Document:

Form of Amended and Restated Declaration of Trust of the Co-Registrant

 EXHIBIT 4.2 
  
  FORM OF 
  AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND 
 TRUST AGREEMENT 
 OF 
  DB G10 CURRENCY HARVEST
MASTER FUND 
  
 Dated as of
                        , 2006 
   
 By and Among 
  
 DB COMMODITY SERVICES LLC 
 WILMINGTON
TRUST COMPANY 
  
 and 
  
  POWERSHARES DB G10 CURRENCY HARVEST FUND 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 ARTICLE I                DEFINITIONS; THE
TRUST
	  	1
			
	 SECTION 1.1
	 	 Definitions
	  	1
	 SECTION 1.2
	 	 Name
	  	7
	 SECTION 1.3
	 	 Delaware Trustee; Business Offices
	  	7
	 SECTION 1.4
	 	 Declaration of Trust
	  	7
	 SECTION 1.5
	 	 Purposes and Powers
	  	8
	 SECTION 1.6
	 	 Tax Treatment
	  	8
	 SECTION 1.7
	 	 General Liability of the Managing Owner
	  	9
	 SECTION 1.8
	 	 Legal Title
	  	9
	 SECTION 1.9
	 	 Commencement of Business
	  	9
		
	 ARTICLE II              THE TRUSTEE
	  	9
			
	 SECTION 2.1
	 	 Term; Resignation
	  	9
	 SECTION 2.2
	 	 Powers
	  	10
	 SECTION 2.3
	 	 Compensation and Expenses of the Trustee
	  	10
	 SECTION 2.4
	 	 Indemnification
	  	10
	 SECTION 2.5
	 	 Successor Trustee
	  	11
	 SECTION 2.6
	 	 Liability of Trustee
	  	11
	 SECTION 2.7
	 	 Reliance; Advice of Counsel
	  	12
	 SECTION 2.8
	 	 Payments to the Trustee
	  	13
		
	 ARTICLE III             CREATIONS AND ISSUANCE OF CREATION
BASKETS
	  	13
			
	 SECTION 3.1
	 	 General
	  	13
	 SECTION 3.2
	 	 Offer of Limited Shares; Procedures for Creation and Issuance of Creation Baskets
	  	13
	 SECTION 3.3
	 	 Assets of the Trust
	  	14
	 SECTION 3.4
	 	 Liabilities
	  	15
	 SECTION 3.5
	 	 Distributions
	  	15
	 SECTION 3.6
	 	 Voting Rights
	  	15
	 SECTION 3.7
	 	 Equality
	  	15
		
	 ARTICLE IV             THE MANAGING OWNER
	  	15
			
	 SECTION 4.1
	 	 Management of the Trust
	  	15
	 SECTION 4.2
	 	 Authority of Managing Owner
	  	15
	 SECTION 4.3
	 	 Obligations of the Managing Owner
	  	16
	 SECTION 4.4
	 	 General Prohibitions
	  	17
	 SECTION 4.5
	 	 Liability of Covered Persons
	  	18
	 SECTION 4.6
	 	 Fiduciary Duty
	  	19
	 SECTION 4.7
	 	 Indemnification of the Managing Owner
	  	20
	 SECTION 4.8
	 	 Expenses and Limitations Thereon
	  	21
	 SECTION 4.9
	 	 Compensation to the Managing Owner
	  	22
	 SECTION 4.10
	 	 Other Business of Shareholders
	  	22

   

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	 SECTION 4.11
	  	 Voluntary Withdrawal of the Managing Owner
	  	22
	 SECTION 4.12
	  	 Authorization of Registration Statements
	  	23
	 SECTION 4.13
	  	 Litigation
	  	23
		
	ARTICLE V                TRANSFERS OF SHARES	  	23
			
	 SECTION 5.1
	  	 Transfer of Managing Owner’s General Shares
	  	23
	 SECTION 5.2
	  	 Transfer of Limited Shares
	  	24
		
	ARTICLE VI               DISTRIBUTIONS AND ALLOCATIONS	  	26
			
	 SECTION 6.1
	  	 Capital Accounts
	  	26
	 SECTION 6.2
	  	 Monthly Closing of Books
	  	27
	 SECTION 6.3
	  	 Monthly Allocations
	  	27
	 SECTION 6.4
	  	 Code Section 754 Adjustments
	  	28
	 SECTION 6.5
	  	 Allocation of Profit and Loss for U.S. Federal Income Tax Purposes
	  	28
	 SECTION 6.6
	  	 Effect of Section 754 Election
	  	29
	 SECTION 6.7
	  	 Allocation of Distributions
	  	29
	 SECTION 6.8
	  	 Admissions of Shareholders; Transfers
	  	30
	 SECTION 6.9
	  	 Liability for State and Local and Other Taxes
	  	30
	 SECTION 6.10
	  	 Consent to Methods
	  	30
		
	 ARTICLE VII              REDEMPTIONS
	  	31
			
	 SECTION 7.1
	  	 Redemption of Redemption Baskets
	  	31
	 SECTION 7.2
	  	 Other Redemption Procedures
	  	32
		
	ARTICLE VIII            THE LIMITED OWNER	  	32
			
	 SECTION 8.1
	  	 No Management or Control; Limited Liability
	  	32
	 SECTION 8.2
	  	 Rights and Duties
	  	32
	 SECTION 8.3
	  	 Limitation on Liability
	  	33
		
	 ARTICLE IX                BOOKS OF ACCOUNT
AND REPORTS
	  	34
			
	 SECTION 9.1
	  	 Books of Account
	  	34
	 SECTION 9.2
	  	 Annual Reports and Monthly Statements
	  	34
	 SECTION 9.3
	  	 Tax Information
	  	34
	 SECTION 9.4
	  	 Calculation of Net Asset Value
	  	34
	 SECTION 9.5
	  	 Maintenance of Records
	  	35
	 SECTION 9.6
	  	 Certificate of Trust
	  	35
	 SECTION 9.7
	  	 Registration of Shares
	  	35
		
	ARTICLE X                 FISCAL YEAR	  	35
			
	 SECTION 10.1
	  	 Fiscal Year
	  	35
		
	ARTICLE XI                AMENDMENT OF TRUST AGREEMENT; MEETINGS	  	35
			
	 SECTION 11.1
	  	 Amendments to the Trust Agreement
	  	35

   

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	 SECTION 11.2
	  	 Meetings of the Trust
	  	37
	 SECTION 11.3
	  	 Action Without a Meeting
	  	38
		
	ARTICLE XII             TERM	  	38
			
	 SECTION 12.1
	  	 Term
	  	38
		
	ARTICLE XIII            TERMINATION	  	38
			
	 SECTION 13.1
	  	 Events Requiring Dissolution of the Trust
	  	38
	 SECTION 13.2
	  	 Distributions on Dissolution
	  	39
	 SECTION 13.3
	  	 Termination; Certificate of Cancellation
	  	40
		
	 ARTICLE XIV            POWER OF ATTORNEY
	  	40
			
	 SECTION 14.1
	  	 Power of Attorney Executed Concurrently
	  	40
	 SECTION 14.2
	  	 Effect of Power of Attorney
	  	41
	 SECTION 14.3
	  	 Limitation on Power of Attorney
	  	41
		
	ARTICLE XV             MISCELLANEOUS	  	41
			
	 SECTION 15.1
	  	 Governing Law
	  	41
	 SECTION 15.2
	  	 Provisions In Conflict With Law or Regulations
	  	42
	 SECTION 15.3
	  	 Construction
	  	43
	 SECTION 15.4
	  	 Notices
	  	43
	 SECTION 15.5
	  	 Counterparts
	  	43
	 SECTION 15.6
	  	 Binding Nature of Trust Agreement
	  	43
	 SECTION 15.7
	  	 No Legal Title to Trust Estate
	  	43
	 SECTION 15.8
	  	 Creditors
	  	43
	 SECTION 15.9
	  	 Integration
	  	43
	 SECTION 15.10
	  	 Goodwill; Use of Name
	  	43
		
	EXHIBIT A — Description of the Index	  	A-1

   

 iii 

  DB G10 CURRENCY HARVEST MASTER FUND 
   
 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST
AGREEMENT 
  
  This AMENDED AND RESTATED DECLARATION OF
TRUST AND TRUST AGREEMENT of DB G10 CURRENCY HARVEST MASTER FUND is made and entered into as of the              day of
                    , 2006, by and among DB COMMODITY SERVICES LLC, a Delaware limited liability company, WILMINGTON TRUST COMPANY, a Delaware
banking company, as trustee, and POWERSHARES DB G10 CURRENCY HARVEST FUND, a Delaware statutory trust. 
   
 *        *        * 
  
 RECITALS 
  
  WHEREAS, the Trust was formed on April 12, 2006 pursuant to the execution and filing by the Trustee of the Certificate of Trust on April 12,
2006 and the execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of April 12, 2006 as amended on July 19, 2006 (the “Original Agreement”); 

 
 WHEREAS, currently, there is and has not been any Limited Owner;

  
 WHEREAS, the Trustee and the Managing Owner desire to amend
the Original Agreement to make the amendments effectuated hereby. 
  
 NOW, THEREFORE, pursuant to Section 8 of the Original Agreement, the Trustee and the Managing Owner hereby amend and restate the Original Agreement in its entirety as set forth below. 
  
 ARTICLE I 
  
  DEFINITIONS; THE TRUST 
   
 SECTION 1.1 Definitions. As used in this Trust Agreement, the following terms shall have the following meanings
unless the context otherwise requires: 
  
  “Administrator” means any person from time-to-time performing administrative services for the Trust pursuant to authority delegated by the Managing Owner. 
  
 “Adjusted Capital Account” means, as of the last day of a taxable period, a Shareholder’s Capital Account as
maintained pursuant to Section 6.1, (a) increased by any amounts which such Shareholder is obligated to restore pursuant to any provision of this Trust Agreement or is deemed to be obligated to restore pursuant to Treasury Regulation
section 1.704-2 and decreased by the amount of all losses and deductions that, as of the end of the taxable period, are reasonably expected to be allocated to such Shareholder in subsequent years under sections 

  
704(e)(2) and 706(d) of the Code and the amount of all distributions that, as of the end of such taxable period, are reasonably expected to be made to such
Shareholder in subsequent years in accordance with the terms of this Trust Agreement or otherwise to the extent they exceed offsetting increases to such Capital Account that are reasonably expected to occur during or prior to the year in which such
distributions are reasonably expected to be made. The foregoing definition of Adjusted Capital Account is intended to comply the provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

   
 “Adjusted Property” means any property the
adjusted basis of which has been adjusted pursuant to Sections 6.1(a) and (b). 
  
 “Affiliate” – An “Affiliate” of a “Person” means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting
securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling,
controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for
which such Person acts in any such capacity. 
  
 “Basket” means a Creation Basket or a Redemption Basket, as the context may require. 
  
  “Book-Tax Disparity” means with respect to any item of Adjusted Property, as of the date of any determination, the difference between the
adjusted value of such property and the adjusted basis thereof for federal income tax purposes as of such date. A Shareholder’s portion of the Trust’s Book-Tax Disparities in all of its Adjusted Property will be reflected by the difference
between such Shareholder’s Capital Account balance as maintained pursuant to Section 6.1 and the hypothetical balance of such Shareholder’s Capital Account computed as if it had been maintained strictly in accordance with federal
income tax accounting principles. 
   
 “Business
Day” means a day other than Saturday, Sunday or other day when banks and/or securities exchanges in the City of New York or the City of Wilmington are authorized or obligated by law or executive order to close. 
  
 “Capital Account” means the capital account maintained for a
Shareholder or Transferee pursuant to 6.1. 
  
  “Capital
Contributions” means the amounts of cash contributed to the Trust by a Shareholder in accordance with Article III hereof. 
   
 “CE Act” means the Commodity Exchange Act, as amended. 
  

 “Certificate of Trust” means the Certificate of Trust of the Trust filed with the Secretary of State of the State of Delaware pursuant to
Section 3810 of the Delaware Trust Statute, as amended from time-to-time. 
   
 “CFTC” means the Commodity Futures Trading Commission. 
  

 2 

 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Commodity Broker” means any person who engages in the business of
effecting transactions in Currency Contracts for the account of others or for his or her own account. 
  
 “Corporate Trust Office” means the principal office at which at any particular time the corporate trust business of the Trustee is administered,
which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 
  
 “Covered Person” means the Trustee, the Managing Owner and their respective Affiliates. 
  
 “Creation Basket” means the minimum number of Limited Shares that
may be created at any one time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time-to-time. 
  
  “Creation Basket Capital Contribution” means a Capital Contribution made by the Limited Owner in connection with a Purchase Order Subscription
Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription Agreement by (ii) the Net Asset Value per
Basket as of closing time of the Exchange or the last to close of the exchanges on which any of the Trust’s assets are traded, whichever is later, on the Purchase Order Subscription Date. 
   
 “Currencies” means positions in Currency Contracts, forward
contracts, other foreign exchange positions, as well as cash resulting from any of the foregoing positions. 
  
 “Currency Contract” means any futures contract or option thereon providing for the delivery or receipt at a future date of a specified amount of
a traded currency at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 
  
 “Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as
the same may be amended from time-to-time. 
  
 “Exchange” means the American Stock Exchange or, if the common units of fractional undivided beneficial interest with limited liability in the profits, losses, distributions, capital and assets of, and ownership of, the Limited
Owner shall cease to be listed on the American Stock Exchange and are listed on one or more other exchanges, the exchange on which such common units of the Limited Owner are principally traded, as determined by the Managing Owner. 
  
  “Fiscal Quarter” shall mean each period ending on the last day
of each March, June, September and December of each Fiscal Year, or, if the Limited Owner is required by law to have a Fiscal Year other than a calendar year, such other applicable quarterly period. 
   
 “Fiscal Year” shall have the meaning set forth in Article X hereof.

  

 3 

  “Index” means the Deutsche Bank G10 Currency Future Harvest Index – Excess
ReturnTM more fully described in Exhibit A hereto, as it may be amended from time-to-time. 
   
 “Index Currencies” means the underlying Currencies which comprise the Index from time-to-time. 
  
  “Limited Owner” means PowerShares DB G10 Currency Harvest Fund,
a Delaware statutory trust. 
   
 “Limited Shares”
means Shares that are owned by the Limited Owner. 
  
  “Losses” means, in respect of each Fiscal Year of the Trust, losses of the Trust as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof.

   
 “Managing Owner” means DB Commodity Services
LLC, or any substitute therefor as provided herein, or any successor thereto by merger or operation of law. 
  
 “Management Fee” means the management fee set forth in Section 4.9. 
  
 “Margin Call” means a demand for additional funds after the initial good faith deposit required to maintain a
customer’s account in compliance with the requirements of a particular commodity exchange or of a commodity broker. 
  
  “Net Asset Value” means the total assets of the Trust Estate including, but not limited to, all cash and cash equivalents or other securities
less total liabilities of the Trust, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting, including, but not limited to, the extent specifically
set forth below: 
  
 (a) Net Asset Value shall include any
unrealized profit or loss on open Currencies positions and any other credit or debit accruing to the Trust but unpaid or not received by the Trust. 
  
 (b) All open currency futures contracts and options traded on a United States exchange are calculated at their then current market value, which shall be
based upon the settlement price for that particular currency futures contract and options traded on the applicable United States exchange on the date with respect to which Net Asset Value is being determined; provided, that if a currency futures
contract or option traded on a United States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the most recent
day on which the position could be liquidated shall be the basis for determining the market value of such position for such day. The current market value of all open currency futures contracts and options traded on a non-United States exchange shall
be based upon the settlement price for that particular currency futures contract option traded on the applicable non-United States exchange on the date with respect to which Net Asset Value is being determined; provided, that if a currency futures
contract or options traded on a non-United States exchange could not be liquidated on such day, due to the operation of daily limits (if applicable) or other rules of the 

   

 4 

  
exchange upon which that position is traded or otherwise, the settlement price on the most recent day on which the position could be liquidated shall be the
basis for determining the market value of such position for such day. The current market value of all open forward contracts entered into by the Trust shall be the mean between the last bid and last asked prices quoted by the bank or financial
institution which is a party to the contract on the date with respect to which Net Asset Value is being determined; provided, that if such quotations are not available on such date, the mean between the last bid and asked prices on the first
subsequent day on which such quotations are available shall be the basis for determining the market value of such forward contract for such day. The Managing Owner may in its discretion value any of the Trust Estate pursuant to such other principles
as it may deem fair and equitable so long as such principles are consistent with normal industry standards. 
  
 (c) Interest earned on the Trust’s commodity brokerage account shall be accrued at least monthly. 
  
 (d) The amount of any distribution made pursuant to Article VI hereof shall
be a liability of the Trust from the day when the distribution is declared until it is paid. 
   
 “Net Asset Value Per Share” means the Net Asset Value divided by the number of Shares outstanding on the date of calculation. 
  
 “Net Asset Value Per Basket” means the product obtained by
multiplying the Net Asset Value Per Share by the number of Limited Shares comprising a Basket at such time. 
  
 “NFA” means the National Futures Association. 
  
 “Order Cut-Off Time” means 1:00 p.m. New York time, on a Business Day. 
  
 “Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(iv).

  
 “Percentage Interest” shall be a fraction, the
numerator of which is the number of any Shareholder’s Shares and the denominator of which is the total number of Shares outstanding as of the date of determination. 
  
 “Person” means any natural person, partnership, limited liability company, statutory trust, corporation,
association, or other legal entity. 
  
 “Pit Brokerage
Fee” shall include floor brokerage, clearing fees, National Futures Association fees and exchange fees. 
  
  “Profits” means, for each Fiscal Year of the Trust, profits of the Trust as determined for U.S. federal income tax purposes, and each item of
income, gain, loss or deduction entering into the computation thereof. 
   
 “Prospectus” means the final prospectus and disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and declared effective thereby, as the same may at any
time and from time to time be amended or supplemented. 
  

 5 

 “Purchase Order Subscription Agreement” shall have the meaning assigned thereto in
Section 3.2(a)(i). 
  
 “Purchase Order Subscription
Date” shall have the meaning assigned thereto in Section 3.2(a)(i). 
  
  “Pyramiding” means the use of unrealized profits on existing Currencies to provide margin for additional Currencies positions of the same or related Currency. 
   
 “Redemption Basket” means the minimum number of Limited Shares that
may be redeemed pursuant to Section 7.1, which shall be the number of Limited Shares constituting a Creation Basket on the relevant Redemption Order Date. 
  

“Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption Basket in accordance with
Section 7.1(c). 
  
 “Redemption Order” shall have
the meaning assigned thereto in Section 7.1(a). 
  
 “Redemption Order Date” shall have the meaning assigned thereto in Section 7.1(b). 
  
 “Redemption Settlement Time” shall have the meaning assigned thereto in Section 7.1(d). 
  
  “Shareholders” generally means the Managing Owner and the
Limited Owner, as holders of Shares, where no distinction between them is required by the context in which the term is used. However, if the Trust is notified in a manner satisfactory to the Managing Owner as to the identity of a beneficial owner of
applicable Shares, such beneficial owner will be treated as a Shareholder owning a direct interest in the Trust for purposes of Article VI of this Trust Agreement. 
  
