Document:

Development and Transition Services Agreement

 Exhibit 10.40 
 DEVELOPMENT AND TRANSITION SERVICES AGREEMENT 
 THIS DEVELOPMENT AND TRANSITION SERVICES AGREEMENT (the “Agreement”) is made and entered into as of
June 11, 2009 (the “Effective Date”) by and between NEUROMED DEVELOPMENT INC., a corporation organized and existing under the laws of Barbados (“Neuromed”),
and MALLINCKRODT INC., a Delaware corporation (the “Mallinckrodt”). Each of Neuromed and Mallinckrodt may be referred to in this Agreement individually as a “Party”, and
collectively as the “Parties.” 
 RECITALS 
 A. Concurrently with this Agreement, Neuromed and Mallinckrodt are entering into that certain Asset Purchase Agreement between
Neuromed and Mallinckrodt (the “Purchase Agreement”) pursuant to which Neuromed is selling and assigning to Mallinckrodt, and Mallinckrodt is purchasing from Neuromed, all of Neuromed’s tangible and intangible assets relating
to Product (as such term is defined in the Purchase Agreement). 
 B. In connection with such sale, the Parties desire
that Neuromed shall perform, at Mallinckrodt’s cost and expense, certain clinical development and regulatory activities through approval by the FDA of an NDA covering Product, and certain transition services for Mallinckrodt’s benefit in
order to facilitate the smooth transition of the Transferred Assets to Mallinckrodt. 
 The Parties therefore agree as follows:

 AGREEMENT 
 1. DEFINITIONS. The following terms, when used herein with initial capital letters, will have the meanings ascribed to such terms in this Article 1. Capitalized terms
used in this Agreement but otherwise not defined herein have the meanings given such terms in the Purchase Agreement. 
 1.1
“Development” means the conduct of clinical development and regulatory activities relative to Product, through achievement of regulatory approval by the FDA of an NDA filed by Neuromed covering Product, as conducted by Neuromed and in
accordance with this Agreement and the Development Plan. 
 1.2 “Development Costs” means all internal and
external costs incurred by Neuromed after the Effective Date for its conduct of Development of Products in accordance with the Development Plan, including any pre-clinical research or development activities, clinical trials, related regulatory
activities (including preparing and making regulatory filings) and REMS activities, which Development activities are necessary or useful to seek or obtain regulatory approval by the FDA with respect to Product (or a specific indication for Product)
in the Territory. The costs and reasonable expenses of Neuromed employees to the extent actually engaged in Development shall be included in Development Costs at the applicable portion of the FTE Rate, based on the number of days or portion of any
days spent by the applicable employee (during any particular time period) in conducting Development. 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential treatment under Rule 406 promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 1.3 “Development Plan” means the summary plan for conducting clinical
development and regulatory activities, through achievement of regulatory approval by the FDA of a NDA filed by Neuromed covering Product, attached as Appendix A of this Agreement, as such plan may be modified or amended in writing by the
Parties. 
 1.4 “FTE Rate” means, for one full time equivalent employee working for one full-time year (equal
to [*]days of work during the year, holidays, vacation and sick-days included), an amount equal to $[*] per such full-time equivalent year of work. 
 1.5 “Joint Development Committee” or “JDC” means the committee formed by the Parties as provided in Section 2.2. 
 1.6 “Neuromed Personnel” means all employees, agents, subcontractors, and representatives of Neuromed (or of
Neuromed’s Affiliate) who perform any Development or Transition Services under this Agreement, which personnel are listed on Appendix D, attached hereto (which list may be updated from time to time by Neuromed with the consent of
Mallinckrodt, such consent not to be unreasonably withheld or delayed). 
 1.7 “Past Development Costs” means
the Reimbursed Development Costs and Assumed Development Cost Liabilities, each as defined in the Purchase Agreement. 
 1.8
“Transition Services” means the transition services, functions and tasks of Neuromed described in Appendix B of this Agreement, as they may be changed or supplemented during the term of this Agreement pursuant to the terms of
this Agreement. If any service, function or responsibility not specifically described in this Agreement is an inherent or necessary part of the performance of the Transition Services, it will be deemed included within the scope of the Transition
Services. 
 1.9 “Territory” means the United States and its possessions and territories. 
 2. PRODUCT DEVELOPMENT AND NDA APPROVAL 
 2.1 Neuromed Development Activities. Notwithstanding that Mallinckrodt has purchased the Transferred Assets pursuant to the Purchase
Agreement, the Parties agree that Neuromed shall continue to be involved in Development, through NDA Approval, of Product, under the terms of this Agreement. Neuromed shall conduct any Development efforts in accordance with the Development Plan,
using Commercially Reasonable Efforts and at Mallinckrodt’s cost and expense as provided herein. Neuromed will be responsible for using Commercially Reasonable Efforts to conduct the Development of Product through obtaining NDA Approval for
Product, including the planning, filing and prosecution of the NDA with the FDA, all in accordance with the Development Plan, subject to Section 2.4 below and review of its Development activities by appropriate Mallinckrodt personnel. Neuromed
may utilize

  

 2. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 
consultants and contractors (such as CROs) to conduct significant portions of the Development activities under this Section 2.1 (and the costs of such third parties shall be included in the
Development Costs reimbursed by Mallinckrodt as provided in Section 2.3 below). Neuromed will use its Commercially Reasonable Efforts to conduct all the tasks and meet on a timely basis all the objectives and milestones under the Development
Plan. Neuromed will comply (and cause its Affiliates to comply) with all applicable federal, state and local laws and regulations, and will obtain all applicable Governmental Permits, in connection with its performance of the Development work under
this Section. The JDC shall oversee Neuromed’s Development efforts, and Neuromed shall keep the JDC fully informed of all development activities taken and results, including all regulatory actions and communications with the FDA relating to the
NDA. Neuromed will provide all services in connection with Development with at least the same level of skill, quality, care, timeliness and cost-effectiveness as such services, functions and tasks were performed by Neuromed and/or its Affiliates
internally prior to the Closing Date and in a manner that is reasonably calculated to result in approval of the NDA for Product at the earliest possible date and for the indications covered by the Development Plan. Neuromed will perform, and will
cause its Affiliates to perform, the Development in a prompt and professional manner, utilizing appropriately qualified and knowledgeable personnel and all tasks will be performed in accordance with industry standards for services of the type
performed. 
 2.2 Joint Development Committee. Promptly after the Effective Date, the Parties shall form a Joint
Development Committee (the “JDC”). The JDC shall (a) oversee Neuromed’s Development of the Product under the Development Plan, (b) act as the forum for Mallinckrodt to provide its input into
Development and to keep informed about its progress, and (c) offer its advice to expedite or aid the progress of Development work. The JDC shall be comprised of a total of six (6) appropriately qualified members (or such other even number
of members as is agreed to in writing by the Parties), with each of Neuromed and Mallinckrodt designating one half of the total number of members as its representatives. Either Party may replace any of its respective JDC representatives with an
appropriately qualified representative at any time with reasonable prior written notice to the other Party. The JDC will meet at least once each month so long as Product is being developed by Neuromed under this Agreement, provided that the JDC may
agree from time-to-time to meet at a greater or lesser frequency if appropriate under the circumstances. JDC meetings may be conducted by videoconference, teleconference or in person, as requested by a Party, except that at least one of the meetings
per year will be conducted in person. The JDC will agree upon the time and location of the meetings. A Neuromed representative of the JDC will act as the chair, and such chair (or a designee) shall coordinate, prepare and circulate an agenda for
each JDC meeting reasonably in advance of the meeting. A reasonable number of additional representatives of a Party may attend meetings of the JDC in a non-voting capacity. The JDC shall seek to reach consensus on matters coming before it, but will
not have any authority to decide development matters that are Neuromed’s responsibility under this Agreement. Notwithstanding the preceding provisions of this Section 2.2, Mallinckrodt shall have the right to give its prior written
approval for those Development activities or actions set forth and described on Appendix C attached hereto, such approval not to be unreasonably withheld. 
  

 3. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 2.3 Payment of Development Costs. Mallinckrodt shall reimburse
Neuromed on a monthly basis for all Development Costs (up to the maximum amount as set forth below) actually incurred by Neuromed in conducting the development of Product under this Agreement through Neuromed obtaining NDA Approval. On a monthly
basis and no later than the tenth (10th) day of each
calendar month for so long as this Agreement is in effect with respect to Development, Neuromed shall submit an invoice to Mallinckrodt setting forth the Development Costs incurred in the prior month (accompanied by such detail and supporting
documentation as to the percentage of such invoice attributable to work performed in the United States and as to the internal and external costs and expenses, as Mallinckrodt may reasonably request), and Mallinckrodt shall pay each such invoice
within thirty (30) days of receipt (provided, that any such amounts paid by Mallinckrodt pursuant to this sentence may be subject to later adjustment pursuant to the audit provisions of Section 5 below). All payments due hereunder will be
made in United States dollars and, unless otherwise agreed in writing, will be made by wire transfer to such bank as Neuromed may designate in writing. The maximum amount of reimbursement by Mallinckrodt of Neuromed development costs and expenses
under this Section 2.3, combined with any payment by Purchaser for Past Development Costs under and pursuant to the Purchase Agreement, is Sixteen Million Dollars ($16,000,000). At such time as Mallinckrodt has paid such maximum amount of
reimbursement to Neuromed, Mallinckrodt shall not be obligated to reimburse Neuromed for any additional Development Costs, and Neuromed shall not be required to continue Development efforts on the Product until such time as Mallinckrodt has given
approval for Neuromed’s continued efforts (as contemplated in Section 2.4 below). Neuromed will use good faith, diligent efforts to complete all the tasks covered by the Development Plan within such maximum amount of reimbursement.

 2.4 Limitation on Neuromed Development. Neuromed shall not be obligated to conduct Development tasks or efforts beyond
those tasks set forth in the Development Plan. If FDA requirements, or other matters, require that development efforts and/or tasks, beyond those set forth in the Development Plan, be undertaken in order to achieve NDA approval for the Product (the
“Additional Development Efforts”), then the JDC shall discuss in good faith and seek to agree on whether Neuromed should conduct such required Additional Development Efforts. If the Parties agree that Neuromed shall undertake any
specific Additional Development Efforts, Mallinckrodt and Neuromed shall amend the Development Plan to reflect such Additional Development Efforts, and Mallinckrodt shall reimburse Neuromed for all such Additional Development Efforts undertaken
under such amended Development Plan (in accordance with the applicable procedures set forth in Section 2.3 and even if the costs of such efforts exceed the limitation in Section 2.3). If the Parties cannot agree on whether Neuromed shall
conduct any particular Additional Development Efforts, then Mallinckrodt may, but shall not be required, to conduct any such Additional Development Efforts needed to obtain NDA Approval. 
 3. TRANSITION SERVICES 
 3.1 Provision of
Transition Services. Neuromed will use Commercially Reasonable Efforts to provide, and as necessary will cause its Affiliates to provide, the Transition Services to Mallinckrodt commencing promptly after the Effective Date, as

  

 4. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 
reasonably requested by Mallinckrodt or as needed to transition the Business and the Transferred Assets to Mallinckrodt. Except as otherwise expressly provided in this Agreement, Mallinckrodt
will reimburse Neuromed for its reasonable internal and out-of-pocket costs and expenses incurred in providing the Transition Services, based on monthly invoices provided by Neuromed. Neuromed will use Commercially Reasonable Efforts to provide the
facilities, personnel and other resources required for performance of the Transition Services. 
 3.2 General Standards of
Performance. Neuromed will provide, and will cause its Affiliates to provide, the Transition Services with at least the same level of skill, quality, care, timeliness and cost-effectiveness as such services, functions and tasks were performed by
Neuromed and/or its Affiliates internally prior to the Closing Date and in a manner that would be reasonably expected to enable Mallinckrodt to conduct the Business related to the Transferred Assets after the Closing. Neuromed will perform, and will
cause its Affiliates to perform, the Transition Services in a timely and professional manner and in accordance with industry standards for services of the type performed. Neuromed will comply, and will cause its Affiliates to comply, with all
applicable Laws and will obtain all applicable Governmental Permits in connection with the performance of the Transition Services under this Agreement. 
 3.3 Skills, Training, and Experience. Neuromed will ensure that Neuromed Personnel performing Transition Services have sufficient skills, training and experience to enable them to perform the
Transition Services with the same level of skill, quality, care, timeliness and cost-effectiveness as similar services, functions and tasks are performed for Neuromed. 
 3.4 Reduction in Services. Mallinckrodt may elect to suspend or not to receive any of the Transition Services at any time, with or without cause, upon written notice to Neuromed. If Mallinckrodt
suspends or elects not to receive a Transition Service, Mallinckrodt will pay to Neuromed all amounts due for such discontinued service prior to the effective date of discontinuance. 
 3.5 Additional Services. If Mallinckrodt reasonably requests that Neuromed perform additional services not included within the scope
of the Transition Services described on Appendix B, then the Parties will promptly negotiate in good faith with a view toward adding such additional services to Schedule B on terms and conditions substantially similar to those set
forth in this Agreement. 
 3.6 Service Fees. In consideration for the Transition Services to be performed by Neuromed,
Mallinckrodt shall pay Neuromed internal, at the applicable portion FTE Rate based on the actual amount of time any given individual is engaged in the performance of Transition Services, and external costs incurred by Neuromed in performing the
Transition Services, as reflected in monthly invoices to Mallinckrodt. Mallinckrodt shall pay each such invoice within thirty (30) days of receipt. All payments due hereunder will be made in United States dollars and, unless otherwise agreed in
writing, will be made by wire transfer to such bank as Neuromed may designate in writing. 
  

 5. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 4. Compensation and Benefits. All Neuromed Personnel performing Development work or providing
Transition Services under this Agreement will be deemed to be employees or representatives solely of Neuromed (or its Affiliates) for purposes of all compensation and employee benefits and not to be employees or representatives of Mallinckrodt.
Neuromed (or its Affiliates) will be solely responsible for payment of (a) all income, disability, withholding and other employment taxes and (b) all medical benefit premiums, vacation pay, sick pay or other fringe benefits for any
employees, agents or contractors of Neuromed who perform any tasks or services hereunder. All Neuromed Personnel will be under the direction, control and supervision of Neuromed, and Neuromed will have the sole right to exercise all authority with
respect to the employment, termination, assignment and compensation of such Neuromed Personnel. 
 5. Audit Rights. Upon at least thirty
(30) days prior written notice from Mallinckrodt and not more than twice in each calendar year, Neuromed shall permit, and shall require its Affiliates to permit, an independent certified public accounting firm of nationally recognized
standing, selected by Mallinckrodt and reasonably acceptable to Neuromed, to have access during normal business hours and at the audited party’s principal place of business, to such books of account and records of any audited party as may be
reasonably necessary to verify the accuracy of the invoices provided by Neuromed under either Section 2.3 or Section 3.6 for any period of time ending not more than twenty four (24) months prior to the date of such request. If an
audit pursuant to this Section 5 establishes that Neuromed overcharged Mallinckrodt for Development Costs or fees for Transition Services, then Neuromed shall promptly (and, in any event, no less than ten (10) Business Days after the
accounting firm has notified both Neuromed and Mallinckrodt in writing of the nature and amount of any overcharge) remit to Mallinckrodt the amount of such overcharge (to the extent such overcharged amount had been paid by Mallinckrodt to Neuromed)
plus interest (at the prime rate plus 2% as published in the Wall Street Journal at the end of the month preceding the month in which such repayment is to be made). The fees charged by such accounting firm in connection with any audit
pursuant to this Section 5 shall be paid by Mallinckrodt, provided, however, that such an audit establishes an overcharge by Neuromed that is more than five percent (5%) of the total amounts of Development Costs or Transition Services Fees
actually due to Neuromed under this Agreement for the period being audited, then Neuromed shall pay the reasonable fees and expenses charged by such accounting firm in connection with such audit. Mallinckrodt shall treat all financial information
subject to review under this Section as the Proprietary Information of Neuromed and its Affiliates, and shall cause its accounting firm to retain all such financial information in confidence. In addition, Mallinckrodt’s accounting firm shall be
required to execute a reasonable confidentiality agreement prior to commencing any audit pursuant to this Section 5. 
 6.
Inventions. All inventions, whether or not patentable, including, but not limited to, original works of authorship, developments, designs, improvements, or trade secrets relating to Product and arising from services performed under this
Agreement conceived or reduced to practice by Neuromed or its agents or employees (either acting alone or jointly with Mallinckrodt) (the “Mallinckrodt Inventions”) shall be assigned to Mallinckrodt, and Mallinckrodt (or any of its
assignees or Affiliates) has the sole and exclusive right to apply for and obtain patent or other protection to use, make, have made, sell, offer for sale, import and

  

 6. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 
distribute the Mallinckrodt Inventions. If for any reason, at law, equity or otherwise, Mallinckrodt is not deemed to be the assignee of such Mallinckrodt Inventions, then Neuromed hereby assigns
all right, title, and interest to such Mallinckrodt Inventions to Mallinckrodt. Neuromed will also promptly disclose to Mallinckrodt all Mallinckrodt Inventions created under this Agreement and will cooperate with and assist Mallinckrodt in seeking
protection and protecting the same in the name of Mallinckrodt, including executing any documents Mallinckrodt may reasonably request and obtaining the cooperation of current and former employees and consultants to execute and deliver such
documents. If Neuromed utilizes the services of one or more Third Parties in any work or services under this Agreement, Neuromed shall take commercially reasonable measures intending to ensure that all applicable intellectual property relating to
Product is assigned by said Third Party to Mallinckrodt. 
  

