liquidation, conversion rights, and
conditions under which the Series shall have separate voting rights or no voting rights.

     (b) The Managing Owner may, without Limited Owner approval, divide Interests of any Series
into two or more Classes, Interests of each such Class having such preferences and special or
relative rights, duties and privileges (including, without limitation, management fees, incentive
fees, trading strategies, leverage and exchange rights and selling commissions) as the Managing
Owner may determine as provided in Section 3.5. The fact that a Series shall have been initially
established and designated without any specific establishment or designation of Classes, shall not
limit the authority of the Managing Owner to divide a Series and establish and designate separate
Classes thereof.

     (c) The Managing Owner may, without Limited Owner approval, divide Interests of any Class
into two or more Sub-Classes, Interests of each such Sub-Class having such preferences and special
or relative rights, duties and privileges (including, without limitation, management fees,
incentive fees, trading strategies, leverage and exchange rights and selling commissions) as the
Managing Owner may determine as provided in Section 3.5. The fact that a Class shall have been
initially established and designated without any specific establishment or designation of
Sub-Classes, shall not limit the authority of the Managing Owner to divide a Class and establish
and designate separate Sub-Classes thereof.

11

 

     (d) The number of Interests authorized shall be unlimited, and the Interests so authorized
may be represented in part by fractional Interests of up to 4 decimal places. All Interests will be
held in book-entry form and will not be certificated. From time to time, the Managing Owner may
divide or combine the Interests of any Series, Class or Sub-Class into a greater or lesser number
without thereby changing the proportionate beneficial interests in the Series, Class or Sub-Class.
The Managing Owner may issue Interests of any Series, Class or Sub-Class thereof for such
consideration and on such terms as it may determine (or for no consideration if pursuant to an
Interest dividend or split-up), all without action or approval of the Limited Owners. All Interests
when so issued on the terms determined by the Managing Owner shall be fully paid and
non-assessable. The Managing Owner may classify or reclassify any unissued Interests or any
Interests previously issued and reacquired of any Series, Class or Sub-Class thereof into one or
more Series, Classes or Sub-Classes thereof that may be established and designated from time to
time. The Managing Owner may hold as treasury Interests, reissue for such consideration and on such
terms as it may determine, or cancel, at its discretion from time to time, any Interests of any
Series, Class or Sub-Class thereof reacquired by the Trust. The Interests of each Series shall
initially be divided into two Classes: General Interests and Limited Interests.

     (e) By virtue of the initial contribution by the Managing Owner to each initial Series of
the Trust as set forth in Section 1.3(c), the Managing Owner has become the holder of ten (10)
General Interests of each such Series.

     (f) No certificates or other evidence of beneficial ownership of the Interests will be
issued.

     (g) Every Interest Holder, by virtue of having purchased or otherwise acquired a Interest,
shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust
Agreement.

     SECTION 3.2 Limited Interests.

     (a) Offer of BrookshireÔ Raw Materials (U.S.) Core Fund Series Limited Interests
(“Core Fund Interests”).

	 	(i)	 	BrookshireÔ Raw Materials (U.S.) Core Fund Series Capital
Contributions. The minimum initial and subsequent investment in the Core Fund
Interests by each Limited Owner shall be made on the terms and conditions set forth
in the Registration Statement. The Managing Owner may, in its sole discretion, accept
lesser sums with respect to initial and/or additional capital contributions. The
initial investment and additional capital contributions shall constitute capital
contributions (“Capital Contributions”) to the Trust. The offering shall be made
pursuant to and on the terms and conditions set forth in the Registration
Statement. The Managing Owner shall make such arrangements for the sale of the Core
Fund Interests as it deems appropriate.
	 
	 	 	 	Each newly admitted Core Fund Limited Owner, and each existing Core Fund Limited
Owner that makes an additional Capital Contribution to the Core Fund, shall receive
BrookshireÔ Raw Materials (U.S.) Core Series Limited Interests in

12

 

	 	 	 	an amount equal to such Capital Contribution or additional Capital Contribution, as the case
may be, divided by the BrookshireÔ Raw Materials (U.S.) Core Series Net Asset
Value per Series per Interest calculated as of the Valuation Date immediately prior
to the day on which such Capital Contribution will become effective.
	 
	 	(ii)	 	Subscription Agreement. Each Core Fund Limited Owner who purchases any
Core Fund Interests offered pursuant to the Registration Statement shall contribute to
the capital of BrookshireÔ Raw Materials (U.S.) Core Series such amount as he
shall state in the Subscription Agreement which he shall execute (as required
therein), acknowledge and, together with the Power of Attorney set forth therein,
deliver to the Managing Owner as a counterpart of this Trust Agreement. All
subscription amounts shall be paid in such form as may be acceptable to the Managing
Owner at the time of the execution and delivery of such Subscription Agreement by
United States subscribers, and in accordance with local practice and procedure by
non-United States subscribers. If the Managing Owner determines to accept subscription
funds by check, such funds shall be subject to prompt collection. All subscriptions
are subject to acceptance by the Managing Owner. The Managing Owner reserves the
right to accept or reject a subscription in whole or in part for any or no reason.
If a subscriber is not admitted to the Fund, the Managing Owner shall promptly return
the amount of the subscription payment to the subscriber, without interest.

     (b) Offer of BrookshireÔ Raw Materials (U.S.) Agriculture Fund Series Limited Interests
(“Agriculture Fund Interests”).

	 	(i)	 	BrookshireÔ Raw Materials (U.S.) Agriculture Fund Series Capital
Contributions. The minimum initial and subsequent investment in the Agriculture
Fund Interests by each Limited Owner as shall be made on the terms and conditions set
forth in the Registration Statement. The Managing Owner may, in its sole discretion,
accept lesser sums with respect to initial and/or additional capital contributions.
The initial investment and additional capital contributions shall constitute capital
contributions (“Capital Contributions”) to the Trust. The offering shall be made
pursuant to and on the terms and conditions set forth in the Registration Statement.
The Managing Owner shall make such arrangements for the sale of the Agriculture Fund
Interests as it deems appropriate.
	 
	 	 	 	Each newly admitted Agriculture Fund Limited Owner, and each existing Agriculture
Fund Limited Owner that makes an additional Capital Contribution to the Agriculture
Fund, shall receive BrookshireÔ Raw Materials (U.S.)
Agriculture Series Limited Interests in an amount equal to such Capital
Contribution or additional Capital Contribution, as the case may be, divided by the
BrookshireÔ Raw Materials (U.S.) Agriculture Series Net Asset Value per
Series per Interest calculated as of the Valuation Date immediately prior to the
day on which such Capital Contribution will become effective.
	 
	 	(ii)	 	Subscription Agreement. Each Agriculture Fund Limited Owner who purchases
any Agriculture Fund Interests offered pursuant to the Registration Statement shall
contribute to the capital of BrookshireÔ Raw Materials (U.S.) Agriculture

13

 

Series such amount as he shall state in the Subscription Agreement which he shall execute (as
required therein), acknowledge and, together with the Power of Attorney set forth
therein, deliver to the Managing Owner as a counterpart of this Trust Agreement. All
subscription amounts shall be paid in such form as may be acceptable to the Managing
Owner at the time of the execution and delivery of such Subscription Agreement by
United States subscribers, and in accordance with local practice and procedure by
non-United States subscribers. If the Managing Owner determines to accept subscription
funds by check, such funds shall be subject to prompt collection. All subscriptions
are subject to acceptance by the Managing Owner. The Managing Owner reserves the
right to accept or reject a subscription in whole or in part for any or no reason.
If a subscriber is not admitted to the Fund, the Managing Owner shall promptly return
the amount of the subscription payment to the subscriber, without interest.

     (c) Offer of BrookshireÔ Raw Materials (U.S.) Metals Fund Series Limited Interests
(“Metals Fund Interests”).

	 	(i)	 	BrookshireÔ Raw Materials (U.S.) Metals Fund Series Capital
Contributions. The minimum initial and subsequent investment in the Metal Fund
Interests by each Limited Owner shall be made on the terms and conditions set forth
in the Registration Statement. The Managing Owner may, in its sole discretion, accept
lesser sums with respect to initial and/or additional capital contributions. The
initial investment and additional capital contributions shall constitute capital
contributions (“Capital Contributions”) to the Trust. The offering shall be made
pursuant to and on the terms and conditions set forth in the Registration Statement.
The Managing Owner shall make such arrangements for the sale of the Metals Fund
Interests as it deems appropriate.
	 
	 	 	 	Each newly admitted Metals Fund Limited Owner, and each existing Metals Fund
Limited Owner that makes an additional Capital Contribution to the Metals Fund,
shall receive BrookshireÔ Raw Materials (U.S.) Metals Series Limited
Interests in an amount equal to such Capital Contribution or additional Capital
Contribution, as the case may be, divided by the BrookshireÔ (U.S.) Metals
Series Net Asset Value per Series per Interest calculated as of the Valuation Date
immediately prior to the day on which such Capital Contribution will become
effective.
	 
	 	(ii)	 	Subscription Agreement. Each Metals Fund Limited Owner who purchases any
Metals Fund Interests offered pursuant to the Registration Statement shall
contribute to the capital of BrookshireÔ Raw Materials (U.S.) Metals Series
such amount as he shall state in the Subscription Agreement which he shall execute
(as required therein), acknowledge and, together with the Power of Attorney set
forth therein, deliver to the Managing Owner as a counterpart of this Trust
Agreement. All subscription amounts shall be paid in such form as may be acceptable
to the Managing Owner at the time of the execution and delivery of such
Subscription Agreement by United States subscribers, and in accordance with local
practice and procedure by non-United States subscribers. If the Managing Owner
determines to accept subscription funds by check, such funds shall be subject to
prompt collection. All subscriptions are subject to acceptance by the Managing
Owner. The Managing Owner reserves the right to accept or reject a subscription

14

 

in whole or in part for any or no reason. If a subscriber is not admitted to the
Fund, the Managing Owner shall promptly return the amount of the subscription
payment to the subscriber, without interest.

     (d) Offer of BrookshireÔ Raw Materials (U.S.) Energy Fund Series Limited Interests
(“Energy Fund Interests”).

	 	(i)	 	BrookshireÔ Raw Materials (U.S.) Energy Fund Series Capital
Contributions. The minimum initial and subsequent investment in the Energy Fund
Interests by each Limited Owner shall be made on the terms and conditions set forth
in the Registration Statement. The Managing Owner may, in its sole discretion, accept
lesser sums with respect to initial and/or additional capital contributions. The
initial investment and additional capital contributions shall constitute capital
contributions (“Capital Contributions”) to the Trust. The offering shall be made
pursuant to and on the terms and conditions set forth in the Registration Statement.
The Managing Owner shall make such arrangements for the sale of the Energy Fund
Interests as it deems appropriate.
	 
	 	 	 	Each newly admitted Energy Fund Limited Owner, and each existing Energy Fund
Limited Owner that makes an additional Capital Contribution to the Energy Fund,
shall receive BrookshireÔ Raw Materials (U.S.) Energy Series Limited
Interests in an amount equal to such Capital Contribution or additional Capital
Contribution, as the case may be, divided by the BrookshireÔ Raw Materials
(U.S.) Energy Series Net Asset Value per Series per Interest calculated as of the
Valuation Date immediately prior to the day on which such Capital Contribution will
become effective.
	 
	 	(ii)	 	Subscription Agreement. Each Energy Fund Limited Owner who purchases any
Energy Fund Interests offered pursuant to the Registration Statement shall contribute
to the capital of BrookshireÔ Raw Materials (U.S.) Energy Series such amount as
he shall state in the Subscription Agreement which he shall execute (as required
therein), acknowledge and, together with the Power of Attorney set forth therein,
deliver to the Managing Owner as a counterpart of this Trust Agreement. All
subscription amounts shall be paid in such form as may be acceptable to the Managing
Owner at the time of the execution and delivery of such Subscription Agreement by
United States subscribers, and in accordance with local practice and procedure by
non-United States subscribers. If the Managing Owner determines to accept subscription
funds by check, such funds shall be subject to prompt collection. All subscriptions are subject to
acceptance by the Managing Owner. The Managing Owner reserves the right to accept
or reject a subscription in whole or in part for any or no reason. If a
subscriber is not admitted to the Fund, the Managing Owner shall promptly return
the amount of the subscription payment to the subscriber, without interest.

     (e) Offer of BrookshireÔ Raw Materials (U.S.) Accelerated Core Fund Series Limited
Interests (“Accelerated Core Fund Interests”).

	 	(i)	 	BrookshireÔ Raw Materials (U.S.) Accelerated Core Fund Series Capital
Contributions. The minimum initial and subsequent investment in the Accelerated
Core Fund Interests by each Limited Owner shall be made on the

15

 

	 	 	 	terms and conditions set forth in the Registration Statement. The Managing Owner may, in its sole
discretion, accept lesser sums with respect to initial and/or additional capital
contributions. The initial investment and additional capital contributions shall
constitute capital contributions (“Capital Contributions”) to the Trust. The offering
shall be made pursuant to and on the terms and conditions set forth in the
Registration Statement. The Managing Owner shall make such arrangements for the sale
of the Accelerated Core Fund Interests as it deems appropriate.
	 
	 	 	 	Each newly admitted Accelerated Core Fund Limited Owner, and each existing
Accelerated Core Fund Limited Owner that makes an additional Capital Contribution
to the Accelerated Core Fund, shall receive BrookshireÔ Raw Materials (U.S.)
Accelerated Core Series Limited Interests in an amount equal to such Capital
Contribution or additional Capital Contribution, as the case may be, divided by the
BrookshireÔ Raw Materials (U.S.) Accelerated Core Series Net Asset Value per
Series per Interest calculated as of the Valuation Date immediately prior to the
day on which such Capital Contribution will become effective.
	 
	 	(ii)	 	Subscription Agreement. Each Accelerated Core Fund Limited Owner who
purchases any Accelerated Core Fund Interests offered pursuant to the Registration
Statement shall contribute to the capital of BrookshireÔ Raw Materials (U.S.)
Accelerated Core Series such amount as he shall state in the Subscription Agreement
which he shall execute (as required therein), acknowledge and, together with the Power
of Attorney set forth therein, deliver to the Managing Owner as a counterpart of this
Trust Agreement. All subscription amounts shall be paid in such form as may be
acceptable to the Managing Owner at the time of the execution and delivery of such
Subscription Agreement by United States subscribers, and in accordance with local
practice and procedure by non-United States subscribers. If the Managing Owner
determines to accept subscription funds by check, such funds shall be subject to
prompt collection. All subscriptions are subject to acceptance by the Managing Owner.
The Managing Owner reserves the right to accept or reject a subscription in whole or
in part for any or no reason. If a subscriber is not admitted to the Fund, the
Managing Owner shall promptly return the amount of the subscription payment to the
subscriber, without interest.

     SECTION 3.3 Managing Owner’s Required Contribution. The Managing Owner shall not be
required to contribute in cash to the Trust any amount. The Managing Owner will receive General
Interests in each Series to which it allocates a portion of its capital contribution as provided in
Section 3.1(d). The Managing Owner shall, with respect to any Limited Interests owned by it, enjoy
all of the rights and privileges and be subject to all of the obligations and duties of a Limited
Owner, in addition to its rights and privileges as Managing Owner, except as otherwise provided
herein.

     SECTION 3.4 Establishment of Series of Interests.

16

 

     (a) Without limiting the authority of the Managing Owner set forth in Section 3.4(b) to
establish and designate any further Series, the Managing Owner hereby establishes and designates
six initial Series, as follows:

	 	(i)	 	BrookshireÔ Raw Materials (U.S.) Core Fund Series
	 	(ii)	 	BrookshireÔ Raw Materials (U.S.) Agriculture Fund Series
	 	(iii)	 	BrookshireÔ Raw Materials (U.S.) Metals Fund Series
	 	(iv)	 	BrookshireÔ Raw Materials (U.S.) Energy Fund Series
	 	(v)	 	BrookshireÔ Raw Materials (U.S.) Accelerated Core Fund Series

     The provisions of this Article III shall be applicable to the above designated Series and any
further Series that may from time to time be established and designated by the Managing Owner as
provided in Section 3.4(b).

     (b) The establishment and designation of any Series of Interests other than those set forth
above shall be effective upon the execution by the Managing Owner of an instrument setting forth
such establishment and designation and the relative rights and preferences of such Series, or as
otherwise provided in such instrument. At any time that there are no Interests outstanding of any
particular Series previously established and designated, the Managing Owner may by an instrument
executed by it abolish that Series and the establishment and designation thereof. Each instrument
referred to in this paragraph shall have the status of an amendment to this Trust Agreement.

