Document:

Order Approving Stipulation for Settlement of Claim

 Exhibit 10.1 
 SUPERIOR COURT OF THE STATE OF CALIFORNIA 
 FOR THE COUNTY OF LOS ANGELES, CENTRAL
DISTRICT 
  

			
	Socius CG II, Ltd.,	 	Case No. BC451892
		
	 Plaintiff,
	 	 Assigned For All Purposes To:

Hon. Michael C. Solner

		
	 v.
  
	 	ORDER APPROVING STIPULATION FOR SETTLEMENT OF CLAIM
	Daystar Technologies, Inc. and Does 1-10 Inclusive,	 
		
	 Defendants.
	 	Date:    December 29, 2010
		 	Time:    8:30 am
		 	Dept.:   39
		
		 	Complaint Filed:                December 23, 2010
		 	Trial Date:                           None
Set

 The Joint Ex Parte Application For Court Order Approving Stipulation for Settlement of Claim
(“Application”), jointly filed by Plaintiff Socius CG II, Ltd. (“Socius”) and Defendant DayStar Technologies, Inc. (“DayStar”), came on for hearing on December 29, 2010 at 8:30 am in Department 39 of the
above-entitled court, the Honorable Michael C. Solner, Judge presiding. 
 The Court, having reviewed the Application, having
been presented with a Stipulation for Settlement of Claim (the “Stipulation”), a copy of which is attached as Exhibit A to the Application, and after a hearing upon the fairness, adequacy and reasonableness of the terms and
conditions of the 

 
issuance of shares of the common stock of DayStar (the “Common Stock”) to Socius in exchange for the extinguishment of said claims, IT IS THEREFORE ORDERED AS FOLLOWS:

 1. The Stipulation is approved in its entirety; 
 2. Socius owns bona fide claims against DayStar in the total amount of $373,312.71 as set forth in the Stipulation (the “Claims”), which Socius purchased from 5 different creditors of DayStar
(each, a “Creditor”), as follows: 
 a. The claim of Cooley LLP in the aggregate amount of $219,630.51; 

b. The claim of Lampe, Conway & Co., LLC in the aggregate amount of $66,686.25; 

c. The claim of ISRA Vision Graphikon GmBH in the aggregate amount of 50,552.65 Euro (i.e., USD $66,517.141); 

d. The claim of Chadbourne & Park LLP in the aggregate amount of $14,007.80; and 

e. The claim of Squire, Sanders & Dempsey LLP in the aggregate amount of $6,471.01. 

3. Socius purchased the Claims pursuant to Claim Purchase Agreements executed between each Creditor and Socius. In full and final
settlement of the Claims, DayStar will issue and deliver to Socius or its designee 425,000 shares of Common Stock for the Claims (collectively, the “Settlement Shares”), with the number of Settlement Shares being approximately equal,
immediately subsequent to such issuance, to 7.61% of the total number of shares of Common Stock outstanding on the date of the Stipulation, subject to adjustment as set forth below to reflect the intention of the parties that the total number of
shares issued be based upon an average trading price of the Common Stock for a specified period of time subsequent to entry of this Order. Under no circumstance whatsoever may the number of Settlement Shares issued to Socius or its designee exceed
9.99% of the total number of shares of Common Stock outstanding on the date of issuance. 
  

 

	1	 As of December 27, 2010, the exchange rate is 1 EUR = 1.31580 USD. Accordingly, 50,552.65
EUR (the claim amount) = 66,517.14 USD. 

  
 2 

 4. No later than the first business day following the date that the Court enters this Order
approving the Stipulation, DayStar shall: (i) immediately issue the number of shares of Common Stock required by paragraph 3 above to Socius’ or its designees’ balance account with The Depository Trust Company (DTC) through the Fast
Automated Securities Transfer (FAST) Program of DTC’s Deposit/Withdrawal Agent Commission (DWAC) system, without any restriction on transfer, time being of the essence, by transmitting via facsimile and overnight delivery such irrevocable and
unconditional instruction to DayStar’s stock transfer agent, and (ii) cause its legal counsel to issue an opinion to DayStar’s transfer agent, in form and substance acceptable to both parties and such transfer agent, that the shares
may be so issued (such issuance, the “Initial DWAC Issuance”, and the date upon which such issuance is complete, the “Initial DWAC Issuance Date”). 
 5. The total number of shares of Common Stock to be issued to Socius or its designee in connection with the Stipulation and this Order shall be adjusted on the 21st trading day following the Initial DWAC
Issuance Date (the 20 trading day period following the Initial DWAC Issuance Date, the “True-Up Period”, and the 21st trading day following the Initial DWAC Issuance Date, the “True-Up Date”) following the date of the Initial
DWAC Issuance, as follows: (i) if the number of “VWAP Shares” (as defined below) exceeds the number of Settlement Shares initially issued, then DayStar will issue and deliver to Socius or its designee, as DWAC shares, additional
shares of Common Stock equal to the difference between the number of VWAP Shares and the number of Settlement Shares, and (ii) if the number of VWAP Shares is less than the number of Settlement Shares, then Socius or its designee will return to
DayStar for cancellation that number of shares equal to the difference between (x) the total number of VWAP Shares and (y) the number of Settlement Shares issued in the Initial DWAC Issuance. 

a. The number of VWAP Shares shall be equal to (i) $373,312.71 divided by 75% of the trading volume weighted average price as
reported by Bloomberg LP (the “VWAP”) of the Common Stock over the True-Up Period, plus (ii) Socius’ legal fees, expenses and costs incurred through the True-Up Date, with the total dollar amount divided by the VWAP of the Common
Stock over the True-Up Period. 

  
 3 

 b. If, at any time during the True-Up Period, the trading price of the Common Stock declines
by 10% or more from the trading price on the Initial DWAC Issuance date, Socius may deliver a written notice to DayStar by facsimile or e-mail requesting that a specified number of additional shares of Common Stock be delivered and containing the
calculation for the number of additional shares requested. Socius may in its sole discretion deliver one or more such notices during the True-Up Period. Within one trading day following delivery of each such notice, DayStar shall deliver to Socius
or its designee, in compliance with the procedure set forth in paragraph 4 above (including, without limitation, issuance of the legal opinion to the transfer agent at DayStar’s sole cost and expense), the number of additional shares of Common
Stock requested in the notice. Any additional shares of Common Stock issued or issuable pursuant to this Section 5.b. will be considered Settlement Shares for purposes of any calculation of the total number of shares to be issued by, or
returned to, DayStar pursuant to the first paragraph of this Section 5. 
 c. In no event shall the number of shares of
Common Stock issued to Socius or its designee in connection with the settlement of the Claims, aggregated with all shares of Common Stock then owned or beneficially owned or controlled by, collectively, Socius and its affiliates, at any time exceed
9.99% of the total number of shares of Common Stock then outstanding. 
 6. For so long as Socius or any of its affiliates holds
any shares of Common Stock of DayStar, neither Socius nor any of its affiliates will: (i) vote any shares of Common Stock owned or controlled by it, or solicit any proxies or seek to advise or influence any person with respect to any voting
securities of DayStar, or (ii) engage or participate in any actions, plans or proposals which relate to or would result in (a) Socius or any of its affiliates acquiring additional securities of DayStar, alone or together with any other
person, which would result in Socius and its affiliates collectively beneficially owning or controlling, or being deemed to beneficially own or control, more than 9.99% of the total outstanding Common Stock or other voting securities of DayStar,
(b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving DayStar or any of its subsidiaries, (c) a sale or transfer of a material amount of assets of DayStar or any of its subsidiaries,
(d) any change in the present board of directors or management of DayStar, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board,
(e)

  
 4 

 
any material change in the present capitalization or dividend policy of DayStar, (f) any other material change in DayStar’s business or corporate structure, (g) changes in
DayStar’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of DayStar by any person, (h) causing a class of securities of DayStar to be delisted from a national securities
exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (i) causing a class of equity securities of DayStar to become eligible for termination of registration
pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934 (the “Exchange Act”), or (j) taking any action, intention, plan or arrangement similar to any of those enumerated above. The provisions of this paragraph may not
be modified or waived without further order of the Court. 
 7. For the period of one year from True-Up Date, and regardless of
whether Socius or its affiliates then hold any debt or equity securities of DayStar, Socius and its affiliates shall have the exclusive right to enter into transactions with DayStar whereby DayStar directly or indirectly issues common stock or
common stock equivalents to a party in exchange for outstanding securities, claims or property interests, or partly in such exchange and partly for cash, in a transaction carried out pursuant to Section 3(a)(10) of the Securities Act of 1933,
as amended. 
 8. DayStar shall file a Form 8-K Report pursuant to Section 13 or Section 15(d) of the Exchange Act in
connection with the issuance of shares pursuant to this Order. 
 9. This Order ends, finally and forever (i) any claims to
payment or compensation of any kind or nature that Socius had, now has, or may assert in the future against DayStar arising out of the Claims, and (ii) any claims, including without limitation for offset or counterclaim, which DayStar had, now
has, or may assert in the future against Socius arising out of the Claims. In this regard, and subject to compliance with this Order, effective upon the execution of this Order, each party hereby releases and forever discharges the other party,
including all of the other party’s employees, officers, directors, affiliates and attorneys, from any and all claims, demands, obligations (fiduciary or otherwise), and causes of action, whether known or unknown, suspected or unsuspected,
arising out of, connected with, or incidental to the Claims. 

  
 5 

 10. The Action (as defined in the Stipulation) is hereby dismissed with prejudice, provided
that the Court shall retain jurisdiction with regard to the Claims to enforce the terms of this Order. 
 11. The Stipulation
and this Order may be enforced by any party to the Stipulation by a motion under California Code of Civil Procedure Section 664.6, or by any procedure permitted by law in the Superior Court of Los Angeles County. Pursuant to the Stipulation,
each party thereto further waives a statement of decision, and the right to appeal from this Order after entry. Except as expressly provided herein, each party shall bear its own attorneys’ fees, expenses and costs with regard to the
Stipulation and this Order. 
 IT IS SO ORDERED. 