 “Shares” means the common units of fractional undivided beneficial interest in the profits, losses, distributions,
capital and assets of, and ownership of, the Trust. The Managing Owner’s Capital Contributions shall be represented by “General” Shares and the Limited Owner’s Capital Contributions shall be represented by “Limited”
Shares. Shares need not be represented by certificates. 
   
 “Suspended Redemption Order” shall have the meaning assigned thereto in Section 7.1(d). 
  
  “Trust” means DB G10 Currency Harvest Master Fund, the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and
affairs of which are governed by this Trust Agreement. 
   
 “Trust Agreement” means this Amended and Restated Declaration of Trust and Trust Agreement, as it may at any time or from time-to-time be amended. 
  
  “Trustee” means Wilmington Trust Company or any substitute therefor as provided herein, acting not in its
individual capacity but solely as trustee of the Trust. 
   

 6 

  “Trust Estate” means any cash, commodity futures, forward and option contracts, all funds
on deposit in the Trust’s accounts, and any other property held by the Trust, and all proceeds therefrom, including any rights of the Trust pursuant to any other agreements to which the Trust is a party. 
  
 “Unrealized Gain” attributable to a Trust property means, as of any
date of determination, the excess, if any, of the fair market value of such property as of such date over the property’s adjusted basis for federal income tax purposes as of the date of determination. 
  
 “Unrealized Loss” attributable to a Trust property means, as of any
date of determination, the excess, if any, of the property’s adjusted basis for federal income tax purposes as of the date of determination over the fair market value of such property as of such date of determination. 
   
 SECTION 1.2 Name. 
  
  (a) The name of the Trust is “DB G10 Currency Harvest Master
Fund” in which name the Trustee and the Managing Owner may engage in the business of the Trust, make and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the Trust.

   
 SECTION 1.3 Delaware Trustee; Business Offices.

  
  (a) The sole Trustee of the Trust is Wilmington Trust
Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service of process on the Trust in the State of Delaware
at the foregoing address. In the event Wilmington Trust Company resigns or is removed as the Trustee, the Trustee of the Trust in the State of Delaware shall be the successor Trustee. 
  
 (b) The principal office of the Trust, and such additional offices as the Managing Owner may establish, shall be located at
such place or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee and the Limited Owner. Initially, the principal office of the Trust shall be at c/o DB Commodity Services
LLC, 60 Wall Street, New York, New York 10005. 
  
 SECTION 1.4
Declaration of Trust. The Trustee hereby acknowledges that the Trust has received the sum of $1,000 in a bank account in the name of the Trust controlled by the Managing Owner from the Managing Owner as grantor of the Trust, and hereby
declares that it shall hold such sum in trust, upon and subject to the conditions set forth herein for the use and benefit of the Shareholders. It is the intention of the parties hereto that the Trust shall be a statutory trust under the Delaware
Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock
association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except to the extent that the Trust is deemed to constitute a partnership under the Code and applicable state and local tax laws. Nothing in
this Trust Agreement shall be construed to make the Shareholders partners or members of a joint stock association except to the extent such Shareholders are deemed to be partners under the Code and applicable state and local tax laws.
Notwithstanding 

   

 7 

  
the foregoing, it is the intention of the parties hereto to create a partnership among the Shareholders for purposes of taxation under the Code and
applicable state and local tax laws. Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of
the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute. 
  
 SECTION 1.5 Purposes and Powers. The purpose of the Trust shall be:
(a) directly or indirectly to trade, buy, sell, spread or otherwise acquire, hold or dispose of Index Currencies, including, but not limited to, exchange-traded futures on the Index Currencies with a view to tracking the performance of the
Index over time; (b) to enter into forward contracts referencing the Index or one or more of the Index Currencies with a view to tracking the performance of the Index over time; (c) to enter into any lawful transaction and engage in any
lawful activities in furtherance of or incidental to the foregoing purposes; and (d) as determined from time to time by the Managing Owner, to engage in any other lawful business or activity for which a statutory trust may be organized under
the Delaware Trust Statute. The Trust shall have all of the powers specified in Section 15.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner on behalf of the Trust under this Trust Agreement.

   
 SECTION 1.6 Tax Treatment. 
  
  (a) Each of the parties hereto, by entering into this Trust Agreement
directly, or indirectly as a purchaser of units in POWERSHARES DB G10 CURRENCY HARVEST FUND, (i) expresses its intention that the Shares will qualify under applicable tax law as interests in a partnership which holds the Trust Estate for their
benefit, (ii) agrees that it will file its own U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent with the treatment of the Trust as a partnership in which each of the Shareholders thereof is a
partner, either directly or indirectly, by virtue of holding units in POWERSHARES DB G10 CURRENCY HARVEST FUND and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from any taxing
authority having jurisdiction over such holders of Shares with respect to the treatment of the Shares as anything other than interests in a partnership. 
  
 (b) The Tax Matters Partner (as defined in Section 6231 of the Code and any corresponding state and local tax law) initially shall be the Managing
Owner. The Tax Matters Partner, at the expense of the Trust, shall prepare or cause to be prepared and filed tax returns as a partnership for U.S. federal, state and local tax purposes and (ii) shall be authorized to perform all duties imposed
by § 6221 et seq. of the Code, including, without limitation, (A) the power to conduct all audits and other administrative proceedings with respect to tax items; (B) the power to extend the statute of limitations for all Shareholders
with respect to tax items; (C) the power to file a petition with an appropriate U.S. federal court for review of a final administrative adjustment; and (D) the power to enter into a settlement with the IRS on behalf of, and binding upon,
the Limited Owner. The designation made by each Shareholder in this Section 1.6(b), either directly or, indirectly as a holder of units in POWERSHARES DB G10 CURRENCY HARVEST FUND, is hereby approved by each Shareholder as an express condition
to becoming a Shareholder. Each Shareholder agrees to take any further action as may be required by 

   

 8 

  
regulation or otherwise to effectuate such designation. Subject to Section 4.7, the Trust hereby indemnifies, to the full extent permitted by law, the
Managing Owner from and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities as Tax Matters Partner, provided
such action taken or omitted to be taken does not constitute fraud, negligence or misconduct. 
   
 (c) Each Shareholder shall furnish the Managing Owner and the Trustee with information necessary to enable the Managing Owner to comply with U.S. federal
income tax information reporting requirements in respect of such Shareholder’s Shares. 
  
 SECTION 1.7 General Liability of the Managing Owner. 
  
  (a) The Managing Owner shall be liable for the acts, omissions, obligations and expenses of the Trust, to the extent not paid out of the assets of the
Trust, to the same extent the Managing Owner would be so liable as if the Trust was a partnership under the Delaware Revised Uniform Limited Partnership Act and the Managing Owner were a general partner of such partnership. The foregoing provision
shall not, however, limit the ability of the Managing Owner to limit its liability by contract. The obligations of the Managing Owner under this Section 1.7 shall be evidenced by its ownership of the General Shares which, solely for purposes of
the Delaware Trust Statute, will be deemed to be a separate class of Shares. Without limiting or affecting the liability of the Managing Owner as set forth in this Section 1.7, notwithstanding anything in this Trust Agreement to the contrary,
Persons having any claim against the Trust by reason of the transactions contemplated by this Trust Agreement and any other agreement, instrument, obligation or other undertaking to which the Trust is a party, shall look only to the appropriate
Trust Estate for payment or satisfaction thereof. 
  
 (b) Subject
to Sections 8.1 and 8.3 hereof, no Shareholder, other than the Managing Owner, to the extent set forth above, shall have any personal liability for any liability or obligation of the Trust thereof. 
  
 SECTION 1.8 Legal Title. Legal title to the Trust Estate shall be
vested in the Trust as a separate legal entity; provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any
portion thereof to be held by or in the name of the Managing Owner or any other Person (other than a Shareholder) as nominee. 
  
 SECTION 1.9 Commencement of Business. The commencement of the Trust’s business shall commence at such time as the Managing Owner shall
determine. 
   
 ARTICLE II 
  
 THE TRUSTEE 
  
 SECTION 2.1 Term; Resignation. 
  
  (a) Wilmington Trust Company has been appointed and hereby agrees to
serve as the Trustee of the Trust. The Trust shall have only one Trustee unless otherwise 

   

 9 

  
determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor
Trustee is appointed by the Managing Owner in accordance with the terms of Section 2.5 hereof. 
  
 (b) The Trustee may resign at any time upon the giving of at least 60 days’ advance written notice to the Trust; provided, that such resignation
shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner does not act within such sixty (60) day period, the Trustee may
apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 
  
 SECTION 2.2 Powers. Except to the extent expressly set forth in Section 1.3 and this Article II, the duty and authority of the Trustee to
manage the business and affairs of the Trust is hereby delegated to the Managing Owner, which duty and authority the Managing Owner may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The
Trustee shall have only the rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the Trust. The Trustee shall have the
power and authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt notice to the Managing Owner of its performance
of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the
Trustee hereunder or under the Delaware Trust Statute. 
  
 SECTION
2.3 Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the Managing Owner (including the Trust) reasonable compensation for its services hereunder as set forth in a
separate fee agreement and shall be entitled to be reimbursed by the Managing Owner or an Affiliate of the Managing Owner (including the Trust) for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder,
including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder.

  
 SECTION 2.4 Indemnification. The Managing Owner agrees
(and any additional Managing Owner admitted pursuant to Section 4.2(g) will be deemed to agree), whether or not any of the transactions contemplated hereby shall be consummated, to assume liability for, and does hereby indemnify, protect, save
and keep harmless Wilmington Trust Company (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers, directors, employees, agents and servants (the “Indemnified Parties”) from and against
any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by the
Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or disbursements (including legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or
asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation 

   

 10 

  
or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the
Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in this Section 2.4 shall survive the termination of this Trust Agreement or
the removal or resignation of the Trustee. The Indemnified Parties shall not be entitled to indemnification from any Trust Estate. 
   
 SECTION 2.5 Successor Trustee. 
  
 Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee by delivering a written instrument to the outgoing
Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance
of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to the outgoing Trustee are paid. Following compliance with the preceding sentence, the successor Trustee shall become
fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations
under this Trust Agreement. 
  
  SECTION 2.6 Liability of
Trustee. Except as otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington
Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof; provided, however, that in no event is
the foregoing intended to affect or limit the liability of the Managing Owner as set forth in Section 1.7 hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which
the Trust is a party, except for the Trustee’s own gross negligence or willful misconduct. In particular, but not by way of limitation: 
   
 (a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness,
sufficiency, value or validity of the Trust Estate; 
  
 (b) The
Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Managing Owner or the Liquidating Trustee; 
  
 (c) The Trustee shall not have any liability for the acts or omissions of the Managing Owner or its delegatees; 

 
 (d) The Trustee shall not be liable for its failure to supervise the
performance of any obligations of the Managing Owner or its delegatees or any commodity broker; 
  
 (e) No provision of this Trust Agreement shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided
to it; 
  

 11 

  (f) Under no circumstances shall the Trustee be liable for indebtedness evidenced by or other
obligations of the Trust arising under this Trust Agreement or any other agreements to which the Trust is a party; 
  
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute, conduct or
defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, order or direction of the Managing Owner unless the Managing Owner has offered to Wilmington Trust Company (in its capacity as
Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein
or thereby; 
   
 (h) Notwithstanding anything contained herein
to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will require the consent or approval or authorization or order of or the giving of notice to,
or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of
any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of
Delaware, for causes of action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby; and 
  
  (i) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Trust, the Shareholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this
Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities
of the Trustee. 
   
 SECTION 2.7 Reliance; Advice of
Counsel. 
  
 (a) In the absence of bad faith, the Trustee may
conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no
liability to anyone in acting on any signature, instrument, notice, resolutions, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party
or parties and need not investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee shall have examined any certificates or opinions so as to reasonably determine compliance of the same with the
requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of 

  

 12 

 
any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized
officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  
  (b) In the exercise or administration of the Trust hereunder and in the
performance of its duties and obligations under this Trust Agreement, the Trustee, at the expense of the Managing Owner or an Affiliate of the Managing Owner (including the Trust) may act directly or through its agents, attorneys, custodians or
nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been
selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons. 
   
 SECTION 2.8 Payments to the Trustee. Any amounts paid to the Trustee pursuant to this Article shall be deemed not to be a part of the Trust Estate
immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the Trust Estate. 
  
 ARTICLE III 
  
 CREATIONS AND ISSUANCE OF CREATION BASKETS 
  
 SECTION 3.1 General. The Managing Owner shall have the power and authority, without Limited Owner approval, to issue Shares from time to time as it
deems necessary or desirable. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares, calculated to four decimal places. From time-to-time, the Managing Owner may divide or
combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interests. The Managing Owner may issue Shares for such consideration and on such terms as it may determine (or for no consideration if pursuant
to a Share dividend or split-up), all without action or approval of the Limited Owner. All Shares when so issued on the terms determined by the Managing Owner shall be fully paid and non-assessable. The Shares initially shall be divided into two
classes: General Shares and Limited Shares. Every Shareholder, by virtue of having purchased or otherwise a acquired Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
  
 SECTION 3.2 Offer of Limited Shares; Procedures for Creation and Issuance
of Creation Baskets. 
  
  (a) General. The
following procedures, as supplemented by the more detailed procedures agreed from time to time between the Managing Owner and the Limited Owner, will 

   

 13 

  
govern the Trust with respect to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation
Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by the Trust is unlimited. 
   
 (i) On any Business Day, the Limited Owner may submit to the Managing Owner a purchase order and subscription agreement to subscribe for
and agree to purchase one or more Creation Baskets (such request by the Limited Owner, a “Purchase Order Subscription Agreement”). Purchase Order Subscription Agreements must be received by the Managing Owner from the Limited Owner no
later than the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The Managing Owner will process Purchase Order Subscription Agreements only from the Limited Owner. 
  
 (ii) Any Purchase Order is subject to rejection by the
Managing Owner pursuant to Section 3.2(c). 
  
  (iii) After accepting a Purchase Order Subscription Agreement from the Limited Owner, the Managing Owner will issue and deliver Creation Baskets to fill the Limited Owner’s Purchase Order Subscription Agreement as of noon New York time
on the Business Day immediately following the Purchase Order Subscription Date, but only if by such time the Managing Owner has received (A) for its own account, the Transaction Fee, and (B) for the account of the Trust the Creation Basket
Capital Contribution due from the Limited Owner in respect of such Purchase Order Subscription Agreement. 
   
 (b) Issuance of Creation Basket. Upon issuing a Creation Basket pursuant to a Purchase Order Subscription Agreement, the Managing Owner will issue
the Creation Basket to the Limited Owner. 
  
  (c)
Rejection. The Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution (i) determined by the Managing Owner not to be in
proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Trust or to the Limited Owner; (iii) the acceptance or receipt of which would, in the opinion of counsel to the Managing Owner, be
unlawful; or (iv) if circumstances outside the control of the Managing Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by reason of the
rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 
  
 SECTION 3.3 Assets of the Trust. All consideration received by the Trust for the issue or sale of Creation Baskets together with all of the Trust
Estate in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any
reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and except as may otherwise be required by applicable tax laws, and shall be
so recorded upon the books of account of the Trust. 
   

 14 

  SECTION 3.4 Liabilities. The Trust Estate shall be charged with the liabilities of the Trust;
and all expenses, costs, charges and reserves attributable to the Trust. The Managing Owner shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as
capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders. 
  
 SECTION 3.5 Distributions. Distributions on Shares may be paid with such frequency as the Managing Owner may determine, which may be daily or
otherwise, to the Shareholders from such of the income and capital gains, accrued or realized, as the Managing Owner may determine, after providing for actual and accrued liabilities of the Trust. All distributions on Shares shall be distributed pro
rata to the Shareholders in proportion to the total outstanding Shares held by such Shareholders at the date and time of record established for the payment of such distribution. 
  
 SECTION 3.6 Voting Rights. Notwithstanding any other provision hereof, on each matter submitted to a vote of the
Shareholders, each Shareholder shall be entitled to a proportionate vote based upon the product of the Net Asset Value per Share multiplied by the number of Shares, or fraction thereof, standing in its name on the books of the Trust. 
  
 SECTION 3.7 Equality. Except as provided herein, all Shares shall
represent an equal proportionate beneficial interest in the assets of the Trust subject to the liabilities of the Trust, and each Share shall be equal to each other Share. The Managing Owner may from time to time divide or combine the Shares into a
greater or lesser number of Shares without thereby changing the proportionate beneficial interest in the assets of the Trust or in any way affecting the rights of Shareholders. 
   
 ARTICLE IV 
  
 THE MANAGING OWNER 
  
  SECTION 4.1 Management of the Trust. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the Managing
Owner and the conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. 
  
 SECTION 4.2 Authority of Managing Owner. In addition to and not in limitation of any rights and powers conferred by law or other provisions of this
Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner shall have and may exercise on behalf of the Trust, all powers and rights necessary,
proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation, the following: 
  
 (a) To enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts,
agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares and the conduct of Trust activities, 

   

 15 

  
including, but not limited to, contracts with third parties for commodity brokerage services and/or administrative services, provided, however, that such
services may be performed by an Affiliate or Affiliates of the Managing Owner so long as the Managing Owner has made a good faith determination that: (A) the Affiliate which it proposes to engage to perform such services is qualified to do so
(considering the prior experience of the Affiliate or the individuals employed thereby); (B) the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are no less favorable to the Trust than
could be obtained from equally-qualified unaffiliated third parties; and (C) the maximum period covered by the agreement pursuant to which such affiliate is to perform services for the Trust shall not exceed one year, and such agreement shall
be terminable without penalty upon sixty (60) days’ prior written notice by the Trust. 
  
 (b) To establish, maintain, deposit into, sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings
institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the Managing Owner in the Managing
Owner’s name shall be deemed executed and accepted on behalf of the Trust by the Managing Owner; 
   
 (c) To deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust
Agreement; 
  
 (d) To supervise the preparation and filing of the
Registration Statement and supplements and amendments thereto, and the Prospectus; 
  
  (e) To pay or authorize the payment of distributions to the Shareholders and expenses of the Trust; 
  
 (f) To make any elections on behalf of the Trust under the Code, or any other applicable U.S. federal or state tax law as the Managing Owner shall
determine to be in the best interests of the Trust; 
   
 (g)
In the sole discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners. Notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an
additional Managing Owner if it has received notice of its removal as a Managing Owner, pursuant to Section 8.2(d) hereof, or if the concurrence of at least a majority in interest (over 50%) of the outstanding Shares (not including Shares owned
by the Managing Owner) is not obtained; and 
  
 SECTION 4.3
Obligations of the Managing Owner. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall: 
  
  (a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good
faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Limited Owner; 
   

 16 

  (b) Execute, file, record and/or publish all certificates, statements and other documents and do any
and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; 
  
 (c) Retain independent public accountants to audit the accounts of the Trust; 
  
 (d) Employ attorneys to represent the Trust; 
  
 (e) Select the Trust’s Trustee, Administrator, and Clearing Brokers;

  
 (f) Use its best efforts to maintain the status of the Trust
as a “statutory trust” for state law purposes, and as a “partnership” for U.S. federal income tax purposes; 
  
 (g) Monitor the brokerage fees charged to the Trust, and the services rendered by futures commission merchants to the Trust, to determine whether the fees
paid by, and the services rendered to, the Trust for futures brokerage are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the brokerage fee structure to obtain such rates and
services for the Trust. No material change related to brokerage fees shall be made except upon 60 Business Days’ prior notice to the Limited Owner, which notice shall include a description of the Limited Owner’s voting rights as set forth
in Section 8.2 hereof and a description of the Limited Owner’s redemption rights as set forth in Section 7.1 hereof; 
  
 (h) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Managing Owner’s immediate possession or
control, and the Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon as provided for in the Prospectus) in any manner except for the benefit of the Trust, including, among other
things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner. The Managing Owner shall at all times act with integrity and good faith and exercise due diligence in all activities
relating to the conduct of the business of the Trust and in resolving conflicts of interest; 
   
 (i) Refuse to recognize any attempted transfer or assignment of a Share that is not made in accordance with the provisions of Article V; and 

 
  (j) Perform such other services as the Managing Owner believes that
the Trust may from time to time require. 
  