SECTION 3.5 Establishment of Classes and Sub-Classes. The division of any Series into two or
more Classes or two or more Sub-Classes and the establishment and designation of such Classes or
Sub-Classes shall be effective upon the execution by the Managing Owner of an instrument setting
forth such division, and the establishment, designation, and relative rights and preferences of
such Classes or Sub-Classes, or as otherwise provided in such instrument. The relative rights and
preferences of the Classes of any Series and the Sub-Classes of any Class may differ in such
respects as the Managing Owner may determine to be appropriate, provided that such differences are
set forth in the aforementioned instrument and that such differences do not alter the allocations
described in Article VI. At any time that there are no Interests outstanding of any particular
Class or Sub-Class previously established and designated, the Managing Owner may by an instrument
executed by it abolish that Class or Sub-Class and the establishment and designation thereof. Each
instrument referred to in this paragraph shall have the status of an amendment to this Trust
Agreement. Without limiting the authority of the Managing Owner set forth in this Section
3.5 to establish and designate any further Classes or Sub-Classes, the
Managing Owner hereby establishes and designates the following Classes (with the relative rights
and preferences described herein and in the Registration Statement), as follows:

Core Fund—USD Class and CDN Class

Agriculture Fund— USD Class and CDN Class

Metals Fund— USD Class and CDN Class

Energy Fund—— USD Class and CDN Class

Accelerated Core Fund— USD Class and CDN Class

     a) Offer of Core Fund Interests.

17

 

          1) Core Fund Maximum Offering. During the Initial Offering Period, the Trust shall offer
a maximum of 25,000,000 Core Fund Interests.

          2) Core Fund Initial Offering Period. During the Initial Offering Period, the Trust shall
offer pursuant to Securities and Exchange Commission Rule 415, at an offering price of USD$10.00
per Interest for the USD Class and CDN$10.00 per Interest for CDN Class Interests, the maximum number of
Core Fund Interests set forth in Section 3.2(a)(i). The minimum initial subscription is $2,000 in the currency of the Class. If you are a resident of Texas
(including if you are a Benefit Plan Investor), your minimum initial subscription requirement is
$5,000. The offering shall be made pursuant to and on the terms and conditions set forth in the
Registration Statement. The Managing Owner shall make such arrangements for the sale of the Core
Fund Interests as it deems appropriate.

          3) Core Fund Subscription Minimum. The minimum amount of subscription proceeds which must be
received by the Core Fund is not less than 500,000 Core Fund Interests (“Core Fund Subscription
Minimum”). In the event that the Core Fund Subscription Minimum is achieved, the Managing Owner
will admit all accepted subscribers pursuant to the Registration Statement into the Trust as Core
Fund Limited Owners, by causing such Limited Owners to execute this Trust Agreement, pursuant to
the Power of Attorney set forth in the Subscription Agreement, and by making an entry on the books
and records of Core Fund of the Trust reflecting that such subscribers have been admitted as
Limited Owners of Core Fund Interests, as soon as practicable after the termination of the Core
Fund Initial Offering Period. Such accepted subscribers will be deemed Core Fund Limited Owners at
such time as such admission is reflected on the books and records of Core Fund of the Trust.

          4) Failure to Meet the Core Fund Subscription Minimum. In the event that the Core Fund
Subscription Minimum is not achieved, all proceeds of the sale of Core Fund Interest will be
returned to the payors of such funds no later than ten (10) Business Days after the conclusion of
the Initial Offering Period (or any extension thereof) for the Core Fund Interests (or as soon
thereafter as practicable if payment cannot be made in such time period).

          5) Offer of Core Fund Interests after Initial Offering Period. In the event that Core Fund
Subscription Minimum is achieved during the Initial Offering Period for the Core Fund Interests,
the Trust may continue to offer Core Fund Interests and admit additional Core Fund Limited Owners
and/or accept additional contributions from existing Limited Owners pursuant to the Registration
Statement.

          6) Each additional Capital Contribution to the Core Fund during the Core Fund Continuous
Offering Period by an existing Limited Owner must be in a denomination which is an even multiple of
$500; however, existing Limited Owners who are Benefit Plan Investors (including Individual
Retirement Accounts) of the Managing Owner or its Affiliates shall not have any such minimum
additional Capital Contribution. During the Core Fund Continuous Offering Period, each newly
admitted Core Fund Limited Owner, and each existing Limited Owner that makes an additional Capital
Contribution to Core Fund, shall receive Core Fund Interests in an amount equal to such Capital
Contribution or additional Capital Contribution, as the case may be, divided by the Core Fund Net
Asset Value per Fund per Interest calculated as of the Valuation Point immediately prior to the day on
which such Capital Contribution will become effective.

18

 

          7) A Subscriber (including existing Limited Owners contributing additional sums) whose
subscription is received and accepted by the Administrator after the termination of the Initial
Offering Period for Core Fund Interests shall be admitted to the Trust and deemed a Core Fund
Limited Owner with respect to that subscription on the day which subscriber’s Subscription
Agreement is received by the Administrator on a timely basis by 4:00 PM NYT. The Managing Owner,
in its sole and absolute discretion, may change such notice requirement upon written notice to the
Subscribers and the Limited Owners.

          8) Subscription Agreement. Each Core Fund Limited Owner who purchases any Core Fund
Interests offered pursuant to the Registration Statement shall contribute to the capital of Core
Fund such amount as he shall state in the Subscription Agreement which he shall execute (as
required therein), acknowledge and, together with the Power of Attorney set forth therein, deliver
to the Managing Owner as a counterpart of this Trust Agreement. All subscription amounts shall be
paid in such form as may be acceptable to the Managing Owner at the time of the execution and
delivery of such Subscription Agreement by United States subscribers, and in accordance with local
practice and procedure by non-United States subscribers. If the Managing Owner determines to
accept subscription funds by check, such funds shall be subject to prompt collection. All
subscriptions are subject to acceptance by the Managing Owner.

          9) Escrow Agreement. All proceeds from the sale of Core Fund Interests offered pursuant to
the Registration Statement shall be deposited in an interest bearing escrow account at the
Custodian, in New York until the conclusion of the Initial Offering Period for the Core Fund
Interests. In the event that the Core Fund Subscription Minimum is achieved during the Initial
Offering for the Core Fund Interests, all interest earned on the proceeds of subscriptions from
accepted subscribers for Core Fund Interests during its Initial Offering Period will be contributed
to Core Fund, for which the Core Fund Limited Owners will receive additional Core Fund Interests
and allocations of income relating to such interest on a pro rata basis (taking into account time
and amount of deposit).

          10) Optional Purchase of Core Fund Interests by Managing Owner and others. Subject to
approval by the Managing Owner, any Futures Commission Merchant, any Trading Advisor, any
principals, stockholders, directors, officers, employees and Affiliates of the Managing Owner, any
Futures Commission Merchant, and any Trading Advisor, may purchase any number of Core Fund
Interests and will be treated as Core Fund Limited Owners with respect to such Interests. In
addition to the Interests required to be purchased by the Managing Owner under Section 3.3,
the Managing Owner also may purchase any number of Core Fund Interests as it determines in its
discretion.

     b) Offer of Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core Fund Interest.

          1) Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core Fund Offering. During the
Initial Offering Period and Continuous Offering Period, the Trust shall offer a maximum of
6,250,000 of a) Agriculture Fund, b) Metal Fund, c) Energy Fund and d) Accelerated Core Fund
Interests.

          2) Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core Fund Initial Offering
Period. During the Initial Offering Period, the Trust shall offer pursuant to Securities and
Exchange Commission Rule 415, at an offering price of US $10.00 per Interest for the USD

19

 

Class and $10,00 for the CDN Class, the maximum number of Agriculture Fund Interests set forth
in Section 3.2(b)(i); Metal Fund Interests set forth in Section 3.2(c)(i); Energy
Fund Interests set forth in Section 3.2(d)(i); and Accelerated Core Fund Interests set
forth in Section 3.2(e)(i). The minimum initial subscription is $2,000 in the Currency of the Class. If you are a resident of Texas (including if you are a Benefit
Plan Investor), your minimum initial subscription requirement is $5,000. The offering shall be
made pursuant to and on the terms and conditions set forth in the Registration Statement. The
Managing Owner shall make such arrangements for the sale of such Interests as it deems appropriate.

          3) Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core Fund Subscription Minimum.
The Core Fund must commence trading and 100 Interests of the Agriculture Fund must be outstanding
in order for either the Agriculture Fund, Metals Fund, Energy Fund or the Accelerated Core Fund to
commence trading. In the event that such Subscription Minimum is achieved, the Managing Owner will
admit all accepted subscribers pursuant to the Registration Statement into the Trust as Limited
Owners for such Series, by causing such Limited Owners to execute this Trust Agreement, pursuant to
the Power of Attorney set forth in the Subscription Agreement, and by making an entry on the books
and records of such Series of the Trust reflecting that such subscribers have been admitted as
Limited Owners of such Fund, as soon as practicable after the termination of the Initial Offering
Period. Such accepted subscribers will be deemed Limited Owners in such Fund, at such time as such
admission is reflected on the books and records of such Fund of the Trust.

          4) Failure to Meet the Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core Fund
Subscription Minimum. In the event that the Subscription Minimum is not achieved, all proceeds of
the sale for such Series will be returned to the payors of such Series no later than ten (10)
Business Days after the conclusion of the Initial Offering Period for such Sereis (or as soon
thereafter as practicable if payment cannot be made in such time period).

          5) Offer of Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core Fund Interests
after Initial Offering Period. In the event that the Subscription Minimum is achieved during the
Initial Offering Period for the Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core
Fund, the Trust may continue to offer Interests for such Series and admit additional Limited Owners
into such Series and/or accept additional contributions from existing Limited Owners pursuant to
the Registration Statement.

          6) Each additional Capital Contribution to either the Agriculture Fund, Metals Fund, Energy
Fund and Accelerated Core Fund during the Continuous Offering Period by an existing Limited Owner
must be in a denomination which is an even multiple of $500; however, existing Limited Owners who
are Benefit Plan Investors (including Individual Retirement Accounts) shall not have any such
minimum additional Capital Contribution. During the Continuous Offering Period, each newly
admitted Limited Owner for such Series, and each existing Limited Owner that makes an additional
Capital Contribution to such Series, shall receive Interests in such Series, in an amount equal to
such Capital Contribution or additional Capital Contribution, as the case may be, divided by the
Net Asset Value per Series per Interest of such Series, calculated as of the Valuation Point
immediately prior to the day on which such Capital Contribution will become effective.

          7) A Subscriber (including existing Limited Owners contributing additional sums) whose
subscription is received and accepted by the Administrator after the termination of the Initial
Offering Period for such Series shall be admitted to the Trust and deemed a Limited
Owner of such Series with respect to that subscription on the day which subscriber’s Subscription

20

 

Agreement is received by the Administrator on a timely basis by 4:00 PM NYT. The Managing Owner,
in its sole and absolute discretion, may change such notice requirement upon written notice to the
Subscribers and the Limited Owners.

          8) Subscription Agreement. Each Agriculture Fund, Metals Fund, Energy Fund and Accelerated
Core Fund Limited Owner who purchases any Interests in such Series offered pursuant to the
Registration Statement shall contribute to the capital of such Series, such amount as he shall
state in the Subscription Agreement which he shall execute (as required therein), acknowledge and,
together with the Power of Attorney set forth therein, deliver to the Managing Owner as a
counterpart of this Trust Agreement. All subscription amounts shall be paid in such form as may be
acceptable to the Managing Owner at the time of the execution and delivery of such Subscription
Agreement by United States subscribers, and in accordance with local practice and procedure by
non-United States subscribers. If the Managing Owner determines to accept subscription funds by
check, such funds shall be subject to prompt collection. All subscriptions are subject to
acceptance by the Managing Owner.

          9) Escrow Agreement. All proceeds from the sale of Agriculture Fund, Metals Fund, Energy
Fund and Accelerated Core Fund Interests offered pursuant to the Registration Statement shall be
deposited in an interest bearing escrow account at the Custodian, in New York until the conclusion
of the Initial Offering Period for such Series’ Interests. In the event that the such Series
Subscription Minimum is achieved during the Initial Offering for Such Series’ Interests, all
interest earned on the proceeds of subscriptions from accepted subscribers for such Series’
Interest during its Initial Offering Period will be contributed to such Series, for which such
Series’ Limited Owners will receive additional Interests and allocations of income relating to such
interest on a pro rata basis (taking into account time and amount of deposit).

          10) Optional Purchase of Agriculture Fund, Metals Fund, Energy Fund and Accelerated Core Fund
Interest by Managing Owner and others. Subject to approval by the Managing Owner, any Futures
Commission Merchant, any Trading Advisor, any principals, stockholders, directors, officers,
employees and Affiliates of the Managing Owner, any futures commission merchant, and any trading
advisor, may purchase any number of such Series’ Interest sand will be treated as a Limited Owners
with respect to such Series’ Interests. In addition to the Interest required to be purchased by
the Managing Owner under Section 3.3, the Managing Owner also may purchase any number of
such Series’ Interests as it determines in its discretion.

     SECTION 3.6 Assets of Series. All consideration received by the Trust for the issue or
sale of Interests of a particular Series together with all of the Trust Estate in which such
consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof,
including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds
or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall
irrevocably belong to that Series for all purposes, subject only to the rights of creditors of such
Series and except as may otherwise be required by applicable tax laws, and shall be so recorded
upon the books of account of the Trust. Separate and distinct records shall be maintained for each
Series and the assets associated with a Series shall be held and accounted for separately from the
other assets of the Trust, or any other Series. In the event that there is any Trust Estate, or any
income, earnings, profits, and proceeds thereof, funds, or payments which are not readily
identifiable as belonging to any particular Series, the Managing Owner shall allocate them among
any one or more of the Series established and designated from time to time
in such manner and on such basis as the Managing Owner, in its sole and absolute discretion,
deems fair and equitable. Each such allocation by the Managing Owner shall be conclusive and
binding upon all Owners for all purposes.

21

 

     SECTION 3.7 Liabilities of Series.

     (a) The Trust Estate belonging to each particular Series shall be charged with the
liabilities of the Trust in respect of that Series and only that Series; and all expenses, costs,
charges and reserves attributable to that Series, and any general liabilities, expenses, costs,
charges or reserves of the Trust which are not readily identifiable as belonging to any particular
Series, shall be allocated and charged by the Managing Owner to and among any one or more of the
Series established and designated from time to time in such manner and on such basis as the
Managing Owner in its sole and absolute discretion deems fair and equitable. Each allocation of
liabilities, expenses, costs, charges and reserves by the Managing Owner shall be conclusive and
binding upon all Owners for all purposes. The Managing Owner shall have full discretion, to the
extent not inconsistent with applicable law, to determine which items shall be treated as income
and which items as capital, and each such determination and allocation shall be conclusive and
binding upon the Owners. Every written agreement, instrument or other undertaking made or issued by
or on behalf of a particular Series shall include a recitation limiting the obligation or claim
represented thereby to that Series and its assets.

     (b) Without limitation of the foregoing provisions of this Section, but subject to the
right of the Managing Owner in its discretion to allocate general liabilities, expenses, costs,
charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to a particular Series shall be enforceable
against the assets of such Series only and against the Managing Owner, and not against the assets
(i) of the Trust generally or (ii) of any other Series, and, except as otherwise provided in this
Trust Agreement, none of the debts, liabilities, obligations and expenses incurred, contracted for
or otherwise existing with respect to the Trust generally or any other Series thereof shall be
enforceable against the assets of such Series. Notice of this limitation on inter-series
liabilities shall be set forth in the Certificate of Trust of the Trust (whether originally or by
amendment) as executed and filed or to be filed by the Trustee in the Office of the Secretary of
State of the State of Delaware pursuant to the Delaware Statutory Trust Act, and upon the giving of
such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the Delaware
Statutory Trust Act relating to limitations on inter-series liabilities (and the statutory effect
under Section 3804 of setting forth such notice in the Certificate of Trust) shall become
applicable to the Trust and each Series. Every Interest, note, bond, contract, instrument,
certificate or other undertaking made or issued by or on behalf of a particular Series shall
include a recitation limiting the obligation on Interests represented thereby to the assets of that
Series.

