Document:

Amendment to Credit Agreement

 Exhibit 10.5 
 AMENDMENT TO CREDIT AGREEMENT 
 LSI INDUSTRIES INC., an Ohio corporation (the
“Borrower”), the financial institutions listed on the signature pages hereto (individually a “Lender” and collectively the “Lenders”), and PNC BANK, NATIONAL ASSOCIATION as the administrative agent
and the syndication agent (in such capacity the “Administrative Agent” or “Agent”) hereby agree as follows: 
  

	1.	Recitals. 

  

	 	1.1	On March 30, 2001, Agent, Borrower and Lenders entered into a Credit Agreement (as previously amended, the “Credit Agreement”). Capitalized terms used herein and not
otherwise defined will have the meanings given such terms in the Credit Agreement. 

  

	 	1.2	Borrower, Agent and Lenders desire to amend the Credit Agreement pursuant to this Amendment to Credit Agreement (the “Amendment”). 

  

	2.	Amendments. 

  

	 	2.1	Section 5.6(a) of the Credit Agreement is amended to provide as follows: 

 Net Worth. At the end of each Fiscal Quarter hereunder commencing June 30, 2006, the Borrower shall maintain Consolidated Tangible Net Worth greater than or equal to the sum of $90,000,000
plus (i) an amount equal to 50% of the Borrower’s Consolidated net income (if positive) for each Fiscal Quarter ending after June 30, 2006 plus (ii) one hundred percent (100%) of the Net Proceeds
of each Equity Offering occurring after the Closing Date. 
  

	3.	Representations and Warranties. To induce Lenders and Agent to enter into this Amendment, Borrower represents and warrants as follows: 

  

	 	3.1	The representations and warranties of Borrower contained in the Credit Agreement are deemed to have been made again on and as of the date of execution of this Amendment.

  

	 	3.2	No Event of Default (as such term is defined in the Credit Agreement) or event or condition which with the lapse of time or giving of notice or both would constitute an Event of
Default exists on the date hereof. 

  

	 	3.3	The person executing this Amendment and the loan documents to be executed in connection herewith is a duly elected and acting officer of Borrower and is duly authorized by the Board
of Directors of Borrower to execute and deliver such documents on behalf of Borrower. 

  

	4.	General. 

  

	 	4.1	Except as expressly modified herein, the Credit Agreement, as amended, is and remains in full force and effect. 

  

	 	4.2	Nothing contained herein will be construed as waiving any default or Event of Default under the Credit Agreement or will affect or impair any right, power or remedy of Lenders or
Agent under or with respect to the Credit Agreement, as or any agreement or instrument guaranteeing, securing or otherwise relating to any of the Credit Agreement. 

	 	4.3	This Amendment will be binding upon and inure to the benefit of Borrower, Agent and Lenders and their respective successors and assigns. 

  

	 	4.4	All representations, warranties and covenants made by Borrower herein will survive the execution and delivery of this Amendment. 

  

	 	4.5	This Amendment will in all respects be governed and construed in accordance with the laws of the State of Ohio. 

 Executed as of June 26, 2006 
  

			
	LSI INDUSTRIES INC.
		
	By:	 	/s/ Ronald S. Stowell
	 Name:
 Title:
	 	 Ronald S. Stowell
 Vice President, Chief Financial
Officer and Treasurer

	
	 PNC BANK, NATIONAL ASSOCIATION,
 in
its capacity as the Administrative Agent and
 the Syndication Agent hereunder

		
	By:	 	/s/ Gregory S. Buchanan
	 Name:
 Title:
	 	 Gregory S. Buchanan
 Vice
President

	
	 PNC BANK, NATIONAL ASSOCIATION,
 in
its capacity as a Lender

		
	By:	 	/s/ Gregory S. Buchanan
	 Name:
 Title:
	 	 Gregory S. Buchanan
 Vice
President

	
	THE FIFTH THIRD BANK, in its capacity as a Lender
		
	By:	 	/s/ Christopher R. Ramos
	 Name:
 Title:
	 	 Christopher R. Ramos
 Vice
President

  

 - 2 -Form of Amended & Restated Declaration of Trust & Trust Agreement of Registrant

 EXHIBIT 4.1 
 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND 
 TRUST AGREEMENT 

OF 
 DB MULTI-SECTOR COMMODITY
TRUST 
 Dated as of                  ,
2006 
 By and Among 
 DB COMMODITY SERVICES LLC 
 WILMINGTON TRUST COMPANY 
 and 
 THE UNITHOLDERS 
 from time to time hereunder 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I                DEFINITIONS; THE TRUST	  	1
			
	 SECTION 1.1.
	  	        Definitions	  	1
	 SECTION 1.2.
	  	        Name.	  	6
	 SECTION 1.3.
	  	        Delaware Trustee; Business Offices	  	6
	 SECTION 1.4.
	  	        Declaration of Trust	  	7
	 SECTION 1.5.
	  	        Purposes and Powers	  	7
	 SECTION 1.6.
	  	        Tax Treatment	  	7
	 SECTION 1.7.
	  	        General Liability of the Managing Owner	  	8
	 SECTION 1.8.
	  	        Legal Title	  	8
	 SECTION 1.9.
	  	        Series Trust	  	8
	 SECTION 1.10.
	  	        Commencement of Business	  	9
		
	ARTICLE II                THE TRUSTEE	  	9
			
	 SECTION 2.1.
	  	        Term; Resignation	  	9
	 SECTION 2.2.
	  	        Powers	  	9
	 SECTION 2.3.
	  	        Compensation and Expenses of the Trustee	  	9
	 SECTION 2.4.
	  	        Indemnification	  	10
	 SECTION 2.5.
	  	        Successor Trustee	  	10
	 SECTION 2.6.
	  	        Liability of Trustee	  	10
	 SECTION 2.7.
	  	        Reliance; Advice of Counsel	  	12
	 SECTION 2.8.
	  	        Payments to the Trustee	  	12
		
	ARTICLE III                UNITS; CAPITAL CONTRIBUTIONS	  	13
			
	 SECTION 3.1.
	  	        General	  	13
	 SECTION 3.2.
	  	        Establishment of Series, or Funds, of the Trust	  	14
	 SECTION 3.3.
	  	        Establishment of Classes and Sub-Classes	  	14
	 SECTION 3.4.
	  	        Offer of Limited Units, Procedures for Creation and Issuance of Creation Baskets	  	15
	 SECTION 3.5.
	  	        Book-Entry-Only System, Fund Global Securities	  	16
	 SECTION 3.6.
	  	        Assets	  	19
	 SECTION 3.7.
	  	        Liabilities of Funds	  	19
	 SECTION 3.8.
	  	        Distributions	  	21
	 SECTION 3.9.
	  	        Voting Rights	  	21
	 SECTION 3.10.
	  	        Equality	  	22

  

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	ARTICLE IV                THE MANAGING OWNER	  	22
			
	 SECTION 4.1.
	  	        Management of the Trust	  	22
	 SECTION 4.2.
	  	        Authority of Managing Owner	  	22
	 SECTION 4.3.
	  	        Obligations of the Managing Owner	  	23
	 SECTION 4.4.
	  	        General Prohibitions	  	24
	 SECTION 4.5.
	  	        Liability of Covered Persons	  	24
	 SECTION 4.6.
	  	        Fiduciary Duty	  	25
	 SECTION 4.7.
	  	        Indemnification of the Managing Owner	  	26
	 SECTION 4.8.
	  	        Expenses and Limitations Thereon	  	27
	 SECTION 4.9.
	  	        Compensation to the Managing Owner	  	29
	 SECTION 4.10.
	  	        Other Business of Unitholders	  	29
	 SECTION 4.11.
	  	        Voluntary Withdrawal of the Managing Owner	  	29
	 SECTION 4.12.
	  	        Authorization of Registration Statements	  	29
	 SECTION 4.13.
	  	        Litigation	  	30
		
	ARTICLE V                TRANSFERS OF UNITS	  	30
			
	 SECTION 5.1.
	  	        General Prohibition	  	30
	 SECTION 5.2.
	  	        Transfer of Managing Owner’s General Units	  	30
	 SECTION 5.3.
	  	        Transfer of Limited Units	  	31
		
	ARTICLE VI               DISTRIBUTIONS	  	31
			
	 SECTION 6.1.
	  	        Distributions of Cash Received from the Master Funds Other than Redemption Proceeds	  	31
	 SECTION 6.2.
	  	        Liability for State and Local and Other Taxes	  	31
		
	ARTICLE VII              REDEMPTIONS	  	32
			
	 SECTION 7.1.
	  	        Redemption of Redemption Baskets	  	32
	 SECTION 7.2.
	  	        Other Redemption Procedures	  	33
		
	ARTICLE VIII            THE LIMITED OWNERS	  	33
			
	 SECTION 8.1.
	  	        No Management or Control; Limited Liability; Exercise of Rights through DTC	  	33
	 SECTION 8.2.
	  	        Rights and Duties	  	34

  

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	 SECTION 8.3.
	  	 Limitation on Liability
	  	35
		
	ARTICLE IX                BOOKS OF ACCOUNT AND REPORTS	  	36
			
	 SECTION 9.1.
	  	        Books of Account	  	36
	 SECTION 9.2.
	  	        Annual Reports and Monthly Statements	  	36
	 SECTION 9.3.
	  	        Tax Information	  	36
	 SECTION 9.4.
	  	        Calculation of Net Asset Value	  	36
	 SECTION 9.5.
	  	        Maintenance of Records	  	36
	 SECTION 9.6.
	  	        Certificate of Trust	  	37
		
	ARTICLE X                FISCAL YEAR	  	37
			
	 SECTION 10.1.
	  	 Fiscal Year
	  	37
		
	ARTICLE XI              AMENDMENT OF TRUST AGREEMENT; MEETINGS	  	37
			
	 SECTION 11.1.
	  	        Amendments to the Trust Agreement	  	37
	 SECTION 11.2.
	  	        Meetings of the Trust or the Funds	  	39
	 SECTION 11.3.
	  	        Action Without a Meeting	  	39
		
	ARTICLE XII            TERM	  	40
			
	 SECTION 12.1.
	  	        Term	  	40
		
	ARTICLE XIII          TERMINATION	  	40
			
	 SECTION 13.1.
	  	        Events Requiring Dissolution of the Trust or any Fund	  	40
	 SECTION 13.2.
	  	        Distributions on Dissolution	  	41
	 SECTION 13.3.
	  	        Termination; Certificate of Cancellation	  	42
		
	ARTICLE XIV          POWER OF ATTORNEY	  	42
			
	 SECTION 14.1.
	  	        Power of Attorney Executed Concurrently	  	42
	 SECTION 14.2.
	  	        Effect of Power of Attorney	  	42
	 SECTION 14.3.
	  	        Limitation on Power of Attorney	  	43

  

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	ARTICLE XV                MISCELLANEOUS	  	43
			
	 SECTION 15.1.
	  	        Governing Law	  	43
	 SECTION 15.2.
	  	        Provisions In Conflict With Law or Regulations	  	44
	 SECTION 15.3.
	  	        Construction	  	44
	 SECTION 15.4.
	  	        Notices	  	44
	 SECTION 15.5.
	  	        Counterparts	  	45
	 SECTION 15.6.
	  	        Binding Nature of Trust Agreement	  	45
	 SECTION 15.7.
	  	        No Legal Title to Trust Estate	  	45
	 SECTION 15.8.
	  	        Creditors	  	45
	 SECTION 15.9.
	  	        Integration	  	45
	 SECTION 15.10.
	  	        Goodwill; Use of Name	  	45
			
	EXHIBIT A	  		  	
	Form of Certificate of Trust of DB Multi-Sector Commodity Trust	  	A-1
			