 SECTION 4.4
General Prohibitions. The Trust shall not: 
  
 (a) Borrow
money from or loan money to any Shareholder (including the Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Currencies positions
or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; 
  
 (b) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention
agreement, charge, security interest or encumbrance, 

   

 17 

  
except (i) the right and/or obligation of a commodity broker to close out sufficient currencies positions of the Trust so as to restore the Trust’s
account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been
established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the
payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s,
materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by
generally accepted accounting principles, and liens arising under ERISA; 
   
 (c) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; 
  
 (d) Engage in Pyramiding of its Currencies positions; provided, however, that the Managing Owner may take into account open
trade equity positions in determining generally whether to require additional Currencies positions; 
  
 (e) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the
Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; 
  
 (f) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to commodity trading
activities; 
  
  (g) Enter into any contract with the Managing
Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of Shares) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior
written notice or for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arms-length negotiations; 
   
 (h) Permit churning of its Currency trading account(s) for the purpose of
generating excess brokerage commissions; 
  
 (i) Enter into any
exclusive brokerage contract; or 
  
  (j) Cause the Trust to
elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes. 
  
 SECTION 4.5 Liability of Covered Persons. A Covered Person shall have no liability to the Trust or to any Shareholder or other Covered Person for
any loss suffered by the Trust which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust and such course of conduct did not
constitute negligence or misconduct of such Covered Person. Subject 

   

 18 

  
to the foregoing, neither the Managing Owner nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of the
capital or profits of the Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any rights of
contribution from the Managing Owner or any other Covered Person. 
   
 SECTION 4.6 Fiduciary Duty. 
  
  (a) To the
extent that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be
liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that
they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the Trust’s basic
investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Shares equal to at least a majority (over 50%) of the Net Asset Value of the Trust (excluding Shares held by the Managing Owner and its
Affiliates) of the Trust pursuant to Section 11.1(a) below. 
   
 (b) Unless otherwise expressly provided herein: 
  
  (i) whenever a conflict of interest exists or arises between the Managing Owner or any of its Affiliates, on the one hand, and the Trust or any Shareholder or any other Person, on the other hand; or 
  
 (ii) whenever this Trust Agreement or any other agreement
contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder or any other Person, 
   
 the Managing Owner shall resolve such conflict of interest, take such action or provide such
terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry
practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of
this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
  
  (c) The Managing Owner and any Affiliate of the Managing Owner may engage in or possess an interest in other profit-seeking or business ventures of any
nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Managing Owner. If the Managing Owner
acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no 

   

 19 

  
duty to communicate or offer such opportunity to the Trust, and the Managing Owner shall not be liable to the Trust or to the Shareholders for breach of any
fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholder
shall have any rights or obligations by virtue of this Trust Agreement or the Trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if
competitive with the activities of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Managing Owner may engage or be interested in any financial or other transaction with the Trust, the
Shareholders or any Affiliate of the Trust or the Shareholders. 
   
 SECTION 4.7 Indemnification of the Managing Owner. 
  
  (a) The Managing Owner shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that
(i) the Managing Owner was acting on behalf of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of
negligence, misconduct, or a breach of this Trust Agreement on the part of the Managing Owner and (ii) any such indemnification will only be recoverable from the Trust Estate. All rights to indemnification permitted herein and payment of
associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition
in bankruptcy under Title 11 of the U.S. Code by or against the Managing Owner. The source of payments made in respect of indemnification under this Trust Agreement shall be from assets of the Trust. 
  
 (b) Notwithstanding the provisions of Section 4.6(a) above, the Managing
Owner and any Person acting as broker-dealer for the Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a
successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs),
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs)
or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 
  
 (c) The Trust shall not incur the cost of that portion of any insurance which
insures any party against any liability, the indemnification of which is herein prohibited. 
  
 (d) Expenses incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Managing Owner shall be paid by the Trust in advance of the final disposition of such
action, suit or proceeding, if (i) the legal action relates to the performance of duties or services by the Managing Owner on behalf of the Trust; (ii) the legal action is initiated by a third party who is not the Limited Owner or the
legal 

   

 20 

  
action is initiated by the Limited Owner and a court of competent jurisdiction specifically approves such advance; and (iii) the Managing Owner
undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 4.7. 
  
 (e) The term “Managing Owner” as used only in this Section 4.7 shall include, in addition to the Managing Owner, any other Covered Person
performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 
  
 (f) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as
a result of or in connection with the Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, the Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for
all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 
   
 SECTION 4.8 Expenses and Limitations Thereon. 
  
 (a) Organization and Offering Expenses. 
  
  (i) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the payment of all Organization and Offering
Expenses incurred in connection with the creation of the Trust and sale of Shares. 
  
 (ii) The Managing Owner or an Affiliate of the Managing Owner also shall be responsible for the payment of all Organization and Offering
Expenses incurred after the commencement of the Trust’s operations. 
  
 (iii) [Reserved.] 
  
 (iv) Organization and Offering Expenses shall mean those expenses incurred in connection with the formation, qualification and registration of the Trust and the Shares and in offering, distributing and processing the Shares under applicable
U.S. federal law, and any other expenses actually incurred and, directly or indirectly, related to the organization of the Trust or the offering of the Shares, including, but not limited to, expenses such as: (i) initial and ongoing
registration fees, filing fees, escrow fees and taxes, (ii) costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the Exhibits thereto and the Prospectus prior to the
commencement of the Trust’s operations, (iii) the costs of qualifying, printing, (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Shares,
(iv) travel, telegraph, telephone and other expenses in connection with the offering and issuance of the Shares, (v) accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith. However,
such Organization and Offering Expenses shall exclude any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related thereto. 

  

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  (b) Routine Operational, Administrative and Other Ordinary and Extraordinary Expenses. All
ongoing charges, costs and expenses of the Trust’s operation, including, but not limited to, the routine expenses associated with (i) all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees
and other transaction related fees and expenses charged in connection with trading activities; (ii) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities;
(iii) Trust meetings and preparing, printing and mailing of proxy statements and reports to Shareholders; (iv) the payment of any distributions related to redemption of Baskets; (v) routine services of the Trustee, legal counsel and
independent accountants; (vi) routine accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vii) postage and insurance; (viii) client relations and services;
(ix) computer equipment and system maintenance; and (x) required payments to any other service providers of the Trust pursuant to any applicable contract shall be billed to and/or paid by the Managing Owner. The Management Fee and
extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto) shall be billed to and/or paid by the Trust. 
  
 (c) The Managing Owner or any Affiliate of the Managing Owner may only be
reimbursed for the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of the Trust for which payment the Trust is responsible. In addition, payment to the Managing Owner or such Affiliate for indirect
expenses incurred in performing services for the Trust in its capacity as the managing owner of the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items generally
falling within the category of the Managing Owner’s “overhead,” is prohibited. 
  
 (d) The Trust hereby assumes all of the Limited Owner’s expenses and costs of each and every type whatsoever, which shall be deemed to be and treated for all purposes of this Trust Agreement as expenses and costs
of the Trust. 
  
 SECTION 4.9 Compensation to the Managing
Owner. The Trust shall pay to the Managing Owner, monthly in arrears, a management fee in an amount equal to 0.000625% (0.75% per annum) (the “Management Fee”) of the Trust’s Net Asset Value as of the end of each month. The
Managing Owner shall, in its capacity as a Shareholder, be entitled to receive allocations and distributions pursuant to the provisions of this Trust Agreement. 
  

SECTION 4.10 Other Business of Shareholders. Except as otherwise specifically provided herein, any of the Shareholders and any shareholder,
officer, director, employee or other person holding a legal or beneficial interest in an entity which is a Shareholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others,
and the pursuit of such ventures, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. 
  
 SECTION 4.11 Voluntary Withdrawal of the Managing Owner. The Managing Owner may withdraw voluntarily as the Managing Owner of the Trust only upon
one hundred and twenty (120) days’ prior written notice to the Limited Owner and the Trustee. If the withdrawing Managing Owner is the last remaining Managing Owner, the Limited Owner may appoint, effective as of a date on or prior to the
withdrawal, a successor Managing Owner who 

   

 22 

  
shall carry on the business of the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Share at the
Net Asset Value thereof on the next Redemption Date following the date of removal or withdrawal. If the Managing Owner withdraws and a successor Managing Owner is named, the withdrawing Managing Owner shall pay all expenses as a result of its
withdrawal. 
  
 SECTION 4.12 Authorization of Registration
Statements. The Limited Owner hereby agrees that the Trust, the Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by
the Registration Statements on behalf of the Trust without any further act, approval or vote of the Limited Owner, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation.

  
 SECTION 4.13 Litigation. The Managing Owner is hereby
authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision of any
court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the Trust’s assets and, thereafter, out of
the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Managing Owner. 
   
 ARTICLE V 
  
 TRANSFERS OF SHARES 
  
 SECTION 5.1 Transfer of Managing Owner’s General Shares. 
  
  (a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s General Shares shall be purchased by the Trust for a purchase
price in cash equal to the Net Asset Value thereof. The Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition in bankruptcy,
filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting or failing to
contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a Trustee, receiver or liquidator for itself or of all or any substantial part of its
properties. 
   
 (b) To the full extent permitted by law, and
on sixty (60) days’ prior written notice to the Limited Owner, of its right to vote thereon, if the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Managing
Owner with another corporation or other entity, the reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the Shares, rights, duties
and liabilities of the Managing Owner by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Shares to 

  

 23 

 
an Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a
voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Shares for purposes of Sections 5.2(a) or 5.2(c). 
  
  (c) Upon assignment of all of its Shares, the Managing Owner shall not cease to be a Managing Owner of the Trust, or to have the power to exercise any
rights or powers as a Managing Owner, or to have liability for the obligations of the Trust under Section 1.7 hereof, until an additional Managing Owner, who shall carry on the business of the Trust, has been admitted to the Trust. 

  
 SECTION 5.2 Transfer of Limited Shares. 
  
 (a) The Managing Owner reserves the right to permit or deny, in its sole
discretion, any written requests from the Limited Owner with respect to transferring Limited Shares. Permitted assignees of the Limited Owner shall be admitted as a substitute Limited Owner pursuant to this Article V only upon the Managing
Owner’s prior written consent. 
  
  (i) A
substituted Limited Owner is a permitted assignee that has been admitted as a Limited Owner with all the rights and powers of a Limited Owner hereunder. If all of the conditions provided in Section 5.2(b) below are satisfied, the Managing Owner
shall admit permitted assignees into the Trust as a Limited Owner by making an entry on the books and records of the Trust reflecting that such permitted assignees have been admitted as a Limited Owner, and such permitted assignees will be deemed a
Limited Owner at such time as such admission is reflected on the books and records of the Trust. 
  
 (ii) A permitted assignee is a Person to whom a Limited Owner has assigned his Limited Shares with the consent of the Managing Owner, as
provided below in Section 5.2(d) but who has not become a substituted Limited Owner. A permitted assignee shall have no right to vote, to obtain any information on or account of the Trust’s transactions or to inspect the Trust’s
books, but shall only be entitled to receive the share of the profits, or the return of the Capital Contribution, to which his assignor would otherwise be entitled as set forth in Section 5.2(d) below to the extent of the Limited Shares
assigned. The Limited Owner agrees that any permitted assignee may become a substituted Limited Owner without the further act or consent of the Limited Owner, regardless of whether his permitted assignee becomes a substituted Limited Owner.

   
 (iii) A Limited Owner shall bear all
extraordinary costs (including attorneys’ and accountants’ fees), if any, related to any transfer, assignment, pledge or encumbrance of his Limited Shares. 
  
 (b) No permitted assignee of the whole or any portion of a Limited Owner’s Limited Shares shall have the right to
become a substituted Limited Owner in place of his assignor unless all of the following conditions are satisfied: 
  

 24 

 (i) The written consent of the Managing Owner to such substitution shall be obtained, the
granting or denial of which shall be within the sole and absolute discretion of the Managing Owner, subject to the provisions of Section 5.2(d)(i). 
  
  (ii) A duly executed and acknowledged written instrument of assignment has been filed with the Trust setting forth the intention of the
assignor that the permitted assignee become a substituted Limited Owner in his place; 
   
 (iii) The assignor and permitted assignee execute and acknowledge and/or deliver such other instruments as the Managing Owner may deem
necessary or desirable to effect such admission, including his execution and delivery to the Managing Owner, as a counterpart to this Trust Agreement, of a Power of Attorney in the form set forth in the Subscription Agreement; and 
  
  (iv) Upon the request of the Managing Owner, an opinion
of the Trust’s independent legal counsel is obtained to the effect that (A) the assignment will not jeopardize the Trust’s tax classification as a partnership and (B) the assignment does not violate this Trust Agreement or the
Delaware Trust Statute. 
   
 (c) Any Person admitted as a
Shareholder shall be subject to all of the provisions of this Trust Agreement as if an original signatory hereto. 
  
  (d) (i) Subject to the provisions of Section 5.2(g) below and to the provisions of this Section generally, a Limited Owner, subject to the
Managing Owner’s consent, may have the right to assign all or any of his Limited Shares to any assignee by a written assignment (on a form acceptable to the Managing Owner) the terms of which are not in contravention of any of the provisions of
this Trust Agreement, which assignment has been executed by the assignor and received by the Trust and recorded on the books thereof. An assignee of a Limited Share (or any interest therein) will not be recognized as a permitted assignee without the
consent of the Managing Owner, which consent the Managing Owner may withhold in its sole discretion. The Managing Owner shall incur no liability to any investor or prospective investor for any action or inaction by it in connection with the
foregoing, provided it acted in good faith. 
  
 (ii) Except as specifically provided in this Trust Agreement, a permitted assignee of a Share shall be entitled to receive distributions attributable to the Share acquired by reason of such assignment from and after the effective date of
the assignment of such Share to him. The “effective date” of an assignment of a Limited Share shall be determined by the Managing Owner in its sole discretion. 
  
 (iii) Anything herein to the contrary notwithstanding, the Trust and the Managing Owner shall be entitled to
treat the permitted assignor of such Share as the absolute owner thereof in all respects, and shall incur no liability for distributions made in good faith to him, until such time as the written assignment has been received by, and recorded on the
books of, the Trust. 
  
 (iv) No assignment or
transfer of a Share may be made which would result in the Limited Owner and permitted assignees of the Limited Owner owning, 

   

 25 

  
directly or indirectly, individually or in the aggregate, 5% or more of the stock of the Managing Owner or any related person as defined in Sections 267(b)
and 707(b)(1) of the Code. If any such assignment or transfer would otherwise be made by bequest, inheritance or operation of law, the Share transferred shall be deemed sold by the transferor to the Trust immediately prior to such transfer in the
same manner as provided in Section 5.2(d). 
  
 (e) The
Managing Owner, in its sole discretion, may cause the Trust to make, refrain from making, or once having made, to revoke, the election referred to in section 754 of the Code, and any similar election provided by state or local law, or any similar
provision enacted in lieu thereof. 
  
 (f) The Managing Owner, in
its sole discretion, may cause the Trust to make, refrain from making, or once having made, to revoke the election by a qualified fund under Code section 988(c)(1)(E)(iii)(V), and any similar election provided by state or local law, or any similar
provision enacted in lieu thereof. 
  
 (g) The Limited Owner
hereby agrees to indemnify and hold harmless the Trust and each Shareholder against any and all losses, damages, liabilities or expense (including, without limitation, tax liabilities or loss of tax benefits) arising, directly or indirectly, as a
result of any transfer or purported transfer by the Limited Owner in violation of any provision contained in this Section 5.2. 
  
 (h) A transferee of a Trust interest shall succeed to a pro rata portion of the Capital Account of the transferor relating to the Trust interest so
transferred provided, however, that if the transfer is found to cause a termination of the partnership under section 708(b)(1)(B) of the Code, the Trust’s properties shall be deemed to have been distributed in liquidation of the Trust to the
Shareholders (including any transferee) pursuant to Article VIII (after adjusting the balance of the Capital Accounts of Shareholders as provided in Section 6.1) and recontributed by such Shareholders in reconstitution of the Trust. Any such
deemed distribution shall be treated as an actual distribution for purposes of this Trust Agreement. 
   
 ARTICLE VI 
  
 DISTRIBUTIONS AND ALLOCATIONS 
  
  SECTION 6.1
Capital Accounts. The Trust shall maintain for each Shareholder (which includes beneficial owners of Trust interests where information regarding the identity of such owner has been furnished to the Trust in accordance with section 6031(c) of
the Code or any other method acceptable to the Managing Owner in its sole discretion) owning a Trust interest a separate Capital Account with respect to such Trust interest in accordance with the rules of Treasury Regulation section
1.704-1(b)(2)(iv). The initial balance of each Shareholder’s book capital account shall be the amount of his initial Capital Contribution. Such Capital Account shall be (i) increased by the amount of all Capital Contributions made with
respect to the Trust interest and all items of Trust income and gain computed and allocated to the Trust Shares in accordance with this Trust Agreement and (ii) decreased by the amount of cash distributions made with respect to such Trust
interest and all items of Trust deduction and loss computed and allocated in accordance with this Trust Agreement. 
   

 26 

  (a) Consistent with the provisions of Treasury Regulation section 1.704-1(b)(2)(iv)(f), upon an
issuance of additional Shares for cash, the Capital Accounts of all Shareholders shall, immediately prior to such issuances, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized Gain or Unrealized Loss
attributable to each Trust property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each such property, immediately prior to such issuance, and had been allocated to the Shareholders at such time pursuant to
Section 6.3. 
  
 (b) In accordance with Treasury Regulation
section 1.704-1(b)(2)(iv)(f), immediately prior to the distribution of cash in redemption of all or a portion of a Shareholder’s Shares, the capital accounts of all Shareholders shall, immediately prior to any such distribution, be adjusted
(consistent with the provisions hereof) upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to each Trust property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each property,
immediately prior to such distribution, and had been allocated to the Shareholders at such time pursuant to Section 6.3. 
  