     (c) (i) Except as set forth below, any debts, liabilities, obligations, indebtedness,
expenses, interests and claims of any nature and all kinds and descriptions (collectively, “Claims
and Interests”), if any, of the Managing Owner and the Trustee (the “Subordinated Claims”)
incurred, contracted for or otherwise existing, arising from, related to or in connection with all
Series, any combination of Series or one particular Series and their respective assets (the
“Applicable Series”) and the assets of the Trust shall be expressly subordinate and junior in right
of payment to any and all other Claims against the Trust and any Series thereof, and any of their
respective assets, which may arise as a matter of law or pursuant to any contract, provided,
however, that the Claims of each of the Managing Owner and the Trustee (if any) against the
Applicable Series shall not be considered Subordinated Claims with respect to enforcement
against and distribution and repayment from the assets of the Applicable Series and the
Managing

22

 

Owner and its assets; and provided further that the valid Claims of either the Managing
Owner or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right
of repayment and distribution with all other valid Claims against the Applicable Series and (ii)
the Managing Owner and the Trustee will not take, demand or receive from any Series or the Trust or
any of their respective assets (other than the Applicable Series, the Applicable Series’ assets and
the Managing Owner and its assets) any payment for the Subordinated Claims;

     (ii) The Claims of each of the Managing Owner and the Trustee with respect to the
Applicable Series shall only be asserted and enforceable against the Applicable Series’ assets and
the Managing Owner and its assets; and such Claims shall not be asserted or enforceable for any
reason whatsoever against the assets of any other Series or the Trust generally;

     (iii) If the Claims of the Managing Owner or the Trustee against the Applicable Series or
the Trust are secured in whole or in part, each of the Managing Owner and the Trustee hereby waives
(under section 1111(b) of the Bankruptcy Code (11 U.S.C. S 1111(b)) any right to have any
deficiency Claims (which deficiency Claims may arise in the event such security is inadequate to
satisfy such Claims) treated as unsecured Claims against the Trust or any Series (other than the
Applicable Series), as the case may be;

     (iv) In furtherance of the foregoing, if and to the extent that the Managing Owner and the
Trustee receive monies in connection with the Subordinated Claims from a Series or the Trust (or
their respective assets), other than the Applicable Series, the Applicable Series’ assets and the
Managing Owner and its assets, the Managing Owner and the Trustee shall be deemed to hold such
monies in trust and shall promptly remit such monies to the Series or the Trust that paid such
amounts for distribution by the Series or the Trust in accordance with the terms hereof; and

     (v) The foregoing Consent shall apply at all times notwithstanding that the Claims are
satisfied, and notwithstanding that the agreements in respect of such Claims are terminated,
rescinded or canceled.

     (d) Any agreement entered into by the Trust, any Series, or the Managing Owner, on behalf
of the Trust generally or any Series, including, without limitation, the Subscription Agreement
entered into with each Interest Holder, will include language substantially similar to the language
set forth in Section 3.7(c).

     SECTION 3.8 Series Distributions.

     (a) Distributions with respect to Interests of a particular Series or any Class or
Sub-Class thereof shall be made in accordance with Section 6.4 and may be paid with such frequency
as the Managing Owner may determine, which may be daily or otherwise, to the Owners in that Series,
Class or Sub-Class, from such of the income and capital gains, accrued or realized, from the Trust
Estate belonging to that Series, or in the case of a Class, belonging to that Series and allocable
to that Class, or in the case of a Sub-Class, belonging to that Class and allocable to that
Sub-Class, as the Managing Owner may determine, in its sole and absolute discretion, after
providing for actual and accrued liabilities belonging to that Series. Such distributions may be
made in cash or Interests of that Series, Class or Sub-Class or a combination thereof as determined
by the Managing Owner, in its sole and absolute discretion, or pursuant to any program that the Managing Owner may have in effect at the time for the election by each
Interest Holder of the mode of the making of such dividend or distribution to that Interest Holder.

23

 

     (b) The Interests in a Series, a Class or a Sub-Class of the Trust shall represent
beneficial interests in the Trust Estate belonging to such Series or in the case of a Class,
belonging to such Series and allocable to such Class or in the case of a Sub-Class, belonging to
such Class and allocable to such Sub-Class. Each Interest Holder in a Series, Class or Sub-Class
shall be entitled to receive its pro rata share of distributions of income and capital gains made
with respect to such Series, Class or Sub-Class. Upon reduction or withdrawal of its Interests or
indemnification for liabilities incurred by reason of being or having been a holder of Interests in
a Series, Class or Sub-Class, such Interest Holder shall be paid solely out of the funds and
property of such Series or in the case of a Class, the funds and property of such Series and
allocable to such Class of the Trust or in the case of a Sub-Class, the funds and property of such
Class and allocable to such Sub-Class of the Trust. Upon liquidation or termination of a Series of
the Trust, Owners in such Series, Class or Sub-Class shall be entitled to receive a pro rata share
of the Trust Estate belonging to such Series or in the case of a Class, belonging to such Series
and allocable to such Class, or in the case of a Sub-Class, belonging to such Class and allocable
to such Sub-Class.

     SECTION 3.9 Voting Rights. Notwithstanding any other provision hereof, on each matter
submitted to a vote of the Owners of a Series, each Interest Holder shall be entitled to a
proportionate vote based upon the product of the Net Asset Value of a Series per Interest
multiplied by the number of Interests, or fraction thereof, standing in its name on the books of
such Series. As to any matter which affects the Interests of more than one Series, the Owners of
each affected Series shall be entitled to vote, and each such Series shall vote as a separate
class.

     SECTION 3.10 Equality. Except as provided herein or in the instrument designating and
establishing any Class, Sub-Class or Series, all Interests of each particular Series shall
represent an equal proportionate beneficial interest in the assets belonging to that Series subject
to the liabilities belonging to that Series, and each Interest of any particular Series, Classes or
Sub-Class shall be equal to each other Interest of that Series, Class or Sub-Class; but the
provisions of this sentence shall not restrict any distinctions permissible under Section 3.8 that
may exist with respect to dividends and distributions on Interests of the same Series, Class or
Sub-Class. The Managing Owner may from time to time divide or combine the Interests of any
particular Series, Class or Sub-Class into a greater or lesser number of Interests of that Series,
Class or Sub-Class without thereby changing the proportionate beneficial interest in the assets
belonging to that Series or in any way affecting the rights of Owners of any other Series, Class or
Sub-Class.

     SECTION 3.11 Exchange of Interests. Subject to compliance with the requirements of
applicable law, the Managing Owner shall have the authority to provide that Owners of any Series
shall have the right to exchange said Interests into one or more other Series in accordance with
such requirements and procedures as may be established by the Managing Owner. The Managing Owner
shall also have the authority to provide that Owners of any Class of a particular Series shall have
the right to exchange said Interests into one or more other Classes of that particular Series or
any other Series in accordance with such requirements and procedures as may be established by the
Managing Owner. The Managing Owner shall also have the authority to provide that Owners of any
Sub-Class of a particular Series shall have the right to exchange said Interests into one or more
other Sub-Class of that particular Series or any other Series in accordance with such requirements
and procedures as may be established by the Managing Owner. Any such exchange shall be treated as a redemption of the Interests in one Series or
Class followed by an immediate purchase of Interests in a second Series or Class.

24

 

ARTICLE IV

THE MANAGING OWNER

     SECTION 4.1 Management of the Trust. Pursuant to Section 3806 of the Delaware Statutory
Trust Act, the Trust shall be managed by the Managing Owner and the conduct of the Trust’s business
shall be controlled and conducted solely by the Managing Owner in accordance with this Trust
Agreement.

     SECTION 4.2 Authority of Managing Owner. In addition to and not in limitation of any
rights and powers conferred by law or other provisions of this Trust Agreement, and except as
limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware
Statutory Trust Act, the Managing Owner shall have and may exercise on behalf of the Trust all
powers and rights necessary, proper, convenient or advisable to effectuate and carry out the
purposes, business and objectives of the Trust, which shall include, without limitation, the
following:

     (a) To enter into, execute, deliver and maintain contracts, agreements and any or
all other documents and instruments, and to do and perform all such things, as may be in
furtherance of Trust purposes or necessary or appropriate for the offer and sale of the
Interests and the conduct of Trust activities, including, but not limited to, contracts
with third parties for:

(i) commodity brokerage services, as well as administrative services necessary
to the prudent operation of the Trust; and

(ii) commodity trading advisory services relating to the purchase and sale of
all Commodities positions on behalf of the Trust, which services may not be
performed by the Managing Owner or an Affiliate(s) of the Managing Owner.

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

     (c) To deposit, withdraw, pay, retain and distribute the Trust Estate or any
portion thereof in any manner consistent with the provisions of this Trust Agreement;

     (d) To pay or authorize the payment of distributions to the Owners and expenses of
each Series;

     (e) To invest or direct the investment of funds of any Series and prohibit any
transactions contemplated hereunder which may constitute prohibited transactions under
ERISA or the Code;

     (f) To make any elections on behalf of the Trust or any Series thereof under the
Code, or any other applicable federal or state tax law as the Managing Owner shall
determine to be in the best interests of the Trust or any Series thereof;

25

 

     (g) To redeem mandatorily any Limited Interests without notifying such Limited
Owner, if (i) the Managing Owner determines that the continued participation of such
Limited Owner in the Trust might cause the Trust, a Series in the Trust or any Interest
Holder to be deemed to be managing Plan Assets under ERISA, (ii) there is an unauthorized
assignment pursuant to the provisions of Article V, or (iii) in the event that any
transaction would or might violate any law or constitute a prohibited transaction under
ERISA or the Code and a statutory, class or individual exemption from the prohibited
transaction provisions of ERISA for such transaction or transactions does not apply or
cannot be obtained from the DOL (or the Managing Owner determines not to seek such an
exemption). In the case of mandatory redemptions, the Redemption Date shall be the close of
business on the date written notice of intent to redeem is sent by the Managing Owner to a
Limited Owner. A notice may be revoked prior to the payment date by written notice from the
Managing Owner to a Limited Owner;

     (h) In the sole discretion of the Managing Owner, to admit an Affiliate or
Affiliates of the Managing Owner as additional Managing Owners;

     (i) To override any trading instructions: (i) that the Managing Owner, in its sole
discretion, determines in good faith to be in violation of any trading policy or limitation
of the Trust, including as set forth in Section 4.2(k) below; (ii) as and to the extent
necessary, to fund distributions, redemptions (including special redemptions), or to pay
the expenses of any Series in the Trust; and provided further, that the Managing Owner may
make Commodities trading decisions at any time.

     SECTION 4.3 Obligations of the Managing Owner. In addition to the obligations expressly
provided by the Delaware Statutory Trust Act or this Trust Agreement, the Managing Owner shall:

     (a) Devote such of its time to the business and affairs of the Trust as it shall, in its
discretion exercised in good faith, determine to be necessary to conduct the business and affairs
of the Trust for the benefit of the Trust and the Limited Owners;

     (b) Execute, file, record and/or publish all certificates, statements and other documents
and do any and all other things as may be appropriate for the formation, qualification and
operation of the Trust and each Series of the Trust and for the conduct of its business in all
appropriate jurisdictions;

     (c) Retain independent public accountants to audit the accounts of each Series in the
Trust;

     (d) Employ attorneys to represent the Trust or a Series thereof;

     (e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for
state law purposes and as a partnership that is not a publicly traded partnership for federal
income tax purposes;

     (f) Monitor the trading policies and limitations of each Series, as set forth in the
Registration Statement, and the activities of the Trust in carrying out those policies in
compliance with the Registration Statement;

26

 

     (g) Monitor the brokerage fees charged to each Series, and the services rendered by futures
commission merchants to each Series, to determine whether the fees paid by, and the services
rendered to, each Series for futures brokerage are at competitive rates and are the best price and
services available under the circumstances, and if necessary, renegotiate the brokerage fee
structure to obtain such rates and services for each Series. In making this determination the
Managing Owner shall not rely solely on the brokerage rates paid by other major commodity pools.;

     (h) Have fiduciary responsibility for the safekeeping and use of the Trust Estate of each
Series, whether or not in the Managing Owner’s immediate possession or control, and the Managing
Owner will not employ or permit others to employ such funds or assets of each Series (including any
interest earned thereon) in any manner except as and to the extent permitted by the NASAA
Guidelines for the benefit of each Series in the Trust, including, among other things, the
utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit
of the Managing Owner. The Managing Owner shall at all times act with integrity and good faith and
exercise due diligence in all activities relating to the conduct of the business of the Trust and
in resolving conflicts of interest. The Trust shall not permit any Limited Owner to contract away
the fiduciary duty owed to the Limited Owners by the Managing Owner under this Agreement or the
Delaware Statutory Trust Act. Subject to the restrictions set forth in Section 4.6 hereof, to the
extent that, at law or in equity, the Managing Owner or any officer, director, employee or agent
thereof or any Affiliate of the Managing Owner (collectively, the “Covered Persons”), has duties
(including fiduciary duties) and liabilities relating thereto to the Trust, any other Interest
Holder or Covered Person or the Trustee, such Covered Person acting under the Trust Agreement shall
not be liable to the Trust, any other Interest Holder or Covered Person or the Trustee for such
Covered Person’s good faith reliance on the provisions of the Trust Agreement; and the duties and
liabilities of such Covered Person may be expanded or restricted by the provisions of this Trust
Agreement.

     (i) Admit substituted Limited Owners in accordance with this Trust Agreement;

     (j) Refuse to recognize any attempted transfer or assignment of a Interest that is not made
in accordance with the provisions of Article V; and

     (k) Maintain a current list in alphabetical order, of the names and last known addresses
and, if available, business telephone numbers of, and number of Interests owned by, each Interest
Holder and the other Trust documents described in Section 9.6 at the Trust’s principal place of
business, which documents shall be made available thereat at reasonable times during ordinary
business hours for inspection by any Limited Owner or his representative for any purpose reasonably
related to the Limited Owner’s interest as a beneficial owner of the Trust. Such list shall be
printed on white paper in clearly legible print and shall be updated quarterly. Upon request, for
any purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust,
including without limitation, matters relating to a Interest Holder’s voting rights hereunder or
the exercise of a Limited Owner’s rights under federal proxy law, either in person or by mail, the
Managing Owner will furnish a copy of such list to a Limited Owner or his representative within ten
(10) days of a request therefor, upon payment of the cost of reproduction and mailing; provided,
however, that the Limited Owner requesting such list shall
give written assurance that the list will not, in any event, be used for commercial purposes.
Subject to applicable law, a Limited Owner shall give the Managing Owner at least ten (10) Business
Days’ prior written notice for any inspection and copying permitted pursuant to this Section 4.3(l)
by the Limited Owner or his authorized attorney or agent.

27

 

     SECTION 4.4 General Prohibitions. The Trust shall not:

     (a) Borrow money from or loan money to any Interest Holder or other Person, except that the
foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and
maintenance of the Trust’s Commodities positions or (ii) obtaining lines of credit for the trading
of forward contracts; provided, however, that the Trust is prohibited from incurring any
indebtedness on a non- recourse basis;

     (b) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales
or other title retention agreement, charge, security interest or encumbrance, except (i) the right
and/or obligation of a commodity broker to close out sufficient commodities positions of each
Series so as to restore the Series’ account to proper margin status in the event that the Series
fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith
and by appropriate proceedings and for which appropriate reserves have been established, (iii)
deposits or pledges to secure obligations under workmen’s compensation, social security or similar
laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than
contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and
other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s,
warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary
course of business with respect to obligations which are not due or which are being contested in
good faith, and for which appropriate reserves have been established if required by generally
accepted accounting principles, and liens arising under ERISA;

     (c) Commingle its assets with those of any other Person, except to the extent permitted
under the CE Act and the regulations promulgated thereunder;

     (d) Directly or indirectly pay or award any finder’s fees, commissions or other
compensation to any Persons engaged by a potential Limited Owner for investment advice as an
inducement to such advisor to advise the potential Limited Owner to purchase Limited Interests in
the Trust;

     (e) Engage in Pyramiding of its Commodities positions;

     (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing
Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any
reciprocal business arrangements which would circumvent the foregoing prohibition;

     (g) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner
(except for selling agreements for the sale of Interests) (i) which has a term of more than one
year and which does not provide that it may be canceled by the Trust without penalty on sixty (60)
days prior written notice or (ii) for the provision of goods and services, except at rates and
terms at least as favorable as those which may be obtained from third parties in arms-length
negotiations;

     (h) Permit churning of its Commodity trading account(s) for the purpose of generating
excess brokerage commissions;

     (i) Enter into any exclusive brokerage contract;

28

 

     (j) Operate the Trust in any manner so as to contravene section 3804 of the Delaware
Statutory Trust Act; and

     (k) Cause the Trust to elect to be treated as an association taxable as a corporation for
federal income tax purposes.

