Document:

Form of Administration Agreement

 Exhibit 10.2 

FUND ADMINISTRATION AND ACCOUNTING AGREEMENT 

AGREEMENT made as of             , 2010, by and between each Fund
listed on Exhibit A (each a “Fund” and collectively, the “Funds”), and The Bank of New York Mellon, a New York banking organization (“BNY”). 

W I T N E S S E T H : 

WHEREAS, each Fund desires to retain BNY to provide the services described herein, and BNY is willing to provide such services, all as
more fully set forth below; 
 NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the
parties hereby agree as follows: 
 1. Appointment. 

Each Fund hereby appoints BNY for the term of this Agreement as its agent to perform the services described on Schedule I or
Schedule II hereto. BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth. 
 2.
Definitions. 
 Whenever used in this Agreement, the following words shall have the meanings set forth below: 

(a) “Authorized Person” shall be any person, whether or not an officer or employee of a Fund, duly authorized by a Fund to
execute any Certificate or to give any Oral Instruction, such persons to be designated in a Certificate annexed hereto as Exhibit B hereto or such other Certificate as may be received by BNY from time to time. 

(b) “BNY Affiliate” shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation. 

(c) “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering securities, its
successors and nominees. 

 (d) “Business Day” shall mean for a Fund any day described in such Fund’s
Prospectus (as hereinafter defined) as a day on which such Fund is open for business. 
 (e) “Certificate” shall mean
any notice, instruction, or other instrument in writing, authorized or required by this Agreement to be given to BNY, which is actually received by BNY by letter or facsimile transmission and signed on behalf of a Fund by an Authorized Person or a
person reasonably believed by BNY to be an Authorized Person. 
 (f) “Instructions” shall mean communications
transmitted by electronic or telecommunications media, including S.W.I.F.T., computer-to-computer interface, dedicated transmission lines, or other mutually agreed upon means. 

(g) “Oral Instructions” shall mean verbal instructions received by BNY from an Authorized Person or from a person reasonably
believed by BNY to be an Authorized Person. 
 3. Representations and Warranties. 

Each Fund hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing and repeated on
each day on which BNY is acting hereunder, that: 
 (a) It is duly organized and existing under the laws of the jurisdiction of
its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(b) This Agreement has been duly authorized, executed and delivered by it in accordance with all requisite action and constitutes a valid
and legally binding obligation, enforceable against it in accordance with its terms; 
 (c) It is conducting its business in
compliance with all applicable laws and regulations and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no
provision of its charter or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement; 

 

 - 2 - 

 (d) To the extent the performance of any services described in Schedule II attached
hereto by BNY in accordance with the then effective Prospectus (as hereinafter defined) would violate any applicable laws or regulations, the Fund shall immediately so notify BNY in writing and thereafter shall either furnish BNY with the
appropriate values of securities, net asset value or other computation, as the case may be, or, subject to the prior approval of BNY, instruct BNY in writing to value securities and/or compute net asset value or other computations in a manner it
specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute its representation that the same is consistent with all applicable laws and regulations and with its Prospectus; 

(e) It will not use the services provided by BNY hereunder in any manner that is, or will result in, a violation of any law, rule or
regulation applicable to it; and 
 (f) It is fully informed of the protections and risks associated with various methods of
transmitting Instructions and Oral Instructions and delivering Certificates to BNY, shall, and shall cause each Authorized Person, to safeguard and treat with extreme care any user and authorization codes, passwords and/or authentication keys,
understands that there may be more secure methods of transmitting or delivering the same than the methods selected by it, agrees that the security procedures (if any) to be utilized provide a commercially reasonable degree of protection in light of
its particular needs and circumstances, and acknowledges and agrees that Instructions may be presumed by BNY to have been given by person(s) duly authorized, and may be acted upon as given. 

4. Delivery of Documents. 

(a) Each Fund will promptly deliver to BNY true and correct copies of each of the following documents as currently in effect and will
promptly deliver to it all future amendments and supplements thereto, if any: 
 (i) Its Organizational documents and all
amendments thereto (the “Charter”); 
 (ii) The Trust’s registration statement most recently filed with the
Securities and Exchange Commission (the “SEC”) relating to the shares of the Fund (the “Registration Statement”) and the prospectus therein contained (the “Prospectus”); 

 

 - 3 - 

 (iii) Resolutions of Jefferies Commodity Investment Services, LLC, the managing owner of
the Funds (the “Managing Owner”) authorizing the execution, delivery and performance of this Agreement by the Fund; 

(iv) True and correct copies of any material contract between it and any third party (collectively, “Material Contracts”);

 (v) Copies of all filings required to be filed by the Fund with respect to its constituent documents with an official body
or office (collectively, “Required Filings”); 
 (b) Each copy of the Charter shall be certified by an appropriate
governmental representative of the jurisdiction of organization, and if the Charter is required by law also to be filed with a county or other officer or official body, a certificate of such filing shall be filed with a certified copy submitted to
BNY. Each copy of the Declaration of Trust and Trust Agreement, Registration Statement, Prospectus, Material Contracts and Required Filings, and all amendments thereto, shall be certified by the Managing Owner. 

(c) It shall be the sole responsibility of each Fund to deliver to BNY from time to time its then currently effective Prospectus and BNY
shall not be deemed to have notice of any information contained therein until it is actually received by BNY. 
 5. Duties
and Obligations of BNY. 
 (a) Subject to the direction and control of the Managing Owner and the provisions of this
Agreement, BNY shall provide separately to each Fund (i) the administrative services set forth on Schedule I attached hereto, and (ii) the valuation and computation services listed on Schedule II attached hereto. 

(b) In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel. 

(c) BNY shall not provide services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of
shares of any Fund, maintenance of any Fund’s financial records, other than those listed in Schedules I and II attached hereto, or other services normally performed by the Funds respective counsel or independent auditors. 

 

 - 4 - 

 (d) Upon receipt of a Fund’s prior written consent (which shall not be unreasonably
withheld), BNY may delegate any of its duties and obligations hereunder to such Fund to any delegee or agent whenever and on such terms and conditions as it deems necessary or appropriate. Notwithstanding the foregoing, no Fund’s consent shall
be required for any such delegation to any BNY Affiliate notwithstanding the domicile of such BNY Affiliate, and BNY shall not be liable for any loss or damage arising out of, or in connection with, the actions or omissions to act of any delegee or
agent utilized hereunder so long as BNY acts in good faith and without negligence or willful misconduct in the selection of such delegee or agent, provided that BNY shall be liable for the acts or omissions of any BNY Affiliate to the same extent it
would be liable under the terms hereof had it committed such act or omission and not delegated the same, and BNY shall notify each affected Fund upon any such delegation to a BNY Affiliate. 

(e) Each Fund shall cause its officers, managers, advisors, sponsor, distributor, legal counsel, independent accountants, current
administrator (if any) and transfer agent to cooperate with BNY and to provide BNY, upon request, with such information, documents and advice relating to that Fund as is within the possession or knowledge of such persons in order to enable BNY to
perform its duties hereunder. In connection with its duties hereunder, BNY shall be entitled reasonably to rely, and shall be held harmless by each Fund when acting in reliance, upon the instructions, advice or any documents relating to a Fund
provided to BNY by any of the aforementioned persons (“Proper Instructions”). BNY shall not be liable for any loss, damage or expense resulting from or arising out of the failure of a Fund to cause any information, documents or advice to
be provided to BNY as provided herein, provided BNY acts without negligence or willful misconduct. All fees or costs charged by such persons shall be borne by the relevant Fund. 

(f) Nothing in this Agreement shall limit or restrict BNY, any affiliate or BNY Affiliate or any officer or employee thereof from acting
for or with any third parties and providing services similar or identical to some or all of the services provided hereunder. 

(g) Each Fund shall furnish BNY with any and all instructions, explanations, 

 

 - 5 - 

 
information, specifications and documentation deemed necessary by BNY in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the
amounts and times of accrual of Fund liabilities and expenses. BNY shall not be required to include as Fund liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal, state, or foreign income taxes unless the Fund
shall have specified to BNY the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. Each Fund shall also furnish BNY by Proper Instruction with bid, offer, or market values of Securities if BNY
notifies such Fund that same are not available to BNY from a security pricing or similar service utilized, or subscribed to, by BNY which BNY in its judgment deems reliable at the time such information is required for calculations hereunder. At any
time and from time to time, the Fund also may furnish BNY by Proper Instruction with bid, offer, or market values of Securities and instruct BNY to use such information in its calculations hereunder. BNY shall at no time be required or obligated to
commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true
value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the Fund. 

(h) BNY may apply for Proper Instructions with respect to any matter arising in connection with BNY’s performance hereunder for such
Fund, and BNY shall not be liable for any action taken or not taken by it in good faith in accordance with such Proper Instructions. Such application for Proper Instructions may, at the option of BNY, set forth in writing any action proposed to be
taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken, and BNY shall not be liable for any action taken or omitted to be taken in accordance
with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received Proper Instructions in response to such application specifying the action to be
taken or omitted. 
 (i) BNY may consult with counsel to a Fund or its own counsel, at such Fund’s expense, and shall be
fully protected with respect to anything done or omitted by it in good faith after consultation with the Managing Owner in accordance with the advice or opinion of such counsel. 

 

 - 6 - 

 (j) Notwithstanding any other provision contained in this Agreement, but to the extent
expressly otherwise provided in Schedules I or II attached hereto, BNY shall have no duty or obligation to with respect to, including, without limitation, any duty or obligation to determine, or advise or notify a Fund of: (i) the
taxable nature of any distribution or amount received or deemed received by, or payable to, such Fund, (ii) the taxable nature or effect on such Fund or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or
similar events, (iii) the taxable nature or taxable amount of any distribution or other amount paid, payable or deemed paid, by such Fund to its shareholders; or (iv) the effect under any federal, state, foreign, or other applicable income
tax laws of such Fund making or not making any distribution or other payment, or any election with respect thereto. 
 (k) BNY,
in performing the services required of it under the terms of this Agreement, shall be entitled reasonably to rely fully on the accuracy and validity of any and all Proper Instructions, explanations, information, specifications and documentation
furnished to it by a Fund and shall have no duty or obligation to review the accuracy, validity or propriety of such Proper Instructions, explanations, information, specifications or documentation, including, without limitation, evaluations of
securities; the amounts or formula for calculating the amounts and times of accrual of a Fund’s liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of Securities; and amounts receivable or amounts
payable for the sale or redemption of Fund shares effected by or on behalf of a Fund. In the event BNY’s computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of
securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY which BNY in its judgment deems reliable, or from a broker-dealer selected by BNY, BNY shall not be
responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be required to inquire into any
valuation of securities or other assets by a Fund or any third party described in this sub-section (k) even though BNY in performing services similar to the services provided pursuant to this Agreement for others may receive different
valuations of the same or different securities of the same issuers. 
  