	EXHIBIT B	  		  	
	Form of Global Certificate	  	B-1
			
	EXHIBIT C	  		  	
	Form of Participant Agreement	  	C-1
			
	EXHIBIT D	  		  	
	Form of Initial Purchaser Agreement	  	D-1

  

 iv 

 DB MULTI-SECTOR COMMODITY TRUST 
 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST AGREEMENT 
 This AMENDED AND RESTATED
DECLARATION OF TRUST AND TRUST AGREEMENT of DB MULTI-SECTOR COMMODITY TRUST is made and entered into as of the              day of
                    , 2006, by and among DB COMMODITY SERVICES LLC, a Delaware limited liability company, WILMINGTON TRUST
COMPANY, a Delaware banking company, as trustee, and the UNITHOLDERS from time to time hereunder. 
 *    
*     * 
 RECITALS 
 WHEREAS, the Trust was formed on                          , 2006 pursuant to the
execution and filing by the Trustee of the Certificate of Trust on                          , 2006 and the
execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of
                         , 2006 (the “Original Agreement”); 
 WHEREAS, currently, there are and have been no Limited Owners; 
 WHEREAS, the Trustee and the Managing Owner desire to amend the Original Agreement to make the amendments effectuated hereby. 
 NOW, THEREFORE, pursuant to Section 8 of the Original Agreement, the Trustee and the Managing Owner hereby amend and restate the Original Agreement in its entirety as set forth below. 
 ARTICLE I 
 DEFINITIONS; THE TRUST

 SECTION 1.1. Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the
context otherwise requires: 
 “Administrator” means any Person from time to time engaged to provide administrative services to the
Trust pursuant to authority delegated by the Managing Owner. 
 “Affiliate” – An “Affiliate” of a “Person”
means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly
or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager
or partner of such Person, or (v) if such 

  

 1 

 
Person is an employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity. 
 “Basket” means a Creation Basket or a Redemption Basket, as the context may require. 
 “Beneficial Owners” shall have the meaning assigned to such term in Section 3.5(d). 
 “Business Day” means a day other than Saturday, Sunday or other day when banks and/or securities exchanges in the City of New York or the City
of Wilmington are authorized or obligated by law or executive order to close. 
 “Capital Contributions” means the amounts of cash
contributed and agreed to be contributed to the Trust by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof. 
 “CE Act” means the Commodity Exchange Act, as amended. 
 “Certificate of Trust” means
the Certificate of Trust of the Trust in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 
 “CFTC” means the Commodity Futures Trading Commission. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commodities” means
positions in Commodity Contracts, forward contracts, foreign exchange positions and traded physical commodities, as well as cash commodities resulting from any of the foregoing positions. 
 “Commodity Contract” means any futures contract or option thereon providing for the delivery or receipt at a future date of a specified amount
and grade of a traded commodity at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 
 “Corporate Trust Office” means the principal office at which at any particular time the corporate trust business of the Trustee is administered, which office at the date hereof is located at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 
 “Covered Person” means
the Trustee, the Managing Owner and their respective Affiliates. 
 “Creation Basket” means the minimum number of Limited Units of
a Fund that may be created at any one time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time to time for each Fund. 
 “Creation Basket Capital Contribution” of a Fund means a Capital Contribution made by a Participant in connection with a Purchase Order Subscription Agreement and the creation of a 

  

 2 

 
Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order
Subscription Agreement by (ii) the Net Asset Value per Basket of a Fund as of closing time of the Exchange or the last to close of the exchanges on which any one of the Index Commodities of the Fund’s corresponding Master Fund is traded,
whichever is later, on the Purchase Order Subscription Date. 
 “Delaware Trust Statute” means the Delaware Statutory Trust Act,
Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time. 
 “Depository” means The Depository Trust Company, New York, New York, or such other depository of Limited Units as may be selected by the Managing Owner as specified herein. 
 “Depository Agreement” means the Letter of Representations relating to each Fund from the Managing Owner to the Depository, dated as of
                    , 2006 as the same may be amended or supplemented from time to time. 
 “Distributor” means any Person from time to time engaged to provide distribution services or related services to the Trust pursuant to
authority delegated by the Managing Owner. 
 “DTC” shall have the meaning assigned to such term in Section 3.5(b).

 “DTC Participants” shall have the meaning assigned to such term in Section 3.5(c). 
 “Exchange” means the American Stock Exchange or, if the Limited Units of any Fund shall cease to be listed on the American Stock Exchange and
are listed on one or more other exchanges, the exchange on which the Units of such Fund are principally traded, as determined by the Managing Owner. 
 “Fiscal Quarter” shall mean each period ending on the last day of each March, June, September and December of each Fiscal Year. 
 “Fiscal Year” shall have the meaning set forth in Article X hereof. 
 “Fund” means a
Fund established and designated as a series of the Trust as provided in Section 3.2(a). 
 “Global Security” means the global
certificate or certificates for each Fund issued to the Depository as provided in the Depository Agreement, each of which shall be in substantially the form attached hereto as Exhibit B. 
 “Index Commodities” means the underlying commodities that comprise an Index or the Indexes, as applicable, from time to time,. as described in
the Prospectus. 
 “Indirect Participants” shall have the meaning assigned to such term in Section 3.5(c). 
  

 3 

 “Initial Purchaser Agreement” means an agreement among a Fund, the Managing Owner and the
Initial Purchaser of a Fund, substantially in the form of Exhibit D hereto, as it may be amended from time to time in accordance with its terms. 
 “Initial Purchaser” means the Initial Purchaser for any Fund. 
 “Internal Revenue Service” or “IRS”
means the U.S. Internal Revenue Service or any successor thereto. 
 “Limited Owner” means any person or entity who is or becomes a
Beneficial Owner of Limited Units of a Fund. 
 “Managing Owner” means DB Commodity Services LLC, or any substitute therefor as
provided herein, or any successor thereto by merger or operation of law. 
 “Master Fund” means, as applicable, a particular series
of the Master Trust corresponding to a Fund established under this Trust Agreement. 
 “Master Fund Shares” means the common units
of fractional undivided beneficial interest with limited liability in the profits, losses, distributions, capital and assets of, and ownership of a Master Fund. 
 “Master Trust” means DB Multi-Sector Master Commodity Trust, a Delaware statutory trust. 
 “Net Asset Value of a Fund” at any time means the total assets in the Trust Estate of a Fund, determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method
of accounting. The amount of any distribution made pursuant to Article VI hereof shall be a liability of such Fund from the day when the distribution is declared until it is paid. 
 “Net Asset Value per Basket of a Fund” means the product obtained by multiplying the Net Asset Value per Unit of a Fund by the number of
Limited Units comprising a Basket at such time. 
 “Net Asset Value per Unit of a Fund” means the Net Asset Value of a Fund divided
by the number of Units of the Fund outstanding on the date of calculation. 
 “NFA” means the National Futures Association.

 “Order Cut-Off Time” means 1:00 pm, New York time, on a Business Day. 
 “Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(iv). 
 “Participant” means a Person that is a DTC Participant and has entered into a Participant Agreement which, at the relevant time, is in full
force and effect. 
  

 4 

 “Participant Agreement” means an agreement among a Fund, the Managing Owner and a Participant,
substantially in the form of Exhibit C hereto, as it may be amended or supplemented from time to time in accordance with its terms. 
 “Person” means any natural person, partnership, limited liability company, statutory trust, corporation, association, or other legal entity. 
 “Prospectus” means the final prospectus and disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and declared effective thereby, as the same may at any
time and from time to time be amended or supplemented. 
 “Purchase Order Subscription Agreement” shall have the meaning assigned
thereto in Section 3.4(a)(i). 
 “Purchase Order Subscription Date” shall have the meaning assigned thereto in
Section 3.4(a)(i). 
 “Redemption Basket” means the minimum number of Limited Units of a Fund that may be redeemed pursuant to
Section 7.1, which shall be the number of Limited Units of such Fund constituting a Creation Basket on the relevant Redemption Order Date. 
 “Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption Basket as specified in Section 7.1(c). 
 “Redemption Order” shall have the meaning assigned thereto in Section 7.1(a). 
 “Redemption Order Date” shall have the meaning assigned thereto in Section 7.1(b). 
 “Redemption Settlement
Time” shall have the meaning assigned thereto in Section 7.1(d). 
 “Registration Statement” means a registration
statement on Form S-1, as it may be amended from time to time, filed with the Securities and Exchange Commission pursuant to which the Trust registered the Units, as the same may at any time and from time to time be further amended or supplemented.

 “SEC” means the Securities and Exchange Commission. 
 “Sponsor” means any person directly or indirectly instrumental in organizing each Fund or any person who will manage or participate in the
management of each Fund, including the Managing Owner or an Affiliate of the Managing Owner, who pays any portion of the Organization and Offering Expenses of each Fund and any other person who regularly performs or selects the persons who perform
services for the Funds. Sponsor does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services rendered in connection with the offering of the Units. The term
“Sponsor” shall be deemed to include its Affiliates. 
  

 5 

 “Subscribing Participant” means a Participant who has submitted a Purchase Order Subscription
Agreement to create one or more Units that has not yet been filled or accepted by the Trust. 
 “Suspended Redemption Order” shall
have the meaning assigned thereto in Section 7.1(d). 
 “Transaction Fee” shall have the meaning assigned thereto in
Section 3.4(d). 
 “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under
the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
 “Trust” means DB Multi-Sector Commodity Trust, the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and
affairs of which are governed by this Trust Agreement. 
 “Trust Agreement” means this Amended and Restated Declaration of Trust
and Trust Agreement as the same may at any time or from time to time be amended. 
 “Trustee” means Wilmington Trust Company or any
substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust. 
 “Trust Estate”
means, with respect to a Fund, all property and cash held by such Fund, and all proceeds therefrom. 
 “Unitholders” means the
Managing Owner and all Limited Owners, as holders of Units of a Fund, where no distinction is required by the context in which the term is used. 
 “Units” means the common units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, a Fund. The Managing Owner’s Capital Contributions shall be
represented by “General” Units and a Limited Owner’s Capital Contributions shall be represented by “Limited” Units. 
 SECTION 1.2. Name. 
 (a) The name of the Trust is “DB Multi-Sector Commodity Trust” in which name the Trustee and
the Managing Owner may engage in the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 
 SECTION 1.3. Delaware Trustee; Business Offices. 
 (a) The sole Trustee of the Trust is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the
Unitholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is removed as the Trustee, the Trustee of the Trust in the State of Delaware
shall be the successor Trustee. 
  

 6 

 (b) The principal office of the Trust, and such additional offices as the Managing Owner may establish,
shall be located at such place or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee and the Unitholders. Initially, the principal office of the Trust shall be at 60 Wall
Street, New York, New York 10005. 
 SECTION 1.4. Declaration of Trust. The Trustee hereby acknowledges that the Trust has received
the sum of $1,000 for each Fund in bank accounts in the name of each Fund controlled by the Managing Owner from the Managing Owner as grantor of the Trust, and hereby declares that it shall hold such sum in trust, upon and subject to the conditions
set forth herein for the use and benefit of the Unitholders of each Fund. It is the intention of the parties hereto that the Trust shall be a statutory trust organized in series, or Funds, under the Delaware Trust Statute and that this Trust
Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any
form of legal relationship other than a Delaware statutory trust except to the extent that each Fund is deemed to constitute a grantor trust under the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed
to make the Unitholders partners or members of a joint stock association. The Managing Owner shall not be liable to any person for the failure of the Trust or any Fund to qualify as a grantor trust under the Code or any comparable provision of the
laws of any State or other jurisdiction where such treatment is sought. Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with
respect to accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute.