     SECTION 4.5 Liability of Covered Persons. A Covered Person shall have no liability to
the Trust or to any Interest Holder or other Covered Person for any loss suffered by the Trust
which arises out of any action or inaction of such Covered Person if such Covered Person, in good
faith, determined that such course of conduct was in the best interest of the Trust and such course
of conduct did not constitute negligence or misconduct of such Covered Person. Subject to the
foregoing, neither the Managing Owner nor any other Covered Person shall be personally liable for
the return or repayment of all or any portion of the capital or profits of any Limited Owner or
assignee thereof, it being expressly agreed that any such return of capital or profits made
pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any
rights of contribution from the Managing Owner or any other Covered Person.

     SECTION 4.6 Indemnification of the Managing Owner.

     (a) To the fullest extent permitted by applicable law, the Managing Owner shall be
indemnified and held harmless by the Trust against any liability or loss suffered by the Managing
Owner in connection with its activities for each Series of the Trust, provided that (i) the
Managing Owner was acting on behalf of or performing services for the Trust and has determined, in
good faith, that such course of conduct was in the best interests of the Trust and such liability
or loss was not the result of negligence, misconduct, or a breach of this Trust Agreement on the
part of the Managing Owner and (ii) any such indemnification will only be recoverable from the
Trust Estate.

     (b) Notwithstanding the provisions of Section 4.6(a) above, the Managing Owner and any
Person acting as broker-dealer for the Trust or any Series thereof shall not be indemnified for any
losses, liabilities or expenses arising from or out of an alleged violation of federal or state
securities laws unless (i) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee, (ii) such claims have
been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
particular indemnitee or (iii) a court of competent jurisdiction approves a settlement of the
claims against a particular indemnitee and finds that indemnification of the settlement and related
costs should be made.

     (c) In any claim for indemnification for federal or state securities law violations, the
party seeking indemnification shall place before the court the position of the Securities and
Exchange Commission, the position of the Tennessee Securities Division, the position of the
Securities Division of the Commonwealth of Massachusetts and the position of any other applicable
state securities division which requires disclosure with respect to the issue of indemnification
for securities law violations.

     (d) The Trust shall not incur the cost of that portion of any insurance which insures any
party against any liability, the indemnification of which is herein prohibited.

29

 

     (e) Expenses incurred in defending a threatened or pending civil, administrative or
criminal action suit or proceeding against the Managing Owner shall be paid by the Trust in advance
of the final disposition of such action, suit or proceeding, if (i) the legal action relates to
acts or omissions with respect to the performance of duties or services by the Managing Owner on
behalf of the Trust or a particular Series of the Trust; (ii) the legal action is initiated by a
third party who is not a Limited Owner or the legal action is initiated by a Limited Owner and a
court of competent jurisdiction specifically approves such advance; and (iii) the Managing Owner
undertakes to repay the advanced funds with the applicable legal rate of interest to the Trust in
cases in which it is not entitled to indemnification under this Section 4.6.

     (f) The term “Managing Owner” as used only in this Section 4.6 shall include, in addition
to the Managing Owner, any other Covered Person performing services on behalf of the Trust or any
Series thereof and acting within the scope of the Managing Owner’s authority as set forth in this
Trust Agreement.

     (g) The payment of any amount pursuant to this Section shall be subject to Section 3.7 with
respect to the allocation of liabilities and other amounts, as appropriate, among the Series of the
Trust.

     SECTION 4.7 Expenses.

     (a) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the
payment of all Organization and Offering Expenses incurred in the creation of the Trust and each
Series thereof and sale of Interests, except for the initial service fee, if any. Organization and
Offering Expenses shall mean those expenses incurred in connection with the formation,
qualification and registration of the Trust and the Interests and in offering, distributing and
processing the Interests under applicable federal and state law, and any other expenses actually
incurred and, directly or indirectly, related to the organization of the Trust or the initial and
continuous offering of the Interests, including, but not limited to, expenses such as: (i) initial
and on-going registration fees, if any, filing fees, escrow fees and taxes, (ii) costs of
preparing, printing (including typesetting), amending, supplementing, mailing and distributing the
Registration Statement, the Exhibits thereto and the Registration Statement during the Initial and
Continuous Offering Periods, (iii) the costs of qualifying, printing, (including typesetting),
amending, supplementing, mailing and distributing sales materials used in connection with the
offering and issuance of the Interests during the Initial and Continuous Offering Periods, (iv)
travel, telegraph, telephone and other expenses in connection with the offering and issuance of the
Interests during the Initial and Continuous Offering Periods, and (v) accounting, auditing and
legal fees (including disbursements related thereto) incurred in connection therewith.

     (b) All on-going charges, costs and expenses of the Trust’s operation, including, but not
limited to, the routine expenses associated with (i) preparation of monthly, annual and other
reports required by applicable federal and state regulatory authorities; (ii) Trust meetings and
preparing, printing and mailing of proxy statements and reports to Owners; (iii) the payment of any
distributions related to redemption of Interests; (iv) routine services of the Trustee, legal
counsel, auditors, accountants, Administrator and Custodian, whether employed directly or by Affiliates of the Managing
Owner; (v) postage, insurance and filing fees; (vi) client relations and services and (vii)
computer equipment and system development shall be billed to and paid by the Managing Owner or an
Affiliate of the Managing Owner. All on-going expenses associated with (i) the fixed fee to be
paid to the Trust’s commodity brokers, if any, (ii) required payments to the Trust’s service
providers and (iii) extraordinary expenses (including, but not limited to, legal claims and

30

 

liabilities and litigation costs and any indemnification related thereto) shall be billed to and/or
paid out of the assets of the appropriate Series of the Trust subject to such other limitations as
are set forth herein concerning the limitations on the Series’ liability for the liabilities of
another Series.

     (c) The Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for
the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf
of the Trust for which payment the Trust is responsible. In addition, payment to the Managing Owner
or such Affiliate for indirect expenses incurred in performing services for the Trust, such as
salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other
administrative items generally falling within the category of the Managing Owner’s “overhead,” is
prohibited.

     (d) The Trust shall pay any extraordinary fees and expenses affecting the Trust generally
(including, but not limited to, legal claims and liabilities and litigation costs and any permitted
indemnification payments related thereto). Except as otherwise set forth in this Trust Agreement,
all Trust expenses which are specific to a particular Series of Interests will be allocated to such
Series. All general expenses of the Trust will be allocated pro rata among all Series of Interests
according to their respective Net Asset Values and taking into account the timing of such Interest
purchases.

     SECTION 4.8 Compensation to the Managing Owner.

     (a) Management Fee. (i) The Managing Owner shall be paid an annual Management Fee in an
amount equal to 1% per annum of the Nominal Net Asset Value of the Trust, to be prorated across the
Series in proportion to the Nominal Net Asset Value of each Series. The Management Fee will be
calculated daily and paid monthly. No separate fee will be paid by the Series. The Management Fee
will be paid in consideration of the Managing Owner’s commodity futures trading advisory services.
The Managing Owner may pay a portion of its management fee to introducing brokers.

     (ii) For purposes of calculating the management fee payable to the Managing Owner, the Net
Asset Value of a Series shall be determined before reduction for any management fees accrued or
paid, incentive fees made or makeable or extraordinary fees and expenses accrued or paid as of such
date and before giving effect to any capital contributions made and any distributions or
redemptions accrued or paid as of such date.

     (b) The Trust, with respect to each Series, will pay a fee of a certain percentage of the
Series’ Net Asset Value annually which will be used to pay all brokerage commissions, plus
applicable exchange fees, NFA fees, give up fees and other transaction related fees and expenses
charged in connection with each Series’ trading activities and on-going service fees for certain
administrative services payable to certain third parties.

     (c) Redemption Fee. In the event Fund Interests are redeemed within 90 days of the date that
their purchase, a redemption fee equal to 2% of the Net Asset Value attributable to such Fund
Interests shall be deducted from the redemption proceeds and paid to the Managing Owner
as an early redemption fee. This early redemption fee may be waived at the discretion of the
Managing Owner.

31

 

     SECTION 4.9 Other Business of Owners. Except as otherwise specifically provided herein,
any of the Owners and any shareholder, officer, director, employee or other person holding a legal
or beneficial interest in an entity which is a Interest Holder, may engage in or possess an
interest in other business ventures of every nature and description, independently or with others,
and the pursuit of such ventures, even if competitive with the business of the Trust, shall not be
deemed wrongful or improper.

     SECTION 4.10 Voluntary Withdrawal and Removal of the Managing Owner. The Managing Owner
may withdraw voluntarily as the Managing Owner of the Trust only upon one hundred twenty (120)
days’ prior written notice to all Limited Owners and the Trustee and the prior approval of Limited
Owners holding Interests equal to at least (80%) of the Net Asset Value of each Series (excluding
Interests held by the withdrawing Managing Owner). If the withdrawing Managing Owner is the last
remaining Managing Owner, Limited Owners holding Interests equal to at least (80%) of the Net Asset
Value of each Series (not including Interests held by the Managing Owner) may vote to elect and
appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall
carry on the business of the Trust. The Managing Owner may be removed on reasonable prior written
notice by Limited Owners holding Interest representing at least 80% of the net asset value of each
Series (not including Interests held by the Managing Owner). If the Managing Owner withdraws as
Managing Owner and the Limited Owners or remaining Managing Owner elect to continue the Trust, the
withdrawing Managing Owner shall pay all expenses incurred as a result of its withdrawal. In the
event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its
Interest at the Net Asset Value of a Series thereof on the next Redemption Date following the date
of removal or withdrawal.

     SECTION 4.11 Litigation. The Managing Owner is hereby authorized to prosecute, defend,
settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce
or protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision
of any court, board or authority having jurisdiction or any settlement of any suit or claim prior
to judgment or final decision thereon, first, out of any insurance proceeds available therefor,
next, out of the Trust’s assets and, thereafter, out of the assets (to the extent that it is
permitted to do so under the various other provisions of this Agreement) of the Managing Owner.

ARTICLE V

TRANSFERS OF INTERESTS

     SECTION 5.1 General Prohibition. A Limited Owner may not sell, assign, transfer or
otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Interests
or any part of his right, title and interest in the capital or profits of any Series in the Trust
except as permitted in this Article V and any act in violation of this Article V shall not be
binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have
knowledge thereof), unless approved in writing by the Managing Owner.

     SECTION 5.2 Transfer of Managing Owner’s General Interests.

     (a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s General
Interests shall be purchased by the Trust for a purchase price in cash equal to the Net Asset Value
thereof. The Managing Owner will not cease to be a Managing Owner of the Trust

32

 

merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition in
bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any statute, law or
regulation, filing an answer or other pleading admitting or failing to contest material allegations
of a petition filed against it in any proceeding of this nature or seeking, consenting to or
acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any
substantial part of its properties.

     (b) To the full extent permitted by law, nothing in this Trust Agreement shall be deemed to
prevent the merger of the Managing Owner with another corporation, the reorganization of the
Managing Owner into or with any other corporation, the transfer of all the capital stock of the
Managing Owner or the assumption of the Interests, rights, duties and liabilities of the Managing
Owner by, in the case of a merger, reorganization or consolidation, the surviving corporation by
operation of law.

     (c) Upon assignment of all of its Interests, the Managing Owner shall not cease to be a
Managing Owner of the Trust, or to have the power to exercise any rights or powers as a Managing
Owner, or to have liability for the obligations of the Trust under Section 1.6 hereof, until an
additional Managing Owner, who shall carry on the business of the Trust, has been admitted to the
Trust.

     SECTION 5.3 Transfer of Limited Interests.

     (a) Permitted assignees of the Limited Owners shall be admitted as substituted Limited
Owners, pursuant to this Article V, only upon the consent of the Managing Owner. The parties hereto
hereby agree that such restrictions are necessary and desirable in order to maintain the Trust’s
tax classification as a partnership, to avoid having the Trust classified as a publicly traded
partnership or to avoid adverse legal consequence to the Trust. There will be no restrictions on
transferability other than the restrictions necessary and desirable in order to maintain the
Trust’s tax classification as a partnership, to avoid having the Trust classified as a publicly
traded partnership, and to avoid adverse legal consequences to the Trust.

     (i) A substituted Limited Owner is a permitted assignee that has been admitted to any
Series as a Limited Owner with all the rights and powers of a Limited Owner hereunder. If all of
the conditions provided in Section 5.3(b) below are satisfied, the Managing Owner shall admit
permitted assignees into the Trust as Limited Owners by making an entry on the books and records of
the Series reflecting that such permitted assignees have been admitted as Limited Owners, and such
permitted assignees will be deemed Limited Owners at such time as such admission is reflected on
the books and records of the Series.

     (ii) A permitted assignee is a Person to whom a Limited Owner has assigned his Limited
Interests with the consent of the Managing Owner, as provided below in Section 5.3(d), but who has
not become a substituted Limited Owner. A permitted assignee shall have no right to vote, to obtain
any information on or account of the Series’ transactions or to inspect the Trust’s or Series’
books, but shall only be entitled to receive the share of the profits, or the return of the Capital
Contribution, to which his assignor would otherwise be entitled as set forth in Section 5.3(d)
below to the extent of the Limited Interests assigned. Each Limited Owner agrees that any
permitted assignee may become a substituted Limited Owner without the further act or consent
of any Limited Owner, regardless of whether his permitted assignee becomes a substituted Limited
Owner.

33

 

     (iii) A Limited Owner shall bear all extraordinary costs (including attorneys’ and
accountants’ fees), if any, related to any transfer, assignment, pledge or encumbrance of his
Limited Interests.

     (b) No permitted assignee of the whole or any portion of a Limited Owner’s Limited
Interests shall have the right to become a substituted Limited Owner in place of his assignor
unless all of the following conditions are satisfied:

     (i) The written consent of the Managing Owner to such substitution shall be obtained.

     (ii) A duly executed and acknowledged written instrument of assignment has been filed with
the Trust setting forth the intention of the assignor that the permitted assignee become a
substituted Limited Owner in his place;

     (iii) The assignor and permitted assignee execute and acknowledge and/or deliver such other
instruments as the Managing Owner may deem necessary or desirable to effect such admission,
including his execution, acknowledgment and delivery to the Managing Owner, as a counterpart to
this Trust Agreement, of a Power of Attorney in the form set forth in the Subscription Agreement;
and

     (iv) Upon the request of the Managing Owner, an opinion of the Trust’s independent legal
counsel is obtained to the effect that (A) the assignment will not jeopardize the Trust’s tax
classification as a partnership and (B) the assignment does not violate this Trust Agreement or the
Delaware Statutory Trust Act.

     (c) Any Person admitted to any Series as a Interest Holder shall be subject to all of the
provisions of this Trust Agreement as if an original signatory hereto.

     (d) (i) Subject to the provisions of Section 5.3(e) below, compliance with the suitability
standards imposed by the Trust for the purchase of new Interests, applicable federal securities and
state “Blue Sky” laws and the rules of any other applicable governmental authority, a Limited Owner
shall have the right to assign all or any of his Limited Interests to any assignee by a written
assignment (on a form acceptable to the Managing Owner) the terms of which are not in contravention
of any of the provisions of this Trust Agreement, which assignment has been executed by the
assignor and received by the Trust and recorded on the books thereof. An assignee of a Limited
Interest (or any interest therein) will not be recognized as a permitted assignee without the
consent of the Managing Owner, which consent the Managing Owner shall withhold only if necessary,
in the judgment of the Managing Owner (and upon receipt of an opinion of counsel to this effect),
to preserve the classification of the Trust as a partnership for federal income tax purposes or to
preserve the characterization or treatment of any Series’ income or loss. The Managing Owner shall
withhold its consent to assignments made under the foregoing circumstance, and shall exercise such
right by taking any actions as it seems necessary or appropriate in its reasonable discretion so
that such transfers or assignments of rights are not in fact recognized, and the assignor or
transferor continues to be recognized by the Trust as a Interest Holder for all purposes hereunder,
including the payment of any cash distribution. The Managing Owner shall incur no liability to any investor or prospective
investor for any action or inaction by it in connection with the foregoing, provided it acted in
good faith.