 

							
	 DATED: December 29, 2010
	 		 		 	 /s/ Kenneth Freeman

		 		 		 	JUDGE OF THE SUPERIOR COURT

  
 6Form of Depositary Trust Agreement

 Exhibit 4.1 
 BLACKROCK ASSET MANAGEMENT INTERNATIONAL INC, 
 as Sponsor 

and 
 THE BANK OF
NEW YORK MELLON, 
 as Trustee 
  

 
 Depositary Trust
Agreement 
 iShares® Copper Trust 
  

 
 Dated as of
[            ], 20[    ] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND RULES OF CONSTRUCTION
	  	 	1	  
			
	 Section 1.1.
	 	Definitions	  	 	1	  
			
	 Section 1.2.
	 	Rules of Construction	  	 	4	  
		
	 ARTICLE 2 CREATION AND DECLARATION OF TRUSTS; FORM OF CERTIFICATES; DEPOSIT OF COPPER; DELIVERY, REGISTRATION OF
TRANSFER AND SURRENDER OF SHARES
	  	 	5	  
			
	 Section 2.1.
	 	Creation and Declaration of Trust; Business of the Trust	  	 	5	  
			
	 Section 2.2.
	 	Form of Certificates; Book-Entry System; Transferability of Shares	  	 	5	  
			
	 Section 2.3.
	 	Deposit of Copper	  	 	6	  
			
	 Section 2.4.
	 	Delivery of Shares	  	 	7	  
			
	 Section 2.5.
	 	Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates	  	 	7	  
			
	 Section 2.6.
	 	Surrender of Shares and Withdrawal of Trust Property	  	 	8	  
			
	 Section 2.7.
	 	Limitations on Delivery, Registration of Transfer and Surrender of Shares	  	 	9	  
			
	 Section 2.8.
	 	Lost Certificates, Etc.	  	 	9	  
			
	 Section 2.9.
	 	Cancellation and Destruction of Surrendered Certificates	  	 	9	  
			
	 Section 2.10.
	 	Splits and Reverse Splits of Shares	  	 	9	  
		
	 ARTICLE 3 CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES
	  	 	10	  
			
	 Section 3.1.
	 	Liability of Registered Owner for Taxes and Other Governmental Charges	  	 	10	  
			
	 Section 3.2.
	 	Warranties on Deposit of Copper	  	 	10	  
		
	 ARTICLE 4 ADMINISTRATION OF THE TRUST
	  	 	10	  
			
	 Section 4.1.
	 	Evaluation of Copper	  	 	10	  
			
	 Section 4.2.
	 	Responsibility of the Trustee for Evaluations	  	 	11	  
			
	 Section 4.3.
	 	Trust Evaluation	  	 	11	  
			
	 Section 4.4.
	 	Cash Distributions	  	 	11	  
			
	 Section 4.5.
	 	Other Distributions	  	 	11	  
			
	 Section 4.6.
	 	Fixing of Record Date	  	 	12	  
			
	 Section 4.7.
	 	Payment of Expenses; Copper Sales	  	 	12	  
			
	 Section 4.8.
	 	Statements and Reports	  	 	13	  
			
	 Section 4.9.
	 	Further Provisions for Copper Sales	  	 	13	  
			
	 Section 4.10.
	 	Counsel	  	 	13	  
			
	 Section 4.11.
	 	Grantor Trust	  	 	13	  
		
	 ARTICLE 5 THE TRUSTEE AND THE SPONSOR
	  	 	14	  
			
	 Section 5.1.
	 	Maintenance of Office and Transfer Books by the Trustee	  	 	14	  
			
	 Section 5.2.
	 	Prevention or Delay in Performance by the Sponsor or the Trustee	  	 	14	  

  
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 TABLE OF CONTENTS 

(continued) 
  

  

							
	 	 	 	  	Page	 
			
	 Section 5.3.
	 	Obligations of the Sponsor and the Trustee	  	 	14	  
			
	 Section 5.4.
	 	Resignation or Removal of the Trustee; Appointment of Successor Trustee	  	 	18	  
			
	 Section 5.5.
	 	The Custodian	  	 	19	  
			
	 Section 5.6.
	 	Indemnification	  	 	20	  
			
	 Section 5.7.
	 	Charges of Trustee	  	 	22	  
			
	 Section 5.8.
	 	Charges of Sponsor	  	 	22	  
			
	 Section 5.9.
	 	Retention of Trust Documents	  	 	22	  
			
	 Section 5.10.
	 	Federal Securities Law Filings	  	 	22	  
			
	 Section 5.11.
	 	Prospectus Delivery	  	 	23	  
			
	 Section 5.12.
	 	Discretionary Actions by Trustee; Consultation	  	 	23	  
		
	 ARTICLE 6 AMENDMENT AND TERMINATION
	  	 	23	  
			
	 Section 6.1.
	 	Amendment	  	 	23	  
			
	 Section 6.2.
	 	Termination	  	 	24	  
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	25	  
			
	 Section 7.1.
	 	Counterparts	  	 	25	  
			
	 Section 7.2.
	 	Third-Party Beneficiaries	  	 	25	  
			
	 Section 7.3.
	 	Severability	  	 	25	  
			
	 Section 7.4.
	 	Certain Matters relating to Beneficial Owners	  	 	26	  
			
	 Section 7.5.
	 	Notices	  	 	26	  
			
	 Section 7.6.
	 	Agent for Service; Submission to Jurisdiction	  	 	27	  
			
	 Section 7.7.
	 	Governing Law	  	 	28	  

  

	EXHIBIT A	FORM OF CERTIFICATE EVIDENCING SHARES 

  
 - ii -

 THIS DEPOSITARY TRUST AGREEMENT dated as of
[            ], 20[    ], between BLACKROCK ASSET MANAGEMENT INTERNATIONAL INC., a Delaware corporation, as the sponsor, and THE BANK OF NEW YORK MELLON, a New York
banking corporation, as trustee. 
 W I T N E S S E T H : 

WHEREAS the Sponsor wishes to establish a trust, to be known as the “iShares® Copper Trust”, governed by the laws of the State of New York; and 

WHEREAS the Sponsor wishes to establish the terms on which Copper (as defined herein) may be deposited in the trust in exchange for
Baskets (as defined herein) of shares of the trust representing fractional undivided interests in the net assets of the trust; and 
 WHEREAS the Sponsor wishes to provide for other terms and conditions upon which the trust shall be established and administered, as hereinafter provided; 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto hereby agree as
follows: 
 ARTICLE 1 
 DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1.
Definitions. Except as otherwise specified in this Depositary Trust Agreement or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Depositary Trust Agreement.

 “Adjusted Net Asset Value” means the adjusted net asset value of the Trust as determined under Section 4.3.

 “Agreement” means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms.

 “Authorized Participant” means a Person that, at the time of submitting a Purchase Order or a Redemption Order
(i) is a registered broker-dealer, (ii) is a DTC Participant or an Indirect Participant, and (iii) has in effect a valid Authorized Participant Agreement which identifies the LMEsword Account to which Warrants shall be credited for
the benefit of such Authorized Participant. 
 “Authorized Participant Agreement” means an agreement among the
Trustee, the Sponsor and an Authorized Participant that authorizes the Authorized Participant to submit Purchase Orders and Redemption Orders under this Agreement. 
 “Basket” means 2,500 Shares, except that the Trustee, in consultation with the Sponsor, may from time to time increase or decrease the number of Shares comprising a Basket. 

“Basket Copper Amount” is the amount of Copper that must be deposited for issuance of one Basket or that is deliverable upon
Surrender of one Basket. The Basket Copper Amount will be determined as provided in Section 2.3(b). 
 “Beneficial
Owner” means any Person owning a beneficial interest in any Shares. 

 “Business Day” means any day other than (i) a Saturday or Sunday or
(ii) a day on which the Exchange is not open for regular trading. 
 “Certificate” means a certificate that is
executed and delivered by the Trustee under this Agreement evidencing Shares. 
 “CFTC” means the Commodity Futures
Trading Commission or any successor governmental agency in the United States. 
 “Commission” means the Securities and
Exchange Commission of the United States or any successor governmental agency in the United States. 
 “Copper” means
electrolytic copper Grade A in the form of cathodes that, at the time it is delivered to the Trust, satisfies all of the requirements (including in respect of brand, markings, bundling, shape, weight and size) to be put on Warrant in compliance with
the LME Rulebook as in effect at the time such copper is delivered to Custodian pursuant hereto. 
 “Corporate Trust
Office” means the office of the Trustee at which its depositary receipt business is administered which, at the date of this Agreement, is located at 101 Barclay Street, New York, New York 10286. 

“Custodian” means the Initial Custodian and any substitute or additional Custodian appointed by the Trustee at the direction of
or as approved by the Sponsor as provided in Section 5.5. 
 “Custodian Agreement” means the Custodian Agreement dated
as of [    ], 20[    ] by and among the Trustee, the Initial Custodian and [    ], as may be amended, restated or supplemented from time to time. 

“Custody Agreements” means the Custodian Agreement and any custody agreement entered into pursuant to Section 5.5 with a
substitute or additional Custodian. 
 “Depositor” means any Authorized Participant that deposits Copper into the
Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of that Copper. 

“Depository” means DTC and such other successor depository of Shares as may be selected by the Sponsor and the Trustee as
provided herein. 
 “DTC” means The Depository Trust Company, its nominees and their respective successors.

 “DTC Participant” means a Person that, pursuant to DTC’s governing documents, is entitled to deposit
securities with DTC in its capacity as a “participant”. 
 “Exchange” means, initially,
[                    ]; and, thereafter, any exchange or other securities market on which the Shares are principally traded, as specified from time
to time by the Sponsor. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 “Indirect Participant” means a Person that, by clearing securities through, or maintaining a custodial relationship
with, a DTC Participant, has access to the DTC clearing system. 
 “Initial Custodian” means Metro International Trade
Services LLC, as custodian under the Custodian Agreement. 

  
 - 2 -

 “Internal Control Over Financial Reporting” has the meaning ascribed to such term
in Rules 13a-15(f) and 15d-15(f) adopted by the Commission under the Exchange Act. 
 “LME” means The London
Metal Exchange, or its successor. 
 “LME Rulebook” shall mean the Rules and Regulations of the London Metal Exchange,
as from time to time in effect. 
 “LME Settlement Price” means, as of any date, the price announced by the LME as the
“Official Price (Cash) (Seller)” on such date in respect of copper. 
 “Net Asset Value” means the net value
of the Trust determined under Section 4.3. 
 “Net Asset Value per Share” means the value of a Share determined under
Section 4.3 
 “Order Cutoff Time” means, with respect to any Business Day, (i) 3:59:59 p.m. (New York time)
on such Business Day or (ii) another time agreed to by the Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been notified by the Trustee. 

“Order Date” means, with respect to a Purchase Order, the date specified in Section 2.3(a) and, with respect to a Redemption
Order, the date specified in Section 2.6(a). 
 “Person” means any natural person or any limited liability company,
corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Procedures” means the Creation and Redemption Procedures adopted by the Sponsor and the Trustee as of [    ], 20[    ], as may be amended, restated or
supplemented from time to time. 
 “Purchase Order” means an order for the purchase of Shares from the Trust pursuant
to Section 2.3, in the form adopted by the Trustee from time to time. 
 “Qualified Bank” means a bank, trust
company, corporation or national banking association organized and doing business under the laws of the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (i) is a DTC
Participant or a participant in such other Depository as is then acting with respect to the Shares, (ii) unless counsel to the Sponsor, the appointment of which is acceptable to the Trustee, determines that the following requirement is not
necessary for the exception under Section 408(m) of the Internal Revenue Code of 1986, as amended (the “Code”), to apply, is a banking institution as defined in Section 408(n) of the Code and (iii) had, as of the date of its
most recent annual financial statements, an aggregate capital, surplus and undivided profits of at least $150,000,000. 