 - 7 - 

 (l) BNY, in performing the services required of it under the terms of this Agreement, shall
not be responsible for determining whether any interest accruable to a Fund is or will be actually paid, but will accrue such interest until otherwise instructed by such Fund. 

(m) Subject to the provisions of this sub-section (m), BNY shall compute the net asset value per share of each Fund and shall value the
Securities held by such Fund at such times and dates and in the manner specified in the then currently effective Prospectus of such Fund, except that notwithstanding any language in the Prospectus, in no event shall BNY be required to determine, or
have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed
that all such determinations and considerations shall be solely for each Fund. To the extent valuation of Securities or computation of a Fund’s net asset value as specified in the Fund’s then currently effective Prospectus is at any time
inconsistent with any applicable laws or regulations, such Fund shall immediately so notify BNY in writing and thereafter shall either furnish BNY at all appropriate times with the values of such Securities and net asset value, or subject to the
prior approval of BNY, instruct BNY in writing to value Securities and compute net asset value in a manner which such Fund then represents in writing to be consistent with all applicable laws and regulations. Such Fund may also from time to time,
subject to the prior approval of BNY, instruct BNY in writing to compute the value of the Securities or net asset value in a manner other than as specified in this sub-section (m). By giving such instruction, such Fund shall be deemed to have
represented that such instruction is consistent with all applicable laws and regulations and its then currently effective Prospectus. Each Fund shall have sole responsibility for determining the method of valuation of Securities and the method of
computing net asset value. 
 (n) In providing the services hereunder with the prior written consent of the Fund (which consent
shall not be unreasonably withheld) BNY may utilize any legal, tax or other regulatory, compliance, or monitoring services, in each case not a BNY Affiliate, reasonably believed by BNY to be reliable to provide information and reasonably
satisfactory to the 
  

 - 8 - 

 
applicable Fund. Each Fund agrees that BNY shall not be liable for any loss, damage or expense incurred as a result of errors or omissions of any vendor utilized by BNY or any permitted delegee
or agent hereunder, provided that such loss, damage or expense was not a result of the gross negligence or willful misconduct of such vendor. 

(o) BNY shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this
Agreement and Schedules I and II attached hereto, and no covenant or obligation shall be implied against BNY in connection with this Agreement. 

6. Compliance Services. 

(a) If Schedule I contains a requirement for the BNY to provide the Fund with compliance services, such services shall be provided
pursuant to the terms of this Section 6 (the “Compliance Services”). The precise compliance review and testing services to be provided shall be as mutually agreed between the BNY and each Fund, and the results of the BNY’s
Compliance Services shall be detailed in a compliance summary report (the “Compliance Summary Report”) prepared on a periodic basis as mutually agreed. Each Compliance Summary Report shall be subject to review and approval by the Managing
Owner on behalf of the applicable Fund. The BNY shall have no responsibility or obligation to provide Compliance Services other that those services specifically listed in Schedule I. 

(b) The Managing Owner, on behalf of each Fund, will examine each Compliance Summary Report delivered to it by the BNY and notify the BNY
of any error, omission or discrepancy within ten (10) days of its receipt. The Fund agrees to notify the BNY promptly if it fails to receive any such Compliance Summary Report. The Fund further acknowledges that unless it notifies the BNY of
any error, omission or discrepancy within ten (10) days, such Compliance Summary Report shall be deemed to be correct and conclusive in all respects. In addition, if the Fund learns of any out-of-compliance condition before receiving a
Compliance Summary Report reflecting such condition, the Fund will notify the BNY of such condition within one business day after discovery thereof. 
  

 - 9 - 

 (c) While the BNY will endeavor to identify out-of-compliance conditions, the BNY does not
and could not for the fees charged, make any guarantees, representations or warranties with respect to its ability to identify all such conditions. In the event of any errors or omissions in the performance of Compliance Services, each Fund’s
sole and exclusive remedy and the BNY’s sole liability shall be limited to re-performance by the BNY of the Compliance Services affected and in connection therewith the correction of any error or omission, if practicable and the preparation of
a corrected report, at no cost to the applicable Fund. 
 7. Allocation of Expenses. 

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall
be paid by each Fund, including but not limited to, organizational costs and costs of maintaining its existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of such Fund’s manager(s),
shareholders, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including
clerical expenses) incident to the issuance, redemption or repurchase of Fund shares, fees and expenses incident to the registration or qualification under federal, state or other applicable securities laws of each Fund or its shares, costs
(including printing and mailing costs) of preparing and distributing any materials, reports, notices and proxy material to a Fund’s shareholders, all expenses incidental to holding meetings of such Fund’s shareholders, and extraordinary
expenses as may arise, including litigation affecting a Fund and legal obligations relating thereto for which the Fund may have to indemnify its manager(s), shareholders, or officers. BNY shall maintain separate and distinct records with respect to
all costs and expenses for each Fund and its manager(s) or officers 
 8. Standard of Care; Indemnification. 

(a) BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees
(collectively, “Losses”), incurred by or asserted against a Fund, except those Losses arising out of BNY’s own gross negligence or willful misconduct. In no event shall BNY be liable to a Fund or any third party for special,

  

 - 10 - 

 
indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and
regardless of the form of action, nor shall BNY be liable for (i) acting in accordance with any Certificate or Oral Instructions actually received by BNY and reasonably believed by BNY to be given by an Authorized Person;
(ii) acting in accordance with Instructions; (iii) presuming that all instructions that are Instructions and are not contained in a Certificate or Oral Instructions are given only by person(s) duly authorized;
(iv) relying upon prices provided by any third party pricing service or broker-dealer believed by BNY to be reliable; (v) subject to Section 11 hereof, for any Losses due to forces beyond the control of BNY, including
without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services; (vi) any Losses arising from the applicability of any law or regulation now or hereafter in effect; or (vii) any Losses, resulting from, arising out of, or in connection with its performance hereunder, including its actions or
omissions, the incompleteness or inaccuracy of any Proper Instructions, specifications or other information furnished by or on behalf of a Fund, or for delays caused by circumstances beyond BNY’s reasonable control, unless such Loss arises out
of the gross negligence or willful misconduct of BNY. 
 (b) Each Fund shall indemnify and hold harmless BNY from and against
any and all costs, expenses, damages, liabilities and claims (including claims asserted by such Fund), and reasonable attorneys’ and accountants’ fees relating thereto, which are sustained or incurred or which may be asserted against BNY,
by reason of or as a result of any action taken or omitted to be taken by BNY in good faith hereunder or in reliance upon (i) any law, act, regulation or interpretation of the same, issued by a court or governmental agency, (ii) a
Fund’s Registration Statement or Prospectus, (iii) any instructions of an officer of the Managing Owner, or (iv) any opinion of legal counsel for a Fund or BNY, or arising out of transactions or other activities of a Fund which
occurred prior to the commencement of this Agreement; provided, that a Fund shall not indemnify BNY for costs, expenses, damages, liabilities or claims for which BNY is liable under preceding sub-section 7(a). This indemnity shall be a
continuing obligation of each Fund, its respective successors and assigns, notwithstanding the termination of this Agreement. 
  

 - 11 - 

 
Without limiting the generality of the foregoing, each Fund shall indemnify BNY against and save BNY harmless from any loss, damage or expense, including counsel fees and other costs and expenses
of a defense against any claim or liability, arising from any one or more of the following: 
 (i) Errors in records or
instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by any third party described above or by or on behalf of such Fund; 

(ii) Action or inaction taken or omitted to be taken by BNY pursuant to any Certificate, Instructions or Oral Instructions of such Fund
or otherwise without negligence or willful misconduct; 
 (iii) Any action taken or omitted to be taken by BNY in good faith
after consultation with the Fund in accordance with the advice or opinion of counsel for such Fund or its own counsel; 
 (iv)
Any improper use by such Fund or its agents, distributor or investment advisor of any valuations or computations supplied by BNY pursuant to this Agreement; 

(v) The method of valuation of the securities and the method of computing such Fund’s net asset value; or 

(vi) Any valuations of securities or net asset value provided by such Fund. 

(c) Actions taken or omitted in reliance on oral or written instructions, or upon any information, order, indenture, stock certificate,
power of attorney, assignment, affidavit or other instrument reasonably believed by BNY to be genuine or bearing the signature of a person or persons reasonable believed to be authorized to sign, countersign or execute the same, or upon the opinion
of legal counsel for the Fund or its own counsel, shall be conclusively presumed to have been taken or omitted in good faith. 

9. Limitation of Liability. 

(a) BNY agrees that, as each Fund is a distinct entity, the liabilities of each Fund shall

  

 - 12 - 

 
be limited such that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular Fund shall be
enforceable against the assets of that particular Fund only, and not against the assets of any other Fund and that they have executed one instrument for convenience only. 

(b) It is expressly acknowledged and agreed that the obligations of each Fund hereunder shall not be binding upon any shareholder,
Trustee, officer, employee or agent of such Fund, personally. This Agreement has been duly authorized, executed and delivered by each Fund and neither such authorization nor such execution and delivery shall be deemed to have been made by any of
them individually or to impose any liability on any of them personally. 
 10. Compensation and Reimbursements.