 7. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 7. LIMITATIONS OF LIABILITY. IN NO EVENT
SHALL EITHER PARTY BE LIABLE FOR ANY LOSS OF PROFIT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THIS AGREEMENT. IN NO EVENT WILL THE AGGREGATE LIABILITY OF EITHER PARTY UNDER THIS AGREEMENT EXCEED
THE TOTAL AMOUNT PAID BY MALLINCKRODT TO NEUROMED UNDER THIS AGREEMENT. EACH PARTY ACKNOWLEDGES THAT THE MUTUAL LIMITATIONS OF LIABILITY CONTAINED IN THIS SECTION 7 REFLECT THE ALLOCATION OF RISK SET FORTH IN THIS AGREEMENT AND THAT NEITHER PARTY
WOULD ENTER INTO THIS AGREEMENT WITHOUT THESE LIMITATIONS ON LIABILITY. 
 8. TERM AND
TERMINATION 
 8.1 Term. The term of this Agreement will commence on the Effective Date and will
continue (i) as to any Development performed hereunder until the completion by Neuromed, to the reasonable satisfaction of Mallinckrodt, of all Development tasks under the Development Plan and (ii) as to any Transition Services, until the
performance by Neuromed of the last of any Transition Services to be provided hereunder, unless earlier terminated or extended as provided herein with respect to either or both of Development or all or any portion of any Transition Services.

 8.2 Termination for Breach. Each Party will have the right to terminate this Agreement in its entirety or with respect
only to Development or to any one or more Transition Services by giving to the other Party written notice of termination if (i) the other Party fails to substantially comply with the material obligations imposed upon it under this Agreement,
(ii) the non-breaching party serves the breaching party with a written notice of such failure, which notice states with particularity the nature of the failure, (iii) the breaching party does not cure the failure within thirty
(30) days following receipt of the notice, and (iv) such breach is continuing at the time that the non-breaching party delivers its notice of termination. 
 8.3 Survival. The following provisions of this Agreement will survive the termination or expiration of this Agreement: Sections 1, 5, 6, 7, 8.3 and 9. 
 9. GENERAL 
 9.1 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given (i) when personally delivered, by confirmed facsimile transmission (with hard copy to follow promptly) or sent by
reputable express courier or (ii) five (5) days following mailing by registered or certified mail postage prepaid and return receipt requested. Unless another address is specified in writing, notices, demands and communications to Neuromed
and Mallinckrodt shall be sent to the addresses indicated below: 
  

 8. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 If to Neuromed Development Inc., to: 
 Parker House, Wildey Business Park 
 Wildey Road 
 St. Michael, BB14006 
 Barbados 
 Attention: Gillian Clark 
 Facsimile No.: (246) 436-9812 
 If to Mallinckrodt, to:

 Covidien Inc. 
 675 McDonnell Blvd. 
 Hazelwood, MO 63042 
 Attention: Charles Bramlage 
                   President, Pharmaceutical/Imaging 
 Facsimile No.: (314) 654-6020 
 with copies to (which shall not constitute notice) to: 
 Covidien
Inc. 
 675 McDonnell Blvd. 
 Hazelwood, MO 63042 
 Attention: C. Stephen Kriegh 
                  Vice President, Legal 
 Facsimile No.: (314) 654-7181 
 9.2 Relationship of the Parties. Each
Party will be deemed to be an independent contractor and not an agent, joint venturer or representative of the other Party. Neither Party may create any obligations or responsibilities on behalf of or in the name of the other Party. Neither Party
will hold itself out to be a partner, employee, franchisee, representative, servant or agent of the other party. 
 9.3
Withholding. All payments due hereunder will be made without any deduction or withholding for or on account of any taxes, duties, levies, fees or charges, except as may be required by law. To the extent that any amounts are so deducted and
withheld by Mallinckrodt as required by law, Mallinckrodt shall duly remit such amounts over to the appropriate governmental authority and provide Neuromed reasonable evidence of such payment and the basis for the withholding, and such deducted and
withheld amounts shall be treated for all purposes of this Agreement as having been paid to Neuromed in respect of which such deduction and withholding was made by Mallinckrodt. Neuromed shall furnish to Mallinckrodt such forms, certificates and
documentation (including, without limitation, Internal Revenue Service Forms W-8 and W-9) as may be necessary or appropriate, and that are legally required, to obtain any reduction of or exemption from any withholding. 
  

 9. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 9.4 Governing Law; Venue. This Agreement will be construed in accordance with, and
governed in all respects by, the laws of the State of New York (without giving effect to principles of conflicts of laws that would result in the application of the laws of a different jurisdiction. The venue provisions of Section 8.2 of the
Purchase Agreement shall govern this Agreement. 
 9.5 Amendment and Modification. This Agreement may be amended,
modified or supplemented only by written agreement of Neuromed and Mallinckrodt. 
 9.6 Waiver of Compliance; Consents.
Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any Party to this Agreement upon any breach or default of the other Party under this Agreement shall impair any such right, power or
remedy of such non-defaulting Party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or a waiver or acquiescence with respect to any similar breach or default thereafter occurring, nor shall any
waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under
this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any Party to this Agreement, shall be cumulative and not alternative. 
 9.7
Assignment. Subject to this Section 9.7, this Agreement shall not be assignable by any Party to any Third Party without the prior written consent of the other Parties. Notwithstanding the foregoing, a Party may assign this Agreement,
without the written consent of the other Parties, (a) to an Affiliate, provided that the assigning Party guarantees the performance of this Agreement by such Affiliate, or (b) to a successor to all or substantially all of such assigning
Party’s stock or the relevant portion of its assets or business to which this Agreement relates (whether by stock purchase, asset purchase, merger or otherwise), provided that any such assignee agrees in writing to be bound by the terms of this
Agreement. In addition, Neuromed may assign its right to receive payment hereunder to any Third Party with the consent of Mallinckrodt (not to be unreasonably withheld), provided, that any such assignee of the right to receive payment hereunder
shall not have the power or right to assert any of the rights of Neuromed hereunder against Mallinckrodt or any of its Affiliates. Any assignment of this Agreement in contravention of this Section 9.7 shall be null and void. 
 9.8 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of
law or public policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
  

 10. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 9.9 Counterparts. This Agreement may be executed and delivered (including by
facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which, when executed and delivered, shall be deemed to be an original but all of which taken together shall constitute one and
the same agreement. 
 9.10 Incorporation of Appendices. All Appendices attached hereto and referred to herein are hereby
incorporated herein by reference and made a part of this Agreement for all purposes as if fully set forth herein. 
 9.11
Headings. The descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 
 9.12 Specific Performance. Each of the Parties acknowledges and agrees that the other Party may be damaged irreparably in the event
any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly, each of the Parties agrees that, without posting bond or other undertaking, the other Parties will
be entitled to seek an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof in any proceeding instituted in any court of the
United States or any state thereof having jurisdiction over the parties and the matter in addition to any other remedy to which it may be entitled, at law or in equity. Each Party further agrees that, in the event of any action for specific
performance in respect of such breach or violation, it will not assert that the defense that a remedy at law would be adequate. 
 9.13 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION AS BETWEEN THE PARTIES DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 9.13. 
  

 11. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 The Parties to this Agreement have caused this Agreement to be executed and delivered by
their authorized representatives as of the Effective Date. 
  

									
	MALLINCKRODT INC.	 		 		  	
				
		 		 		 	Witnessed this 11th day of June, 2009
	By:	 	 /s/    John H. Masterson
	 		 	
	Name:	 	John H. Masterson	 		 	By:	  	 /s/    Suzanne E. Geddy

	Title :	 	Secretary	 		 	Name:	  	Suzanne E. Geddy
	Date:	 	June 11, 2009	 		 	Notary Public in and For: Massachusetts
				
		 		 		 	[MASSACHUSETTS NOTARY SEAL]
	NEUROMED DEVELOPMENT INC.	 		 		  	
		 		 		 	Witnessed this 11th day of June, 2009
	By:	 	 /s/    Christopher C. Gallen, M.D., Ph.D.
	 		 	
	Name:	 	Christopher C. Gallen, M.D., Ph.D.	 		 	By:	  	 /s/ Linda M. Sobeck

	Title :	 	CEO	 		 	Name:	  	Linda M. Sobeck
	Date:	 	June 11, 2009	 		 	Notary Public in and For: Pennsylvania
				
		 		 		 	[PENNSYLVANIA NOTARY SEAL]

  

 12. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 Appendix A 
 Development Plan 
 The Development Plan provides a description and
timeline of the required development and regulatory activities to be conducted by Neuromed on behalf of Mallinckrodt to obtain FDA approval of NDA 21-217 (the “Development” under the Product Development and Transition Services Agreement).

 Required Activities 
 1. Clinical: Neuromed has conducted two clinical studies (NMT-1077-301 and NMT-1077-302) [*]. NMT-1077-301 has been completed, and will be incorporated into the filing of the Complete Response to the Approvable Letter (“CR”). [*]
will undertake certain activities required to complete NMT-1077-302. The major activities to be conducted post submission and prior to approval: 
 a. Data analysis [*], 
 b. Preparation for questions from the FDA
Clinical and Clinical Pharmacology reviewers, e.g. [*], 
 c. Answering questions from all FDA reviewers in an
expeditious way facilitated by preparation described above, 
 d. [*] will conduct [*] post-submission and prior
to approval activities related to study NMT-1077-301 [*], and 
 e. Pre-approval auditing of clinical (and other)
sites that FDA is likely to conduct, it being understood that the sites will likely need some support [*]. 
 2. Non-clinical:
Neuromed has initiated [*]. The responsibility for these studies [*]. [*] will provide consultative services to [*] for monitoring and managing these studies as required. 
 a. Answering questions from all FDA reviewers on nonclinical issues. 
 3. CMC: Neuromed will address questions from the FDA CMC reviewers [*]. 
 4. Regulatory: Neuromed will be responsible for preparing and submitting all necessary filings to, and for communications with, the FDA,
including: 
  

 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential treatment under Rule 406 promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 a. Submitting the CR (Submitted on May 22, 2009). 
 i. Submitting a Risk Evaluation and Mitigation Strategy (REMS) as part of the CR to support FDA approval to market the
Product. 
 b. Communicating with the FDA throughout the review process. 
 c. Submitting the 120-day safety update. 
 d. Preparation for an FDA Advisory Committee. 
 Assumptions: 
 The Development Plan is intended to describe activities
required to [*] and obtain FDA approval. [*] 
 1. Clinical: 
 a. NMT-1077-302 Osteoarthritis Study: 
   i. [*] 
  ii. [*] 
 2. Non-clinical: 
 a. [*] will be responsible for monitoring the conduct and completion of the ongoing [*] studies and will assist with the
transition of responsibility of the studies. [*] will [*] provide consultative services [*]. 
 3. Regulatory:

 a. [*] 
 b. REMS: 
 i. [*] 
  

 2. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 c. CR to NDA: 
  

			
	i.	 	Neuromed will be responsible for preparing, formatting and publishing the CR.
	ii.	 	It is expected that the FDA will require an Advisory Committee meeting to review the Product.
	iii.	 	The CR was submitted to the FDA on May 22, 2009. [*]

 4. Timeline: 
 See attached Gantt chart for target dates of key activities. 
 [*]

  

 3. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 Appendix B 
 Transition Services 
 None 
  

 4. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 Appendix C 
 Development Activities Requiring Mallinckrodt Approval 
 1. Review and
approval of all CMC related protocols and study reports 
 2. Review and approval of all regulatory correspondence 
 3. Review and approval of all clinical study reports and analysis plans 
 4. Review and approval of all non-clinical study reports and analysis plans 
 5. Review and
approval of all sub-contractor agreements 
 6. Review and approval of all REMS plans 
  

 5. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 Appendix D 
 Neuromed Personnel 
 Gene Wright 
 [*] 
 [*] 
 [*] 
 [*] 
 [*] 
 Chris Gallen 
  

 6. 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 FIRST AMENDMENT TO 
 DEVELOPMENT AND TRANSITION SERVICES AGREEMENT 
 This First Amendment to Development and Transition Services Agreement (this “Amendment”) is made as of July 15, 2009, between Neuromed Pharmaceuticals Ltd., a Canadian corporation (“Neuromed”), and
Mallinckrodt Inc., a Delaware corporation and an indirect subsidiary of Covidien plc (“Mallinckrodt”). Mallinckrodt and Neuromed may each be referred to herein as a “Party” and collectively as the “Parties.” 

 Recitals 
 WHEREAS, Neuromed Development Inc., a corporation organized under the laws of Barbados (“NDI”), and Mallinckrodt entered into that certain Development and Transition Services Agreement
dated as of June 11, 2009 (the “Agreement”) (unless otherwise defined in this Amendment, each capitalized term used herein shall have the meaning ascribed to it in the Agreement); 
 WHEREAS, NDI subsequently transferred to Neuromed all of NDI’s rights and interests in and to, and all of its obligations under,
the Agreement and Neuromed duly has accepted all such rights and assumed all such obligations; 
 WHEREAS, the Parties
have determined that the Joint Development Committee required under the Agreement to be established should be comprised of eight (8) individuals rather than six (6) individuals as originally provided in the Agreement; and 
 WHEREAS, the Parties desire to amend the Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and sufficient consideration, receipt of
which is hereby acknowledged, the Parties agree as follows: 
  

	1.	The words “six (6)” in the third sentence of Section 2.2 of the Agreement hereby are deleted and replaced with the words “eight (8)”
such that the Joint Development Committee shall be comprised of a total of eight (8) appropriately qualified members. 

  

	2.	The paragraph of Section 9.1 of the Agreement which begins “If to Neuromed Development Inc., to” hereby is deleted in its entirety and replaced as
follows: 

 “If to Neuromed, to: 
 Neuromed Pharmaceuticals Ltd. 
  

 1 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 301-2389 Health Sciences Mall 
 Vancouver, BC V6T1Z3 
 Canada 
 Attention: Christopher Gallen” 
  

	3.	All other provisions of the Agreement not specifically and expressly amended by this Amendment shall remain in full force and effect. 

Remainder of the page left blank intentionally. 
  

 2 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions. 

 IN WITNESS WHEREOF, this Amendment has been executed and delivered by the parties
hereto by their respective duly authorized representatives as of the date first above written. 
  

									
	NEUROMED PHARMACEUTICALS, LTD.	 		 	MALLINCKRODT INC.
					