“Redemption Order” means an order, in the form adopted by the Trustee from time to time, requesting the redemption of Shares by
the Trust pursuant to Section 2.6. 
 “Registered Owner” means the Person in whose name Shares are registered on the
books of the Trustee maintained for that purpose. 
 “Registrar” means any bank or trust company that is appointed to
register Shares and transfers of Shares as herein provided. 

  
 - 3 -

 “Shares” means shares issued under this Agreement, each representing a fractional
undivided ownership interest in the net assets of the Trust, which interest shall equal a fraction, the numerator of which is 1 and the denominator of which is the total number of Shares outstanding. 

“Sponsor” means BlackRock Asset Management International Inc., a Delaware corporation, or its successor. 

“Surrender” means, when used with respect to Shares, (a) one or more book-entry transfers of Shares to the Depository
account of the Trustee or (b) surrender to the Trustee at its Corporate Trust Office of one or more Certificates evidencing Shares. 
 “Transaction Fee” has the meaning set forth in the Procedures. 
 “Trust” means the iShares® Copper Trust, the trust entity
governed by this Agreement. 
 “Trustee” means The Bank of New York Mellon, a New York banking corporation, in its
capacity as trustee under this Agreement, or any successor trustee under this Agreement. 
 “Trust Account” shall mean
the account maintained for the Trust by the Initial Custodian pursuant to the Custodian Agreement. 
 “Trust Property”
means the Copper deposited under this Agreement and any cash or other property that is received by the Trustee in respect of Trust Property and that is being held under this Agreement. 

“Valuation Price” means, as of any day, (i) the LME Settlement Price announced on such day, or (ii) such other price
regularly announced by a domestic or foreign entity (including an exchange, trade or industry association, or similar organization), as the Sponsor shall have from time to time determined that fairly represents the commercial value of Copper held by
the Trust as of such day; provided, that a price determined by the Sponsor under clause “(ii)” shall be effective upon the Trustee’s notice to the Sponsor that it has sufficient access to pricing information to make the
valuations required hereunder. 
 “Warrant” shall mean a warrant representing Copper, issued by the Initial Custodian
pursuant to the Custodian Agreement and in compliance with the LME Rulebook. 
 Section 1.2. Rules of Construction.
Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted
accounting principles as in effect in the United States; 
 (iii) “or” is not exclusive; 

(iv) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular Article, Section or other subdivision; 
 (v)
“including” means including without limitation; and 
 (vi) words in the singular include the plural
and words in the plural include the singular. 

  
 - 4 -

 ARTICLE 2 
 CREATION AND DECLARATION OF TRUSTS; FORM OF CERTIFICATES; DEPOSIT OF 

COPPER; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES 

Section 2.1. Creation and Declaration of Trust; Business of the Trust. 

(a) The Trustee acknowledges that it has received confirmation from the Custodian that the Custodian has received an
initial deposit of Copper in the amount of [    ] metric tons, and has credited such deposit to the Trust Account. The Trustee declares that the initial deposit and all other Trust Property shall be owned by the Trustee solely as
trustee for the benefit of the Registered Owners for the purposes of, and subject to and limited by the terms and conditions set forth in, this Agreement. The trust governed by this Agreement shall be known as the “iShares® Copper Trust”. 
 (b) The Trust shall not engage in any business or activities other than those authorized by this Agreement or incidental and necessary to carry out the duties and responsibilities set forth in this
Agreement. Other than issuance of the Shares, the Trust shall not issue or sell any certificates or other obligations or, except as provided in this Agreement, otherwise incur, assume or guarantee any indebtedness for money borrowed. 

Section 2.2. Form of Certificates; Book-Entry System; Transferability of Shares. 

(a) The Certificates evidencing Shares shall be substantially in the form set forth in Exhibit A annexed to this Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided. No Shares shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless a Certificate evidencing those Shares has been executed
by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized
officer of the Registrar. The Trustee shall maintain books on which the registered ownership of each Share and transfers, if any, of such registered ownership shall be recorded. Certificates evidencing Shares bearing the manual or facsimile
signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized officer of the Registrar, if applicable, who was, at the time such Certificates were executed, a proper signatory of the Trustee or Registrar, if
applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Certificates. 
 (b) The Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Agreement as may be required by
the Trustee or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which Shares may be listed or to conform with any usage with respect thereto, or to indicate any
special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject. 
 (c) The Sponsor
and the Trustee have applied to DTC for acceptance of the Shares in its book-entry settlement system. Shares deposited with DTC shall be evidenced by one or more global Certificates which shall be registered in the name of Cede & Co., as
nominee for DTC, and shall bear the following legend: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE 

  
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AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 (d) So long as the
Shares are eligible for book-entry settlement with DTC and such settlement is available, unless otherwise required by law, notwithstanding the provisions of paragraphs (a) and (b) of this Section, all Shares shall be evidenced by one or more global
Certificates the Registered Owner of which is DTC or a nominee of DTC and (i) no Beneficial Owner of Shares will be entitled to receive a separate Certificate evidencing those Shares, (ii) the interest of a Beneficial Owner in Shares
represented by a global Certificate will be shown only on, and transfer of that interest will be effected only through, records maintained by DTC or a DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and
(iii) the rights of a Beneficial Owner with respect to Shares represented by a global Certificate will be exercised only to the extent allowed by, and in compliance with, the arrangements in effect between such Beneficial Owner and DTC or the
DTC Participant or Indirect Participant through which that Beneficial Owner holds an interest in Shares. So long as DTC or another authorized Depository selected by the Sponsor or the Trustee is the Registered Owner, the Trustee and the Sponsor may
treat DTC or such other Depository as the absolute owner of the Shares for all purposes whatsoever, including the payment of distributions, and the giving of notices of redemption, tender and other matters with respect to the Shares. 

(e) If, at any time when Shares are evidenced by a global Certificate, DTC ceases to make its book-entry settlement system available for
such Shares and no successor Depository is identified by the Sponsor and available to act, the Trustee shall execute and deliver separate Certificates evidencing Shares to the DTC Participants entitled thereto, with such additions, deletions and
modifications to this Agreement and to the form of Certificate evidencing Shares as the Sponsor and the Trustee may agree. 

(f) Title to a Certificate evidencing Shares (and to the Shares evidenced thereby), when properly endorsed or accompanied by proper
instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may
treat the Registered Owner of Shares as the absolute owner thereof for the purpose of determining the person entitled to any distribution or to any notice provided for in this Agreement and for all other purposes. 

Section 2.3. Deposit of Copper. 
 (a) The issuance and delivery of Shares will take place only in integral numbers of Baskets, in minimum amounts of [    ] Baskets, and in compliance with the provisions of this
Agreement, as supplemented by the Procedures attached to an applicable Authorized Participant Agreement. Authorized Participants wishing to acquire from the Trustee [    ] or more Baskets must place a Purchase Order with the
Trustee on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a
Business Day will have as their Order Date the next Business Day. As consideration for each Basket acquired, the Authorized Participant shall deliver to the Custodian the Basket Copper Amount announced by the Trustee on the first Business Day on
which the Valuation Price is announced following the Order Date of such Purchase Order. 

  
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 (b) The Trustee shall determine the Basket Copper Amount for each Business Day, and the
Trustee’s determination of the Basket Copper Amount and resolution of questions concerning the composition of such Basket Copper Amount shall be final and binding on all persons interested in the Trust. The initial “Basket Copper
Amount” is 25 metric tons of Copper. After the initial deposit, the “Basket Copper Amount” shall be an amount of Copper equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is
being made by the price used by the Trustee to evaluate Copper held by the Trust on such date in compliance with Section 4.1. For purposes of this computation, “Net Asset Value per Basket” is the result obtained by multiplying (x) the
Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions included in the Basket Copper Amount smaller than
[0.001] of a metric ton shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Copper Amount. 
 (c) If the Trust Property includes money or any property other than Copper, no deposits of Copper will be accepted until after a record date for distribution of that money or property, or proceeds of that
property, has passed. 
 (d) All deposited Copper shall be owned by the Trust and held for the Trust by the Custodian. Cash and
any assets of the Trust other than Copper shall be held by the Trustee at such place and in such manner as the Trustee shall determine. 
 Section 2.4. Delivery of Shares. Upon receipt by the Trustee of any deposit in accordance with Section 2.3, together with a Purchase Order and the other documents required as above specified,
if any, and a confirmation from the Custodian that the Basket Copper Amount has been delivered to the Custodian for each Basket of Shares requested in such Purchase Order and the Custodian is holding that Copper for the account of the Trust, the
Trustee, subject to the terms and conditions of this Agreement and the Procedures, shall deliver to the Depositor the number of Baskets of Shares issuable in respect of such deposit as requested in the corresponding Purchase Order, but only upon
payment to the Trustee of the Transaction Fee as provided in Section 5.7(a) and of all federal, state, local and other taxes and governmental charges and fees payable in connection with such deposit, the transfer of the Copper and the issuance and
delivery of the Shares. 
 Section 2.5. Registration and Registration of Transfer of Shares; Combination and Split-up of
Certificates. 
 (a) The Trustee shall keep or cause to be kept a register of Registered Owners of Shares and shall provide
for the registration of Shares and the registration of transfers of Shares. 
 (b) The Trustee, subject to the terms and
conditions of this Agreement, shall register transfers of ownership of Shares on its transfer books from time to time, upon any Surrender of a Certificate evidencing such Shares, by the Registered Owner in person or by a duly authorized attorney,
properly endorsed or accompanied by proper instruments of transfer, and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon the Trustee shall execute a new Certificate or Certificates
evidencing such Shares, and deliver the same to or upon the order of the Person entitled thereto. 

  
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 (c) The Trustee, subject to the terms and conditions of this Agreement, shall, upon
Surrender of a Certificate or Certificates evidencing Shares for the purposes of effecting a split-up or combination of that Certificate or Certificates, execute and deliver one or more new Certificates evidencing those Shares. 

(d) The Trustee may, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint one or more
co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and split-ups of Certificates at designated transfer offices on behalf of the Trustee. In carrying out its functions, a co-transfer agent may
require evidence of authority and compliance with applicable laws and other requirements by Registered Owners or Persons entitled to Shares and will be entitled to protection and indemnity to the same extent as the Trustee. 

Section 2.6. Surrender of Shares and Withdrawal of Trust Property. 

(a) Shares may be redeemed only by Authorized Participants and in minimum blocks of [    ] or more Baskets.
Authorized Participants wishing to redeem [    ] or more Baskets must place a Redemption Order with the Trustee on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day will
have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day will have as their Order Date the next Business Day. 