 For the services provided hereunder, each Fund agrees to pay BNY such compensation as is mutually agreed from time to time and
such out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in performing its duties hereunder. Except
as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. Each Fund authorizes BNY to debit such Fund’s custody account for all amounts due and payable hereunder. BNY shall deliver to each Fund invoices for
services rendered after debiting such Fund’s custody account with an indication that payment has been made. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to
the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, each Fund’s net asset value shall be
computed at the times and in the manner specified in the Fund’s Prospectus. 
 11. Term of Agreement. 

(a) This Agreement shall continue until terminated by either BNY giving to a Fund, or a Fund giving to BNY, a notice in writing specifying
the date of such termination, which date shall be not less than ninety (90) days after the date of the giving of such notice. Upon termination hereof, the affected Fund(s) shall pay to BNY such compensation as may be due as of the date of such
termination, and shall reimburse BNY for any disbursements and expenses made or incurred by BNY and payable or reimbursable hereunder. 
  

 - 13 - 

 (b) Notwithstanding the foregoing, BNY may terminate this Agreement upon thirty
(30) days prior written notice to a Fund if such Fund shall terminate its custody agreement with The Bank of New York Mellon, or fail to perform its obligations hereunder in a material respect. 

(c) Termination of this Agreement by any Fund shall not constitute a termination by any other Fund unless separate notice is given.

 12. Authorized Persons. 

Attached hereto as Exhibit B is a list of persons duly authorized by each Fund to execute this Agreement and give any written or
oral instructions, or written or oral specifications, by or on behalf of a Fund. From time to time a Fund may deliver a new Exhibit B to add or delete any person and BNY shall be entitled to rely on the last Exhibit B actually received by BNY.

 13. Amendment. 

This Agreement may not be amended or modified in any manner except by a written agreement executed by BNY and each Fund to be bound
thereby, and authorized or approved by each Fund to be bound thereby. 
 14. Assignment. 

This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided,
however, that this Agreement shall not be assignable by any Fund without the written consent of BNY, or by BNY without the written consent of the Funds. 

15. Governing Law; Consent to Jurisdiction. 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles
thereof. Each Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury.
To the extent that in any jurisdiction a Fund may now or hereafter be entitled to claim, 
  

 - 14 - 

 
for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, each Fund irrevocably agrees not to claim, and each hereby waives, such
immunity. 
 16. Severability. 

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other
persons and circumstances. Each Fund is entering this Agreement on its own account and no action by one Fund shall affect this Agreement with any other Fund. 

17. No Waiver. 

Each and every right granted to BNY hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by
law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY of any right
preclude any other or future exercise thereof or the exercise of any other right. 
 18. Notices. 

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows: 

if to a Fund, at the address for such Funds specified on Exhibit A 

if to BNY, at 
  

			
	 The Bank of New York Mellon

  
	  	
	 New York, New York 10286
	  	
	 Attention:
	  	
	 Title:
	  	

 or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon
receipt. 
  

 - 15 - 

 19. Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts
together shall constitute only one instrument. 
 20. Entire Agreement. 

BNY and each Fund shall have no duties or responsibilities whatsoever except such duties and responsibilities specifically set forth in
this Agreement and no covenant or obligation shall be implied against BNY or any Fund in connection with this Agreement. 
 IN
WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized persons, all as of the day and year first above written. 

 

			
	 JEFFERIES COMMODITY INVESTMENT

SERVICES, LLC, as Managing Owner of the

Fund(s)

		
	By:	 	  

	Name	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Name	 	
	Title:	 	

  

 - 16 - 

 EXHIBIT A 

FUNDS 
  

			
	 Name of Fund

 
	  	
Address
  

	 	 
	 	  	 
	 	 
	 	  	 

 EXHIBIT B 

I,                     , of Jefferies
Commodity Investment Services, LLC, a Delaware limited liability company and the sole managing owner (the “Managing Owner”) of [Insert Name of Fund(s) (the “Funds”), in my capacity as [Secretary] of the Managing Owner and not in
my individual capacity, do hereby certify that: 
 The following individuals serve in the following positions with the Managing
Owner, and each has been duly elected or appointed by the Managing Owner to each such position and qualified therefore in conformity with the Fund’s Declaration of Trust, and the signatures set forth opposite their respective names are their
true and correct signatures. Each such person is authorized to give written or oral instructions or written or oral specifications by or on behalf of the Fund to BNY. 
  

					
	 Name
	  	 Position
	  	 Specimen Signature

			
	  
	  	  
	  	  

			
	  
	  	  
	  	  

IN WITNESS WHEREOF, I have hereunto set my hand as of the date set forth below: 

 

					
	By:	 	  
	  	
			
	 	 	 	  	
		
	[                ], [Secretary]	  	

 Dated:             
    , 2010 

 SCHEDULE I 

ADMINISTRATIVE SERVICES 
  

	 	1.	Provide periodic reports and other information to the Managing Owner or its accountants to assist in the periodic updating of the Registration Statement, Prospectus,
and the preparation of Form 10-K and Form 10-Q and proxy materials, if any, with respect to the Funds. 

  

	 	2.	Prepare and, subject to approval of Fund, disseminate to Fund quarterly unaudited financial statements and schedules of Fund’s investments and make
presentations to the Managing Owner’s Board, as appropriate. 

  

	 	3	Prepare separate and distinct statistical reports for each Fund for outside information services. 

 

	 	4.	Attend meetings of the Managing Owner’s Board of Directors or its shareholders or members as requested from time to time. 

 

	 	5.	Establish appropriate expense accruals and maintain expense files for each Fund (each of which shall be separate and distinct from each other) and coordinate the
payment of invoices. 

  

	 	6.	Maintain certain books and records in respect of the Funds as listed on Schedule A to that certain Acknowledgment dated as of
[    ], 2010, by and among Jefferies Commodity Investment Services, LLC, a commodity pool operator of the Funds, BNY and ALPS Distributors, Inc., as amended from time-to-time. 

 

	 	7.	When applicable BNY accepts delegation of the obligations of Jefferies Commodity Investment Services, LLC as contemplated under the Participant Agreement.

  

	 	8.	Perform for each Fund, the compliance tests as mutually agreed and which shall be specific to each Fund. The Compliance Summary Reports listing the results of such
tests are subject to review and approval by the Managing Owner on behalf of each Fund.  

 SCHEDULE II 

VALUATION AND COMPUTATION SERVICES 

I. With respect to each Fund, BNY shall maintain the following records, separately and distinctly, on a daily basis with respect to the
following: 
 1. Report of priced portfolio securities 

2. Statement of net asset value per share 

II. With respect to each Fund, BNY shall maintain the following records, separately and distinctly, on a monthly basis, with respect to
the following: 
 1. General Ledger 

2. General Journal 

3. Cash Receipts Journal 

4. Cash Disbursements Journal 

5. Subscriptions Journal 

6. Redemptions Journal 

7. Accounts Receivable Reports 

8. Accounts Payable Reports 

9. Transaction (Securities) Journal 

10. Broker Transaction Journal 

11. Holdings Ledger 

12. Buy-Sell Ledger (Broker’s Ledger) 

 The above reports may be printed according to any other required frequency to meet the
requirements of the Internal Revenue Service, the Securities and Exchange Commission and the Fund’s Auditors. 

 APPENDIX I 

THE BANK OF NEW YORK MELLON 

ON-LINE COMMUNICATIONS SYSTEM (THE “SYSTEM”) 

TERMS AND CONDITIONS 

1. License; Use. (a) This Appendix I shall govern the Fund’s use of the System and any computer software provided by BNY
to the Fund in connection herewith (collectively, the “Software”). In the event of any conflict between the terms of this Appendix I and the main body of this Agreement with respect to the Fund’s use of the System, the terms of
this Appendix I shall control. 
 (b) Upon delivery to the Fund of Software and/or System access codes, BNY grants to the Fund a
personal, nontransferable and nonexclusive license to use the Software and the System solely for the purpose of transmitting Written Instructions, receiving reports, making inquiries or otherwise communicating with BNY in connection with the
Account(s). The Fund shall use the Software and the System solely for its own internal and proper business purposes and not in the operation of a service bureau. Except as set forth herein, no license or right of any kind is granted to the Fund with
respect to the Software or the System. The Fund acknowledges that BNY and its suppliers retain and have title and exclusive proprietary rights to the Software and the System, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to any copyrights, trademarks and patents (including registrations and applications for registration of either), or other statutory or legal protections available in respect
thereof. The Fund further acknowledges that all or a part of the Software or the System may be copyrighted or trademarked (or a registration or claim made therefor) by BNY or its suppliers. The Fund shall not take any action with respect to the
Software or the System inconsistent with the foregoing acknowledgments, nor shall the Fund attempt to decompile, reverse engineer or modify the Software. The Fund may not copy, sell, lease or provide, directly or indirectly, any of the Software or
any portion thereof to any other person or entity without BNY’s prior written consent. The Fund may not remove any statutory copyright notice or other notice included in the Software or on any media containing the Software. The Fund shall
reproduce any such notice on any reproduction of the Software and shall add any statutory copyright notice or other notice to the Software or media upon BNY’s request. 

(c) If the Fund subscribes to any database service provided by BNY in connection with its use of the System, delivery of such database to
the Fund shall constitute the granting by BNY to the Fund of a non-exclusive, non-transferable license to use such database for so long as this Appendix I is in effect. It is understood and agreed that any database supplied by BNY is derived from
sources which BNY believes to be reliable but BNY does not, and cannot for the fees charged, guarantee or warrant that the data is correct, complete or current. All such databases are provided as an accommodation by BNY to its customers and are
compiled without any independent investigation by BNY. However, BNY will endeavor to update and revise each database on a periodic basis as BNY, in its discretion, deems necessary and appropriate. The Fund also agrees that the Fund will promptly
install all updates and revisions to each database which BNY provides and that BNY cannot bear any responsibility whatsoever for the Fund’s failure to do so. BNY IS NOT RESPONSIBLE FOR ANY RESULTS OBTAINED BY THE FUND FROM USE OF DATABASE
SERVICES PROVIDED BY BNY. 
 2. Equipment. The Fund shall obtain and maintain at its own cost and expense all equipment
and services, including but not limited to communications services, necessary for it to utilize the Software and obtain access to the System, and BNY shall not be responsible for the reliability or availability of any such equipment or services.