 SECTION 1.5. Purposes and Powers. The purposes of the Trust and each Fund shall be to acquire, hold and redeem corresponding Master
Fund Shares and to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing purposes. The Funds shall not engage in any other business or activity and shall not acquire or own any other
assets or take any of the actions set forth in Section 4.4. The Trust and each Fund shall have all of the powers specified in Section 15.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner
on behalf of the Trust under this Trust Agreement. Nothing in this Agreement shall be construed to give the Trustee or the Managing Owner the power to vary the investment of the Beneficial Owners within the meaning of Treasury Regulation
Section 301.7701-4(c) or similar or successor provisions of United States Treasury Regulations under the Code, nor shall the Managing Owner take any action that would vary the investment of the Beneficial Owners. 
 SECTION 1.6. Tax Treatment. 
 (a) Each
of the parties hereto, by entering into this Trust Agreement, (i) expresses its intention that the Units of each Fund will qualify under applicable tax law as interests in a grantor trust which holds the Trust Estate of each Fund for their
benefit, (ii) agrees that it will file its own Federal, state and local income, franchise and other tax returns in a manner that is consistent with the treatment of each Fund as a grantor trust in which each of the Unitholders thereof is a
beneficiary and (iii) agrees to use reasonable efforts to notify the 

  

 7 

 
Managing Owner promptly upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Units of each Fund with respect to
the treatment of the Units of such Fund as anything other than interests in a grantor trust. 
 (b) The Managing Owner shall prepare or cause
to be prepared and filed each Fund’s tax returns as a grantor trust for Federal, state and local tax purposes. Subject to Section 4.7, each Fund hereby indemnifies, to the full extent permitted by law, the Managing Owner from and against
any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities under this Section 1.6(b), provided such action taken or
omitted to be taken does not constitute fraud, negligence or misconduct. 
 (c) Each Unitholder shall furnish the Managing Owner and the
Trustee with information necessary to enable the Managing Owner to comply with U.S. federal income tax information reporting requirements in respect of such Unitholder’s Units. 
 SECTION 1.7. General Liability of the Managing Owner. 
 (a) The Managing Owner shall be liable for the acts, omissions, obligations and expenses of each Fund, to the extent not paid out of the assets of each Fund, to the same extent the Managing Owner would be so liable if
each Fund were a partnership under the Delaware Revised Uniform Limited Partnership Act and the Managing Owner were a general partner of such partnership. The foregoing provision shall not, however, limit the ability of the Managing Owner to limit
its liability by contract. The obligations of the Managing Owner under this Section 1.7 shall be evidenced by its ownership of the General Units which, solely for purposes of the Delaware Trust Statute, will be deemed to be a separate class of
Units of each Fund. Without limiting or affecting the liability of the Managing Owner as set forth in this Section 1.7, notwithstanding anything in this Trust Agreement to the contrary, Persons having any claim against the Trust or any Fund by
reason of the transactions contemplated by this Trust Agreement and any other agreement, instrument, obligation or other undertaking to which the Trust or any Fund is a party, shall look only to the appropriate Fund Trust Estate for payment or
satisfaction thereof. 
 (b) Subject to Sections 8.1 and 8.3 hereof, no Unitholder, other than the Managing Owner, to the extent set forth
above, shall have any personal liability for any liability or obligation of the Trust or any Fund. 
 SECTION 1.8. Legal Title. Legal
title to all of the Trust Estate of each Fund shall be vested in the Trust as a separate legal entity; provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the
Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any other Person (other than a Unitholder) as nominee. 
 SECTION 1.9. Series Trust. The Shares of the Trust shall be divided into series, each a Fund, as provided in Section 3806(b)(2) of the
Delaware Trust Statute. Accordingly, it is the intent of the parties hereto that Articles IV, V, VII, VIII, IX and X of this Trust Agreement shall apply also with respect to each such Fund as if each such Fund were a separate statutory 

  

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trust under the Delaware Trust Statute, and each reference to the term “Trust” in such Articles shall be deemed to be a reference to each Fund
separately to the extent necessary to give effect to the foregoing intent, as the context may require. The use of the terms “Trust”, “Fund” or “series” in this Agreement shall in no event alter the intent of the parties
hereto that the Trust receive the full benefit of the limitation on interseries liability as set forth in Section 3804 of the Delaware Trust Statute. 
 SECTION 1.10. Commencement of Business. The commencement of the Trust’s business and the sale of the Limited Units of each Fund to the respective Initial Purchasers pursuant to each Initial Purchaser
Agreement shall commence at such time as the Managing Owner shall determine. 
 ARTICLE II 
 THE TRUSTEE 
 SECTION 2.1. Term;
Resignation. 
 (a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall
have only one trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in
accordance with the terms of Section 2.5 hereof. 
 (b) The Trustee may resign at any time upon the giving of at least 60 days’
advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner
does not act within such sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 
 SECTION 2.2. Powers. Except to the extent expressly set forth in Section 1.3(a) and this Article II, the duty and authority of the Trustee to
manage the business and affairs of the Trust is hereby delegated to the Managing Owner, which duty and authority the Managing Owner may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The
Trustee shall have only the rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the Trust or any Fund. The Trustee
shall have the power and authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt notice to the Managing Owner of
its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner with respect to the Trust that would reasonably be expected to affect the rights, obligations or
liabilities of the Trustee hereunder or under the Delaware Trust Statute. 
 SECTION 2.3. Compensation and Expenses of the Trustee.
The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the Managing Owner (including 

  

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the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Managing
Owner or an Affiliate of the Managing Owner (including the Trust) for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and
disbursements of counsel and such other agents as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. 
 SECTION 2.4. Indemnification. The Managing Owner agrees (and any additional Managing Owner admitted pursuant to Section 4.2(g) will be deemed to agree), whether or not any of the transactions contemplated
hereby shall be consummated, to assume liability for, and does hereby indemnify, protect, save and keep harmless Wilmington Trust Company (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers,
directors, employees, agents and servants (the “Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation
received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or disbursements (including legal fees and expenses) of any kind and
nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of the Trust, the execution,
delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified
Parties. The indemnities contained in this Section 2.4 shall survive the termination of this Trust Agreement or the removal or resignation of the Trustee. The Indemnified Parties shall not be entitled to indemnification from any Trust Estate.

 SECTION 2.5. Successor Trustee. Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor
Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor
Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to the outgoing Trustee are paid. Following compliance
with the preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the
outgoing Trustee shall be discharged of its duties and obligations under this Trust Agreement. 
 SECTION 2.6. Liability of Trustee.
Except as otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company
by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust or any Fund is a party shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof; provided,
however, that in no event is the foregoing intended to affect or limit the liability of the Managing Owner as set forth in Section 1.7 hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person
or 

  

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under any other agreement to which the Trust or any Fund is a party, except for the Trustee’s own gross negligence or willful misconduct. In particular,
but not by way of limitation: 
 (a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust
Agreement or for the form, character, genuineness, sufficiency, value or validity of any Trust Estate; 
 (b) The Trustee shall not be liable
for any actions taken or omitted to be taken by it in accordance with the instructions of the Managing Owner or the Liquidating Trustee as defined in Section 13.2 hereof; 
 (c) The Trustee shall not have any liability for the acts or omissions of the Managing Owner or its delegatees; 
 (d) The Trustee shall not be liable for its failure to supervise the performance of any obligations of the Managing Owner or its delegatees or any
Participant; 
 (e) No provision of this Trust Agreement shall require the Trustee to act or expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it; 
 (f) Under no circumstances shall the Trustee be liable for indebtedness evidenced by or other
obligations of the Trust or any Fund arising under this Trust Agreement or any other agreements to which the Trust or any Fund is a party; 
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or any other agreements to which the
Trust or any Fund is a party, at the request, order or direction of the Managing Owner or any Unitholders unless the Managing Owner or such Unitholders have offered to Wilmington Trust Company (in its capacity as Trustee and individually) security
or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; 
 (h) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the
State of Delaware if the taking of such action will require the consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or
agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the
State of Delaware becoming payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the transactions by
the Trustee, as the case may be, contemplated hereby; and 
  

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 (i) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and
liabilities relating thereto to the Trust, the Unitholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to any other Person for its good faith reliance on the provisions
of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and
liabilities of the Trustee. 
 SECTION 2.7. Reliance; Advice of Counsel. 
 (a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolutions, request,
consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to or in any such
document; provided, however, that the Trustee shall have examined any certificates or opinions so as to reasonably determine compliance of the same with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of
the determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as
to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement, the
Trustee, at the expense of the Managing Owner or an Affiliate of the Managing Owner (including the Trust) (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and
the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may consult
with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such
counsel, accountant or other such Persons. 
 SECTION 2.8. Payments to the Trustee. Any amounts paid to the Trustee pursuant to this Article
shall be deemed not to be a part of any Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the applicable Trust Estate. 
  

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 ARTICLE III 
 UNITS; CAPITAL CONTRIBUTIONS 
 SECTION 3.1. General. (a) The Managing Owner shall have
the power and authority, without Limited Owner approval, to issue Units in one or more series, or Funds, from time to time as it deems necessary or desirable. Each Fund shall be separate from all other Funds created as series of the Trust in respect
of the assets and liabilities allocated to that Fund and shall represent a separate investment portfolio of the Trust. The Managing Owner shall have exclusive power without the requirement of Limited Owner approval to establish and designate such
separate and distinct series, as set forth in Section 3.2, and to fix and determine the relative rights and preferences as between the Units of the Funds as to right of redemption, special and relative rights as to dividends and other
distributions and on liquidation, conversion rights, and conditions under which the Funds shall have separate voting rights or no voting rights. 
 (b) The Managing Owner may, without Limited Owner approval, divide or subdivide Units of any Fund into two or more classes or subclasses, Units of each such class or subclass having such preferences and special or relative rights and
privileges as the Managing Owner may determine as provided in Section 3.3. The fact that a Fund shall have been initially established and designated without any specific establishment or designation of classes or subclasses, shall not limit the
authority of the Managing Owner to divide a Fund and establish and designate separate classes or subclasses thereof. 
 (c) The number of
Fund Units authorized shall be unlimited, and the Units so authorized may be represented in part by fractional Units, calculated to four decimal places. From time to time, the Managing Owner may divide or combine the Units of any Fund or class
thereof into a greater or lesser number without thereby changing the proportionate beneficial interests in the Fund or class thereof. The Managing Owner may issue Units of any Fund or class thereof for such consideration and on such terms as it may
determine (or for no consideration if pursuant to a Unit dividend or split-up), all without action or approval of the Limited Owners thereof. All Units when so issued on the terms determined by the Managing Owner shall be fully paid and
non-assessable. The Managing Owner may classify or reclassify any unissued Units or any Units previously issued and reacquired of any Fund or class thereof into one or more series or classes thereof that may be established and designated from time
to time. The Managing Owner may hold as treasury Units, reissue for such consideration and on such terms as it may determine, or cancel, at its discretion from time to time, any Units of any Fund or class thereof reacquired by the Trust. Unless
otherwise determined by the Managing Owner, treasury Units shall not be deemed cancelled. The Units of each Fund shall initially be divided into two classes: General Units and Limited Units. 
 (d) The Managing Owner and/or its Affiliates will make and maintain a permanent investment of
$[            ] in each Fund. 
 (e) No certificates or other evidence of
beneficial ownership of the Units will be issued. 
  