(b) Upon Surrender of an integral number of at least [    ] Baskets for the purpose of withdrawal of the amount of
Trust Property represented thereby, and upon payment to the Trustee of the Transaction Fee in connection with the Surrender of Shares as provided in Section 5.7(a) and of all federal, state, local and other taxes and charges payable in connection
with such Surrender and withdrawal of Trust Property, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to delivery, in accordance with the provisions of this Agreement, as supplemented by the
Procedures, in exchange for each Basket so Surrendered, of an amount of Copper equal to the Basket Copper Amount determined by the Trustee on the first Business Day on which the Valuation Price is announced following the Order Date of the
corresponding Redemption Order. 
 (c) Unless otherwise agreed to by the Custodian, the aggregate Basket Copper Amount
corresponding to a Redemption Order will be credited to the redeeming Authorized Participant’s account at the Custodian (the Trust’s obligation to deliver Copper in connection with a Redemption Order being satisfied, and the Authorized
Participant shall have no further rights against the Trust or the Trustee with respect to the redemption, when the Custodian has credited to the Authorized Participant such aggregate Basket Copper Amount). 

(d) The specific Copper to be credited to the redeeming Authorized Participant’s account upon the Surrender of Shares for redemption
as provided in the preceding clause (c) will be selected pursuant to an algorithm provided by the Sponsor. Initially, such algorithm gives priority to the delivery of any Copper held by the Trust which does not meet the requirements to be
placed on Warrant in compliance with the LME Rulebook. The algorithm may be changed from time to time by the Sponsor upon notice to the Trustee. 
 (e) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a
Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to deliver, as provided in the preceding paragraph, to or to the order of the
Surrendering Authorized Participant the amount of Copper represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property
represented by the Surrendered Baskets of Shares. 

  
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 (f) Any delivery of Copper other than as provided in this Section 2.6, if agreed to by the
Custodian in its discretion, will be at the expense and risk of the Authorized Participant. 
 Section 2.7. Limitations
on Delivery, Registration of Transfer and Surrender of Shares. 
 (a) As a condition precedent to the delivery, registration
of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar may require payment from the Depositor or the Authorized Participant Surrendering the Shares of a sum sufficient to reimburse
it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein
provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement,
including, without limitation, this Section 2.7. 
 (b) The delivery of Shares against deposits of Copper and the registration
of transfer of Shares may be suspended generally, or refused with respect to particular requested deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee
or the Sponsor for any reason at any time or from time to time. Except as otherwise provided elsewhere in this Agreement, the Surrender of Shares for purposes of withdrawing Trust Property may be suspended only (i) during any period in which
the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted; or (ii) if an emergency exists that makes it reasonably impracticable for the Custodian to deliver Warrants,
warehouse receipts or physical Copper. 
 Section 2.8. Lost Certificates, Etc. The Trustee shall execute and deliver
a new Certificate of like tenor in exchange and substitution for a mutilated Certificate upon cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate if the Registered Owner thereof has (a) filed with
the Trustee (i) a request for such execution and delivery before the Trustee has notice that the Shares evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity bond, and (b) satisfied
any other reasonable requirements imposed by the Trustee. 
 Section 2.9. Cancellation and Destruction of Surrendered
Certificates. All Certificates Surrendered to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy certificates so canceled. 
 Section 2.10. Splits and Reverse Splits of Shares. If requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by the
Trustee in accordance with procedures determined by the Trustee and as may be required by the Depository. 
 The Trustee shall
not distribute any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee shall sell the aggregated fractions of Shares that would otherwise be distributed in a split or reverse split of the Shares or the amount
of Trust Property that would be represented by those Shares for the account of the Record Owners and distribute the net proceeds of those Shares or that Trust Property to the Record Owners entitled to them. 

  
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 The amount of Trust Property represented by each Share and the Basket Copper Amount shall be
adjusted as appropriate as of the open of business on the Business Day following the record date for a split or reverse split of the Shares. 
 ARTICLE 3 
 CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES

 Section 3.1. Liability of Registered Owner for Taxes and Other Governmental Charges. If any tax or other
governmental charge shall become payable by the Trustee with respect to any transfer or redemption of Shares, such tax or other governmental charge shall be payable by the Registered Owner of such Shares to the Trustee. The Trustee shall refuse to
effect any registration of transfer of such Shares or any withdrawal of Trust Property represented by such Shares until such payment is made, and may withhold any distributions, or may sell for the account of the Registered Owner thereof Trust
Property or Shares, and may apply such distributions or the proceeds of any such sale in payment of such tax or other governmental charge, and the Registered Owner of such Shares shall remain liable for any deficiency. The Trustee shall distribute
any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Registered Owners entitled thereto as in the case of a distribution in cash. 

Section 3.2. Warranties on Deposit of Copper. Every Person depositing copper under this Agreement shall be deemed thereby to
represent and warrant (i) that such copper meets the definition of Copper hereunder, (ii) that the person making such deposit is duly authorized to do so and that at the time of delivery, the Copper is free and clear of any lien, pledge,
encumbrance, right, charge or claim (other than the rights created by this Agreement), and (iii) that the transfer of such copper to the Trust does not and will not violate any applicable laws, rules or regulations (including, without
limitation, United States federal laws and regulations that prohibit the traffic with Persons from, or in assets originated in, certain countries). All representations and warranties deemed made under this Section 3.2 shall survive the deposit of
Copper, delivery or Surrender of Shares or termination of this Agreement. 
 ARTICLE 4 

ADMINISTRATION OF THE TRUST 
 Section 4.1. Evaluation of Copper. As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Copper held or receivable
by the Trust on the basis of the Valuation Price for that day. If no Valuation Price is announced on a Business Day, the Trustee shall determine the value of the Copper held or receivable by the Trust for that day on the basis of the Valuation Price
last announced prior to the evaluation time. However, if the Sponsor determines that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, it shall identify an alternative basis for evaluation to be employed
by the Trustee. Copper deliverable under a Purchase Order shall be included in the evaluation beginning on the date on which the Basket Copper Amount corresponding to such Purchase Order is determined. Copper deliverable under a Redemption Order
shall not be included in the evaluation on and after the date on which the Basket Copper Amount corresponding to such Redemption Order is determined. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the
most recently announced Valuation Price is not appropriate as a basis for evaluation of the Copper held or receivable by the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made
in good faith. If the Sponsor shall determine from time to time that a given price will be the “Valuation Price” within the meaning set forth in part “(ii)” of the definition of that term, public notice of that determination
shall be given by the Sponsor prior to the first Business Day on which such price is used to value the Copper held or receivable by the Trust. 

  
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 Section 4.2. Responsibility of the Trustee for Evaluations. The Sponsor,
Depositors, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount made by the Trustee, and the Sponsor shall have no responsibility for the accuracy thereof. The determinations made by the Trustee under
this Agreement shall be made in good faith upon the basis of, and the Trustee shall not be liable for any errors contained in, information reasonably available to it. The Trustee shall be under no liability to the Sponsor, or to Depositors,
Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of negligence or bad faith in
the performance of its duties. 
 Section 4.3. Trust Evaluation. 

As promptly as practicable after completion of the evaluation required under Section 4.1 on each Business Day, the Trustee shall subtract
all accrued fees (other than the fees accruing for such Business Day computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the deposited Copper determined by the Trustee
pursuant to Section 4.1 and all other assets of the Trust. The resulting figure is the “Adjusted Net Asset Value” of the Trust. All fees accruing for any Business Day computed by reference to the value of the Trust or its assets shall be
calculated on the Adjusted Net Asset Value calculated for such Business Day. The Trustee shall subtract from the Adjusted Net Asset Value the amount of accrued fees so computed and the resulting figure is the “Net Asset Value” of the
Trust. The Trustee shall also divide the Net Asset Value of the Trust by the number of Shares outstanding as of the close of business on the date of the evaluation then being made, which figure is the “Net Asset Value per Share.” All fees,
expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on a Business Day shall be included in the calculations required by this Section 4.3 for that Business Day. Shares deliverable under a
Purchase Order shall be considered to be outstanding for purposes of this Section 4.3 beginning on the Order Date. Shares deliverable under a Redemption Order shall not be considered to be outstanding for purposes of this Section 4.3 on and after
the Order Date. 
 Adjusted Net Asset Value, Net Asset Value and Net Asset Value per Share shall be computed in accordance with
generally accepted accounting principles in the United States. If the Trustee becomes aware of any information which indicates that a previous calculation of Net Asset Value is incorrect, the Trustee will promptly notify the Sponsor and shall
thereafter take such action with respect to the previous calculation of Net Asset Value as the Sponsor shall direct. 

Section 4.4. Cash Distributions. Whenever the Trustee distributes any cash, the Trustee shall distribute the amount available
for the distribution to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively; provided, however, that in the event that the Trustee shall be required to withhold and does withhold from
such cash an amount on account of taxes, the amount distributed to the Registered Owners shall be reduced accordingly. The Trustee shall distribute only such amount, however, as can be distributed without attributing to any Registered Owner a
fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Registered Owners entitled thereto. 
 Section 4.5. Other Distributions. Whenever the Trustee receives any property in respect of Trust Property other than cash proceeds of a sale of Trust Property (including any claim that accrues
in favor of the Trust on account of any loss of deposited Copper or other Trust Property), the Trustee shall cause the securities or other property received by it to be distributed to the Registered Owners entitled thereto, in proportion to the
number of Shares held by them respectively, after deduction or upon payment of the 

  
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expenses of the Trustee, in any manner that the Trustee may deem lawful, equitable and feasible for accomplishing such distribution; provided, however, that if in the opinion of the
Trustee such distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Trustee withhold an amount on account of taxes or other
governmental charges or that securities must be registered under the Securities Act of 1933, as amended, in order to be distributed to Registered Owners) the Trustee deems such distribution not to be lawful or feasible, the Trustee shall adopt such
method as it deems lawful, equitable and feasible for the purpose of effecting such distribution and as the Sponsor shall direct, after deduction or upon payment of the expenses of the Trustee, including, but not limited to, the public or private
sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Trustee to the Registered Owners entitled thereto as in the case of a distribution received in cash. The Trustee
shall not be liable for any loss or depreciation resulting from any sale or other disposition of property made by the Trustee pursuant to the Sponsor’s instruction or otherwise made by the Trustee in good faith in accordance with this
Agreement. 
 Section 4.6. Fixing of Record Date. Whenever any distribution will be made, or whenever the Trustee
receives notice of any solicitation of proxies or consents from Registered Owners, or whenever for any reason there is split, reverse split or other change in the outstanding Shares, or whenever the Trustee shall find it necessary or convenient in
respect of any matter, the Trustee, in consultation with the Sponsor, shall fix a record date for the determination of the Registered Owners who shall be (i) entitled to receive such distribution or the net proceeds of the sale thereof,
(ii) entitled to give such proxies or consents in respect of any such solicitation, (iii) entitled to receive Shares as a result of any such split, reverse split or other change or (iv) entitled to act in respect of any other matter
for which the record date was set. 
 Section 4.7. Payment of Expenses; Copper Sales. 