 3. Proprietary Information. The Software, any data base and any proprietary data, processes, information and
documentation made available to the Fund (other than which are or become part of the public domain or are legally required to be made available to the public) (collectively, the “Information”), are the exclusive and confidential property
of BNY or its suppliers. However, for the avoidance of doubt, reports generated by the Fund containing information relating to the Account(s) are not deemed to be within the meaning of the term “Information”. The Fund shall keep the
Information confidential by using the same care and discretion that the Fund 

 
uses with respect to its own confidential property and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the licenses granted herein for any reason, the Fund
shall return to BNY any and all copies of the Information which are in its possession or under its control. The provisions of this Section 3 shall not affect the copyright status of any of the Information which may be copyrighted and shall
apply to all information whether or not copyrighted. 
 4. Modifications. BNY reserves the right to modify the Software
from time to time and the Fund shall install new releases of the Software as BNY may direct. The Fund agrees not to modify or attempt to modify the Software without BNY’s prior written consent. The Fund acknowledges that any modifications to
the Software, whether by the Fund or BNY and whether with or without BNY’s consent, shall become the property of BNY. 
 5.
NO REPRESENTATIONS OR WARRANTIES. BNY AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE SOFTWARE, THE SYSTEM, ANY SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT
LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE SOFTWARE, THE SYSTEM, ANY SERVICES AND ANY DATABASE ARE PROVIDED “AS IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND MAY INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IF BNY OR SUCH SUPPLIER HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR
DISSIMILAR CAUSE BEYOND THEIR REASONABLE CONTROL. 
 6. Security; Reliance; Unauthorized Use. BNY will establish security
procedures to be followed in connection with the System. The Fund understands and agrees that the security procedures are intended to determine whether instructions received by BNY through the System are authorized but are not (unless otherwise
specified in writing) intended to detect any errors contained in such instructions. The Fund will cause all persons utilizing the Software and the System to treat all applicable user and authorization codes, passwords and authentication keys with
the highest degree of care and confidentiality. BNY is hereby irrevocably authorized to comply with and rely upon on Written Instructions, whether or not authorized, received by it through the System in accordance with the security procedures. The
Fund acknowledges that it is its sole responsibility to assure that only Authorized Persons use the System and that to the fullest extent permitted by applicable law BNY shall not be responsible nor liable for any unauthorized use thereof or for any
losses sustained by the Fund arising from or in connection with the use of the System or BNY’s reliance upon and compliance with Written Instructions received through the System. 

7. System Acknowledgments. BNY shall acknowledge through the System its receipt of each transmission communicated through the
System, and in the absence of such acknowledgment BNY shall not be liable for any failure to act in accordance with such transmission and the Fund may not claim that such transmission was received by BNY. 

8. EXPORT RESTRICTIONS. EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW. THE FUND MAY NOT UNDER ANY CIRCUMSTANCES
RESELL, DIVERT, TRANSFER, TRANSSHIP OR OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF BNY DELIVERED THE SOFTWARE TO CUSTOMER OUTSIDE OF THE UNITED STATES, THE SOFTWARE WAS EXPORTED FROM THE UNITED STATES IN ACCORDANCE
WITH THE EXPORT ADMINISTRATION REGULATIONS. DIVERSION CONTRARY TO U.S. LAW IS PROHIBITED. The Fund hereby authorizes BNY to report its name and address to government agencies to which BNY is required to provide such information by law. 

 9. Encryption. The Fund acknowledges and agrees that encryption may not be available
for every communication through the System, or for all data. The Fund agrees that BNY may deactivate any encryption features at any time, without notice or liability to the Fund, for the purpose of maintaining, repairing or troubleshooting the
System or the Software. 
 10. On-Line Inquiry and Modification of Records. In connection with the Fund’s use of the
System, BNY may, at the Fund’s request, permit the Fund to enter data directly into a BNY database for the purpose of modifying certain information maintained by BNY’s systems, including, but not limited to, change of address information.
To the extent that the Fund is granted such access, the Fund agrees to indemnify and hold BNY harmless from all loss, liability, cost, damage and expense (including attorney’s fees and expenses) to which BNY may be subjected or which may be
incurred in connection with any claim which may arise out of or as a result of changes to BNY database records initiated by the Fund.Form of Global Custody Agreement

 Exhibit 10.3 

 

 

 GLOBAL CUSTODY AGREEMENT 

AGREEMENT, dated as of
                    , 2010, by and between each entity listed in Exhibit A attached hereto, severally and not jointly, and The Bank of New
York Mellon (“Custodian”). 
 ARTICLE I 

DEFINITIONS 

Whenever used in this Agreement, the following words shall have the meanings set forth below: 

1. “Authorized Person” shall be any person, whether or not an officer or employee of Customer, duly authorized by
Customer to give Oral and/or Written Instructions with respect to one or more Accounts, such persons to be designated in a Certificate of Authorized Persons which contains a specimen signature of such person. 

2. “BNY Affiliate” shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation. 

3. “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering
securities, its successors and nominees. 
 4. “Business Day” shall mean any day on which Custodian, Book-Entry
System and relevant Depositories are open for business. 
 5. “Customer” shall mean each entity listed on
Exhibit A attached hereto severally and not jointly. Where the context requires (e.g., for services provided), the word Customer shall include all of the entities listed on Exhibit A and, conversely, where the context requires (e.g., for liability
provisions), the word Customer shall refer to each entity listed on Exhibit A severally and not jointly. 
 6.
“Depository” shall include the Book-Entry System, the Depository Trust Company, Euroclear, Clearstream Banking S.A. and any other securities depository, book-entry system or clearing agency (and their respective successors and
nominees) authorized to act as a securities depository, book-entry system or clearing agency pursuant to applicable law and identified to Customer from time to time. 

7. “Oral Instructions” shall mean instructions received verbally by Custodian. 

8. “Securities” shall include, without limitation, any common stock and other equity securities, bonds, debentures and
other debt securities, notes, mortgages or other obligations, and any instruments representing rights to receive, purchase, or subscribe for the same, or representing any other rights or interests therein (whether represented by a certificate or
held in a Depository, with a Subcustodian or on the books of the issuer). 
 9. “Subcustodian” shall mean a
bank or other financial institution (other than a Depository) which is utilized by Custodian in connection with the purchase, sale or custody of Securities hereunder and identified to Customer from time to time. 

10. “Written Instructions” shall mean written communications actually received by Custodian by S.W.I.F.T., tested telex,
letter, facsimile transmission, or other method or system specified by Custodian as available for use in connection with the services hereunder. 

 ARTICLE II 

APPOINTMENT OF CUSTODIAN; ACCOUNTS; 

REPRESENTATIONS AND WARRANTIES 

1. Customer hereby appoints Custodian as custodian of all Securities and cash at any time delivered to Custodian during the term of this
Agreement, and authorizes Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian hereby accepts such appointment and agrees to establish and maintain one or more securities accounts and cash accounts (each
account being separate and distinct with respect to each Customer) in which Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account”; collectively, the “Accounts”) shall be in the name of
Customer. 
 2. Customer hereby represents, warrants and covenants, which shall be continuing and shall be deemed to be
reaffirmed upon each Oral or Written Instruction given by Customer, that: 
 (a) Customer is duly organized and existing under
the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(b) This Agreement has been duly authorized, executed and delivered by Customer, constitutes a valid and legally binding obligation of
Customer, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on Customer prohibits Customer’s execution or performance of this Agreement; and 

(c) Either Customer owns the Securities in the Accounts free and clear of all liens, claims, security interests and encumbrances (except
those granted herein) or, if the Securities in an Account are owned beneficially by others, Customer has the right to pledge such Securities to the extent necessary to secure Customer’s obligations hereunder, free of any right of redemption or
prior claim by the beneficial owner. Custodian’s security interest pursuant to Article V hereof shall be a first lien and security interest subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any
other party (other than specific liens granted preferred status by statute), and Customer shall take any and all additional steps which are required to assure Custodian of such priority and status, including notifying third parties or obtaining
their consent to, Custodian’s security interest. 
 (d) Customer has established and presently maintains an anti-money
laundering program (the “Program”) reasonably designed to prevent Customer from being used as a conduit for money laundering or other illicit purposes or the financing of terrorist activities, and is in compliance with the Program and all
anti-money laundering laws, regulations and rules now or hereafter in effect that are applicable to it; 
 (e) Customer has
verified the identity of each of its investors and documented the origin of the assets funding each investor’s account with Customer, and to the best of Customer’s knowledge, no investor has invested in Customer for money laundering or
other illicit purposes; and 
 (f) Customer shall promptly notify Custodian in writing if any of the foregoing representations
and warranties are no longer true. 
 ARTICLE III 

CUSTODY AND RELATED SERVICES 

1. (a) Subject to the terms hereof, Customer hereby authorizes Custodian to hold any Securities received by it from time to time for
Customer’s account. Custodian shall be entitled to utilize Depositories and Subcustodians to the extent possible in connection with its performance hereunder. Securities and cash deposited by Custodian in a Depository will be held subject to
the rules, terms and conditions of such Depository. Securities and cash held through Subcustodians shall be held subject to the terms and conditions of Custodian’s agreements with such Subcustodians. Subcustodians may be authorized to hold
Securities in central securities depositories or clearing agencies in which such Subcustodians participate. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities deposited with Subcustodians will be
held in a commingled account in the name of Custodian as custodian or trustee for its customers. Custodian shall identify on its books and records the Securities and cash belonging to Customer, whether held directly or indirectly through
Depositories or Subcustodians and shall maintain separate and distinct for each Customer. 
 (b) Unless applicable law otherwise
requires, Custodian shall hold Securities indirectly through a Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors, including
a receiver or trustee in bankruptcy or similar authority, except for a claim of payment for the safe custody or administration of Securities or for funds advanced on behalf of Customer by such Subcustodian, and (ii) beneficial ownership of the
Securities is freely transferable without the payment of money or value other than for safe custody or administration. 
  

