Document:

EXHIBIT 10.2

AGENCY SERVICES AGREEMENT

                    THIS
AGENCY SERVICES AGREEMENT made as of the ___ day of May,
2011 between JPMORGAN CHASE BANK, N.A. a national banking association with a
place of business at 4 New York Plaza, New York, New York 10004 (“J.P. Morgan”)
and ETF
Securities USA LLC, a Delaware limited liability company not in its
individual capacity, but as Sponsor (as defined herein) to ETFS Collateralized Commodities Trust,
a Delaware statutory trust currently organized into separate series with
offices at c/o ETF Securities USA LLC, 48 Wall Street, 11ith Floor, New York,
New York 10005 (the “Trust”).

PREMISE

          The Trust
intends to issue in respect of each of its separate series listed on Exhibit A
hereto (each a “Fund”) exchange-traded classes of shares known as “Shares” for
each Fund. The Shares shall be issued in bundles called “Creation Units.” The
Trust, on behalf of the Funds, shall issue and redeem Shares of each Fund only
in Creation Units, as more fully described in the current prospectus and
statement of additional information of the Trust, included in its registration
statement on Form S-1. Only brokers or dealers that are Authorized Participants
(as defined herein) shall be authorized to issue and redeem Shares in Creation
Units from the Trust. The Sponsor wishes to engage J.P. Morgan to perform
certain services on behalf of the Trust with respect to the issuance and
redemption of Shares, as the Trust’s agent, namely to: (i) provide transfer
agent services for Shares of each Fund and (ii) act as Index Receipt Agent with
respect to the settlement of trade orders with Authorized Participants; and to
provide custody services under the terms of the Custody Agreement, as
supplemented hereby, for the settlement of issuances of Creation Units and the
redemption of Shares in Creation Units.

NOW
THEREFORE, in consideration of the premise and other
good and valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the Trust and J.P. Morgan agree as follows:

          1.
DEFINITIONS. The following terms as used in this
Agreement shall have the meanings as set forth below:

          Administrator:
means J.P. Morgan acting in the capacity as provider
of various accounting, value calculation, and other administrative services for
the Funds as appointed by the Sponsor.

          Agreement:
means this Agency Services Agreement.

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          Applicable
Law: means any applicable statute, including the 1940
Act, the Advisers Act, the Securities Act of 1933, as amended (the “1933 Act”)
and the Securities Exchange Act of 1934, as amended, (the “1934 Act”) as well
as any applicable statute, treaty, rule, regulation or common law and any
applicable decree, injunction, judgment, order, formal interpretation or ruling
issued by a court or governmental entity.

          Authorized
Participant: means a person who (1) is a registered
broker–dealer or other securities market participant such as a bank or other
financial institution which is not required to register as a broker-dealer to
engage in securities transactions, (2) is a participant in DTC or is clearing
through a DTC participant, (3) has entered into an Authorized Participant
Agreement with the Trust and the Sponsor, and (4) has entered into a Direct
Agreement with each of the Counterparties of the relevant Fund. Only Authorized
Participants may place orders to create or redeem one or more Baskets of a
Fund.

          Authorized
Participant Agreement: means an agreement entered into
by each Authorized Participant, the Sponsor, and the Trust, on behalf of its
Funds, which sets forth the procedures for the creation and redemption of
Baskets in a Fund.

          Authorized
Person: means any
person who has been designated by written notice from the Trust (or by any
agent designated by the Trust, including, without limitation, an investment
manager), to act on behalf of Trust hereunder. Such persons will continue to be
Authorized Persons until such time as J.P. Morgan receives Instructions from
the Trust (or its agent) that any such person is no longer an Authorized
Person.

          Basket:
means a block of 50,000 Shares of a Fund that is created for sale to Authorized
Participants and/or submitted for redemption by an Authorized Participant.

          Cash:
 means the cash
that (i) must be tendered to a Counterparty on behalf of a Fund by an
Authorized Participant to issue one or more Creation Units of the Shares of
such Fund or (ii) must be tendered by a Counterparty on behalf of a Fund to an
Authorized Participant to redeem one or more Creation Units of the Shares of
such Fund.

          Counterparty:
means an entity that has entered into specified agreements with a Fund pursuant
to which it can enter into commodity contracts with such Fund.

          Creation
Deposit: means the cash consideration for the issuance
of a Creation Unit. 

          Creation
Unit: means a large block of a specified number of
Shares at a given net asset value that makes up one unit of a Fund, as
specified in the Prospectus. A Creation Unit is the minimum number of Shares
that may be created or redeemed at any one time.

          Custodian:
means J.P. Morgan providing the services to the Trust
as described in the Custody Agreement.

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          Custody
Agreement: means the custody agreement between the
Trust and J.P. Morgan and dated May , 2011 as it may be amended from time to
time.

          DTC:
means The Depository Trust Company, a limited purpose trust company organized
under the law of the State of New York.

          DTC
Participant: means a “participant” as such term is
defined in the rules of DTC.

          DTC
Participant Account: means an “account” as such term
is defined in the rules of DTC.

          Index
Receipt Agent: means J.P. Morgan acting in the
capacity as “index receipt agent,” as such term is defined in Schedule B.

          Instructions: means instructions which: (i) contain all
necessary information required by J.P. Morgan to enable J.P. Morgan to carry
out the Instructions; (ii) are received by J.P. Morgan in accordance with the
prevailing Security Procedures; and (iii) J.P. Morgan believes in good faith
have been given by an Authorized Person or are transmitted with proper testing
or authentication pursuant to terms and conditions which J.P. Morgan may
specify.

           “J.P. Morgan
Indemnitees” means J.P. Morgan, and its nominees, directors,
officers, employees and agents.

          Liabilities:
means any liabilities, losses,
claims, costs, damages, penalties, fines, obligations, or expenses of any kind
whatsoever (including, without limitation, reasonable attorneys’, accountants’,
consultants’ or experts’ fees and disbursements).

          Order
Taker: means J.P. Morgan acting in the capacity as
order taker of Funds, until replaced by the Trust and notified in writing. 

          Outside
the Clearing Process: means processing creation and
redemption orders concerning Creation Units and Deposit Securities and
Redemption Securities for settlement exclusively through DTC or, when the
settlement is not DTC eligible, as a window delivery to the offices of the
Custodian.

          Prospectus:
means the prospectus filed with a Form S-1 of the Trust constituting a
registered statement under the Securities Act.

           SEC: means the Securities
and Exchange Commission

          Securities
Act: means the Securities Act of 1933, as amended.

3

          Security
Procedure: means any security procedure to be followed
by Trust upon the issuance of an Instruction and/or by J.P. Morgan upon the
receipt of an Instruction, so as to enable J.P. Morgan to verify that such
Instruction is authorized, as set forth in operating procedures documentation
in effect from time to time between the parties with respect to the services
set forth in this Agreement, or as otherwise agreed in writing by the parties.
A Security Procedure may, without limitation, involve the use of algorithms,
codes, passwords, encryption or telephone call backs and may be updated by J.P.
Morgan from time to time upon notice to the Trust. Trust acknowledges that
Security Procedures are designed to verify the authenticity of, and not detect
errors in, Instructions. For the avoidance of doubt, the parties agree that a
SWIFT message created in the name of Trust through any third party utility
agreed upon by the parties as being a method for providing Instructions and
authenticated in accordance with that utility’s customary procedures, shall be
deemed to be an authorized Instruction.

          Shares:
means the shares of each Fund.

          Shareholder:
means DTC or its nominee. A single global certificate for each Fund will be
issued in the name of DTC or its nominee. DTC or its nominee shall be the sole
registered holder of Shares of each Fund. 

          Sponsor:
ETF Securities USA, LLC, a Delaware limited liability company that is the
sponsor of the Trust.

          Transaction
Fee: means a transaction fee imposed by the J.P.
Morgan and payable by the Authorized Participant to the J.P. Morgan in
connection with the creation or redemption of Creation Units.

          Transfer Agent: means J.P. Morgan acting in the capacity as transfer agent for the Shares
of each Fund of the Trust.

          2. APPOINTMENT. The Sponsor hereby appoints J.P. Morgan
to provide services for the Trust, as described hereinafter, subject to the
supervision of the Board of Trustees of the Trust (the “Board”), on the terms
set forth in this Agreement. J.P. Morgan accepts such appointment and agrees to
furnish the services herein set forth in return for the compensation as
provided in Section 6 of this Agreement.

          3.
REPRESENTATIONS AND WARRANTIES.

	
  

 	
  

 
	
  

 	
           (a) J.P.
 Morgan represents and warrants to the Trust that:

 
	
  

 	
  

 
	
  

 	
                     (i)
 J.P. Morgan is a national bank duly organized and existing as a banking
 association under the laws of the United States;

 
	
  

 	
  

 
	
  

 	
                     (ii) J.P.
 Morgan is duly qualified to carry on its business in the State of New York;

 

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                     (iii)
 J.P. Morgan is empowered under applicable laws and by its charter and by-laws
 to enter into and perform the services described in this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 J.P. Morgan is a transfer agent registered with the SEC.

 
	
  

 	
  

 
	
  

 	
                     (v)
 all requisite corporate action has been taken to authorize J.P. Morgan to
 enter into and perform this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (vi)
 J.P. Morgan has, and shall continue to have, access to the facilities,
 personnel and equipment required to fully perform its duties and obligations
 hereunder;

 
	
  

 	
  

 
	
  

 	
                     (vii)
 no legal or administrative proceedings have been instituted or threatened
 against J.P. Morgan which would impair J.P. Morgan’s ability to perform its
 duties and obligations under this Agreement; and

 
	
  

 	
  

 
	
  

 	
                     (viii)
 J.P. Morgan’s entrance into this Agreement shall not cause a material breach
 or be in material conflict with any other agreement or obligation of J.P.
 Morgan or any law or regulation applicable to J.P. Morgan;

 
	
  

 	
  

 
	
  

 	
           (b) The
 Trust represents and warrants to J.P. Morgan that:

 
	
  

 	
  

 
	
  

 	
                     (i)
 the Trust is duly organized and existing and in good standing under the laws
 of the State of Delaware;

 
	
  

 	
  

 
	
  

 	
                     (ii)
 the Trust is empowered under Applicable Lawsapplicable laws and by its
 charter document and by-laws to enter into and perform this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (iii)
 all requisite proceedings have been taken to authorize the Trust and the
 Sponsor on behalf the Trust to enter into and perform this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 a registration statement on Form S-1 under the 1933 Acthas been filed and
 shall be effective and shall remain effective during the term of this
 Agreement, and all necessary filings under the laws of the states shall have
 been made and shall be current during the term of this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (v)
 no legal or administrative proceedings have been instituted or threatened
 which would impair the Trust’s ability to perform its duties and obligations
 under this Agreement, other than as described in the Trust’s registration
 statement;

 
	
  

 	
  

 
	
  

 	
                     (vi)
 the Trust’s registration statement complies in all material respects with the
 1933 Act (including the rules and regulations thereunder) and 

 

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 none of the Trust’s prospectuses and/or statements of additional
 information contain any untrue statement of material fact or omit to state a
 material fact necessary to make the statements therein not misleading; and

 
	
  

 	
  

 
	
  

 	
                     (vii)
 the Trust’s entrance into this Agreement shall not cause a material breach or
 be in material conflict with any other agreement or obligation of the Trust
 or any law or regulation applicable to it.

 

          4.
DELIVERY OF DOCUMENTS. 

          The Trust
shall promptly furnish to J.P. Morgan such copies, properly certified or
authenticated, of contracts, documents and other related information that J.P.
Morgan may request or require to properly discharge its duties. Such documents
may include but are not limited to the following:

	
  

 	
  

 
	
  

 	
                     (i)
 Resolutions of the Board of Trustees of the Trust authorizing the appointment
 of J.P. Morgan to provide certain services to the Trust;

 
	
  

 	
  

 
	
  

 	
                     (ii)
 the Trust’s charter documents;

 
	
  

 	
  

 
	
  

 	
                     (iii)
 the Trust’s by-laws;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 the Trust’s registration statement including exhibits, as amended, on Form
 S-1 (the “Registration Statement”) under the 1933 Act, as filed with the SEC;

 
	
  

 	
  

 
	
  

 	
                     (v)
 opinions of counsel regarding the Trust’s securities issuances and auditors’
 reports;

 
	
  

 	
  

 
	
  

 	
                     (vi)
 the Trust’s prospectuses and statement of additional information relating to
 all funds, Funds, portfolios and classes, as applicable, and all amendments
 and supplements thereto (such Prospectuses and Statement of Additional
 Information and supplements thereto, as presently in effect and as from time
 to time hereafter amended and supplemented (herein called the
 “Prospectuses”); 

 
	
  

 	
  

 
	
  

 	
                     (vii)
 the Trust’s current and ongoing annual and semi-annual reports; and

 
	
  

 	
  

 
	
  

 	
                     (viii)
 such other agreements as the Trust may enter into from time to time including
 securities lending agreements, futures and commodities account agreements,
 brokerage agreements and options agreements.

 

6

          5. SERVICES PROVIDED.

                    J.P.
Morgan shall provide the following services subject to the control, direction
and supervision of the Trust’s board and its designated agents and in
compliance with the objectives, policies and limitations set forth in the
Trust’s Registration Statement, charter document and by-laws; applicable laws
and regulations; and all resolutions and policies implemented by the Board:

	
  

 	
  

 
	
  

 	
           (i)
 Transfer Agency Services described in Schedule A to this Agreement; 

 
	
  

 	
  

 
	
  

 	
           (ii)
 Index Receipt Agent Services described in Schedule B to this Agreement, and

 
	
  

 	
  

 
	
  

 	
           (iii)
 such other services in connection with Shares as the parties may mutually
 agree in writing.