(a) The following charges are or may be accrued and paid by the Trust: 

(1) the service fee payable to the Sponsor as set forth in Section 5.8; 

(2) expenses of the Trust not assumed by the Sponsor pursuant to Section 5.3(g); 

(3) Custodian’s fees; 
 (4) taxes and other governmental charges; 
 (5) expenses and costs
of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Registered Owners; and 

(6) indemnification of the Sponsor as provided in Section 5.6(c) and amounts owed to Trustee Indemnified Parties as
provided in Section 5.6(a). 
 The Trustee shall, when directed by the Sponsor, and, in the absence of such direction, may, in
its discretion, sell Copper in such quantity and at such times, as may be necessary to permit payment of expenses under this Agreement. The Trustee is authorized to sell Copper at such times and in the smallest amounts required to permit payment of
expenses as they come due, it being the intention to avoid or minimize the Trust’s holdings of assets other than Copper. Unless otherwise directed by the Sponsor, all such sales shall be made as provided for in the Custodian Agreement. Neither
the Trustee nor the Sponsor shall have any liability for loss or depreciation resulting from sales of Copper so made. All sales not made pursuant to the Custodian Agreement shall be effected at such price and in such manner as shall

  
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be directed by the Sponsor. The Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made pursuant to the Sponsor’s direction or
otherwise in accordance with this Section. 
 (b) If at any time and from time to time, the Trustee and Sponsor determine that
the amount of cash included in the Trust Property exceeds the anticipated expenses of the Trust during the following month, the Trustee shall distribute the excess to the Registered Owners under Section 4.4. 

Section 4.8. Statements and Reports. 
 (a) At the end of each period for which a report is to be filed on behalf of the Trust under the Exchange Act, the Trustee, within the time period required by applicable laws and regulations and at the
Sponsor’s expense, will prepare the financial statements of the Trust (which, in the case of annual financial statements shall be audited by independent accountants designated by the Sponsor) and will cooperate with and assist the Sponsor in
the preparation and timely filing of such report. 
 (b) The Trustee shall provide the Sponsor with such certifications,
supporting documents and other evidence regarding the Internal Control Over Financial Reporting established and maintained by the Trust, and used by the Trustee in connection with its preparation of the financial statements of the Trust, as may be
reasonably necessary in order to enable the Sponsor to prepare and file or furnish to the Commission any certifications regarding such matters which may be required to be included with the Trust’s periodic reports under the Exchange Act.

 (c) The fiscal year of the Trust shall initially be the period ending December 31 of each year. The Sponsor shall have
the continuing right to select an alternate fiscal year. 
 Section 4.9. Further Provisions for Copper Sales. In
addition to selling Copper in accordance with Section 4.7, the Trustee shall sell Copper whenever any one or more of the following conditions exist: 
 (a) the Sponsor has notified the Trustee that such sale is required by applicable law or regulation; or 
 (b) this Agreement has been terminated and the Trust Property is to be liquidated in accordance with Section 6.2. 
 When selling Copper, the Trustee shall place orders with dealers pursuant to the direction of the Sponsor. 
 The Trustee and the Sponsor shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made pursuant to this Section 4.9. 

Section 4.10. Counsel. The Sponsor may from time to time employ counsel to act on behalf of the Trust and perform any legal
services in connection with the Copper and the Trust, including any legal matters relating to the possible disposition or acquisition of any Copper. The fees and expenses of such counsel shall be paid by the Sponsor. 

Section 4.11. Grantor Trust. Nothing in this Agreement, any agreement with a Custodian, or otherwise, shall be construed to
give the Trustee the power to vary the investment of the Beneficial Owners within the meaning of Code of Federal Regulations Section 301.7701-4(c) under the Internal Revenue Code of 1986, as amended (the “Code”) or any similar or
successor provision of the regulations 

  
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under the Code, nor shall the Sponsor give the Trustee any direction that would vary the investment of the Beneficial Owners. However, the Trustee shall not be liable to any Person for any
failure of the Trust to qualify as a grantor trust under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee’s responsibility
for the administration of the Trust in accordance with this Agreement. 
 ARTICLE 5 

THE TRUSTEE AND THE SPONSOR 
 Section 5.1. Maintenance of Office and Transfer Books by the Trustee. 

(a) Until termination of this Agreement in accordance with its terms, the Trustee shall maintain facilities for the execution and
delivery, registration, registration of transfers and Surrender of Shares in accordance with the provisions of this Agreement. 

(b) The Trustee shall keep a copy of this Agreement and books for the registration of Shares and registration of transfers of Shares
which at all reasonable times during normal business hours shall be open for inspection by the Registered Owners upon reasonable notice. 
 (c) The Trustee may, and at the reasonable written request of the Sponsor shall, close the transfer books at any time or from time to time if such action is deemed necessary or advisable in the reasonable
judgment of the Trustee or the Sponsor. 
 (d) If any Shares are listed on one or more stock exchanges in the United States, the
Trustee shall act as Registrar or, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint a registrar or one or more co-registrars for registry of such Shares in accordance with any requirements of such
exchange or exchanges. 
 Section 5.2. Prevention or Delay in Performance by the Sponsor or the Trustee. Neither the
Sponsor nor the Trustee nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Registered Owner, Beneficial Owner or Depositor if, by reason of any provision of any present or future law or regulation
of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor or the Trustee is prevented or
forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or performed and accordingly the Sponsor or
the Trustee does not do that thing or does that thing at a later time than would otherwise be required. The Sponsor and the Trustee will not incur any liability to any Registered Owner or Beneficial Owner or Depositor by reason of any
non-performance or delay in the performance of any act or thing which by the terms of this Agreement it is provided may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement.

 Section 5.3. Obligations of the Sponsor and the Trustee. 

(a) Neither the Sponsor nor the Trustee assumes any obligation nor shall either of them be subject to any liability under this Agreement
to any Registered Owner or Beneficial Owner or Depositor (including, without limitation, liability with respect to the worth of the Trust Property), except that each of them agrees to perform its obligations specifically set forth in this Agreement
without negligence or bad faith. 

  
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 (b) Neither the Sponsor nor the Trustee shall be under any obligation to prosecute any
action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or other Person. 
 (c) Neither the Sponsor nor the Trustee shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Depositor, any Registered
Owner or any other person believed by it in good faith to be competent to give such advice or information. 
 (d) (i) The
Trustee shall not be liable for any acts or omissions made by a successor Trustee whether in connection with a previous act or omission of the Trustee or in connection with any matter arising wholly after the resignation of the Trustee,
provided that in connection with the issue out of which such potential liability arises the Trustee performed its obligations without negligence or bad faith while it acted as Trustee. 

(ii) The Sponsor is authorized to negotiate the terms of the Authorized Participant Agreement to be entered into with each
Authorized Participant and shall have no liability for any loss or damage incurred by the Trust resulting from any such agreement negotiated in good faith. The Trustee shall have no liability with respect to the negotiation of the terms of any
Authorized Participant Agreement or the form of any Authorized Participant Agreement (other than the Trustee’s due execution, delivery and performance thereof). The terms of an Authorized Participant Agreement shall not adversely affect the
duties, rights and responsibilities of the Trustee unless the Trustee expressly consents thereto, which consent shall be evidenced by the Trustee’s execution and delivery of such Authorized Participant Agreement. 

(e) The Trustee and the Sponsor shall have no obligation to comply with any direction or instruction from any Registered Owner or
Beneficial Owner or Depositor regarding Shares except to the extent specifically provided in this Agreement. 
 (f) The Trustee
shall be a fiduciary under this Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee shall be limited by, and shall be only those specifically set forth in, this Agreement. Without
limiting the foregoing, all duties, rights, privileges and liabilities of the Trustee set forth in this Agreement are subject to the following: 
 (i) The Trustee shall not be under any obligation to appear in, prosecute or defend any action that in its opinion may involve it in expense or liability, unless it shall be furnished with reasonable
security and indemnity against such expense or liability. Subject to the foregoing, the Trustee shall, in its discretion, undertake such action as it may deem necessary at any and all times to protect the Trust and the rights and interest of all
Beneficial Owners pursuant to the terms of this Agreement. 
 (ii) Trust assets of the Trust, exclusive of Copper
or cash, shall be held by the Trustee either directly or through the Federal Reserve/ Treasury Book Entry System for United States and federal agency securities (the “Book Entry System”), DTC, or through any other clearing agency or
similar system (a “Clearing Agency”), if available. The Trustee shall have no responsibility and shall not be liable for ascertaining or acting upon any calls, conversions, exchange offers, tenders, interest rates changes, or similar
matters relating to securities held at the Depository or with any Clearing Agency unless the Trustee shall have received actual and timely written notice of the same, nor shall the Trustee have any responsibility or liability for the actions or
omissions to act of the Book Entry System, the Depository or any Clearing Agency. All moneys held by the Trustee hereunder shall be held by it, without interest thereon or investment 

  
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thereof, as a deposit for the account of the Trust. Such monies held hereunder shall be deemed segregated by maintaining such monies in an account or accounts for the exclusive benefit of the
Trust. 
 (iii) If at any time the Trustee is served with any judicial or administrative order, judgment, decree,
writ or other form of judicial or administrative process that in any way affects the Trust or its property (including but not limited to orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of
any assets of the Trust), the Trustee is authorized to comply therewith in any manner that it or legal counsel of its own choosing deems appropriate; however, the Trustee, unless prohibited by law, will inform the Sponsor of such order, judgment,
decree, writ or other form of judicial or administrative process that in any way affects the Trust and consult in good faith with the Sponsor as to the course of action by the Trustee. If the Trustee complies with any such judicial or administrative
order, judgment, decree, writ or other form of judicial or administrative process, the Trustee shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be
subsequently modified or vacated or otherwise determined to have been without legal force or effect. 
 (iv) In
no event shall the Trustee be liable for acting in accordance with or conclusively relying upon any instruction, notice, demand, certificate or document (a) from the Sponsor or a Custodian, or any entity acting on behalf of either, which the
Trustee believes is given pursuant to or is authorized by this Agreement or a Custody Agreement, respectively; or (b) from or on behalf of any Authorized Participant which the Trustee believes is given pursuant to or is authorized by an
Authorized Participant Agreement (provided that the Trustee has complied with the verification procedures specified in the Authorized Participant Agreement); for any indirect, consequential, punitive or special damages, regardless of the form
of action and whether or not any such damages were foreseeable or contemplated; or for an amount in excess of the value of the assets of the Trust. The Trustee may consult with legal counsel of its own choosing as to any matter relating to this
Agreement and the Trustee shall not incur any liability in acting in good faith in accordance with any advice from such counsel. The expense of such counsel shall be paid as provided in Section 5.7(b) and (c), as applicable. 

(v) The Trustee shall be entitled to rely conclusively upon any order, judgment, certification, demand, notice, instrument
or other writing delivered to it under this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service thereof. The Trustee may act in conclusive reliance
upon any instrument or signature reasonably believed by it to be genuine and may assume that any person purporting to give receipt or advice or to make any statement or execute any document in connection with the provisions of this Agreement, any
Custody Agreement or any Authorized Participant Agreement has been duly authorized to do so, provided, however, that where a list of authorized officials of a person and their signatures are on file with the Trustee, the Trustee shall
compare such manual signatures to the signature on any such documents. Such requirement shall not apply to “personal identification numbers” or “PINS” or other forms of electronic security devices which function as a proxy for a
manual signature. 
 (vi) The Trustee shall not be responsible for or in respect of the recitals herein, the
validity or sufficiency of this Agreement, the Custody Agreements, any Authorized Participant Agreement or any other custody or other agreement entered into by the Trustee at the direction or with the approval of the Sponsor or otherwise in
connection with the Trustee’s administration of the Trust, or for the due execution hereof by the Sponsor or of the Custody Agreements by the Initial Custodian, or for the due execution of any other agreement entered into by the Trustee in
connection with the administration of the Trust by any party thereto other than the Trustee. 