	By:	  	 /s/    Christopher C. Gallen, M.D., Ph.D.
	 		 	By:	 	 /s/    John H. Masterson

	Name:	  	Christopher C. Gallen, M.D., Ph.D.	 		 	Name:	 	John H. Masterson
	Title:	  	CEO	 		 	Title:	 	Secretary

  

 3 
 Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406
promulgated under the Securities Act of 1933, as amended; [*] denotes omissions.First Amended and Restated Trust Agreement

 Exhibit 4.1 
 iSHARES® DELAWARE TRUST SPONSOR LLC,

 as Sponsor 
 and 
 BARCLAYS GLOBAL INVESTORS, N.A., 
 as Trustee 
 and 
 WILMINGTON TRUST COMPANY, 
 as Delaware Trustee 
 FIRST AMENDED AND RESTATED TRUST AGREEMENT 
 iSHARES® DIVERSIFIED ALTERNATIVES TRUST 
 Dated as of September 24, 2009 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
		
	 ARTICLE I    DEFINITIONS AND RULES OF CONSTRUCTION
	  	1
			
	 Section 1.1
	    	Definitions	  	1
			
	 Section 1.2
	    	Rules of Construction	  	5
		
	 ARTICLE II    CREATION AND DECLARATION OF TRUST
	  	6
			
	 Section 2.1
	    	Creation and Declaration of Trust; Business of the Trust	  	6
			
	 Section 2.2
	    	Legal Title	  	6
			
	 Section 2.3
	    	Form of Certificates; Book-Entry System; Transferability of Shares	  	6
			
	 Section 2.4
	    	Issuance and Redemption of Shares; General	  	7
			
	 Section 2.5
	    	Purchase Orders	  	7
			
	 Section 2.6
	    	Delivery of Shares	  	8
			
	 Section 2.7
	    	Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates	  	8
			
	 Section 2.8
	    	Redemption of Shares and Withdrawal of Trust Property	  	9
			
	 Section 2.9
	    	Limitations on Issuance and Delivery, Registration of Transfer and Surrender of Shares	  	9
			
	 Section 2.10
	    	Lost Certificates, Etc	  	9
			
	 Section 2.11
	    	Cancellation and Destruction of Surrendered Certificates	  	9
			
	 Section 2.12
	    	Splits and Reverse Splits of Shares	  	10
			
	 Section 2.13
	    	Transaction Fees	  	10
		
	 ARTICLE III    REGISTERED OWNERS
	  	10
			
	 Section 3.1
	    	Limitation on Liability	  	10
			
	 Section 3.2
	    	Liability of Registered Owner for Taxes and Other Governmental Charges	  	10
			
	 Section 3.3
	    	Warranties on Delivery of Basket Amount	  	10
		
	 ARTICLE IV    ADMINISTRATION OF THE TRUST
	  	11
			
	 Section 4.1
	    	Valuation of Trust Property	  	11
			
	 Section 4.2
	    	Responsibility of the Trustee for Determinations	  	11
			
	 Section 4.3
	    	Cash Distributions	  	12
			
	 Section 4.4
	    	Other Distributions	  	12
			
	 Section 4.5
	    	Fixing of Record Date	  	12
			
	 Section 4.6
	    	Payment of Expenses; Sales of Trust Property	  	12
			
	 Section 4.7
	    	Statements and Reports	  	13
			
	 Section 4.8
	    	Further Provisions for Sales of Trust Property	  	13
			
	 Section 4.9
	    	Counsel	  	13
			
	 Section 4.10
	    	Tax Matters	  	13

  

 - i - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page
		
	 ARTICLE V    THE TRUSTEE AND THE SPONSOR
	  	16
			
	 Section 5.1
	    	Management of the Trust	  	16
			
	 Section 5.2
	    	Maintenance of Office and Transfer Books by the Trustee	  	16
			
	 Section 5.3
	    	Authority of the Sponsor	  	16
			
	 Section 5.4
	    	Prevention or Delay in Performance by the Sponsor or the Trustee	  	17
			
	 Section 5.5
	    	Liability of Covered Persons	  	17
			
	 Section 5.6
	    	Fiduciary Duty	  	17
			
	 Section 5.7
	    	Obligations of the Sponsor and the Trustee	  	19
			
	 Section 5.8
	    	Delegation of Obligations of the Trustee	  	19
			
	 Section 5.9
	    	Resignation or Removal of the Trustee; Appointment of Successor Trustee	  	19
			
	 Section 5.10
	    	Custodians	  	20
			
	 Section 5.11
	    	Indemnification	  	20
			
	 Section 5.12
	    	Charges of Trustee	  	22
			
	 Section 5.13
	    	Charges of the Sponsor	  	22
			
	 Section 5.14
	    	Retention of Trust Documents	  	22
			
	 Section 5.15
	    	Federal Securities and Commodities Law Filings	  	22
			
	 Section 5.16
	    	Prospectus Delivery	  	23
			
	 Section 5.17
	    	Discretionary Actions by Trustee; Consultation	  	23
			
	 Section 5.18
	    	Number of Trustees	  	24
			
	 Section 5.19
	    	Initial Trustee	  	24
			
	 Section 5.20
	    	Delaware Trustee	  	24
			
	 Section 5.21
	    	Compensation and Expenses of the Delaware Trustee	  	25
		
	 ARTICLE VI    AMENDMENT AND TERMINATION
	  	25
			
	 Section 6.1
	    	Amendment	  	25
			
	 Section 6.2
	    	Termination	  	26
		
	 ARTICLE VII    MISCELLANEOUS
	  	27
			
	 Section 7.1
	    	Counterparts	  	27
			
	 Section 7.2
	    	Third-Party Beneficiaries	  	27
			
	 Section 7.3
	    	Severability	  	27
			
	 Section 7.4
	    	Notices	  	27
			
	 Section 7.5
	    	Governing Law; Consent to Jurisdiction	  	28
			
	 Section 7.6
	    	Headings	  	29
			
	 Section 7.7
	    	Compliance with Regulation B	  	29

  

 - ii - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	    	 	  	Page
			
	 Section 7.8
	    	Binding Effect; Entire Agreement	  	29
			
	 Section 7.9
	    	Provisions in Conflict With Law or Regulations	  	29
		
	EXHIBIT A    FORM OF CERTIFICATE	  	A-1
		
	ANNEX I    CAPITAL ACCOUNTS, DISTRIBUTIONS AND ALLOCATIONS	  	A-I-1

  

 - iii - 

 FIRST AMENDED AND RESTATED TRUST AGREEMENT 
 This First Amended and Restated Trust Agreement (the “Trust Agreement”), dated as of September 24, 2009, is among
iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company, as sponsor (the “Sponsor”),
Barclays Global Investors, N.A., a national banking association, as trustee (the “Trustee”), and Wilmington Trust Company, a Delaware banking company, as Delaware trustee (the “Delaware Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the “iShares® Diversified Alternatives Trust” (the “Trust”) was created on
July 30, 2009 in compliance with the provisions of the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., (as it may be amended from time to time, or any successor legislation, the
“Act”); 
 WHEREAS, in connection with the creation of the Trust, a trust agreement (the “Original Trust Agreement”) was
executed by the Sponsor, the Trustee and the Delaware Trustee as of July 30, 2009 setting forth the terms on which Baskets of Shares (in each case as defined below) representing units of fractional undivided beneficial interests in the net
assets of the Trust may be created and redeemed, the Certificate (as defined below) evidencing the Shares may be issued, and certain other terms and conditions upon which the Trust would be established and administered. 
 WHEREAS, the parties hereto wish to amend and restate the Original Trust Agreement as hereinafter provided. 
 NOW, THEREFORE, it being the intention of the parties hereto that, effective as of the date hereof, this First Amended and Restated Trust Agreement
constitute the governing instrument of the Trust, and the provisions of the Original Trust Agreement shall have no longer any force or effect and shall be superseded entirely by the provisions hereof, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions. Except as otherwise specified in this
Trust Agreement or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Trust Agreement. 
 “Act” has the meaning specified in the recitals hereto. 
 “Adjusted Property” means any property the book value of which has been adjusted as provided by Section 1(d) of Annex I. 
 “Adjusted Net Asset Value” has the meaning specified in Section 4.1(b). 
 “Advisor” means Barclays Global Fund Advisors, or any successor thereto in its capacity as the advisor to the Trust. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person. 

 “Agreement” means this Trust Agreement, including Exhibit A and
Annex I hereto, as amended, modified, supplemented and restated from time to time in accordance with its terms. 
 “Authorized Participant” means a Person that, at the time of submitting to the Trust a Purchase Order or a Redemption Order (a) is a registered broker-dealer and, if required in connection with its activities, a
registered futures commission merchant, (b) is a DTC Participant, and (c) has in effect a valid Authorized Participant Agreement. 
 “Authorized Participant Agreement” means an agreement among the Trust, the Sponsor and an Authorized Participant that provides the procedures for the creation and redemption of Baskets.

 “Basket” means a block of 100,000 Shares, as such number may be increased or decreased, from time to time,
by written notice from the Sponsor to the Trust. 
 “Basket Amount” is the amount of cash determined as
provided in Section 2.5(c). 
 “Beneficial Owner” means any Person owning a beneficial interest in any
Shares, including a person who holds Shares through a Registered Owner. 
 “Book-Tax Disparity” means, with
respect to any property, as of any date of determination, the difference between the book value of such property (as initially determined under Section 7 of Annex I in the case of contributed property, and as adjusted from time to time
in accordance with Section 2(c) of Annex I) and the adjusted basis thereof for U.S. federal income tax purposes, as of such date of determination. A Beneficial Owner’s share of the Trust’s Book-Tax Disparities will be reflected
by the difference between such Beneficial Owner’s Capital Account balance, as maintained pursuant to Section 1 of Annex I, and such balance had the Capital Account been maintained strictly in accordance with tax accounting
principles. 
 “Business Day” shall mean any day other than (a) a Saturday or Sunday; or (b) a day on
which the Exchange is closed for regular trading. 
 “Capital Account” has the meaning specified in
Section 1 of Annex I. 
 “Certificate” means a certificate, in substantially the form attached as
Exhibit A hereto that is executed and delivered by the Trustee under this Trust Agreement evidencing Shares. 
 “Certificate of Trust” means the Certificate of Trust, as filed with the Secretary of State pursuant to Section 3810 of the Act. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Conflicting Provisions” has the meaning specified in Section 7.9. 
 “Corporate
Trust Office” means the office of the Trustee at which its depositary receipt business is administered, which, as of the date hereof, is located at 400 Howard Street, San Francisco, CA 94105. 
 “Covered Person” means the Delaware Trustee, the Trustee, and the Sponsor. 
 “Delaware Trustee” means the Person named as such in the introductory paragraph hereto, solely in such Person’s
capacity as the Delaware trustee of the Trust created hereunder and not in such Person’s individual capacity, and includes any successor Delaware trustee under this Trust Agreement. 
  

 - 2 - 

 “Deliver,” “Delivered” or “Delivery”
means, when used with respect to Shares, either (i) one or more book-entry transfers of such Shares to an account or accounts at DTC designated by the Person entitled to such delivery for further credit as specified by such Person or
(ii) in the circumstances specified in Section 2.3(e), execution and delivery at the Corporate Trust Office of one or more Certificates evidencing those Shares. 
 “Depositor” means any Authorized Participant that delivers cash to or at the direction of the Trust, either for its own
account or on behalf of another Person that is the owner or beneficial owner of such cash. 
 “Distribution
Agreement” means the Distribution Agreement between the Sponsor and the Initial Purchaser. 
 “DTC”
means The Depository Trust Company, or its successor. 
 “DTC Participant” means a Person that has an account
with DTC. 
 “Eligible Business Day” shall mean a Business Day other than a Business Day which immediately
precedes two or more consecutive days on which there is no scheduled exchange trading session for one or more of the futures contracts that on such day constitute the Relevant Futures Contracts. 
 “Exchange” means NYSE Arca or any other regulated securities market where the Sponsor may from time to time decide to list
the Shares for trading. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder. 
 “Indemnified Amounts” has the meaning specified in Section 5.11(a).

 “Indemnitee” has the meaning specified in Section 5.11(e). 
 “Indemnitor” has the meaning specified in Section 5.11(e). 
 “Indirect Participant” means a Person that has access to the DTC clearing system by clearing securities through, or
maintaining a custodial relationship with, a DTC Participant. 
 “Initial Purchaser” means Barclays Capital
Inc., as initial purchaser under the Distribution Agreement. 
 “Net Asset Value per Share” means the net asset
value of a Share, as determined in accordance with Section 4.1(b). 
 “Net Asset Value of the
Trust” has the meaning specified in Section 4.1(b). 
 “Order Cutoff Time” means, with
respect to any Business Day, (a) 4:00 p.m. (New York City time) on such Business Day or (b) any other time agreed to by the Sponsor and the Trustee and of which all existing Authorized Participants have been previously notified by the
Trustee. 
 “Order Date” means, with respect to a Purchase Order, the date specified in
Section 2.5(b) and, with respect to a Redemption Order, the date specified in Section 2.8. 
  

 - 3 - 

 “Percentage Interest” means as to each Beneficial Owner, the portion
(expressed as a percentage) of the total outstanding Shares held by such Beneficial Owner. 
 “Person” means
any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Processing Agent” means SEI Investments Distribution Co., or any successor thereto in its capacity as the processing agent
for the Trust. 
 “Proceeding” has the meaning specified in Section 5.11(e). 
 “Purchase Order” has the meaning specified in Section 2.5(b). 
 “Qualified Bank” means a bank, trust company, corporation or national banking association organized and doing business
under the laws of the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (a) is a DTC Participant or a participant in such other securities depositary as is then
acting with respect to the Shares, and (b) unless counsel to the Sponsor, determines that the following requirement is not necessary for the exception under Section 408(m) of the Code to apply, is a banking institution as defined in
Section 408(n) of the Code. 
 “Redemption Order” has the meaning specified in Section 2.8.

 “Registered Owner” means a Person in whose name Shares are registered on the books of the Registrar
maintained for that purpose. 
 “Registrar” means the Trustee or any bank or trust company that is appointed to
register Shares and transfers of Shares as herein provided. 
 “Relevant Futures Contracts” shall mean, as of
any day, all of the futures contracts purchased or sold, or that may be purchased or sold, by the Trust on such day. 
 “SEC” means the Securities and Exchange Commission of the United States, or any successor governmental agency in the United States. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 
 “Settlement Agent” means State Street Bank and Trust Company, a Massachusetts trust company, or any successor thereto appointed by the Trust as the Trust’s agent for settling
Creations and Redemptions with Authorized Participants. 
 “Shares” means units of fractional undivided
beneficial interest in the net assets of the Trust. 
 “Short-Term Securities” means U.S. Treasury securities
or other short-term securities that are eligible as margin deposits under the rules of an exchange or other counterparty to the Trust. 
 “Sponsor” means the Person named as such in the introductory paragraph hereto, solely in such Person’s capacity as sponsor of the Trust and not in such Person’s individual capacity, or any successor thereto which
shall have executed such documents and other instruments as in the opinion of counsel to the Trust shall be necessary to assume all of the duties and responsibilities of the Sponsor hereunder. 
  

 - 4 - 

 “Sponsor Indemnified Party” has the meaning specified in
Section 5.11(d). 
 “Surrender” means, when used with respect to Shares, (a) one or more
book-entry transfers of Shares to the DTC account of the Trustee or (b) surrender to the Trustee at its Corporate Trust Office of one or more Certificates evidencing Shares. 
 “Tax Matters Partner” means the Sponsor or any successor thereto in its capacity as the “tax matters partner” for
the Trust, as such term is defined in Section 6231(a)(7) of the Code. 
 “Trust” has the meaning specified
in the recitals hereto. 
 “Trust Administrator” means State Street Bank & Trust Company, or any
successor thereto in its capacity as the trust administrator for the Trust. 
 “Trustee” means the Person named
as such in the introductory paragraph hereto, solely in such Person’s capacity as a trustee and not in such Person’s individual capacity, so long as such Person shall continue in office in accordance with the terms hereof, and any other
Person who may from time to time be duly appointed, qualified and serving as a trustee in accordance with the provisions hereof. 
 “Trustee Indemnified Persons” has the meaning specified in Section 5.11(a). 
 “Trust Property” means, at any time, the assets of the Trust at such time, regardless of whether such assets are held by the Trustee or any agent or custodian for the Trust. 
 “Unrealized Gain” attributable to any Trust property means, as of any date of determination, the excess, if any, of the
fair market value of such property (as determined for purposes of Section 1(d) of Annex I) as of such date of determination over the adjusted basis of such property as of such date of determination. 
 “Unrealized Loss” attributable to any Trust property means, as of any date of determination, the excess, if any, of the
adjusted basis of such property as of such date of determination over the fair market value of such property (as determined for purposes of Section 1(d) of Annex I) as of such date of determination. 
 Section 1.2 Rules of Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with generally accepted
accounting principles as then in effect in the United States; 
 (iii) “or” is not exclusive;

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

 - 5 - 

 ARTICLE II 
 CREATION AND DECLARATION OF TRUST 
 Section 2.1
Creation and Declaration of Trust; Business of the Trust. (a) The Trustee declares that it holds and will hold all Trust Property, as Trustee, for the benefit of the Registered Owners for the purposes of, and subject to the terms and
conditions set forth in, this Trust Agreement. The trust governed by this Trust Agreement shall be known as “iShares® Diversified Alternatives Trust.” The Trustee and the Delaware Trustee filed, or caused to be filed, the Certificate of Trust (and any amendment thereto or
restatement thereof) with the Delaware Secretary of State on July 30, 2009. 
 (b) The Trust shall have full power and
authority to engage in such business or activities as set forth in, or contemplated for by, this Trust Agreement, the Authorized Participant Agreements and any other agreements or instruments to which, in compliance with the provisions of this Trust
Agreement, it shall become a party to or by which it may be bound, and to engage in activities incidental and necessary to carry out the duties and responsibilities as set forth in, or contemplated by, this Trust Agreement, such Authorized
Participant Agreements and such other agreements or instruments. Other than the Shares, the Trust shall not issue or sell any beneficial interests or other obligations or otherwise incur, assume or guarantee any indebtedness for money borrowed.