34

 

     (ii) Except as specifically provided in this Trust Agreement, a permitted assignee of a
Interest shall be entitled to receive distributions from the Series attributable to the Interest
acquired by reason of such assignment from and after the effective date of the assignment of such
Interest to him. The “effective date” of an assignment of a Limited Interest as used in this clause
shall be the Business Day two (2) days after the date on which the Managing Owner shall have been
in receipt of the written instrument of assignment for at least two (2) Business Days prior
thereto. If the assignee is (A) an ancestor or descendant of the Limited Owner, (B) the personal
representative or heir of a deceased Limited Owner, (C) the trustee of a trust whose beneficiary is
the Limited Owner or another person to whom a transfer could otherwise be made or (D) the
shareholders, partners, or beneficiaries of a corporation, partnership or trust upon its
termination or liquidation, then the “effective date” of an assignment of a Interest in the Trust
shall be the first Business Day immediately following the Business Day in which the written
instrument of assignment is received by the Managing Owner.

     (iii) Anything herein to the contrary notwithstanding, the Trust and the Managing Owner
shall be entitled to treat the permitted assignor of such Interest as the absolute owner thereof in
all respects, and shall incur no liability for distributions made in good faith to him, until such
time as the written assignment has been received by, and recorded on the books of, the Trust.

     (e) (i) No assignment or transfer of a Interest may be made which would result in the
Limited Owners and permitted assignees of the Limited Owners owning, directly or indirectly,
individually or in the aggregate, five percent (5%) or more of the stock of the Managing Owner or
any related person as defined in Sections 267(b) and 707(b)(1) of the Code. If any such assignment
or transfer would otherwise be made by bequest, inheritance of operation of law, the Interest
transferred shall be deemed sold by the transferor to the Series immediately prior to such transfer
in the same manner as provided in Section 5.3(e)(ii).

     (ii) Anything else to the contrary contained herein notwithstanding: (A) In any particular
twelve (12) consecutive month period no assignment or transfer of a Interest may be made which
would result in increasing the aggregate total of Interests previously assigned and/or transferred
in said period to forty-nine percent (49%) or more of the total interest in the Trust’s capital and
profits, as determined by the Managing Owner. This limitation is hereinafter referred to as the
“forty-nine percent (49%) limitation”; (B) Clause (ii)(A) hereof shall not apply to a transfer by
gift, bequest or inheritance, or a transfer to the Trust, and, for purposes of the forty-nine
percent (49%) limitation, any such transfer shall not be treated as such; (C) If, after the
forty-nine percent (49%) limitation is reached in any consecutive twelve (12) month period, a
transfer of a Interest would otherwise take place by operation of law (but not including any
transfer referred to in clause (iii)(B) hereof) and would cause a violation of the forty-nine
percent (49%) limitation, then said Interest(s) shall be deemed to have been sold by the transferor
to the Trust in liquidation of said Interest(s) immediately prior to such transfer for a
liquidation price equal to the Net Asset Value of a Series of said Interest(s) on such date of
transfer. The liquidation price shall be paid within ninety (90) days after the date of the
transfer.

     (f) The Managing Owner, in its sole discretion, may cause the Trust to make, refrain from
making, or once having made, to revoke, the election referred to in Section 754 of the Code,
and any similar election provided by state or local law, or any similar provision enacted in
lieu thereof.

35

 

     (g) The Managing Owner, in its sole discretion, may cause the Trust to make, refrain from
making, or once having made, to revoke the election by a qualified fund under Section
988(c)(1)(E)(V), and any similar election provided by state or local law, or any similar provision
enacted in lieu thereof.

     (h) Each Limited Owner hereby agrees to indemnify and hold harmless the Trust and each
other Interest Holder against any and all losses, damages, liabilities or expense (including,
without limitation, tax liabilities or loss of tax benefits) arising, directly or indirectly, as a
result of any transfer or purported transfer by such Limited Owner in violation of any provision
contained in this Section 5.3.

ARTICLE VI

DISTRIBUTION AND ALLOCATIONS

     SECTION 6.1 Capital Accounts. A capital account shall be established for each Interest
Holder on the books of the Series in which a Interest is owned (such account sometimes hereinafter
referred to as a “book capital account”). The initial balance of each Interest Holder’s book
capital account with respect to any Series shall be the amount of his initial Capital Contribution
to that Series.

     SECTION 6.2 Book Capital Account Allocations. As of the close of business (as
determined by the Managing Owner) on each Business Day during each Fiscal Year of the Trust, the
following determinations and allocations shall be made:

     (a) First, any increase or decrease in the Net Asset Value of a Series as of such date as
compared to the next previous determination of Net Asset Value of a Series shall be credited or
charged to the book capital accounts of the Owners in the ratio that the balance of each Interest
Holder’s book capital account bears to the balance of all Owners’ book capital accounts; and

     (b) Next, the amount of any distribution to be made to a Interest Holder and any amount to
be paid to a Interest Holder upon redemption of his Interests shall be charged to that Interest
Holder’s book capital account as of the applicable record date and Redemption Date, respectively.

     SECTION 6.3 Allocation of Profit and Loss for United States Federal Income Tax Purposes.
As of the end of each Fiscal Year, the recognized profit and loss of a Series shall be allocated
among the Owners of that Series (and among Classes of a Series as appropriate) pursuant to the
following subparagraphs for federal income tax purposes. Except as otherwise provided herein, such
allocations of profit and loss shall be pro rata from Disposition Gain (or Disposition Loss) and
Profits (or Losses).

     (a) First, the Profits or Losses of the Trust shall be allocated pro rata among the Owners
based on their respective book capital accounts as of the end of any Business Day.

     (b) Next, Disposition Gain or Disposition Loss from the Trust’s trading activities for each
Fiscal Year of the Trust shall be allocated among the Owners as follows:

36

 

     (i) There shall be established a tax capital account with respect to each outstanding
Interest. The initial balance of each tax capital account shall be the amount paid by the Interest
Holder to the Trust for the Interest. Tax capital accounts shall be adjusted as of the end of each
Fiscal Year as follows: (A) Each tax capital account shall be increased by the amount of income
(Profits or Disposition Gain) which shall have been allocated to the Interest Holder who shall hold
the Interest pursuant to Section 6.3(a) above and Sections 6.3(b)(ii), 6.3(b)(iii) and 6.3(b)(iv)
below; (B) Each tax capital account shall be decreased by the amount of expense or loss (Losses or
Disposition Losses) which shall have been allocated to the Interest Holder who shall hold the
Interest pursuant to Section 6.3(a) above and Sections 6.3(b)(v), 6.3(b)(vi) and 6.3(b)(vii) below
and by the amount of any distribution which shall have been received by the Interest Holder with
respect to the Interest (other than on redemption of Interests); and (C) If a Interest is redeemed,
the tax capital account with respect to such Interest shall be eliminated on the Redemption Date.

     (ii) Disposition Gain shall be allocated first to each Interest Holder, if any, who
redeemed or exchanged all or a portion of his, her or its Interests up to the amount of the excess,
if any, of the amount such Interest Holder received in respect of the redeemed Interests or the
value of the Interests received in the exchange over the portion of the balance of such Interest
Holder’s tax capital account attributable to such redeemed or exchanged Interests (the “Gain
Disparity”); provided, however, that if such Disposition Gain is insufficient to cover all such
allocations, it shall be allocated among such Owners in the ratio that the Gain Disparity of each
such Interest Holder bears to the sum of the Gain Disparities of all such Owners.

     (iii) Disposition Gain that remains after the allocation pursuant to Section 6.3(b)(ii)
above shall be allocated first among all Owners whose book capital accounts shall be in excess of
their Interests’ tax capital accounts (after making the adjustments, other than adjustments
resulting from the allocations to be made pursuant to this Section 6.3(b)(iii), described in
Section 6.3(b)(i) above) in the ratio that each such Interest Holder’s excess shall bear to all
such Interest Holder’s excesses.

     (iv) Disposition Gain that remains after the allocation pursuant to Section 6.3(b)(iii)
above shall be allocated to the Owners in the ratio that each Interest Holder’s book capital
account bears to all Owners’ book capital accounts.

     (v) Disposition Loss shall be allocated first to each Interest Holder, if any, who redeemed
or exchanged all or a portion of his, her or its Interests up to the amount of the excess, if any,
of the portion of the balance of such Interest Holder’s tax capital account attributable to the
redeemed or exchanged Interests over the amount such Interest Holder received in respect of the
redeemed Interests or the value of the Interests received in the exchange (the “Loss Disparity”);
provided, however, that if such Disposition Loss is insufficient to cover all such allocations, it
shall be allocated among such Owners in the ratio that the Loss Disparity of each such Interest
Holder bears to the sum of the Loss Disparities of all such Owners.

     (vi) Disposition Loss that remains after the allocation pursuant to Section 6.3(b)(v) above
shall be allocated first among all Owners whose Interests’ tax capital accounts shall be in excess
of their book capital accounts (after making the adjustments, other than adjustments resulting from
the allocations to be made pursuant to this Section 6.3(b)(vi), described in Section 6.3(b)(i) above) in the ratio that each such Interest Holder’s excess shall bear to all such
Owners’ excesses.

37

 

     (vii) Disposition Loss that remains after the allocation pursuant to Section 6.3(b)(vi)
above shall be allocated to the Owners in the ratio that Interest Holder’s book capital account
bears to all Owners’ book capital accounts.

     (c) The tax allocations prescribed by this Section 6.3 shall be made to each holder of a
Interest whether or not the holder is a substituted Limited Owner. For purposes of this Section
6.3, tax allocations shall be made to the Managing Owner’s Interests on a Interest-equivalent
basis.

     (d) The allocation of income and loss (and items thereof) for federal income tax purposes
set forth in this Section 6.3 is intended to allocate taxable income and loss among Owners
generally in the ratio and to the extent that net profit and net loss shall be allocated to such
Owners under Section 6.2 so as to eliminate, to the extent possible, any disparity between a
Interest Holder’s book capital account and his tax capital account, consistent with the principles
set forth in Sections 704(b) and (c)of the Code. Notwithstanding Section 6.3(b), if the allocations
in Section 6.3(b)(ii) and 6.3(b)(v) fail to allocate Disposition Gain or Disposition Loss
sufficient to eliminate the relevant Gain Disparity or Loss Disparity, the Managing Owner shall
first allocate Disposition Gain or Disposition Loss in later periods to eliminate such Gain
Disparity or Loss Disparity.

     (e) Notwithstanding this Section 6.3, if after taking into account any distributions to be
made with respect to such Interest for the relevant period pursuant to Section 6.4 herein, any
allocation would produce a deficit in the book capital account of a Interest, the portion of such
allocation that would create such a deficit shall instead be allocated pro rata to the book capital
accounts of the other Interests held by the same Interest Holder (subject to the same limitation)
and, as to any balance, shall be allocated pro rata to the book capital accounts of all the
remaining Owners (subject to the same limitation).

     SECTION 6.4 Allocation of Distributions. Initially, distributions shall be made by the
Managing Owner, and the Managing Owner shall have sole discretion in determining the amount and
frequency of distributions, other than redemptions, which the Trust shall make with respect to the
Interests; provided, however, that the Trust shall not make any distribution that violates the
Delaware Statutory Trust Act. The aggregate distributions made in a Fiscal Year (other than
distributions on termination, which shall be allocated in the manner described in Section 13.2)
shall be made to the holders of record of Interests in the ratio in which the number of Interests
held of record by each of them bears to the number of Interests held of record by all of the Owners
as of the record date of such distribution; provided, further, however, that any distribution made
in respect of a Interest shall not exceed the book capital account for such Interest.

     SECTION 6.5 Admissions of Owners; Transfers. For purposes of this Article VI, Owners
shall be deemed admitted, and a tax and book capital account shall be established in respect of the
Interests acquired by such Interest Holder or in respect of additional Interests acquired by an
existing Interest Holder, as of the Business Day falling two (2) Business Days after the date on
which such Interest Holder’s Subscription Agreement or Exchange Request, as the case may be, is
received, provided the Managing Owner shall have been in receipt of such Subscription Agreement or
Exchange Request for at least two (2) Business Days, or in which the
transfer of Interests to such Interest Holder is recognized, except that persons accepted as
subscribers to the Trust pursuant to Section 3.2 shall be deemed admitted on the date determined
pursuant to such Section. Any Interest Holder shall provide the Managing Owner with a

38

 

Subscription
Agreement or Exchange Request, as the case may be, by 4:00 PM NYT. The Managing Owner, in its sole
and absolute discretion, may change such notice requirement upon written notice to the Interest
Holder. Any Interest Holder to whom a Interest had been transferred shall succeed to the tax and
book capital accounts attributable to the Interest transferred.

     SECTION 6.6 Liability for State and Local and Other Taxes. In the event that the Trust
or any Series shall be separately subject to taxation by any state or local or by any foreign
taxing authority, the Trust or the Series shall be obligated to pay such taxes to such
jurisdiction. In the event that the Trust or the Series shall be required to make payments to any
Federal, state or local or any foreign taxing authority in respect of any Interest Holder’s
allocable share of Trust income, the amount of such taxes shall be considered a loan by the Trust
to such Interest Holder, and such Interest Holder shall be liable for, and shall pay to the Trust,
any taxes so required to be withheld and paid over by the Trust within ten (10) days after the
Managing Owner’s request therefor. Such Interest Holder shall also be liable for (and the Managing
Owner shall be entitled to redeem additional Interests of the foreign Interest Holder as necessary
to satisfy) interest on the amount of taxes paid over by the Trust to the IRS or other taxing
authority, from the date of the Managing Owner’s request for payment to the date of payment or the
redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from
time to time by U.S. Bank National Association. The amount, if any, payable by the Trust to the
Interest Holder in respect of its Interests so redeemed, or in respect of any other actual
distribution by the Trust to such Interest Holder, shall be reduced by any obligations owed to the
Trust by the Interest Holder, including, without limitation, the amount of any taxes required to be
paid over by the Trust to the IRS or other taxing authority and interest thereon as aforesaid.
Amounts, if any, deducted by the Trust from any actual distribution or redemption payment to such
Interest Holder shall be treated as an actual distribution to such Interest Holder for all purposes
of this Trust Agreement.

ARTICLE VII

REDEMPTIONS

     SECTION 7.1 Redemption of Interests. The Owners recognize that the profitability of any
Series depends upon long-term and uninterrupted investment of capital. It is agreed, therefore,
that Series profits and gains may be automatically reinvested, and that distributions, if any, of
profits and gains to the Owners will be on a limited basis. Nevertheless, the Owners contemplate
the possibility that one or more of the Limited Owners may elect to realize and withdraw profits,
or withdraw capital through the redemption of Interests prior to the dissolution of a Series. In
that regard and subject to the provisions of Section 4.2(h):

     (a) Subject to the conditions set forth in this Article VII, each Limited Owner (or any
permitted assignee thereof) shall have the right to redeem a Limited Interest or portion thereof on
any Business Day. Redemption orders in an acceptable form of written notice of redemption received
by the Administrator by 4:00 PM NYT on any Business Day will be effective on that date (the
“Redemption Date”). In the event the Administrator receives such a request after 4:00 PM NYT on
any Business Day, the Redemption Date shall be the next the Business Day. The Managing Owner, in
its sole and absolute discretion, may change the notice requirement upon written notice to such
redeeming Interest Holder. Interests will be redeemed on a “first in, first
out” basis based on time of receipt of redemption requests at a redemption price equal to the Net
Asset Value of a Series per Interest calculated as of the Valuation Point immediately preceding the
applicable Redemption Date. If an Interest Holder (or permitted assignee thereof) is permitted

39

 

to redeem any or all of his Interests as of a date other than a Redemption Date, such adjustments in
the determination and allocation among the Owners of Disposition Gain, Disposition Loss, Profits,
Losses and items of income or deduction for tax accounting purposes shall be made as are necessary
or appropriate to reflect and give effect to the redemption.

     (b) The value of a Interest for purposes of redemption shall be the book capital account
balance of such Interest at the Valuation Point on the Redemption Date, less any amount owing by
such Limited Owner (and his permitted assignee, if any) to the Trust pursuant to Sections 4.6(g),
5.3(h) or 6.6 of this Trust Agreement. If redemption of a Interest shall be requested by a
permitted assignee, all amounts which shall be owed to the Trust under Sections 4.6(g), 5.3(h) or
6.6 hereof by the Interest Holder of record, as well as all amounts which shall be owed by all
permitted assignees of such Interests, shall be deducted from the Net Asset Value of a Series of
such Interests upon redemption.