 

          6.
FEES AND EXPENSES.

                    (a)
As compensation for the services rendered to the Trust pursuant to this
Agreement, the Sponsor shall pay to J.P. Morgan the fees as may be agreed upon
in writing from time to time, together with J.P. Morgan’s reasonable out-of-pocket
or incidental expenses, including, but not limited to, legal fees. All fees and
expenses are to be billed monthly (unless another period is agreed upon) and
shall be due and payable upon receipt of the invoice. Upon any termination of
the provision of services under this Agreement before the end of any month, the
fee for the part of the month before such termination shall be prorated
according to the proportion which such part bears to the full monthly period
and shall be payable upon the date of such termination.

                    (b)
J.P. Morgan shall render, after the close of each month in which services have
been furnished, a statement reflecting all of the fees and expenses for such
month (or other agreed upon billing period). Fees and expenses remaining unpaid
after thirty (30) days from the date of receipt of the statement (with the
exception of specific amounts which may be contested in good faith by the
Sponsor on behalf of the Trust) shall bear interest, from the date of the
statement to the date of repayment to J.P. Morgan by the Trust, at the Federal
Funds Rate + 200 basis points and all costs and expenses of effecting
collection of any such sums, including reasonable attorney’s fees, shall be
paid by the Trust to J.P. Morgan.

                    (c)
In the event that the Trust is more than sixty (60) days delinquent in payments
of monthly billings in connection with this Agreement (with the exception of
specific amounts which may be contested in good faith by the Sponsor on behalf
of the Trust), this Agreement may be terminated by J.P. Morgan upon thirty (30)
days’ written notice to the Trust. The Trust must notify J.P. Morgan in writing
of any disputed amounts within thirty (30) days of its receipt of the billing
for such amounts. Amounts disputed in good faith are not due and payable while
they are being investigated.

7

                    (d)
J.P. Morgan shall be entitled to charge an Authorized Participant a Transaction
Fee of $[           ],
or such other amount as it may determine in its sole discretion from time to
time, for each creation or redemption order submitted by it. The Authorized
Participant shall pay such fee directly to the J.P. Morgan. 

          7.
INSTRUCTIONS.

                    (a)
The Trust authorizes J.P. Morgan to accept and act upon any Instructions
received by it without inquiry. The Trust will indemnify J.P. Morgan
Indemnitees against, and hold each of them harmless from, any Liabilities that
may be imposed on, incurred by, or asserted against J.P. Morgan Indemnitees as
a result of any action or omission taken in accordance with any Instructions or
other directions upon which J.P. Morgan is authorized to rely under the terms
of this Agreement.

                    (b)
Unless otherwise expressly provided, all Instructions shall continue in full
force and effect until canceled or suspended.

                    (c)
J.P. Morgan may (in its sole discretion and without affecting any part of this
Section 7) seek clarification or confirmation of an Instruction from an Authorized
Person and may decline to act upon the Instruction if it does not receive
clarification or confirmation satisfactory to it. J.P. Morgan shall not be
liable for any loss arising from any delay while it seeks such clarification or
confirmation.

          8.
LIMITATIONS OF LIABILITY AND INDEMNIFICATION.

                    (a)
J.P. Morgan shall use reasonable care in performing its duties under this
Agreement. J.P. Morgan shall not be in violation of this Agreement with respect
to any matter as to which it has satisfied its duty of reasonable care.

                    (b)
J.P. Morgan shall be liable to the Trust for
its direct damages, excluding attorneys’ fees, to the extent they result from
J.P. Morgan’s negligence, bad faith or willful misconduct in performing its
duties as set out in this Agreement. Nevertheless, under no circumstances shall
J.P. Morgan be liable for any indirect, special or consequential damages
(including, without limitation, lost profits) of any form, whether or not
foreseeable and regardless of the type of action in which such a claim may be
brought. 

                    (c)
Without limiting subsections (a) and (b) above, J.P. Morgan shall not be
responsible for, and the Trust shall indemnify and hold J.P. Morgan, its
officers, employees and agents harmless from and against, any and all
Liabilities, incurred by J.P. Morgan, any of its officers, employees or agents,
or the Trust’s agents in the performance of its/their duties hereunder,
including but not limited to those arising out of or attributable to:

	
  

 	
  

 
	
  

 	
                     (i)
 any and all actions of J.P. Morgan or its officers, employees or agents
 required to be taken pursuant to this Agreement;

 

8

	
  

 	
  

 
	
  

 	
                     (ii)
 the reasonable reliance on or use by J.P. Morgan or its officers, employees
 or agents of information, records, or documents which are received by J.P.
 Morgan or its officers, employees or agents and furnished to it or them by or
 on behalf of the Trust, and which have been prepared or maintained by the Trust
 or any third party on behalf of the Trust; 

 
	
  

 	
  

 
	
  

 	
                     (iii)
 the Trust’s refusal or failure to comply with the terms of this Agreement or
 the Trust’s lack of good faith, or its actions, or lack thereof, involving
 negligence or willful misconduct;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 the breach of any representation or warranty of the Trust hereunder;

 
	
  

 	
  

 
	
  

 	
                     (v)
 the taping or other form of recording of telephone conversations or other
 forms of electronic communications with the Trust, its agents or any investor
 or reliance by J.P. Morgan on telephone or other electronic Instructions of
 any person acting on behalf of the Trust or an investor for which telephone
 or other electronic services have been authorized;

 
	
  

 	
  

 
	
  

 	
                     (vi)
 the reliance by J.P. Morgan, its officers, employees or agents on any share
 certificates which are reasonably believed to bear the proper manual or
 facsimile signature of an officer or agent of the Trust; 

 
	
  

 	
  

 
	
  

 	
                     (vii)
 any delays, inaccuracies, errors in or omissions from information or data
 provided to J.P. Morgan by data, corporate action or pricing services,
 depositories or clearing systems, or securities brokers or dealers;

 
	
  

 	
  

 
	
  

 	
                     (viii)
 the offer or sale of shares by the Trust in violation of any requirement
 under the Federal securities laws or regulations or the securities laws or
 regulations of any state, or in violation of any stop order or other
 determination or ruling by any Federal agency or any state agency with
 respect to the offer or sale of such shares in such state (1) resulting from
 activities, actions, or omissions by the Trust or its other service providers
 and agents, or (2) existing or arising out of activities, actions or
 omissions by or on behalf of the Trust prior to the effective date of this
 Agreement;

 
	
  

 	
  

 
	
  

 	
                     (ix)
 any failure of the Trust’s registration statement to comply with the 1933 Act
 (including the rules and regulations thereunder) and any other applicable
 laws, or any untrue statement of a material fact or omission of a material
 fact necessary to make any statement therein not misleading in the Trust’s
 Prospectuses;

 
	
  

 	
  

 
	
  

 	
                     (x)
 the actions taken by the Trust or by the Sponsor in compliance with applicable
 securities, tax, commodities and other laws, rules and regulations, or the
 failure to so comply; and

 

9

	
  

 	
  

 
	
  

 	
                     (xi)
 all actions, omissions, or errors caused by third parties to whom J.P. Morgan
 or the Trust have assigned any rights and/or delegated any duties under this
 Agreement at the request of or as required by the Trust or the Sponsor.

 

                    Notwithstanding
subsections (a) above, J.P. Morgan shall have no duty or obligation of
reasonable care with respect to any of the activities described in clauses
(viii), (ix) (x) or (xi) of this subsection (c). 

                    (d)
The Trust shall defend J.P. Morgan or, at Trust’s option, settle any claim,
demand or cause of action, whether groundless or otherwise, that Shares or any
of the services provided herein for the Trust infringes on, violates or
misappropriates any patent, copyright, trademark, trade secret or any other
proprietary right, and shall indemnify and hold harmless J.P. Morgan, its
officers, employees and agents against all Liabilities, including court
and settlement costs incurred by J.P. Morgan or any of them as a result of or
relating to such claim, demand or cause of action (“Third Party Claim”). J.P.
Morgan shall notify the Trust in writing of any such Third Party Claim, and
give the Trust all reasonably necessary information and assistance to defend or
settle such Third Party Claim. J.P. Morgan may participate in the defense or
settlement of the Third Party Claim.

                    (e)
This Section 8 shall survive the termination of this Agreement, regardless of
the party that terminated the Agreement or the reason therefor.

          9.
TERM AND TERMINATION. This Agreement shall become
effective on the date first herein-above written. The Agreement may be modified
or amended from time to time by mutual agreement between the parties hereto. In
the event of the termination of the custody agreement between J.P. Morgan and
the Trust, J.P. Morgan may terminate this Agreement in whole or in part simultaneously
with the transition of the assets to a successor custodian. Subject to the
foregoing, this Agreement shall continue in effect until terminated by either
party on at least 120 days prior written notice to the other party. The
terminating party in its notice to the other party shall specify the date of
termination. Upon termination of this Agreement, the Trust shall pay to J.P.
Morgan such compensation and any reasonable out-of-pocket or other reimbursable
expenses which may become due or payable under the terms of this Agreement as
of the date of termination or after the date that the provision of services
ceases, whichever is later. 

          10.
NOTICES. Any notice required or permitted hereunder
shall be in writing and shall be deemed effective on the date of personal
delivery (by private messenger, courier service or otherwise) or upon confirmed
receipt of telex or facsimile, whichever occurs first, or upon receipt if by
mail to the parties at the following address (or such other address as a party may
specify by notice to the other):

          If to the Trust
to:

10

	
  

 	
  

 
	
  

 	
 48 Wall
 Street

 
	
  

 	
 11th Floor

 
	
  

 	
 New York, NY 10005

 
	
  

 	
 Attention:

 
	
  

 	
 Telephone:

 
	
  

 	
 Fax:

 
	
  

 	
  

 
	
           If
 to the Sponsor to:

 	
  

 
	
  

 	
  

 
	
  

 	
 ETF
 Securities

 
	
  

 	
 Ordnance
 House

 
	
  

 	
 31 Pier Road

 
	
  

 	
 St. Helier,
 Jersey

 
	
  

 	
 JE48PW

 
	
  

 	
 Attention:

 
	
  

 	
 Telephone:

 
	
  

 	
 Fax:

 
	
  

 	
  

 
	
           If
 to J.P. Morgan in its capacity as Transfer Agent to:

 
	
  

 	
  

 
	
  

 	
 JPMorgan
 Chase Bank

 
	
  

 	
 303
 Broadway, Floor 09

 
	
  

 	
 Cincinnati,
 OH 45202-4220

 
	
  

 	
 Attention:
 David Kelley

 
	
  

 	
 Telephone:
 513-878-4015

 
	
  

 	
 Fax:
 513-878-4190

 
	
  

 	
  

 
	
           If
 to J.P. Morgan in its capacity as Index Receipt Agent to:

 
	
  

 	
  

 
	
  

 	
 JPMorgan
 Chase Bank

 
	
  

 	
 4 New York
 Plaza, 12th Floor

 
	
  

 	
 New York,
 New York 10004

 
	
  

 	
 Attention:
 Adrian Dmytrenko

 
	
  

 	
 Telephone:
 212-623-8630

 
	
  

 	
 Fax:
 212-623-0625

 
	
  

 	
  

 
	
           If
 to J.P. Morgan in its capacity as Custodian:

 
	
  

 	
  

 
	
  

 	
 As provided
 for in the Custody Agreement.

 

          11.
WAIVER. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered
a waiver nor shall it deprive such party of the right thereafter to insist upon
strict adherence to that term or any term of this Agreement. Any waiver must be
in writing signed by the waiving party.

11

          12.
FORCE MAJEURE. J.P. Morgan shall maintain and update
from time to time business continuation and disaster recovery procedures with
respect to its Transfer Agent, Index Receipt Agent and custody business that it
determines from time to time meet reasonable commercial standards. J.P. Morgan
shall have no liability, however, for any damage, loss or expense of any nature
that the Trust may suffer or incur, caused by an act of God, fire, flood, civil
or labor disturbance, war, act of any governmental authority or other act or
threat of any authority (de jure or de facto), legal constraint, fraud or
forgery (except to the extent that such fraud or forgery is attributed to J.P.
Morgan or to J.P. Morgan’s employees), malfunction of equipment or software
(except to the extent such malfunction is primarily attributable to J.P.
Morgan’s negligence in maintaining the equipment or software), failure of or
the effect of rules or operations of any external funds transfer system,
inability to obtain or interruption of external communications facilities, or
any cause beyond the reasonable control of J.P. Morgan (including without
limitation, the non-availability of appropriate foreign exchange).

          13.
AMENDMENTS. This Agreement may be modified or amended
from time to time by mutual written agreement between the parties. No provision
of this Agreement may be changed, discharged, or terminated orally, but only by
an instrument in writing signed by the party against which enforcement of the
change, discharge or termination is sought.

          14.
ASSIGNMENT. J.P. Morgan may not assign and delegate
this Agreement and its rights and obligations hereunder without the prior
written consent of the other party, except that any corporation or banking
association into which J.P. Morgan may be merged or with which J.P. Morgan may
be consolidated, or any corporation or banking association resulting from any
merger or consolidation to which J.P. Morgan shall be a party, or any
corporation or banking association succeeding to J.P. Morgan’s corporate
custody business, shall succeed to all J.P. Morgan’s rights, obligations and
immunities hereunder without the execution or filing of any paper or further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding..