 Section 2.2 Legal Title. Legal title to all of the Trust Property 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 Property to be vested otherwise, the Trustee may cause legal title to the Trust Property or any portion thereof to be held by or in
the name of the Trustee or any other Person (other than a Registered Owner or a Beneficial Owner) as nominee. 
 Section 2.3
Form of Certificates; Book-Entry System; Transferability of Shares. (a) Each Certificate shall be substantially in the form set forth in Exhibit A hereto, with appropriate insertions, modifications and omissions, as hereinafter
provided. No Shares shall be entitled to any benefits under this Trust Agreement or be valid or obligatory for any purpose unless a Certificate evidencing those Shares has been executed by the manual or facsimile signature of a duly authorized
signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar. A Certificate bearing the manual or facsimile
signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized officer of the Registrar, if applicable, who was, at the time such Certificate was executed, a proper signatory of the Trustee or the Registrar, if
applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Certificate. 
 (b) A Certificate may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Trust Agreement as may be required by
the Trustee or required to comply with any applicable law or regulations or with the rules and regulations of any securities exchange or automated quotation system upon which Shares may be listed or quoted or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject. 
  

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 (c) The Sponsor and the Trustee will apply to DTC for acceptance of the Shares in its
book-entry settlement system. Shares deposited with DTC shall be evidenced by one or more global Certificates, which shall be registered in the name of Cede & Co., as nominee for DTC, and shall bear the following legend: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE AGENT
AUTHORIZED BY THE TRUST FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 (d) So long as the Shares are eligible for book-entry settlement with DTC and
such settlement is available, unless otherwise required by law, notwithstanding the provisions of Sections 2.3(a) and (b), all Shares shall be evidenced by one or more global Certificates, the Registered Owner of which is DTC or a
nominee of DTC, and (1) no Beneficial Owner will be entitled to receive a separate Certificate evidencing those Shares, (2) the interest of a Beneficial Owner in Shares represented by a global Certificate will be shown only on, and
transfer of that interest will be effected only through, records maintained by DTC or a DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and (3) the rights of a Beneficial Owner with respect to
Shares represented by a global Certificate will be exercised only to the extent allowed by, and in compliance with, the arrangements in effect between such Beneficial Owner and DTC or the DTC Participant or Indirect Participant through which that
Beneficial Owner holds an interest in Shares. 
 (e) If, at any time when Shares are evidenced by a global Certificate, DTC
ceases to make its book-entry settlement system available for such Shares, the Sponsor and the Trustee may select a comparable depositary for the book-entry settlement of the Shares and cause new global Certificates to be issued and registered in
the name of such successor depositary or its nominee. If the Sponsor and the Trustee determine that no such successor depositary is available, the Trust will terminate as set forth in Section 6.2(a)(vii) and, to the extent necessary in
connection therewith, the Trustee shall execute and deliver separate Certificates evidencing Shares registered in the names of the Beneficial Owners thereof, with such additions, deletions and modifications to this Trust Agreement and to the form of
Certificate evidencing Shares as the Sponsor and the Trustee may agree. 
 (f) Title to a Certificate (and to the Shares
evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a certificated security under Article 8 of the Uniform Commercial Code of the State
of Delaware; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof for the purpose of determining the Person entitled to any distribution
or to any notice provided for in this Trust Agreement and for all other purposes. 
 Section 2.4 Issuance and Redemption of
Shares; General. Subject to the terms of this Trust Agreement, the Trustee shall have the power and authority, without the approval or action of any Registered Owner or Beneficial Owner, to issue and redeem Shares from time to time. The number
of Shares authorized shall be unlimited. All Shares when so issued on the terms contemplated by this Trust Agreement shall be fully paid and non-assessable. Every Registered Owner or Beneficial Owner, by virtue of having purchased or otherwise
acquired a Share or a beneficial interest in a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
 Section 2.5 Purchase Orders. (a) Issuances and Deliveries of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Trust Agreement, as
supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Trust Agreement. 
  

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 (b) Authorized Participants wishing to acquire one or more Baskets must place an order with
the Processing Agent (a “Purchase Order”) on an Eligible Business Day. Purchase Orders received by the Processing Agent prior to the Order Cutoff Time on an Eligible Business Day will have that Eligible Business Day as the Order
Date. Purchase Orders received by the Processing Agent on or after the Order Cutoff Time on an Eligible Business Day, on a Business Day other than an Eligible Business Day, or on a day other than a Business Day, will be considered received at the
opening of business on the next Eligible Business Day and will have as their Order Date the date of such next Eligible Business Day. As consideration for each Basket to be acquired pursuant to a Purchase Order, a Depositor must pay to the Trust the
Basket Amount announced by the Trust on the first Business Day immediately following the Order Date of such Purchase Order. 
 (c) The Trustee shall determine the Basket Amount for each Business Day. The Basket Amount shall be an amount of cash equal to the product of (i) the Net Asset Value per Share on the date on which the determination is being made and
(ii) 100,000 Shares (or such other number of Shares as at the time shall constitute a Basket). 
 (d) All cash delivered to
the Trust as part of a Purchase Order and any other Trust Property shall be owned by the Trust and held for the Trust by the Trustee at such place and in such manner as the Trustee shall determine. 
 Section 2.6 Delivery of Shares. Upon receipt by the Trustee of the aggregate Basket Amount corresponding to the number of Baskets
specified in a Purchase Order, the Trustee shall Deliver to, or as directed by, the Depositor the number of Baskets issuable in respect of such Purchase Order, but only upon reimbursement to the Trust of any extraordinary costs or expenses incurred
in connection with the execution of trades related to such Purchase Order, and the payment to the Trust of the fees provided in Section 2.13 and all taxes and governmental charges and fees payable in connection with such issuance and
Delivery of the Baskets. 
 Section 2.7 Registration and Registration of Transfer of Shares; Combination and Split-up of
Certificates. (a) The Trustee shall keep or cause to be kept a register of Registered Owners and shall provide for the registration of Shares and the registration of transfers of Shares. 
 (b) The Trustee, subject to the terms and conditions of this Trust Agreement, shall register transfers of ownership of Shares on its
transfer books from time to time upon any Surrender of a Certificate evidencing such Shares by the Registered Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer, and duly stamped as
may be required by the laws of the State of New York and the United States of America. Thereupon, the Trustee shall execute a new Certificate or Certificates evidencing such Shares, and deliver the same to or upon the order of the Person entitled
thereto. 
 (c) The Trustee, subject to the terms and conditions of this Trust Agreement, shall, upon Surrender of a Certificate
or Certificates for the purposes of effecting a split-up or combination of that Certificate or Certificates, execute and deliver one or more new Certificates evidencing those Shares. 
 (d) The Trustee may, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint one or more
co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and split-ups of Certificates at designated transfer offices on behalf of the Trustee. In carrying out its functions, a co-transfer agent may
require evidence of authority and compliance with applicable laws and other requirements by Registered Owners or Persons entitled to Shares and will be entitled to protection and indemnity to the same extent as the Trustee. 
  

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 Section 2.8 Redemption of Shares and Withdrawal of Trust Property. Authorized
Participants wishing to redeem one or more Baskets must place an order with the Processing Agent on an Eligible Business Day (a “Redemption Order”). Redemption Orders received by the Processing Agent prior to the Order Cutoff Time
on an Eligible Business Day will have the date of such Eligible Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on an Eligible Business Day, on a Business Day other than an Eligible
Business Day, or on a day that is not a Business Day, will be considered received at the opening of business on the next Eligible Business Day and will have as their Order Date the date of such Eligible Business Day. Upon Surrender by an Authorized
Participant of any integral number of Baskets set forth in a Redemption Order for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon reimbursement to the Trust of any extraordinary costs or expenses incurred in
connection with the execution of trades related to such Redemption Order, and payment of the fee in connection with the Surrender of Shares as provided in Section 2.13 and payment of all taxes and charges payable in connection with such
Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Trust Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent
with this Trust Agreement, such Baskets shall be redeemed by the Trust, and such Authorized Participant, as, or acting on authority of, the Registered Owner of those Shares will be entitled to delivery of an amount per Basket so Surrendered equal to
the Basket Amount announced by the Trust on the first Business Day immediately following the corresponding Redemption Order’s Order Date. 
 Section 2.9 Limitations on Issuance and Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the Delivery, registration of transfer, split-up,
combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or the Registrar may require payment from the Depositor or the Authorized Participant Surrendering the Shares of a sum sufficient to reimburse it for any tax or
other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, may require
the production of proof satisfactory to it as to the identity and genuineness of any signature or other information that it deems to be necessary and may also require compliance with any regulations the Trustee may establish consistent with the
provisions of this Trust Agreement, including this Section 2.9. 
 (b) The issuance and Delivery of Shares against
delivery of cash, the registration of transfer of Shares or the Surrender of Shares for the purpose of withdrawal of Trust Property may be suspended generally, or refused with respect to particular requested Deliveries or Surrenders, during any
period in which the transfer books of the Trustee are closed or if any such action is deemed to be necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. 
 Section 2.10 Lost Certificates, Etc. The Trustee shall execute and deliver a new Certificate of like tenor in exchange and
substitution for a mutilated Certificate upon cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate, if the Registered Owner thereof has (a) filed with the Trustee (i) a request for such
execution and delivery before the Trustee has notice that the Shares evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity bond, and (b) satisfied any other reasonable requirements imposed
by the Trustee. 
 Section 2.11 Cancellation and Destruction of Surrendered Certificates. All Certificates Surrendered to
the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy Certificates so canceled. 
  

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 Section 2.12 Splits and Reverse Splits of Shares. (a) If requested in writing by
the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by the Trustee in accordance with procedures determined by the Trustee. 
 (b) The Trustee is not required to distribute any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee
may sell the aggregated fractions of Shares that would otherwise be distributed in a split or reverse split of the Shares or liquidate the amount of Trust Property that would be represented by those Shares and distribute the net proceeds of those
Shares or that Trust Property to the Registered Owners entitled to such proceeds. The amount of Trust Property represented by each Share and the Basket Amount shall be adjusted as appropriate as of the open of business on the Business Day following
the record date for a split or reverse split of the Shares. 
 Section 2.13 Transaction Fees. Each Depositor and each
Person Surrendering Baskets for the purpose of withdrawing Trust Property shall pay to the Trust such transaction fees as the Trustee in consultation with the Sponsor may establish from time to time and notify to all Authorized Participants in
accordance with their respective Authorized Participant Agreements. 
 ARTICLE III 
 REGISTERED OWNERS 
 Section 3.1 Limitation on Liability. A Registered 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 the
State of Delaware. 
 Section 3.2 Liability of Registered Owner for Taxes and Other Governmental Charges. If any tax or
other governmental charge shall become payable by the Trustee with respect to any transfer or redemption of Shares, such tax or other governmental charge shall be payable by the Registered Owner of such Shares to the Trustee. The Trustee shall
refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented by such Shares until such payment is made and may withhold any distributions, or may sell for the account of the Registered Owner thereof
Trust Property or Shares, and may apply such distributions or the proceeds of any such sale in payment of such tax or other governmental charge, and the Registered Owner of such Shares shall remain liable for any deficiency. The Trustee shall
distribute any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Registered Owners entitled thereto as in the case of a distribution in cash. 
 Section 3.3 Warranties on Delivery of Basket Amount. Every Depositor, at the time it transfers to the Trust cash in the amount of the
aggregate Basket Amount corresponding to any Baskets acquired by such Depositor at such time, shall be deemed thereby to represent and warrant that (i) such Depositor is duly authorized to make such delivery, and (ii) upon delivery to the
Trust of the consideration comprising such aggregate Basket Amount, such cash will become Trust Property free and clear of any lien, pledge, encumbrance, right, charge or claim (other than the rights created by this Trust Agreement). All
representations and warranties deemed to be made under this Section 3.3 shall survive the Delivery of a Basket Amount, Delivery or Surrender of Shares or termination of this Trust Agreement. 
  

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 ARTICLE IV 
 ADMINISTRATION OF THE TRUST 
 Section 4.1 Valuation of Trust
Property. (a) The Sponsor is hereby granted the exclusive authority to determine the Net Asset Value of the Trust and the Net Asset Value per Share, which authority it may delegate to the Trustee. On each Business Day, as soon as
practicable after the close of regular trading of the Shares on the Exchange, the Trustee shall determine the Net Asset Value of the Trust and the Net Asset Value per Share as of such closing time. The Trust Administrator shall value all forward and
futures trading positions and Short-Term Securities and other non-cash assets which constitute the Trust Property and shall communicate such valuation in a report delivered to the Trustee on each Business Day for use by the Trustee in the
determination of the Net Asset Value of the Trust, unless the Trustee determines, in consultation with the Sponsor, that such method of valuation is not appropriate as a basis for valuation of the Trust Property, in which case the Trustee will, as
provided in Section 4.1(c) below, determine an alternative basis for valuation of the Trust Property. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently communicated net asset
value of the Trust Property is not appropriate or for any determination as to the alternative basis for valuation; provided that such determination is made in good faith. 
 (b) Upon receipt by the Trustee of the Trust Administrator’s report referred to above, the Trustee shall subtract all fees (other than
fees computed by reference to the value of the Trust or its assets) accrued expenses and other liabilities of the Trust from the total value of the Trust Property as of the time of calculation. The resulting figure is the “Adjusted Net
Asset Value” of the Trust. All fees computed by reference to the value of the Trust or its assets shall be calculated on the Adjusted Net Asset Value. The Trustee shall subtract from the Adjusted Net Asset Value all accrued fees
so calculated. The resulting figure is the “Net Asset Value of the Trust.” The Trustee shall divide the Net Asset Value of the Trust by the number of Shares outstanding as of the time of the calculation, which figure is the
“Net Asset Value per Share.” All fees, expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on a Business Day shall be included in the calculations required by this
Section 4.1(b) for that Business Day. Shares deliverable under a Purchase Order shall be considered to be outstanding for purposes of the calculations required by this Section 4.1(b) beginning on the first Business Day
immediately following the Order Date of such Purchase Order. Shares deliverable under a Redemption Order shall not be considered to be outstanding for purposes of the calculations required by this Section 4.1(b) on and after the first
Business Day immediately following the Order Date of such Redemption Order. 
 (c) The Trustee may in its discretion (and, under
extraordinary circumstances, the Trustee will) value any asset of the Trust pursuant to such other principles as the Trustee deems fair and equitable so long as such principles are consistent with industry standards. For purposes of the foregoing,
“extraordinary circumstances” shall include, but not be limited to, periods during which a valuation price for a forward contract or a settlement price of a futures contract is not available due to force majeure-type events such as
systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance or due to a trading or other restriction imposed by a relevant futures exchange.

 Section 4.2 Responsibility of the Trustee for Determinations. The determinations made by the Trustee under this Trust
Agreement shall be made in good faith upon the basis of, and the Trustee shall not be liable for any errors contained in, information reasonably available to it. Neither the Sponsor nor the Trustee shall be under liability to the Depositors, the
Registered Owners or the Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of negligence or bad faith
in the performance of its duties. 
  