 - 2 - 

 2. Custodian shall furnish Customer with an advice of daily transactions and a monthly
summary of all transfers to or from the Accounts. Customer may elect to receive advices, confirmations, reports or statements electronically through the Internet to an email address specified by it for such purpose. By electing to use the Internet
for this purpose, Customer acknowledges that such transmissions are not encrypted and therefore are insecure. Customer further acknowledges that there are other risks inherent in communicating through the Internet such as the possibility of virus
contamination and disruptions in service, and agrees that Custodian shall not be responsible for any loss, damage or expense suffered or incurred by Customer or any person claiming by or through Customer as a result of the use of such methods.

 3. With respect to all Securities held hereunder, Custodian shall, unless otherwise instructed to the contrary: 

(a) Receive all income and other payments and advise Customer as promptly as practicable of any such amounts due but not paid;

 (b) Present for payment and receive the amount paid upon all Securities which may mature and advise Customer as promptly as
practicable of any such amounts due but not paid; 
 (c) Forward to Customer all information or copies of documents that it may
receive from an issuer of Securities which, in the opinion of Custodian, are intended for the beneficial owner of Securities; 

(d) Execute, as custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or
hereafter in effect in connection with the collection of bond and note coupons; 
 (e) Hold directly or through a Depository or
Subcustodian all rights and similar Securities issued with respect to any Securities credited to an Account hereunder; and 

(f) Endorse for collection checks, drafts or other negotiable instruments. 

4. (a) Custodian shall notify Customer of such rights or discretionary actions or of the date or dates by when such rights must be
exercised or such action must be taken provided that Custodian has received, from the issuer or the relevant Depository (with respect to Securities issued in the United States) or from the relevant Subcustodian, Depository or a nationally or
internationally recognized bond or corporate action service to which Custodian subscribes, timely notice of such rights or discretionary corporate action or of the date or dates such rights must be exercised or such action must be taken. Absent
actual receipt of such notice, Custodian shall have no liability for failing to so notify Customer. 
 (b) Whenever Securities
(including, but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls) confer optional rights on Customer or provide for discretionary action or alternative courses of action by Customer, Customer shall be
responsible for making any decisions relating thereto and for directing Custodian to act. In order for Custodian to act, it must receive Customer’s Written Instructions at Custodian’s offices, addressed as Custodian may from time to time
request, not later than noon at least two (2) Business Days prior to the last scheduled date to act with respect to such Securities (or such earlier date or time as Custodian may notify Customer). Absent Custodian’s timely receipt of such
Written Instructions, Custodian shall not be liable for failure to take any action relating to or to exercise any rights conferred by such Securities. 

5. All voting rights with respect to Securities, however registered, shall be exercised by Customer or its designee. For Securities
issued in the United States, Custodian’s only duty shall be to mail to Customer any documents (including proxy statements, annual reports and signed proxies) received by Custodian relating to the exercise of such voting rights. With respect to
Securities issued outside of the United States, Custodian’s only duty shall be to provide Customer with access to a provider of global proxy services at Customer’s request. The relevant Customer shall be responsible for all costs
associated with its use of such services. Custodian will make available to Customer proxy voting services upon the request of, and for the jurisdictions selected by, Customer in accordance with terms and conditions to be mutually agreed upon by
Custodian and Customer. 
 6. Custodian shall promptly advise Customer upon its notification of the partial redemption, partial
payment or other action affecting less than all Securities of the relevant class. If Custodian, any Subcustodian or Depository holds any such Securities in which Customer has an interest as part of a fungible mass, Custodian, such Subcustodian or
Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection. 

7. Custodian shall not under any circumstances accept bearer interest coupons which have been stripped from United States federal, state
or local government or agency securities unless explicitly agreed to by Custodian in writing. 
  

 - 3 - 

 8. Customer shall be liable for all taxes, assessments, duties and other governmental
charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any cash or Securities held on behalf of Customer or any transaction related thereto. Customer shall indemnify Custodian and each Subcustodian for
the amount of any Tax that Custodian, any such Subcustodian or any other withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments or distributions
made to or for the account of Customer (including any payment of Tax required by reason of an earlier failure to withhold). Custodian shall, or shall instruct the applicable Subcustodian or other withholding agent to, withhold the amount of any Tax
which is required to be withheld under applicable law upon collection of any dividend, interest or other distribution made with respect to any Security and any proceeds or income from the sale, loan or other transfer of any Security. In the event
that Custodian or any Subcustodian is required under applicable law to pay any Tax on behalf of Customer, Custodian is hereby authorized to withdraw cash from any cash account in the amount required to pay such Tax and to use such cash, or to remit
such cash to the appropriate Subcustodian, for the timely payment of such Tax in the manner required by applicable law. If the aggregate amount of cash in all cash accounts is not sufficient to pay such Tax, Custodian shall promptly notify Customer
of the additional amount of cash (in the appropriate currency) required, and Customer shall directly deposit such additional amount in the appropriate cash account promptly after receipt of such notice, for use by Custodian as specified herein. In
the event that Custodian reasonably believes that Customer is eligible, pursuant to applicable law or to the provisions of any tax treaty, for a reduced rate of, or exemption from, any Tax which is otherwise required to be withheld or paid on behalf
of Customer under any applicable law, Custodian shall, or shall instruct the applicable Subcustodian or withholding agent to, either withhold or pay such Tax at such reduced rate or refrain from withholding or paying such Tax, as appropriate;
provided that Custodian shall have received from Customer all documentary evidence of residence or other qualification for such reduced rate or exemption required to be received under such applicable law or treaty. In the event that Custodian
reasonably believes that a reduced rate of, or exemption from, any Tax is obtainable only by means of an application for refund, Custodian and the applicable Subcustodian shall have no responsibility for the accuracy or validity of any forms or
documentation provided by Customer to Custodian hereunder. Customer hereby agrees to indemnify and hold harmless Custodian and each Subcustodian in respect of any liability arising from any underwithholding or underpayment of any Tax which results
from the inaccuracy or invalidity of any such forms or other documentation, and such obligation to indemnify shall be a continuing obligation of Customer, its successors and assigns, notwithstanding the termination of this Agreement. 

9.(a) For the purpose of settling Securities and foreign exchange transactions, Customer shall provide Custodian with sufficient
immediately available funds for all transactions by such time and date as conditions in the relevant market dictate. As used herein, “sufficient immediately available funds” shall mean either (i) sufficient cash denominated in the
currency of Customer’s home jurisdiction to purchase the necessary foreign currency, or (ii) sufficient applicable foreign currency to settle the transaction. Custodian shall provide Customer with immediately available funds each day which
result from the actual settlement of all sale transactions, based upon advices received by Custodian from its Subcustodians and Depositories. Such funds shall be in the currency of Customer’s home jurisdiction or such other currency as Customer
may specify to Custodian. 
 (b) Any foreign exchange transaction effected by Custodian in connection with this Agreement may be
entered with Custodian or a BNY Affiliate acting as principal or otherwise through customary banking channels. Customer may issue standing Written Instructions with respect to foreign exchange transactions but Custodian may establish rules or
limitations concerning any foreign exchange facility made available to Customer. Customer shall bear all risks of investing in Securities or holding cash denominated in a foreign currency. Without limiting the foregoing, Customer shall bear the
risks that rules or procedures imposed by Depositories, exchange controls, asset freezes or other laws, rules, regulations or orders shall prohibit or impose burdens or costs on the transfer to, by or for the account of Customer of Securities or
cash held outside Customer’s jurisdiction or denominated in a currency other than its home jurisdiction or the conversion of cash from one currency into another currency. Custodian shall not be obligated to substitute another currency for a
currency whose transferability, convertibility or availability has been affected by such law, regulation, rule or procedure. Neither Custodian nor any Subcustodian shall be liable to Customer for any loss resulting from any of the foregoing events.

 10. To the extent that Custodian has agreed to provide pricing or other information services in connection with this
Agreement, Custodian is authorized to utilize any vendor (including brokers and dealers of Securities) reasonably believed by Custodian to be reliable to provide such information. Customer understands that certain pricing information with respect to
complex financial instruments (e.g., derivatives) may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market
values may or may not be material. Where vendors do not provide information for particular Securities or other property, an Authorized Person may advise Custodian regarding the fair market value of, or provide other information with respect to, such
Securities or property as determined by it in good faith. Custodian shall not be liable for any loss, damage or expense incurred as a result of errors or omissions with respect to any pricing or other information utilized by Custodian hereunder.

  

 - 4 - 

 11. As an accommodation to Customer, Custodian may provide consolidated recordkeeping
services pursuant to which Custodian reflects on Account statements Securities not held in Custodian’s vault or for which Custodian or its nominee is not the registered owner (“Non-Custody Securities”). Non-Custody Securities shall be
designated on Custodian’s books as “shares not held” or by other similar characterization. Customer acknowledges and agrees that it shall have no security entitlement against Custodian with respect to Non-Custody Securities, that
Custodian shall rely, without independent verification, on information provided by Customer regarding Non-Custody Securities (including but not limited to positions and market valuations) and that Custodian shall have no responsibility whatsoever
with respect to Non-Custody Securities or the accuracy of any information maintained on Custodian’s books or set forth on account statements concerning Non-Custody Securities. 