  
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 (vii) The Trustee shall not be responsible in any respect for the form,
execution, validity, value, collectability or genuineness of documents, instruments or securities deposited with or delivered to or held by it under this Agreement, or for any description therein, or for the identity, authority or rights of persons
executing or delivering or purporting to execute or deliver any such document, instrument or security; provided that this paragraph shall not limit the Trustee’s responsibility for its own execution of this Agreement and any other
documents to which the Trustee is a party, or for the validity of the Trustee’s obligations thereunder. 

(viii) At any time the Trustee may request an instruction in writing in English from the Sponsor or an Authorized
Participant with respect to any action which the Sponsor or an Authorized Participant is authorized to direct the Trustee hereunder or under an Authorized Participant Agreement in connection with the Trustee’s administration of the Trust.
Additionally, the Trustee may request an instruction in writing in English from the Sponsor with respect to any matter arising under or in connection with the custody of the Trust’s Copper or the Custodian Agreement that is not expressly
addressed in this Agreement or the Custodian Agreement. The Trustee shall not be liable for any actions taken in accordance with any such instruction or, in the absence of any such instruction, for actions taken in the Trustee’s sole discretion
without negligence, bad faith, willful misconduct or willful malfeasance on the part of the Trustee or any of its agents. 
 (ix) When the Trustee acts on any information, instructions, communications (including communications with respect to the delivery of securities or the wire transfer of funds) sent by telex, facsimile,
email or other form of electronic or data transmission, the Trustee, absent gross negligence, shall not be responsible or liable in the event such communication is not an authorized or authentic communication of the party sending it or is not in the
form the party sent or intended to send (whether due to fraud, distortion or otherwise), provided that this paragraph shall not limit the Trustee’s obligation to obtain such confirmations as may be specified in this Agreement or any
Authorized Participant Agreement. 
 (x) The Trustee may construe any provision of this Agreement that it
believes to be ambiguous or inconsistent with any other provisions hereof, and any reasonable construction of any such provision hereof by the Trustee in good faith shall be binding upon the parties hereto, each Authorized Participant and all
Beneficial Owners. In the event of any ambiguity or inconsistency or any other uncertainty in any notice, instruction or other communication received by the Trustee under this Agreement, the Trustee shall notify the Sponsor and the giver thereof,
and may, in its sole discretion, refrain from taking any action other than to retain possession of the property of the Trust, unless the Trustee receives such further written instructions, from the Sponsor or otherwise, that eliminate such
ambiguity, inconsistency or uncertainty. 
 (xi) In no event shall the Trustee be personally liable for any taxes
or other governmental charges imposed upon or in respect of the Copper or its custody, moneys or other assets from time to time held hereunder, or on the income therefrom or the sale or proceeds of sale thereof, or upon it as Trustee hereunder or
upon or in respect of the Trust or the Shares, which it may be required to pay under any present or future law of the United States of America or of any other taxing authority having jurisdiction in the premises. For all such taxes and charges and
for any expenses, including counsel’s fees, which the Trustee may sustain or incur with respect to such taxes or charges, the Trustee shall be reimbursed and indemnified out of the assets of the Trust and the payment of such amounts shall be
secured by a lien on the Trust. This paragraph shall survive notwithstanding any termination of this Agreement and the Trust or the resignation or removal of the Trustee. 

  
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 (xii) The Trustee shall not be answerable for the default of the Initial
Custodian or any Custodian employed at the direction of the Sponsor or selected by the Trustee with reasonable care. The Trustee may also employ custodians for Trust assets other than Copper, agents, attorneys, accountants, auditors and other
professionals and shall not be answerable for the default or misconduct of any such custodians, agents, attorneys, accountants, auditors and other professionals if such custodians, agents, attorneys, accountants, auditors or other professionals
shall have been selected with reasonable care. The fees and expenses charged by such custodians, agents, attorneys, accountants, auditors or other professionals, exclusive of fees for services to be performed by the Trustee, shall be paid [as
provided in Section 5.7(b) and 5.7(c), as applicable.] Fees paid for custody of assets other than Copper shall be an expense of the Trustee. 
 (xiii) The Trustee in its individual or any other capacity may own or hold Shares, or be an underwriter or dealer in respect of Shares, and may deal in any manner with the same with the same rights and
powers as if it were not the Trustee hereunder. 
 (g) The Sponsor shall be responsible for all organizational expenses of the
Trust, and for the following administrative and marketing expenses of the Trust: fees for the Trustee’s ordinary services and reimbursement of its out-of-pocket expenses as provided in Section 5.7(b), listing fees of the Exchange, registration
fees charged by the Commission, printing and mailing costs, audit fees and expenses and legal fees and expenses not in excess of $100,000 per year. 
 Section 5.4. Resignation or Removal of the Trustee; Appointment of Successor Trustee. 
 (a) The Trustee may at any time resign as Trustee hereunder by written notice of its election so to do, delivered to the Sponsor, and such resignation shall take effect upon the appointment of a successor
Trustee and its acceptance of such appointment as hereinafter provided. 
 (b) The Sponsor may remove the Trustee in its
discretion by written notice delivered to the Trustee in the manner provided in Section 5.7 at least 90 days prior to the fifth anniversary of the date of this Agreement or, thereafter, by written notice delivered to the Trustee at least
90 days prior to the last day of any subsequent three-year period. 
 (c) If at any time the Trustee 

(i) ceases to be a Qualified Bank, 

(ii) is in material breach of its obligations under this Agreement and fails to cure such breach within 30 days after
receipt of written notice from the Sponsor or Registered Owners acting on behalf of at least 25% of the outstanding Shares specifying such default and requiring the Trustee to cure such default, 

(iii) fails to consent to the implementation of an amendment to the Trust’s initial Internal Control Over Financial
Reporting deemed necessary by the Sponsor and, after consultations with the Sponsor, the Sponsor and the Trustee fail to resolve their differences regarding such proposed amendment, or 

(iv) fails to execute and deliver separate Certificates evidencing Shares to the DTC Participants entitled thereto in
accordance with Section 2.2(e) hereof, 

  
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 the Sponsor, acting on behalf of the Registered Owners, may remove the Trustee by written notice delivered
to the Trustee in the manner provided in Section 7.5, and such removal shall take effect upon the appointment of a successor Trustee and its acceptance of such appointment as hereinafter provided. 

(d) If the Trustee acting hereunder resigns or is removed, the Sponsor, acting on behalf of the Registered Owners, shall use its
reasonable efforts to appoint a successor Trustee, which shall be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to the Sponsor, acting on behalf of the Registered Owners, an instrument in writing
accepting its appointment hereunder, and thereupon such successor Trustee, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon
payment of all sums due it and on the written request of the Sponsor, acting on behalf of the Registered Owners, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all right, title and interest in the Trust Property to such successor, and shall deliver to such successor a list of the Registered Owners of all outstanding Shares. The Sponsor or any such successor Trustee shall
promptly mail notice of the appointment of such successor Trustee to the Registered Owners. 
 (e) Any corporation into which
the Trustee may be merged, consolidated or converted in a transaction in which the Trustee is not the surviving corporation shall be the successor of the Trustee without the execution or filing of any document or any further act. During the 90-day
period following the effectiveness of a merger, consolidation or conversion described in the preceding sentence, the Sponsor may, by written notice to the Trustee, remove the Trustee and designate a successor Trustee in compliance with the
provisions of subsection (c) above. 
 Section 5.5. The Custodian. 

(a) The Trustee is hereby directed to enter into the Custodian Agreement with the Initial Custodian. The Initial Custodian will be
subject to the directions of the Trustee as provided in such Custody Agreement, and will be responsible solely to the Trustee. If upon the resignation of any Custodian there would be no Custodian acting hereunder, the Trustee shall, promptly after
receiving such notice of such resignation, appoint a substitute custodian or custodians selected by the Sponsor pursuant to custody agreements approved by the Sponsor (provided, however, that the rights and duties of the Trustee
hereunder and under the Custody Agreements shall not be materially altered without its consent), each of which shall thereafter be a Custodian hereunder. When directed by the Sponsor, the Trustee shall appoint a substitute or additional custodian or
custodians, which shall thereafter be one of the Custodians hereunder. After the date of this Agreement, the Trustee shall not enter into or amend any Custody Agreement with a Custodian except as instructed by the Sponsor. When instructed by the
Sponsor, the Trustee shall demand that a Custodian deliver such of the Copper held by it as is requested of it to any other Custodian or such substitute or additional custodian or custodians directed by the Sponsor. In connection with such delivery
the Trustee will, solely if and in the manner directed by the Sponsor, cause the Copper to be weighed or assayed and any such weighing and assay shall be an expense of the Trust pursuant to Section 4.7(a)(2) hereof. The Trustee shall have no
liability for any delivery of Copper or weighing or assaying of delivered Copper directed by the Sponsor pursuant to the preceding provisions of this paragraph and in the absence of such direction shall have no obligation to effect such a delivery
or to cause the delivered Copper to be weighed, assayed or otherwise validated. Each such substitute or additional custodian shall, forthwith upon its appointment, enter into a Custody Agreement in form and substance approved by the Sponsor.

 (b) With respect to the monitoring of any Custodian by the Trustee, the Trustee shall: (i) receive and review all
reports of the Copper held for the Trust by such Custodian and of transactions in Copper held for the account of the Trust made by such Custodian pursuant to the Custody Agreements; and 

  
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(ii) arrange for inspections, audits or examinations of the Copper held for the Trust by such Custodian and of such Custodian’s accounts and operations related to such Cooper by
accountants or other inspectors selected by the Sponsor after consultation with the Trustee at such times as directed by the Sponsor and as permitted by the Custody Agreements and report the results of such inspections, audits or examination to the
Sponsor. Additionally, when instructed by the Sponsor, the Trustee shall take such further reasonable action with respect to the custody of the Copper as the Sponsor may direct, with the cost of any such further action to be an expense chargeable to
the Trust. Other than as set forth in this Section 5.5(b), the Trustee shall have no duty to monitor any Custodian. In no event shall the Trustee be liable for (i) any loss or damage resulting from the actions or omissions of any Custodian
or loss or damage to the Copper while in the possession of, or in transit to or from, any Custodian, (ii) the amount, validity or adequacy of insurance maintained by any Custodian, (iii) any defect in Copper held by a Custodian,
(iv) any failure of Copper to meet all of the specifications of copper eligible to placed on Warrant and delivered pursuant to a copper futures contract traded on the LME or represented by a negotiable warehouse receipt, or (v) any failure
of Copper to conform to a description thereof provided by the Custodian to the Trustee. 
 (c) Upon the appointment of any
successor Trustee hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or writing, the agent hereunder of such successor Trustee and the appointment of such successor Trustee shall in no way impair the
authority of each Custodian hereunder; but the successor Trustee so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full
and complete power and authority as agent hereunder of such successor Trustee. 
 Section 5.6. Indemnification.