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 Section 4.3 Cash Distributions. The Sponsor shall have the exclusive authority to
distribute any Trust Property to the Registered Owners in accordance with this Trust Agreement, which authority it may delegate to the Trustee. Whenever the Trustee distributes any cash, the Trustee shall distribute the amount available for
distribution to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively. The Trustee shall distribute only such amount, however, as can be distributed without attributing to any Registered Owner a
fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent. 
 Section 4.4 Other
Distributions. Whenever the Trustee distributes any Trust Property other than cash, the Trustee shall distribute such Trust Property to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively,
after deduction or upon payment of any expenses of the Trust, in any manner the Trustee may deem to be lawful, equitable and feasible for accomplishing such distribution; provided, however, that if in the opinion of the Trustee such
distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for any other reason (including any requirement that the Trustee withhold an amount on account of taxes or other governmental charges) the Trustee deems
such distribution not to be lawful and feasible, the Trustee shall adopt such method as it deems to be lawful, equitable and feasible for the purpose of effecting such distribution, after deduction or upon payment of the expenses of the Trust,
including the public or private sale of such Trust Property or any part thereof, and the net proceeds of any such sale shall be distributed by the Trustee to the Registered Owners entitled thereto as in the case of a distribution received in cash.

 Section 4.5 Fixing of Record Date. Whenever any distribution will be made, or whenever the Trustee receives notice of
any solicitation of proxies or consents from Registered Owners, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Trustee shall find it necessary or convenient in respect of any
matter, the Trustee, in consultation with the Sponsor, shall fix a record date for the determination of the Registered Owners who shall be (a) entitled to receive such distribution or the net proceeds of the sale thereof, (b) entitled to
give such proxies or consents in respect of any such solicitation or (c) entitled to act in respect of any other matter for which the record date was set. 
 Section 4.6 Payment of Expenses; Sales of Trust Property. (a) The following charges are or may be accrued and paid by the Trust: 
 (1) Any expenses of the Trust not assumed by the Sponsor pursuant to Section 5.7(f), including any applicable
brokerage commissions and any applicable transaction fees; 
 (2) any taxes and other governmental charges that
may fall on the Trust or the Trust Property; 
 (3) any expenses of any extraordinary services performed by the
Trustee or the Sponsor on behalf of the Trust or expenses of any action taken by the Trustee or the Sponsor to protect the Trust or the interests of Registered Owners or the Beneficial Owners; 
 (4) any indemnification of the Sponsor or the Advisor; and 
 (5) the fee payable to the Sponsor pursuant to Section 5.13. 
  

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 (b) The Trustee shall, when directed by the Sponsor, sell or liquidate Trust Property in
such quantity and at such times as may be necessary to permit payment of expenses under this Trust Agreement. Neither the Trustee nor the Sponsor shall have any liability for loss or depreciation resulting from sales of Trust Property so made. The
Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made pursuant to the Sponsor’s direction in accordance with this Section 4.5 or as contemplated in
Section 4.7. 
 (c) Except as provided in this Trust Agreement, the Trust shall have no obligation to make any cash
distribution or any other periodic payment to the Registered Owners. If, at any time and from time to time, the Sponsor determines that the amount of cash included in the Trust Property exceeds the reasonably anticipated expenses of the Trust, the
Sponsor may, in its sole discretion, direct the Trustee to distribute the excess cash to the Registered Owners under Section 4.3. 
 Section 4.7 Statements and Reports. (a) After the end of each fiscal year and within the time period required by applicable laws, rules and regulations, at the Sponsor’s expense, the
Trustee shall send to the Registered Owners at the end of such fiscal year an annual report of the Trust containing financial statements that will be prepared by the Trustee and audited by independent accountants designated by the Sponsor and such
other information as may be required by such laws, rules and regulations or otherwise, or which the Sponsor determines shall be included. The Trustee may distribute the annual report by any means acceptable to such Registered Owners. 
 (b) The Trustee shall provide the Sponsor with such certifications, supporting documents and other evidence regarding the internal control
over financial reporting established and maintained by the Trust, and used by the Trustee in connection with its preparation of the financial statements of the Trust, as may be reasonably necessary in order to enable the Sponsor to prepare and file
or furnish to the SEC any certifications regarding such matters that may be required to be included with the Trust’s periodic reports under the Exchange Act. 
 Section 4.8 Further Provisions for Sales of Trust Property. In addition to selling Trust Property in accordance with Section 4.5, the Trustee shall sell Trust Property whenever either
or both of the following conditions exist: 
 (1) the Sponsor has notified the Trustee that such sale is required
by applicable law or regulation; or 
 (2) this Trust Agreement has been terminated and the Trust Property is to
be liquidated in accordance with Section 6.2. 
 The Trustee and the Sponsor shall not be liable or responsible in
any way for depreciation or loss incurred by reason of any sale made pursuant to this Section 4.8. 
 Section 4.9
Counsel. The Sponsor may, from time to time, employ counsel to act on behalf of the Trust and perform any legal services in connection with the Trust Property and the Trust, including any legal matters relating to the possible disposition or
acquisition of any Trust Property. The fees and expenses of such counsel shall be paid by the Sponsor; provided, however, that the Sponsor shall not be responsible for the payment of any such fees and expenses in excess of $100,000
annually. 
 Section 4.10 Tax Matters. (a) The Trustee, at its expense, shall prepare or cause to be prepared all
federal, state, and local tax returns of the Trust for each year for which such returns are required to be filed and shall file or cause such returns to be timely filed and shall timely pay (or cause to be timely paid) any tax, assessment or other
governmental charge owing with respect to the Trust out of

  

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Trust Property. The Trustee shall promptly notify the Sponsor if it becomes aware that any tax, assessment or other governmental charge is due or claimed to be due with respect to the Trust. The
Trustee shall deliver or cause to be delivered to each Beneficial Owner, and the broker or nominee through which a Beneficial Owner owns its Shares, a Form K-1 and such other information, if any, with respect to the Trust as may be necessary for the
preparation of the federal income tax or information returns of such Beneficial Owner including a statement showing each Beneficial Owner’s share of income, gain, loss, expense, deductions and credits for such fiscal year for federal income tax
purposes as soon as practicable following each fiscal year but generally not later than March 15. The Trustee shall provide the Sponsor with a copy of such documents promptly after such filing or furnishing. If not already obtained, the Trustee
shall obtain a taxpayer identification number for the Trust. The Trust hereby indemnifies, to the full extent permitted by law, the Trustee 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 under this Section 4.9(a), to the extent that such action taken or omitted to be taken does not constitute fraud, negligence or
misconduct. Each Beneficial Owner agrees that it shall not, except as required by applicable law, (i) treat, on its own income or information tax returns or any information returns that it provides to any Beneficial Owner, or to any broker or
nominee through which the Beneficial Owner owns its Share, any item of income, gain, loss, deduction, credit, basis or any other tax item relating to its Shares in a manner inconsistent with the treatment of such items by the Trust as reflected on
the Form K-1 or other information statement furnished to such Beneficial Owner pursuant to this Section 4.9(a), or (ii) file any claim for a refund relating to any such item based on, or which would result in, such inconsistent
treatment. 
 (b) The parties hereto and, by its acceptance or acquisition of a Share or a beneficial interest therein, a
Beneficial Owner and the broker or nominee through which the Beneficial Owner owns its Share (i) agree to furnish the Sponsor and the Trustee with such representations, forms, documents or information as may be necessary to enable the Trust to
comply with its U.S. federal income tax reporting obligations in respect of such Share and to allow the Trust to make the basis adjustments permitted by Section 754 of the Code, including information regarding such Beneficial Owner’s
secondary market transactions in Shares, as well as creations or redemptions of Shares and including information required by Treasury Regulations Section 1.6031(c)-1T and any successor thereto and (ii) direct brokers and nominees to report
to the Trustee the Beneficial Owner’s name and address and such other information as may be reasonably requested by the Trustee for purposes of complying with the Trust’s U.S. federal income tax reporting obligations or as necessary to
allow the Trust to make the basis adjustments permitted by Section 754 of the Code, including information required by Treasury Regulations Section 1.6031(c)-1T and any successor thereto. 
 (c) Except as provided herein, the Tax Matters Partner may, in its sole discretion, cause the Trust to make, or refrain from making, any
income or other tax elections that the Tax Matters Partner reasonably deems necessary or advisable, including, but not limited to, an election pursuant to Section 754 of the Code. The Tax Matters Partner intends to make the election under
Section 754 of the Code. The Beneficial Owners recognize and intend that the Trust will be classified as a partnership for U.S. income tax purposes, and will not cause the Trust to make an election to be treated as an association taxable as a
corporation for U.S. federal income tax purposes pursuant to Treasury Regulations Section 301.7701-3, or any successor provision, or a similar election under any analogous provision for purposes of state or local law. To the extent necessary,
the Trust or the Beneficial Owners (as appropriate) will make any election necessary to obtain treatment consistent with the foregoing. 
 (d) If the Trust makes an election pursuant to Section 754 of the Code, the Beneficial Owners agree that the basis of Shares and property of the Trust shall be determined taking into account the
provisions of Sections 734(b) and 743(b) of the Code, and except as required by applicable law the Beneficial Owners shall report the basis of their Shares or any property of the Trust distributed to the

  

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Beneficial Owners or their agents in a redemption as equal to the basis reported by the Trust or its agents to such Beneficial Owners. The Beneficial Owners acknowledge that, to the extent any
Beneficial Owner is subject to the mark-to-market rules of Section 475 of the Code, the basis of Shares and of any property of the Trust, including property distributed to a Beneficial Owner in a redemption, shall be determined, including for
purposes of Sections 734(b) and 743(b) of the Code, by treating such mark-to-market as having no effect on such basis. 
 (e)
Each Beneficial Owner acknowledges that the Trust may report gain or loss and other tax items, including the allocation of basis and adjustments to basis, in reliance upon the assumption that any redemption of a Beneficial Owner’s Share is a
distribution other than in liquidation of the Beneficial Owner’s Share (a “partial redemption”), unless it notifies the Trust or its agent prior to the receipt of cash that such distribution is in liquidation of the Beneficial
Owner’s Share (a “complete redemption”). The Beneficial Owner agrees to notify the Trust or its agent within 5 Business Days of the receipt of cash of (i) any gain or loss arising from a redemption of a Share by the
Beneficial Owner or its agent in exchange for such property, and (ii) any difference between the tax basis of such property on the books of the Trust immediately prior to the redemption, as such amount is reported to the Beneficial Owner or its
agent, and the basis of the distributed property to the Beneficial Owner or its agent (such gain or loss or basis difference, “Section 734(b) items”) in a manner sufficient for the Trust to adjust the basis of undistributed property held
by the Trust under Section 734(b) of the Code if the Trust makes an election pursuant to Section 754 of the Code. Each Beneficial Owner agrees to determine its basis for tax purposes in any property it or its agent receives from the Trust
in consideration for a redemption of Shares by reference to the tax basis of such property on the books of the Trust immediately prior to the redemption, as such amount is reported to the Beneficial Owner or its agent by the Trust, subject to
adjustment as required under Section 732 or other applicable law. 
 (f) The Trust shall comply with all applicable
withholding and backup withholding tax requirements. The Trust shall request, and each Beneficial Owner shall provide to the Trust, and direct any broker or nominee through which the Beneficial Owner owns its Shares to provide to the Trust, such
forms or other documentation as are necessary to establish an exemption from or reduction in withholding tax and backup withholding with respect to each Beneficial Owner, and any representations, forms and documents as shall reasonably be requested
by the Trust to assist it in determining the extent of, and in fulfilling, its withholding and backup withholding tax obligations. The Trust shall file any required forms with applicable jurisdictions and, unless an exemption from withholding and
backup withholding tax is properly established by a Beneficial Owner, shall remit amounts withheld with respect to the Beneficial Owner to the applicable tax authorities. To the extent that the Trustee reasonably believes that the Trust is required
to withhold and pay over any amounts (including taxes, interest, penalties, assessments or additions to tax) to any tax authority with respect to distributions or allocations to any Beneficial Owner, and the Trust does withhold such amounts, the
amounts withheld shall be treated as a distribution of cash to the Beneficial Owner in the amount of the withholding and shall thereby reduce the amount of cash or other property otherwise distributable to such Beneficial Owner. If an amount
required to be withheld was not withheld, the Trust may reduce subsequent distributions by the amount of such required withholding. The consent of the Beneficial Owners shall not be required for any such withholding. In the event of any claimed
over-withholding, Beneficial Owners shall be limited to an action against the applicable jurisdiction. 
 (g) By its acceptance
of a beneficial interest in a Share, a Beneficial Owner waives all confidentiality rights, including all confidentiality rights provided by Section 3406(f) of the Code and Treasury Regulations Section 31.3406(f)-1, with respect to any
representations, forms, documents or information, and any information contained in such representations, forms or documents, that the Beneficial Owner provides, or has previously provided, to any broker or nominee through which it owns its Shares,
to the extent such representations, forms, documents or information may be necessary to

  

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(i) assist the Trust in complying with its withholding tax and backup withholding tax obligations pursuant to Section 4.9(f) of this Trust Agreement or (ii) enable the Trust to
comply with its U.S. federal income tax reporting obligations pursuant to Section 4.9(d) of this Trust Agreement. Furthermore, the parties hereto, and by its acceptance of a beneficial interest in a Share, a Beneficial Owner, acknowledge
and agree that any broker or nominee through which a Beneficial Owner holds its Shares shall be a third party beneficiary to this Trust Agreement for the purposes set forth in Sections 4.9(b), 4.9(f) and 4.9(g). 

(h) The Trustee shall maintain all books, records and supporting documents that are necessary to comply with any and all aspects of its
duties under this Trust Agreement. 
 (i) The Sponsor shall act as the Tax Matters Partner and exercise any authority permitted
the Tax Matters Partner under the Code and Treasury Regulations, and take whatever steps the Sponsor in its reasonable discretion, deems necessary or desirable to perfect such designation, including (i) filing any forms and documents with the
Internal Revenue Service, (ii) investing for its own account, as soon as practicable after commencement of trading of the Shares on the Exchange, at least $5,000 in Shares the ownership of which shall be retained by the Sponsor for as long as
it acts as the Tax Matters Partner, and (iii) taking such other action as may from time to time be required under Treasury Regulations. 
 ARTICLE V 
 THE TRUSTEE AND THE SPONSOR 
 Section 5.1 Management of the Trust. Subject to the direction of the Sponsor pursuant to Section 5.3 and except as
otherwise expressly provided in this Trust Agreement, the Trust’s business shall be conducted by the Trustee in accordance with this Trust Agreement. Except as otherwise provided in this Trust Agreement, the Trustee shall, under the direction
of the Sponsor, have the power on behalf of and in the name of the Trust to carry out any and all of the objects and purposes of the Trust and to perform such acts and enter into and perform such contracts and other undertakings on behalf of the
Trust that the Trustee may deem to be necessary, advisable or incidental thereto. 
 Section 5.2 Maintenance of Office and
Transfer Books by the Trustee. (a) Until termination of this Trust Agreement in accordance with its terms, the Trustee shall maintain facilities for the execution and Delivery, registration, registration of transfers and Surrender of Shares
in accordance with the provisions of this Trust Agreement. 
 (b) The Trustee shall keep books for the registration of Shares
and registration of transfers of Shares, which, at all reasonable times, shall be open for inspection by the Registered Owners. 
 (c) The Trustee may, and at the reasonable written request of the Sponsor shall, close the transfer books at any time or from time to time if such action is deemed to be necessary or advisable in the reasonable judgment of the Trustee or
the Sponsor. 
 (d) If any Shares are listed on one or more stock exchanges in the United States, the Trustee shall act as
Registrar or, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint a registrar or one or more co-registrars for registry of such Shares in accordance with any requirements of such exchange or
exchanges. 
 Section 5.3 Authority of the Sponsor. Pursuant to Section 3806(b)(7) of the Act, the Sponsor is hereby
granted the exclusive authority, and shall direct the actions of the Trustee, in the management of the Trust. The Sponsor shall have the exclusive authority to direct the Trustee to perform the Sponsor’s obligations and exercise its rights
under this Trust Agreement. Without limiting the foregoing, the

  