 SECTION 6.2 Monthly Closing of Books. Within 45 days after the end of each calendar month or such shorter period as required for the final closing
of the books for the taxable year, the Trust shall conduct an interim closing of the books as of the end of the last day of that calendar month. On the basis of the closing of the books for each calendar month, the Trust shall determine the amount
of Profit and Loss attributable to that calendar month. Profits and Losses shall be determined in accordance with the accounting methods followed by the Trust for federal income tax purposes. 
  
 SECTION 6.3 Monthly Allocations. All allocations to Shareholders of
items included within the Trust’s Profits and Losses attributable to each calendar month shall be allocated solely among the Shareholders recognized as shareholders as of the close of the last trading day of the preceding month, as follows:

   
 (a) For purposes of maintaining the Capital Accounts and
in determining the rights of the Shareholders among themselves, except as otherwise provided in this Article VI, each item of income, gain, loss and deduction shall be allocated among Shareholders in accordance with their respective Percentage
Interests. 
  
 (b) Any item of loss or deduction otherwise
allocated to the Managing Owner pursuant to Section 6.3(a) which is in excess of such Managing Owner’s positive Adjusted Capital Account balance (following adjustment to reflect the allocation of all other items for such period) shall
instead be allocated to the other Shareholders in accordance with their respective Percentage Interests to the extent such item of loss or deduction exceeds such Managing Owner’s Adjusted Capital Account balance; provided that the allocation of
any such item to such other Shareholders shall only be made hereunder to the extent the allocation would not result in or increase a negative balance in the Adjusted Capital Account of such other Shareholder. If such an allocation occurs, items of
income or gain that would otherwise be allocated to the Managing Owner equal to the amount of such allocated loss or deduction will be allocated to the other Shareholders in accordance with their Percentage Interests as quickly as possible.

  

 27 

  (c) If any Shareholder unexpectedly receives any adjustments, allocations or distributions described
in Treasury Regulation sections 1.704-1(b)(ii)(d)(4), (5) or (6), items of Trust income and gain shall be specially allocated to such Shareholder in an amount and manner sufficient to eliminate a deficit in its Adjusted Capital Account created
by such adjustments, allocations or distributions as quickly as possible. This section 6.3(c) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(d). 
  
 (d) Notwithstanding any other provision of this Trust Agreement, upon or
prior to the issuance of additional Shares, the Managing Owner shall have the sole and complete discretion, without the approval of any other Shareholder, to amend any provision of this Article VI in any manner, as is necessary, appropriate or
advisable to comply with any current or future provisions of the Code or the Treasury Regulations or to implement the terms and conditions of any Shares. 
  
 SECTION 6.4 Code Section 754 Adjustments. To the extent an adjustment to the tax basis of any Trust asset pursuant to Section 743(b) or
743(c) of the Code is required, pursuant to Treasury Regulation section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be specially allocated to the Shareholders in a manner consistent with the manner in which their Capital Accounts are
required to be adjusted pursuant to such regulation. For purposes of computing the adjustments under section 743(b) of the Code, the Trust is authorized (but not required) to adopt a convention whereby the price paid by a transferee of Shares will
be deemed to be the lowest quoted closing price of the Shares on the American Stock Exchange during the calendar month in which such transfer is deemed to occur pursuant to Section 5.2 without regard to the actual price paid by the transferee.

   
 SECTION 6.5 Allocation of Profit and Loss for U.S.
Federal Income Tax Purposes. 
  
  (a) Except as otherwise
provided, each item of income, gain, loss, deduction and credit of the Trust shall be allocated among the Shareholders in accordance with their respective Percentage Interests. 
   
 (b) In an attempt to eliminate Book-Tax Disparities attributable to Adjusted Property, items of income, gain, and loss will
be allocated for federal income tax purposes among the Shareholders as follows: 
  
 (i) Items attributable to an Adjusted Property will be allocated among the Shareholders in a manner consistent with the principles of
section 704(c) of the Code to take into account the Unrealized Gain or Loss attributable to the property and the allocations thereof pursuant to Section 6.3(a) and (b). 
  

 28 

 (ii) Any items of income, gain, loss or deduction otherwise allocable under this
Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum extent possible, Book-Tax Disparities in an Adjusted Property otherwise resulting from the application of the ceiling limitation
under section 704(c) principles to the allocations provided under this Section. 
  
 (iii) Subject to this Section 6.5(b), any items of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant
to Section 6.3(a) that constitutes the tax corollary of an item of “book” income, gain, loss or deduction that has been allocated to the other Shareholders pursuant to Section 6.3(b) shall be allocated to the other Shareholders
in the same manner and to the same extent provided in this Section 6.5(b). 
  
 (iv) If any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation section
1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Shareholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 6.3(c). 
  
 (c) The tax allocations prescribed by this Section 6.5 shall be made to
each holder of a Share whether or not the holder is a substituted Limited Owner. For purposes of this Section 6.5, tax allocations shall be made to the Managing Owner’s Shares on a Share-equivalent basis. 
  
  (d) The allocation of income and loss (and items thereof) for U.S.
federal income tax purposes set forth in this Section 6.5 is intended to allocate taxable income and loss among Shareholders generally in the ratio and to the extent that net profit and net loss shall be allocated to such Shareholders under
Section 6.3 so as to eliminate, to the extent possible, any disparity between a Shareholder’s book capital account and his tax capital account, consistent with the principles set forth in sections 704(b) and (c)(2) of the Code. 

  
 (e) Notwithstanding this Section 6.5, if after taking into
account any distributions to be made with respect to such Share for the relevant period pursuant to Section 6.7 herein, any allocation would produce a deficit in the book capital account of a Share, the portion of such allocation that would
create such a deficit shall instead be allocated pro rata to the book capital accounts of all the remaining Shareholders (subject to the same limitation). 
  

SECTION 6.6 Effect of Section 754 Election. All items of income, gain, loss, deduction and credit recognized by the Trust for federal
income tax purposes and allocated to Shareholders in accordance with the provisions of this Trust Agreement shall be determined without regard to any election under section 754 of the Code which may be made by the Trust; provided, however, that such
allocations, once made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted or required by sections 734 or 743 of the Code. 
   
 SECTION 6.7 Allocation of Distributions. Initially, distributions shall be made by the Managing Owner, and the
Managing Owner shall have sole discretion in determining the amount and frequency of distributions, other than redemptions, with respect to the Shares; 

  

 29 

 
provided, however, that no distribution shall be made that violates the Delaware Trust Statute. The aggregate distributions made in a Fiscal Year (other than
distributions on termination, which shall be allocated in the manner described in Article XIII) shall be allocated among the holders of record of Shares in the ratio in which the number of Shares held of record by each of them bears to the number of
Shares held of record by all of the Shareholders as of the record date of such distribution; provided, further, however, that any distribution made in respect of a Share shall not exceed the book capital account for such Share. 
  
  SECTION 6.8 Admissions of Shareholders; Transfers. For purposes of
this Article VI, items of the Trust’s income, gain, loss, deduction and credit attributable to a transferred Share shall, for federal income tax purposes, be determined on an annual basis and prorated on a monthly basis (or other basis, as
required or permitted by section 706 of the Code) and shall be allocated to the Shareholders who own the Shares as of the close of the American Stock Exchange on the last day of the month in which the transfer is recognized by the Trust; provided
that, gain or loss on the sale or other disposition of all or a substantial portion of the assets of the Trust shall be allocated to the Shareholders who own Shares as of the close of the American Stock Exchange on the last day of the month in which
such gain or loss is recognized for federal income tax purposes. The Managing Owner may revise, alter or otherwise modify such methods of determination and allocation as it determine necessary, to the extent permitted by section 706 of the Code and
the regulations or rulings promulgated thereunder. 
  
 SECTION 6.9
Liability for State and Local and Other Taxes. In the event that the Trust shall be separately subject to taxation by any state or local or by any foreign taxing authority, the Trust shall be obligated to pay such taxes to such jurisdiction.
In the event that the Trust shall be required to make payments to any U.S. federal, state or local or any foreign taxing authority in respect of any Shareholder’s allocable share of income, the amount of such taxes shall be considered a loan by
the Trust to such Shareholder, and such Shareholder shall be liable for, and shall pay to the Trust, any taxes so required to be withheld and paid over by the Trust within ten (10) days after the Managing Owner’s request therefor. Such
Shareholder shall also be liable for (and the Managing Owner shall be entitled to redeem additional Shares of the foreign Shareholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust to the IRS or other taxing
authority, from the date of the Managing Owner’s request for payment to the date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount,
if any, payable by the Trust to the Shareholder in respect of its Shares so redeemed, or in respect of any other actual distribution by the Trust to such Shareholder, shall be reduced by any obligations owed to the Trust by the Shareholder,
including, without limitation, the amount of any taxes required to be paid over by the Trust to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust from any actual distribution or redemption
payment to such Shareholder shall be treated as an actual distribution to such Shareholder for all purposes of this Trust Agreement. 
   
 SECTION 6.10 Consent to Methods. The methods set forth in this Article VI by which Distributions are made and items of Profit and Loss are
allocated are hereby expressly consented to by each Shareholder as an express condition to becoming a Shareholder. 
  

 30 

 ARTICLE VII 
  
 REDEMPTIONS 
  
 SECTION 7.1 Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures agreed from time-to-time
between the Managing Owner and the Limited Owner, will govern the Trust with respect to the redemption of Redemption Baskets. 
  
 (a) On any Business Day, a Shareholder may redeem one or more Redemption Baskets by delivering a request for redemption to the Managing Owner (such
request a “Redemption Order”) in accordance with such procedures as the Managing Owner shall from time-to-time determine. 
  
 (b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the
Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and
regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
  
  (c) Subject to deduction of any tax or other governmental charges due thereon, if any, the redemption distribution (“Redemption Distribution”)
shall consist of in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket as of the closing time of the Exchange or the
last to close of the exchanges on which any of the Trust’s assets are traded, whichever is later, on the Redemption Order Date. 
   
 (d) By noon New York time on the Business Day immediately following the Redemption Order Date (the “Redemption Settlement Time”), if the
Managing Owner’s account at the Depository has by noon, New York time, on such day been credited with the Redemption Baskets being tendered for redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner
shall deliver the Redemption Distribution by means of such procedures as the Managing Owner shall determine from time-to-time. If by such Redemption Settlement Time, the Managing Owner has not received from a redeeming Shareholder all Redemption
Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Shareholder and (ii) keep the Shareholder’s Redemption Order open until noon,
New York time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption
Order are credited to Managing Owner’s account by noon, New York time, on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding
sentence. If by such Redemption Settlement Time, the Managing Owner has not received from the redeeming Shareholder all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption Order to
the extent of whole Redemption Baskets then received and any balance of the Suspended 

  

 31 

 
Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the
Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s account if the Shareholder has collateralized its obligation to deliver the Redemption
Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 
  
  (e) The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date, (i) for any period during
which the Exchange is closed other than customary weekend and holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the
Trust’s assets is not reasonably practicable, or (iii) for such other period as the Managing Owner determines to be necessary for the protection of the Limited Owner. The Managing Owner will not be liable to any person or in any way for
any loss or damages that may result from any such suspension or postponement. 
   
 (f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled. 
  
 SECTION 7.2 Other Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with
respect to redemption of Limited Shares in lot sizes smaller than the Redemption Basket and permitting the Redemption Distribution to be in a form, and delivered in a manner, other than that specified in Section 7.1. 
  
 ARTICLE VIII 
  
 THE LIMITED OWNER 
  
  SECTION 8.1 No Management or Control; Limited Liability. The
Limited Owner shall not participate in the management or control of the Trust’s business nor shall it transact any business for the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the
Managing Owner. Except as provided in Section 8.3 hereof, the Limited Owner shall not be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of his Capital Contribution plus its share of any
Trust Estate in which the Limited Owner owns a share and profits remaining, if any. Except as provided in Section 8.3 hereof, each Limited Share owned by the Limited Owner shall be fully paid and no assessment shall be made against the Limited
Owner. No salary shall be paid to the Limited Owner in its capacity as the Limited Owner, nor shall the Limited Owner have a drawing account or earn interest on his contribution. 
   
 SECTION 8.2 Rights and Duties. The Limited Owner shall have the following rights, powers, privileges, duties and
liabilities: 
  
  (a) The Limited Owner shall have the right
to obtain from the Managing Owner information of all things affecting the Trust, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust, including, without limitation, such
reports as are set forth in Article IX. The foregoing rights are in addition to, and do not limit, other remedies available to the Limited Owner under U.S. federal or state law. 
   

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 (b) The Limited Owner shall receive the share of the distributions provided for in this Trust Agreement
in the manner and at the times provided for in this Trust Agreement. 
  
  (c) Except for the Limited Owner’s redemption rights set forth in Article VII hereof, the Limited Owner shall have the right to demand the return of its capital account only upon the dissolution and winding up of
the Trust and only to the extent of funds available therefor. In no event shall the Limited Owner be entitled to demand or receive property other than cash. The Limited Owner shall not have any right to bring an action for partition against the
Trust. 
  
 (d) The Limited Owner may (i) continue the Trust
as provided in Section 13.1(b), (ii) remove the Managing Owner on reasonable prior written notice to the Managing Owner, (iii) elect and appoint one or more additional Managing Owners, or consent to such matters as are set forth in
Section 5.2(b), (iv) approve a material change in investment policies, as set forth in the Prospectus, (v) approve the termination of any agreement entered into between the Trust and the Managing Owner or any Affiliate of the Managing
Owner for any reason, without penalty, (vi) approve amendments to this Trust Agreement as set forth in Section 11.1 hereof, and (vii) terminate the Trust as provided in Section 13.1(e), and in the case of (iii), (iv) and
(v) in each instance on 60 days’ prior written notice. 
  
 Except as set
forth above, the Limited Owner shall have no voting or other rights with respect to the Trust. 
   
 SECTION 8.3 Limitation on Liability. 
  
  (a) Except as provided in Sections 4.7(f), 5.2(h) and 6.6 hereof, and as otherwise provided under Delaware law, the Limited Owner shall be entitled to the
same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of the Trust in excess of his
Capital Contribution and his share of the applicable Trust Estate and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Limited Owner’s Feeder Fund Participant Agreement
delivered in connection with his purchase of Shares. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Limited Owner with respect to amounts distributed to such
Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such amount. 
  
 (b) The Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the applicable
Trust Estate, each Limited Owner (excluding the Managing Owner to the extent of its ownership of any Limited Shares) against any claims of liability asserted against such Limited Owner solely because he is a beneficial owner of Shares as a Limited
Owner (other than for taxes for which such Limited Owner is liable under Section 6.6 hereof). 
   

 33 

  (c) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the
Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon the Limited Owner individually but are binding only upon the assets and
property of the Trust, and no resort shall be had to the Limited Owner’s personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any further
recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Limited Owner individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in
this Section 8.3 shall diminish the limitation on the liability of the Trust to the extent set forth in Section 3.3 and 3.4 hereof. 
   
 ARTICLE IX 
  
 BOOKS OF ACCOUNT AND REPORTS 
  
  SECTION 9.1 Books of Account. Proper books of account for the Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Managing Owner in its sole
discretion, and there shall be entered therein all transactions, matters and things relating to the Trust’s business as are required by the CE Act and regulations promulgated thereunder, and all other applicable rules and regulations, and as
are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust and each Limited Owner (or any duly constituted designee of a Limited Owner)
shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust, including such access as is
required under CFTC rules and regulations. Such books of account shall be kept, and the Trust shall report its Profits and Losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article
X. 
  
 SECTION 9.2 Annual Reports and Monthly Statements.
Each Limited Owner shall be furnished as of the end of each month and as of the end of each Fiscal Year with (a) such reports (in such detail) as are required to be given to the Limited Owner by the CFTC and the NFA, (b) any other reports
(in such detail) required to be given to the Limited Owner by any other governmental authority which has jurisdiction over the activities of the Trust and (c) any other reports or information which the Managing Owner, in its discretion,
determines to be necessary or appropriate. 
   
 SECTION 9.3
Tax Information. Appropriate tax information (adequate to enable the Limited Owner to complete and file his U.S. federal tax return) shall be delivered to the Limited Owner as soon as practicable following the end of each Fiscal Year but
generally no later than March 15. 
  
 SECTION 9.4
Calculation of Net Asset Value. Net Asset Value shall be calculated at such times as the Managing Owner shall determine from time-to-time. 
  

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  SECTION 9.5 Maintenance of Records. The Managing Owner shall maintain: (a) for a period
of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known address of, and number of Shares owned by, all Shareholders, a copy of the Certificate of Trust and all certificates of
amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the Trust’s U.S. federal, state and local income tax returns and reports, if any; and (b) for a
period of at least six Fiscal Years copies of any effective written Trust Agreements, Feeder Fund Participant Agreements and any financial statements of the Trust. The Managing Owner may keep and maintain the books and records of the Trust in paper,
magnetic, electronic or other format at the Managing Owner may determine in its sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 
  
 SECTION 9.6 Certificate of Trust. Except as otherwise provided in the
Delaware Trust Statute or this Trust Agreement, the Managing Owner shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to the Limited Owner; however, such certificates shall be
maintained at the principal office of the Trust and shall be available for inspection and copying by the Limited Owner in accordance with this Trust Agreement. 
  

SECTION 9.7 Registration of Shares. The Managing Owner shall keep, at the Trust’s principal place of business, a Share Register in which,
subject to such reasonable regulations as it may provide, it shall provide for the registration of Shares and of transfers of Shares. Subject to the provisions of Article V, the Managing Owner may treat the Person in whose name any Share shall be
registered in the Share Register as the Shareholder of such Share for the purpose of receiving distributions pursuant to Article VI and for all other purposes whatsoever. 
   
 ARTICLE X 
  
 FISCAL YEAR 
  
  SECTION 10.1 Fiscal Year. The Trust initially will adopt the calendar year as its taxable year (“Fiscal Year”). The first Fiscal Year of
the Trust shall commence on the date of filing of the Certificate of Trust. If, after commencement of operations, applicable tax rules require the Trust to adopt a taxable year other than the calendar year, Fiscal Year shall mean such other taxable
year as required by Code section 706 or an alternative taxable year chosen by the Managing Owner which has been approved by the Internal Revenue Service. The Fiscal Year in which the Trust shall terminate shall end on the date of termination.

   
 ARTICLE XI 
  
 AMENDMENT OF TRUST AGREEMENT; MEETINGS 
  
 SECTION 11.1 Amendments to the Trust Agreement. 
  
  (a) Amendments to this Trust Agreement may be proposed by the Managing
Owner or by the Limited Owner holding Shares equal to at least 10% of the Net Asset Value of 

   

 35 

  
the Trust. Following such proposal, the Managing Owner shall submit to the Limited Owner a verbatim statement of any proposed amendment, and statements
concerning the legality of such amendment and the effect of such amendment on the limited liability of the Limited Owner. The Managing Owner shall include in any such submission its recommendations as to the proposed amendment. The amendment shall
become effective only upon the written approval or affirmative vote of the Limited Owner, and upon receipt of an opinion of independent legal counsel as set forth in Section 8.2 hereof and to the effect that the amendment is legal, valid and
binding and will not adversely affect the limitations on liability of the Limited Owner as described in Section 8.3 of this Trust Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of this
Trust Agreement requires the approval or affirmative vote of the Limited Owner, and/or the approval or affirmative vote of the Managing Owners, an amendment to such provision(s) shall be effective only upon the written approval or affirmative vote
of the Shareholders required to take or authorize such action, or as may otherwise be required by applicable law, and upon receipt of an opinion of independent legal counsel as set forth above in this Section 11.1. In addition, except as
otherwise provided below, reduction of the capital account of any assignee or modification of the percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to this Trust Agreement
without such assignee’s approval. 
  