          15.
SEVERABILITY. If any provision of this Agreement is
invalid or unenforceable, the balance of the Agreement shall remain in effect,
and if any provision is inapplicable to any person or circumstance it shall
nevertheless remain applicable to all other persons and circumstances.

          16.
GOVERNING LAW AND JURISDICTION. This Agreement shall
be construed, regulated, and administered under the laws of the United States
or State of New York, as applicable, without regard to New York’s principles
regarding conflict of laws. The United States District Court for the Southern
District of New York shall have the sole and exclusive jurisdiction over any
lawsuit or other judicial proceeding relating to or arising from this
Agreement. If that court lacks federal subject matter jurisdiction, the Supreme
Court of the State of New York, New York County shall have sole and exclusive
jurisdiction. Either of these courts shall have proper venue for any such
lawsuit or judicial proceeding, and the parties waive any objection to venue or
their convenience 

12

as a forum. The parties agree to submit to the jurisdiction of either
of the courts specified and to accept service of process to vest personal
jurisdiction over them in such courts. The parties further hereby knowingly,
voluntarily and intentionally waive, to the fullest extent permitted by
applicable law, any right to a trial by jury with respect to any such lawsuit
or judicial proceeding arising or relating to this Agreement or the
transactions contemplated hereby. 

          17.
USE OF BANK NAME. The Trust shall not use J.P.
Morgan’s name in any offering material, shareholder report, advertisement or
other material relating to the Trust, other than for the purpose of merely
identifying and describing the functions of J.P. Morgan hereunder, in a manner
not approved by J.P. Morgan in writing prior to such use; provided, however,
that J.P. Morgan shall consent to all uses of its name required by the SEC, any
state securities commission, or any federal or state regulatory authority; and provided,
further, that in no case shall such approval be unreasonably withheld.

          18
COUNTERPARTS. This Agreement may be executed in
counterparts each of which shall be an original and together shall constitute
one and the same agreement.

          19.
HEADINGS. Headings
are for convenience only and are not intended to affect interpretation.
References to sections are to sections of this Agreement and references to
sub-sections and paragraphs are to sub-sections of the sections and paragraphs
of the sub-sections in which they appear.

          20.
ENTIRE AGREEMENT. This
Agreement, including the Schedules and Exhibits, and also including the Custody
Agreement to the extent custody services are provided in conjunction with Index
Receipt Agent services for Shares, sets out the entire Agreement between the
parties in connection with the subject matter, and this Agreement supersedes
any other agreement, statement, or representation relating to the services
provided herein for Shares, whether oral or written. 

13

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their officers
designated below as of the date first written above.

	
  

 	
  

 	
  

 
	
  

 	
 ETF SECURITIES USA
 LLC, not 

 in its individual capacity, but solely 

 on behalf of the TRUST

 
	
  

 	
  

 	
  

 
	
  

 	
 By 

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 
	
  

 	
 Name: Graham Tuckwell

 
	
  

 	
  

 
	
  

 	
 Title: Manager

 
	
  

 	
  

 	
  

 
	
  

 	
 JPMORGAN CHASE
 BANK, N.A.

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Name: Phyllis Schroder

 
	
  

 	
  

 
	
  

 	
 Title: Executive Director

 

14

SCHEDULE A

ORDER TAKER / TRANSFER AGENCY SERVICES

FOR FUNDS

          Following
are the order taker / transfer agent services that shall be provided by J.P.
Morgan for the Trust in its capacity as Order Taker / Transfer Agent for each
Fund.

	
  

 	
  

 
	
 A.

 	
 Issuance and Redemption of Shares of each Fund

 
	
  

 	
 1. The Order Taker will receive creation or redemption orders via fax
 from Authorized Participants during the trading day and prior to a cut off
 time. These orders are confirmed via a follow up phone call. The Order Taker
 will also notify the Trust upon receipt of orders during the trading day.
 After the cutoff time is reached the Order Taker will provide the Trust with
 a consolidated report detailing all orders received. On a case by case basis
 if an order is received after the agreed cutoff, the Trust will notify the
 Order Taker if the order has been accepted by the counterparty. The Trust
 communicates back to the Order Taker approval or rejection of all orders and
 provides notification of the counterparty for each order. The Order Taker
 e-mails preliminary confirmations to each Authorized Participant and
 generates a consolidated report detailing all confirmations which is sent to
 the Trust, J.P. Morgan as Custodian/ Index Receipt Agent and J.P. Morgan’s
 Fund Accountant. Following the calculation of the NAV by J.P. Morgan’s Fund
 Accountant, the Order Taker emails final confirmations to all parties. The
 Order Taker generates a Create/Redeem File which is transmitted to J.P.
 Morgan’s Custodian to set up instructions to deposit/withdraw and settle ETF
 shares through DTC. The Create/Redeem File captures the corresponding
 Authorized Participant for generation of the ETF share delivery instructions.

 
	
  

 	
 2. Pursuant to such issuance orders that Index Receipt Agent shall
 receive from the Order Taker or Trust, Transfer Agent shall register the
 appropriate number of book entry only Shares in the name of DTC or its
 nominee as the sole shareholder (the “Shareholder”) for each Fund and deposit
 the shares of the applicable Fund in Creation Units on the business day
 following the trade date (T+1) to the DTC Participant Account of the
 Custodian for settlement. It is understood and agreed that J.P. Morgan, in
 its capacity as Transfer Agent, Index Receipt Agent or Custodian, shall not
 be responsible for determining whether any order, if accepted, shall result
 in the depositor of the Creation Deposit owning or appearing to own eighty
 percent (80%) or more of the outstanding Shares of such Fund.

 
	
  

 	
  

 
	
  

 	
 3. Pursuant to such redemption orders that Index Receipt Agent shall
 receive from the Order Taker on behalf of the Trust, Transfer Agent shall
 redeem the 

 

15

	
  

 	
  

 
	
  

 	
 appropriate number of Shares of the applicable Fund in Creation Units
 that are delivered to the designated DTC Participant Account of Custodian for
 redemption and debit such shares from the account of the Shareholder on the
 register of the applicable Fund.

 
	
  

 	
  

 
	
  

 	
 4. Transfer Agent shall issue Shares of the applicable Fund
 in Creation Units for settlement with purchasers through DTC as the purchaser
 is authorized to receive. Beneficial ownership of Shares shall be shown on
 the records of DTC and DTC Participants and not on any records maintained by
 the Transfer Agent. In issuing Shares of the applicable Fund through DTC to a
 purchaser, Transfer Agent shall be entitled to rely upon the latest
 Instructions that are received from the Trust or its agent by the Index
 Receipt Agent (as set forth in Schedule B, Section A. Subsection 3(b) of this
 Agreement) concerning the issuance and delivery of such shares for
 settlement.

 
	
  

 	
  

 
	
  

 	
 5. Transfer Agent shall not issue any Shares for a particular Fund
 where it has received an Instruction from the Trust or written notification
 from any federal or state authority that the sale of the Shares of such Fund
 has been suspended or discontinued, and Transfer Agent shall be entitled to
 rely upon such Instructions or written notification.

 
	
  

 	
  

 
	
  

 	
 6. Upon the issuance of Shares of any Fund as provided herein,
 Transfer Agent shall not be responsible for the payment of any original issue
 or other taxes, if any, required to be paid by the Trust in connection with
 such issuance.

 
	
  

 	
  

 
	
  

 	
 7. Shares of any Fund may be
 redeemed in accordance with the procedures set forth in the Prospectus of the
 Trust and in the Authorized Participant Agreement and J.P. Morgan shall duly
 process all redemption requests.

 
	
  

 	
  

 
	
 B.

 	
 Payment of Dividends and Distributions on Shares of each Fund.

 
	
  

 	
  

 
	
  

 	
 1. J.P. Morgan shall prepare and make payments for dividends
 and distributions declared by the Trust on behalf of the Fund.

 
	
  

 	
  

 
	
  

 	
 2. The Trust or its designated agent shall promptly notify both the
 Custodian and the Transfer Agent of the declaration of any dividend or
 distribution in respect of each Fund. The Trust shall furnish to J.P. Morgan
 a statement signed by an Authorized Person: (i) indicating that dividends
 have been declared on a specific periodic basis and Instructions specifying
 the date of the declaration of such dividend or distribution, the date of
 payment thereof, the record date as of which the Shareholder shall be
 entitled to payment, the total amount payable to the Shareholder and the
 total amount payable to J.P. Morgan as Transfer Agent on the payment date; or
 (ii) setting forth the date of the declaration of any dividend or
 distribution by the Fund, the date of payment thereof, the record date as of
 which the Shareholder is entitled to payment, and the amount payable per
 share to the Shareholder as of that date and the total amount payable to
 Transfer Agent on 

 

16

	
  

 	
  

 
	
  

 	
 the payment date. The Trust’s Board of Trustees shall approve the
 Authorized Persons to provide such information to J.P. Morgan.

 
	
  

 	
  

 
	
  

 	
 3. Upon its receipt from the Trust of the information set forth in
 Subsection 2 immediately above, the Administrator, based upon the amount of
 Shares outstanding on its books and records, shall calculate the total dollar
 amount of the dividend or distribution on each Fund and notify the Trust of
 this amount. The Trust shall verify this total dollar amount as calculated by
 the Administrator. Provided the Trust is in agreement with the Administrator,
 the Trust shall instruct the Custodian to place in a dividend disbursing
 account maintained by the Transfer Agent funds equal to the total cash amount
 of the dividend or distribution to be paid out in respect of each Fund.
 Should Custodian determine that it does not have sufficient cash in the
 Custody Account to pay the total amount of the dividend or distribution to
 the Transfer Agent, Custodian shall advise the Trust and the Trust shall
 either adjust the rate of the dividend or distribution or provide additional
 cash to Custodian for credit to the dividend disbursing account maintained by
 Transfer Agent. The Transfer Agent shall credit such dividend or distribution
 to the account of the Shareholder.

 
	
  

 	
  

 
	
  

 	
 4. Should Transfer Agent not receive from Custodian sufficient cash
 to make payment as provided in the immediately preceding Subsection, Transfer
 Agent or Custodian shall notify the Trust, and Transfer Agent shall withhold
 payment to the Shareholder until sufficient cash is provided to J.P. Morgan
 and J.P. Morgan shall not be liable for any claim arising out of such
 withholding.

 
	
  

 	
  

 
	
 C.

 	
 Recordkeeping.

 
	
  

 	
  

 
	
  

 	
 1. J.P. Morgan shall create and maintain such records in accordance
 with laws, rules and regulations applicable to J.P. Morgan as a registered
 transfer agent. All records shall be available for inspection and use by the
 Trust. J.P. Morgan shall maintain such records for at least six years or for
 such other period as J.P. Morgan and the Trust may mutually agree.

 
	
  

 	
  

 
	
  

 	
 2. Upon reasonable notice by the Trust, J.P. Morgan shall make
 available during regular business hours all records and other data created
 and maintained by J.P. Morgan as Transfer Agent for reasonable audit and
 inspection by the Trust, or any person retained by the Trust.

 
	
  

 	
  

 
	
  

 	
 3. J.P. Morgan shall record the issuance of Shares of each
 Fund and maintain, pursuant to Rule 17Ad-10(e) under the Securities Exchange
 Act of 1934, as amended, a record of the total number of Shares of each Fund
 that are authorized, based upon data provided to J.P. Morgan by the Trust or
 the Fund, issued and outstanding. Also, J.P. Morgan shall provide the Trust
 on a regular basis with the total number of Shares authorized, issued and
 outstanding in respect of each Fund but shall not be responsible for, when
 recording the issuance 

 

17

	
  

 	
  

 
	
  

 	
 of Shares, monitoring the issuance of such shares or compliance with
 any laws relating to the validity of the issuance or the legality of the sale
 of such shares.

 
	
  

 	
  

 
	
 D.

 	
 Establish Procedures.

 
	
  

 	
  

 
	
  

 	
 Procedures applicable to the transfer agent services to be performed
 hereunder may be established from time to time by agreement between the Trust
 and J.P. Morgan. J.P. Morgan shall have the right to utilize any shareholder
 accounting and record-keeping systems that, in its opinion, enables it to
 perform any services to be performed hereunder. 

 

18

SCHEDULE B

INDEX RECEIPT AGENT SERVICES

FOR FUNDS

          Following
are the Index Receipt Agent services that shall be provided by J.P. Morgan for
the Trust in respect of each Fund. J.P. Morgan shall perform these services as
Index Receipt Agent in conjunction with the custody services that are currently
provided by J.P. Morgan, as Custodian, to each Fund under the terms of the
Custody Agreement. J.P. Morgan shall be entitled to all the protective
provisions in the Custody Agreement in respect of its duties and its
performance as Index Receipt Agent and Custodian for the settlement of
issuances and redemptions of Creation Units of each Fund. If there are any
inconsistencies between the terms of the Custody Agreement and the terms herein
with respect to processing, clearance and the settlement of issuance and
redemption orders for Shares of each Fund, the terms herein shall govern.

	
  

 	
  

 
	
 A.

 	
 Index Receipt Agent Services.

 
	
  

 	
  

 
	
  

 	
 1. The Sponsor, on behalf of the Trust, shall enter into an Authorized
 Participant Agreement with each Authorized Participant and other specified
 counterparties providing collateralized commodity exposure for a particular
 Fund, which shall be delivered to the J.P. Morgan and which J.P. Morgan, in
 its capacity as Index Receipt Agent, shall acknowledge.