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Sponsor shall have the authority to execute and deliver this Trust Agreement, the Distribution Agreement, and (without prejudice to the Trustee’s similar power and authority pursuant to
Section 5.1) to enter into and perform such contracts and other undertakings on behalf of the Trust and any amendment thereto, as the Sponsor may deem necessary or advisable and the Trust is authorized and shall have the power and authority to
enter into such agreements and perform its obligations thereunder. 
 Section 5.4 Prevention or Delay in Performance by the
Sponsor or the Trustee. Neither the Sponsor nor the Trustee nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Registered Owner, Beneficial Owner, Authorized Participant or Depositor if, by
reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or other circumstances
beyond its control, the Sponsor or the Trustee is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing that, by the terms of this Trust Agreement, it
is provided shall be done or performed, and, accordingly, the Sponsor or the Trustee does not do that thing or does that thing at a later time than would otherwise be required. Neither the Sponsor nor the Trustee will incur any liability to any
Registered Owner or Beneficial Owner, Authorized Participant or Depositor by reason of any non-performance or delay in the performance of any act or thing that, by the terms of this Trust Agreement, it is provided may be done or performed, or by
reason of any exercise of, or failure to exercise, any discretion provided for in this Trust Agreement. 
 Section 5.5
Liability of Covered Persons. (a) A Covered Person shall have no liability to the Trust or to any Registered Owner, Beneficial Owner, Authorized Participant, Depositor or to any other Covered Person for any loss suffered by the Trust
that 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, in the
case of the Delaware Trustee, gross negligence) or bad faith of such Covered Person. Subject to the foregoing, no Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Registered
Owner, Beneficial Owner, Authorized Participant, Depositor 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 any Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any delegatee selected by the Trustee pursuant to Section 5.8 of this Trust Agreement; provided, however,
that in the case of the Trustee the foregoing shall only apply if the Trustee made such selection with reasonable care. 
 (b) To the fullest
extent permitted by law, no Person (other than a Covered Person), including any officer, director, shareholder, member or Affiliate of a Covered Person, shall have any duties (including fiduciary duties) or liabilities at law or in equity to the
Trust or to any Registered Owner, Beneficial Owner, Authorized Participant, Depositor or to any other Person. For the avoidance of doubt, to the fullest extent permitted by law neither the power to give direction to or otherwise control a Covered
Person nor the exercise thereof by any Person (including a Registered Owner or Beneficial Owner) shall cause such Person to have duties (including fiduciary duties) or liabilities relating thereto at law or in equity to the Trust or to any
Registered Owner, Beneficial Owner, Authorized Participant, Depositor or to any other Person. 
 Section 5.6 Fiduciary
Duty. (a) To the extent that, at law or in equity, the Trustee or the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Registered Owners, the Beneficial Owners, the Authorized Participants,
the Depositors or any other Person, the Trustee and the Sponsor acting under this Trust Agreement shall not be liable to the Trust, the Registered Owners, the Beneficial Owners, the Authorized Participants, the Depositors or any other Person for its
good faith reliance on the provisions of this Trust Agreement subject to the standard of care in Section 5.5. 
  

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The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Trustee or the Sponsor otherwise existing at law or in equity are agreed by
the parties hereto to replace such other duties and liabilities of the Trustee and the Sponsor. 
 (b) Unless otherwise
expressly provided herein: 
 (i) whenever a conflict of interest exists or arises between the Trustee, the
Sponsor or any of their respective Affiliates, on the one hand, and the Trust or any Registered Owner, Beneficial Owner, Authorized Participant, Depositor or other Person, on the other hand; or 
 (ii) whenever this Trust Agreement or any other agreement contemplated herein provides that the Trustee or the Sponsor shall
act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Registered Owner, Beneficial Owner, Authorized Participant, Depositor or other Person, 
 the Trustee and the Sponsor, respectively, 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 Trustee or the Sponsor, the resolution, action or terms so made, taken or provided by the Trustee or the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any
duty or obligation of the Trustee or the Sponsor at law or in equity or otherwise. 
 (c) Notwithstanding any other provision of
this Trust Agreement or of applicable law, whenever in this Trust Agreement the Trustee or the Sponsor is permitted or required to make a decision: 
 (i) in its “discretion” or under a grant of similar authority, the Trustee or the Sponsor shall be entitled to consider such interests and factors as it desires, including its own interests,
and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust, any Registered Owner, any Beneficial Owner, any Authorized Participant, any
Depositor or any other Person; or 
 (ii) in its “good faith” or under another express standard, the
Trustee or the Sponsor shall act under such express standard and shall not be subject to any other or different standard. 
 (d)
The Trustee, the Sponsor and any of their respective Affiliates 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 Trustee or the Sponsor. If the Trustee or the Sponsor acquires knowledge of a potential transaction, agreement, arrangement or
other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Trustee and the Sponsor shall not be liable to the Trust or to the Registered Owners, the Beneficial Owners,
the Authorized Participants or the Depositors for breach of any fiduciary or other duty by reason of the fact that the Trustee or the Sponsor 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 Registered Owner, Beneficial Owner, Authorized Participant or Depositor 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 to be wrongful or improper. Except to the
extent expressly provided herein, the Trustee and the Sponsor may engage or be interested in any financial or other transaction with the Trust, the Registered Owners, the Beneficial Owners, the Authorized Participants, the Depositors or any
Affiliate of the Trust or the Beneficial Owners. 
  

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 Section 5.7 Obligations of the Sponsor and the Trustee. (a) Neither the Sponsor
nor the Trustee assumes any obligation nor shall either of them be subject to any liability under this Trust Agreement to any Registered Owner or Beneficial Owner, Authorized Participant or Depositor (including liability with respect to the worth of
the Trust Property), except that each of them agrees to perform its obligations specifically set forth in this Trust Agreement without negligence or bad faith. 
 (b) Neither the Sponsor nor the Trustee shall be under any obligation to prosecute any action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf of a
Registered Owner, Beneficial Owner, Authorized Participant, Depositor or other Person. 
 (c) Neither the Sponsor nor the
Trustee shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Depositor, any Registered Owner or any other person believed by it in good faith to be competent to give
such advice or information. 
 (d) The Trustee shall not be liable for any acts or omissions made by a successor Trustee,
whether in connection with a previous act or omission of the Trustee or in connection with any matter arising wholly after the resignation of the Trustee; provided that in connection with the issue out of which such potential liability arises
the Trustee performed its obligations without negligence or bad faith while it acted as Trustee. 
 (e) The Trustee and the
Sponsor shall have no obligation to comply with any direction or instruction from any Registered Owner or Beneficial Owner, Authorized Participant or Depositor regarding Shares except to the extent specifically provided in this Trust Agreement.

 (f) The Sponsor will be obligated to pay the following administrative, operational and marketing expenses: (1) the fees
of the Trustee, the Advisor, the Delaware Trustee, the Trust Administrator and the Processing Agent, (2) the Exchange listing fees, (3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the
SEC, (6) tax reporting costs and (7) legal expenses up to $100,000 annually. The Sponsor will also pay the costs of the Trust’s organization and initial sale of Shares to the Initial Purchaser. 
 Section 5.8 Delegation of Obligations of the Trustee. The Trustee may at any time delegate all or a portion of its duties and
obligations under this Trust Agreement to another entity, including the Trust Administrator and the Processing Agent, without the consent of the Sponsor, the Delaware Trustee, any Registered Owner or any Beneficial Owner. The Trustee may terminate
such other entity at any time and is not required to appoint a replacement therefor. 
 Section 5.9 Resignation or Removal of
the Trustee; Appointment of Successor Trustee. (a) The Trustee may at any time resign as Trustee hereunder by written notice of its election so to do, delivered to the Sponsor, and such resignation shall take effect upon the appointment of
a successor Trustee and its acceptance of such appointment as hereinafter provided. 
 (b) The Sponsor may remove the Trustee in
its discretion by written notice delivered to the Trustee in the manner provided in Section 7.4 at any time after the first anniversary of the date hereof. If at any time the Trustee ceases to be a Qualified Bank or is in material breach
of its obligations under this Trust Agreement and the Trustee fails to cure such breach within thirty (30) days after receipt by the

  

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Trustee of written notice from the Sponsor, or Registered Owners acting on behalf of at least 25% of the outstanding Shares, specifying such default and requiring the Trustee to cure such
default, the Sponsor may remove the Trustee by written notice delivered to the Trustee in the manner provided in Section 7.4, and such removal shall take effect upon the appointment of a successor Trustee and its acceptance of such
appointment as hereinafter provided. 
 (c) If the Trustee acting hereunder resigns or is removed, the Sponsor shall use its
reasonable efforts to appoint a successor Trustee, which shall be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to the Sponsor an instrument in writing accepting its appointment hereunder, and thereupon
such successor Trustee, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due to it and on the written
request of the Sponsor, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Trust Property to such
successor and shall deliver to such successor a list of the Registered Owners of all outstanding Shares. The Sponsor or any such successor Trustee shall promptly mail notice of the appointment of such successor Trustee to the Registered Owners.

 (d) Any corporation into which the Trustee may be merged, consolidated or converted in a transaction in which the Trustee is
not the surviving corporation shall be the successor of the Trustee without the execution or filing of any document or any further act. During the 90-day period following the effectiveness of a merger, consolidation or conversion described in the
immediately preceding sentence, the Sponsor may, by written notice to the Trustee, remove the Trustee and designate a successor Trustee in compliance with the provisions of Section 5.9(c). 
 Section 5.10 Custodians. The Trustee may at any time appoint one or more custodians (each, a “Custodian”) to hold
assets of the Trust, without the consent of any Registered Owner and any Beneficial Owner. The Trustee may terminate any such Custodian at any time and is not required to appoint a replacement therefor. 
 Section 5.11 Indemnification. (a) The Sponsor shall indemnify the Trustee, its directors, employees and delegates (the
“Trustee Indemnified Persons”) against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) (collectively, “Indemnified
Amounts”) that is incurred by any of them and that arises out of or is related to (i) any offer or sale by the Trust of Baskets under this Trust Agreement, (ii) acts performed or omitted pursuant to the provisions of this Trust
Agreement, as the same may be amended, modified or supplemented from time to time, (A) by a Trustee Indemnified Person or (B) by the Sponsor or (iii) any filings with or submissions to the SEC in connection with or with respect to the
Shares (which, by way of illustration and not by way of limitation, include any registration statement and any amendments or supplements thereto filed with the SEC or any periodic reports or updates that may be filed under the Exchange Act or any
failure to make any filings with or submissions to the SEC that are required to be made in connection with or with respect to the Shares), except that the Sponsor shall not have any obligations under this Section 5.11(a) to pay any
Indemnified Amounts incurred as a result of and attributable to (x) the negligence or bad faith of, or material breach of the terms of this Trust Agreement by, the Trustee, (y) information furnished in writing by the Trustee to the Sponsor
expressly for use in the registration statement, or any amendment thereto, filed with the SEC relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions made by a Depositor (other than the
Sponsor) in connection with such Depositor’s offer and sale of Shares. 
 (b) The Trustee shall indemnify the Sponsor, its
directors, employees and delegates against, and hold each of them harmless from, any Indemnified Amounts (i) caused by the negligence or bad faith

  

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of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic
report, filed with the SEC relating to the Shares that is not materially altered by the Sponsor. 
 (c) If the indemnification
provided for in Section 5.11(a) or (b) is unavailable or insufficient to hold harmless the indemnified party under Section 5.11(a) or (b) above, then the indemnifying party shall contribute to the
Indemnified Amounts referred to in Section 5.11(a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor on the one hand and the Trustee on the other hand from the
offering of the Shares which are the subject of the action or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of the Sponsor on the one hand and the Trustee on the other hand in connection with the action, statement or omission that resulted in such Indemnified Amount, as well as any other relevant
equitable considerations. The relative fault shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact from which the
action arises relates to information supplied by the Sponsor or the Trustee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission or the act or omission from
which the action arises. The amount of Indemnified Amounts referred to in the first sentence of this Section 5.11(c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim that is the subject of this Section 5.11. 
 (d) The Sponsor and its
shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act) and subsidiaries (each, a “Sponsor Indemnified Party”) shall be indemnified from the Trust and held harmless against any
Indemnified Amounts arising out of or in connection with the performance of its obligations under this Trust Agreement or any actions taken in accordance with the provisions of this Trust Agreement and incurred without (1) negligence, bad
faith, willful misconduct or willful malfeasance on the part of such Sponsor Indemnified Party or (2) reckless disregard on the part of such Sponsor Indemnified Party of its obligations and duties under this Trust Agreement. Such indemnity
shall include payment from the Trust of the costs and expenses incurred by such Sponsor Indemnified Party in defending itself against any claim or liability in its capacity as Sponsor. Any amounts payable to a Sponsor Indemnified Party under this
Section 5.11(d) may be payable in advance or shall be secured by a lien on the Trust. The Sponsor may, in its discretion, undertake any action that it may deem to be necessary or desirable in respect of this Trust Agreement and the
rights and duties of the parties hereto and the interests of the Registered Owners and, in such event, the legal expenses and costs of any such actions shall be expenses and costs of the Trust, and the Sponsor shall be entitled to be reimbursed
therefor by the Trust. 
 (e) If an action, proceeding (including, but not limited to, any governmental investigation), claim or
dispute (collectively, a “Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”) shall promptly
(and in no event more than seven (7) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so notify
the Indemnitor shall not impair the Indemnitee’s ability to seek indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s ability
to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of interest
exists as specified in clause (i) below and there are no other defenses available to Indemnitee as specified in clause (iii) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case all
attorney’s fees and expenses shall be borne by the Indemnitor, and the Indemnitor shall

  

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in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but, in such case, no fees
and expenses of such counsel shall be borne by the Indemnitor unless such fees and expenses are otherwise required to be indemnified under Section 5.11(a), (b) or (d), as applicable, and (i) there is such a
conflict of interest between the Indemnitor and the Indemnitee as would preclude, in compliance with the ethical rules in effect in the jurisdiction in which the Proceeding was brought, one lawyer from representing both parties simultaneously,
(ii) the Indemnitor fails, within the earlier of (x) twenty (20) days following receipt of notice of the Proceeding from the Indemnitee or (y) seven (7) days prior to the date the first response or appearance is required to
be made in such Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (iii) there are legal defenses available to Indemnitee that are different from or are in addition to those available
to the Indemnitor. No compromise or settlement of such Proceeding may be effected by either party without the other party’s consent unless (m) there is no finding or admission of any violation of law and no effect on any other claims that
may be made against such other party and (n) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or settlement effected
without its consent, which shall not be unreasonably withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment
entered against the Indemnitee unless such judgment was entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 
 Section 5.12 Charges of Trustee. (a) The Trustee is entitled to receive from the Sponsor fees for its services and reimbursement for its out-of-pocket expenses in accordance with written
agreements between the Sponsor and the Trustee. 
 (b) The Trustee is entitled to charge the Trust for all expenses and
disbursements incurred by it under Section 5.17(a) or that are of the type described in Sections 4.5(a)(2), (3) or (4) (in respect of services performed or action taken by the Trustee) (including the fees
and disbursements of legal counsel), except that the Trustee is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (ii) fees of agents for
performing services the Trustee is required to perform under this Trust Agreement. 
 Section 5.13 Charges of the
Sponsor. (a) The Sponsor is entitled to receive from the Trust, as an expense of the Trust, a fee for services that will accrue daily and be paid monthly in arrears at an annualized rate of 0.95% of Adjusted Net Asset Value. 
 (b) The Sponsor is entitled to receive reimbursement from the Trust for all expenses and disbursements incurred by it under the last
sentence of Section 5.11(d) or that are of the type described in Sections 4.5(a)(2), (3) or (4) (in respect of services performed or actions taken by the Sponsor) of this Trust Agreement (including the fees and
disbursements of legal counsel), except that the Sponsor is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (ii) fees of agents for
performing services the Sponsor is required to perform under this Trust Agreement. 
 Section 5.14 Retention of Trust
Documents. The Trustee is authorized to destroy those documents, records, bills and other data compiled during the term of this Trust Agreement at the times permitted by the laws or regulations governing the Trustee, unless the Sponsor
reasonably requests the Trustee in writing to retain those items for a longer period. 
 Section 5.15 Federal Securities and
Commodities Law Filings. (a) The Sponsor has prepared and filed a registration statement with the SEC and shall (i) take such action as is necessary to qualify the Shares for offering and sale under the federal securities laws of the
United States, including the

  