 (a) The Sponsor shall indemnify the Trustee, its directors, employees and agents (each, a “Trustee Indemnified
Party”) against, and hold each of them harmless from, any loss, liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) arising out of or in connection with the performance of the Trustee’s
obligations under this Agreement or by reason of the Trustee’s administration of the Trust incurred without (i) negligence, bad faith, willful misconduct or willful malfeasance on the part of such Trustee Indemnified Party in connection
with the performance of its obligations under this Agreement or (ii) reckless disregard on the part of such Trustee Indemnified Party of its obligations and duties under this Agreement. Such indemnity shall include payment by the Sponsor of the
costs and expenses incurred by such Trustee Indemnified Party in defending itself against any claim or liability in its capacity as Trustee. In the event that the Sponsor fails to pay any amount due to any Trustee Indemnified Party in accordance
with this Section 5.6(a), such Trustee Indemnified Party shall have a claim against the assets of the Trusts, which shall have priority over any claims by the Sponsor, any Beneficial Owner or any other Person. Any amounts payable to a Trustee
Indemnified Party under this Section 5.6(a) may be payable in advance. 
 (b) The Trustee shall indemnify the Sponsor, its
directors, employees and agents against, and hold each of them harmless from, any loss, liability or expense (i) caused by the negligence, bad faith, willful misconduct or willful malfeasance of the Trustee in the performance of its duties
under this Agreement, or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report, filed with the Commission
relating to the Shares that is not materially altered by the Sponsor. 
 (c) The Sponsor and its shareholders, directors,
officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries (each a “Sponsor Indemnified Party”) shall be indemnified from the Trust and held harmless against any loss, liability
or expense 

  
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incurred without (1) negligence, bad faith, willful misconduct or willful malfeasance on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of
its obligations under this Agreement or any actions taken in accordance with the provisions of this Agreement or (2) reckless disregard on the part of such Sponsor Indemnified Party of its obligations and duties under this Agreement.
Notwithstanding the foregoing, such indemnity shall include payment from the Trust (i) of the costs and expenses incurred by such Sponsor Indemnified Party in defending itself against any claim or liability in its capacity as Sponsor and
(ii) of any amounts to be paid or reimbursed by the Sponsor to the Trustee or any Trustee Indemnified Party under this Agreement (including under Section 5.6(a)). Any amounts payable to a Sponsor Indemnified Party under this Section 5.6(c)
may be payable in advance or shall be secured by a lien on the Trust. The Sponsor may, in its discretion, undertake any action which it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties hereto and
the interests of the Registered Owners and, in such event, the legal expenses and costs of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust. 

(d) If an action, proceeding (including, but not limited to, any governmental investigation), claim or dispute (collectively, a
“Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly (and in no event more than ten
(10) Business Days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify the Indemnitor shall not
impair the Indemnitee’s ability to seek indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s ability to adequately oppose or
defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of interest exists as specified in
clause (i) below and there are no other defenses available to Indemnitee as specified in clause (iii) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case all attorney’s fees and
expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but, in such
case, no fees and expenses of such counsel shall be borne by the Indemnitor unless such fees and expenses are otherwise required to be indemnified under Section 5.6(a), (b) or (c), as applicable, and (i) there is such a conflict of interest
between the Indemnitor and the Indemnitee as would preclude, in compliance with the ethical rules in effect in the jurisdiction in which the Proceeding was brought, one lawyer from representing both parties simultaneously, (ii) the Indemnitor
fails, within the earlier of (x) twenty (20) days following receipt of notice of the Proceeding from the Indemnitee or (y) seven (7) days prior to the date the first response or appearance is required to be made in such
Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (iii) there are legal defenses available to Indemnitee that are different from or are in addition to those available to the
Indemnitor. No compromise or settlement of such Proceeding may be effected by either party without the other party’s consent unless (m) there is no finding or admission of any violation of law and no effect on any other claims that may be
made against such other party and (n) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or settlement effected without
its consent, which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment entered
against the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 
 (e) The indemnities provided by this Section 5.6 shall survive notwithstanding any termination of this Agreement and the Trust or the resignation or removal of the Trustee or the Sponsor, respectively.

  
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 Section 5.7. Charges of Trustee. 

(a) Each Depositor, and each person surrendering Shares for the purpose of withdrawing Trust Property, shall pay to the Trustee the
corresponding non-refundable Transaction Fee. 
 (b) The Trustee is entitled to receive from the Sponsor fees for its ordinary
services and reimbursement for its ordinary out-of-pocket expenses in accordance with written agreements between the Sponsor and the Trustee. 
 (c) The Trustee is entitled to charge the Trust for all expenses and disbursements incurred by it under this Agreement exclusive of amounts specified in Section 5.7(b) (including the fees and
disbursements of its legal counsel and any expenses identified in the Custodian Agreement as payable by the Trustee), except that the Trustee is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the
commencement of trading of Shares on the Exchange and (ii) fees of agents for performing services the Trustee is required to perform under this Agreement. 
 Section 5.8. Charges of Sponsor. 
 (a) The Sponsor is entitled to
receive from the Trust, chargeable as an expense of the Trust, a fee for services that will accrue daily at an annualized rate of [        ]% of Adjusted Net Asset Value and will be payable monthly in arrears.

 (b) The Sponsor is entitled to receive reimbursement from the Trust for all expenses and disbursements incurred by it under
the last sentence of Section 5.6(c) or that are of the type described in Section 4.7(a)(2), (3) or (5) of this Agreement, except that the Sponsor is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the
commencement of trading of Shares on the Exchange and (ii) fees of agents for performing services the Sponsor is required to perform under this Agreement. 
 Section 5.9. Retention of Trust Documents. The Trustee is authorized to destroy those documents, records, bills and other data compiled during the term of this Agreement at the times permitted
by the laws or regulations governing the Trustee, unless the Sponsor reasonably requests the Trustee in writing to retain those items for a longer period. 
 Section 5.10. Federal Securities Law Filings. 
 (a) The Sponsor shall
(i) prepare and file a registration statement with the Commission and take such action as is necessary from time to time to qualify the Shares for offering and sale under the federal securities laws of the United States, including the
preparation and filing of amendments and supplements to such registration statement, (ii) promptly notify the Trustee of any amendment or supplement to the registration statement or prospectus, of any order preventing or suspending the use of
any prospectus, of any request for the amending or supplementing of the registration statement or prospectus or if any event or circumstance occurs which is known to the Sponsor as a result of which the registration statement or prospectus, as then
amended or supplemented, would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
(iii) provide the Trustee from time to time with copies, including copies in electronic form, of the prospectus, as amended and supplemented, in such quantities as the Trustee may reasonably request and (iv) prepare and file any periodic
reports or updates that may be required under the Exchange Act. The Trustee shall furnish to the Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing that is needed to prepare any filing or submission
that the Sponsor or the Trust is required to make under the federal securities laws of the United States and, if required by the Sponsor, shall certify as to the accuracy of such information to the Sponsor. 

  
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 (b) The Sponsor shall have all necessary and exclusive power and authority to (i) from
time to time adopt, implement or amend such disclosure controls and procedures as are necessary or desirable, in the Sponsor’s reasonable judgment, to ensure compliance with the disclosure and ongoing reporting obligations under any applicable
securities laws; (ii) appoint and remove the auditors of the Trust; and (iii) seek from the relevant securities or other regulatory authorities such relief, clarification or other action as the Sponsor shall deem necessary or desirable
regarding the disclosure or financial reporting obligations of the Trust. 
 (c) The policies and procedures comprising the
Trust’s initial Internal Control Over Financial Reporting have been adopted as of the date of this Agreement and copies thereof have been delivered to the appropriate officers of the Sponsor and the Trustee. Amendments to such initial Internal
Control Over Financial Reporting may be proposed from time to time by the Sponsor, but such amendments may not be adopted in connection with the preparation of the Trust’s financial statements without the Trustee’s consent (which consent
will not be unreasonably withheld or delayed). 
 Section 5.11. Prospectus Delivery. The Trustee shall, if required
by the federal securities laws of the United States, in any manner permitted by such laws, deliver at the time of issuance of Shares, a copy of the relevant prospectus, as most recently furnished to the Trustee by the Sponsor, to each Depositor.

 Section 5.12. Discretionary Actions by Trustee; Consultation. 

(a) The Trustee may, in its discretion, or at the reasonable request of the Sponsor, undertake any action that it considers necessary or
desirable to protect the Trust or the interests of the Registered Owners. The expenses incurred by the Trustee in connection with taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be
expenses of the Trust, and the Trustee shall be entitled to be reimbursed for those expenses by the Trust. 
 (b) The Trustee
shall notify and consult with the Sponsor before undertaking any action under subsection (a) above or if the Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for
in this Agreement. 
 (c) The Sponsor shall notify and consult with the Trustee before undertaking any action under the last
sentence of Section 5.6(c) or if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. 

ARTICLE 6 

AMENDMENT AND TERMINATION 
 Section 6.1. Amendment. Subject to Section 4.11, the Trustee and the Sponsor may amend any provisions of this Agreement without the consent of any Registered Owner. Any amendment that imposes
or increases any fees or charges (other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices any substantial existing right of the Registered Owners will not become effective as to
outstanding Shares until 30 days after notice of such amendment is given to the Registered Owners. Every Registered Owner and Beneficial Owner, at the time any amendment so becomes effective, shall be deemed, by continuing to hold any Shares or an
interest therein, to consent and agree to such amendment and to be bound by this Agreement as amended thereby. 

  
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In no event shall any amendment impair the right of the Registered Owner of Shares to Surrender Baskets of Shares and receive therefor the amount of Trust Property represented thereby, except in
order to comply with mandatory provisions of applicable law. 
 Section 6.2. Termination. 

(a) The Trustee shall set a date on which this Agreement will terminate and mail notice of that termination to the Registered Owners at
least 30 days prior to the date set for termination if any of the following occurs: 
 (i) The Trustee is
notified that the Shares are delisted from a national securities exchange or other securities market and are not approved for listing on another national securities exchange or other securities market within five business days of their delisting;

 (ii) Registered Owners acting in respect of at least 75% of the outstanding Shares notify the Trustee that
they elect to terminate the Trust; 
 (iii) 60 days have elapsed since the Trustee notified the Sponsor of
the Trustee’s election to resign and a successor trustee has not been appointed and accepted its appointment as provided in Section 5.4; 
 (iv) the Commission determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of such Commission determination;

 (v) the aggregate market capitalization of the Trust, based on the closing price for the Shares, was less than
$[        ]million for five consecutive trading days and the Trustee receives, within six months after the last of those trading days, notice from the Sponsor of its decision to terminate the Trust;

 (vi) the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936, as
amended, and the Trustee has actual knowledge of that determination; 
 (vii) the Trust fails to qualify for
treatment, or ceases to be treated, for United States federal income tax purposes, as a grantor trust, and the Trustee receives notice from the Sponsor that the Sponsor determines that, because of that tax treatment or change in tax treatment,
termination of the Trust is advisable; or 
 (viii) if the law governing the Trust limits the maximum period
during which the Trust may continue, upon the expiration of 21 years after the death of the last survivor of all of the descendants of Elizabeth II, Queen of England, living on the date of this Agreement. 