 13 

 (f) Every Unitholder, by virtue of having purchased or otherwise acquired a Share, shall be deemed to
have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
 SECTION 3.2. Establishment of Series, or Funds,
of the Trust. (a) Without limiting the authority of the Managing Owner set forth in Section 3.2(b) to establish and designate any further series, the Managing Owner hereby establishes and designates seven initial series, or Funds, as
follows: 
 DB Energy Fund; 
 DB Oil
Fund; 
 DB Precious Metals Fund; 
 DB Gold Fund; 
 DB Silver Fund; 
 DB Base Metals Fund; and 
 DB Agriculture Fund. 
 The provisions of this Article III shall be applicable to the above-designated Funds and any further Fund that may from time to time be established and designated by the Managing Owner as provided in
Section 3.2(b); provided, however, that such provisions may be amended, varied or abrogated by the Managing Owner with respect to any Fund created after the initial formation of the Trust in the written instrument creating such Fund.

 (b) The establishment and designation of any series, or Funds, other than those set forth above shall be effective upon the execution by
the Managing Owner of an instrument setting forth such establishment and designation and the relative rights and preferences of such series, or Funds, or as otherwise provided in such instrument. At any time that there are no Units outstanding of
any particular series previously established and designated, the Managing Owner may by an instrument executed by it abolish that series and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the
status of an amendment to this Trust Agreement. 
 SECTION 3.3. Establishment of Classes and Sub-Classes. The division of any series,
or Funds, into two or more classes or sub-classes and the establishment and designation of such classes or sub-classes shall be effective upon the execution by the Managing Owner of an instrument setting forth such division, and the establishment,
designation, and relative rights and preferences of such classes, or as otherwise provided in such instrument. The relative rights and preferences of the classes or sub-classes of any series may differ in such respects as the Managing Owner may
determine to be appropriate, provided that such differences are set forth in the aforementioned instrument. At any time that there are no Units outstanding of any particular class or sub-class previously established and designated, the Managing
Owner may by an instrument executed by it abolish that class or sub-class and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Trust Agreement. 
  

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 SECTION 3.4. Offer of Limited Units, Procedures for Creation and Issuance of Creation Baskets.

 (a) General. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the
Participant Agreement for each Fund, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust with
respect to the creation and issuance of additional Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by each
Fund is unlimited. 
 (i) On any Business Day, each Participant may submit to the Managing Owner a purchase order and
subscription agreement to subscribe for and agree to purchase one or more Creation Baskets for the applicable Fund (such request by a Participant, a “Purchase Order Subscription Agreement”) in the manner provided in the Participant
Agreement. Purchase Order Subscription Agreements must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The Managing Owner will process Purchase Order Subscription Agreements only from
Participants with respect to which a Participant Agreement for the Fund is in full force and effect. The Managing Owner will maintain and make available at the Trust’s principal offices during normal business hours a current list of the
Participants for each Fund with respect to which a Participant Agreement is in full force and effect. The Managing Owner will deliver (or cause to be delivered) a copy of the Prospectus to each Fund Participant prior to its execution and delivery of
the applicable Participant Agreement and prior to accepting any Purchase Order Subscription Agreement. 
 (ii) Any Purchase
Order Subscription Agreement is subject to rejection by the Managing Owner pursuant to Section 3.4(c). 
 (iii) After
accepting a Fund Participant’s Purchase Order Subscription Agreement, the Managing Owner will issue and deliver Creation Baskets to fill such Fund Participant’s Purchase Order Subscription Agreement as of noon New York time on the business
day immediately following the Purchase Order Subscription Date, but only if by such time the Managing Owner has received (A) for its own account, the Transaction Fee, and (B) for the account of the applicable Fund the Creation Basket
Capital Contribution due from the Fund Participant submitting the Purchase Order Subscription Agreement for the Fund. 
 (b) Deposit with
the Depository. Upon issuing a Creation Basket for any Fund pursuant to a Purchase Order Subscription Agreement, the Managing Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the Depository’s
customary procedures, for credit to the account of the Fund Participant that submitted the Purchase Order Subscription Agreement. 
 (c)
Rejection. For each Fund, the Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement or 

  

 15 

 
Creation Basket Capital Contribution: (i) determined by the Managing Owner not to be in proper form; (ii) that the Managing Owner has determined
would have adverse tax consequences to the Trust, any Fund or to any Limited Owners; (iii) the acceptance or receipt of which would, in the opinion of counsel to the Managing Owner, be unlawful; or (iv) if circumstances outside the control
of the Managing Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by reason of the rejection of any Purchase Order Subscription Agreement or Creation
Basket Capital Contribution. 
 (d) Transaction Fee. For each Fund, a non-refundable transaction fee will be payable by a Fund
Participant to the Managing Owner for its own account in connection with each Purchase Order Subscription Agreement pursuant to this Section and in connection with each Redemption Order of such Participant pursuant to Section 7.1 (each a
“Transaction Fee”). The Transaction Fee charged in connection with each such creation and redemption shall be initially $500, but may be changed as provided below. Even though a single Purchase Order Subscription Agreement or Redemption
Order may relate to multiple Creation Baskets, only a single Transaction Fee will be due for each Purchase Order or Redemption Order for a Fund. The Transaction Fee may subsequently be waived, modified, reduced, increased or otherwise changed by the
Managing Owner, but will not in any event exceed [        ]% of the Net Asset Value Per Basket of a Fund at the time of creation of a Creation Basket or redemption of a Redemption Basket, as the case may be.
The Managing Owner shall notify the Depository of any agreement to change the Transaction Fee and shall not implement any increase for redemptions of outstanding Units until 30 days after the date of that notice. The amount of the Transaction Fee in
effect at any given time shall be made available by the Trustee upon request. 
 (e) Global Certificate Only. Certificates for
Creation Baskets will not be issued, other than the applicable Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued and redeemed and Limited Units will be transferable solely
through the book-entry systems of the Depository and the DTC Participants and their Indirect Participants as more fully described in Section 3.5. The Depository may determine to discontinue providing its service with respect to Creation Baskets
and Limited Units by giving notice to the Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the
Managing Owner shall take action either to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if such a replacement is unavailable, to terminate the Trust or the
Funds, as applicable. 
 SECTION 3.5. Book-Entry-Only System, Fund Global Securities. 
 (a) Global Security. The Trust and the Managing Owner will enter into the Depository Agreement pursuant to which the Depository will act as
securities depository for Limited Units of each Fund. Limited Units of each Fund will be represented by a Global Security (which may consist of one or more certificates as required by the Depository), which will be registered, as the Depository
shall direct, in the name of Cede & Co., as nominee for the Depository and deposited with, or on behalf of, the Depository. No other certificates evidencing Limited Units will be issued. The Global Security for each Fund shall be in the
form attached 

  

 16 

 
hereto as Exhibit B or described therein and shall represent such Limited Units as shall be specified therein, and may provide that it shall represent the
aggregate amount of outstanding Limited Units of a Fund from time to time endorsed thereon and that the aggregate amount of outstanding Limited Units represented thereby may from time to time be increased or decreased to reflect creations or
redemptions of Baskets. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Limited Units represented thereby shall be made in such manner and upon instructions given by the Managing
Owner on behalf of the Trust as specified in the Depository Agreement. 
 (b) Legend. Any Global Security issued to The Depository
Trust Company or its nominee shall bear a legend substantially to the following effect: “Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the
Trust or its agent 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 required 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.” 
 (c) The Depository. The Depository has advised the Trust and the Managing Owner
as follows: The Depository is a limited-purpose trust company organized under the laws of the State of New York, a member of the U.S. federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial
Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. The Depository was created to hold securities of its participants (the “DTC
Participants”) and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for
physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own the Depository.
Access to the Depository’s system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect
Participants”). 
 (d) Beneficial Owners. As provided in the Depository Agreement, upon the settlement date of any creation,
transfer or redemption of Limited Units of a Fund, the Depository will credit or debit, on its book-entry registration and transfer system, the number of Limited Units so created, transferred or redeemed to the accounts of the appropriate DTC
Participants. The accounts to be credited and charged shall be designated by the Managing Owner on behalf of each Fund and each Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interest in Limited Units will
be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in Limited Units (“Beneficial Owners”) will be shown on, and the
transfer of beneficial ownership by Beneficial Owners will be effected only through, in the case of DTC Participants, records maintained by the Depository and, in the case of Indirect Participants and Beneficial Owners holding through a DTC
Participant or an Indirect 

  

 17 

 
Participant, through those records or the records of the relevant DTC Participants. Beneficial Owners are expected to receive from or through the broker or
bank that maintains the account through which the Beneficial Owner has purchased Limited Units a written confirmation relating to their purchase of Limited Units. 
 (e) Reliance on Procedures. So long as Cede & Co., as nominee of the Depository, is the registered owner of Limited Units, references herein to the registered or record owners of Limited Units shall
mean Cede & Co. and shall not mean the Beneficial Owners of Limited Units. Beneficial Owners of Limited Units will not be entitled to have Limited Units registered in their names, will not receive or be entitled to receive physical delivery
of certificates in definitive form and will not be considered the record or registered holder of Limited Units under this Trust Agreement. Accordingly, to exercise any rights of a holder of Limited Units under this Trust Agreement, a Beneficial
Owner must rely on the procedures of the Depository and, if such Beneficial Owner is not a DTC Participant, on the procedures of each DTC Participant or Indirect Participant through which such Beneficial Owner holds its interests. The Trust and the
Managing Owner understand that under existing industry practice, if the Trust or any Fund requests any action of a Beneficial Owner, or a Beneficial Owner desires to take any action that the Depository, as the record owner of all outstanding Limited
Units of such Fund, is entitled to take, in the case of a Trustee request, the Depository will notify the DTC Participants regarding such request, such DTC Participants will in turn notify each Indirect Participant holding Limited Units through it,
with each successive Indirect Participant continuing to notify each person holding Limited Units through it until the request has reached the Beneficial Owner, and in the case of a request or authorization to act being sought or given by a
Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back to the Trust or such Fund through each Indirect Participant and DTC Participant through which the Beneficial Owner’s interest in the Limited Units
is held. 
 (f) Communication between the Trust and the Beneficial Owners. As described above, the Trust and the Funds will recognize
the Depository or its nominee as the owner of all Limited Units for all purposes except as expressly set forth in this Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows.
Pursuant to the Depository Agreement, the Depository is required to make available to the Funds upon request and for a fee to be charged to the Funds a listing of the Limited Unit holdings of each DTC Participant. The Trust or the Funds shall
inquire of each such DTC Participant as to the number of Beneficial Owners holding Limited Units, directly or indirectly, through such DTC Participant. The Trust or the Funds shall provide each such DTC Participant with sufficient copies of such
notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or
indirectly, to such Beneficial Owners. In addition, the Funds shall pay to each such DTC Participant an amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

 (g) Distributions. Distributions on Limited Units pursuant to Section 3.8 shall be made to the Depository or its nominee,
Cede & Co., as the registered owner of all Limited Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment of distributions in respect of Limited Units, shall credit immediately DTC

  