 (b) Notwithstanding any
provision to the contrary contained in Section 11.1(a) hereof, the Managing Owner may, without the approval of the Limited Owner, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or
obligations of the Managing Owner or surrender any right or power granted to the Managing Owner herein, for the benefit of the Limited Owner, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the
Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the
Limited Owner; (B) is consistent with Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owner or between the Limited Owner and
the Managing Owner; and (D) does not adversely affect the limitations on liability of the Limited Owner, as described in Article VIII hereof or the status of the Trust as a partnership for U.S. federal income tax purposes. (i) Amendments
to this document which adversely affect the rights of Limited Owner, (ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the Trust pursuant to Section 13.1(f) below and
(iv) any material changes in the Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of the Limited Owner holding Shares equal to at least a majority (over 50%) of the Net Asset
Value of the Trust (excluding Shares held by the Managing Owner and its Affiliates) pursuant to Section 11.1(a) above. 
  
 (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b) hereof, the Managing Owner may, without the approval of the
Limited Owner, amend the provisions of Article VI of this Trust Agreement relating to the allocations of Profits, Losses, Disposition Gain, Disposition Loss and distributions among the Shareholders if the Trust is advised at any time by the
Trust’s accountants or legal counsel that the allocations provided in 

   

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Article VI of this Trust Agreement are unlikely to be respected for U.S. federal income tax purposes, either because of the promulgation of new or revised
Treasury Regulations under Section 704 of the Code or other developments in the law. The Managing Owner is empowered to amend such provisions to the minimum extent necessary in accordance with the advice of the accountants and counsel to effect
the allocations and distributions provided in this Trust Agreement. New allocations made by the Managing Owner in reliance upon the advice of the accountants or counsel described above shall be deemed to be made pursuant to the obligation of the
Managing Owner to the Trust and the Limited Owner, and no such new allocation shall give rise to any claim or cause of action by the Limited Owner. 
   
 (d) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such
change. 
  
 (e) No amendment shall be made to this Trust Agreement
without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not withhold its consent for any action which the
Limited Owner is permitted to take under Section 8.2(d) above. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is
required in the opinion of the Trustee. 
  
  (f) The Trustee
shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Trust is a party until it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the
Trustee (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to
which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement
in favor of the Trustee. 
   
 (g) No provision of this Trust
Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this Section. 
  
  SECTION 11.2 Meetings of the Trust. Meetings of the Shareholders of the Trust may be called by the Managing Owner and will be called by it upon the
written request of the Limited Owner. Such call for a meeting shall be deemed to have been made upon the receipt by the Managing Owner of a written request from the requisite percentage of Limited Owners. The Managing Owner shall deposit in the
United States mails, within 15 days after receipt of said request, written notice to all Shareholders of the Trust of the meeting and the purpose of the meeting, which shall be held on a date, not less than 30 nor more than 60 days after the date of
mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the
liability of Limited Owner for the debts of the Trust. Shareholders may vote in person or by proxy at any such meeting. 
   

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

 
 ARTICLE XII 
  
 TERM 
  
  SECTION 12.1 Term. The term for which the Trust is to exist shall commence on the date of the filing of the
Certificate of Trust, and shall terminate pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 
   
 ARTICLE XIII 
  
 TERMINATION 
  
  SECTION 13.1 Events Requiring Dissolution of the Trust. The Trust shall dissolve at any time upon the happening of any of the following events: 
  
 (a) The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of 90
days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an
“Event of Withdrawal”) unless at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Trust or (ii) within 90 days of such Event of Withdrawal all the remaining
Shareholders agree in writing to continue the business of the Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is terminated as the result of an Event of Withdrawal and a failure of all
remaining Shareholders to continue the business of the Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within 120 days of such Event of Withdrawal, the Limited Owner may elect to continue the business of the
Trust by forming a new statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or 

   

 38 

  
instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted Trust. If
such an election is made, the Limited Owner of the Trust shall be bound thereby and continue as the Limited Owner of the Reconstituted Trust. 
  
 (b) The occurrence of any event which would make unlawful the continued existence of the Trust. 
   
 (c) In the event of the suspension, revocation or termination of the Managing
Owner’s registration as a commodity pool operator or commodity trading advisor under the CE Act, or membership as a commodity pool operator or commodity trading advisor with the NFA unless at the time there is at least one remaining Managing
Owner whose registration or membership has not been suspended, revoked or terminated. 
  
  (d) The Trust becomes insolvent or bankrupt. 
  
 (e) The Limited Owner determines to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination. 
  
 (f) The determination of the Managing Owner that the aggregate net assets of
the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust
because the aggregate Net Asset Value of the Trust as of the close of business on any Business Day declines below $10 million. 
  
 (g) The Trust is required to be registered as an investment company under the Investment Company Act of 1940. 
   
 (h) DTC is unable or unwilling to continue to perform its functions, and a
comparable replacement is unavailable. 
  
  The death, legal disability,
bankruptcy, insolvency, dissolution, or withdrawal of the Limited Owner shall not result in the termination of the Trust, and such Limited Owner, his estate, custodian or personal representative shall have no right to withdraw or value such Limited
Owner’s Shares except as provided in Section 7.1 hereof. 
  
 SECTION 13.2 Distributions on Dissolution. Upon the dissolution of the Trust, the Managing Owner (or in the event there is no Managing Owner, such person (the “Liquidating Trustee”) as the Limited Owner may propose and
approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner under
the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions,
obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with
obtaining the fair value thereof, and the proceeds therefrom 

   

 39 

  
shall be applied and distributed in the following order of priority: to the expenses of liquidation and termination and to creditors, including Shareholders
who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Shareholders, and
(b) to the Managing Owner and the Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Shareholder to the Trust, after giving effect to all adjustments made pursuant to Article VI
and all distributions theretofore made to the Shareholders pursuant to Article VI. After the distribution of all remaining assets of the Trust, the Managing Owner will contribute to the Trust an amount equal to the lesser of (i) the deficit
balance, if any, in its book capital account, and (ii) the total Capital Contributions of the Limited Owner. Any Capital Contributions made by the Managing Owner pursuant to this Section shall be applied first to satisfy any amounts then owed
by the Trust to its creditors, and the balance, if any, shall be distributed to those Shareholders whose book capital account balances (immediately following the distribution of any liquidation proceeds) were positive, in proportion to their
respective positive book capital account balances. 
  
 SECTION
13.3 Termination; Certificate of Cancellation. Following the dissolution and distribution of the assets of the Trust, the Trust shall terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the
Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the
Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. 
   
 ARTICLE XIV 
  
 POWER OF ATTORNEY 
  
  SECTION 14.1 Power of
Attorney Executed Concurrently. Concurrently with the written acceptance and adoption of the provisions of this Trust Agreement, the Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of the Feeder Fund
Participant Agreement, or in such other form as may be prescribed by the Managing Owner. The Limited Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power
of substitution, as the true and lawful attorney-in-fact and agent for the Limited Owner with full power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Trust documents, including, but
not limited to, the following: 
  
 (a) Any certificates and other
instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Trust as a business Trust in the jurisdictions in which the Trust
may conduct business, so long as such qualifications and continuations are in accordance with the terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the Shareholders under the laws of any
jurisdiction; 
   

 40 

  (b) Any instrument which may be required to be filed by the Trust under the laws of any state or by
any governmental agency, or which the Managing Owner deems advisable to file; and 
  
 (c) This Trust Agreement and any documents which may be required to effect an amendment to this Trust Agreement approved under the terms of the Trust Agreement, and the continuation of the Trust, the admission of the
signer of the Power of Attorney as a Limited Owner or of others as additional or substituted Limited Owner, or the termination of the Trust, provided such continuation, admission or termination is in accordance with the terms of this Trust
Agreement. 
   
 SECTION 14.2 Effect of Power of
Attorney. The Power of Attorney concurrently granted by the Limited Owner to the Managing Owner: 
  
 (a) Is a special, irrevocable Power of Attorney coupled with an interest, and shall survive and not be affected by the death, disability, dissolution,
liquidation, termination or incapacity of the Limited Owner; 
  
 (b) May be exercised by the Managing Owner for the Limited Owner by a facsimile signature of one of its officers or by a single signature of one of its officers acting as attorney-in-fact for all of them; and 
  
  (c) Shall survive the delivery of an assignment by the Limited Owner of
the whole or any portion of his Limited Shares; except that where the assignee thereof has been approved by the Managing Owner for admission to the Trust as a substituted Limited Owner, the Power of Attorney of the assignor shall survive the
delivery of such assignment for the sole purpose of enabling the Managing Owner to execute, acknowledge and file any instrument necessary to effect such substitution. 
   
 The Limited Owner agrees to be bound by any representations made by the Managing Owner and by any successor thereto, determined to be acting
in good faith pursuant to such Power of Attorney and not constituting negligence or misconduct. 
  
 SECTION 14.3 Limitation on Power of Attorney. The Power of Attorney concurrently granted by the Limited Owner to the Managing Owner shall not
authorize the Managing Owner to act on behalf of the Limited Owner in any situation in which this Trust Agreement requires the approval of the Limited Owner unless such approval has been obtained as required by this Trust Agreement. In the event of
any conflict between this Trust Agreement and any instruments filed by the Managing Owner or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 
  
 ARTICLE XV 
  
 MISCELLANEOUS 
  
  SECTION 15.1 Governing Law. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the
State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and 

   

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construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action
for violations of U.S. federal or state securities laws shall not be governed by this Section, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of
the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the Managing Owner, the Shareholders or this Trust Agreement any
provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to Trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or
governmental body or agency of Trustee accounts or schedules of Trustee fees and charges, (b) affirmative requirements to post bonds for Trustees, officers, agents, or employees of a Trust, (c) the necessity for obtaining court or other
governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to Trustees, officers, agents or employees of a Trust, (e) the allocation of receipts and expenditures to
income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of Trust investments or requirements relating to the titling, storage or other manner of holding of Trust assets, or (g) the
establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of Trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Managing Owner set
forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof,
the Trust may exercise all powers that are ordinarily exercised by such a Trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific
reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 
   
 SECTION 15.2 Provisions In Conflict With Law or Regulations. 
  
 (a) The provisions of this Trust Agreement are severable, and if the Managing Owner shall determine, with the advice of
counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other applicable U.S. federal or state laws, the Conflicting Provisions shall be deemed never to
have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such determination by the Managing Owner shall not affect or impair any of the remaining
provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee shall be liable for making or failing to make such a determination. 
  
 (b) If any provision of this Trust Agreement shall be held invalid or
unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 
  

 42 

 SECTION 15.3 Construction. In this Trust Agreement, unless the context otherwise requires, words
used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or
effect of this Trust Agreement. 
  
  SECTION 15.4
Notices. All notices or communications under this Trust Agreement (other than requests for redemption of Shares, notices of assignment, transfer, pledge or encumbrance of Shares, and reports and notices by the Managing Owner to the Limited
Owner) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books
and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon
deposit with a representative of an overnight courier, as the case may be. Requests for redemption, notices of assignment, transfer, pledge or encumbrance of Shares shall be effective upon timely receipt by the Managing Owner in writing. 

  
 SECTION 15.5 Counterparts. This Trust Agreement may be
executed in several counterparts, and all so executed shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 
  
  SECTION 15.6 Binding Nature of Trust Agreement. The terms and
provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes
of determining the rights of any Shareholder or assignee hereunder, the Trust and the Managing Owner may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Trust and the
Managing Owner, in determining such rights, shall rely on such records and that Limited Owner and assignees shall be bound by such determination. 
   
 SECTION 15.7 No Legal Title to Trust Estate. Subject to the provisions of Section 1.8 in the case of the Managing Owner, the Shareholders
shall not have legal title to any part of the Trust Estate. 
  
  SECTION 15.8 Creditors. No creditors of any Shareholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to the Trust Estate. 
   
 SECTION 15.9 Integration. This Trust Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
  
 SECTION 15.10 Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which shall belong exclusively to DB Commodity
Services LLC. 
  

 43 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amended and Restated Declaration of
Trust and Trust Agreement as of the day and year first above written. 
  
  
			
	WILMINGTON TRUST COMPANY,
	as Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 DB COMMODITY SERVICES LLC,
 as
Managing Owner

		
	By:	 	  

	Name:	 	Kevin Rich
	Title:	 	Director and Chief Executive Officer
		
	By:	 	  

	Name:	 	Gregory S. Collett
	Title:	 	Chief Operating Officer
	
	 POWERSHARES DB G10 CURRENCY HARVEST FUND,
 as Limited Owner

		
	By:	 	  

	Name:	 	Kevin Rich
	Title:	 	Director and Chief Executive Officer
		
	By:	 	  

	Name:	 	Gregory S. Collett
	 Title:
	 	Chief Operating Officer

 Exhibit A 
  

DESCRIPTION OF THE 
 Deutsche Bank
G10 Currency Future Harvest Index – Excess ReturnTM 
  
 The
sponsor of the Index, or the Index Sponsor, is Deutsche Bank AG London. A Trade Mark application for Deutsche Bank G10 Currency Future Harvest IndexTM is pending. Trade Mark applications in the United States are pending. Any use of these marks
must be with the consent of or under license from the Index Sponsor. 
  
 General 
  
 The Deutsche Bank G10 Currency Future Harvest Index
– Excess ReturnTM (the “Index”) is designed to reflect the return from investing in long currency futures positions for certain currencies associated with relatively high yielding interest rates and in short currency futures
positions for certain currencies associated with relatively low yielding interest rates. The Index is designed to exploit the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to
currencies associated with relatively low interest rates. The Index exploits this trend using both long and short futures positions, which is expected to provide more consistent and less volatile returns than could be obtained by taking long
positions only or short positions only. The use of long and short positions in the construction of the Index causes the Index to rise as a result of any upward price movement of Index Currencies (as defined below) expected to gain relative to the
USD and to rise as a result of any downward price movement of Index Currencies expected to fall relative to the USD. The inclusion of both long and short positions is also expected to reduce the country specific foreign exchange risk of the Index
relative to a directional (outright long or short) exposure to any or all of the Index Currencies. 
  
 Chicago Mercantile Exchange FX Futures are used in the index calculation. FX Futures based on the G10 currencies vs. USD are eligible for selection in the Index. The G10 currencies, or Eligible Index Currencies, are
United States Dollar (USD), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Swiss Franc (CHF), British Pound (GBP), Australian Dollar (AUD), New Zealand Dollar (NZD), Norwegian Krone (NOK) and Swedish Krona (SEK). The Index is published as
provided below. 
  
 The sponsor of the Index, or the Index Sponsor, is Deutsche
Bank AG London. The composition of the Index may be adjusted in the Index Sponsor’s discretion. 
  
 The Index Sponsor calculates the Closing Level (as defined below) of the Index on both an excess return basis and a total return basis. The excess return index reflects the return of the applicable underlying
currencies. The total return is the sum of the return of the applicable underlying currencies plus the return of 3-month U.S. Treasury bills. 
  
 For the purposes of this Description: 
  
 “Closing Level” means, in respect of an Index Business Day (as defined below), the closing level of the Index for such Index Business Day. 
  
 Index Calculation and Rules 
  
 Currency Future Selection 
  
 The Index will include six of the Eligible Index Currencies, or Index Currencies. The
composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Currencies. 
  

 A-1 

 In order to determine which Eligible Index Currencies to include in the Index from time-to-time, the Index Sponsor will
review the composition of the Index on a quarterly basis five Index Business Days (as defined below) prior to the applicable IMM Date. 
  
 The Index Sponsor will review the three month Libor rate for each Eligible Index Currency other than the SEK and NOK and will review the three month Stibor rate and the
three month Nibor rate of the SEK and NOK, respectively. The Libor, Stibor and Nibor rates for the Eligible Index Currencies, as applicable, mean the London, Stockholm and Norway interbank offered rates for overnight deposits, respectively, each of
which is published by Reuters on pages libor01 and libor02 with respect to Libor and pages SIDE and NIBR with respect to Stibor and Nibor. The Eligible Index Currencies are then ranked according to yield. The three highest yielding and three lowest
yielding are selected as Index Currencies for inclusion in calculating the Index. If two Index Currencies have the same yield, then the previous quarter’s ranking will be used. 
  
 The Index is re-weighted quarterly. Upon re-weighting, the high yielding Index Currencies are allocated a base weight of 33 1/3% and the low
yield Index Currencies are allocated a base weight of -33 1/3%. These new weights are applied during the Index Re-Weighting Period. 
  
 For the purposes of this Description: 
  
 “Index Re-Weighting Period” takes place between the fourth and third Index Business Days prior to the applicable IMM Date. 
  
 “IMM Date” means the third Wednesday of March, June, September and December,
a traditional settlement date in the International Money Market. 
  
 Excess
Return Index Calculation 
  
 The CME-traded futures contract of each
applicable Index Currency that is closest to expiration is used in the Index calculation. The futures contracts on the Index Currencies are rolled during the Index Re-Weighting Period. The new futures contract on an Index Currency that has the next
closest expiration date is selected. The calculation of the Index on an excess return basis is the weighted return of the change in price of the futures contracts on the Index Currencies. The excess return index is calculated as follows: 

 
 

 
  
 3-month U.S. Treasury Bill Return Calculation

  
 A 3-month U.S. Treasury bill return is used in the calculation of the
Index on a total return basis. The return for the 3-month U.S. Treasury bill investment is calculated on a daily basis using: 
  
 

 
  
 Total Return Index Calculation 
  
 The calculation of the Index on a total return basis represents the return from investing in
both currency futures contracts and 3-month U.S. Treasury bills and is calculated as follows: 
  
 

 
  

 A-2 

 Index Re-Weighting 
  
 Currency futures positions on the Index Currencies are adjusted during the Index Re-Weighting Period. The notional value of the currency futures positions on the Index
Currencies remains constant on all other days that do not fall within the Index Re-Weighting Period. This constant notional value is expressed as: 
  
 

 
  
 Index Re-Weighting Period 
  
 On each day during the Index Re-Weighting Period, a new notional value of each Index
Currency futures position is calculated. The calculations for the old futures that are leaving the index and the new futures that are entering are different. 
  