12. From time to time Custodian may make available to Customer or its agent(s) certain computer programs, products, services, reports or
information (including, without limitation, information obtained by Custodian from third parties and information reflecting Custodian’s input, evaluation and interpretation (collectively, “Tools”). Tools may allow Customer or its
agent(s) to perform certain analytic, accounting, compliance, reconciliation and other functions with respect to the Account. By way of example, Tools may assist Customer or its agent(s) in analyzing the performance of investment managers appointed
by Customer, determining on a post-trade basis whether transactions for the Account comply with Customer’s investment guidelines, evaluating assets at risk, and performing account reconciliations. Tools may be used only for Customer’s
internal purposes, and may not be resold, redistributed or otherwise made available to third parties. Tools are the sole and exclusive property of Custodian and its suppliers. Customer may not reverse engineer or decompile any computer programs
provided by the Custodian comprising, or provided as a part of, any Tools. Information supplied by third parties may be incorrect or incomplete, and any information, reports, analytics or other services supplied by Custodian that rely on information
from third parties may also be incorrect or incomplete. All Tools are provided “AS IS”, whether or not they are modified to meet specific needs of Customer and regardless of whether Custodian is compensated by Customer for providing such
Tools. CUSTODIAN DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. ANYTHING IN THIS AGREEMENT TO
THE CONTRARY NOTWITHSTANDING, CUSTODIAN AND ITS SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE, DAMAGE, LIABILITY OR CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY OTHER PERSON AS A RESULT OF USE OF, INABILITY TO USE, OR
RELIANCE UPON ANY TOOLS. 
 13. With respect to Securities issued in the United States, the Shareholders Communications Act of
1985 (the “Act”) requires Custodian to disclose to the issuers, upon their request, the name, address and securities position of its customers who are (a) the “beneficial owners” (as defined in the Act) of the issuer’s
Securities, if the beneficial owner does not object to such disclosure, or (b) acting as a “respondent bank” (as defined in the Act) with respect to the Securities. (Under the Act, “respondent banks” do not have the option
of objecting to such disclosure upon the issuers’ request.) The Act defines a “beneficial owner” as any person who has, or shares, the power to vote a security (pursuant to an agreement or otherwise), or who directs the voting of a
security. The Act defines a “respondent bank” as any bank, association or other entity that exercises fiduciary powers which holds securities on behalf of beneficial owners and deposits such securities for safekeeping with a bank, such as
Custodian. Under the Act, Customer is either the “beneficial owner” or a “respondent bank.” 
  

	[  ]	Customer is the “beneficial owner,” as defined in the Act, of the Securities to be held by Custodian hereunder. 

	[  ]	Customer is not the beneficial owner of the Securities to be held by Custodian, but is acting as a “respondent bank,” as defined in the Act, with respect to
the Securities to be held by Custodian hereunder. 

 IF NO BOX IS CHECKED, CUSTODIAN SHALL ASSUME THAT CUSTOMER IS THE BENEFICIAL
OWNER OF THE SECURITIES. 
 For beneficial owners of the Securities only: 

 

	[  ]	Customer objects 

	[  ]	Customer does not object 

 to the disclosure of
its name, address and securities position to any issuer which requests such information pursuant to the Act for the specific purpose of direct communications between such issuer and Customer. 

IF NO BOX IS CHECKED, CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY WRITTEN INSTRUCTION FROM CUSTOMER. 

With respect to Securities issued outside of the United States, information shall be released to issuers only if required by law or regulation of the
particular country in which the Securities are located. 
  

 - 5 - 

 ARTICLE IV 

PURCHASE, SALE AND REDEMPTION OF SECURITIES; 

CREDITS TO ACCOUNT 

1. Promptly after each purchase or sale of Securities by Customer, an Authorized Person shall deliver to Custodian Written Instructions
specifying all information necessary for Custodian to settle such purchase or sale. Custodian shall account for all purchases and sales of Securities on the actual settlement date unless otherwise agreed by Custodian. 

2. Customer understands that when Custodian is instructed to deliver Securities against payment, delivery of such Securities and receipt
of payment therefor may not be completed simultaneously. Customer assumes full responsibility for all credit risks involved in connection with Custodian’s delivery of Securities pursuant to instructions of Customer. 

3. Custodian may, as a matter of bookkeeping convenience or by separate agreement with Customer, credit the Account with the proceeds
from the sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt of final payment therefor. All such credits shall be conditional until Custodian’s
actual receipt of final payment and may be reversed by Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be “final” until Custodian shall have received immediately available funds
which under applicable local law, rule and/or practice are irreversible and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction. 

ARTICLE V 

OVERDRAFTS OR INDEBTEDNESS 

1. If Custodian in its sole discretion advances funds in any currency hereunder or there shall arise for whatever reason an overdraft in
an Account (including, without limitation, overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or if Customer is for any other reason indebted to Custodian, Customer
agrees to repay Custodian on demand the amount of the advance, overdraft or indebtedness plus accrued interest at a rate ordinarily charged by Custodian to its institutional custody customers in the relevant currency. 

2. In order to secure repayment of Customer’s obligations to Custodian hereunder, Customer hereby pledges and grants to Custodian a
continuing lien and security interest in, and right of set-off against, all of Customer’s right, title and interest in and to the Accounts and the Securities, money and other property now or hereafter held in the Accounts (including proceeds
thereof), and any other property at any time held by it for the account of each respective Customer listed on Exhibit A. In this regard, Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable
laws, rules or regulations as then in effect. 
 ARTICLE VI 

CONCERNING CUSTODIAN 

1.(a) Except as otherwise expressly provided herein, Custodian shall not be liable for any costs, expenses, damages, liabilities or
claims, including attorneys’ and accountants’ fees (collectively, “Losses”), incurred by or asserted against Customer, except those Losses arising out of the negligence or willful misconduct of Custodian. Custodian shall have no
liability whatsoever for the action or inaction of any Depository or issuer of Securities. Subject to Section 1(b) below, Custodian’s responsibility with respect to any Securities or cash held by a Subcustodian is limited to the failure on
the part of Custodian to exercise reasonable care in the selection or retention of such Subcustodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any Losses
incurred by Customer as a result of the acts or the failure to act by any Subcustodian (other than a BNY Affiliate), Custodian shall take appropriate action to recover such Losses from such Subcustodian; and Custodian’s sole responsibility and
liability to Customer shall be limited to amounts so received from such Subcustodian (exclusive of costs and expenses incurred by Custodian). In no event shall Custodian be liable to Customer or any third party for special, indirect or consequential
damages, or lost profits or loss of business, arising in connection with this Agreement. 
 (b) Custodian may enter into
subcontracts, agreements and understandings with any BNY Affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge
Custodian from its obligations hereunder. 
 (c) Customer agrees to indemnify Custodian and hold Custodian harmless from and
against any and all Losses sustained or incurred by or asserted against Custodian by reason of or as a result of any action or inaction, or arising out of Custodian’s performance hereunder, including reasonable fees and expenses of counsel
incurred by Custodian in a successful defense of claims by Customer; provided however, that Customer shall not indemnify Custodian for those Losses arising out of Custodian’s negligence or willful misconduct. This indemnity shall be a
continuing obligation of Customer, its successors and assigns, notwithstanding the termination of this Agreement. 
  

 - 6 - 

 2. Without limiting the generality of the foregoing, Custodian shall be under no obligation
to inquire into, and shall not be liable for, any losses incurred by Customer or any other person as a result of the receipt or acceptance of fraudulent, forged or invalid Securities, or Securities which are otherwise not freely transferable or
deliverable without encumbrance in any relevant market. 
 3. Custodian may, with respect to questions of law specifically
regarding an Account, obtain the advice of counsel and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice. 

4. Custodian shall be under no obligation to take action to collect any amount payable on Securities in default, or if payment is refused
after due demand and presentment. 
 5. Custodian shall have no duty or responsibility to inquire into, make recommendations,
supervise, or determine the suitability of any transactions affecting any Account. 
 6. Customer shall pay to Custodian the
fees and charges as may be specifically agreed upon from time to time and such other fees and charges at Custodian’s standard rates for such services as may be applicable. Customer shall reimburse Custodian for all costs associated with the
conversion of Customer’s Securities hereunder and the transfer of Securities and records kept in connection with this Agreement. Customer shall also reimburse Custodian for out-of-pocket expenses which are a normal incident of the services
provided hereunder. 
 7. Custodian has the right to debit any cash account for any amount payable by Customer in connection
with any and all obligations of Customer to Custodian, whether or not relating to or arising under this Agreement. In addition to the rights of Custodian under applicable law and other agreements, at any time when Customer shall not have honored any
and all of its obligations to Custodian, Custodian shall have the right without notice to Customer to retain or set-off, against such obligations of Customer, any Securities or cash Custodian or a BNY Affiliate may directly or indirectly hold for
the account of Customer, and any obligations (whether matured or unmatured) that Custodian or a BNY Affiliate may have to Customer in any currency. Any such asset of, or obligation to, Customer may be transferred to Custodian and any BNY Affiliate
in order to effect the above rights. 
 8.(a) Subject to the terms below, Custodian shall be entitled to rely upon any Written
or Oral Instructions actually received by Custodian and reasonably believed by Custodian to be duly authorized and delivered. Customer agrees that an Authorized Person shall forward to Custodian Written Instructions confirming Oral Instructions by
the close of business of the same day that such Oral Instructions are given to Custodian. Customer agrees that the fact that such confirming Written Instructions are not received or that contrary Written Instructions are received by Custodian shall
in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by Custodian. 

(b) If Custodian receives Written Instructions which appear on their face to have been transmitted by an Authorized Person via
(i) computer facsimile, email, the Internet or other insecure electronic method, or (ii) secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys, Customer understands and agrees that
Custodian cannot determine the identity of the actual sender of such Written Instructions and that Custodian shall conclusively presume that such Written Instructions have been sent by an Authorized Person. Customer shall be responsible for ensuring
that only Authorized Persons transmit such Written Instructions to Custodian and that all Authorized Persons treat applicable user and authorization codes, passwords and/or authentication keys with extreme care. 

(c) Customer acknowledges and agrees that it is fully informed of the protections and risks associated with the various methods of
transmitting Written Instructions to Custodian and that there may be more secure methods of transmitting Written Instructions than the method(s) selected by Customer. Customer agrees that the security procedures (if any) to be followed in connection
with its transmission of Written Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

(d) If Customer elects to transmit Written Instructions through an on-line communication system offered by Custodian, Customer’s use
thereof shall be subject to the Terms and Conditions attached hereto as Appendix I. If Customer elects (with Custodian’s prior consent) to transmit Written Instructions through an on-line communications service owned or operated by a third
party, Customer agrees that Custodian shall not be responsible or liable for the reliability or availability of any such service. 