 18 

 
Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Limited Units as shown on the records of the
Depository or its nominee. The Trust and the Managing Owner also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing
instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants and Indirect Participants.
None of the Trust, the Funds, the Trustee or the Managing Owner will have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in
Limited Units, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC
Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any person by or through which such Beneficial Owner is
considered to own Limited Units. 
 (h) Limitation of Liability. Each Global Security to be issued hereunder is executed and delivered
solely on behalf of the applicable Fund by the Managing Owner, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The representations, undertakings and agreements made on the part of
the Fund in each Global Security are made and intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee, but are made and intended for the purpose of binding only the Fund. Nothing in the Global
Security shall be construed as creating any liability on the Managing Owner or the Trustee, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in this Agreement. 
 (i) Successor Depository. If a successor to The Depository Trust Company shall be employed as Depository hereunder, the Trust and the Managing
Owner shall establish procedures acceptable to such successor with respect to the matters addressed in this Section 3.5. 
 SECTION 3.6.
Assets. All consideration received by a Fund for the issue or sale of Units together with all of the Trust Estate in which such consideration is invested, all income, earnings, profits, and proceeds thereof, including any proceeds derived
from the sale, exchange or liquidation of such assets, shall belong to the Fund for all purposes, subject only to the rights of creditors of the Fund and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the
books of account of such Fund. 
 SECTION 3.7. Liabilities of Funds. (a) The Trust Estate belonging to each particular Fund shall
be charged with the liabilities of the Trust in respect of that series and only that series; and all expenses, costs, charges and reserves attributable to that Fund, and any general liabilities, expenses, costs, charges or reserves of the Trust
which are not readily identifiable as belonging to any particular Fund, shall be allocated and charged by the Managing Owner to and among any one or more of the series established and designated from time to time in such manner and on such basis as
the Managing Owner in its sole discretion deems fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Managing Owner shall be conclusive and binding upon all Unitholders for all purposes. The Managing Owner
shall have full discretion, to the extent not inconsistent with applicable law, to determine 

  

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which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the
Unitholders. Every written agreement, instrument or other undertaking made or issued by or on behalf of a particular series shall include a recitation limiting the obligation or claim represented thereby to that series and its assets. 
 (b) Without limitation of the foregoing provisions of this Section, but subject to the right of the Managing Owner in its discretion to allocate general
liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets of such
series only and against the Managing Owner, and not against the assets of the Trust generally or of any other series. Notice of this limitation on interseries liabilities shall be set forth in the Certificate of Trust of the Trust (whether
originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Trust Statute, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of
Section 3804 of the Delaware Trust Statute relating to limitations on interseries liabilities (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and
each Fund. Every Unit, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular series shall include a recitation limiting the obligation on Units represented thereby to that series and its
assets. 
 (i) Except as set forth below, any debts, liabilities, obligations, indebtedness, expenses, interests and claims of
any nature and all kinds and descriptions, if any, of the Managing Owner and the Trustee (the “Subordinated Claims”) incurred, contracted for or otherwise existing, arising from, related to or in connection with all series, any combination
of series or one particular series and their respective assets (the “Applicable Series”) and the assets of the Trust shall be expressly subordinate and junior in right of payment to any and all other Claims against the Trust and any series
thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract, provided, however, that the Claims of each of the Managing Owner and the Trustee (if any) against the Applicable Series shall not be
considered Subordinated Claims with respect to enforcement against and distribution and repayment from the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and provided further that the valid Claims of
either the Managing Owner or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Applicable Series; 
 (ii) the Managing Owner and the Trustee will not take, demand or receive from any Fund or the Trust or any of their respective assets
(other than the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets) any payment for the Subordinated Claims; 
 (iii) The Claims of each of the Managing Owner and the Trustee with respect to the Applicable Series shall only be asserted and enforceable against the Applicable Series, the Applicable Series’ assets and the
Managing Owner and its assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally, or any of their respective assets; 
  

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 (iv) If the Claims of the Managing Owner or the Trustee against the Applicable Series or
the Trust are secured in whole or in part, each of the Managing Owner and the Trustee hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise
in the event such security is inadequate to satisfy such Claims) treated as unsecured Claims against the Trust or any series (other than the Applicable Series), as the case may be; 
 (v) In furtherance of the foregoing, if and to the extent that the Managing Owner and the Trustee receive monies in connection with the
Subordinated Claims from a Fund or the Trust (or their respective assets), other than the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets, the Managing Owner and the Trustee shall be deemed to hold such
monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for distribution by the Fund or the Trust in accordance with the terms hereof; and 
 (vi) The foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied, and notwithstanding that the agreements
in respect of such Claims are terminated, rescinded or canceled. 
 (c) Any agreement entered into by the Trust, any Fund, or the Managing
Owner, on behalf of the Trust generally or any Fund, including, without limitation, the Purchase Order Subscription Agreement entered into with each Limited Owner, will include language substantially similar to the language set forth in
Section 3.7(b). 
 SECTION 3.8. Distributions. 
 (a) Distributions on Units may be paid with such frequency as the Managing Owner may determine, which may be daily or otherwise, to the Unitholders, from such of the income and capital gains, accrued or realized, from
each Trust Estate, after providing for actual and accrued liabilities. All distributions on Units thereof shall be distributed pro rata to the Unitholders in proportion to the total outstanding Units held by such Unitholders at the date and time of
record established for the payment of such distribution and in accordance with Section 3.5(g). Such distributions may be made in cash or Units as determined by the Managing Owner or pursuant to any program that the Managing Owner may have in
effect at the time for the election by each Unitholder of the mode of the making of such distribution to that Unitholder. 
 (b) The Units
shall represent units of beneficial interest in each applicable Trust Estate. Each Unitholder shall be entitled to receive its pro rata share of distributions of income and capital gains in accordance with Section 3.8(a). 
 SECTION 3.9. Voting Rights. Notwithstanding any other provision hereof, on each matter submitted to a vote of the Unitholders, each Unitholder
shall be entitled to a proportionate vote based upon the product of the Net Asset Value per Unit of a Fund multiplied by the number of Units, or fraction thereof, standing in its name on the books of such Fund in accordance with Section 3.5(g).

  

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 SECTION 3.10. Equality. Except as provided herein, all Units of a Fund shall represent an equal
proportionate beneficial interest in the assets of the Fund subject to the liabilities of the Fund, and each Unit shall be equal to each other Unit. The Managing Owner may from time to time divide or combine the Units into a greater or lesser number
of Units without thereby changing the proportionate beneficial interest in the assets of the Funds or in any way affecting the rights of Unitholders. 
 ARTICLE IV 
 THE MANAGING OWNER 
 SECTION 4.1. Management of the Trust. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust shall be managed by the
Managing Owner and the conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. 
 SECTION 4.2. Authority of Managing Owner. In addition to and not in limitation of any rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or
prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner shall have and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and
carry out the purposes, business and objectives of the Trust, which shall include, without limitation, the following: 
 (a) To enter into,
execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or
necessary or appropriate for the offer and sale of the Units and the conduct of Trust activities; 
 (b) To establish, maintain, deposit
into, sign checks and/or otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its
purposes, any such instrument or agreement so executed or accepted by the Managing Owner in the Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust by the Managing Owner; 
 (c) To deposit, withdraw, pay, retain and distribute each Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust
Agreement; 
 (d) To supervise the preparation and filing of the Registration Statement and supplements and amendments thereto, and the
Prospectus; 
 (e) To pay or authorize the payment of distributions to the Unitholders and expenses of each Fund; 
 (f) To make any elections on behalf of the Trust under the Code, or any other applicable U.S. federal or state tax law as the Managing Owner shall
determine to be in the best interests of the Trust; and 
  

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 (g) In the sole discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing
Owner as additional Managing Owners; provided, that notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its removal as a Managing Owner,
pursuant to Section 8.2(d) hereof, or if the concurrence of at least a majority in interest (over 50%) of the outstanding Units of all Funds (not including Units owned by the Managing Owner) is not obtained. 
 SECTION 4.3. Obligations of the Managing Owner. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust
Agreement, the Managing Owner shall: 
 (a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion
exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Limited Owners; 
 (b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the
conduct of its business in all appropriate jurisdictions; 
 (c) Retain independent public accountants to audit the accounts of the Trust;

 (d) Employ attorneys to represent the Trust; 
 (e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purposes, and as a “grantor trust” for U.S. federal income tax purposes; 
 (f) Have fiduciary responsibility for the safekeeping and use of each Trust Estate, whether or not in the Managing Owner’s immediate possession or
control; 
 (g) For each Fund, enter into a Participant Agreement with each Participant and discharge the duties and responsibilities of the
Fund and the Managing Owner thereunder; 
 (h) For each Fund, receive from Participants and process properly submitted Purchase Order
Subscription Agreements, as described in Section 3.4(a)(iii); 
 (i) For each Fund, in connection with Purchase Order Subscription
Agreements, receive Creation Basket Capital Contributions from Participants; 
 (j) For each Fund, in connection with Purchase Order
Subscription Agreements, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Participant submitting a Purchase Order Subscription Agreement for which the Managing Owner has received the requisite Transaction
Fee and the Trust has received the requisite Purchase Order Capital Contribution, as described in Section 3.4(d); 
 (k) For each Fund,
receive from Participants and process properly submitted Redemption Orders, as described in Section 7.1(a), or as may from time to time be permitted by Section 7.2; 
  

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 (l) For each Fund, in connection with Redemption Orders, receive from the redeeming Participant through
the Depository, and thereupon cancel or cause to be cancelled, Limited Units corresponding to the Redemption Baskets to be redeemed as described in Section 7.1, or as may from time to time be permitted by Section 7.2; 
 (m) Interact with the Depository as required; and 
 (n) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or Distributors. 
 SECTION 4.4. General Prohibitions. The Trust and each Fund, as applicable, shall not: 
 (a) Invest proceeds received on the
issuance or sale of Units in anything other than the corresponding Master Fund Shares; 
 (b) Reinvest distributions received in respect of
the corresponding Master Fund Shares; 
 (c) Redeem the corresponding Master Fund Shares other than to fund a redemption request by a
Participant; 
 (d) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person; 
 (e) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest
or encumbrance, except (i) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under
workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds
and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with
respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; 
 (f) Operate the Trust in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in
Section 3804 of the Delaware Trust Statute; or 
 (g) Cause the Trust or any Fund to elect to be treated as an association taxable as a
corporation for U.S. federal income tax purposes. 
 SECTION 4.5. Liability of Covered Persons. A Covered Person shall have no
liability to the Trust, any Fund or to any Unitholder or other Covered Person for any loss suffered by the Trust or any Fund which arises out of any action or inaction of such Covered 

  

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Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust or the applicable Fund and such
course of conduct did not constitute negligence or misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of
the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the applicable Fund without any
rights of contribution from the Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any Administrator or other delegatee selected by the Managing Owner with reasonable care. 

SECTION 4.6. Fiduciary Duty. 
 (a)
To the extent that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Funds, the Unitholders or to any other Person, the Managing Owner acting under this Agreement
shall not be liable to the Trust, the Funds, the Unitholders or to any other Person for its good faith reliance on the provisions of this Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Agreement, to the
extent that they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the
Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value of a Fund (excluding Units held by the
Managing Owner and its Affiliates) affected by the change pursuant to Section 11.1(a) below. 
 (b) Unless otherwise expressly provided
herein: 
 (i) whenever a conflict of interest exists or arises between the Managing Owner or any of its Affiliates, on the
one hand, and the Trust or any Unitholder or any other Person, on the other hand; or 
 (ii) whenever this Agreement or any
other agreement contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Unitholder or any other Person, 
 the Managing Owner shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party
(including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or
principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of this Agreement or any other agreement contemplated herein or of any duty
or obligation of the Managing Owner at law or in equity or otherwise. 
  

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 (c) The Managing Owner and any Affiliate of the Managing Owner may engage in or possess an interest in
other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply
to the Managing Owner. If the Managing Owner acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust,
and the Managing Owner shall not be liable to the Trust or to the Unitholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another Person or does not
communicate such opportunity or information to the Trust. Neither the Trust nor any Unitholder shall have any rights or obligations by virtue of this Agreement or the trust relationship created hereby in or to such independent ventures or the income
or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Managing Owner may engage
or be interested in any financial or other transaction with the Trust, the Unitholders or any Affiliate of the Trust or the Unitholders. 
 SECTION 4.7. Indemnification of the Managing Owner. 
 (a) The Managing Owner shall be indemnified by the Trust against any losses,
judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Managing Owner was acting on behalf of or performing services for the Trust and
has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of negligence, misconduct, or a breach of this Trust Agreement on the part of the Managing Owner and
(ii) any such indemnification will only be recoverable from the applicable Fund’s Trust Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation
to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. The
source of payments made in respect of indemnification under this Trust Agreement shall be the assets of each Fund on a pro rata basis, as the case may be. 
 (b) Notwithstanding the provisions of Section 4.7(a) above, the Managing Owner and any Person acting as broker-dealer for the Trust or any Fund shall not be indemnified for any losses, liabilities or expenses
arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and
the court approves the indemnification of such expenses (including, without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee
and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that
indemnification of the settlement and related costs should be made. 
  