 
	
  

 	
  

 
	
  

 	
 2. In connection with the procedures that may be established from
 time to time between J.P. Morgan and the Trust on behalf of each Fund for the
 processing, clearance and settlement of the creation and redemption of Creation
 Units, J.P. Morgan shall:

 
	
  

 	
  

 
	
  

 	
           (a)
 receive from the Order Taker on each trade date a computer generated file
 (Create/Redeem File) that contains creation orders from Authorized
 Participants that have been received and accepted by the Sponsor on behalf of
 the Trust and each Fund, for the issuance of Creation Units; and deliver the
 enhanced file to Custodian for settlement; and, pursuant to such creation
 orders, instruct the Transfer Agent to create the appropriate number of
 Shares of the applicable Fund for deposit into the Fund custody account and
 delivery to the Authorized Participant’s DTC Participant Account on a free
 [of payment] basis; 

 
	
  

 	
  

 
	
  

 	
           (b) The Authorized Participant will instruct
 the receipt of the above Shares from the Custodian’s DTC Participant Account
 on a free (of payment) basis and wire the USD value of the Creation Units to
 the designated Counterparty. The Sponsor will instruct J.P. Morgan to release
 the Shares to the Authorized Participants account at DTC. . The Counterparty
 will deliver collateral to the collateral account.

 

19

	
  

 	
  

 
	
  

 	
           (c)
 receive from the Order Taker on each trade date a computer generated file
 (Create/Redeem File) that contains redemption orders from Authorized
 Participants that have been received and accepted by the Sponsor on behalf of
 the Trust for each Fund; and deliver the enhanced file to Custodian for
 settlement; and, pursuant to such redemption orders, instruct the Transfer
 Agent to withdraw from the Fund custody account and redeem the appropriate
 number of Shares of the applicable Fund in Creation Units and reduce the
 account of the Shareholder accordingly; and 

 
	
  

 	
  

 
	
  

 	
           (d) The
 Authorized Participant will instruct the delivery of the above Shares to the Custodian’s DTC
 Participant Account on a free (of payment) basis . The Counterparty
 will receive collateral from the collateral account. The Sponsor will notify
 the Counterparty to wire the USD value of the Creation Units to the
 Authorized Participant.

 
	
  

 	
  

 
	
  

 	
           B. Establish
 Procedures.

 
	
  

 	
  

 
	
  

 	
 The Trust and J.P. Morgan, from time to time, may establish written
 procedures for the processing and settlement and related activities effected
 for Shares of each Fund Outside the Clearing Process.

 

20

AGENCY
SERVICES AGREEMENT

EXHIBIT
A

LIST
OF FUNDS

	
  

 	
  

 
	
 1.

 	
 ETFS Oil

 
	
 2.

 	
 ETFS Natural Gas

 
	
 3.

 	
 ETFS Copper

 
	
 4.

 	
 ETFS Wheat

 
	
 5.

 	
 ETFS Composite Agriculture

 
	
 6.

 	
 ETFS Composite Industrial Metals

 
	
 7.

 	
 ETFS Composite Energy

 
	
 8.

 	
 ETFS All Commodities

 
	
 9.

 	
 ETFS Short Oil

 
	
 10.

 	
 ETFS Short Natural Gas

 
	
 11.

 	
 ETFS Short Copper

 
	
 12.

 	
 ETFS Short Wheat

 
	
 13.

 	
 ETFS Short Gold

 
	
 14.

 	
 ETFS Leveraged Oil

 
	
 15.

 	
 ETFS Leveraged Natural Gas

 
	
 16.

 	
 ETFS Leveraged Copper

 
	
 17.

 	
 ETFS Leveraged Wheat

 
	
 18.

 	
 ETFS Leveraged GoldEXHIBIT 10.3

Table of contents

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Custody
 Agreement

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 Intention
 of the Parties; Definitions

 	
  

 	
 1

 
	
  

 	
 1.1

 	
 Intention of the
 Parties

 	
  

 	
 1

 
	
  

 	
 1.2

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 2.

 	
 What
 J.P. Morgan is Required to Do

 	
  

 	
 3

 
	
  

 	
 2.1

 	
 Set Up Accounts

 	
  

 	
 3

 
	
  

 	
 2.2

 	
 Cash Account

 	
  

 	
 4

 
	
  

 	
 2.3

 	
 Segregation of
 Assets; Nominee Name

 	
  

 	
 4

 
	
  

 	
 2.4

 	
 Settlement of
 Transactions

 	
  

 	
 5

 
	
  

 	
 2.5

 	
 Contractual
 Settlement Date Accounting

 	
  

 	
 5

 
	
  

 	
 2.6

 	
 Actual Settlement
 Date Accounting

 	
  

 	
 6

 
	
  

 	
 2.7

 	
 Income Collection
 (AutoCredit®)

 	
  

 	
 6

 
	
  

 	
 2.8

 	
 Miscellaneous
 Administrative Duties

 	
  

 	
 6

 
	
  

 	
 2.9

 	
 Corporate Actions

 	
  

 	
 7

 
	
  

 	
 2.10

 	
 Class Action

 	
  

 	
 7

 
	
  

 	
 2.11

 	
 Proxies

 	
  

 	
 7

 
	
  

 	
 2.12

 	
 Statements of
 Account

 	
  

 	
 8

 
	
  

 	
 2.13

 	
 Access to J.P.
 Morgan’s Records

 	
  

 	
 8

 
	
  

 	
 2.14

 	
 Tax Relief
 Services

 	
  

 	
 9

 
	
  

 	
 2.15

 	
 Notification

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 3.

 	
 Instructions

 	
  

 	
 9

 
	
  

 	
 3.1

 	
 Acting on
 Instructions; Method of Instruction and Unclear Instructions

 	
  

 	
 9

 
	
  

 	
 3.2

 	
 Verification and
 Security Procedures

 	
  

 	
 9

 
	
  

 	
 3.3

 	
 Instructions
 Contrary to Law/Market Practice

 	
  

 	
 10

 
	
  

 	
 3.4

 	
 Cut-Off Times

 	
  

 	
 10

 
	
  

 	
 3.5

 	
 Electronic Access

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 4.

 	
 Fees,
 Expenses and Other Amounts Owing to J.P. Morgan

 	
  

 	
 10

 
	
  

 	
 4.1

 	
 Fees and Expenses

 	
  

 	
 10

 
	
  

 	
 4.2

 	
 Overdrafts

 	
  

 	
 10

 
	
  

 	
 4.3

 	
 J.P. Morgan’s
 Right Over Securities; Set-off

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 5.

 	
 Securities
 Depositories

 	
  

 	
 11

 
	
  

 	
 5.1

 	
 Use of Securities
 Depositories

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 6.

 	
 Additional
 Provisions Relating to Customer

 	
  

 	
 12

 
	
  

 	
 6.1

 	
 Representations of
 Customer and J.P. Morgan

 	
  

 	
 12

 
	
  

 	
 6.2

 	
 Customer to
 Provide Certain Information to J.P. Morgan

 	
  

 	
 12

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.3

 	
 Customer is Liable
 to J.P. Morgan Even if it is Acting for Another Person

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 
	
 7.

 	
 When
 J.P. Morgan is Liable to Customer

 	
  

 	
 12

 
	
  

 	
 7.1

 	
 Standard of Care;
 Liability

 	
  

 	
 13

 
	
  

 	
 7.2

 	
 Force Majeure

 	
  

 	
 13

 
	
  

 	
 7.3

 	
 J.P. Morgan May
 Consult With Counsel

 	
  

 	
 14

 
	
  

 	
 7.4

 	
 J.P. Morgan
 Provides Diverse Financial Services and May Generate Profits as a Result

 	
  

 	
 14

 
	
  

 	
 7.5

 	
 Assets Held
 Outside J.P. Morgan’s Control

 	
  

 	
 14

 
	
  

 	
 7.6

 	
 Ancillary Services

 	
  

 	
 14

 
	
  

 	
  

 	
  

 	
  

 
	
 8.

 	
 Taxation

 	
  

 	
 15

 
	
  

 	
 8.1

 	
 Tax Obligations

 	
  

 	
 15

 
	
  

 	
 8.2

 	
 Tax Relief
 Services With Respect to American Depository Receipts

 	
  

 	
 15

 
	
  

 	
  

 	
  

 	
  

 
	
 9.

 	
 Termination

 	
  

 	
 16

 
	
  

 	
 9.1

 	
 Term and
 Termination

 	
  

 	
 16

 
	
  

 	
 9.2

 	
 Exit Procedure

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 
	
 10.

 	
 Miscellaneous

 	
  

 	
 17

 
	
  

 	
 10.1

 	
 Notices

 	
  

 	
 17

 
	
  

 	
 10.2

 	
 Successors and
 Assigns

 	
  

 	
 17

 
	
  

 	
 10.3

 	
 Interpretation

 	
  

 	
 17

 
	
  

 	
 10.4

 	
 Entire Agreement

 	
  

 	
 17

 
	
  

 	
 10.5

 	
 Insurance

 	
  

 	
 18

 
	
  

 	
 10.6

 	
 Security Holding
 Disclosure

 	
  

 	
 18

 
	
  

 	
 10.7

 	
 USA PATRIOT Act
 Disclosure

 	
  

 	
 18

 
	
  

 	
 10.8

 	
 Governing Law and
 Jurisdiction

 	
  

 	
 18

 
	
  

 	
 10.9

 	
 Severability;
 Waiver; and Survival

 	
  

 	
 19

 
	
  

 	
 10.10

 	
 Confidentiality

 	
  

 	
 19

 
	
  

 	
 10.11

 	
 Counterparts

 	
  

 	
 20

 
	
  

 	
 10.12

 	
 No Third Party
 Beneficiaries

 	
  

 	
 20

 
	
  

 	
 SCHEDULE 1 Persons Authorized To Give Instructions

 	
  

 	
 22

 
	
  

 	
 SCHEDULE 2 Authorized Fund Managers/Advisers

 	
  

 	
 23

 
	
  

 	
 APPENDIX A TO SCHEDULE 2 Specimen
 Fund Manager Mandate

 	
  

 	
 24

 
	
  

 	
 SCHEDULE 3
 Electronic Access

 	
  

 	
 26

 
	
  

 	
 EXHIBIT 1 TO
 SCHEDULE 3 Products

 	
  

 	
 28

 

Custody Agreement 

This agreement, dated May __, 2011, is between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (“J.P.
Morgan”), a national banking association, with a place of business at 4 New York
Plaza, New York, New York 10004;
and ETF Securities USA LLC, a
Delaware limited liability company (“Sponsor”) on behalf of the separate series
listed on Exhibit A attached hereto (each a “Fund” or “Customer”) of ETFS Collateralized Commodities Trust, a
Delaware statutory trust with offices at c/o ETF Securities USA LLC, 48 Wall
Street, 11ith Floor, New York, New York 10005.

1. Intention of the
Parties; Definitions

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.1

 	
 Intention of
 the Parties

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 This Agreement
 sets out the terms on which J.P. Morgan will be providing custodial,
 settlement and other associated services to Customer. J.P. Morgan will be
 responsible for the performance of only those duties set forth in this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer
 acknowledges that J.P. Morgan is not providing any legal, tax or investment
 advice in connection with the services under this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 It is the
 intention of the parties that the services offered by J.P. Morgan under this
 Agreement with respect to the custody of Securities and related settlement
 services will be limited to Securities that are issued in the United States
 (“U.S.”) by an issuer that is organized under the laws of the U.S. or any
 state thereof, or that are both traded in the U.S. and eligible for deposit
 in a U.S. Securities Depository.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 1.2

 	
 Definitions

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 As used herein, the following terms have the meaning hereinafter stated.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           “Account” has the meaning set forth in Section
 2.1 of this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           “Affiliate” means an entity that controls, is
 controlled by, or is under common control with, J.P. Morgan.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           “Applicable
 Law”
 means any applicable statute, treaty, rule, regulation or common law and any
 applicable decree, injunction, judgment, order, formal interpretation or
 ruling issued by a court or governmental entity.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           “Authorized
 Person” means any person who has been designated by written notice from
 Customer in the form of Schedules 1 or 2 as the case may be (or by written
 notice in the form of Appendix A to Schedule 2 from any agent designated by
 Customer under this Agreement, including, without limitation, an investment
 manager) to act on behalf of Customer under this Agreement. Such persons will
 continue to be Authorized Persons until such time as J.P. Morgan receives and
 has had reasonable time to act upon Instructions
 from Customer (or its agent) that any such person is no longer an Authorized
 Person.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           “Cash
 Account” has the meaning set forth in Section
 2.1(a)(ii).

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           “Confidential Information” means and
 includes all non-public information concerning Customer or the Accounts which
 J.P. Morgan receives in the course of providing services 

 

1

	
  

 	
  

 
	
  

 	
 under this Agreement. Nevertheless, the term Confidential Information
 shall not include information which is or becomes available to the general
 public by means other than J.P. Morgan’s breach of the terms of this
 Agreement or information which J.P. Morgan obtains on a non-confidential
 basis from a person who is not known to be subject to any obligation of
 confidence to any person with respect to that information.