     (c) The effective date of redemption shall be the Redemption Date, and payment of the value
of the redeemed Interests (except for Interests redeemed as part of an Exchange as provided in
Section 7.4) generally shall be made within ten (10) Business Days following the Redemption Date;
provided, that all liabilities, contingent or otherwise, of the Trust or any Series in the Trust,
except any liability to Owners on account of their Capital Contributions, have been paid or there
remains property of the Series sufficient to pay them; and provided further, that under
extraordinary circumstances as may be determined by the Managing Owner in its sole discretion,
including, but not limited to, the inability to liquidate Commodity positions as of such Redemption
Date, or default or delay in payments due the Trust from commodity brokers, banks or other Persons,
or significant administrative hardship, the Trust may in turn delay payment to Limited Owners
requesting redemption of Interests of the proportionate part of the value of redeemed Interests
represented by the sums which are the subject of such default or delay, in which event payment for
redemption of such Interests will be made to Limited Owners as soon thereafter as is practicable. A
Limited Owner may revoke his notice of intent to redeem on or prior to the Redemption Date by
written instructions to the Managing Owner. If a Limited Owner revokes his notice of intent to
redeem and thereafter wishes to redeem, such Limited Owner will be required to submit written
notice thereof in accordance with Section 7.1(d) and will be redeemed on the first Redemption Date
to occur after the Managing Owner shall have been in receipt of such written notice. The Managing
Owner, in its sole and absolute discretion, may change such notice requirement upon written notice
to such Limited Owner.

     (d) A Limited Owner (or any permitted assignee thereof) wishing to redeem Interests must
provide the Managing Owner with written notice of his intent to redeem, which notice shall specify
the name and address of the redeeming Limited Owner and the amount of Limited Interests sought to
be redeemed. The notice of redemption shall be in the form annexed to the Subscription Document or
in any other form acceptable to the Managing Owner. In certain circumstances, the Trust may require
additional documents, such as, but not limited to, trust instruments, death certificates,
appointments as executor or administrator or certificates of corporate authority. Limited Owners
requesting redemption shall be notified in writing within ten (10) Business Days following the
Redemption Date whether or not their Interests will be redeemed, unless payment for the redeeming
Interests is made within that ten (10) Business Day period, in which case the notice of acceptance
of the redemption shall not be required.

     (e) The Managing Owner may suspend temporarily any redemption for up to 30 days if the
effect of such redemption, either alone or in conjunction with other redemptions, would be to
impair the Trust’s ability to operate in pursuit of its objectives. The Managing Owner may also

40

 

suspend temporarily any redemption for up to 30 days in the event of a natural disaster, force
majeure, act of war, terrorism or other event which results in the closure of financial markets. In
addition, the Managing Owner may mandatorily redeem Interests pursuant to Section 4.2(h).

     (f) Interests that are redeemed shall be extinguished and shall not be retained or reissued
by the Trust or any Series.

     (g) Except as discussed above, all requests for redemption in proper form will be honored,
and the Series’ positions will be liquidated to the extent necessary to discharge its liabilities
on the Redemption Date.

     SECTION 7.2 Redemption by the Managing Owner. Notwithstanding any provision in this
Trust Agreement to the contrary, for so long as it shall act as the Trust’s Managing Owner, the
Managing Owner may transfer or redeem any of its General Interests without notice to the Limited
Owners.

     SECTION 7.3 Exchange of Interests. Upon the commencement of trading for a Series, Limited
Owners of such Series may exchange, without any fee, Interest in that Series for Interest of
another Class of Interest in such Fund or for Interest in another Series which has also commenced
trading (an “Exchange”), subject to the conditions on Redemptions in this Article VII, provided,
however, that Exchanges shall only take place on the last Wednesday of each month (the “Exchange
Date”), unless that day or the following day is not a Business Day, in such an event the Exchange
Date is two Business Days prior to the last Wednesday of the month. The Administrator must receive
a Limited Owner’s request to exchange Units by 4:00 PM NYT on the Exchange Date. Exchanges are
calculated at the applicable Series’ net asset value per Interest at the Valuation Point on the
Exchange Date, and settlement of exchange requests will be completed at such date and time.
Exchanges between Series shall be completed using the currency exchange rate at the Valuation Point
on the Exchange Date then available to the Trust by its bankers.

ARTICLE VIII

THE LIMITED OWNERS

     SECTION 8.1 No Management or Control; Limited Liability. The Limited Owners shall not
participate in the management or control of the Trust’s business nor shall they transact any
business for the Trust or any Series thereof or have the power to sign for or bind the Trust or any
Series thereof, said power being vested solely and exclusively in the Managing Owner. Except as
provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for,
the expenses, liabilities or obligations of the Trust in excess of his Capital Contribution plus
his share of the Trust Estate of any Series in which such Limited Owners owns a Interest and
profits remaining in the Series, if any. Except as provided herein, each Limited Interest owned by
a Limited Owner shall be fully paid and no assessment shall be made against any Limited Owner. No
salary shall be paid to any Limited Owner in his capacity as a Limited Owner, nor shall any Limited
Owner have a drawing account or earn interest on his contribution.

     SECTION 8.2 Rights and Duties. The Limited Owners shall have the following rights,
powers, privileges, duties and liabilities:

41

 

     (a) The Limited Owners shall have the right to obtain information of all things affecting
the Trust (or any Series thereof in which it holds a Interest), provided that such is for a purpose
reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust, including,
without limitation, such reports as are set forth in Article IX and such information as is set
forth in Section 4.3(k) hereof. In the event that the Managing Owner neglects or refuses to produce
or mail to a Limited Owner a copy of the information set forth in Section 4.3(k) hereof, the
Managing Owner shall be liable to such Limited Owner for the costs, including reasonable attorney’s
fees, incurred by such Limited Owner to compel the production of such information, and for any
actual damages suffered by such Limited Owner as a result of such refusal or neglect; provided,
however, it shall be a defense of the Managing Owner that the actual purpose of the Limited Owner’s
request for such information was not reasonably related to the Limited Owner’s interest as a
beneficial owner in the Trust (e.g., to secure such information in order to sell it, or to use the
same for a commercial purpose unrelated to the participation of such Limited Owner in the Trust).
The foregoing rights are in addition to, and do not limit, other remedies available to Limited
Owners under federal or state law.

     (b) The Limited Owners shall receive from the assets of the Series in which they hold
Interests, the share of the distributions provided for in this Trust Agreement in the manner and at
the times provided for in this Trust Agreement.

     (c) Except for the Limited Owners’ redemption rights set forth in Article VII hereof or
upon a mandatory redemption effected by the Managing Owner pursuant to Section 4.2(g) hereof,
Limited Owners shall have the right to demand the return of their capital account only upon the
dissolution and winding up of the Series in which they hold Interests and only to the extent of
funds available therefor. In no event shall a Limited Owner be entitled to demand or receive
property other than cash. Except with respect to Series, Class or Sub-Class differences, no Limited
Owner shall have priority over any other Limited Owner either as to the return of capital or as to
profits, losses or distributions. No Limited Owner shall have the right to bring an action for
partition against the Trust.

     (d) Limited Owners holding Interests representing in excess of (50%) in Net Asset Value of
each affected Series (not including Interests held by the Managing Owner and its Affiliates,
including the commodity broker) voting separately as a class, may approve amendments to this Trust
Agreement as set forth in Section 11.1 hereof. Additionally, Limited Owners holding Interests
representing over (75%) in Net Asset Value of each affected Series (not including Interests held by
the Managing Owner and its Affiliates, including the commodity broker) voting separately as a class
may vote to continue the Trust as provided in Section 13.1(b) and terminate the Series as provided
in Section 13.1(g). Further, Limited Owners holding Interests representing at least 80% in Net
Asset Value of each affected Series (not including Interests held by the Managing Owner and its
Affiliates, including the commodity broker) voting separately as a class may vote to (i) approve
the voluntary withdrawal of the Managing Owner and elect a successor Managing Owner as provided in
Section 4.10, (ii) approve a material change in the trading policies of a Series, as set forth in
the Registration Statement, which change shall not be effective without the prior written approval
of such majority, (iii) approve the termination of any agreement entered into between the Trust and
the Managing Owner or any Affiliate of the Managing Owner for any reason, without penalty, (iv)
remove the Managing Owner of such Series as provided in Section 4.10 and (v) elect one or more additional Managing
Owners and in the case of (iii) and (v) in each instance sixty (60) days’ prior written notice.

42

 

     Except as set forth above, the Limited Owners shall have no voting or other rights with
respect to the Trust. Prior to the exercise by the Limited Owners of the rights set forth in
Section 8.2(d), the Trust will, if practicable, provide the Limited Owners with an opinion of
independent legal counsel in each state where the Trust may be deemed to be conducting its business
with respect to whether or not such exercise would constitute such participation in the control of
the Trust business as would adversely affect the Limited Owners limited liability under the laws of
such state.

     SECTION 8.3 Limitation on Liability.

     (a) Except as provided in Sections 4.6(g), 5.3(h) and 6.6 hereof, and as otherwise provided
under Delaware law, the Limited Owners shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized under the general
corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of
the Trust in excess of his Capital Contribution to the Trust and his share of the Trust Estate and
undistributed profits, except in the event that the liability is founded upon misstatements or
omissions contained in such Limited Owner’s Subscription Agreement delivered in connection with his
purchase of Interests. In addition, and subject to the exceptions set forth in the immediately
preceding sentence, the Trust shall not make a claim against a Limited Owner with respect to
amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption
unless, under Delaware law, such Limited Owner is liable to repay such amount.

     (b) The Trust shall indemnify, on a pro rata basis among Series, to the full extent
permitted by law and the other provisions of this Agreement, and to the extent of the Trust Estate,
each Limited Owner (excluding the Managing Owner to the extent of its ownership of any Limited
Interests) against any claims of liability asserted against such Limited Owner solely because he is
a beneficial owner of one or more Series’ Interests (other than for taxes for which such Limited
Owner is liable under Section 6.6 hereof).

     (c) Every written note, bond, contract, instrument, certificate or undertaking made or
issued by the Managing Owner shall give notice to the effect that the same was executed or made by
or on behalf of the Trust and that the obligations of such instrument are not binding upon the
Limited Owners individually but are binding only upon the assets and property of the Trust, and no
resort shall be had to the Limited Owners’ personal property for satisfaction of any obligation or
claim thereunder, and appropriate references may be made to this Trust Agreement and may contain
any further recital which the Managing Owner deems appropriate, but the omission thereof shall not
operate to bind the Limited Owners individually or otherwise invalidate any such note, bond,
contract, instrument, certificate or undertaking. Nothing contained in this Section 8.3 shall
diminish the limitation on the liability of each Series to the extent set forth in Section 3.6 and
3.7 hereof.

ARTICLE IX

BOOKS OF ACCOUNT AND REPORTS

     SECTION 9.1 Books of Account. Proper books of account for the Trust and each Series
shall be kept and shall be audited annually by an independent certified public accounting firm
selected by the Managing Owner in its sole discretion, and there shall be entered therein all
transactions, matters and things relating to the Trust’s business as are required by the CE Act and

43

 

regulations promulgated thereunder, and all other applicable rules and regulations, and as are
usually entered into books of account kept by Persons engaged in a business of like character. The
books of account shall be kept at the principal office of the Trust and each Limited Owner (or any
duly constituted designee of a Limited Owner) shall have, at all times during normal business
hours, free access to and the right to inspect and copy the same for any purpose reasonably related
to the Limited Owner’s interest as a beneficial owner of any Series, including such access as is
required under CFTC rules and regulations. Such books of account shall be kept, and the Trust shall
report its Profits and Losses on, the accrual method of accounting for financial accounting
purposes on a Fiscal Year basis as described in Article X.

     SECTION 9.2 Annual Reports and Quarterly Statements. Each Limited Owner shall be
furnished as of the end of each calendar quarter and as of the end of each Fiscal Year with any
reports or information which the Managing Owner, in its discretion, determines to be necessary or
appropriate.

     SECTION 9.3 Tax Information. Appropriate tax information (adequate to enable each
Limited Owner to complete and file his federal tax return) shall be delivered to each Limited Owner
as soon as practicable following the end of each Fiscal Year but generally no later than March 15.

     SECTION 9.4 Calculation of Net Asset Value of a Series. Net Asset Value of a Series
shall be calculated on each Business Day as required..

     SECTION 9.5 Other Reports. The Managing Owner shall send such other reports and
information, if any, to the Limited Owners as it may deem necessary or appropriate. Each Limited
Owner shall be notified of (a) any material change in the terms of the Advisory Agreement,
including any modification in connection with the method of calculating the incentive fee; (b) any
change of Trustee; (c) any other material change affecting the compensation of any party within
seven (7) Business Days of such occurrence; and (d) a description of any material effect on the
Interests such changes may have.

     SECTION 9.6 Maintenance of Records. The Managing Owner shall maintain (a) for a period
of at least eight (8) Fiscal Years all books of account required by Section 9.1 hereof; a list of
the names and last known address of, and number of Interests owned by, all Owners, a copy of the
Certificate of Trust and all certificates of amendment thereto, together with executed copies of
any powers of attorney pursuant to which any certificate has been executed; copies of the Series’
federal, state and local income tax returns and reports, if any; and a record of the information
obtained to indicate that a Limited Owner meets the investor suitability standards set forth in the
Registration Statement, and (b) for a period of at least six (6) Fiscal Years copies of any
effective written trust agreements, subscription agreements and any financial statements of the
Trust.

     SECTION 9.7 Certificate of Trust. Except as otherwise provided in the Delaware
Statutory Trust Act or this Trust Agreement, the Managing Owner shall not be required to mail a
copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each
Limited Owner; however, such certificates shall be maintained at the principal office of the Trust
and shall be available for inspection and copying by the Limited Owners in accordance with
this Trust Agreement. The Certificate of Trust shall not be amended in any respect if the effect of
such amendment is to diminish the limitation on interseries liability under Section 3804 of the
Delaware Statutory Trust Act.

44

 

ARTICLE X

FISCAL YEAR

     SECTION 10.1 Fiscal Year. The fiscal year of the Trust (“Fiscal Year”) shall begin on
the 1st day of January and end on the 31st day of December of each year. The first Fiscal Year
shall commence on January 1, 2006, and end on the 31st day of December, 2006.

ARTICLE XI

AMENDMENT OF TRUST AGREEMENT; MEETINGS

     SECTION 11.1 Amendments to the Trust Agreement.

     (a) Amendments to this Trust Agreement may be proposed by the Managing Owner or by Limited
Owners holding Interests equal to at least ten percent (10%) of the Net Asset Value of each Series
of the Trust, unless the proposed amendment affects only certain Series, in which case such
amendment may be proposed by Limited Owners holding Interests equal to at least ten percent (10%)
of Net Asset Value of a Series of each affected Series. Following such proposal, the Managing Owner
shall submit to the Limited Owners of each affected Series a verbatim statement of any proposed
amendment, and statements concerning the legality of such amendment and the effect of such
amendment on the limited liability of the Limited Owners. The Managing Owner shall include in any
such submission its recommendations as to the proposed amendment. The amendment shall become
effective only upon the written approval or affirmative vote of Limited Owners holding Interests
equal to at least a majority (over 50%) of the Net Asset Value of a Series (excluding Interests
held by the Managing Owner and its Affiliates) of the Trust or, if the proposed amendment affects
only certain Series, of each affected Series, or such higher percentage as may be required by
applicable law, and upon receipt of an opinion of independent legal counsel as set forth in Section
8.2 hereof and to the effect that the amendment is legal, valid and binding and will not adversely
affect the limitations on liability of the Limited Owners as described in Section 8.3 of this Trust
Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any
provision of this Trust Agreement requires the approval or affirmative vote of Limited Owners
holding a greater interest in Limited Interests than is required to amend this Trust Agreement
under this Section 11.1, and/or the approval or affirmative vote of the Managing Owners, an
amendment to such provision(s) shall be effective only upon the written approval or affirmative
vote of the minimum number of Owners which would be required to take or authorize such action, or
as may otherwise be required by applicable law, and upon receipt of an opinion of independent legal
counsel as set forth above in this Section 11.1. In addition, except as otherwise provided below,
reduction of the capital account of any assignee or modification of the percentage of Profits,
Losses or distributions to which an assignee is entitled hereunder shall not be affected by
amendment to this Trust Agreement without such assignee’s approval.