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 (c) The Trust and the Funds shall not incur the cost of that portion of any insurance which insures any
party against any liability, the indemnification of which is herein prohibited. 
 (d) Expenses incurred in defending a threatened or pending
civil, administrative or criminal action suit or proceeding against the Managing Owner shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding, if the legal action relates to the performance of duties or
services by the Managing Owner on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is initiated by a Limited Owner and a court of competent jurisdiction specifically
approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification under this Section 4.7. 
 (e) The term “Managing Owner” as used only in this Section 4.7 shall include, in addition to the Managing Owner, any other Covered Person
performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 
 (f) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Limited Owner’s (or assignee’s)
obligations or liabilities unrelated to Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including
attorneys’ and accountants’ fees. 
 (g) The payment of any amount pursuant to this Section shall be subject to Section 3.7
with respect to the allocation of liabilities and other amount, as appropriate, among the Funds. 
 SECTION 4.8. Expenses and Limitations
Thereon. 
 (a) (i) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the payment of
all Organization and Offering Expenses incurred in connection with the creation of the Funds and sale of Units pursuant to the Initial Purchaser Agreements; provided, however, that the amount of such Organization and Offering Expenses paid by
the Managing Owner shall be subject to reimbursement by each Fund to the Managing Owner, without interest, in up to 36 monthly payments during each of the first 36 months of such Fund’s trading operations. In the event that the amount of the
Organization and Offering Expenses incurred in connection with the creation of the Funds and sale of Units pursuant to the Initial Purchaser Agreements and paid by the Managing Owner is not fully reimbursed by the end of the 36th month of such
Fund’s trading operations, the Managing Owner shall not be entitled to receive, and the Funds shall not be required to pay, any unreimbursed portion of such expenses outstanding as of such date. In the event a Fund terminates prior to the
completion of any reimbursement contemplated by this Section 4.8(a)(i), the Managing Owner shall not be entitled to receive, and the Funds shall not be required to pay, any unreimbursed portion of such expenses outstanding as of the date of
such termination. 
  

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 (ii) The Managing Owner or an Affiliate of the Managing Owner also shall be responsible
for the payment of all Organization and Offering Expenses incurred after the commencement of such Fund’s trading operations; provided, however, that the amount of such Organization and Offering Expenses paid by the Managing Owner shall
be subject to reimbursement by each Fund to the Managing Owner, without interest, in up to 36 monthly payments during each of the first 36 months following the month in which such expenses were paid by the Managing Owner. In the event that the
amount of the Organization and Offering Expenses incurred after the commencement of such Fund’s trading operations paid by the Managing Owner is not fully reimbursed by the end of the 36th month following the month in which such expenses were
paid by the Managing Owner, the Managing Owner shall not be entitled to receive, and the Funds shall not be required to pay, any unreimbursed portion of such expenses outstanding as of such date. In the event a Fund terminates prior to the
completion of any reimbursement contemplated by this Section 4.8(a)(ii), the Managing Owner shall not be entitled to receive, and the Fund shall not be required to pay, any unreimbursed portion of such expenses outstanding as of the date of
such termination. 
 (iii) In no event shall the Managing Owner be entitled to reimbursement under Section 4.8(a)(i) in
an aggregate amount in excess of [2.50]% of the aggregate amount of all subscriptions accepted prior to the end of the 36th month of a Fund’s operations. In no event shall the aggregate amount of the reimbursement payments from any Fund to the Managing Owner under Sections 4.8(a)(i) and (ii) in any month exceed [0.10]% per annum of the Net
Asset Value of such Fund as of the beginning of such month. 
 (iv) Organization and Offering Expenses shall mean those
expenses incurred in connection with the formation, qualification and registration of the Trust, the Funds and the Units and in offering, distributing and processing the Units under applicable U.S. federal and state law, and any other expenses
actually incurred and, directly or indirectly, related to the organization of the Trust or the offering of the Units, including, but not limited to, expenses such as: (i) initial and ongoing registration fees, filing fees, escrow fees and
taxes, (ii) costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the exhibits thereto and the Prospectus prior to the commencement of the Trust’s operations,
(iii) the costs of qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Units pursuant to the Initial Purchaser Agreements,
(iv) travel, telegraph, telephone and other expenses in connection with the offering and issuance of the Units pursuant to the Initial Purchaser Agreements, (v) accounting, auditing and legal fees (including disbursements related thereto)
incurred in connection therewith, and (vi) any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related thereto. 
 (b) All ongoing charges, costs and expenses of the Fund’s operation, including, but not limited to, the routine expenses associated with
(i) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities; (ii) Fund meetings and preparing, printing and mailing of proxy statements and 

  

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reports to Unitholders; (iii) the payment of any distributions related to redemption of Units; (iv) routine services of the Trustee, legal counsel
and independent accountants; (v) routine accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vi) postage and insurance; (vii) client relations and services;
(viii) computer equipment and system maintenance; (ix) the Management Fee; and (x) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto) shall
be billed to and/or paid by the Funds. 
 (c) The Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual
cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of a Fund for which payment a Fund is responsible. In addition, payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing
services for a Fund in its capacity as the managing owner of the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items generally falling within the category of the
Managing Owner’s “overhead,” is prohibited. 
 (d) All general expenses of the Trust will be allocated amount the Funds as
determined by the managing owner in its sole and absolute discretion. 
 SECTION 4.9. Compensation to the Managing Owner. The Managing
Owner shall be entitled to compensation for its services as managing owner of the Trust as set forth in the Prospectus. 
 SECTION 4.10.
Other Business of Unitholders. Except as otherwise specifically provided herein, any of the Unitholders and any shareholder, officer, director, employee or other person holding a legal or beneficial interest in an entity which is a
Unitholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive with the business of the Trust, shall not be deemed
wrongful or improper. 
 SECTION 4.11. Voluntary Withdrawal of the Managing Owner. The Managing Owner may withdraw voluntarily as the
Managing Owner of the Trust only upon one hundred and twenty (120) days’ prior written notice to all Limited Owners and the Trustee. If the withdrawing Managing Owner is the last remaining Managing Owner, Limited Owners holding Units equal
to at least a majority (over 50%) of the Fund’s aggregate Net Asset Value (not including Units held by the Managing Owner) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall
carry on the business of the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at their respective Net Asset Value. If the Managing Owner withdraws and a successor Managing Owner is
named, the withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 
 SECTION 4.12. Authorization of Registration
Statements. Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust, the Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby
or described in or contemplated by the Registration Statements on behalf of the Trust without any further act, approval or vote of the Limited Owners of the Funds, 

  

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notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 
 SECTION 4.13. Litigation. The Managing Owner is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity
as may be necessary or proper to enforce or protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to
judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the Funds’ assets on a pro rata basis and, thereafter, out of the assets (to the extent that it is permitted to do so under the various
other provisions of this Agreement) of the Managing Owner. 
 ARTICLE V 
 TRANSFERS OF UNITS 
 SECTION 5.1. General Prohibition. A Limited Owner
may not sell, assign, transfer or otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title and interest in the capital or profits in any Fund except as permitted in this Article V
and any act in violation of this Article V shall not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge thereof), unless approved in writing by the Managing Owner. 
 SECTION 5.2. Transfer of Managing Owner’s General Units. 
 (a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s General Units shall be purchased by the Trust for a purchase price in cash equal to the Net Asset Value thereof. The
Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any
reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting or failing to contest material allegations of a petition filed
against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part of its properties. 
 (b) To the full extent permitted by law, and on sixty (60) days’ prior written notice to the Limited Owners, of their right to vote thereon, if
the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Managing Owner with another corporation or other entity, the reorganization of the Managing Owner into or with any
other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the rights, duties and liabilities of the Managing Owner by, in the case of a merger, reorganization or consolidation, the surviving
corporation or other entity by operation of law or the transfer of the Managing Owner’s Units to an Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed
to be a voluntary withdrawal for purposes 

  

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of Section 4.11 or an Event of Withdrawal or assignment of Units for purposes of Sections 5.2(a) or 5.2(c). 
 (c) Upon assignment of all of its Units, the Managing Owner shall not cease to be a Managing Owner of the Trust, or to have the power to exercise any
rights or powers as a Managing Owner, or to have liability for the obligations of the Trust under Section 1.7 hereof, until an additional Managing Owner, who shall carry on the business of the Trust, has been admitted to the Trust. 

SECTION 5.3. Transfer of Limited Units. Beneficial Owners that are not DTC Participants may transfer Limited Units by instructing the DTC
Participant or Indirect Participant holding the Limited Units for such Beneficial Owner in accordance with standard securities industry practice. Beneficial Owners that are DTC Participants may transfer Limited Units by instructing the Depository in
accordance with the rules of the Depository and standard securities industry practice. 
 ARTICLE VI 
 DISTRIBUTIONS 
 SECTION 6.1.
Distributions of Cash Received from the Master Funds Other than Redemption Proceeds. In the event a Fund receives any distributions of cash from its corresponding Master Fund other than from such Fund’s redemption of interests in the
corresponding Master Fund, the Managing Owner shall cause the Fund to distribute such amounts to the Fund’s Unitholders in accordance with their interests therein as promptly as practicable. Any such distributions shall be made in a manner that
is in compliance with the Federal income tax rules applicable to grantor trusts and Treasury Regulation 301.7701-4(c). Any temporary investment of such cash receipts prior to their distribution shall be made in short-term debt instruments in
compliance with the requirements of Treasury Regulation § 301.7701-4(c) as interpreted by the IRS so as to ensure that the Trust maintains its status as a fixed investment trust within the meaning of such Regulation. 
 SECTION 6.2. Liability for State and Local and Other Taxes. In the event that the Trust or a Fund shall be separately subject to taxation by any
state or local or by any foreign taxing authority, the Trust or such Fund shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust or any Fund shall be required to make payments to any Federal, state or local or any
foreign taxing authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Trust or such Fund to such Unitholder, and such Unitholder shall be liable for, and shall pay to the
Trust or such Fund, any taxes so required to be withheld and paid over by the Trust or such Fund within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be liable for (and the Managing Owner shall be
entitled to redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust or the Fund to the IRS or other taxing authority, from the date of the Managing Owner’s request for
payment to the date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount, if any, payable by the Trust or a Fund to the Unitholder in
respect of Units so redeemed, or in respect of any other actual 

  