 Notional Value Calculations of Index Currencies to be Removed from the Index: 
  
 The notional value of the Index Currency futures position on the first day of Index Re-Weighting Period (which is four Index Business Days
prior to the IMM Date) is expressed as: 
  
 

 
  
 The notional value of the Index Currency futures
position on the second day of Index Re-Weighting Period (which is three Index Business Days prior to the IMM Date) is expressed as: 
  
 

 
  
 Notional Value Calculations of
Index Currencies to be Added to the Index: 
  
 The notional value of the Index
Currency futures position on the first day of Index Re-Weighting Period (which is four Index Business Days prior to the IMM Date) is expressed as: 
  
 

 
  
 The notional value of the Index Currency futures
position on the second day of Index Re-Weighting Period (which is three Index Business Days prior to the IMM Date) is expressed as: 
  
 

 
  
 Initial Index Notional Value 
  
 On the index inception date of March 12, 1993, the initial notional value of the Index
Currency futures positions were calculated using: 
  
 

 
  

 A-3 

 Where: 
  

					
	i	 	 	  	= Index Currency
	t	 	 	  	= Index calculation date
	r	 	 	  	= Last index re-weighting date
	Fp(t,i)	 	 	  	= Currency future price for old currency future i on index calculation day t
	Fp(t,j)	 	 	  	= Currency future price for new currency future j on index calculation day t
	y(t)	 	 	  	= T-bill yield on day t
	Rt(t)	 	 	  	= T-bill return on day t
	ILer(t)	 	 	  	= DBCFH Excess Return Index level on day t
	ILtr(t)	 	 	  	= DBCFH Total Return Index level on day t
	w(t,i)	 	 	  	= Weight of old currency future i on index calculation day t
	w(t,j)	 	 	  	= Weight of new currency future j on index calculation day t
	d(t,t-1)	 	 	  	= Number of calendar days between day t and index calculation day t-1 excluding day t
	N(t,i)	 	 	  	= Notional holding of old currency future i on index calculation day t
	N(t,j)	 	 	  	= Notional holding of new currency future j on index calculation day t

  
 Index Disruption Event

  
 If an Index Disruption Event in relation to an Index Currency or an
Exchange Instrument on such Index Currency continues for a period of five successive Exchange Business Days, the Index Sponsor will, in its discretion, either (i) continue to calculate the relevant Closing Price by reference to the Closing
Price of the Exchange Instrument on such Index Currency on the immediately preceding Valid Date (as provided in the definition of the relevant Closing Price) for a further period of five successive Exchange Business Days or (ii) select:

  

	 	(a)	an Exchange Traded Instrument relating to the relevant Index Currency or in the determination of the Index Sponsor a currency substantially similar to the relevant Index Currency
published in U.S. Dollars; or 

  

	 	(b)	if no Exchange Traded Instrument as described in (a) above is available or the Index Sponsor determines that for any reason (including, without limitation, the liquidity or
volatility of such Exchange Traded Instrument at the relevant time) the inclusion of such Exchange Traded Instrument in the Index would not be appropriate, an Exchange Traded Instrument relating to the relevant Index Currency or in the determination
of the Index Sponsor a currency substantially similar to the relevant Index Currency published in a currency other than U.S. Dollars; 

  
 in each case to replace the Exchange Instrument relating to the relevant Index Currency, all as determined by the Index Sponsor. 
  
 In the case of (a) above, if an Index Disruption Event in relation to the relevant
Exchange Instrument on an Index Currency continues for the further period of five successive Exchange Business Days referred to therein, on the expiry of such period the provisions of (b) above shall apply. 
  
 In the case of a replacement of an Exchange Traded Instrument as described in (b) above,
the Index Sponsor will make such adjustments to the methodology and calculation of the Index as it determines to be appropriate to account for the relevant replacement and will publish such adjustments in accordance with the section
“Publication of Closing Levels and Adjustments” below. 
  

 A-4 

 For the purposes of this Description: 
  
 “Valid Date” means, in respect of an Index Currency, a day which is an
Exchange Business Day in respect of such Index Currency and a day on which an Index Disruption Event in respect of such Index Currency or a related Exchange Instrument on such Index Currency does not occur. 
  
 “Exchange Business Day” means, in respect of a futures contract on an Index
Currency, a day that is (or, but for the occurrence of an Index Disruption Event or Force Majeure Event would have been) a trading day for such Index Currency on the CME. 
  
 “Closing Price” means, in respect of an Index Business Day, the closing price on CME of the relevant Exchange Instrument,
as published by CME for that Index Business Day or, if in the determination of the Index Sponsor such Index Business Day is not a Valid Date, the closing price on CME of the relevant Exchange Instrument published by CME for the immediately preceding
Valid Date, subject as provided in the sections “Index Disruption Event” and “Force Majeure.” 
  
 “Exchange Instrument” means, in respect of each Index Currency, an instrument for future delivery of that Index Currency on a specified delivery date
traded on the CME. 
  
 “Exchange Traded Instrument” means, in
respect of an Index Currency, an instrument for future delivery of that Index Currency on a specified delivery date traded on an exchange. 
  
 “Index Business Day” means a day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments and are open
for general business (including dealings in foreign exchange and foreign currency deposits) in New York City. 
  
 “Index Disruption Event” means, in respect of an Index Currency or a Exchange Instrument on such Index Currency, an event (other than a Force Majeure Event) that would require the Index Sponsor to
calculate the Closing Price in respect of the relevant Exchange Instrument on such Index Currency on an alternative basis were such event to occur or exist on a day that is an Exchange Business Day (or, if different, the day on which the Closing
Price for such Exchange Instrument on such Index Currency for the relevant Index Business Day would, in the ordinary course, be published or announced by the CME). 
  
 Force Majeure 
  
 If a Force Majeure Event occurs on an Index Business Day, the Index Sponsor may in its discretion: 
  

	 	(i)	make such determinations and/or adjustments to the terms of this Description of the Index as it considers appropriate to determine any Closing Level on any such Index Business Day;
and/or 

  

	 	(ii)	defer publication of the information relating to the Index, until the next Index Business Day on which it determines that no Force Majeure Event exists; and/or

  

	 	(iii)	permanently cancel publication of the information relating to the Index. 

  
 For the purposes of this Description: 
  
 “Force Majeure Event” means an event or circumstance (including, without limitation, a systems failure, natural or man-made disaster, act of God, armed
conflict, act of terrorism, riot or labour disruption or any similar intervening circumstance) that is beyond the reasonable control of the Index Sponsor and that the Index Sponsor determines affects the Index, any Index Currency or any Exchange
Instrument. 
  

 A-5 

 Change in the Methodology of the Index 
  
 The Index Sponsor will, subject as provided below, employ the methodology described above and its application of such methodology shall be
conclusive and binding. While the Index Sponsor currently intends to employ the above described methodology to calculate the Index, no assurance can be given that fiscal, market, regulatory, juridical or financial circumstances (including, but not
limited to, any changes to or any suspension or termination of or any other events affecting any Index Currency or a futures contract) will not arise that would, in the view of the Index Sponsor, necessitate a modification of or change to such
methodology and in such circumstances the Index Sponsor may make any such modification or change as it determines appropriate. The Index Sponsor may also make modifications to the terms of the Index in any manner that it may deem necessary or
desirable, including (without limitation) to correct any manifest or proven error or to cure, correct or supplement any defective provision contained in this Description of the Index. The Index Sponsor will publish notice of any such modification or
change and the effective date thereof in accordance with Publication of Closing Levels and Adjustments below. 
  
 Publication of Closing Levels and Adjustments 
  
 In order to calculate the indicative Index level, the Index Sponsor will poll Reuters every 15 seconds to determine the real time price of each underlying futures contract with respect to each Index Currency of the Index. The Index Sponsor
will then apply a set of rules to these values to create the indicative level of the Index. These rules are consistent with the rules which the Index Sponsor applies at the end of each trading day to calculate the closing level of the Index. A
similar polling process is applied to the U.S. Treasury bills to determine the indicative value of the U.S. Treasury bills held by the Fund every 15 seconds throughout the trading day. 
  
 The Index Sponsor will publish the closing level of the Index daily. Additionally, the Index Sponsor will publish the intra-day Index level
once every fifteen seconds throughout each trading day. 
  
 All of the foregoing information will be published as follows: 
  
 The intra-day level of the Index (symbol: DBCFHX) (quoted in USD) will be published once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on Deutsche Bank’s
website at http://www.dbfunds.db.com, or any successor thereto. 
  
 The most
recent end-of-day Index closing level (symbol: DBCFHX) will be published as of the close of business for the Amex each trading day on the consolidated tape, Reuters and/or Bloomberg and on Deutsche Bank’s website at http://www.dbfunds.db.com,
or any successor thereto. 
  
 The Index Sponsor will publish any adjustments made
to the Index on Deutsche Bank’s website http:// www.dbfunds.db.com, or any successor thereto. 
  
 All of the foregoing information with respect to the Index also will be published at http://index.db.com. 
  
 Historical Closing Levels 
  
 Set out below are the closing levels based on historical
data from March 12, 1993 to June 30, 2006. 
  
 The following Closing
Levels table starts from March 12, 1993 and reflects both the high and low closing values, the annual Index changes and Index changes since inception of the Index. Since March 13, 2003, CME currency futures close prices were used in the
Index calculation. The Index Sponsor has not independently verified the CME currency futures close prices obtained from Bloomberg. Since February 1, 2006, the Index Sponsor has obtained the CME currency futures close prices from Reuters. Prior
to March 13, 2003, implied futures prices were calculated using the relevant currencies spot rates, money market rates and USD money market rates obtained from Reuters, Bloomberg and WM Company. Implied futures prices are an accurate proxy for
the futures close prices due to the high liquidity in foreign exchange forward markets. 
  

 A-6 

 It is not necessary to have a USD futures contract because the forward rate of the USD vis-à-vis the USD will be
equal. Whenever USD was used to calculate the value of the Index, the futures price of USD was assumed to be 100. 
  
 The Index Sponsor used 3 month money market rates as a proxy for 3 month Libor fixings with respect to the USD on and prior to June 10, 1998. 
  
 The Index Sponsor used 3 month money market rates as a proxy for 3 month Libor fixings with
respect to the EUR, JPY, GBP, CHF, CAD and AUD on and prior to March 11, 1998. 
  
 The Index Sponsor used 3 month money market rates as a proxy for 3 month Libor fixings with respect to the NZD on and prior to September 10, 2003. 
  

The Index Sponsor used 3 month money market rates as a proxy for 3 month Stibor fixings with respect to the SEK on and prior to December 9, 1998. 
  
 The Index Sponsor used 3 month money market rates as a proxy for 3 month Nibor fixings with
respect to the NOK on and prior to December 9, 1998. 
  
 The Libor, Stibor
and Nibor rates for the Eligible Index Currencies, as applicable, mean the London, Stockholm and Norway interbank offered rates for overnight deposits, respectively, each of which is published by Reuters on pages libor01 and libor02 with respect to
Libor and pages SIDE and NIBR with respect to Stibor and Nibor. 
  
 The Index
Sponsor considers the use of 3 month money market rates as a proxy for Libor, Stibor and Nibor to be appropriate because the difference between Libor, Stibor and Nibor rates and money market rates should not be material in light of the liquidity of
the 3 month deposit markets. 
  
 The CME-traded futures contract of each
applicable Index Currency that is closest to expiration is used in the Index calculation. The futures contracts on the Index Currencies are rolled during the Index Re-Weighting Period. The new futures contract on an Index Currency that has the next
closest expiration date is selected. The calculation of the Index on an excess return basis is the weighted return on the change in price of the futures contracts on the Index Currencies. 
  
 The Index is calculated on both an excess return basis and a total return basis. The excess return index reflects the return of the
applicable underlying currencies. The total return is the sum of the return of the applicable underlying currencies plus the return of 3-month U.S. Treasury bills. The following tables reflect both the excess return calculation and the total return
calculation of the Index. 
  
 Cautionary Statement–Statistical Information

  
 Various statistical information is presented on the following pages,
relating to the Closing Levels of the Index, on an annual and cumulative basis, including certain comparisons of the Index to other currencies indices. In reviewing such information, prospective investors should consider that: 
  

	•	 	Changes in Closing Levels of the Index during any particular period or market cycle may be volatile. For example, the “worst peak-to-valley drawdown” of the Index,
representing the greatest percentage decline from any month-end Closing Level, without such Closing Level being equaled or exceeded as of a subsequent month-end, is 11.63% and occurred during the period December 30, 1994 through March 31,
1995. The worst monthly drawdown of the Index during such period was 6.95%, and occurred in March 1995. See “Risk Factors—(16) Price Volatility May Possibly Cause the Total Loss of Your Investment.” 

  

	•	 	Neither the fees charged by the Fund nor the execution costs associated with establishing futures positions in the Index Currencies are incorporated into the Closing Levels of the
Index. Accordingly, such Index Levels have not been reduced by the costs associated with an actual investment, such as the Fund, with an investment objective of tracking the Index. 

  

 A-7 

	•	 	The Index was established in December 2005, and is independently calculated by Deutsche Bank AG London, the Index Sponsor. The Index calculation methodology and commodity futures
contracts selection is the same before and after December 2005, as described above. Accordingly, the Closing Levels of the Index, terms of the Index methodology and Index Currencies, reflect an element of hindsight at the time the Index was
established. See “Risk Factors—(11) You May Not Rely on Past Performance or Index Results in Deciding Whether to Buy Shares” and “—(12) Fewer Representative Index Currencies May Result In Greater Index Volatility.”

  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT
THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN DECEMBER 2005, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION
MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO
REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR
LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY
INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF
HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD MARCH 1993 THROUGH NOVEMBER 2005, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE
INDEX METHODOLOGY, AND SELECTION OF INDEX CURRENCIES, IN HINDSIGHT. 
  
 NO
HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR
TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK THE INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING
RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  

 A-8 

 DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX – EXCESS RETURNTM 
 CLOSING LEVELS
TABLE 
  

											
	 	  	Closing Level

	  	 	 	 	 	 
	 	  	High1

	  	Low2

	  	Annual
Index
Changes3

	 	 	Index
Changes
Since
Inception

	 
	 19934
	  	105.60	  	94.03	  	-0.19	%	 	-0.19	%
	 1994
	  	108.79	  	99.81	  	7.42	%	 	7.22	%
	 1995
	  	110.52	  	94.16	  	2.66	%	 	10.07	%
	 1996
	  	140.05	  	110.42	  	27.23	%	 	40.05	%
	 1997
	  	146.72	  	137.83	  	2.58	%	 	43.67	%
	 1998
	  	151.79	  	132.52	  	-6.35	%	 	34.55	%
	 1999
	  	151.12	  	134.71	  	9.81	%	 	47.76	%
	 2000
	  	158.57	  	146.79	  	4.73	%	 	54.74	%
	 2001
	  	171.15	  	154.68	  	10.61	%	 	71.15	%
	 2002
	  	199.51	  	172.25	  	15.76	%	 	98.13	%
	 2003
	  	234.45	  	199.00	  	18.33	%	 	134.45	%
	 2004
	  	252.36	  	230.02	  	6.69	%	 	150.14	%
	 2005
	  	286.06	  	248.34	  	10.66	%	 	176.81	%
	 20065
	  	279.94	  	254.18	  	-5.22	%	 	162.35	%

  
 THE FUND WILL TRADE
WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX – EXCESS RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, 
 POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE 
 PERFORMANCE. 
  
 DEUTSCHE BANK G10 CURRENCY FUTURE
HARVEST INDEX – TOTAL RETURNTM 
 CLOSING LEVELS TABLE 
  

											
	 	  	Closing Level

	  	 	 	 	 	 
	 	  	High1

	  	Low2

	  	Annual
Index
Changes3

	 	 	Index
Changes
Since
Inception

	 
	 19934
	  	106.15	  	95.13	  	2.30	%	 	2.30	%
	 1994
	  	116.32	  	102.32	  	12.15	%	 	14.73	%
	 1995
	  	124.55	  	102.55	  	8.56	%	 	24.55	%
	 1996
	  	166.84	  	125.01	  	33.95	%	 	66.84	%
	 1997
	  	180.54	  	164.92	  	8.01	%	 	80.19	%
	 1998
	  	195.70	  	172.90	  	-1.68	%	 	77.17	%
	 1999
	  	203.96	  	177.49	  	15.12	%	 	103.96	%
	 2000
	  	227.93	  	202.75	  	11.11	%	 	126.61	%
	 2001
	  	259.57	  	226.67	  	14.55	%	 	159.57	%
	 2002
	  	307.46	  	261.27	  	17.68	%	 	205.47	%
	 2003
	  	365.18	  	306.83	  	19.55	%	 	265.18	%
	 2004
	  	398.22	  	359.55	  	8.18	%	 	295.05	%
	 2005
	  	465.10	  	392.65	  	14.23	%	 	351.27	%
	 20065
	  	458.21	  	421.90	  	-2.83	%	 	338.52	%

  
 THE FUND WILL NOT TRADE
WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX – TOTAL RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, 
 POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE 
 PERFORMANCE. 
  
 Please refer to notes and legends that
follow on page 14. 
  