 
	
  

 	
  

 
	
  

 	
           “Corporate
 Action” means any subscription right, bonus issue,
 stock repurchase plan, redemption, exchange, tender offer, or similar matter
 with respect to a Financial Asset in the Securities Account that requires
 discretionary action by the beneficial owner of Financial Asset, but does not
 include rights with respect to class action litigation or proxy voting.

 
	
  

 	
  

 
	
  

 	
           “Entitlement
 Holder” means the person named on the records of a Securities Intermediary as
 the person having a Securities Entitlement against the Securities
 Intermediary.

 
	
  

 	
  

 
	
  

 	
           “Financial
 Asset” means a Security and refers, as the context requires, either to the
 asset itself or to the means by which a person’s claim to it is evidenced,
 including a Security, a security certificate or a Securities Entitlement. “Financial Asset” does not include cash.

 
	
  

 	
  

 
	
  

 	
           “Instruction” means an instruction that
 has been verified in accordance with a Security Procedure or, if no Security
 Procedure is applicable, which J.P. Morgan believes in good faith to have
 been given by an Authorized Person.

 
	
  

 	
  

 
	
  

 	
           “J.P.
 Morgan Indemnitees” means J.P. Morgan and its nominees, directors,
 officers, employees and agents.

 
	
  

 	
  

 
	
  

 	
           “Liabilities” means any liabilities, losses, claims,
 costs, damages, penalties, fines, obligations, or expenses of any kind
 whatsoever (including, without limitation, reasonable attorneys’,
 accountants’, consultants’ or experts’ fees and disbursements).

 
	
  

 	
  

 
	
  

 	
           “Securities” means shares, stocks, debentures,
 bonds, notes or other like obligations, whether issued in certificated or
 uncertificated form, and any certificates, receipts, warrants or other
 instruments representing rights to receive, purchase or subscribe for the
 same that are commonly traded or dealt in on securities exchanges or
 financial markets or other obligations of an issuer, or shares,
 participations and interests in an issuer recognized in the country in which
 it is issued or dealt in as a medium for investment and any other property as
 may be acceptable to J.P. Morgan for the Securities Account.

 
	
  

 	
  

 
	
  

 	
           “Securities
 Account” means each Securities custody account on J.P.
 Morgan’s records to which Financial Assets are or may be credited under this
 Agreement.

 
	
  

 	
  

 
	
  

 	
           “Securities
 Depository” means any clearing system, securities
 depository, dematerialized book entry system or similar system for the central handling of
 Securities.

 
	
  

 	
  

 
	
  

 	
           “Security Entitlement” means the rights
 and property interests of an Entitlement Holder with respect to a Financial
 Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of
 the State of New York, as the same may be amended from time to time.

 
	
  

 	
  

 
	
  

 	
           “Security Intermediary” means J.P. Morgan,
 a Securities Depository and any other financial institution which in the
 ordinary course of business maintains Securities custody accounts for others
 and acts in that capacity.

 

2

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           “Security Procedure” means security procedures to be followed
 by Customer upon the issuance of an Instruction and/or by J.P. Morgan upon
 the receipt of an Instruction, so as to enable J.P. Morgan to verify that
 such Instruction is authorized, as set forth in service level documentation
 in effect from time to time between the parties with respect to the services
 set forth in this Agreement, or as otherwise agreed in writing by the
 parties. A Security Procedure may, without limitation, involve the use of
 algorithms, codes, passwords, encryption and telephone call backs. Customer
 acknowledges that Security Procedures are designed to verify the authenticity
 of, and not detect errors in, Instructions. For the avoidance of doubt, the
 parties agree that a SWIFT message issued in the name of Customer through any
 third party utility agreed upon by the parties as being a method for
 providing Instructions and authenticated in accordance with that utility’s
 customary procedures shall be deemed to be an authorized Instruction.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 All terms in the
 singular will have the same meaning in the plural unless the context
 otherwise provides and vice versa.

 
	
  

 	
  

 	
  

 
	
 2. What J.P. Morgan is Required to Do

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.1

 	
 Set Up Accounts

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 establish and maintain the following accounts (“Accounts”):

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 one or more
 Securities Accounts in the name of Customer (or in another name requested by
 Customer that is acceptable to J.P. Morgan) for Financial Assets, which may
 be held by of J.P. Morgan for the account of Customer, including as an
 Entitlement Holder; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 one or more
 accounts in the name of Customer (or in another name requested by Customer
 that is acceptable to J.P. Morgan) (“Cash Account”) for any and all cash
 received by or on behalf of J.P. Morgan for the account of Customer.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 At the request of
 Customer, additional Accounts may be opened in the future and such additional
 Accounts shall be subject to the terms of this Agreement:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 in accordance with
 the provisions of an agreement among Customer and a broker-dealer (registered
 under the Securities and Exchange Act of 1934 (“Exchange Act”) and a member
 of the National Association of Securities Dealer, Inc. (“NASD”), or any
 futures commission merchant registered under the Commodity Exchange Act,
 relating to compliance with the rules of the Options Clearing Corporation and
 of any registered national securities exchange (or the Commodity Futures
 Trading Commission or any registered contract market), or of any similar
 organization, regarding escrow or other arrangements in connection with
 transactions by Customer; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 for the purpose of
 segregating cash or Financial Assets with options purchased or sold by
 Customer; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 for any other
 corporate purposes as per the Instruction of an Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 In the event that
 Customer requests the opening of any additional Account for the purpose of
 holding collateral pledged by Customer to a securities exchange, 

 

3

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 clearing
 corporation, or other central counterparty (a “Counterparty”) to secure
 trading activity by Customer, or the pledge to a Counterparty of cash or
 individual Securities held in an Account, that Account (or the pledged cash
 or Securities) shall be subject to the collateral arrangements in effect
 between J.P. Morgan and the Counterparty in addition to the terms of this
 Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 J.P. Morgan’s
 obligation to open Accounts pursuant to Section 2.1(a) is conditional upon
 J.P. Morgan receiving such of the following documents as J.P. Morgan may
 require:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 a certified copy
 of Customer’s constitutional documents as currently in force;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 evidence
 reasonably satisfactory to J.P. Morgan of the due authorization and execution
 of this Agreement by Customer (for example by a certified copy of a
 resolution of Customer’s board of directors or equivalent governing body,
 substantially in the form set out in Schedule 4);

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 J.P. Morgan’s
 standard form fund manager mandate (in the form set out in Appendix A),
 completed by any persons designated in Schedule 3; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 in the case of any
 Account opened in a name not that of Customer, documentation with respect to
 that name similar to that set forth in sub-sections (i) – (iii).

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.2

 	
 Cash Account

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Any amount
 standing to the credit of the Cash Account is a debt due to Customer from
 J.P. Morgan as banker. Except as otherwise provided in Instructions
 acceptable to J.P. Morgan, all cash held in the Cash Account will be
 deposited during the period it is credited to the Accounts in one or more
 deposit accounts at J.P. Morgan in which cash shall not be subject to withdrawal
 by check or draft. Funds credited to the Cash Account will be transferred by
 J.P. Morgan by means of Instruction (“payment order”) to a J.P. Morgan
 administrator assigned to Customer. Payment orders and Instructions seeking
 to cancel payment orders or to amend payment orders shall be verified in
 accordance with a Security Procedure or, if no Security Procedure is
 applicable, J.P. Morgan may execute or pay payment orders issued in
 Customer’s name which J.P. Morgan believes in good faith to have been given
 by an Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Any amounts
 credited by J.P. Morgan to the Cash Account on the basis of a notice or an
 interim credit from a third party, may be reversed if J.P. Morgan does not
 receive final payment in a timely manner. J.P. Morgan will notify Customer
 promptly of any such reversal.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.3

 	
 Segregation of
 Assets; Nominee Name

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 identify in its books that Financial Assets credited to Customer’s Securities
 Account belong to Customer (except as otherwise may be agreed by J.P. Morgan
 and Customer).

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 J.P. Morgan is
 authorized, in its discretion:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i) to hold in
 bearer form, such Financial Assets as are customarily held in bearer form or
 are delivered to J.P. Morgan in bearer form;

 

4

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 to hold Financial
 Assets in or deposit Financial Assets with any Securities Depository or
 settlement system;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 to hold Financial
 Assets in omnibus accounts on a fungible basis and to accept delivery of
 Financial Assets of the same class and denomination as those deposited with
 J.P. Morgan; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 to register in the
 name of Customer, J.P. Morgan, a Securities Depository, or their respective
 nominees, such Financial Assets as are customarily held in registered form.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.4

 	
 Settlement of
 Transactions

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Subject to Article
 3 and Section 4.2 of this Agreement, J.P. Morgan will act in accordance with
 Instructions with respect to the settlement of transactions. Settlement of
 transactions will be conducted in accordance with prevailing standards of the
 market in which the transaction occurs. Without limiting the generality of
 the foregoing, the risk of loss will be borne by Customer whenever J.P.
 Morgan delivers Financial Assets or payment in accordance with applicable
 market practice in advance of receipt or settlement of the expected
 consideration. In the case of the failure of Customer’s counterparty (or
 other appropriate party) to deliver the expected consideration as agreed,
 J.P. Morgan will contact the counterparty to seek settlement and will notify
 Customer of such failure. If Customer’s counterparty continues to fail to
 deliver the expected consideration, J.P. Morgan will provide information
 reasonably requested by Customer that J.P. Morgan has in its possession to
 allow Customer to enforce rights that Customer has against Customer’s
 counterparty, but neither J.P. Morgan nor its Subcustodians will not be
 obliged to institute legal proceedings, file a proof of claim in any
 insolvency proceeding or take any similar action. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.5

 	
 Contractual Settlement Date Accounting

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Should Customer
 request to have J.P. Morgan’s Contractual Settlement Date Accounting Service,
 J.P. Morgan will effect book entries on a contractual settlement date
 accounting basis as described below with respect to the settlement of
 transactions in those markets where J.P. Morgan generally offers contractual
 settlement date accounting.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 Sales: On the
 settlement date for a sale, J.P. Morgan will credit the Cash Account with the
 proceeds of the sale and transfer the relevant Financial Assets to an account
 at J.P. Morgan pending settlement of the transaction if not already
 delivered.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 Purchases: On the
 settlement date for the purchase (or earlier, if market practice requires
 delivery of the purchase price before the settlement date), J.P. Morgan will
 debit the Cash Account for the settlement amount and credit a separate
 account at J.P. Morgan. J.P. Morgan then will post the Securities Account as
 awaiting receipt of the expected Financial Assets. Customer will not be
 entitled to the delivery of Financial Assets that are awaiting receipt until
 J.P. Morgan actually receives them.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Upon request, J.P.
 Morgan shall provide Customer with a list of those markets for which it
 provides contractual settlement date accounting. J.P. Morgan may add markets
 to or remove markets from this list upon reasonable notice to Customer. J.P. 

 

5

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Morgan reserves
 the right to restrict in good faith the availability of contractual
 settlement date accounting for credit or operational reasons. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 J.P. Morgan may
 reverse any debit or credit made pursuant to Section 2.5(a) prior to a
 transaction’s actual settlement, upon notice to Customer, in cases where J.P.
 Morgan reasonably believes that the transaction will not settle in the
 ordinary course within a reasonable time. Customer will be responsible for
 any costs or liabilities resulting from such reversal. Customer acknowledges
 that the procedures described in Section 2.5 are of an administrative nature,
 and J.P. Morgan does not undertake to make loans and/or Financial Assets
 available to Customer.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.6

 	
 Actual Settlement Date Accounting

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With respect to
 any settlement of a transaction that is not posted to the Account on the
 contractual settlement date as referred to in Section 2.5, J.P. Morgan will
 post such transaction on the date on which the cash or Financial Assets
 received as consideration for the transaction is actually received and
 cleared by J.P. Morgan.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.7

 	
 Income Collection (AutoCredit®)

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 monitor information publicly available in the applicable market about
 forthcoming income payments on the Financial Assets, and will promptly notify
 Customer of such information. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Unless Customer is
 notified otherwise, J.P. Morgan will credit the Cash Account with income
 proceeds on Financial Assets on the anticipated payment date, net of any
 taxes that are withheld by J.P. Morgan or any third party (“AutoCredit”) in
 those markets where J.P. Morgan customarily provides an AutoCredit service.
 Upon request, J.P. Morgan shall provide Customer with a list of AutoCredit
 eligible markets. J.P. Morgan may add markets to or remove markets from the
 list of AutoCredit markets upon notice to Customer that is reasonable in the
 circumstances. J.P. Morgan may reverse AutoCredit credits upon oral or
 written notification to Customer if J.P. Morgan believes that the
 corresponding payment will not be received by J.P. Morgan within a reasonable
 period or the credit was incorrect.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 In markets where
 J.P. Morgan does not provide an AutoCredit service, income on Financial
 Assets (net of any taxes withheld by J.P. Morgan or any third party) will be
 credited only after actual receipt and reconciliation.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 J.P. Morgan will
 use reasonable efforts to contact appropriate parties to collect unpaid
 interest, dividends or redemption proceeds and notify Customer of the late
 payment, but neither J.P. Morgan nor its Subcustodians will be obliged to
 file any formal notice of default, institute legal proceedings, file a proof
 of claim in any insolvency proceeding or take any similar action.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.8

 	
 Miscellaneous Administrative Duties

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Until J.P. Morgan
 receives Instructions to the contrary, J.P. Morgan will:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 present all
 Financial Assets for which J.P. Morgan has received notice of a call for
 redemption or that have otherwise matured, and all income and interest 

 