9. Upon reasonable request and provided Custodian shall suffer no significant disruption of its normal activities, Customer shall have
access to Custodian’s books and records relating to the Accounts during Custodian’s normal business hours. Upon reasonable request, copies of any such books and records shall be provided to Customer at Customer’s expense. 

 

 - 7 - 

 10. It is understood that Custodian is authorized to supply any information regarding the
Accounts which is required by any law, regulation or rule now or hereafter in effect. 
 11. Custodian shall not be responsible
or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes;
fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military
authority or governmental actions; it being understood that Custodian shall use its best efforts to resume performance as soon as practicable under the circumstances. 

12. Custodian shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth
in this Agreement, and no covenant or obligation shall be implied against Custodian in connection with this Agreement. 

ARTICLE VII 

TERMINATION 

Each Customer, independently, and the Custodian, may terminate this Agreement by giving to the other party a notice in writing specifying
the date of such termination, which shall be not less than ninety (90) days after the date of such notice. Upon termination hereof, the notifying Customer shall pay to Custodian such compensation as may be due to Custodian, and shall likewise
reimburse Custodian for other amounts payable or reimbursable to Custodian hereunder. Custodian shall follow such reasonable Oral or Written Instructions concerning the transfer of custody of records, Securities and other items as the Customer shall
give; provided, that (a) Custodian shall have no liability for shipping and insurance costs associated therewith, and (b) full payment shall have been made to Custodian of its compensation, costs, expenses and other amounts to which it is
entitled hereunder. If any Securities or cash remain in any Account, Custodian may deliver to the Customer such Securities and cash. Except as otherwise provided herein, all obligations of the parties to each other hereunder shall cease upon
termination of this Agreement. Termination of this Agreement by any individual Customer shall not constitute termination by any other Customer unless separate notice is given. 

ARTICLE VIII 

GENERAL LIMITATION OF LIABILITY 

1. Notwithstanding anything to the contrary provided herein, the Custodian agrees that the liabilities of each Customer shall be limited
such that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular Customer shall be enforceable against the assets of that particular Customer only,
and not against the assets of any other Customer and that they have executed one instrument for convenience only. 
 2. It is
expressly acknowledged and agreed that the obligations of each Customer hereunder shall not be binding upon any shareholder, Trustee, officer, employee or agent of such Customer, personally. This Agreement has been duly authorized, executed and
delivered by each Customer and neither such authorization nor such execution and delivery shall be deemed to have been made by any of them individually or to impose any liability on any of them personally. 

ARTICLE IX 

MISCELLANEOUS 

1. Customer agrees to furnish to Custodian a new Certificate of Authorized Persons in the event of any change in the then present
Authorized Persons. Until such new Certificate is received, Custodian shall be fully protected in acting upon Oral Instructions and Written Instructions of such present Authorized Persons. 

2. Any notice or other instrument in writing, authorized or required by this Agreement to be given to Custodian, shall be sufficiently
given if addressed to Custodian and received by it at its offices at One Wall Street, New York, New York 10286, or at such other place as Custodian may from time to time designate in writing. 

3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to Customer shall be sufficiently
given if addressed to Customer and received by it at its offices at
                                , or at such other place as Customer may from time
to time designate in writing. 
 4. Each and every right granted to either party hereunder or under any other document delivered
hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise, and no delay in exercising, any right will operate as a waiver
thereof, nor will any single or partial exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other right. 
  

 - 8 - 

 5. In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written
agreement executed by both parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by any Customer,
independently, or the Custodian without the written consent of the other. 
 6.(a) This Agreement shall be construed in
accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. Customer and Custodian hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in
connection with any dispute arising hereunder. Customer hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a
court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. Customer and Custodian each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating
to this Agreement. 
 (b) The parties hereto agree that the establishment and maintenance of the Account, and all interests,
duties and obligations with respect thereto, shall be governed by the laws of the State of New York. 
 7. The parties hereto
agree that in performing hereunder, Custodian is acting solely on behalf of Customer and no contractual or service relationship shall be deemed to be established hereby between Custodian and any other person. 

8. Customer hereby acknowledges that Custodian is subject to federal laws, including the Customer Identification Program (CIP)
requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Custodian must obtain, verify and record information that allows Custodian to identify Customer. Accordingly, prior to opening an Account hereunder Custodian
will ask Customer to provide certain information including, but not limited to, Customer’s name, physical address, tax identification number and other information that will help Custodian to identify and verify Customer’s identity such as
organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. Customer agrees that Custodian cannot open an Account hereunder unless and until the Custodian verifies the Customer’s
identity in accordance with its CIP. 
 9. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but such counterparts shall, together, constitute only one instrument. 
  

 - 9 - 

 IN WITNESS WHEREOF, Customer and Custodian have caused this Agreement to be executed
by their respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	JEFFERIES COMMODITY INVESTMENT SERVICES,
LLC, Managing Owner of each Customer listed on Exhibit A
		
	By:	 	  

	Name:	 	
	Title:	 	
	Tax Identification No:
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Title:	 	

  

 - 10 - 

 EXHIBIT A 

(List of Customers) 
  

 - 11 - 

 APPENDIX I 

ELECTRONIC SERVICES TERMS AND CONDITIONS 

1. License; Use. (a) This Appendix I shall govern Customer’s use of electronic communications,
information delivery, portfolio management and banking services, that The Bank of New York and its affiliates (“BNY”) may provide to Customer, such as The Bank of New York Inform TM and The Bank of New York CA$H-Register
Plus®, and any computer software, proprietary data and documentation provided by BNY to Customer in connection
therewith (collectively, the “Electronic Services”). In the event of any conflict between the terms of this Appendix I and the main body of this Agreement with respect to Customer’s use of the Electronic Services, the terms of
this Appendix I shall control. 
 (b) BNY grants to Customer a personal, nontransferable and nonexclusive license to use the
Electronic Services to which Customer subscribes solely for the purpose of transmitting instructions and information (“Written Instructions”), obtaining reports, analyses and statements and other information and data, making inquiries and
otherwise communicating with BNY in connection with the Customer’s relationship with BNY. Customer shall use the Electronic Services solely for its own internal and proper business purposes and not in the operation of a service bureau. Except
as set forth herein, no license or right of any kind is granted to Customer with respect to the Electronic Services. Customer acknowledges that BNY and its suppliers retain and have title and exclusive proprietary rights to the Electronic Services,
including any trade secrets or other ideas, concepts, know-how, methodologies, and information incorporated therein and the exclusive rights to any copyrights, trade dress, look and feel, trademarks and patents (including registrations and
applications for registration of either), and other legal protections available in respect thereof. Customer further acknowledges that all or a part of the Electronic Services may be copyrighted or trademarked (or a registration or claim made
therefor) by BNY or its suppliers. Customer shall not take any action with respect to the Electronic Services inconsistent with the foregoing acknowledgments, nor shall Customer attempt to decompile, reverse engineer or modify the Electronic
Services. Customer may not copy, distribute, sell, lease or provide, directly or indirectly, the Electronic Services or any portion thereof to any other person or entity without BNY’s prior written consent. Customer may not remove any statutory
copyright notice or other notice included in the Electronic Services. Customer shall reproduce any such notice on any reproduction of any portion of the Electronic Services and shall add any statutory copyright notice or other notice upon BNY’s
request. 
 (c) Portions of the Electronic Services may contain, deliver or rely on data supplied by third parties (“Third
Party Data”), such as pricing data and indicative data, and services supplied by third parties (“Third Party Services”) such as analytic and accounting services. Third Party Data and Third Party Services supplied hereunder are
obtained from sources that BNY believes to be reliable but are provided without any independent investigation by BNY. BNY and its suppliers do not represent or warrant that the Third Party Data or Third Party Services are correct, complete or
current. Third Party Data and Third Party Services are proprietary to their suppliers, are provided solely for Customer’s internal use, and may not be reused, disseminated or redistributed in any form. Customer shall not use any Third Party
Data in any manner that would act as a substitute for obtaining a license for the data directly from the supplier. Third Party Data and Third Party Services should not be used in making any investment decision. BNY AND ITS SUPPLIERS ARE NOT
RESPONSIBLE FOR ANY RESULTS OBTAINED FROM THE USE OF OR RELIANCE UPON THIRD PARTY DATA OR THIRD PARTY SERVICES. BNY’s suppliers of Third Party Data and Services are intended third party beneficiaries of this Section 1(c) and Section 5
below. 
 (d) Customer understands and agrees that any links in the Electronic Services to Internet sites may be to sites
sponsored and maintained by third parties. BNY make no guarantees, representations or warranties concerning the information contained in any third party site (including without limitation that such information is correct, current, complete or free
of viruses or other contamination), or any products or services sold through third party sites. All such links to third party Internet sites are provided solely as a convenience to Customer and Customer accesses and uses such sites at its own risk.
A link in the Electronic Services to a third party site does not constitute BNY’s endorsement, authorisation or sponsorship of such site or any products and services available from such site. 

2. Equipment. Customer shall obtain and maintain at its own cost and expense all equipment and services, including but not limited
to communications services, necessary for it to utilize and obtain access to the Electronic Services, and BNY shall not be responsible for the reliability or availability of any such equipment or services. 

 3. Proprietary Information. The Electronic Services, and
any proprietary data (including Third Party Data), processes, software, information and documentation made available to Customer (other than which are or become part of the public domain or are legally required to be made available to the public)
(collectively, the “Information”), are the exclusive and confidential property of BNY or its suppliers. However, for the avoidance of doubt, reports generated by Customer containing information relating to its account(s) (except for Third
Party Data contained therein) are not deemed to be within the meaning of the term “Information.” Customer shall keep the Information confidential by using the same care and discretion that Customer uses with respect to its own confidential
property and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the licenses granted herein for any reason, Customer shall return to BNY any and all copies of the Information which are in its possession or under
its control (except that Customer may retain reports containing Third Party Data, provided that such Third Party Data remains subject to the provisions of this Appendix). The provisions of this Section 3 shall not affect the copyright status of
any of the Information which may be copyrighted and shall apply to all information whether or not copyrighted. 
 4.
Modifications. BNY reserves the right to modify the Electronic Services from time to time. Customer agrees not to modify or attempt to modify the Electronic Services without BNY’s prior written consent. Customer acknowledges that any
modifications to the Electronic Services, whether by Customer or BNY and whether with or without BNY’s consent, shall become the property of BNY. 