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distribution by the Trust or any Fund to such Unitholder, shall be reduced by any obligations owed to the Trust or any Fund by the Unitholder, including,
without limitation, the amount of any taxes required to be paid over by the Trust or any Fund to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust or any Fund from any actual distribution or
redemption payment to such Unitholder shall be treated as an actual distribution to such Unitholder for all purposes of this Trust Agreement. 
 ARTICLE VII 
 REDEMPTIONS 
 SECTION 7.1. Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Participant Agreement, which may be amended
from time to time in accordance with the provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption
Baskets. 
 (a) On any Business Day, a Participant with respect to which a Participant Agreement is in full force and effect (as reflected on
the list maintained by the Managing Owner pursuant to Section 3.4(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Managing
Owner (such request, a “Redemption Order”) in the manner specified in the procedures specified in the attachment to the Participant Agreement, as amended from time to time in accordance with the provisions of the Participant Agreement (and
any such amendment will not constitute an amendment of this Trust Agreement). 
 (b) To be effective, a Redemption Order must be submitted on
a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing Owner shall reject any Redemption Order the
fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
 (c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall
consist of cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund as of the closing time of the
Exchange or the last to close of the exchanges on which any of the Index Commodities is traded, whichever is later, on the Redemption Order Date. 
 (d) By noon, New York time, on the Business Day immediately following the Redemption Order Date (the “Redemption Settlement Time”), if the Managing Owner’s account at the Depository has by noon, New York time, on such day
been credited with the Redemption Baskets being tendered for redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the
Participant as recorded on the book entry system of the 

  

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Depository. If by such Redemption Settlement Time the Managing Owner has not received from a redeeming Participant all Redemption Baskets comprising the
Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant and (ii) keep the redeeming Participant’s Redemption Order open until noon, New York
time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are
credited to the Managing Owner’s account at the Depository by noon, New York time, on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second
preceding sentence. If by such Redemption Settlement Time the Managing Owner has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption
Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the
Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable Fund’s account at the Depository if the Participant has
collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 
 (e) The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date, (i) for any period during which the Exchange or any other applicable exchange is closed
other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of a Fund’s assets is not reasonably
practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the protection of Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may result from any
such suspension or postponement. 
 (f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be
cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures. 
 SECTION 7.2. Other Redemption
Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Limited Units in lot sizes smaller than the Redemption Basket and permitting the Redemption Distribution to
be in a form, and delivered in a manner, other than that specified in Section 7.1. 
 ARTICLE VIII 
 THE LIMITED OWNERS 
 SECTION 8.1.
No Management or Control; Limited Liability; Exercise of Rights through DTC. The Limited Owners shall not participate in the management or control of the Trust’s or the applicable Fund’s business nor shall they transact any business
for the Trust or any Fund or have the power to sign for or bind the Trust or any Fund, said power being vested solely 

  

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and exclusively in the Managing Owner. Except as provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the
expenses, liabilities or obligations of the Trust or any Fund in excess of his Capital Contribution plus his share of any Fund Trust Estate in which such Limited Owner owns a Unit and profits remaining, if any. Except as provided in Section 8.3
hereof, each Limited Unit owned by a Limited Owner shall be fully paid and no assessment shall be made against any Limited Owner. No salary shall be paid to any Limited Owner in his capacity as a Limited Owner, nor shall any Limited Owner have a
drawing account or earn interest on his contribution. By the purchase and acceptance or other lawful delivery and acceptance of Limited Units, each Beneficial Owner shall be deemed to be a Limited Owner and beneficiary of the applicable Fund and
vested with beneficial undivided interest in such Fund to the extent of the Limited Units owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Trust Agreement. The rights of Beneficial Owners under this Trust
Agreement must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of the Depository, as provided in Section 3.5. 
 SECTION 8.2. Rights and Duties. The Limited Owners shall have the following rights, powers, privileges, duties and liabilities: 
 (a) The Limited Owners shall have the right to obtain from the Managing Owner information of all things affecting the Trust or the applicable Fund, provided that such is for a purpose reasonably related to the Limited
Owner’s interest as a beneficial owner of the Trust or the applicable Fund, including, without limitation, such reports as are set forth in Article IX and the list of Participants contemplated by Section 3.4(a)(i). In the event that the
Managing Owner neglects or refuses to produce or mail to a Limited Owner a copy of the list of Participants contemplated by Section 3.4(a)(i), the Managing Owner shall be liable to such Limited Owner for the costs, including reasonable
attorney’s fees, incurred by such Limited Owner to compel the production of such information, and for any actual damages suffered by such Limited Owner as a result of such refusal or neglect; provided, however, it shall be a defense of the
Managing Owner that the actual purpose of the Limited Owner’s request for such information was not reasonably related to the Limited Owner’s interest as a beneficial owner in a Fund (e.g., to secure such information in order to sell it, or
to use the same for a commercial purpose unrelated to the participation of such Limited Owner in the Fund). The foregoing rights are in addition to, and do not limit, other remedies available to Limited Owners under U.S. federal or state law.

 (b) The Limited Owners shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times
provided for in this Trust Agreement. 
 (c) Except for the Limited Owners’ redemption rights set forth in Article VII hereof, Limited
Owners shall have the right to demand the return of their capital account only upon the dissolution and winding up of the applicable Fund or the Trust and only to the extent of funds available therefor. In no event shall a Limited Owner be entitled
to demand or receive property other than cash. No Limited Owner shall have priority over any other Limited Owner either as to the return of capital or as to profits, losses or distributions. No Limited Owner shall have the right to bring an action
for partition against the Trust or a Fund. 
  

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 (d) Limited Owners holding Units representing at least a majority (over 50%) in Net Asset Value of each
affected Fund (not including Units held by the Managing Owner and its Affiliates), voting separately as a class, may vote to (i) continue the Trust as provided in Section 13.1(a), (ii) remove the Managing Owner on reasonable prior
written notice to the Managing Owner, (iii) elect and appoint one or more additional Managing Owners, or consent to such matters as are set forth in Section 5.2(b), (iv) approve a material change in the trading policies, as set forth
in the Prospectus, which change shall not be effective without the prior written approval of such majority, (v) approve the termination of any agreement entered into between the Trust and the Managing Owner or any Affiliate of the Managing
Owner for any reason, without penalty, (vi) approve amendments to this Trust Agreement as set forth in Section 11.1 hereof, and (vii) terminate the Trust as provided in Section 13.1(e), and in the case of (iii), (iv) and
(v) in each instance on 60 days’ prior written notice. 
 Except as set forth above, the Limited Owners shall have no voting or
other rights with respect to the Trust or any Fund. 
 SECTION 8.3. Limitation on Liability. 
 (a) Except as provided in Sections 4.7(f), and 6.2 hereof, and as otherwise provided under Delaware law, the Limited Owners shall be entitled to the same
limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of the Trust or the applicable
Fund in excess of his Capital Contribution and his share of the applicable Fund Trust Estate and undistributed profits. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Fund
shall not make a claim against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such amount.

 (b) The Trust or the applicable Fund shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement,
and to the extent of the applicable Fund Trust Estate, each Limited Owner (excluding the Managing Owner to the extent of its ownership of any Limited Units) against any claims of liability asserted against such Limited Owner solely because he is a
beneficial owner of one or more Units as a Limited Owner (other than for taxes for which such Limited Owner is liable under Section 6.2 hereof). 
 (c) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Trust or
the applicable Fund and that the obligations of such instrument are not binding upon the Limited Owners individually but are binding only upon the assets and property of the applicable Fund, and no resort shall be had to the Limited Owners’
personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any further recital which the Managing Owner deems appropriate, but the omission thereof shall
not operate to bind the Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this Section 8.3 shall diminish the limitation on the liability of the Trust
to the extent set forth in Sections 3.6 and 3.7 hereof. 
  

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 ARTICLE IX 
 BOOKS OF ACCOUNT AND REPORTS 
 SECTION 9.1. Books of Account. Proper books of account for each
Fund shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each
Fund’s business as are required by the CE Act and regulations promulgated thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The
books of account shall be kept at the principal office of the Trust and each Limited Owner (or any duly constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy
the same for any purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the applicable Fund, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and the Trust
shall report its profits and losses on, the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article X. 
 SECTION 9.2. Annual Reports and Monthly Statements. Each Limited Owner shall be furnished as of the end of each month and as of the end of each Fiscal Year with (a) such reports (in such detail) as are
required to be given to Limited Owners by the CFTC and the NFA, (b) any other reports (in such detail) required to be given to Limited Owners by any other governmental authority which has jurisdiction over the activities of the Trust and the
Funds and (c) any other reports or information which the Managing Owner, in its discretion, determines to be necessary or appropriate. 
 SECTION 9.3. Tax Information. Appropriate tax information (adequate to enable each Limited Owner to complete and file his U.S. federal tax return) shall be delivered to each Limited Owner as soon as practicable following the end of
each Fiscal Year but generally no later than March 15. 
 SECTION 9.4. Calculation of Net Asset Value. Net Asset Value of a Fund
shall be calculated at such times as the Managing Owner shall determine from time to time. 
 SECTION 9.5. Maintenance of Records. The
Managing Owner shall maintain: (a) for a period of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known address of, and number of Units owned by, all Unitholders of each Fund, a
copy of the Certificate of Trust and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the Trust’s and Funds’ Federal, state and
local income tax returns and reports, if any; and a record of the information obtained to indicate that a Limited Owner meets the investor suitability standards set forth in the Prospectus, and (b) for a period of at least six Fiscal Years
copies of any effective written trust agreements, subscription agreements and any financial statements of the Trust and the Funds. The Managing Owner may keep and maintain the books and records of the Trust and the Funds in paper, magnetic,
electronic or other format at the Managing Owner may determine in its sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 
  

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 SECTION 9.6. Certificate of Trust. Except as otherwise provided in the Delaware Trust Statute or
this Trust Agreement, the Managing Owner shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Limited Owner; however, such certificates shall be maintained at the
principal office of the Trust and shall be available for inspection and copying by the Limited Owners in accordance with this Trust Agreement. 
 ARTICLE X 
 FISCAL YEAR 
 SECTION 10.1. Fiscal Year. The Fiscal Year shall begin on the 1st day of January and end on the 31st day of December of each year. The first Fiscal Year of the Trust shall commence on the date of filing of the Certificate of Trust and end on the 31st day of December 2006. The Fiscal Year in which the Trust shall terminate shall end on the date of termination. 
 ARTICLE XI 
 AMENDMENT OF TRUST
AGREEMENT; MEETINGS 
 SECTION 11.1. Amendments to the Trust Agreement. 
 (a) Amendments to this Trust Agreement may be proposed by the Managing Owner or by Limited Owners holding Units equal to at least 10% of the Net Asset
Value of each Fund, unless the proposed amendment affects only certain series, in which case such amendment may be proposed by Limited Owners holding Units equal to at least ten percent (10%) of Net Asset Value of each affected series.
Following such proposal, the Managing Owner shall submit to the Limited Owners of each affected series a verbatim statement of any proposed amendment, and statements concerning the legality of such amendment and the effect of such amendment on the
limited liability of the Limited Owners. The Managing Owner shall include in any such submission its recommendations as to the proposed amendment. The amendment shall become effective only upon the written approval or affirmative vote of Limited
Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the Net Asset Value of all Funds (excluding Units held by the Managing Owner and its Affiliates) or, if the proposed
amendment affects only certain series, of each affected series, or such higher percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and binding
and will not adversely affect the limitations on liability of the Limited Owners as described in Section 8.3 of this Trust Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of this Trust
Agreement requires the approval or affirmative vote of Limited Owners holding a greater interest in Limited Units than is required to amend this Trust Agreement under this Section 11.1, and/or the approval or affirmative vote of the Managing
Owner, an amendment to such provision(s) shall be effective only upon the written approval or affirmative vote of the minimum number of Unitholders which would be required to take or authorize such action, or as may otherwise be required by
applicable law, and upon receipt of an opinion of independent legal counsel as set forth above in this Section 11.1. In addition, except as otherwise provided below, reduction of the capital account of any assignee or 

  