6

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 coupons and other
 income items that call for payment upon presentation;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 execute in the
 name of Customer such certificates as may be required to obtain payment in
 respect of Financial Assets; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 exchange interim
 or temporary documents of title held in the Securities Account for definitive
 documents of title.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 In the event that,
 as a result of holding of Financial Assets in an omnibus account, Customer
 receives fractional interests in Financial Assets arising out of a Corporate
 Action or class action litigation, J.P. Morgan will credit Customer with the
 amount of cash it would have received had the Financial Asset not been held
 in an omnibus account, and Customer shall relinquish to J.P. Morgan its
 interest in such fractional interests.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 If some, but not
 all, of an outstanding class of Financial Assets is called for redemption,
 J.P. Morgan may allot the amount redeemed among the respective beneficial
 holders of such a class of Financial Assets on a pro rata basis or in a
 similar manner J.P. Morgan deems fair and equitable.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.9

 	
 Corporate Actions

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 act in accordance with local market practices to obtain information
 concerning Corporate Actions that is publicly available in the local market.
 J.P. Morgan also will review information obtained from sources to which J.P.
 Morgan subscribes for information concerning such Corporate Actions. J.P.
 Morgan will promptly provide that information (or summaries that accurately
 reflect the material points concerning the applicable Corporate Action) to
 Customer or its Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 J.P. Morgan will
 act in accordance with Customer’s Instructions in relation to such Corporate
 Actions. If Customer fails to provide J.P. Morgan with timely Instructions with
 respect to any Corporate Action, neither J.P. Morgan nor its nominees will
 take any action in relation to that Corporate Action, except as otherwise
 agreed in writing by J.P. Morgan and Customer or as may be set forth by J.P.
 Morgan as a default action in the notification it provides under Section
 2.9(a) with respect to that Corporate Action.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.10

 	
 Class Action 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Any notices
 received by J.P. Morgan’s corporate actions department about U.S. settled
 securities class action that requires action by affected owners of the
 underlying Financial Assets will be promptly notified to Customer if J.P.
 Morgan, using reasonable care in the circumstances, identifies that Customer
 was a shareholder and held the relevant Financial Asset in custody with J.P.
 Morgan at the relevant time. J.P. Morgan will not make filings in the name of
 Customer in respect to such notifications except as otherwise agreed in
 writing between Customer and J.P. Morgan.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.11

 	
 Proxies

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 monitor information distributed to holders of Financial Assets about upcoming
 shareholder meetings, promptly notify Customer of such information and,
 subject to Section 2.11(c), act in accordance with Customer’s 

 

7

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Instructions in
 relation to such meetings (the “Proxy Voting Service”).

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 The Proxy Voting
 Service is available only in certain markets, details of which are available
 from J.P. Morgan on request. Provision of the Proxy Voting Service is
 conditional upon receipt by J.P. Morgan of a duly completed enrolment form as
 well as additional documentation that may be required for certain markets.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 The Proxy Voting
 Service does not include physical attendance at shareholder meetings.
 Requests for physical attendance at shareholder meetings can be made but they
 will be evaluated and agreed to by J.P. Morgan on a case by case basis.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 Customer
 acknowledges that the provision of the Proxy Voting Service may be precluded
 or restricted under a variety of circumstances. These circumstances include,
 but are not limited to:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 the Financial
 Assets being on loan or out for registration;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 the pendency of
 conversion or another Corporate Action;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 the Financial
 Assets being held in a margin or collateral account at J.P. Morgan or another
 bank or broker, or otherwise in a manner which affects voting; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 local market
 regulations or practices, or restrictions by the issuer; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (v)

 	
 J.P. Morgan being
 required to vote all shares held for a particular issue for all of J.P.
 Morgan’s customers on a net basis (i.e., a net yes or no vote based on voting
 instructions received from all its customers). Where this is the case, J.P.
 Morgan will inform Customer by means of the notification.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.12

 	
 Statements of Account

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 provide Customer with a statement of account for each Account, identifying
 cash and Financial Assets held in the Account and any transfers to and from
 the Account. Statements of account may be delivered electronically or on-line
 over the Internet and are deemed delivered when sent electronically or posted
 on the Internet. Customer will review its statement of account and give J.P.
 Morgan written notice of (i) any suspected error or omission or (ii)
 non-receipt of a statement of account within a reasonable time after the
 statement of accounts is sent or made available to Customer or would have
 been sent, as the case may be. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer
 acknowledges that information available to it on-line with respect to
 transactions posted after the close of the prior business day may not be
 accurate due to mis-postings, delays in updating Account records, and other
 causes. J.P. Morgan will not be liable for any loss or damage arising out of
 any such information accessed on-line that is updated or corrected no later
 than the close of business on the business day after the transaction was
 posted. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.13

 	
 Access to J.P. Morgan’s Records

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 allow Authorized Persons of Customer’s auditors and independent public
 accountants such reasonable access to the records of J.P. Morgan relating to
 Financial Assets as is required in connection with their examination of books
 and 

 

8

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 records pertaining
 to Customer’s affairs.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 J.P. Morgan will,
 upon reasonable written notice, allow Customer reasonable access during
 normal working hours to the records of J.P. Morgan relating to the Accounts.
 J.P. Morgan may impose reasonable restrictions on the number of individuals
 allowed access, the frequency and length of such access, and the scope of the
 records made available. Customer shall reimburse J.P. Morgan for the cost of
 copying, collating and researching archived information at J.P. Morgan’s
 regular hourly rate.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.14

 	
 Tax Relief Services

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 J.P. Morgan will
 provide tax relief services as provided in Section 8.2.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.15

 	
 Notification

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If Customer has
 agreed to access information concerning the Accounts through J.P. Morgan’s
 website, J.P. Morgan may make any notifications required under this Agreement
 by posting it on the website.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 3. Instructions

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.1

 	
 Acting on Instructions; Method of
 Instruction and Unclear Instructions

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Customer
 authorizes J.P. Morgan to accept, rely upon and/or act upon any Instructions
 received by it without inquiry. Customer will indemnify J.P. Morgan
 Indemnitees against, and hold each of them harmless from, any Liabilities
 that may be imposed on, incurred by, or asserted against J.P. Morgan
 Indemnitees as a result of any action or omission taken in accordance with
 any Instruction.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer will
 where reasonably practicable use automated and electronic methods of sending
 Instructions.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 J.P. Morgan shall
 promptly notify an Authorized Person if J.P. Morgan determines that an
 Instruction does not contain all information reasonably necessary for J.P.
 Morgan to carry out the Instruction. J.P. Morgan may decline to act upon an
 Instruction if it does not receive clarification or confirmation satisfactory
 to it. J.P. Morgan will not be liable for any loss arising from any
 reasonable delay in carrying out any such Instruction while it seeks
 information, clarification or confirmation or in declining to act upon any
 Instruction for which it does not receive clarification satisfactory to it.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 In executing or
 paying a payment order, J.P. Morgan may rely upon the identifying number
 (e.g., Fedwire routing number or account) of any party as instructed in the
 payment order. Customer assumes full responsibility for any inconsistency
 between the name and identifying number of any party in payment orders issued
 to J.P. Morgan in Customer’s name.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.2

 	
 Verification and Security Procedures

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan and
 Customer shall comply with any applicable Security Procedures with respect to
 the delivery or authentication of Instructions and shall ensure that 

 

9

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 any codes,
 passwords or similar devices are reasonably safeguarded.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Either party may
 record any of their telephone communications. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.3

 	
 Instructions Contrary to Law/Market
 Practice

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 J.P. Morgan need
 not act upon Instructions which it reasonably believes to be contrary to law,
 regulation or market practice, and J.P. Morgan shall be under no duty to
 investigate whether any Instructions comply with Applicable Law or market
 practice. In the event J.P. Morgan does not act upon such Instructions, J.P.
 Morgan will notify Customer where reasonably practicable.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.4

 	
 Cut-Off Times

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 J.P. Morgan has
 established cut-off times for receipt of Instructions, which will be made
 available to Customer. If J.P. Morgan receives an Instruction after its
 established cut-off time, J.P. Morgan will attempt to act upon the
 Instruction on the day requested if J.P. Morgan deems it practicable to do so
 or otherwise as soon as practicable after that day.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.5

 	
 Electronic Access

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Access by Customer
 to certain applications or products of J.P. Morgan via J.P. Morgan’s web site
 or otherwise shall be governed by this Agreement and the terms and conditions
 set forth in Schedule 3.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 4. Fees, Expenses and Other Amounts Owing
 to J.P. Morgan

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 4.1

 	
 Fees and Expenses

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer will pay
 J.P. Morgan for its services under this Agreement [such fees as may be agreed
 upon in writing from time to time, together with J.P. Morgan’s reasonable
 out-of-pocket or incidental expenses, including, but not limited to, legal
 fees and tax or related fees incidental
 to processing charged directly or indirectly by governmental authorities,
 issuers, or their agents.] Invoices will be payable within thirty (30)
 days of the date of the invoice. If Customer disputes an invoice it shall
 nevertheless pay on or before the date that payment is due such portion of
 the invoice that is not subject to a bona
 fide dispute. J.P. Morgan may deduct amounts invoiced from the
 Cash Account except to the extent that Customer has objected to the invoice
 within thirty (30) days of the date of the invoice (or such other period as
 the parties may agree in writing). Without prejudice to J.P. Morgan’s other
 rights, J.P. Morgan reserves the right to charge interest on overdue amounts
 from the due date until actual payment at such rate as J.P. Morgan
 customarily charges for similar overdue amounts.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 4.2

 	
 Overdrafts

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If a debit to the
 Cash Account results (or will result) in a debit balance, then J.P. Morgan
 may, in its discretion, (i) advance an amount equal to the overdraft, (ii)
 refuse to settle in whole or in part the transaction causing such debit
 balance, or (iii) if any such transaction is posted to the Securities
 Account, reverse any such posting. If J.P. Morgan elects to make such an
 advance, the advance will be deemed a loan to 

 

10

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer, payable
 on demand, bearing interest at the applicable rate charged by J.P. Morgan
 from time to time for such overdrafts, from the date of such advance to the
 date of payment (both after as well as before judgment) and otherwise on the
 terms on which J.P. Morgan makes similar overdrafts available from time to
 time. No prior action or course of dealing on J.P. Morgan’s part with respect
 to the settlement of transactions on Customer’s behalf will be asserted by
 Customer against J.P. Morgan for J.P. Morgan’s refusal to make advances to
 the Cash Account or to settle any transaction for which Customer does not
 have sufficient available funds in the Account.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 4.3

 	
 J.P. Morgan’s Right Over Securities;
 Set-off

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Without prejudice
 to J.P. Morgan’s rights under Applicable Law, Customer grants to J.P. Morgan
 a security interest in and a lien on the Financial Assets held in the
 Securities Account as securing for any and all Liabilities outstanding from
 time to time (whether actual or contingent) of Customer to J.P. Morgan or any
 of its Affiliates and J.P. Morgan shall be entitled without notice to
 Customer, to withhold delivery of such Financial Assets, sell or otherwise
 realize any of such Financial Assets and to apply the proceeds and any other
 monies credited to the Cash Account in satisfaction of such Liabilities. For
 this purpose, J.P. Morgan may make such currency conversions as may be
 necessary at its then current rates for the sale and purchase of relevant
 currencies. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Without prejudice
 to J.P. Morgan’s rights under Applicable Law, J.P. Morgan may set off against
 any amount owing by Customer to J.P. Morgan or any of its Affiliates any
 amount in any currency standing to the credit of any of Customer’s accounts
 (whether deposit or otherwise) with any J.P. Morgan branch or office or with
 any Affiliate of J.P. Morgan. For this purpose, J.P. Morgan shall be entitled
 to accelerate the maturity of any fixed term deposits and to effect such
 currency conversions as may be necessary at its current rates for the sale and
 purchase of the relevant currencies.

 
	
  

 	
  

 	
  

 	
  

 
	
 5. Securities Depositories

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 5.1

 	
 Use of Securities Depositories

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan may
 deposit Financial Assets with, and hold Financial Assets in any Securities
 Depository on such terms as such Securities Depository customarily operates
 and Customer will provide J.P. Morgan with such documentation or
 acknowledgements that J.P. Morgan may require to hold the Financial Assets in
 such Securities Depository.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 J.P. Morgan is not
 responsible for the selection or monitoring of any Securities Depository and
 will not be liable for any act or omission by (or the insolvency of) any
 Securities Depository. In the event Customer incurs a loss due to the
 negligence, willful misconduct, or insolvency of a Securities Depository,
 J.P. Morgan will make reasonable efforts, in its discretion, to seek recovery
 from the Securities Depository, but J.P. Morgan will not be obligated to
 institute legal proceedings, file a proof of claim in any insolvency
 proceeding, or take any similar action.