5. NO REPRESENTATIONS OR WARRANTIES; LIMITATION OF LIABILITY. BNY AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR
REPRESENTATIONS WITH RESPECT TO THE ELECTRONIC SERVICES OR ANY THIRD PARTY DATA OR THIRD PARTY SERVICES, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE ELECTRONIC SERVICES, THIRD PARTY DATA AND THIRD PARTY SERVICES ARE PROVIDED “AS IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY
DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH CUSTOMER MAY INCUR IN CONNECTION WITH THE ELECTRONIC SERVICES, THIRD PARTY DATA OR THIRD PARTY SERVICES, EVEN IF BNY OR SUCH SUPPLIER KNEW OF THE POSSIBILITY OF SUCH DAMAGES. IN NO
EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE
CONTROL. 
 6. Security; Reliance; Unauthorized Use; Funds Transfers. BNY will establish security procedures to be
followed in connection with the use of the Electronic Services, and Customer agrees to comply with the security procedures. Customer understands and agrees that the security procedures are intended to determine whether instructions received by BNY
through the Electronic Services are authorized but are not (unless otherwise specified in writing) intended to detect any errors contained in such instructions. Customer will cause all persons utilizing the Electronic Services to treat any user and
authorization codes, passwords, authentication keys and other security devices with the highest degree of care and confidentiality. Upon termination of Customer’s use of the Electronic Services, Customer shall return to BNY any security devices
(e.g., token cards) provided by BNY. BNY is hereby irrevocably authorized to comply with and rely upon on 

 
Written Instructions and other communications, whether or not authorized, received by it through the Electronic Services. Customer acknowledges that it has sole responsibility for ensuring that
only Authorized Persons use the Electronic Services and that to the fullest extent permitted by applicable law BNY shall not be responsible nor liable for any unauthorized use thereof or for any losses sustained by Customer arising from or in
connection with the use of the Electronic Services or BNY’s reliance upon and compliance with Written Instructions and other communications received through the Electronic Services. With respect to instructions for a transfer of funds issued
through the Electronic Services, when instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number), the BNY, its affiliates, and any other bank participating in the funds
transfer, may rely solely on the unique identifier, even if it identifies a party different than the party named. Such reliance on a unique identifier shall apply to beneficiaries named in such instructions as well as any financial institution which
is designated in such instructions to act as an intermediary in a funds transfer. It is understood and agreed that unless otherwise specifically provided herein, and to the extent permitted by applicable law, the parties hereto shall be bound by the
rules of any funds transfer system utilized to effect a funds transfer hereunder. 
 7. Acknowledgments. BNY shall
acknowledge through the Electronic Services its receipt of each Written Instruction communicated through the Electronic Services, and in the absence of such acknowledgment BNY shall not be liable for any failure to act in accordance with such
Written Instruction and Customer may not claim that such Written Instruction was received by BNY. BNY may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by BNY in
sufficient time for BNY to act upon, or in accordance with such instructions or communications. 
 8. Viruses. Customer
agrees to use reasonable efforts to prevent the transmission through the Electronic Services of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to
interfere or attempt to interfere with the proper working of the Electronic Services. 
 9. Encryption. Customer
acknowledges and agrees that encryption may not be available for every communication through the Electronic Services, or for all data. Customer agrees that BNY may deactivate any encryption features at any time, without notice or liability to
Customer, for the purpose of maintaining, repairing or troubleshooting its systems. 
 10. On-Line Inquiry and Modification
of Records. In connection with Customer’s use of the Electronic Services, BNY may, at Customer’s request, permit Customer to enter data directly into a BNY database for the purpose of modifying certain information maintained by
BNY’s systems, including, but not limited to, change of address information. To the extent that Customer is granted such access, Customer agrees to indemnify and hold BNY harmless from all loss, liability, cost, damage and expense (including
attorney’s fees and expenses) to which BNY may be subjected or which may be incurred in connection with any claim which may arise out of or as a result of changes to BNY database records initiated by Customer. 

11. Agents. Customer may, on advance written notice to the BNY, permit its agents and contractors (“Agents”) to access
and use the Electronic Services on Customer’s behalf, except that the BNY reserves the right to prohibit Customer’s use of any particular Agent for any reason. Customer shall require its Agent(s) to agree in writing to be bound by the
terms of the Agreement, and Customer shall be liable and responsible for any act or omission of such Agent in the same manner, and to the same extent, as though such act or omission were that of Customer. Each submission of a Written Instruction or
other communication by the Agent through the Electronic Services shall constitute a representation and warranty by the Customer that the Agent continues to be duly authorized by the Customer to so act on its behalf and the BNY may rely on the
representations and warranties made herein in complying with such Written Instruction or communication. Any Written Instruction or other communication through the Electronic Services by an Agent shall be deemed that of Customer, and Customer shall
be bound thereby whether or not authorized. Customer may, subject to the terms of this Agreement and upon advance written notice to the Bank, provide a copy of the Electronic Service user manuals to its Agent if the Agent requires such copies to use
the Electronic Services on Customer’s behalf. Upon cessation of any such Agent’s services, Customer shall promptly terminate such Agent’s access to the Electronic Services, retrieve from the Agent any copies of the manuals and destroy
them, and retrieve from the Agent any token cards or other security devices provided by BNY and return them to BNY. 

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer - Oral and Written Instructions) 

undersigned hereby certifies that he/she is the duly elected and acting
                     of Jefferies Commodity Investment Services, LLC, the Managing Owner of [Insert Name of Customer]
(the “Fund”), and further certifies that the following officers or employees of the Managing Owner are duly authorized to deliver Oral and Written Instructions to The Bank of New York Mellon (“BNY”) on behalf of the Fund pursuant
to the Global Custody Agreement between the Corporation and BNY dated             , 2010, and that the signatures appearing opposite their names are true and correct: 

 

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

 This certificate
supersedes any certificate of authorized individuals you may currently have on file. 
  

			
	 JEFFERIES COMMODITY INVESTMENT SERVICES, LLC,

Managing Owner

		
	 Title:
	 	
	 Date:
	 	

 CUSTODY ACCOUNT AGENCY AUTHORIZATION 

Reference is made to the Global Custody Agreement (the “Custody Agreement”) dated as of
                     between
                                 (“Customer”) and The Bank of New York
Mellon (“BNY”). 
 This is to advise BNY that for the account(s) identified below Customer has duly authorized the
following investment managers (each, an “Investment Manager”) to act as Customer’s agent for the purpose of (a) delivering Oral and Written Instructions to BNY (as defined in the Custody Agreement), and/or (b) buying and
selling foreign currency (on a spot and forward basis) and options to buy and sell foreign currency, as such purposes are designated below, and to confirm to BNY that all actions taken by BNY in reliance upon such authorization (whether in its
capacity as custodian or counterparty) shall be binding on Customer. 
  

															
	 Investment Manager
	 	  	  	 Account Title/Number
	  	  	  	 Inst.
	  	  	  	 F/X
	  	  
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	

  
  

									
		  		 	  
	  	
					
		  	[corporate	 	By	 	  
	  	
		  	    seal]	 	Title:	 		  	
		  		 	Date:	 		  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Oral and Written Instructions) 

 

	Re:	Account Name: 

 Account Number:

 The undersigned hereby certifies that he/she is the duly elected and acting
                     of
                                 (the “Investment Manager”), and further
certifies that the following officers or employees of the Investment Manager have been duly authorized in conformity with the Investment Manager’s organizational documents to deliver oral and written instructions to The Bank of New York Mellon
(“BNY”) with respect to the above-referenced Account, and that the signatures appearing opposite their names are true and correct: 
  

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

 This certificate
supersedes any certificate of authorized individuals you may currently have on file. 
  

							
	 [seal]
	 		 	  
	  	
		 	Title:	 		  	
		 	Date:	 		  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer - Foreign Exchange) 

The undersigned hereby certifies that he/she is the duly elected and acting
                     of
                                 (the “Corporation”), and further
certifies that the following officers or employees of the Corporation have been duly authorized in conformity with the Corporation’s Articles of Incorporation and By-Laws to enter into contracts with The Bank of New York Mellon
(“BNY”) to buy and sell foreign currency (on a spot and forward basis) and options to buy and sell foreign currency on behalf of the Corporation or any Account (“F/X Transactions”), and that the signatures appearing opposite
their names are true and correct: 
  

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

 and further certifies that the
following officers or employees of the Corporation have been duly authorized in conformity with the Corporation’s Articles of Incorporation and By-Laws to confirm, orally and in writing, the terms of F/X Transactions entered with BNY, and that
the signatures appearing opposite their names are true and correct: 
  

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

 This certificate
supersedes any certificate of authorized individuals you may currently have on file. 
  

							
	 [corporate

    seal]
	 		 	  
	  	
		 	Title:	 		  	
		 	Date:	 		  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Foreign Exchange) 
  

	Re:	Account Name: 

 Account Number:

 The undersigned hereby certifies that he/she is the duly elected and acting
                     of
                                 (the “Investment Manager”), and further
certifies that the following officers or employees of the Investment Manager have been duly authorized in conformity with the Investment Manager’s organizational documents to enter into contracts with The Bank of New York Mellon
(“BNY”) to buy and sell foreign currency (on a spot and forward basis) and options to buy and sell foreign currency on behalf of the above-referenced Account (“F/X Transactions”), and that the signatures appearing opposite their
names are true and correct: 
  

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

 and further certifies that the
following officers or employees of the Investment Manager have been duly authorized in conformity with the Investment Manager’s organizational documents to confirm, orally and in writing, the terms of F/X Transactions entered by the Investment
Manager with BNY, and that the signatures appearing opposite their names are true and correct: 

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

 This certificate
supersedes any certificate of authorized individuals you may currently have on file. 
  

							
	 [seal]
	 		 	  
	  	
		 	Title:	 		  	
		 	Date:	 		  	

 EXHIBIT A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]