 A-9 

 INDEX CURRENCY WEIGHTS TABLE 
 DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX – EXCESS RETURNTM 
  

																																																													
	 	  	USD

	 	 	EUR

	 	 	JPY

	 	 	CAD

	 	 	CHF

	 	 	GBP

	 	 	AUD

	 	 	NZD

	 	 	NOK

	 	 	SEK

	 
	 	  	High1

	 	 	Low2

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 
	 19934
	  	-31.6	%	 	-36.8	%	 	33.8	%	 	34.0	%	 	-33.7	%	 	-37.2	%	 	0.0	%	 	-36.8	%	 	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%	 	-31.1	%	 	0.0	%	 	0.0	%	 	0.0	%	 	33.9	%	 	34.1	%	 	33.9	%	 	32.3	%
	 1994
	  	0.0	%	 	-33.3	%	 	-33.0	%	 	32.5	%	 	-33.1	%	 	-32.5	%	 	0.0	%	 	-33.4	%	 	-33.1	%	 	0.0	%	 	0.0	%	 	0.0	%	 	33.2	%	 	0.0	%	 	33.3	%	 	33.6	%	 	0.0	%	 	0.0	%	 	33.4	%	 	33.2	%
	 1995
	  	0.0	%	 	0.0	%	 	-33.7	%	 	-35.7	%	 	-33.1	%	 	-39.1	%	 	0.0	%	 	35.9	%	 	-33.7	%	 	-36.8	%	 	0.0	%	 	0.0	%	 	32.4	%	 	0.0	%	 	33.0	%	 	36.3	%	 	0.0	%	 	0.0	%	 	36.2	%	 	34.6	%
	 1996
	  	0.0	%	 	0.0	%	 	0.0	%	 	-33.5	%	 	-31.7	%	 	-32.5	%	 	-32.1	%	 	0.0	%	 	-31.5	%	 	-33.3	%	 	33.3	%	 	0.0	%	 	32.4	%	 	33.3	%	 	32.6	%	 	33.3	%	 	0.0	%	 	0.0	%	 	0.0	%	 	33.2	%
	 1997
	  	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%	 	-31.5	%	 	-30.6	%	 	-31.7	%	 	-33.1	%	 	-32.2	%	 	-30.4	%	 	33.2	%	 	31.7	%	 	31.9	%	 	31.5	%	 	32.6	%	 	32.3	%	 	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%
	 1998
	  	0.0	%	 	0.0	%	 	-32.3	%	 	-36.7	%	 	-32.9	%	 	-40.1	%	 	0.0	%	 	0.0	%	 	-31.8	%	 	-37.5	%	 	32.3	%	 	36.0	%	 	34.2	%	 	0.0	%	 	34.2	%	 	36.5	%	 	0.0	%	 	35.7	%	 	0.0	%	 	0.0	%
	 1999
	  	32.6	%	 	33.0	%	 	-31.6	%	 	-32.2	%	 	-31.3	%	 	-34.4	%	 	0.0	%	 	0.0	%	 	-31.4	%	 	-32.0	%	 	31.6	%	 	32.5	%	 	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%	 	32.1	%	 	34.1	%	 	0.0	%	 	0.0	%
	 2000
	  	31.9	%	 	33.3	%	 	-29.4	%	 	-33.7	%	 	-30.8	%	 	-32.9	%	 	0.0	%	 	0.0	%	 	-30.5	%	 	-33.5	%	 	31.6	%	 	33.5	%	 	0.0	%	 	0.0	%	 	31.6	%	 	0.0	%	 	0.0	%	 	33.5	%	 	0.0	%	 	0.0	%
	 2001
	  	-33.1	%	 	33.1	%	 	0.0	%	 	0.0	%	 	-32.1	%	 	-32.4	%	 	0.0	%	 	0.0	%	 	-32.5	%	 	-34.5	%	 	0.0	%	 	0.0	%	 	32.7	%	 	0.0	%	 	33.0	%	 	34.1	%	 	32.8	%	 	34.1	%	 	0.0	%	 	-33.7	%
	 2002
	  	-33.2	%	 	-32.9	%	 	0.0	%	 	0.0	%	 	-33.1	%	 	-31.6	%	 	0.0	%	 	0.0	%	 	-33.5	%	 	-32.7	%	 	0.0	%	 	0.0	%	 	33.3	%	 	32.6	%	 	33.5	%	 	33.1	%	 	33.5	%	 	33.0	%	 	0.0	%	 	0.0	%
	 2003
	  	-33.0	%	 	-33.2	%	 	0.0	%	 	0.0	%	 	-33.0	%	 	-33.4	%	 	0.0	%	 	0.0	%	 	-33.5	%	 	-34.2	%	 	33.7	%	 	0.0	%	 	33.4	%	 	33.2	%	 	33.4	%	 	33.9	%	 	0.0	%	 	34.1	%	 	0.0	%	 	0.0	%
	 2004
	  	0.0	%	 	-34.6	%	 	0.0	%	 	0.0	%	 	-33.2	%	 	-33.5	%	 	0.0	%	 	0.0	%	 	-33.0	%	 	-34.7	%	 	33.4	%	 	34.1	%	 	33.6	%	 	32.6	%	 	33.4	%	 	32.3	%	 	-33.1	%	 	0.0	%	 	0.0	%	 	0.0	%
	 2005
	  	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%	 	-29.1	%	 	-34.4	%	 	0.0	%	 	0.0	%	 	-30.7	%	 	-32.8	%	 	30.7	%	 	32.7	%	 	31.2	%	 	33.9	%	 	32.7	%	 	33.2	%	 	0.0	%	 	-33.2	%	 	-30.2	%	 	0.0	%
	 20065
	  	0.0	%	 	36.0	%	 	0.0	%	 	0.0	%	 	-32.1	%	 	-38.1	%	 	0.0	%	 	0.0	%	 	-33.0	%	 	-39.1	%	 	33.2	%	 	0.0	%	 	33.5	%	 	37.1	%	 	33.2	%	 	35.1	%	 	0.0	%	 	0.0	%	 	-33.8	%	 	-38.8	%

  
 THE FUND WILL TRADE
WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX – EXCESS RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S
FUTURE PERFORMANCE. 
  Please refer to notes and legends that follow on page 15. 
   

 A-10 

 DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX – TOTAL RETURNTM 
  

																																																													
	 	  	USD

	 	 	EUR

	 	 	JPY

	 	 	CAD

	 	 	CHF

	 	 	GBP

	 	 	AUD

	 	 	NZD

	 	 	NOK

	 	 	SEK

	 
	 	  	High1

	 	 	Low2

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 	 	High

	 	 	Low

	 
	 19934
	  	-31.6	%	 	-36.8	%	 	33.6	%	 	34.0	%	 	-34.8	%	 	-37.2	%	 	0.0	%	 	-36.8	%	 	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%	 	-30.3	%	 	0.0	%	 	0.0	%	 	0.0	%	 	33.6	%	 	34.1	%	 	34.7	%	 	32.3	%
	 1994
	  	0.0	%	 	-33.3	%	 	-33.1	%	 	32.5	%	 	-33.1	%	 	-32.5	%	 	0.0	%	 	-33.4	%	 	-33.1	%	 	0.0	%	 	0.0	%	 	0.0	%	 	33.2	%	 	0.0	%	 	33.3	%	 	33.6	%	 	0.0	%	 	0.0	%	 	33.4	%	 	33.2	%
	 1995
	  	0.0	%	 	0.0	%	 	-33.5	%	 	-35.7	%	 	-32.9	%	 	-39.1	%	 	0.0	%	 	35.9	%	 	-33.6	%	 	-36.8	%	 	0.0	%	 	0.0	%	 	33.4	%	 	0.0	%	 	33.4	%	 	36.3	%	 	0.0	%	 	0.0	%	 	33.2	%	 	34.6	%
	 1996
	  	0.0	%	 	0.0	%	 	0.0	%	 	-33.5	%	 	-31.7	%	 	-32.5	%	 	-32.1	%	 	0.0	%	 	-31.5	%	 	-33.3	%	 	33.3	%	 	0.0	%	 	32.4	%	 	33.3	%	 	32.6	%	 	33.3	%	 	0.0	%	 	0.0	%	 	0.0	%	 	33.2	%
	 1997
	  	32.4	%	 	0.0	%	 	-32.1	%	 	0.0	%	 	-30.0	%	 	-30.6	%	 	0.0	%	 	-33.1	%	 	-32.8	%	 	-30.4	%	 	34.0	%	 	31.7	%	 	0.0	%	 	31.5	%	 	31.3	%	 	32.3	%	 	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%
	 1998
	  	0.0	%	 	0.0	%	 	-32.3	%	 	-36.7	%	 	-32.9	%	 	-40.1	%	 	0.0	%	 	0.0	%	 	-31.8	%	 	-37.5	%	 	32.3	%	 	36.0	%	 	34.2	%	 	0.0	%	 	34.2	%	 	36.5	%	 	0.0	%	 	35.7	%	 	0.0	%	 	0.0	%
	 1999
	  	33.1	%	 	33.0	%	 	-32.5	%	 	-32.2	%	 	-32.9	%	 	-34.4	%	 	0.0	%	 	0.0	%	 	-32.4	%	 	-32.0	%	 	32.8	%	 	32.5	%	 	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%	 	32.8	%	 	34.1	%	 	0.0	%	 	0.0	%
	 2000
	  	32.9	%	 	33.3	%	 	0.0	%	 	-33.7	%	 	-32.3	%	 	-32.9	%	 	0.0	%	 	0.0	%	 	-33.7	%	 	-33.5	%	 	0.0	%	 	33.5	%	 	0.0	%	 	0.0	%	 	34.0	%	 	0.0	%	 	33.4	%	 	33.5	%	 	-33.0	%	 	0.0	%
	 2001
	  	-33.1	%	 	33.1	%	 	0.0	%	 	0.0	%	 	-32.1	%	 	-32.4	%	 	0.0	%	 	0.0	%	 	-32.5	%	 	-34.5	%	 	0.0	%	 	0.0	%	 	32.7	%	 	0.0	%	 	33.0	%	 	34.1	%	 	32.8	%	 	34.1	%	 	0.0	%	 	-33.7	%
	 2002
	  	-33.2	%	 	-32.9	%	 	0.0	%	 	0.0	%	 	-33.1	%	 	-31.6	%	 	0.0	%	 	0.0	%	 	-33.5	%	 	-32.7	%	 	0.0	%	 	0.0	%	 	33.3	%	 	32.6	%	 	33.5	%	 	33.1	%	 	33.5	%	 	33.0	%	 	0.0	%	 	0.0	%
	 2003
	  	-33.0	%	 	-33.2	%	 	0.0	%	 	0.0	%	 	-33.0	%	 	-33.4	%	 	0.0	%	 	0.0	%	 	-33.5	%	 	-34.2	%	 	33.7	%	 	0.0	%	 	33.4	%	 	33.2	%	 	33.4	%	 	33.9	%	 	0.0	%	 	34.1	%	 	0.0	%	 	0.0	%
	 2004
	  	0.0	%	 	-34.6	%	 	0.0	%	 	0.0	%	 	-33.2	%	 	-33.5	%	 	0.0	%	 	0.0	%	 	-33.0	%	 	-34.7	%	 	33.4	%	 	34.1	%	 	33.6	%	 	32.6	%	 	33.4	%	 	32.3	%	 	-33.1	%	 	0.0	%	 	0.0	%	 	0.0	%
	 2005
	  	0.0	%	 	0.0	%	 	0.0	%	 	0.0	%	 	-29.1	%	 	-34.5	%	 	0.0	%	 	0.0	%	 	-30.7	%	 	-32.8	%	 	30.7	%	 	32.8	%	 	31.2	%	 	34.0	%	 	32.7	%	 	33.2	%	 	0.0	%	 	-33.2	%	 	-30.2	%	 	0.0	%
	 20065
	  	0.0	%	 	36.0	%	 	0.0	%	 	0.0	%	 	-32.1	%	 	-38.1	%	 	0.0	%	 	0.0	%	 	-33.0	%	 	-39.1	%	 	33.2	%	 	0.0	%	 	33.5	%	 	37.1	%	 	33.2	%	 	35.1	%	 	0.0	%	 	0.0	%	 	-33.8	%	 	-38.8	%

  
 THE FUND WILL NOT TRADE
WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX – TOTAL RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S
FUTURE PERFORMANCE. 
  Please refer to notes and legends that follow on page 15. 
   

 A-11 

																			
	 VARIOUS STATISTICAL MEASURES*

	  	INDEX-TR6,7

	 	 	INDEX-ER7,8

	 	 	DXY9

	 	 	EFFAS US
Treasuries10

	 	 	S&P 500 TR11

	 	 	DBLCI12

	 
	 Annualized Changes to Index Level13
	  	11.4	%	 	7.2	%	 	-0.6	%	 	6.0	%	 	10.1	%	 	14.0	%
	 Average rolling 3 month daily volatility14
	  	7.2	%	 	7.1	%	 	7.8	%	 	4.6	%	 	15.2	%	 	19.1	%
	 Sharpe Ratio15
	  	1.07	 	 	0.47	 	 	-0.56	 	 	0.49	 	 	0.42	 	 	0.53	 
	 % of months with positive change
	  	71	%	 	67	%	 	48	%	 	67	%	 	64	%	 	57	%
	 Average monthly positive return change
	  	2.0	%	 	1.8	%	 	1.8	%	 	1.2	%	 	3.3	%	 	5.1	%
	 Average monthly negative return change
	  	-1.7	%	 	-1.8	%	 	-1.7	%	 	-0.9	%	 	-3.4	%	 	-3.8	%
							
	 CORRELATION OF MONTHLY INDEX LEVELS*,16

	  	INDEX-TR

	 	 	INDEX-ER

	 	 	DXY

	 	 	EFFAS US
Treasuries

	 	 	S&P 500 TR

	 	 	DBLCI

	 
	 Index-TR
	  	100	%	 	100	%	 	20	%	 	-1	%	 	18	%	 	10	%
	 Index-ER
	  	 	 	 	100	%	 	19	%	 	-2	%	 	17	%	 	10	%
	 DXY
	  	 	 	 	 	 	 	100	%	 	-14	%	 	4	%	 	-14	%
	 EFFAS US Treasuries
	  	 	 	 	 	 	 	 	 	 	100	%	 	-9	%	 	1	%
	 S&P 500 TR
	  	 	 	 	 	 	 	 	 	 	 	 	 	100	%	 	3	%
	 DBLCI
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	100	%

  
 NEITHER THE PAST
PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN DECEMBER
2005, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR
CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR
CUMULATIVE CHANGES IN INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE
BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD MARCH 1993 THROUGH NOVEMBER 2005, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX METHODOLOGY, AND SELECTION OF INDEX CURRENCIES, IN HINDSIGHT.

  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK
IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK THE INDEX OVER
TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES
NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE
INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
  Please refer to notes and legends that follow on page 15. 
   

 A-12 

 COMPARISON OF THE INDICES WITH CERTAIN GENERAL MARKET INDICES REPRESENTING CURRENCIES, BONDS, STOCKS
AND COMMODITIES 
 (MARCH, 1993 – JUNE, 2006)* 
  
 

 
  
 NEITHER THE PAST PERFORMANCE OF
THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 Each of the Index-TR, EFFAS US Treasuries, S&P 500 TR, DBLCI and DXY are indices and do not reflect actual trading. 
  
 Each of the indices, except DXY, are calculated on a total return basis and does not reflect
any fees or expenses. 
  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE
PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN DECEMBER 2005, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL
INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE
PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY
ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE
LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD MARCH 1993 THROUGH NOVEMBER 2005, THE INDEX CLOSING LEVELS REFLECT THE
APPLICATION OF THE INDEX METHODOLOGY, AND SELECTION OF INDEX CURRENCIES, IN HINDSIGHT. 
  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE CURRENCIES MARKETS IN
GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK THE INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY
AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING
RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
  Please refer to notes and legends that follow on page 15. 
   

 A-13 

 COMPARISON OF ANNUAL PERCENTAGE CHANGE IN THE INDICES WITH CERTAIN GENERAL MARKET INDICES
REPRESENTING BONDS AND STOCKS 
 (MARCH, 1993 – JUNE, 2006)* 
  
 

 
  
 NEITHER THE PAST PERFORMANCE OF
THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
  
 Each of the Index-TR, EFFAS US Treasuries and S&P 500 TR are indices and do not reflect actual trading. 
  
 Each of these indices are calculated on a total return basis and does not reflect any fees or expenses. 
  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO
MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN DECEMBER 2005, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT
LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING
MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE
FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT
METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF
HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD MARCH 1993 THROUGH NOVEMBER 2005, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE
INDEX METHODOLOGY, AND SELECTION OF INDEX CURRENCIES, IN HINDSIGHT. 
  
 NO
HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR
TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK THE INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING
RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  
  Please refer to notes and legends that follow on page 15. 
   

 A-14 

 NOTES AND LEGENDS: 
  
 1. “High” reflects the highest closing level of the Index during the applicable year. 
  
 2. “Low” reflects the lowest closing level of the Index during the applicable year.

  
 3. “Annual Index Change” reflects the change to the Index level on
an annual basis as of December 31 of each applicable year. 
  
 4. Closing
levels as of inception on March 12, 1993. 
  
 5. Closing levels as of
June 30, 2006. 
  
 6. “INDEX-TR” is Deutsche Bank G10 Currency
Future Harvest Index — Total ReturnTM. The Deutsche Bank G10 Currency Future Harvest IndexTM is calculated on both an excess return basis and total return. The Index-TR calculation is funded and reflects the change in market value of
both the underlying index currencies and the interest income from a hypothetical basket of fixed income securities. The sponsor of the Index, or the Index Sponsor, is Deutsche Bank AG London. A Trade Mark application for Deutsche Bank G10 Currency
Future Harvest IndexTM is pending. 
  
 7. In the current interest rate
environment, the total return on an investment in the Fund is expected to outperform the INDEX-ER (as such term is defined in the following footnote) and underperform the INDEX-TR. The only difference between the INDEX-ER and the INDEX-TR is that
the INDEX-ER does not include interest income from a hypothetical basket of fixed income securities while the INDEX-TR does include such a component. The difference between the INDEX-ER and the INDEX-TR is attributable entirely to the hypothetical
interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected
to be distributed periodically. The market price of the Shares is expected closely to track the INDEX-ER. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the
period, plus the amount of any distributions during the period. Consequently, in the current interest rate environment, the Fund’s total return is expected to outperform the INDEX-ER by the amount of the excess of its interest income over its
fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the INDEX-TR. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of
fixed income securities, the Fund would underperform the INDEX-ER. 
  
 8.
“INDEX-ER” is the Deutsche Bank G10 Currency Future Harvest Index — Excess ReturnTM. The excess return calculation is unfunded and reflects the change in market value of the underlying index currencies. 
  
 9. “DXY” is U.S. Dollar Index®. The U.S. Dollar Index® provides a general indication of the international value of the USD by averaging the
exchange rates between the USD and the following six major world currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. U.S. Dollar Index® is a registered service mark of the Board of Trade of the City of New York, Inc.

  
 10. “EFFAS US Treasuries” is Bloomberg/EFFAS Index of U.S.
Treasuries. The Bloomberg/EFFAS indices are designed as transparent benchmarks for government bond markets. Indices are grouped by country and maturity sectors. Bloomberg computes daily values and index characteristics for each sector. The
Bloomberg/EFFAS Index of U.S. Treasuries includes treasuries with more than one year prior to maturity and is representative of the bond market. 
  
 11. “S&P 500 TR” is the Standard & Poor’s index calculated on a total return basis. Widely regarded as the benchmark gauge of the U.S.
equities market, this index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large cap segment of the market, with over 80% coverage of U.S. equities, it
also serves as a proxy for the total market. The total return calculation provides investors with a price plus gross cash dividend return. Gross cash dividends are applied on the ex date of the dividend. 
  

 A-15 

 12. “DBLCI” is the Deutsche Bank Liquid Commodity Index — Total ReturnTM. This Index is intended to
reflect the change in market value of the following commodities: Light, Sweet Crude Oil, Heating Oil, Aluminum, Gold, Corn and Wheat. The notional amounts of each index commodity included in this index are broadly in proportion to historical levels
of the world’s production and stocks of the index commodities. The sponsor of the Index, or the Index Sponsor, is Deutsche Bank AG London. Deutsche Bank Liquid Commodity Index – Total ReturnTM is a trade mark of Deutsche Bank AG and is
the subject of Community Trade Mark Number 3054996. Trade Mark applications in the United States are pending. 
  
 13. “Annualized Changes to Index Level” reflects the change to the level of the applicable index on an annual basis as of December 31 of each applicable year. 
  
 14. “Average rolling 3 month daily volatility.” The daily volatility reflects the
relative rate at which the price of the applicable index moves up and down, which is found by calculating the annualized standard deviation of the daily change in price. In turn, an average of this value is calculated on a 3 month rolling basis.

  
 15. “Sharpe Ratio” compares the annualized rate of return minus the
annualized risk-free rate of return to the annualized variability — often referred to as the “standard deviation” — of the monthly rates of return. A Sharpe Ratio of 1:1 or higher indicates that, according to the measures used in
calculating the ratio, the rate of return achieved by a particular strategy has equaled or exceeded the risks assumed by such strategy. The risk-free rate of return that was used in these calculations was assumed to be 3.77%. 
  