 

11

	
  

 	
  

 	
  

 	
  

 
	
 6. Additional Provisions Relating to
 Customer

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.1

 	
 Representations of Customer and J.P.
 Morgan

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Customer
 represents and warrants that (i) it has full authority and power, and has
 obtained all necessary authorizations and consents, to deposit and control
 the Financial Assets and cash in the Accounts, to use J.P. Morgan as its
 custodian in accordance with the terms of this Agreement, to borrow money
 (both any short term or intraday borrowings in order to settle transactions
 prior to receipt of covering funds) and grant a lien over Financial Assets as
 contemplated by Section 4.3; (ii) assuming execution and delivery of this
 Agreement by J.P. Morgan, this Agreement is Customer’s legal, valid and
 binding obligation, enforceable in accordance with its terms and it has full
 power and authority to enter into and has taken all necessary corporate
 action to authorize the execution of this Agreement; (iii) it has not relied
 on any oral or written representation made by J.P. Morgan or any person on
 its behalf, and acknowledges that this Agreement sets out to the fullest
 extent the duties of J.P. Morgan; (iv) J.P. Morgan may rely upon the
 certification of such other facts as may be required to administer J.P.
 Morgan’s obligations under this Agreement and Customer shall indemnify J.P.
 Morgan against all losses, liability, claims or demands arising directly or
 indirectly from any such certifications; and (v) it is a resident of the U.S.
 and shall notify J.P. Morgan of any changes in residency.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 J.P. Morgan
 represents and warrants that (i) assuming execution and delivery of this
 Agreement by Customer, this Agreement is J.P. Morgan’s legal, valid and
 binding obligation, enforceable in accordance with its terms and (ii) it has
 full power and authority to enter into and has taken all necessary corporate
 action to authorize the execution of this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.2

 	
 Customer to Provide Certain Information
 to J.P. Morgan

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Upon request,
 Customer will promptly provide to J.P. Morgan such information about itself
 and its financial status as J.P. Morgan may reasonably request, including
 Customer’s organizational documents and its current audited and unaudited
 financial statements. Upon J.P. Morgan’s request, Customer shall provide to
 J.P. Morgan such similar information concerning any person other than
 Customer in whose name any Account is opened.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.3

 	
 Customer is Liable to J.P. Morgan Even if
 it is Acting for Another Person

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If Customer is
 acting as an agent or for another person envisaged in Section 2.1(a) of any
 transaction, cash or Financial Asset, J.P. Morgan nevertheless will treat
 Customer as its principal for all purposes under this Agreement. In this
 regard, Customer will be liable to J.P. Morgan as a principal in respect of
 any transactions relating to the Account. The foregoing will not affect any
 rights J.P. Morgan might have against Customer’s principal or the other
 person envisaged by Section 2.1(a).

 
	
  

 	
  

 	
  

 	
  

 
	
 7. When J.P. Morgan is Liable to Customer

 

12

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.1

 	
 Standard of Care; Liability

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 J.P. Morgan will
 use reasonable care in performing its obligations under this Agreement. J.P.
 Morgan will not be in violation of this Agreement with respect to any matter
 as to which it has satisfied its obligation of reasonable care.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 J.P. Morgan will
 be liable for Customer’s direct damages to the extent they result from J.P.
 Morgan’s fraud, negligence or willful misconduct in performing its duties as
 set out in this Agreement. Nevertheless, under no circumstances will J.P.
 Morgan be liable for any indirect, incidental, consequential or special
 damages (including, without limitation, lost profits) of any form incurred by
 any person or entity, whether or not foreseeable and regardless of the type
 of action in which such a claim may be brought, with respect to the Accounts,
 J.P. Morgan’s performance under this Agreement, or J.P. Morgan’s role as
 custodian.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 Customer will
 indemnify J.P. Morgan Indemnitees against, and hold them harmless from, any
 Liabilities that may be imposed on, incurred by or asserted against any of
 J.P. Morgan Indemnitees in connection with or arising out of (i) J.P.
 Morgan’s performance under this Agreement, provided J.P. Morgan Indemnitees
 have not acted with negligence or engaged in fraud or willful misconduct in
 connection with the Liabilities in question or (ii) any J.P. Morgan
 Indemnitees’ status as a holder of record of Customer’s Financial Assets.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 Without limiting
 Subsections 7.1(a), (b) or (c), Customer agrees that J.P. Morgan provides no
 service in relation to, and therefore has no duty or responsibility to: 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 question
 Instructions or make any suggestions to Customer or an Authorized Person
 regarding such Instructions;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 supervise or make
 recommendations with respect to investments or the retention of Financial
 Assets;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 advise Customer or
 an Authorized Person regarding any default in the payment of principal or
 income of any Security other than as provided in Section 2.7(b) of this
 Agreement; or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 evaluate or report
 to Customer or an Authorized Person regarding the financial condition of any
 broker, agent or other party to which J.P. Morgan is instructed to deliver
 Financial Assets or cash.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.2

 	
 Force Majeure

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 J.P. Morgan will
 maintain and update from time to time business continuation and disaster
 recovery procedures with respect to its custody business that it determines
 from time to time meet reasonable commercial standards. J.P. Morgan will have
 no liability, however, for any damage, loss, expense or liability of any
 nature that Customer may suffer or incur, caused by an act of God, fire,
 flood, civil or labor disturbance, war, terrorism, act of any governmental
 authority or other act or threat of any authority (de jure or de facto),
 legal constraint, fraud or forgery, malfunction of equipment or software
 (except where such malfunction is primarily attributable to J.P. Morgan’s
 negligence in maintaining the equipment or software), failure of or the
 effect of rules or operations of any external funds transfer system,
 inability to obtain or interruption of external communications facilities, or
 any other cause beyond the reasonable control of J.P. Morgan (including, without
 limitation, the non-availability of 

 

13

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 appropriate
 foreign exchange).

 
	
  

 	
  

 	
  

 
	
  

 	
 7.3

 	
 J.P. Morgan May Consult With Counsel

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 J.P. Morgan will
 be entitled to rely on, and may act upon the advice of professional advisers
 in relation to matters of law, regulation or market practice (which may be
 the professional advisers of Customer), and shall not be liable to Customer
 for any action taken or omitted pursuant to such advice.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.4

 	
 J.P. Morgan Provides Diverse Financial
 Services and May Generate Profits as a Result

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer hereby
 authorizes J.P. Morgan to act under this Agreement notwithstanding that: (a)
 J.P. Morgan or any of its divisions, branches or Affiliates may have a
 material interest in transactions entered into by Customer with respect to
 the Account or that circumstances are such that J.P. Morgan may have a
 potential conflict of duty or interest, including the fact that J.P. Morgan
 or its Affiliates may act as a market maker in the Financial Assets to which
 Instructions relate, provide brokerage services to other customers, act as
 financial adviser to the issuer of such Financial Assets, act in the same
 transaction as agent for more than one customer, have a material interest in
 the issue of the Financial Assets; or earn profits from any of the activities
 listed herein; and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b) J.P. Morgan or
 any of its divisions, branches or Affiliates may be in possession of
 information tending to show that the Instructions received may not be in the
 best interests of Customer. J.P. Morgan is not under any duty to disclose any
 such information.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.5

 	
 Assets Held Outside J.P. Morgan’s Control

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 J.P. Morgan will
 not be obliged to hold Financial Assets or cash with any person not agreed to
 by J.P. Morgan. Furthermore, J.P. Morgan will not be obliged to register or
 record Financial Assets in the name of any person not agreed to by J.P.
 Morgan. If, however, Customer makes such a request and J.P. Morgan agrees to
 the request, the consequences of doing so will be at Customer’s own risk.
 J.P. Morgan shall not be liable for any losses incurred as a result and may
 be precluded from providing some of the services referred to in this
 Agreement (for example, and without limitation, income collection, proxy
 voting, class action litigation and Corporate Action notification and
 processing).

 
	
  

 	
  

 	
  

 
	
  

 	
 7.6

 	
 Ancillary Services

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 J.P. Morgan may
 use third party delivery services and providers of information regarding
 matters such as pricing, proxy voting, corporate actions and class action
 litigation and use local agents to provide extraordinary services such as
 attendance at annual meetings of issuers of Securities. Although J.P. Morgan
 will use reasonable care in the selection and retention of such third party
 providers and local agents, it will not be responsible for any errors or
 omissions made by them in providing the relevant information or services.

 

14

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 8. Taxation

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.1

 	
 Tax Obligations

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Customer will pay
 or reimburse J.P. Morgan, and confirms that J.P. Morgan is authorized to
 deduct from any cash received or credited to the Cash Account any taxes or
 levies required by any revenue or governmental authority for whatever reason
 in respect of Customer’s Accounts.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer will
 provide to J.P. Morgan such certifications, declarations, documentation, and
 information as it may require in connection with taxation, and warrants that,
 when given, this information is true and correct in every respect, not
 misleading in any way, and contains all material information. Customer
 undertakes to notify J.P. Morgan immediately if any information requires
 updating or correcting. J.P. Morgan provides no service of controlling or
 monitoring, and therefore has no duty in respect of, or liability for any
 taxes, penalties, interest or additions to tax, payable or paid that result
 from:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 the inaccurate
 completion of documents by Customer or any third party;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 the provision to
 J.P. Morgan or a third party of inaccurate or misleading information by
 Customer or any third party;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 the withholding of
 material information by Customer or any third party; or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 any delay by any
 revenue authority or any other cause beyond J.P. Morgan’s control.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 If J.P. Morgan
 does not receive appropriate certifications, documentation and information
 then, as and when appropriate and required, additional tax shall be deducted
 from all income received in respect of the Financial Assets issued
 (including, but not limited to, U.S. non-resident alien tax and/or backup
 withholding tax).

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 Customer will be
 responsible in all events for the timely payment of all taxes relating to the
 Financial Assets in the Securities Account; provided, however, that J.P.
 Morgan will be responsible for any penalty or additions to tax due solely as
 a result of J.P. Morgan’s negligent acts or omissions with respect to paying
 or withholding tax or reporting interest, dividend or other income paid or
 credited to the Cash Account.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.2

 	
 Tax Relief Services With Respect to
 American Depository Receipts

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Subject to the
 provisions of this Section, J.P. Morgan will apply for a reduction of
 withholding tax in respect of income payments on Financial Assets comprised
 of American Depository Receipts credited to the Securities Account that J.P.
 Morgan believes may be available. To defray expenses pertaining to nominal
 tax claims, J.P. Morgan may from time to time set minimum thresholds as to a
 de minimis value of tax relief claims or reduction of withholding which it
 will pursue in respect of income payments under this Section 8.2.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 The provision of a
 tax relief service by J.P. Morgan is conditional upon J.P. Morgan receiving
 from Customer (i) a declaration of its identity and place of

 

15

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 residence and (ii)
 certain other documentation (pro forma copies of which are available from
 J.P. Morgan), prior to the receipt of Financial Assets comprised of American
 Depository Receipts in the Account or the payment of income. If Financial
 Assets comprised of American Depository Receipts credited to the Account are
 beneficially owned by someone other than Customer, this information will be
 necessary with respect to the beneficial owner. Customer acknowledges that
 J.P. Morgan will be unable to perform tax reclamation services unless it
 receives this information.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 J.P. Morgan will
 perform tax reclamation service only with respect to taxation levied by the
 revenue authorities of the countries advised to Customer from time to time
 and J.P. Morgan may, by notification in writing, in its absolute discretion,
 supplement or amend the countries in which this tax reclamation service is
 offered. Other than as expressly provided in this Section 8.2, J.P. Morgan
 will have no responsibility with regard to Customer’s tax position or status
 in any jurisdiction.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 9. Termination

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 9.1

 	
 Term and Termination

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 [The initial term
 of this Agreement shall be for a period of five years following the date on
 which J.P. Morgan commenced providing services under the Agreement. Following
 the initial term, Sponsor on behalf of the Customer may terminate this
 Agreement on sixty (60) days’ written notice to J.P. Morgan. J.P. Morgan may
 terminate this Agreement on one hundred and eighty (180) days’ written notice
 to Customer.]

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Notwithstanding
 Section 9.1(a):

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 Either party may
 terminate this Agreement immediately on written notice to the other party in
 the event that a material breach of this Agreement by the other party has not
 been cured within thirty (30) days of that party being given written notice
 of the material breach;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 Either party may
 terminate this Agreement immediately on written notice to the other party
 upon the other party being declared bankrupt, entering into a composition
 with creditors, obtaining a suspension of payment, being put under court
 controlled management or being the subject of a similar measure; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 [(iii)

 	
 J.P. Morgan may
 terminate this Agreement on sixty (60) days’ written notice to Customer in
 the event that J.P. Morgan reasonably determines that Customer has ceased to
 satisfy J.P. Morgan’s customary credit requirements]

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 [; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 Customer may
 terminate this Agreement at any time on sixty (60) days’ written notice to
 J.P. Morgan upon payment of a termination fee. The termination fee will be an
 amount equal to six (6) times the average monthly fees paid during the six
 month period prior to Customer’s notice of 

 

16

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 termination, or
 since the date J.P. Morgan commenced providing services under this Agreement
 if that period is less than six months.]