     (b) Notwithstanding any provision to the contrary contained in Section 11.1(a) hereof, the
Managing Owner may, without the approval of the Limited Owners, make such amendments
to this Trust Agreement which (i) are necessary to add to the representations, duties or
obligations of the Managing Owner or surrender any right or power granted to the Managing Owner
herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct
or supplement any provision herein which may be inconsistent with any other provision herein or in

45

 

the Registration Statement, or to make any other provisions with respect to matters or questions
arising under this Trust Agreement or the Registration Statement which will not be inconsistent
with the provisions of the Trust Agreement or the Registration Statement, or (iii) the Managing
Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this
clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Limited Owners;
(B) is consistent with Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(c)
below, does not affect the allocation of Profits and Losses among the Limited Owners or between the
Limited Owners and the Managing Owner; and (D) does not adversely affect the limitations on
liability of the Limited Owners, as described in Article VIII hereof or the status of the each
Series as a partnership for federal income tax purposes.

     (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b)
hereof, the Managing Owner may, without the approval of the Limited Owners, amend the provisions of
Article VI of this Trust Agreement relating to the allocations of Profits, Losses, Disposition
Gain, Disposition Loss and distributions among the Owners if the Trust is advised at any time by
the Trust’s accountants or legal counsel that the allocations provided in Article VI of this Trust
Agreement are unlikely to be respected for federal income tax purposes, either because of the
promulgation of new or revised Treasury Regulations under Section 704 of the Code or other
developments in the law. The Managing Owner is empowered to amend such provisions to the minimum
extent necessary in accordance with the advice of the accountants and counsel to effect the
allocations and distributions provided in this Trust Agreement. New allocations made by the
Managing Owner in reliance upon the advice of the accountants or counsel described above shall be
deemed to be made pursuant to the obligation of the Managing Owner to the Trust and the Limited
Owners, and no such new allocation shall give rise to any claim or cause of action by any Limited
Owner.

     (d) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended,
if required by the Delaware Statutory Trust Act, to reflect such change.

     (e) No amendment shall be made to this Trust Agreement without the consent of the Trustee
if such amendment adversely affects any of the rights, duties or liabilities of the Trustee;
provided, however, that the Trustee may not withhold its consent for any action which the Limited
Owners are permitted to take under Section 8.2(d) above. The Trustee shall execute and file any
amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is
required in the opinion of the Trustee. A copy of any amendment made to this Trust Agreement shall
be promptly provided to the Trustee by the Managing Owner.

     (f) No provision of this Agreement may be amended, waived or otherwise modified orally but
only by a written instrument adopted in accordance with this Section.

     SECTION 11.2 Meetings of the Trust. Meetings of the Owners of the Trust or any Series
thereof may be called by the Managing Owner and will be called by it upon the written request of
Limited Owners holding Interests not less than fifty percent (50%) of the Net Asset Value of a
Series of the Trust or any Series thereof. Such call for a meeting shall be deemed to have been
made upon the receipt by the Managing Owner of a written request from the requisite percentage of
Limited Owners. The Managing Owner shall deposit in the Interested States mails,
within fifteen (15) days after receipt of said request, written notice to all Owners of the
Trust or any Series thereof of the meeting and the purpose of the meeting, which shall be held on a
date, not less than thirty (30) nor more than sixty (60) days after the date of mailing of said
notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description
of

46

 

the action to be taken at the meeting and an opinion of independent counsel as to the effect of
such proposed action on the liability of Limited Owners for the debts of the Trust. Owners may vote
in person or by proxy at any such meeting.

     SECTION 11.3 Action Without a Meeting. Any action required or permitted to be taken by
Owners by vote may be taken without a meeting by written consent setting forth the actions so
taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote
or consent of any Interest Holder to any action of the Trust or any Interest Holder, as
contemplated by this Agreement, is solicited by the Managing Owner, the solicitation shall be
effected by notice to each Interest Holder given in the manner provided in Section 15.4. The vote
or consent of each Interest Holder so solicited shall be deemed conclusively to have been cast or
granted as requested in the notice of solicitation, whether or not the notice of solicitation is
actually received by that Interest Holder, unless the Interest Holder expresses written objection
to the vote or consent by notice given in the manner provided in Section 15.4 below and actually
received by the Trust within 20 days after the notice of solicitation is effected. The Managing
Owner and all persons dealing with the Trust shall be entitled to act in reliance on any vote or
consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by
the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent
of one or more Owners shall not be void or voidable by reason of timely communication made by or on
behalf of all or any of such Owners in any manner other than as expressly provided in Section 15.4.

ARTICLE XII

TERM

     SECTION 12.1 Term. The term for which the Trust and each Series is to exist shall
commence on the date of the filing of the Certificate of Trust, and shall expire on August 1, 2050,
unless sooner terminated pursuant to the provisions of Article XIII hereof or as otherwise provided
by law.

ARTICLE XIII

TERMINATION

     SECTION 13.1 Events Requiring Dissolution of the Trust or any Series. The Trust or, as
the case may be, any Series thereof shall dissolve at any time upon the happening of any of the
following events:

     (a) The expiration of the Trust term as provided in Article XII hereof.

     (b) The filing of a certificate of dissolution or revocation of the Managing Owner’s
charter (and the expiration of ninety (90) days after the date of notice to the Managing Owner of
revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or
admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an “Event
of Withdrawal”) unless (i) at the time there is at least one remaining Managing Owner
and that remaining Managing Owner carries on the business of the Trust or (ii) within ninety
(90) days of such Event of Withdrawal all the remaining Owners agree in writing to continue the
business of the Trust and to select, effective as of the date of such event, one or more successor
Managing Owners. If the Trust is terminated as the result of an Event of Withdrawal and a failure

47

 

of all remaining Owners to continue the business of the Trust and to appoint a successor Managing
Owner as provided in clause (b)(ii) above, within one hundred twenty (120) days of such Event of
Withdrawal, Limited Owners holding Interests representing at least (75%) of the Net Asset Value of
each Series (not including Interests held by the Managing Owner and its Affiliates) may elect to
continue the business of the Trust thereof by forming a new statutory trust (the “Reconstituted
Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the
parties hereto shall execute and deliver any documents or instruments as may be necessary to reform
the Trust). Any such election must also provide for the election of a Managing Owner to the
Reconstituted Trust. If such an election is made, all Limited Owners of the Trust shall be bound
thereby and continue as Limited Owners of the Reconstituted Trust.

     (c) The occurrence of any event which would make unlawful the continued existence of the
Trust or any Series thereof, as the case may be.

     (d) With respect to the Trust, the failure to sell the Subscription Minimums of all Series
or, with respect to a Series, the failure to sell the Subscription Minimum during the Offering
Period.

     (e) The Trust or, as the case may be, any Series becomes insolvent or bankrupt.

     (f) The Limited Owners holding Interests representing at least (75%) of the Net Asset Value
of a Series (which excludes the Interests of the Managing Owner) vote to dissolve the Series,
notice of which is sent to the Managing Owner not less than ninety (90) Days prior to the effective
date of such Series’ termination.

     (g) The Limited Owners of each Series holding Interests representing at least (75%) of the
Net Asset Value of the Series (which excludes the Interests of the Managing Owner) vote to dissolve
the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Days prior to
the effective date of such terminations.

     (h) The determination of the Managing Owner that the Series’ aggregate net assets in
relation to the operating expenses of the Series make it unreasonable or imprudent to continue the
business of the Series.

     The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Limited
Owner (as long as such Limited Owner is not the sole Limited Owner of the Trust) shall not result
in the termination of the Trust or any Series thereof, and such Limited Owner, his estate,
custodian or personal representative shall have no right to withdraw or value such Limited Owner’s
Interests except as provided in Section 7.1 hereof. Each Limited Owner (and any assignee thereof)
expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and
he directs the legal representative of his estate and any person interested therein to waive the
furnishing of any inventory, accounting or appraisal of the assets of the Series in which they own
a Interest and any right to an audit or examination of the books of the Series in which they own a
Interest, except for such rights as are set forth in Article IX hereof relating to the Books of
Account and reports of the Series.

     SECTION 13.2 Distributions on Dissolution. Upon the dissolution of the Trust or any
Series, the Managing Owner (or in the event there is no Managing Owner, such person (the
“Liquidating Trustee”) as the majority in interest of the Limited Owners may propose and approve)
shall take full charge of the Trust’s or Series’ assets and liabilities. The Liquidating

48

 

Trustee shall promptly notify the Trustee of its appointment. Any Liquidating Trustee so appointed shall
have and may exercise, without further authorization or approval of any of the parties hereto, all
of the powers conferred upon the Managing Owner under the terms of this Trust Agreement, subject to
all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and
provided that the Liquidating Trustee shall not have general liability for the acts, omissions,
obligations and expenses of the Trust. Thereafter, the business and affairs of the Trust or Series
shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining
the fair value thereof, and the proceeds therefrom shall be applied and distributed in the
following order of priority: (a) to the expenses of liquidation and termination and to creditors,
including Owners who are creditors, to the extent otherwise permitted by law, in satisfaction of
liabilities of the Trust or Series of the Trust (whether by payment or the making of reasonable
provision for payment thereof) other than liabilities for distributions to Owners, and (b) to the
Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account
balance, less any amount owing by such Interest Holder to the Trust or Series, after giving effect
to all adjustments made pursuant to Article VI and all distributions theretofore made to the Owners
pursuant to Article VI. After the distribution of all remaining assets of the Trust or Series, the
Managing Owner will contribute to the Trust or Series an amount equal to the lesser of (i) the
deficit balance, if any, in its book capital account, and (ii) the excess of 1.01% of the total
Capital Contributions of the Limited Owners over the capital previously contributed by the Managing
Owner. Any Capital Contributions made by the Managing Owner pursuant to this Section shall be
applied first to satisfy any amounts then owed by the Trust or Series to its creditors, and the
balance, if any, shall be distributed to those Owners in the Trust or Series whose book capital
account balances (immediately following the distribution of any liquidation proceeds) were
positive, in proportion to their respective positive book capital account balances.

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

ARTICLE XIV

POWER OF ATTORNEY

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

49

 

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

     (b) Any instrument which may be required to be filed by the Trust under the laws of any
state or by any governmental agency, or which the Managing Owner deems advisable to file; and

     (c) This Trust Agreement and any documents which may be required to effect an amendment to
this Trust Agreement approved under the terms of the Trust Agreement, and the continuation of the
Trust, the admission of the signer of the Power of Attorney as a Limited Owner or of others as
additional or substituted Limited Owners, or the termination of the Trust, provided such
continuation, admission or termination is in accordance with the terms of this Trust Agreement.

     SECTION 14.2 Effect of Power of Attorney. The Power of Attorney concurrently granted by
each Limited Owner to the Managing Owner:

     (a) Is a special, irrevocable Power of Attorney coupled with an interest, and shall survive
and not be affected by the death, disability, dissolution, liquidation, termination or incapacity
of the Limited Owner;

     (b) May be exercised by the Managing Owner for each Limited Owner by a facsimile signature
of one of its officers or by a single signature of one of its officers acting as attorney-in-fact
for all of them; and

     (c) Shall survive the delivery of an assignment by a Limited Owner of the whole or any
portion of his Limited Interests; except that where the assignee thereof has been approved by the
Managing Owner for admission to the Trust as a substituted Limited Owner, the Power of Attorney of
the assignor shall survive the delivery of such assignment for the sole purpose of enabling the
Managing Owner to execute, acknowledge and file any instrument necessary to effect such
substitution. Each Limited Owner agrees to be bound by any representations made by the Managing
Owner and by any successor thereto, determined to be acting in good faith pursuant to such Power of
Attorney and not constituting negligence or misconduct.

     SECTION 14.3 Limitation on Power of Attorney. The Power of Attorney concurrently
granted by each Limited Owner to the Managing Owner shall not authorize the Managing Owner to act
on behalf of Limited Owners in any situation in which this Trust Agreement requires the approval of
Limited Owners unless such approval has been obtained as required by this Trust Agreement. In the
event of any conflict between this Trust Agreement and any instruments filed by the Managing Owner
or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control.

50

 

ARTICLE XV

MISCELLANEOUS

     SECTION 15.1 Governing Law. The validity and construction of this Trust Agreement and
all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all
parties hereto and the effect of every provision hereof shall be subject to and construed according
to the laws of the State of Delaware without regard to the conflict of laws provisions thereof;
provided, however, that causes of action for violations of federal or state securities laws shall
not be governed by this Section 15.1, and provided, further, that the parties hereto intend that
the provisions hereof shall control over any contrary or limiting statutory or common law of the
State of Delaware (other than the Delaware Statutory Trust Act) and that, to the maximum extent
permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the Managing
Owner, the Owners or this Trust Agreement any provision of the laws (statutory or common) of the
State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate
to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or
governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b)
affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c)
the necessity for obtaining court or other governmental approval concerning the acquisition,
holding or disposition of real or personal property, (d) fees or other sums payable to trustees,
officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income
or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of
trust investments or requirements relating to the titling, storage or other manner of holding of
trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or
limitations on the acts or powers of trustees or managers that are inconsistent with the
limitations on liability or authorities and powers of the Trustee or the Managing Owner set forth
or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not
apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without
limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by
such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the
powers or privileges afforded to statutory trusts and the absence of a specific reference herein to
any such power, privilege or action shall not imply that the Trust may not exercise such power or
privilege or take such actions.

     SECTION 15.2 Provisions In Conflict With Law or Regulations.

     (a) The provisions of this Trust Agreement are severable, and if the Managing Owner shall
determine, with the advice of counsel, that any one or more of such provisions (the “Conflicting
Provisions”) are in conflict with the Code, the Delaware Statutory Trust Act or other applicable
federal or state laws, the Conflicting Provisions shall be deemed never to have constituted a part
of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust
Agreement; provided, however, that such determination by the Managing Owner shall not affect or
impair any of the remaining provisions of this Trust Agreement or render invalid or improper any
action taken or omitted prior to such determination. No Managing Owner or Trustee shall be liable
for making or failing to make such a determination.

     (b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any
jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such
provision in any other jurisdiction or any other provision of this Trust Agreement in any
jurisdiction.

     SECTION 15.3 Construction. In this Trust Agreement, unless the context otherwise
requires, words used in the singular or in the plural include both the plural and singular and
words denoting any gender include all genders. The title and headings of different parts are
inserted for convenience and shall not affect the meaning, construction or effect of this Trust
Agreement.

51

 

     SECTION 15.4 Notices. All notices or communications under this Trust Agreement (other
than requests for redemption of Interests, notices of assignment, transfer, pledge or encumbrance
of Interests, and reports and notices by the Managing Owner to the Limited Owners) shall be in
writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if
sent electronically, by facsimile or by overnight courier; and addressed, in each such case, to the
address set forth in the books and records of the Trust or such other address as may be specified
in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the
Interested States mail, upon transmission and electronic confirmation thereof or upon deposit with
a representative of an overnight courier, as the case may be. Requests for redemption, notices of
assignment, transfer, pledge or encumbrance of Interests shall be effective upon timely receipt by
the Managing Owner in writing.

     SECTION 15.5 Counterparts. This Trust Agreement may be executed in several
counterparts, and all so executed shall constitute one agreement, binding on all of the parties
hereto, notwithstanding that all the parties are not signatory to the original or the same
counterpart.

     SECTION 15.6 Binding Nature of Trust Agreement. The terms and provisions of this Trust
Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors,
estates, administrators, personal representatives, successors and permitted assigns of the
respective Owners. For purposes of determining the rights of any Interest Holder or assignee
hereunder, the Trust and the Managing Owner may rely upon the Trust records as to who are Owners
and permitted assignees, and all Owners and assignees agree that the Trust and the Managing Owner,
in determining such rights, shall rely on such records and that Limited Owners and assignees shall
be bound by such determination.

     SECTION 15.7 No Legal Title to Trust Estate. The Owners shall not have legal title to
any part of the Trust Estate.

     SECTION 15.8 Creditors. No creditors of any Owners shall have any right to obtain
possession of, or otherwise exercise legal or equitable remedies with respect to the Trust Estate.

     SECTION 15.9 Integration. This Trust Agreement constitutes the entire agreement among
the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and
understandings pertaining thereto.

     IN WITNESS WHEREOF, the undersigned have duly executed this Declaration of Trust and Trust
Agreement as of the day and year first above written.

	 	 	 	 	 
	CSC TRUST COMPANY OF DELAWARE,

as Trustee

 	 	 
	By:  	/s/
Shawn P. Wilson	 	 
	Name:  	 	Shawn P. Wilson	 	 
	Title:  	 	Vice President	 	 

52

 

	 	 	 	 	 
	BROOKSHIRE RAW MATERIALS MANAGEMENT, LLC,

as Managing Owner

 	 	 
	By:  	/s/
John Marshall	 	 
	Name:  	 	John Marshall	 	 
	Title:  	 	Chief Executive Officer	 	 

53

 

	 	 	 	 	 

EXHIBIT A-1

CERTIFICATE OF TRUST

BROOKSHIRE RAW MATERIALS (U.S.) TRUST

     This Certificate of Trust is filed in accordance with the provisions of the Delaware Statutory
Trust Act (12 Del. C. Section 3801 et seq.) and sets forth the following:

     FIRST: The name of the trust is “BROOKSHIRE RAW MATERIALS (U.S.) TRUST” (the “Trust”).