(b) Except as otherwise provided in paragraph (a) above, the duration of the Trust will be indefinite. 

(c) On and after the date of termination of this Agreement, each Registered Owner of Shares will, upon (i) Surrender of those
Shares, (ii) payment of the fee of the Trustee for the Surrender of Shares provided in Section 5.7, and (iii) payment of any applicable taxes or other governmental charges, be entitled to delivery, to him or upon his order, of the amount
of Trust Property represented by those Shares. The Trustee shall not accept any deposits of Copper after the date of termination of this Agreement. If any Shares remain outstanding after the date of termination of this Agreement, the Trustee

  
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thereafter shall discontinue the registration of transfers of Shares, shall not make any distributions to Registered Owners, and shall not give any further notices or perform any further acts
under this Agreement, except that the Trustee shall continue to collect distributions pertaining to Trust Property and hold the same uninvested and without liability for interest, pay the Trust’s expenses and sell Copper as necessary to meet
those expenses and shall continue to deliver Trust Property, together with any distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares Surrendered to the Trustee (after deducting or
upon payment of, in each case, the fee of the Trustee set forth in Section 5.7 for the Surrender of Shares, any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement, and any
applicable taxes or other governmental charges). At any time after the expiration of 90 days following the date of termination of this Agreement, the Trustee shall sell the Trust Property then held under this Agreement and may thereafter hold
uninvested the net proceeds of any such sale, together with any other cash then held by it under this Agreement, unsegregated and without liability for interest, for the pro rata benefit of the Registered Owners of Shares that have not theretofore
been Surrendered, such Registered Owners thereupon becoming general creditors of the Trustee with respect to such net proceeds. After making such sale, the Trustee shall be discharged from all obligations under this Agreement, except to account for
such net proceeds and other cash (after deducting, in each case, any fees, expenses, taxes or other governmental charges payable by the Trust, the fee of the Trustee for the Surrender of Shares and any expenses for the account of the Registered
Owner of such Shares in accordance with the terms and conditions of this Agreement, and any applicable taxes or other governmental charges). Upon the termination of this Agreement, the Sponsor shall be discharged from all obligations under this
Agreement except that its obligations to the Trustee under Section 5.6 and Section 5.7 shall survive termination of this Agreement. 
 (d) If the Sponsor shall be adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property shall be appointed, or a trustee or liquidator or any public officer shall take charge or
control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation or if the Sponsor has been dissolved or has ceased to exist as a legal entity for any reason and, in any such event, the Sponsor has
not caused a substitute sponsor satisfactory to the Trustee to assume its obligations hereunder, then in any such case the Sponsor shall be deemed conclusively to have resigned with such resignation being effective immediately upon the occurrence of
any of the specified events, and the Trustee may terminate and liquidate the Trust and distribute its remaining assets pursuant to this Section 6.2. The Trustee shall have no obligation to appoint a successor Sponsor or to assume the duties of
the Sponsor and shall have no liability to any person because the Trust is or is not terminated pursuant to this paragraph. 

ARTICLE 7 

MISCELLANEOUS 
 Section 7.1. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and the
same instrument. Copies of this Agreement shall be filed with the Trustee and shall be open to inspection by any Registered Owner during the Trustee’s business hours. 
 Section 7.2. Third-Party Beneficiaries. This Agreement is for the exclusive benefit of the parties hereto and the Beneficial Owners, and shall not be deemed to give any legal or equitable
right, remedy or claim whatsoever to any other person. 
 Section 7.3. Severability. In case any one or more of the
provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced or disturbed
thereby. 

  
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 Section 7.4. Certain Matters relating to Beneficial Owners. 

(a) By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Beneficial Owner thereof shall be deemed to be
a beneficiary of the Trust created by this Agreement and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Agreement. Upon
issuance as provided herein, Shares shall be fully paid and non-assessable. 
 (b) Subject to and in accordance with Section
2.6, Shares may at any time prior to the date specified by the Trustee in connection with the termination of the Trust be tendered to the Trustee for redemption. 
 (c) The death or incapacity of any Beneficial Owner shall not operate to terminate this Agreement or the Trust, nor entitle such Beneficial Owner’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Beneficial Owner expressly waives any
right such Beneficial Owner may have under any rule of law, or the provisions of any statute, or otherwise, to require the Trustee at any time to account, in any manner other than as expressly provided in the Agreement, in respect of the Trust
Property from time to time received, held and applied by the Trustee hereunder. 
 (d) No Beneficial Owner shall have any right
to vote or in any manner otherwise to control the operation and management of the Trust, or the obligations of the parties hereto. Nothing set forth in this Agreement shall be construed so as to constitute the Beneficial Owners from time to time as
partners or members of an association; nor shall any Beneficial Owner ever be liable to any third person by reason of any action taken by the parties to this Agreement, or for any other cause whatsoever. 

(e) The rights of Beneficial Owners must be exercised by DTC Participants or participants of any successor Depository acting on their
behalf in accordance with its rules and procedures and shall be bound by all of the terms and conditions hereof by their acceptance of Shares or any interest therein or by their depositing Copper, as the case may be. 

Section 7.5. Notices. 
 (a) All notices given under this Agreement must be in writing. 
 (b) Any and all
notices to be given to the Trustee or the Sponsor shall be deemed to have been duly given (i) when it is actually delivered by a messenger or recognized courier service, (ii) five days after it is mailed by registered or certified mail,
postage paid or (iii) when receipt of a facsimile transmission is acknowledged via a return receipt or receipt confirmation as requested by the original transmission, in each case to or at the address set forth below: 

To the Trustee: 

THE BANK OF NEW YORK MELLON 
 101 Barclay Street, 22-W 
 New York, New York 10286 

Attention: ADR Administration 
 Facsimile: 212-571-3050 

  
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 or any other place to which the Trustee may have transferred its Corporate Trust Office with notice to the
Sponsor. 
 To the Sponsor: 
 BLACKROCK ASSET MANAGEMENT INTERNATIONAL INC. 
 400 Howard Street 

San Francisco, California 94105 
 Attention: Product Management Team, Intermediary Investor and Exchange-Traded Products Department 
 Telephone:          (415) 670-4920 
 Facsimile:           (415) 618-5925 
 with copy to: 
 BLACKROCK ASSET MANAGEMENT INTERNATIONAL INC. 

400 Howard Street 

San Francisco, California 94105 
 Attention: Legal Department 

Telephone:          (415) 670-2860 

Facsimile:           (415) 618-5731 

or any other place to which the Sponsor may have transferred its principal office with notice to the Trustee. 

(c) Any and all notices to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by
messenger or a recognized courier service, (ii) when mailed, postage prepaid or (iii) when sent by facsimile transmission confirmed by letter, in each case at or to the address of such Registered Owner as it appears on the transfer books
of the Trustee, or, if such Registered Owner shall have filed with the Trustee a written request that any notice or communication intended for such Registered Owner be delivered to some other address, at the address designated in such request.
Notices to Beneficial Owners shall be delivered to DTC or any successor Depository. 
 Section 7.6. Agent for Service;
Submission to Jurisdiction. The Sponsor hereby (i) irrevocably designates and appoints CT Corporation System, located at 111 Eighth Avenue, New York, New York 10011, U.S.A., as the Sponsor’s authorized agent upon which process may be
served in any suit or proceeding arising out of or relating to the Shares, the Trust Property or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in The City of New York, State of New York, in which
any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent (or any successor thereto from time to time duly appointed as such by the Sponsor and the name and address of which shall have
been informed in writing by the Sponsor to the Trustee) shall be deemed in every respect effective service of process upon the Sponsor in any such suit or proceeding. The Sponsor further agrees to maintain the appointment of an agent for service of
process in full force and 

  
 - 27 -

 
effect for so long as any Shares remain outstanding or this Agreement remains in force. In the event the Sponsor fails to continue such designation and appointment in full force and effect, the
Sponsor hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Sponsor at its address last specified for notices
hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

Section 7.7. Governing Law. This Agreement shall be interpreted under, and all rights and duties under this Agreement shall
be governed by, the internal substantive laws (but not the choice of law rules) of the State of New York. 

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

			
	 BLACKROCK ASSET MANAGEMENT INTERNATIONAL INC.
       as Sponsor

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON,
       as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 
 [Form of Certificate] 
 THE SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH
RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE DEPOSITARY TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 iSHARES® COPPER TRUST SHARES 
 ISSUED BY

 iSHARES® COPPER TRUST 
 REPRESENTING

 FRACTIONAL INTERESTS IN DEPOSITED COPPER AND ANY OTHER TRUST PROPERTY 

THE BANK OF NEW YORK MELLON, as Trustee 
  

			
	No.        	 	* Shares

 CUSIP:
[                    ] 
 THE BANK OF NEW YORK MELLON, as Trustee (hereinafter called the Trustee), hereby certifies that CEDE & CO., as nominee of the Depository Trust Company, or registered assigns, IS THE OWNER OF *
Shares issued by iShares® Copper Trust, each representing a fractional undivided interest in the net assets of
the Trust, as provided in the Agreement referred to below. At the time of delivery of the Agreement, each 2,500 Shares represented an interest in 5 metric tons of Copper held by the Custodian. The amount of Copper in which each 2,500 Shares
represents an interest will decline over time as provided in the Agreement. The Trustee’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street,
New York, New York 10286, and its principal executive office is located at One Wall Street, New York, New York 10286. 
 This
Certificate is issued upon the terms and conditions set forth in the Depositary Trust Agreement dated as of [            ], 20[    ] (the “Agreement”) between
BlackRock Asset Management International Inc. (herein called the Sponsor) and the Trustee. By becoming a Registered Owner or Beneficial Owner, or by depositing Copper, a Person is bound by all the terms and conditions of the Agreement. The Agreement
sets forth the rights of Depositors and Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies of the Agreement are on file at the Trustee’s Corporate Trust Office in New York City. 

The Agreement is hereby incorporated by reference into and made a part of this Certificate as if set forth in full in this place.
Capitalized terms not defined herein shall have the meanings set forth in the Agreement. 
 This Certificate shall not be
entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the
Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar. 
  

									
	Dated:	 	  
	 		 	THE BANK OF NEW YORK MELLON,
		 		 		 		 	as Trustee
					
		 		 		 	By:	 	  

 

	*	 That number of Shares held at The Depository Trust Company at any given point in time. 

 THE TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS IS 

101 BARCLAY STREET, NEW YORK, NEW YORK 10286

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