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 9.2

 	
 Exit Procedure

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer will
 provide J.P. Morgan full details of the persons to whom J.P. Morgan must
 deliver Financial Assets and cash within a reasonable period before the
 effective time of termination of this Agreement. If Customer fails to provide
 such details in a timely manner, J.P. Morgan shall be entitled to continue to
 be paid fees under this Agreement until such time as it is able to deliver
 the Financial Assets and cash to a successor custodian, but J.P. Morgan may
 take such steps as it reasonably determines to be necessary to protect itself
 following the effective time of termination, including ceasing to provide
 transaction settlement services in the event that J.P. Morgan is unwilling to
 assume any related credit risk. J.P. Morgan will in any event be entitled to
 deduct any amounts owing to it prior to delivery of the Financial Assets and
 cash (and, accordingly, J.P. Morgan will be entitled to sell Financial Assets
 and apply the sale proceeds in satisfaction of amounts owing to it). Customer
 will reimburse J.P. Morgan promptly for all out-of-pocket expenses it incurs
 in delivering Financial Assets upon termination. Termination will not affect
 any of the liabilities either party owes to the other arising under this
 Agreement prior to such termination.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 10. Miscellaneous

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.1

 	
 Notices

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Notices (other
 than Instructions) under this Agreement will be served by registered mail or
 hand delivery to the address of the respective parties as set out on the
 first page of this Agreement, unless notice of a new address is given to the
 other party in writing. Notice will not be deemed to be given unless it has
 been received.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.2

 	
 Successors and Assigns

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement
 will be binding on each of the parties’ successors and assigns, but the
 parties agree that neither party can assign any of its rights or obligations
 under this Agreement without the prior written consent of the other party,
 which consent will not be unreasonably withheld or delayed; except J.P.
 Morgan may assign this Agreement without Customer’s consent to (a) any
 Affiliate or subsidiary of J.P. Morgan or (b) in connection with a merger,
 reorganization, stock sale or sale of all or substantially all of J.P.
 Morgan’s custody business.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.3

 	
 Interpretation

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Headings are for
 convenience only and are not intended to affect interpretation. References to
 articles and sections are to articles and sections of this Agreement and
 references to sub-sections and paragraphs are to sub-sections of the sections
 and paragraphs of the sub-sections in which they appear.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.4

 	
 Entire Agreement

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement,
 including the Schedules and the Exhibits (and any separate agreement 

 

17

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 which J.P. Morgan
 and Customer may enter into with respect to any Cash Account), sets out the
 entire Agreement between the parties in connection with the subject matter,
 and this Agreement supersedes any other agreement, statement, or
 representation relating to custody, whether oral or written. Amendments must
 be in writing and signed by both parties.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.5

 	
 Insurance

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer
 acknowledges that J.P. Morgan will not be required to maintain any insurance
 coverage specifically for the benefit of Customer. J.P. Morgan will, however,
 provide summary information regarding its own general insurance coverage to
 Customer upon written request.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.6

 	
 Security Holding Disclosure

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With respect to Securities
 and Exchange Commission Rule 14b-2 under the Shareholder Communications Act
 regarding disclosure of beneficial owners to issuers of Securities, J.P.
 Morgan is instructed not to disclose the name, address or Security positions
 of Customer in response to shareholder communications requests regarding the
 Account.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.7

 	
 USA PATRIOT Act Disclosure

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Section 326 of the
 Uniting and Strengthening America by Providing Appropriate Tools Required to
 Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) requires
 J.P. Morgan to implement reasonable procedures to verify the identity of any
 person that opens a new account with it. Accordingly, Customer acknowledges
 that Section 326 of the USA PATRIOT Act and J.P. Morgan’s identity verification
 procedures require J.P. Morgan to obtain information which may be used to
 confirm Customer’s identity, including without limitation Customer’s name,
 address and organizational documents (“identifying information”) from
 Customer or on some occasions from third parties regarding Customer. Customer
 may also be asked to provide information about its financial status, such as
 its current audited and unaudited statements. Customer agrees to provide J.P.
 Morgan with and consents to J.P. Morgan obtaining from third parties any such
 identifying and financial information required as a condition of opening an
 account with or using any service provided by J.P. Morgan.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.8

 	
 Governing Law and Jurisdiction

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement
 will be construed, regulated and administered under the laws of the U.S. or
 State of New York, as applicable, without regard to New York’s principles
 regarding conflict of laws, except that the foregoing shall not reduce any
 statutory right to choose New York law or forum. The U.S. District Court for
 the Southern District of New York will have the sole and exclusive
 jurisdiction over any lawsuit or other judicial proceeding relating to or
 arising from this Agreement. If that court lacks federal subject matter
 jurisdiction, the Supreme Court of the State of New York, New York County
 will have sole and exclusive jurisdiction. Either of these courts will have
 the proper venue for any such lawsuit or judicial proceeding, and the parties
 waive any 

 

18

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 objection to venue
 or their convenience as a forum. The parties agree to submit to the
 jurisdiction of any of the courts specified and to accept service of process
 to vest personal jurisdiction over them in any of these courts. The parties
 further hereby knowingly, voluntarily and intentionally waive, to the fullest
 extent permitted by Applicable Law, any right to a trial by jury with respect
 to any such lawsuit or judicial proceeding arising or relating to this
 Agreement or the transactions contemplated hereby. To the extent that in any
 jurisdiction Customer may now or hereafter be entitled to claim, for itself
 or its assets, immunity from suit, execution, attachment (before or after
 judgment) or other legal process, Customer shall not claim, and it hereby
 irrevocably waives, such immunity.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.9

 	
 Severability; Waiver; and Survival

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 If one or more
 provisions of this Agreement are held invalid, illegal or unenforceable in
 any respect on the basis of any particular circumstances or in any
 jurisdiction, the validity, legality and enforceability of such provision or
 provisions under other circumstances or in other jurisdictions and of the
 remaining provisions will not in any way be affected or impaired.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Except as
 otherwise provided herein, no failure or delay on the part of either party in
 exercising any power or right under this Agreement operates as a waiver, nor
 does any single or partial exercise of any power or right preclude any other
 or further exercise, or the exercise of any other power or right. No waiver
 by a party of any provision of this Agreement, or waiver of any breach or
 default, is effective unless it is in writing and signed by the party against
 whom the waiver is to be enforced.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 The parties’
 rights, protections, and remedies under this Agreement shall survive its
 termination.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.10

 	
 Confidentiality

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Subject to Section
 10.10(b), J.P. Morgan will hold all Confidential Information in confidence
 and will not disclose any Confidential Information except as may be required
 by Applicable Law, a regulator with jurisdiction over J.P. Morgan’s business,
 or with the consent of Customer.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer
 authorizes J.P. Morgan to disclose Confidential Information to:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 any subcontractor,
 agent, Securities Depository, securities exchange, broker, third party agent,
 proxy solicitor, issuer, or any other person that J.P. Morgan believes it is
 reasonably required in connection with J.P. Morgan’s provision of relevant
 services under this Agreement;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 its professional
 advisors, auditors or public accountants;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 its Affiliates and
 branches; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 any revenue
 authority or any governmental entity in relation to the processing of any tax
 claim.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 Except as
 otherwise required by Applicable Law or as needed to enforce the terms of
 this Agreement, the parties shall hold the terms and conditions, including, 

 

19

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 without
 limitation, any commercial terms, of this Agreement in confidence.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.11

 	
 Counterparts

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement may
 be executed in several counterparts each of which will be deemed to be an
 original and together will constitute one and the same agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.12

 	
 No Third Party Beneficiaries

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 A person who is
 not a party to this Agreement shall have no right to enforce any term of this
 Agreement.

 

	
  

 	
  

 	
  

 
	
 ETF SECURITIES USA LLC, not in its
 individual capacity, but solely on behalf of each CUSTOMER listed on Exhibit
 A attached hereto

 	
  

 	
 JPMORGAN CHASE BANK, N.A.

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 
	
 Name: Graham
 Tuckwell

 	
 Name:

 
	
 Title: Manager

 	
 Title:

 
	
 Date:

 	
 Date:

 
	

 

 	

 

 

20

EXHIBIT A

List of Funds

21

SCHEDULE 1 
Persons Authorized To Give Instructions

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Full Name and
Official Position

 	
  

 	
 Method
 of
Instruction*

 	
  

 	
 Telephone
 Number

 	
  

 	
 Specimen
 Signature

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 

Signed for and on behalf of Customer by:

Signature:

Name:

Position:

*i.e., writing or facsimile

22

SCHEDULE 2 
Authorized Fund Managers/Advisers

Persons authorized as fund managers will also have to complete an
authority in similar form to Schedule 2, but with some additional wording. A
specimen copy is attached as Appendix A.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Full
 name of Fund

 Manager/Adviser

 	
  

 	
 Address

 	
  

 	
 Accounts
 for which

 authorized*

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 

Signature:

Name:

Position:

* If left blank, the Fund Manager is authorized to
give instructions on all accounts.

23

APPENDIX A TO SCHEDULE 2
Specimen Fund Manager Mandate

	
  

 	
  

 	
  

 
	
 TO:

 	
 JPMORGAN CHASE BANK,
 N.A.

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 DOMESTIC CUSTODY
 DIVISION

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 DATE:
 ____________________

 

Dear Sirs,

Re: Custody
for               (the
“Customer”).

We represent that we have been appointed by Customer as its fund
manager for the account(s) listed below and that we have full authority from
Customer to give instructions in respect of all transactions relating to the
account(s). We agree to indemnify and hold JPMorgan harmless for any losses,
costs or liabilities it or its agents incur as a result of any breach of this representation.

We set out the names and specimen signatures of those individuals
authorized by us to operate accounts and give instructions on behalf of
Customer in respect of the account(s).

JPMorgan may accept and act on any instructions that have been verified
in accordance with a Security Procedure, as defined in the Custody Agreement
between JPMorgan and Customer, or, if no such Security Procedure is applicable,
which JPMorgan believes in good faith to have been given by one of those
individuals listed below.

We acknowledge that JPMorgan may record our telephone conversations and
agree to ensure that any codes, passwords or similar devices are reasonably
safeguarded.

Unless specified otherwise, all persons authorized to give instructions
shall be authorized to give instructions in respect of all securities and cash
accounts, and shall be authorized to give instructions notwithstanding that
they may result in an overdraft on any cash account.

Signed for and on behalf of [Name of Fund Manager]

Signature:

Name:

Position:

Evidence of Authority to sign this Letter is enclosed:

24

ACCOUNT(S) COVERED BY THIS MANDATE:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Full
 Name and

 Official Position

 	
  

 	
 Method
 of Instruction*

 	
  

 	
 Telephone

 Number

 	
  

 	
 Specimen

 Signature

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 

*i.e., writing or
facsimile

25

SCHEDULE 3

Electronic Access

1. J.P. Morgan shall permit Customer and its Authorized Persons to
access electronically the applications and products listed on Exhibit 1 to this
Agreement (the “Products”). J.P. Morgan reserves the right to modify this
Schedule 3 and, subject to the terms and conditions of the Agreement, the
products and services available through the Products, upon notice to Customer.
J.P. Morgan shall endeavour to give Customer reasonable notice of its
termination or suspension of access hereunder to any Product, but may do so
immediately upon written notice to Customer if J.P. Morgan determines, in its
sole discretion, that providing access to such Product would violate Applicable
Law or that the security or integrity of such Product is at risk.

2. In consideration of the fees paid by Sponsor on behalf of the
Customer to J.P. Morgan and subject to any applicable Software License Addendum
in relation to J.P. Morgan owned or sublicensed Software provided for a
particular Application and Applicable Law, J.P. Morgan grants to Customer on
the terms of this Schedule 3 a non-exclusive license to use the Products and
the information and data made available to Customer through the Products (the
“Data”) for the sole use of Customer. Customer may download the Data and print
out hard copies for its reference, provided that it does not remove any
copyright or other notices contained therein or any hyperlink or other
reference to any such notice.

3. The rights and obligations of the parties with respect to the
provision of certain cash products and services via the Products shall also be
governed, to the extent not governed by this Agreement, by J.P. Morgan’s terms
and conditions relating to such products and services, as the same may be
amended from time to time (the “Product Terms”). If and to the extent that
there is a conflict between the Product Terms and this Schedule 3, the
provisions of this Schedule 3 shall prevail.

4. Customer acknowledges that there are certain security, corruption,
transaction error and access availability risks associated with using open
networks such as the internet, and Customer hereby expressly assumes such
risks. Customer shall make its own independent assessment of the adequacy of
the internet and of the security procedures made available by J.P. Morgan.
Customer acknowledges and agrees that the selection and use by it of third
party security and communications software and third party service providers is
the sole responsibility of Customer, and J.P. Morgan disclaims all risks
related thereto, notwithstanding that J.P. Morgan may recommend certain
security and/or communication software packages. All such software must be
interoperable with J.P. Morgan’s software. Each of Customer and J.P. Morgan
shall be responsible for the proper functioning, maintenance and security of
its own systems, services, software and other equipment.

5. Notwithstanding the other provisions of the Agreement, J.P. Morgan
shall not be liable for any Liabilities arising out of the use or
unavailability of J.P. Morgan’s web site or any means provided by J.P. Morgan
of accessing the Products through J.P. Morgan’s web site in the absence of J.P.
Morgan’s gross negligence or wilful misconduct.

6. Customer shall not use the Products to transmit (i) any virus, worm,
or destructive element or any programs or data that may be reasonably expected
to interfere with or disrupt the Products or servers connected to the Products;
(ii) material that violates the rights of another, including but not limited to
the intellectual property rights of another; and (iii) “junk mail”, “spam”,
“chain letters” or unsolicited mass distribution of e-mail.

26

7. Customer shall promptly and accurately designate in writing to J.P.
Morgan the geographic location of its users from time to time. Customer further
represents and warrants to J.P. Morgan that Customer shall not access the
service from any jurisdiction which J.P. Morgan informs Customer or where
Customer has actual knowledge that the service is not authorized for use due to
local regulations or laws. Prior to submitting any document which designates
the persons authorized to act on Customer’s behalf, Customer shall obtain from
each individual referred to in such document all necessary consents to enable
J.P. Morgan to process the data set out therein for the purposes of providing
the Products.

8. Customer shall be responsible for the compliance of its Authorized
Persons with the terms of this Schedule 3.

27

EXHIBIT 1 TO SCHEDULE 3
Products

UP TO DATE LIST TO BE INSERTED AT TIME OF SIGNING

28

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