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preparation and filing of amendments and supplements to such registration statement, and, if the Sponsor so determines, under the laws of any other relevant jurisdiction, (ii) promptly
notify the Trustee of any amendment or supplement to the registration statement or prospectus, of any order preventing or suspending the use of any prospectus, of any request to amend or supplement the registration statement or prospectus or if any
event or circumstance occurs that is known to the Sponsor as a result of which the registration statement or prospectus, as then amended or supplemented, would include an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) provide the Trustee with copies, including copies in electronic form, of the prospectus, as amended and supplemented,
in such quantities as the Trustee may from time to time reasonably request and (iv) prepare, file and distribute, if applicable, any periodic reports or updates that may be required under the Exchange Act, the United States Commodity Exchange
Act, as amended, or the rules and regulations thereunder. The Trustee shall furnish to the Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing as needed to prepare any filing or submission that the
Sponsor or the Trust is required to make under the federal securities or commodities laws of the United States or the laws of any other jurisdiction. 
 (b) The Sponsor shall have all necessary and exclusive power and authority to (i) adopt, implement or amend, from time to time, such disclosure and financial reporting information gathering and
control policies and procedures as are necessary or desirable, in the Sponsor’s reasonable judgment, to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws, (ii) appoint and
remove the auditors of the Trust, (iii) make any determination, choice, estimate or other decision that may be necessary or desirable in connection with the preparation of the financial statements of the Trust and (iv) seek from the
relevant securities or other regulatory authorities such relief, clarification or other action as the Sponsor shall deem to be necessary or desirable regarding the disclosure or financial reporting obligations of the Trust; provided, however,
that to the extent applicable laws, regulations or the listing rules of the Exchange contemplate that one or more of the powers vested in the Sponsor hereby be exercised by an audit committee, then the audit committee of the Sponsor’s board of
directors shall have exclusive power and authority to exercise such powers. 
 (c) The policies and procedures comprising the
Trust’s initial internal control over financial reporting have been adopted as of the date of this Trust Agreement and copies thereof have been delivered to the appropriate officers of the Sponsor and the Trustee. Amendments to such initial
internal control over financial reporting may be proposed from time to time by the Sponsor, but such amendments may not be adopted in connection with the preparation of the Trust’s financial statements without the Trustee’s consent (which
consent will not be unreasonably withheld or delayed). 
 Section 5.16 Prospectus Delivery. The Sponsor, or the Trustee
on its behalf, will comply with the requirements to provide copies of the current prospectus for the Trust to Authorized Participants as provided in the relevant Authorized Participant Agreements. 
 Section 5.17 Discretionary Actions by Trustee; Consultation. (a) The Trustee may, with the consent of the Sponsor, undertake any
action that it deems to be necessary or desirable to protect the Trust or the interests of the Registered Owners. The expenses incurred by the Trustee in connection with taking any such action (including the fees and disbursements of legal counsel)
shall be expenses of the Trust, and the Trustee shall be entitled to be reimbursed for those expenses by the Trust. 
 (b) The
Trustee shall notify and consult with the Sponsor if the Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Trust Agreement. 
  

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 (c) The Sponsor shall notify and consult with the Trustee (i) prior to undertaking any
action described in the last sentence of Section 5.11(d) or (ii) if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Trust Agreement.

 Section 5.18 Number of Trustees. The number of Trustees of the Trust initially shall be two (2), and thereafter the
number of Trustees shall be such number as shall be fixed from time to time by the Sponsor. The Sponsor is entitled, subject to Section 5.9, to appoint or remove without cause any Trustee at any time; provided, however,
that, if required by the Act, there shall at all times be a Delaware Trustee. 
 Section 5.19 Initial Trustee.
(a) The initial Trustee shall be Barclays Global Investors, N.A. 
 (b) Except as expressly set forth in this Trust
Agreement, any power of the Trustee may be exercised by, or with the consent of, any one (1) or more Trustees. 
 (c)
Except as otherwise required by the Act, the Trustee is authorized to execute on behalf of the Trust any documents that the Trustee has the power and authority to cause the Trust to execute pursuant to this Trust Agreement. 
 Section 5.20 Delaware Trustee. (a) The Delaware Trustee shall either be (i) a natural person who is at least twenty-one
(21) years of age and a resident of the State of Delaware or (ii) a legal entity that has its principal place of business in the State of Delaware, otherwise meets the requirements of applicable Delaware law and shall act through one or
more persons authorized to bind such entity. If at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section 5.20, it shall resign immediately in the manner and with the effect hereinafter
specified in this Section 5.20. The initial Delaware Trustee shall be Wilmington Trust Company. 
 (b) The Delaware
Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities, of the Trustee or the Sponsor that are set forth herein. The Delaware Trustee shall be one of the Trustees of the Trust
for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Act and for taking such actions as are required to be taken by a Delaware trustee under the Act. The duties (including fiduciary duties), liabilities and
obligations of the Delaware Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) executing any certificates required to be filed with the Delaware Secretary of State that the
Delaware Trustee is required to execute under Section 3811 of the Act, and there shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or in equity, of the Delaware Trustee. 
 (c) The Delaware Trustee shall serve until such time as the Sponsor removes the Delaware Trustee or the Delaware Trustee resigns and a
successor Delaware Trustee is appointed by the Sponsor in accordance with the terms of this Section 5.20. The Delaware Trustee may resign at any time upon the giving of at least sixty (60) days’ advance written notice to the
Trustee; provided, that such resignation shall not become effective unless and until a successor Delaware Trustee shall have been appointed by the Sponsor in accordance with Section 5.20. If the Sponsor does not act within such
sixty (60) day period, the Delaware Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a successor Delaware Trustee. 
 (d) Upon the resignation or removal of the Delaware Trustee, the Sponsor shall appoint a successor Delaware Trustee by delivering a written instrument to the outgoing Delaware Trustee. Any successor
Delaware Trustee must satisfy the requirements of Section 3807 of the Act. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee shall not become

  

 - 24 - 

 
effective until a written acceptance of appointment is delivered by the successor Delaware Trustee to the outgoing Delaware Trustee and the Sponsor and any fees and expenses due to the outgoing
Delaware Trustee are paid. Following compliance with the preceding sentence, the successor Delaware Trustee (i) shall file an amendment to the Certificate of Trust reflecting the change of Delaware Trustee and (ii) shall become fully
vested with all of the rights, powers, duties and obligations of the outgoing Delaware Trustee under this Trust Agreement, with like effect as if originally named as Delaware Trustee, and the outgoing Delaware Trustee shall be discharged of its
duties and obligations under this Trust Agreement. 
 (e) The Sponsor shall indemnify the Delaware Trustee, its directors,
employees, delegates and agents (the “Delaware Trustee Indemnified Persons”) against, and hold each of them harmless from, any Indemnified Amounts that are incurred by any of them and that arise out of or are related to (i) any
offer or sale by the Trust of Baskets under this Trust Agreement, (ii) acts performed or omitted pursuant to the provisions of this Trust Agreement, as the same may be amended, modified or supplemented from time to time, (A) by a Delaware
Trustee Indemnified Person or (B) by the Sponsor or the Trustee or (iii) any filings with or submissions to the SEC in connection with or with respect to the Shares (which, by way of illustration and not by way of limitation, include any
registration statement and any amendments or supplements thereto filed with the SEC or any periodic reports or updates that may be filed under the Exchange Act or any failure to make any filings with or submissions to the SEC that are required to be
made in connection with or with respect to the Shares), except that the Sponsor shall not have any obligations under this Section 5.20(e) to pay any Indemnified Amounts incurred as a result of and attributable to (x) the gross
negligence or bad faith of, or material breach of the terms of this Trust Agreement by, the Delaware Trustee or (y) information furnished in writing by the Delaware Trustee to the Sponsor expressly for use in the registration statement, or any
amendment thereto, filed with the SEC relating to the Shares that is not materially altered by the Sponsor. Any such indemnity shall be subject to the provisions of Section 5.11(e). 
 Section 5.21 Compensation and Expenses of the Delaware Trustee. The Delaware Trustee shall be entitled to receive from the Sponsor
reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Sponsor for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder,
including the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Delaware Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. 
 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 Section 6.1 Amendment. (a) The Trustee and the Sponsor may amend any
provisions of this Trust Agreement without the consent of any Registered Owner or Beneficial Owner. Any amendment that imposes or increases any fees or charges (other than taxes and other governmental charges) or prejudices a substantial existing
right of the Registered Owners will not become effective until thirty (30) days after notice of such amendment is given by the Trustee to the Registered Owners. Every Registered Owner and Beneficial Owner, at the time any such amendment becomes
effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this Trust Agreement as amended thereby. In no event shall any amendment impair the right of a Registered
Owner to Surrender Baskets and receive therefor the amount of Trust Property represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding any other provision of this Trust Agreement, no amendment to
this Trust Agreement may be made if, as a result of such amendment, it would cause the Trust to be taxable as an association taxable as a corporation for United States federal income tax purposes. 
  

 - 25 - 

 (b) No amendment shall be made to this Trust Agreement without the consent of the Delaware
Trustee if such amendment adversely affects any of its rights, duties or liabilities. 
 Section 6.2 Termination.
(a) The term for which the Trust will exist commenced on the date of the filing of the Certificate of Trust and shall continue until terminated pursuant to the provisions hereof. The Trustee shall set a date on which the Trust shall dissolve
and mail notice of that dissolution to the Registered Owners at least thirty (30) days prior to the date set for dissolution if any of the following occurs: 
 (i) the Trustee is notified that the Shares are delisted from the Exchange and are not approved for listing on another
national securities exchange within five (5) Business Days of their delisting; 
 (ii) Registered Owners of
at least 75% of the outstanding Shares notify the Trustee that they elect to dissolve the Trust; 
 (iii) sixty
(60) days have elapsed since the Trustee notified the Sponsor of the Trustee’s election to resign, and a successor Trustee has not been appointed and accepted its appointment as provided in Section 5.9; 
 (iv) the SEC (or its staff) or a court of competent jurisdiction determines that the Trust is an investment company under the
Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of that determination; 
 (v)
the Sponsor notifies the Trustee in writing that it has determined, in its discretion, that the dissolution of the Trust is advisable; 
 (vi) the Trust is treated as an association taxable as a corporation for United States federal income tax purposes and the Trustee receives notice from the Sponsor that the Sponsor has determined that
termination of the Trust is advisable; or 
 (vii) DTC is unable or unwilling to continue to perform its
functions, and a comparable replacement is unavailable. 
 (b) On and after the dissolution of the Trust, the Trustee shall, in
accordance with Section 3808(e) of the Act, wind up the business and affairs of the Trust. Subject to the payment or the reasonable provision of such payment by the Trustee of the claims and obligations of the Trust as required by
Section 3808(e) of the Act, the Registered Owners will, upon (i) Surrender of their Shares, (ii) payment of the fee for the Surrender of Shares provided in Section 2.13 and (iii) payment of any applicable taxes or
other governmental charges, be entitled to delivery to them or upon their order, of the amount of Trust Property represented by those Shares. The Trustee shall not accept any delivery of Basket Amounts after the date of dissolution. If any Shares
remain outstanding after the date of dissolution of the Trust, the Trustee thereafter shall discontinue the registration of transfers of Shares, shall not make any distributions to Registered Owners and shall not give any further notices, except
that the Trustee shall continue to collect distributions pertaining to Trust Property and hold the same uninvested and without liability for interest, pay pursuant to Section 3808(e) of the Act the Trust’s expenses and sell Trust Property
as necessary to meet those expenses and shall continue to deliver Trust Property, together with any distributions received with respect thereto and the net proceeds of the sale of

  

 - 26 - 

 
any other property, in exchange for Shares Surrendered to the Trustee (after deducting or upon payment of, in each case, the fee set forth in Section 2.13 for the Surrender of Shares,
any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Trust Agreement and any applicable taxes or other governmental charges). At any time after the expiration of ninety
(90) days following the date of dissolution of the Trust, the Trustee may sell the Trust Property then held under this Trust Agreement and may thereafter, after complying with Section 3808(e) of the Act, hold uninvested the net proceeds of
any such sale, together with any other cash then held by it under this Trust Agreement, unsegregated and without liability for interest, for the pro rata benefit of the Registered Owners of the Shares that have not theretofore been
Surrendered, such Registered Owners thereupon becoming general creditors of the Trustee with respect to such net proceeds. After making such sale or the completion of the wind up of the business and affairs of the Trust have otherwise occurred, the
Trust and this Trust Agreement shall terminate and the Trustee shall execute and cause a certificate of cancellation of the Certificate of Trust to be filed in accordance with the Act and notify the Delaware Trustee of such filing. After making such
filing, the Trustee shall be discharged from all obligations under this Trust Agreement, except to account for such net proceeds and other cash (after deducting, in each case, any fees, expenses, taxes or other governmental charges payable by the
Trust, the fee of the Trustee for the Surrender of Shares and any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Trust Agreement and any applicable taxes or other governmental
charges). 
 (c) Upon the termination of this Trust Agreement, the Sponsor shall be discharged from all obligations under this
Trust Agreement, except that its obligations to the Trustee under Sections 5.11 and 5.12(a) shall survive termination of this Trust Agreement. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Counterparts. This Trust Agreement may be executed in any number of counterparts, each of which is deemed to be an
original and all of such counterparts constitute one and the same agreement. Copies of this Trust Agreement are filed with the Trustee and are open to inspection by any Registered Owner during the Trustee’s business hours. 
 Section 7.2 Third-Party Beneficiaries. Subject to Section 5.8, this Trust Agreement is for the exclusive benefit of the
parties hereto, the Affiliates, officers and employees included in the definition of Covered Person, and the shareholders, directors, employees, delegates and affiliates referred to in Section 5.11, and the Registered Owners, Beneficial
Owners and Depositors from time to time, and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other Person. 
 Section 7.3 Severability. In case any one or more of the provisions contained in this Trust Agreement are or become invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions of this Trust Agreement shall in no way be affected, prejudiced or disturbed thereby. 
 Section 7.4 Notices. (a) All notices given under this Trust Agreement must be in writing. 
 (b) Any notice
to be given to the Trustee, the Sponsor or the Delaware Trustee shall be deemed to have been duly given (i) when it is actually delivered by a messenger or a recognized courier service, (ii) five (5) days after it is mailed by
registered or certified mail, postage paid or (iii) when receipt of a facsimile transmission is acknowledged via a return receipt or receipt confirmation as requested by the original transmission, in each case to or at the address or facsimile
number set forth below: 
 To the Trustee: 
 Barclays Global Investors, N.A. 
 400 Howard Street 
 San Francisco, CA 94105 
 Attention: Fund Administration 
 Facsimile: (415) 618-5712 
  

 - 28 - 

 or (1) any other place to which the Trustee may have transferred its Corporate Trust Office with notice
to the Sponsor and the Delaware Trustee or (2) any entity to which the Trustee may have transferred all or some of its duties hereunder pursuant to Section 5.8 at the address set forth in the notice of transfer provided to the
Sponsor and the Delaware Trustee. 
 To the Sponsor: 
 iShares® Delaware Trust Sponsor LLC 
 400 Howard
Street 
 San Francisco, CA 94105 
 Attention: Product Management Team, Intermediary Investors and 
 Exchange Traded
Products Department 
 Facsimile: (415) 618-5097 
 or any other place to which the Sponsor may have transferred its principal office with notice to the Trustee and the Delaware Trustee. 
 To the Delaware Trustee: 
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, DE 19890 
 Attention: Corporate Trust Administration 
 Facsimile: (302) 636-4140 
 or
any other place to which the Delaware Trustee may have transferred its principal office with notice to the Trustee and the Sponsor. 
 (c) Any notice to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by messenger or a recognized courier service, (ii) when mailed, postage prepaid or (iii) when sent by
facsimile transmission confirmed by letter, in each case at or to the address of such Registered Owner as it appears on the transfer books of the Trustee, or, if such Registered Owner shall have filed with the Trustee a written request that any
notice or communication intended for such Registered Owner be delivered to some other address, at the address designated in such request. 
 Section 7.5 Governing Law; Consent to Jurisdiction. (a) This Trust Agreement is governed by and is to be construed in accordance with the laws of the State of Delaware. 
  