     SECOND: The name and the business address of the Delaware trustee is CSC TRUST COMPANY OF
DELAWARE, 2711 Centerville Road, Suite 210, Wilmington, Delaware, 19808.

     THIRD: Pursuant to Section 3806(b)(2) of the Delaware Statutory Trust Act, the Trust shall
issue one or more series of beneficial interests having the rights, powers and duties as set forth
in the Declaration of Trust and Trust Agreement of the Trust dated December 30, 2005, as the same
may be amended from time to time (each a “Series”).

     FOURTH: Notice of Limitation of Liability of each Series: Pursuant to Section 3804 of the
Delaware Statutory Trust Act, there shall be a limitation on liability of each particular Series
such that the debts, liabilities, claims, obligations and expenses incurred, contracted for or
otherwise existing with respect to, in connection with or arising under a particular Series shall
be enforceable against the assets of that Series only, and not against the assets of the Trust
generally or the assets of any other Series.

	 	 	 	 	 
	 	CSC TRUST COMPANY OF DELAWARE,

as Trustee

 	 
	 	By:  	/s/ Shawn P. Wilson	 
	 	Name:  	 	Shawn P. Wilson	 
	 	Title:  	 	Vice PresidentEX-4.3

 

Exhibit 4.3

[FORM
OF ADMINISTRATION,
REGISTRAR AND TRANSFER AGENT AGREEMENT]

     AGREEMENT made as of                                         , 2006, by and between each entity listed on
Exhibit A hereto (each, a “Fund”; collectively, the “Funds”), and Mintz Fund Services Inc., a
company incorporated in and under the laws of the Province of Ontario, Canada and having its
registered office at Suite 200, 1 Concorde Gate, North York, ON M3C 4G4, Canada (hereinafter called
“MFSI”).

W I T N E S S E T H:

     WHEREAS, each Fund desires to retain MFSI to provide the services described herein, and MFSI
is willing to provide such services, all as more fully set forth below;

     NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the
parties hereby agree as follows:

	1.	 	CONSTRUCTION
	 
	 	 	Unless the context requires otherwise, expressions used in this Agreement shall have the
meanings given to them in the Declaration of Trust and Trust Agreement related to each Fund
PROVIDED that no alteration or amendment of the said Declaration of Trust and Trust
Agreement shall be effective for the purpose of this Agreement unless the parties hereto
have assented thereto. References to Clauses are to Clauses of this Agreement.
	 
	2.	 	APPOINTMENT
	 
	2.1	 	The Fund HEREBY APPOINTS MFSI and MFSI HEREBY AGREES to act as administrator of the
Fund with effect from • (the “Effective Date”) or at a later date as may be agreed between the
parties on the terms and conditions hereinafter appearing.
	 
	2.2	 	MFSI shall observe and comply with the Declaration of Trust and Trust Agreement and
with the applicable provisions of any Placing Memorandum or other document relating to the
Funds distributed by or on behalf of the Funds and have regard to the general policy of each
Fund and all resolutions of the Trustees of the Trust (the “Trustees”) of which it has notice.
MFSI shall at all times exercise its powers and duties hereunder subject to and in accordance
with such directions and subject at all times to the control of and review by BrookshireTM Raw
Materials Management, LLC (the “Managing Owner”), in its capacity as managing owner of each of
the Funds, or such other entity as shall, from time to time, be the Managing Owner. MFSI
shall at all times exercise its powers and duties hereunder in accordance with the best
practices and procedures of professionals engaged in MFSI’s business of providing
administrative and secretarial services.
	 
	3.	 	DUTIES
	 
	3.1	 	Subject to Clause 2(2) of this Agreement, MFSI shall be responsible for the
supervision of the general administration services required by each Fund in connection with
its business and operation and shall be entitled to exercise each of the powers, duties and
discretions as are vested in the Managing Owner and otherwise as may be customarily vested in
and performed by managing owners or trustees. In particular, but without limiting the
generality of the foregoing, MFSI shall:

Page 1 of 8

 

	 	(a)	 	have all necessary office facilities, equipment and personnel to enable it to
carry out its functions hereunder and all general administrative services required by
each Fund in connection with its business operations (other than such services as are
to be rendered by other parties of which MFSI has notice);
	 
	 	(b)	 	supply the Custodian (or its agent) with such information and instructions as
may be requisite to enable such persons to perform their duties and shall be
responsible for the supervision of the performance by the Custodian (or its agent) of
its obligations and functions;
	 
	 	(c)	 	on behalf of each Fund, as directed by the Managing Owner, effect the
registration or transfer of shares in the Fund;
	 
	 	(d)	 	forthwith on receipt pay to or deposit with or to the order of the Custodian
(or its agent) all monies and securities received on behalf of a Fund;
	 
	 	(e)	 	be responsible for the administration of the procedure for the issue,
transfer, allotment, redemption and purchase of the units of beneficial interest (the
“Units”) of each Fund in accordance with the Articles of Association and enter on the
register of members of the Fund (“the Register”) all issues, allotments, transfers,
conversions, redemptions, and/or purchases of shares;
	 
	 	(f)	 	be entitled to enter into such contracts in the name of the Fund as it shall
consider necessary for the performance of its duties;
	 
	 	(g)	 	be responsible for keeping the Register of holders of Units in accordance
with the statutory provisions for the time being in force and the Declaration of Trust
and all other duties incidental thereto;
	 
	 	(h)	 	send all such circulars, notices of meetings, reports, financial statements,
documents required for income tax purposes and other written material to all persons
entitled to receive the same under the Declaration of Trust as the Fund may require;
and
	 
	 	(i)	 	generally perform all the duties usually performed by secretaries and
registrars with respect to the Trust, including the keeping and making of all
statutory returns and records required to be kept and made under the laws of the
Province of Ontario and the United States of America.

	3.3.1	 	MFSI shall have the following rights in relation to the issue and redemption of
the Units of each Fund:

	 	(a)	 	the right, in the case of requests for the issue or transfer of Units in the
applicable Fund, to determine whether the same shall be satisfied by the creation of
new shares by the Fund or the transfer by MFSI or some other person pursuant to
arrangements made by them or partly by issue and partly by such transfer; and
	 
	 	(b)	 	the right to transfer or procure the transfer of shares in satisfaction of
applications for such shares and to purchase shares in respect of which a Fund
receives or is deemed to receive a request for the redemption or purchase.

Page 2 of 8

 

	3.3.2	 	MFSI shall not at any time buy or sell shares of a Fund (whether for its own
account or otherwise) at lower or higher prices respectively than the relevant net asset value
per share or the aggregate of the relevant net asset value per share and the initial charge,
as applicable on the same date.
	 
	3.3.3	 	MFSI shall be at liberty in the performance of its duties and in the exercise of
any of the powers and discretions vested hereunder to act by responsible officers for the time
being appointed for that purpose and to employ and pay an agent to perform or concur in
performing any of the services required to be performed hereunder and may act or rely upon the
opinion or advice of any information obtained from any qualified and reputable broker, lawyer,
valuer, surveyor, auctioneer or other expert whether reporting to a Fund or MFSI or not, and
MFSI shall not be responsible for any loss occasioned because of its so acting.
	 
	4.	 	INDEPENDENT CONTRACTOR
	 
	 	 	MFSI shall for all purposes herein be deemed to be an independent contractor and shall
unless otherwise expressly provided herein have no authority to act for or represent any
Fund in any way or otherwise be deemed an agent of any Fund.
	 
	5.	 	DELEGATION
	 
	5.1	 	Subject to Clause 3.3.3. hereof, MFSI shall be entitled to delegate its functions,
powers, discretions, privileges and duties hereunder or any of them to any person, firm or
corporation upon receipt of a Fund’s or Managing Owner’s prior written consent (which shall
not be unreasonably withheld) and any such delegation may be on such terms and conditions as
MFSI thinks fit and may include the power to sub-delegate, but so that MFSI shall remain
liable hereunder for any act or omission of any such person, firm or corporation as if such
act or omission were its own other than in respect of any such loss or damage arising directly
or indirectly out of any error of judgement or mistake of law on the part of such person, firm
or corporation made or committed in the performance of the duties delegated to it.
	 
	6.	 	FEES
	 
	6.1	 	Each Fund shall pay to MFSI by way of remuneration for its services hereunder such
fees as set forth in Schedule I to this Agreement and as changed from time to time, as agreed
between each Fund and MFSI.
	 
	6.2	 	In the event of any dispute arising as to the calculation of the fees payable
hereunder the same shall be referred to the auditor of the applicable Fund, who shall be
entitled to make such adjustments as they may in the circumstances consider appropriate and
whose decision shall be regarded as the decision of an expert and not an arbitrator and shall
accordingly be final and binding on the parties hereto.
	 
	6.3	 	Out of the fees to be paid to MFSI and other amounts payable to it hereunder, MFSI
shall pay all its own expenses including the fees, charges and expenses of any person in
relation to any functions or duties of MFSI delegated to such person under Clause 5 hereof.
	 
	6.4	 	MFSI shall pay its own expenses for performing its duties hereunder, including but
not limited to:

	 	(a)	 	all printing, mailing and other communication costs.

Page 3 of 8

 

	7.	 	TERMINATION
	 
	7.1	 	This Agreement shall continue and remain in force and effect for a period of one (1) year
from the day hereof (the “Effective Date”) and thereafter for further successive periods of
one (1) year each, in perpetuity, unless and until terminated by either party giving to the
other twelve months’ written notice or such shorter notice as may be agreed between the
parties.
	 
	7.2	 	Without prejudice to any of the rights or obligations accrued up to the time of
termination, this Agreement may be terminated without notice by either party if the other:

	 	(a)	 	has committed any material breach of its obligations under this Agreement and
fails to make good such breach within thirty days of receipt of notice from the other
requiring it so to do; or
	 
	 	(b)	 	has gone into liquidation whether voluntarily or compulsorily (except a
voluntary liquidation for the purposes of reconstruction or amalgamation); or
	 
	 	(c)	 	has had a receiver appointed of all or part of its undertakings or assets or
has received a notice of any proceedings or proposed proceedings for winding up.

	8.	 	CONFLICT OF INTEREST
	 
	8.1	 	MFSI shall use their best efforts to ensure that any investment adviser or manager
to whom MFSI may have delegated any of its duties or functions and any associated or connected
person of any of them will not, without the consent of the Trustees, deal with a Fund as
beneficial owner on the sale or purchase of investments to or from such Fund or otherwise deal
with such Fund as principal PROVIDED THAT:

	 	(a)	 	MFSI and any such investment adviser or manager and any person associated or
connected with them may buy, hold and deal in any investments upon their individual
account notwithstanding that similar investments may be held by such Fund;
	 
	 	(b)	 	MFSI and any such investment adviser or manager and any person associated or
connected with them may become owners of Units of such Fund and may hold, dispose of
or otherwise deal with the same as they think fit; and
	 
	 	(c)	 	nothing herein contained shall prevent MFSI or any such investment adviser
and any person associated or connected with them from contracting or entering into any
financial or other transaction with any holder of Units of such Fund or with any
company or body any of whose shares or securities are held by or for the account of
such Fund or from being interested in any such contract or transaction.

	8.2	 	The duties of MFSI hereunder shall not preclude MFSI from providing services of a like nature
to any other person, firm or corporation, and MFSI shall not be liable to account for any
profit earned from any such transaction.
	 
	9.	 	LIMITATION OF LIABILITY
	 
	9.1	 	MFSI hereby agrees to use its best efforts and judgement and due care in exercising its
duties and the authority granted to it hereunder PROVIDED THAT

Page 4 of 8

 

	 	 	the applicable Fund shall indemnify and hold harmless MFSI against all claims and demands
(including costs and expenses incidental thereto) which may be made against such Fund or
MFSI in respect of any loss or damage suffered or sustained or alleged to have been
sustained or suffered by any third party as a result of or in the course of the proper
discharge of MFSI’s obligations hereunder other than loss or damage to the extent arising
directly or indirectly from negligence or wilful default or misconduct on MFSI’s part or on
the part of its servants or agents in performing its obligations or duties herein.
	 
	9.2	 	MFSI shall not be responsible to any Fund for any loss or damage (including costs and
expenses incidental thereto) suffered by such Fund save to the extent that such loss or damage
arises directly or indirectly from negligence or wilful default or misconduct on the part of
MFSI.
	 
	10.	 	COPYING OF DOCUMENTS
	 
	 	 	Upon the expiration of this Agreement MFSI shall hand over to the applicable Fund, or to
others as such Fund may direct, all books of account, correspondence and records relating
to the affairs of that Fund which are in its possession. MFSI shall be entitled to retain
copies of the said documents, and shall be entitled to reasonable reimbursement at cost for
making such copies.
	 
	11.	 	CONFIDENCE
	 
	 	 	Neither of the parties hereto shall unless compelled so to do by any court of competent
jurisdiction either before or after the termination of this Agreement disclose to any
person (other than a Director, Officer, Auditor or Accountant of the party) not authorised
by the relevant party to receive the same any information relating to such party or to the
affairs, of such party of which the party disclosing the same shall have become possessed
during the period of the Agreement and each party shall use its best endeavours to prevent
any such disclosure as aforesaid.
	 
	12.	 	NOTICES
	 
	 	 	Any notice required to be given hereunder may be served on a party by being left at or sent
by cable, telex or telecopier or by registered post to the registered office for the time
being of the party (or to such other address as may be notified by either party to the
other). Any notice sent by cable, telex or telecopier shall be deemed to have been
serviced upon receipt and any notice given by post shall be deemed to have been served at
the expiration of seventy-two hours after it is posted and in proving such service it shall
be sufficient to prove that the envelope containing the notice was properly addressed and
sent by registered post.
	 
	13.	 	VARIATIONS
	 
	 	 	No provision of this Agreement may be changed, waived, discharged or discounted, except by
written agreement of both parties, which shall not be unreasonably withheld.
	 
	14.	 	ASSIGNMENT
	 
	 	 	Neither the benefit nor the burden of this Agreement shall be assigned by either party save
with the consent of the other party which shall not be unreasonably withheld.

Page 5 of 8

 

	15.	 	GOVERNING LAW
	 
	 	 	This Agreement shall be governed by and construed in accordance with the laws of the
Province of Ontario, Canada.
	 
	16.	 	Several Obligations
	 
	 	 	The parties hereto acknowledge that the obligations of the Funds hereunder are several and
not joint, that no Fund shall be liable for any amount owing by another Fund and that the
Funds have executed one instrument for convenience only.
	 
	17.	 	Counterparts
	 
	 	 	This Agreement may be executed in one or more counterparts all of which taken together
shall be deemed to constitute one and the same instrument.

IN WITNESS whereof the parties hereto have caused this Agreement to be signed as of the day and
year first written above.

	 	 	 	 	 
	 	BROOKSHIRETM RAW MATERIALS MANAGEMENT, LLC, 

as managing owner of each of the Funds

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MINTZ FUND SERVICES INC. 

 	 
	 	By:  	 	 
	 	 	Title:                  	 
	 	 	 	 
	 

Page 6 of 8

 

Exhibit A

Name of Fund

BrookshireTM Raw Materials (U.S.) Core Fund;

BrookshireTM Raw Materials (U.S.) Agriculture Fund;

BrookshireTM Raw Materials (U.S.) Metals Fund;

BrookshireTM Raw Materials (U.S.) Energy Fund; and

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

Page 7 of 8

 

SCHEDULE I

Pursuant
to Clause 6(1) of the Agreement, the fees payable to MFSI by each
Fund shall be prorated across the Funds in accordance with the
Nominal Net Asset Value of each Fund, equal to:

	 	•	 	the greater of (i) 4,000 or (ii) the following
percentage of net asset value of the Trust:

	 	(a)	 	0.15% on first $150,000,000;
	 	(b)	 	0.10% on next $150,000,000;
	 	(c)	 	0.05% on next $200,000,000;
	 	(d)	 	0.02% thereafter;

	 	•	 	$50.00 per transaction (in and out only, not on exchanges);
and
	 
	 	•	 	annual maintenance fee per limited owner of $100.00 (based on
$500,000 minimum investment).

Page 8 of 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]