 16. “Correlation of Monthly Index Levels.” Every investment asset, by definition,
has a correlation coefficient of 1.0 with itself; 1.0 indicates 100% positive correlation. Two investments that always move in the opposite direction from each other have a correlation coefficient of 1.0; 1.0 indicates 100% negative correlation. Two
investments that perform entirely independently of each other have a correlation coefficient of 0; 0 indicates 100% non correlation. 
  

	*	For the period from March 12, 1993 to June 30, 2006. 

  
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN DECEMBER
2005, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
  
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR
CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR
CUMULATIVE CHANGES IN INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
  
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE
BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD MARCH 1993 THROUGH NOVEMBER 2005, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX METHODOLOGY, AND SELECTION OF INDEX CURRENCIES, IN HINDSIGHT.

  
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK
IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK THE INDEX OVER
TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES
NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
  
 THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE
INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
  

 A-16 

 ALTHOUGH THE INDEX SPONSOR WILL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEX FROM
SOURCE(S) WHICH THE INDEX SPONSOR CONSIDERS RELIABLE, THE INDEX SPONSOR WILL NOT INDEPENDENTLY VERIFY SUCH INFORMATION AND DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN. THE INDEX SPONSOR WILL NOT
BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX AND THE INDEX SPONSOR IS UNDER NO OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN. 
  
 UNLESS OTHERWISE SPECIFIED, NO TRANSACTION RELATING TO THE INDEX IS SPONSORED, ENDORSED, SOLD OR PROMOTED BY THE INDEX SPONSOR AND THE INDEX
SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO (A) THE ADVISABILITY OF PURCHASING OR ASSUMING ANY RISK IN CONNECTION WITH ANY SUCH TRANSACTION, (B) THE LEVELS AT WHICH THE INDEX STANDS AT ANY PARTICULAR TIME ON ANY
PARTICULAR DATE, (C) THE RESULTS TO BE OBTAINED BY THE ISSUER OF ANY SECURITY OR ANY COUNTERPARTY OR ANY SUCH ISSUER’S SECURITY HOLDERS OR CUSTOMERS OR ANY SUCH COUNTERPARTY’S CUSTOMERS OR COUNTERPARTIES OR ANY OTHER PERSON OR ENTITY
FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH ANY LICENSED RIGHTS OR FOR ANY OTHER USE, OR (D) ANY OTHER MATTER. THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. 
  
 WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE INDEX SPONSOR HAVE ANY LIABILITY (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER
DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 
  

 A-17Applied Imaging Corp. 2006 Employee Stock Purchase Plan

 Exhibit 10.1 
 APPLIED IMAGING CORP. 
 2006 EMPLOYEE STOCK PURCHASE PLAN 
 as amended and restated August 31, 2006 
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the
Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Code. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a uniform and
nondiscriminatory basis consistent with the requirements of Section 423 of the Code. 
 2. Definitions. 
 (a) “Administrator” shall mean the Board or any Committee designated by the Board to administer the Plan pursuant to Section 14.

 (b) “Board” shall mean the Board of Directors of the Company. 
 (c) “Change in Control” shall mean the occurrence of any of the following events: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in
Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; or 
 (ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or 
 (iii) The consummation of a merger or consolidation of the Company, with any other corporation, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company, or such surviving entity or its parent outstanding immediately after such merger or consolidation; or 
 (iv) A change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the Directors are
Incumbent Directors. “Incumbent Directors” means Directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a
majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of Directors of the
Company). 

 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. Any reference to a
section of the Coe herein shall be a reference to any successor or amended section of the Code. 
 (e) “Committee” shall
mean a committee of the Board appointed by the Board in accordance with Section 14 hereof. 
 (f) “Common Stock” shall
mean the Common Stock of the Company. 
 (g) “Company” shall mean Applied Imaging Corp., a Delaware corporation. 

(h) “Compensation” shall mean all compensation reportable on Form W-2, including without limitation base straight time gross
earnings, sales commissions, payments for overtime, shift premiums, incentive compensation, incentive payments, bonuses and other compensation. 
 (i) “Designated Subsidiary” shall mean any Subsidiary selected by the Administrator as eligible to participate in the Plan. 
 (j) “Director” shall mean a member of the Board. 
 (k) “Eligible Employee”
shall mean any individual who is a common law employee of the Company or any Designated Subsidiary and whose customary employment with the Company or any Designated Subsidiary is at least twenty (20) hours per week and more than five
(5) months in any calendar year. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company. Where the period of leave
exceeds ninety (90) days and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated on the 91st day of such leave. The Administrator, in its
discretion, from time to time may, prior to an Offering Date for all options to be granted on such Offering Date, determine (on a uniform and nondiscriminatory basis) that the definition of Eligible Employee will or will not include an individual if
he or she: (1) has not completed at least two years of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its discretion), (2) customarily works not more than 20 hours per
week (or such lesser period of time as may be determined by the Administrator in its discretion), (3) customarily works not more than five (5) months per calendar year (or such lesser period of time as may be determined by the
Administrator in its discretion), (4) is an officer or other manager, or (5) is a highly compensated employee under Section 414(q) of the Code. 
 (l) “Exchange Act” will mean the Securities Exchange Act of 1934, as amended. 
 (m)
“Exercise Date” shall mean the last day of each Offering Period. 
 (n) “Fair Market Value” shall mean, as
of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows: 
  

 -2- 

 (i) If the Common Stock is listed on any established stock exchange or a national market system,
including without limitation the Nasdaq National Market, The Nasdaq SmallCap Market of The Nasdaq Stock Market, or the OTC Bulletin Board, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were
reported) as quoted on such exchange or system on the date of such determination, as reported in The Wall Street Journal or such other source as the Board deems reliable, or; 
 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the
mean of the closing bid and asked prices for the Common Stock on the date of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable, or; 
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Board.

 (o) “Offering Date” will mean the first Trading Day of each Offering Period. 
 (p) “Offering Periods” shall mean the periods of approximately six (6) months during which an option granted pursuant to the Plan
may be exercised, commencing (i) on the first Trading Day on or after May 1 of each year and terminating on the last Trading Day in the period ending the following October 31, approximately six months later, and (ii) on the first
Trading Date on or after November 1 of each year and terminating on the last Trading Day in the period ending the following April 30, approximately six months later; provided, however, that the first Offering Period under the Plan shall
commence with the first Trading Day on or after June 1, 2006, and terminate on the last Trading Day in the period ending the following October 31, approximately five (5) months later. The duration and timing of Offering Periods may be
changed pursuant to Section 4 of this Plan. 
 (q) Plan” shall mean this Employee Stock Purchase Plan. 
 (r) “Purchase Price” shall mean the price per share of Common Stock of the shares purchased under any option granted under the Plan as
the Administrator may determine from time to time, in its discretion and on a uniform and nondiscriminatory basis. However, in no event will the price be less than eighty-five percent (85%) of the lower of: 
 (i) the Fair Market Value per share of Common Stock on the Offering Date; or 
 (ii) the Fair Market Value per share of Common Stock on the Exercise Date. 
 (s) “Subsidiary” shall mean a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f)
of the Code. 
 (t) “Trading Day” shall mean a day on which national stock exchanges and the Nasdaq System are open for
trading. 
  

 -3- 

 3. Eligibility. 
 (a) Offering Periods. Any individual who is an Eligible Employee as of the Offering Date of any Offering Period shall be eligible to participate in such Offering Period, subject to the requirements of
Section 5. 
 (b) Limitations. Any provisions of the Plan to the contrary notwithstanding, no Eligible Employee shall be granted
an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital
stock of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or
(ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans of the Company and its Subsidiaries accrues at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the
Fair Market Value of the shares of Common Stock at the time such option is granted) for each calendar year in which such option is outstanding at any time. 
 4. Offering Periods. The Plan shall be implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day on or after May 1 and November 1 of each year, or on
such other date as the Board shall determine, and continuing thereafter until terminated in accordance with Section 20 hereof; provided, however, that the first Offering Period under the Plan shall commence with the first Trading Day on or
after June 1, 2006, and terminate on the last Trading Day in the period ending the following October 31, approximately five (5) months later. The Board shall have the power to change the duration of Offering Periods (including the
commencement dates thereof) with respect to future offerings without stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter. 
 5. Participation. An Eligible Employee may become a participant in the Plan by completing a subscription agreement authorizing payroll deductions
in a form determined by the Administrator (or through such other electronic or other enrollment procedure prescribed by the Administrator) and filing it with the Company’s payroll office (or its designee) on or before a date prescribed by the
Administrator prior to the applicable Offering Date. 
 6. Payroll Deductions. 
 (a) At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay day during the
Offering Period in an amount not less than one percent (1.0%) and not exceeding ten percent (10.0%) of the Compensation which he or she receives on each pay day during the Offering Period or in such other amount as the Administrator may
determine (on a uniform and nondiscriminatory basis); provided, however, that should a pay day occur on an Exercise Date, a participant shall have the payroll deductions made on such day applied to his or her account under the new Offering Period. A
participant’s subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 
  

 -4- 

 (b) Payroll deductions for a participant shall commence on the first payday following the Offering Date
and shall end on the last payday in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof. 
 (c) All payroll deductions made for a participant shall be credited to his or her account under the Plan and shall be withheld in whole percentages only.
A participant may not make any additional payments into such account. 
 (d) A participant may discontinue his or her participation in the
Plan as provided in Section 10, or may decrease the rate of his or her payroll deductions during the Offering Period by (i) properly completing and submitting to the Company’ s payroll office (or its designee), on or before a date
prescribed by the Administrator prior to an applicable Exercise Date, a new subscription agreement authorizing the change in payroll deduction rate in the form provided by the Administrator for such purpose, or (ii) following an electronic or
other procedure prescribed by the Administrator. If a participant has not followed such procedures to change the rate of payroll deductions, the rate of his or her payroll deductions will continue at the originally elected rate throughout the
Offering Period and future Offering Periods (unless terminated as provided in Section 10). The Administrator may, in its sole discretion, change the nature and/or number of payroll deduction rate changes that may be made by participants during
any Offering Period. Any change in payroll deduction rate made pursuant to this Section 6(d) will be effective as soon as practicable after the Administrator processes a given change in payroll deduction rate. 
 (e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a
participant’s payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period. Payroll deductions shall recommence at the rate provided in such participant’s subscription agreement at the beginning of the
first Offering Period which is scheduled to end in the following calendar year, unless terminated by the participant as provided in Section 10 hereof. 
 (f) At the time the option is exercised, in whole or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is disposed of, the participant must make adequate provision for the
Company’s or its Subsidiary’s federal, state, or any other tax liability payable to any authority, national insurance, social security or other tax withholding obligations, if any, which arise upon the exercise of the option or the
disposition of the Common Stock. At any time, the Company or its Subsidiary may, but shall not be obligated to, withhold from the participant’s compensation the amount necessary for the Company or its Subsidiary to meet applicable withholding
obligations, including any withholding required to make available to the Company or its Subsidiary any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Eligible Employee. 
 7. Grant of Option. On the Offering Date of each Offering Period, each Eligible Employee participating in such Offering Period shall be granted an
option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company’s Common Stock determined by dividing such Eligible Employee’s payroll deductions accumulated
prior to such Exercise Date and retained in the Participant’s account as of 
  

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 the Exercise Date by the applicable Purchase Price; provided that in no event shall an Eligible Employee be permitted to
purchase during each Offering Period more than the number of shares determined by dividing $12,500 by the Fair Market Value of a Share of the Company’s Common Stock on the Offering Date, (subject to any adjustment pursuant to Section 19),
and provided further that such purchase shall be subject to the limitations set forth in Sections 3(b) and 13 hereof. The Eligible Employee may accept the grant of such option with respect to any Offering Period under the Plan, by electing to
participate in the Plan in accordance with the requirements of Section 5. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of the Company’s Common Stock an
Eligible Employee may purchase during each Offering Period. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof. The option shall expire on the last day of
the Offering Period or such earlier time as the Administrator may determine pursuant to Section 20. 
 8. Exercise of Option.

 (a) Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option for the purchase of shares shall
be exercised automatically on the Exercise Date, and the maximum number of full shares subject to option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll deductions in his or her account. No
fractional shares shall be purchased; any payroll deductions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account for the subsequent Offering Period,
subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other funds left over in a participant’s account after the Exercise Date shall be returned to the participant. During a participant’s lifetime, a
participant’s option to purchase shares hereunder is exercisable only by him or her. 
 (b) If the Administrator determines that, on a
given Exercise Date, the number of shares with respect to which options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Offering Date of the applicable Offering Period,
or (ii) the number of shares available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company shall make a pro rata allocation of the shares of Common Stock available for
purchase on such Exercise Date in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase Common Stock on such Exercise Date. The Company may
a make pro rata allocation of the shares available on the Offering Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance under the Plan by the Company’s
stockholders subsequent to such Offering Date. 
 9. Delivery. As soon as reasonably practicable after each Exercise Date on which a
purchase of shares occurs, the Company shall arrange the delivery to each participant of the shares purchased upon exercise of his or her option in a form determined by the Administrator. No participant will have any voting, dividend, or other
stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and delivered to the participant as provided in this Section 9. 
  

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 10. Withdrawal. 
 (a) Under procedures established by the Administrator, a participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under
the Plan at any time by (i) submitting to the Company’s payroll office (or its designee) a written notice of withdrawal in the form prescribed by the Administrator for such purpose, or (ii) following an electronic or other withdrawal
procedure prescribed by the Administrator. All of the participant’s payroll deductions credited to his or her account shall be paid to such participant as promptly as practicable after the effective date of his or her withdrawal and such
participant’s option for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase of shares shall be made for such Offering Period. If a participant withdraws from an Offering Period, payroll
deductions shall not resume at the beginning of the succeeding Offering Period unless the participant re-enrolls in the Plan in accordance with the provisions of Section 5. 
 (b) A participant’s withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any similar plan
which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws. 
 11. Termination of Employment. Upon a participant’s ceasing to be an Eligible Employee for any reason, he or she shall be deemed to have
elected to withdraw from the Plan and the payroll deductions credited to such participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan will be returned to such participant or, in the
case of his or her death, to the person or persons entitled thereto under Section 15, and such participant’s option shall be automatically terminated. The preceding sentence notwithstanding, a participant who receives payment in lieu of
notice of termination of employment shall be treated as continuing to be an Eligible Employee for the participant’s customary number of hours per week of employment during the period in which the participant is subject to such payment in lieu
of notice. 
 12. Interest. No interest shall accrue on the payroll deductions of a participant in the Plan. 
 13. Stock. 
 (a) Subject to adjustment
upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of the Company’s Common Stock which shall be made available for sale under the Plan shall be 175,000 shares of Common Stock.

 (b) Until the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent
of the Company), a participant shall only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares. 
 (c) Shares to be delivered to a participant under the Plan shall be registered in the name of the participant or in the name of the participant and his
or her spouse. 
  

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 14. Administration. The Board or a committee of members of the Board who shall be appointed from
time to time by, and shall serve at the pleasure of, the Board, shall administer the Plan. The Administrator shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility, to
adjudicate all disputed claims filed under the Plan and to establish such procedures that it deems necessary for administration of the Plan (including, without limitation, to adopt such procedures and sub-plans as are necessary or appropriate to
permit the participation in the Plan by employees who are foreign nationals or employed outside the United States). The Administrator, in its sole discretion and on such terms and conditions as it may provide, may delegate to one or more individuals
all or any part of its authority and powers under the Plan. Every finding, decision and determination made by the Administrator (or its designee) shall, to the full extent permitted by law, be final and binding upon all parties. 
 15. Designation of Beneficiary. 
 (a)
A participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant’s account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the
option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant may file a written designation of a beneficiary who is to receive any cash from the participant’s account under the Plan in the
event of such participant’s death prior to exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 
 (b) Such designation of beneficiary may be changed by the participant at any time by notice in a form determined by the Administrator. In the event of
the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the
estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives
of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
 (c) All beneficiary designations shall be in such form and manner as the Administrator may designate from time to time. 
 16.
Transferability. Neither payroll deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in
any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company
may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof. 
 17. Use of
Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. Until shares are issued, participants
shall only have the rights of an unsecured creditor. 
  

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 18. Reports. Individual accounts shall be maintained for each participant in the Plan. Statements
of account shall be given to participating Eligible Employees at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any.

 19. Adjustments, Dissolution, Liquidation, Merger or Change in Control. 
 (a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other
property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the corporate
structure of the Company affecting the Common Stock such that an adjustment is determined by the Administrator (in its sole discretion) to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to
be made available under the Plan, then the Administrator will, in such manner as it may deem equitable, adjust the number and class of Common Stock which may be delivered under the Plan, the maximum number of shares each participant may purchase per
Offering Period (pursuant to Section 7), and the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised. Any such adjustment shall be made by the Administrator,
whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 
 (b)
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall
terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation.
The Administrator shall notify each participant in writing prior to the New Exercise Date, that the Exercise Date for the participant’s option has been changed to the New Exercise Date and that the participant’s option shall be exercised
automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 (c) Merger or Change in Control. In the event of a merger or Change in Control, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, any Offering Periods then in progress shall be shortened by setting a New Exercise Date and any Offering Periods
then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed merger or Change in Control. The Administrator shall notify each participant in writing prior to the New Exercise
Date, that the Exercise Date for the participant’s option has been changed to the New 
  

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 Exercise Date and that the participant’s option shall be exercised automatically on the New Exercise Date, unless
prior to such date the participant has withdrawn from the Offering Period as provided in Section 10. 
 20. Amendment or
Termination. 
 (a) The Administrator may at any time and for any reason terminate or amend the Plan, including the termination of any
Offering Period then outstanding. Except as provided in Section 19, no such termination can affect options previously granted under the Plan, provided that an Offering Period may be terminated by the Administrator on or prior to any Exercise
Date if the Administrator determines that the termination, suspension or amendment of the Plan is in the best interests of the Company and its stockholders. Except as provided in Section 19 and this Section 20, no amendment may make any
change in any option theretofore granted which adversely affects the rights of any participant. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock
exchange rule), the Company will obtain stockholder approval in such a manner and to such a degree as required. 
 (b) Without stockholder
consent and without regard to whether any participant rights may be considered to have been “adversely affected,” the Administrator will be entitled to change or terminate outstanding or prospective Offering Periods, limit the frequency
and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a
participant in order to adjust for delays or mistakes in the Company’ s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that
amounts applied toward the purchase of Common Stock for each participant properly correspond with amounts withheld from the participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its
sole discretion advisable which are consistent with the Plan. 
 (c) In the event the Administrator determines that the ongoing operation of
the Plan may result in unfavorable financial accounting consequences, the Board may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but
not limited to: 
 (i) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in
Purchase Price; 
 (ii) shortening any outstanding or prospective Offering Period so that Offering Period ends on a new Exercise Date or
terminating any outstanding Offering Period and returning contributions made through such date to participants; and 
 (iii) allocating
shares. 
 Such modifications or amendments will not require stockholder approval or the consent of any Plan participants. 
  

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 21. Notices. All notices or other communications by a participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 22. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance
and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such
exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned
applicable provisions of law. 
 23. Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the
Board of Directors or its approval by the stockholders of the Company. It shall continue in effect until terminated under Section 20 hereof. 
  

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