 - 28 - 

 (b) The parties hereto hereby (i) irrevocably submit to the non-exclusive jurisdiction
of any Delaware state court or federal court sitting in Wilmington, Delaware in any action arising out of or relating to this Trust Agreement and (ii) consent to the service of process by mail. Nothing herein shall affect the right of any party
to serve legal process in any manner permitted by law or affect its right to bring any action in any other court. Each party agrees that, in the event that any dispute arising from or relating to this Trust Agreement becomes subject to any judicial
proceeding, such party waives any right that it may otherwise have to (x) seek punitive or consequential damages or (y) request a trial by jury. 
 Section 7.6 Headings. The titles of the Articles and the headings of the Sections of this Trust Agreement are for convenience of reference only and are not to be considered in construing the terms
and provisions of this Trust Agreement. 
 Section 7.7 Compliance with Regulation B. If any banking institution that is
either a party to this Trust Agreement or a delegate pursuant hereto reasonably believes that any of the activities described herein and to be performed by such institution are reasonably likely to result in such institution having to register as a
broker-dealer under federal law, then (a) such institution will promptly notify in writing the other parties in reasonable detail of the basis of its concern, (b) such institution thereafter shall not be deemed to be in violation of, or
acting negligently or in bad faith with respect to, this Trust Agreement or any agreement incidental hereto by virtue of not engaging in such activity and (c) the parties hereto shall promptly restructure the arrangements described herein in
good faith to the extent necessary to prevent such registration from having to occur. 
 Section 7.8 Binding Effect; Entire
Agreement. Except as otherwise provided in this Trust Agreement, every covenant, term and provision of this Trust Agreement is binding upon and inures to the benefit of the parties hereto and their respective personal representatives, successors
and permitted assigns. This Trust Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject
matter in any way. 
 Section 7.9 Provisions in Conflict With Law or Regulations. The provisions of this Trust Agreement
are severable, and if the Trustee determines, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Act 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
Trustee 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. The Trustee shall not be liable for making or failing to make such a
determination. 
 [Signature Page Follows] 
  

 - 29 - 

 IN WITNESS WHEREOF, the undersigned have duly executed this First Amended and Restated Trust
Agreement as of the day and year first set forth above. 
  

			
	iSHARES® DELAWARE TRUST SPONSOR LLC, as Sponsor
		
	By:	 	Barclays Global Investors International, Inc., its Manager
		
	By:	 	/S/    RAMAN
SURI        
	Name:	 	Raman Suri
	Title:	 	Managing Director
		
	By:	 	/S/    JOANNA M.
CALLINICOS        
	Name:	 	Joanna M. Callinicos
	Title:	 	Principal
	
	BARCLAYS GLOBAL INVESTORS, N.A.,
	as Trustee
		
	By:	 	/S/    RAMAN
SURI        
	Name:	 	Raman Suri
	Title:	 	Managing Director
		
	By:	 	/S/    JOANNA M.
CALLINICOS        
	Name:	 	Joanna M. Callinicos
	Title:	 	Principal
	
	 WILMINGTON TRUST COMPANY,
 as Delaware Trustee

		
	By:	 	/S/    DORRI
COSTELLO        
	Name:	 	Dorri Costello
	Title:	 	Financial Services Officer

 EXHIBIT A 
 FORM OF CERTIFICATE 
 THE SHARES
EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE iSHARES® DIVERSIFIED ALTERNATIVES TRUST (THE “TRUST”) AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY THE SPONSOR, THE
TRUSTEE, THE DELAWARE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY IS INSURED UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”)
TO THE AGENT AUTHORIZED BY THE TRUST FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRUST SHARES 
 ISSUED BY 
 iSHARES® DIVERSIFIED ALTERNATIVES TRUST 
 REPRESENTING 
 FRACTIONAL UNDIVIDED INTERESTS IN THE NET ASSETS OF THE TRUST

 BARCLAYS GLOBAL INVESTORS, N.A., as Trustee 
  

			
	No.                     	 	*Shares    
		 	CUSIP: 464294107

 BARCLAYS GLOBAL INVESTORS, N.A., as Trustee (the
“Trustee”), hereby certifies that CEDE & CO., as nominee of The Depository Trust Company, or registered assigns, IS THE OWNER OF [    ]1 Shares issued by iShares® Diversified Alternatives Trust (the “Trust”), each representing a fractional undivided beneficial interest in the net assets of the Trust, as
provided in the Trust Agreement referred to below. The Trustee’s Corporate Trust Office and its principal executive office are located at 400 Howard Street, San Francisco, CA 94105. 
 This Certificate is issued upon the terms and conditions set forth in the First Amended and Restated Trust Agreement,
dated as of September 24, 2009 (the “Trust Agreement”), among iShares® Delaware Trust
Sponsor LLC (the “Sponsor”), the Trustee, and Wilmington Trust Company as Delaware Trustee. The Trust Agreement sets forth the rights of Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies of the Trust
Agreement are on file at the Trustee’s Corporate Trust Office. 
  
  

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

  

 Exh. A-1 

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

							
	Dated:                     	 		 	 BARCLAYS GLOBAL INVESTORS, N.A.,
 as Trustee

				
		 		 	By:	 	 
				
		 		 	By:	 	 

 THE TRUSTEE’S CORPORATE TRUST OFFICE ADDRESS IS 
 400 HOWARD STREET, SAN FRANCISCO, CA 94105 
  

 Exh. A-2 

 ANNEX I 
 CAPITAL ACCOUNTS, DISTRIBUTIONS AND ALLOCATIONS 
 Section 1 Capital
Accounts. 
 (a) The Trust shall establish and maintain a separate account (the “Capital Account”) for each
Beneficial Owner’s Shares in accordance with the following provisions (references to Sections in this Annex I will be to Sections in this Annex I unless otherwise stated and references to Sections of the Trust Agreement will be indicated
as such): 
 (i) Initial Contribution. A Beneficial Owner’s initial contribution will be equal to the
amount of cash contributed to the Trust by the Beneficial Owner or its agent on the first issuance of Shares to the Beneficial Owner or its agent as described in Article II. 
 (ii) Initial Capital Account. The initial balance of the Capital Account of each Beneficial Owner shall be such
Beneficial Owner’s initial contribution. 
 (iii) Adjustments to Capital Accounts. 
 (A) Each Beneficial Owner’s Capital Account shall be increased by the amount of additional cash contributed to the Trust
by such Beneficial Owner or its agent, and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2. 

(B) Each Beneficial Owner’s Capital Account shall be decreased by the amount of cash distributed to such Beneficial
Owner or its agent pursuant to any provision of this Trust Agreement, and by any expenses, deductions or losses computed in accordance with Section 1(b) and allocated to such Beneficial Owner pursuant to Section 2.

 (iv) Contributions. Each Beneficial Owner agrees that it (or its agent) will contribute property to the
Trust only if such property has, to the best of that Beneficial Owner’s knowledge after reasonable inquiry, a basis for tax purposes equal to the fair market value of such property, and acknowledges that the Trust will rely upon such fair
market value basis for purposes of determining and allocating items of income, gain, loss, deduction, basis and other tax items. For this purpose, Section 7 shall apply to determine fair market value. 
 (b) For purposes of computing the amount of any item of income, gain, deduction, expense or loss to be reflected in a Beneficial
Owner’s Capital Account, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes; provided that: 
 (i) Items described in Section 705(a)(2)(B) of the Code shall be treated as items of deduction. All fees and other
expenses incurred by the Trust to promote the sale of (or to sell) a Share that can neither be deducted nor amortized under Section 709 of the Code shall, for purposes of Capital Account maintenance, be treated as an item described in
Section 705(a)(2)(B) of the Code. 
  

 A-I-1 

 (ii) Except as otherwise provided in Treasury Regulations
Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code. 
 (iii) In computing income, gain, deduction, expense or loss for Capital Account purposes, the amount of such item shall be
determined taking into account the book value of the Trust’s property, as adjusted pursuant to Section 1(d). 
 (c) In the event any Beneficial Owner’s Shares are transferred in accordance with the terms of this Trust Agreement, the transferee shall succeed to the Capital Account of such Beneficial Owner to the extent such Capital Account
relates to the transferred Shares. 
 (d) Consistent with the provisions of Treasury Regulations
Section 1.704-1(b)(2)(iv)(f), upon an issuance or redemption of Shares, in connection with the dissolution, liquidation or termination of the Trust, or otherwise as appropriate pursuant to generally accepted industry accounting practices, the
Capital Accounts of all Beneficial Owners may, immediately prior to such issuance, redemption, dissolution, liquidation, termination, or otherwise, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized
Gain or Unrealized Loss attributable to Trust property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of such property, immediately prior to such issuance, redemption, dissolution, liquidation, termination, or
otherwise, and had been allocated to the Beneficial Owners at such time pursuant to Section 2. Pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(g), appropriate adjustments shall be made to the book value of Trust property
with Unrealized Gain or Unrealized Loss. Proper adjustment shall be made to the amount of any Capital Account adjustment under this Section 1(d) to take into account any prior Capital Account adjustment under this Section 1.

 Section 2 Allocations for Capital Account Purposes. 
 (a) For purposes of maintaining Capital Accounts and in determining the rights of the Beneficial Owners among themselves, except as otherwise
provided in this Section 2 each item of income, gain, loss, expense and deduction (computed in accordance with Section 1(b)) shall be allocated to the Beneficial Owners in accordance with their respective Percentage
Interests. 
 (b) Pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(g), items of depreciation, depletion,
amortization and gain or loss attributable to Adjusted Property that has a Book-Tax Disparity shall be allocated among the Beneficial Owners in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3). 
 (c) If any Beneficial Owner unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6), items of Trust income and gain shall be specially allocated to such Beneficial Owner in an amount and manner sufficient to eliminate a deficit balance in its Capital Account (after
decreasing such Beneficial Owner’s Capital Account balance by the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6)) created by such adjustments, allocations or distributions as quickly as
possible. This Section 2(c) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulations Section 1.704-1(b) (2)(ii)(d). 
  

 A-I-2 

 Section 3 Allocations for Tax Purposes. 
 (a) For U.S. federal income tax purposes, except as otherwise provided in this Section 3, each item of income, gain, loss,
deduction and credit of the Trust shall be allocated among the Beneficial Owners in accordance with their respective Percentage Interests. 
 (b) In an attempt to eliminate Book-Tax Disparities, items of income, gain, or loss shall be allocated for U.S. federal income tax purposes among the Beneficial Owners under the principles of the remedial
method of Treasury Regulations Section 1.704-3(d). 
 (c) If any Beneficial Owner unexpectedly receives any adjustments,
allocations or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Beneficial Owner in an amount and manner consistent with the allocations of income and
gain pursuant to Section 2(c). 
 (d) The provisions of this Annex I and the other provisions of this Trust
Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Regulations. The Trustee shall be authorized to
make appropriate amendments to the allocations of items pursuant to this Section 3 if necessary in order to comply with Section 704 of the Code or applicable Treasury Regulations thereunder. 
 Section 4 Tax Conventions. 
 (a) For purposes of Sections 1, 2 and 3, the Trustee shall cause the Trust to adopt such conventions as may be necessary or appropriate in the Trustee’s reasonable discretion in
order to comply with applicable law, including Section 706 of the Code and the Treasury Regulations or rulings promulgated thereunder, or to allocate items of the Trust’s income, gain, loss, expenses, deductions and credits in a manner
that reflects Beneficial Owner’s Shares. The Trustee may revise, alter or otherwise modify such conventions in accordance with the standard established in the prior sentence. 
 (b) Unless the Trustee determines that another convention is necessary or appropriate in the Trustee’s reasonable discretion in order
to comply with applicable law, or to allocate items of the Trust’s income, gain, loss, expenses, deductions and credits in a manner that more accurately reflects Trustee’s Shares, the Trust shall use the monthly convention described in
this Section 4(b). 
 (i) All issuances, redemptions and transfers of Shares or beneficial interests
therein shall be deemed to take place at a price equal to the value of such Share or beneficial interest therein at the end of the Business Day during the month in which the issuance, redemption or transfer takes place on which the value of a Share
is lowest (such price, the “single monthly price”). Accordingly, in determining Unrealized Gain or Unrealized Loss and in making the adjustments provided for by Section 1(d), the fair market value of all Trust property
immediately prior to the issuance, redemption or transfer of Shares shall be deemed to be equal to the lowest value of such property (as determined under Section 7) during the month in which such Shares are issued or redeemed. In the
event that the Trust makes an election under Section 754 of the Code, adjustments to be made under Section 743(b) of the Code will be made using the same monthly convention, including by reference to the single monthly price. 

(ii) All contributed property shall be deemed to be contributed at a price equal to the weighted average value of such
property (as determined under Section 7) during the month in which such property is contributed. All purchases and sales of property, however, shall be treated as taking place at a price equal to the purchase or sales price of the
property, respectively. 
  

 A-I-3 

 (iii) Each item of Trust income, gain, expense, loss, deduction and credit
attributable to transferred Shares shall, for U.S. federal income tax purposes, be determined on a monthly basis and shall be allocated to the Beneficial Owners who own Shares as of the close of the last day of the month preceding the month in which
the transfer occurs, provided that, for the initial period beginning on the date hereof and ending on the last day of the month following the month in which this Trust Agreement becomes effective, such items shall be allocated to the
Beneficial Owners who own the Shares as of the close of the last day of the month in which such items arose; and provided further that, unless the Trustee determines that another method is necessary or appropriate in the Trustee’s
reasonable discretion, gain or loss on a sale or other disposition of all or a substantial portion of the assets of the Trust (or, in the Trustee’s sole discretion, other sales or dispositions of assets if appropriate to more accurately
allocate such gain and loss to Beneficial Owners in a manner that corresponds to their economic gain and loss) shall be allocated to the Beneficial Owners who own Shares as of the close of the day in which such gain or loss is recognized for federal
income tax purposes. (iv) All such allocations are intended to constitute a reasonable method of allocation in accordance with Treasury Regulations Section 1.706-1(c)(2)(ii) and to take into account a Beneficial Owner or Beneficial
Owner’s varying Shares during the taxable year of any issuance, redemption or transfer of Shares or beneficial interests therein. Any person who is the transferee of Shares shall be deemed to consent to the methods of determination and
allocation set forth in this Section 4 as a condition of receiving such Shares. 
 Section 5 Shares as
Personal Property. Each Beneficial Owner hereby agrees that its Shares shall for all purposes be personal property. The Trust shall be the sole owner of the property and rights conveyed to it. No Beneficial Owner has any interest in specific
Trust property, including property conveyed to the Trust by a Beneficial Owner. 
 Section 6 Interest on Capital
Contributions. No Beneficial Owner shall be entitled to any interest on its capital contribution. 
 Section 7
Valuation.  
 (a) Unless otherwise provided in this Trust Agreement, the value, on any day, of Short-Term Securities or
any property, other than cash, shall be determined as of the closing of trading on the Exchange on that day, as follows: 
 (i) The Trustee will value all property at (A) its current market value, if quotations for such property are readily available or (B) its fair value, as reasonably determined by the Trustee, if
the current market value cannot be determined. 
 (b) The Trustee may (but is not required to) employ the services of, and rely
upon the reports of, a recognized pricing service (including a pricing service that is an Affiliate of the Trustee). If the Trustee determines that the procedures in this Section 7 are an inappropriate basis for the valuation of the
Trust’s assets, it shall determine an alternative basis to be employed. The Trustee shall not be liable to any Person for any determination as to the alternative basis for evaluation; provided that such determination is made in good
faith. 
  

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 Section 8 Distributions. 
 (a) Distributions from the Trust upon the occurrence of a redemption or upon dissolution, liquidation or termination pursuant to
Section 2.8 of the Trust Agreement or Section 6.2 of the Trust Agreement, will be in the form of cash as determined by such sections, as applicable; provided that, in the case of a distributions upon dissolution,
liquidation or termination, amounts received by Beneficial Owners shall be in accordance with Capital Accounts as provided in Treasury Regulations Section 1.704-1(i)(2). 
 (b) Notwithstanding any provision to the contrary contained in this Trust Agreement, the Trust, and the Trustee on behalf of the Trust,
shall not be required to make a distribution with respect to Shares if such distribution would violate the Act or any other applicable law. A determination that a distribution is not prohibited under this Section 8 or the Act shall be
made by the Trustee and, to the fullest extent permitted by applicable law, may be based either on financial statements prepared on the basis of accounting practices and principles that are reasonable under the circumstances or on a fair valuation
or any other method that is reasonable under the circumstances. Unless otherwise agreed to by the Beneficial Owners, a Beneficial Owner shall be entitled only to the distributions expressly provided for in this Trust Agreement. 
 (c) Notwithstanding anything to the contrary contained in this Trust Agreement, the Beneficial Owners understand and acknowledge that a
Beneficial Owner (or its agent) may be compelled to accept a distribution of any asset in kind from the Trust despite the fact that the percentage of the asset distributed to such Beneficial Owner (or its agent) exceeds the percentage of that asset
which is equal to the percentage in which such Beneficial Owner shares in distributions from the Trust. 
  

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