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modification of the percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to this
Trust Agreement without such assignee’s approval. 
 (b) Notwithstanding any provision to the contrary contained in Section 11.1(a)
hereof, the Managing Owner may, without the approval of the Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or surrender any right
or power granted to the Managing Owner herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or in the
Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the Trust Agreement or the Prospectus, or (iii) the
Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Limited Owners; (B) is consistent with
Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owners or between the Limited Owners and the Managing Owner; and (D) does not
adversely affect the limitations on liability of the Limited Owners, as described in Article VIII hereof or the status of the Trust or any Fund as a grantor trust for U.S. federal income tax purposes. Amendments to this document which adversely
affect (i) the rights of Limited Owners, (ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the Trust pursuant to Section 13.1(f) below and (iv) any material changes
in the Trust’s or a Fund’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value of each Fund
or, if not all Funds are affected, of the affected Fund or Funds (excluding Units held by the Managing Owner and its Affiliates) pursuant to Section 11.1(a) above. 
 (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b) hereof, the Managing Owner may, without the approval of the Limited Owners, amend the provisions of this Trust Agreement if
the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are necessary to ensure that the Trust’s status as a grantor trust will be respected for U.S. federal income tax purposes. 
 (d) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such
change. 
 (e) No amendment shall be made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such
amendment adversely affects any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not withhold its consent for any action which the Limited Owners are permitted to take under Section 8.2(d) above. At
the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is required in the opinion of the Trustee. 
 (f) The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Trust is a party until it
has received an 

  

 38 

 
instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such
amendment, (ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or
violate any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee. 
 (g) No provision of this Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this
Section. 
 SECTION 11.2. Meetings of the Trust or the Funds. Meetings of the Unitholders may be called by the Managing Owner and will
be called by it upon the written request of Limited Owners holding Units equal to at least 10% of the Net Asset Value of all Funds or any Fund, as applicable. Such call for a meeting shall be deemed to have been made upon the receipt by the Managing
Owner of a written request from the requisite percentage of Limited Owners. The Managing Owner shall deposit in the United States mails, within 15 days after receipt of said request, written notice to all Unitholders of the applicable Fund of the
meeting and the purpose of the meeting, which shall be held on a date, not less than 30 nor more than 60 days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of
the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited Owners for the debts of the applicable Fund. Unitholders may vote in person or by proxy at any such
meeting. 
 SECTION 11.3. Action Without a Meeting. Any action required or permitted to be taken by Unitholders by vote may be taken
without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Unitholder to any action of the Trust, any Fund or any Unitholder,
as contemplated by this Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Unitholder given in the manner provided in Section 15.4. The vote or consent of each Unitholder so solicited shall be
deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Unitholder, unless the Unitholder expresses written objection to the vote or consent
by notice given in the manner provided in Section 15.4 below and actually received by the Trust within 20 days after the notice of solicitation is effected. The Managing Owner and all persons dealing with the Trust shall be entitled to act in
reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Unitholders
shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such Unitholders in any manner other than as expressly provided in Section 15.4. 
  

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 ARTICLE XII 
 TERM 
 SECTION 12.1. Term. The term for which the Trust and each Fund is to exist shall
commence on the date of the filing of the Certificate of Trust, and shall terminate pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 
 ARTICLE XIII 
 TERMINATION 
 SECTION 13.1. Events Requiring Dissolution of the Trust or any Fund. The Trust or, as the case may be, any Fund shall dissolve at any time upon
the happening of any of the following events: 
 (a) The filing of a certificate of dissolution or revocation of the Managing Owner’s
charter (and the expiration of 90 days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner
(each of the foregoing events an “Event of Withdrawal”) unless at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Trust or (ii) within 90 days of such Event of
Withdrawal all the remaining Unitholders agree in writing to continue the business of the Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is terminated as the result of an Event of
Withdrawal and a failure of all remaining Unitholders to continue the business of the Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within 120 days of such Event of Withdrawal, Limited Owners holding Units
representing at least a majority (over 50%) of the Net Asset Value (not including Units held by the Managing Owner and its Affiliates) may elect to continue the business of the Trust by forming a new statutory trust (the “Reconstituted
Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for
the election of a Managing Owner to the Reconstituted Trust. If such an election is made, all Limited Owners of the Trust shall be bound thereby and continue as Limited Owners of the Reconstituted Trust. 
 (b) The occurrence of any event which would make unlawful the continued existence of the Trust or any Fund, as the case may be. 
 (c) In the event of the suspension, revocation or termination of the Managing Owner’s registration as a commodity pool operator under the CE Act, or
membership as a commodity pool operator with the NFA (if, in either case, such registration is required under the CE Act or the rules promulgated thereunder) unless at the time there is at least one remaining Managing Owner whose registration or
membership has not been suspended, revoked or terminated. 
 (d) The Trust or any Fund, as the case may be, becomes insolvent or bankrupt.

  

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 (e) The Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value
of all Funds (which excludes the Units of the Managing Owner) vote to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination. 
 (f) The determination of the Managing Owner that a Fund’s aggregate net assets in relation to the operating expenses of such Fund make it
unreasonable or imprudent to continue the business of such Fund, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust because the aggregate Net Asset Value of the Trust or any Fund as of the
close of business on any Business Day declines below $10 million. 
 (g) The Trust is required to be registered as an investment company
under the Investment Company Act of 1940. 
 (h) DTC is unable or unwilling to continue to perform its functions, and a comparable
replacement is unavailable. 
 The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Limited Owner (as long
as such Limited Owner is not the sole Limited Owner of the Trust) shall not result in the termination of the Trust or any Fund, and such Limited Owner, his estate, custodian or personal representative shall have no right to withdraw or value such
Limited Owner’s Units. Each Limited Owner (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative of his estate and any person interested
therein to waive the furnishing of any inventory, accounting or appraisal of the assets of the applicable Fund and any right to an audit or examination of the books of the applicable Fund, except for such rights as are set forth in Article IX hereof
relating to the books of account and reports of the applicable Fund. 
 SECTION 13.2. Distributions on Dissolution. Upon the
dissolution of the Trust or any Fund, the Managing Owner (or in the event there is no Managing Owner, such person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners may propose and approve) shall take full charge
of the applicable Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner under the terms of this
Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses
of the Trust or the Funds. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust or any Fund shall be wound up and all assets shall be liquidated as promptly as is consistent with
obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: to the expenses of liquidation and termination and to creditors, including Unitholders who are creditors, to the extent
otherwise permitted by law, in satisfaction of liabilities of the Trust or the Funds (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Unitholders, and (b) to the Managing
Owner and each Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Unitholder, after giving effect to 

  

 41 

 
all adjustments made pursuant to Article VI and all distributions theretofore made to the Unitholders pursuant to Article VI. 
 SECTION 13.3. Termination; Certificate of Cancellation. Following the dissolution and distribution of the assets of all Funds, the Trust shall
terminate and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute.
Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. 
 ARTICLE XIV 
 POWER OF ATTORNEY

 SECTION 14.1. Power of Attorney Executed Concurrently. Concurrently with the written acceptance and adoption of the provisions
of this Trust Agreement, each Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of its applicable Purchase Order Subscription Agreement, or in such other form as may be prescribed by the Managing Owner. Each
Limited Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power of substitution, as the true and lawful attorney-in-fact and agent for such Limited Owner
with full power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following: 
 (a) Any certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto, which the
Managing Owner deems appropriate to qualify or continue the Trust as a business or statutory trust in the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the terms of
this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the Unitholders under the laws of any jurisdiction; 
 (b) Any instrument which may be required to be filed by the Trust under the laws of any state or by any governmental agency, or which the Managing Owner deems advisable to file; and 
 (c) This Trust Agreement and any documents which may be required to effect an amendment to this Trust Agreement approved under the terms of the Trust
Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Limited Owner or of others as additional or substituted Limited Owners, or the termination of the Trust, provided such continuation, admission or
termination is in accordance with the terms of this Trust Agreement. 
 SECTION 14.2. Effect of Power of Attorney. The Power of
Attorney concurrently granted by each Limited Owner to the Managing Owner: 
  

 42 

 (a) Is a special, irrevocable Power of Attorney coupled with an interest, and shall survive and not be
affected by the death, disability, dissolution, liquidation, termination or incapacity of the Limited Owner; 
 (b) May be exercised by the
Managing Owner for each Limited Owner by a facsimile signature of one of its officers or by a single signature of one of its officers acting as attorney-in-fact for all of them; and 
 (c) Shall survive the delivery of an assignment by a Limited Owner of the whole or any portion of his Limited Units; except that where the assignee
thereof has been approved by the Managing Owner for admission to the Trust as a substituted Limited Owner, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the Managing Owner to
execute, acknowledge and file any instrument necessary to effect such substitution. 
 Each Limited Owner agrees to be bound by any
representations made by the Managing Owner and by any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting negligence or misconduct. 
 SECTION 14.3. Limitation on Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner shall not
authorize the Managing Owner to act on behalf of Limited Owners in any situation in which this Trust Agreement requires the approval of Limited Owners unless such approval has been obtained as required by this Trust Agreement. In the event of any
conflict between this Trust Agreement and any instruments filed by the Managing Owner or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 
 ARTICLE XV 
 MISCELLANEOUS 
 SECTION 15.1. Governing Law. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the
State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided,
however, that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 15.1, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary
or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Funds, the Trustee, the Managing Owner,
the Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof:
(a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the
necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal 

  

 43 

 
property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to
income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the
establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Managing Owner set
forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof,
the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific
reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 
 SECTION 15.2. Provisions In Conflict With Law or Regulations. 
 (a) The provisions of this Trust
Agreement are severable, and if the Managing Owner shall determine, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other
applicable U.S. federal or state laws, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that
such determination by the Managing Owner shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee shall be
liable for making or failing to make such a determination. 
 (b) If any provision of this Trust Agreement shall be held invalid or
unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 
 SECTION 15.3. Construction. In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include
both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement. 
 SECTION 15.4. Notices. All notices or communications under this Trust Agreement (other than requests for redemption of Units, notices of
assignment, transfer, pledge or encumbrance of Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent
electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Trust or the applicable Fund or such other address as may be specified in writing, of the party to whom
such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as 

  

 44 

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

 45 

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

			
	 WILMINGTON TRUST COMPANY, 
 as
Trustee

		
	By:	 	  

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

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	All Limited Owners now and hereafter admitted as Limited Owners of the Trust and reflected in the records maintained by the Depository, the DTC Participants or the Indirect
Participants, as the case may be, as Limited Owners from time to time, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner by each of the Limited Owners
		
	By:	 	 DB COMMODITY SERVICES LLC, 
 as
attorney-in-fact

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 46 

 EXHIBIT A 
 CERTIFICATE OF TRUST 
 OF 
 DB MULTI-SECTOR COMMODITY TRUST 
 THIS Certificate of Trust of DB
Multi-Sector Commodity Trust (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et
seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed by this Certificate of Trust is DB
Multi-Sector Commodity Trust. 
 2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of
Delaware are Wilmington Trust Company, 1100 North Market Street, Wilmington, DE 19890. 
 3. Series. Pursuant to
Section 3806(b)(2) of the Act, the Trust shall issue one or more series of beneficial interests having the rights, powers and duties as set forth in the governing instrument of the Trust, as the same may be amended from time to time (each a
“Fund”). 
 4. Notice of Limitation of Liability of each Fund. Pursuant to Section 3804 of the Act, there shall be a
limitation on liability of each particular Fund such that the debts, liabilities, claims, obligations and expenses incurred, contracted for or otherwise existing with respect to, in connection with or arising under a particular Fund shall be
enforceable against the assets of that Fund only, and not against the assets of the Trust generally or the assets of any other Fund. 
 5.
Effective Date. This Certificate of Trust shall be effective upon filing. 
 IN WITNESS WHEREOF, the undersigned has duly executed
this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	 WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Trustee of the Trust

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-1 

 EXHIBIT B 
 FORM OF GLOBAL CERTIFICATE1 
 CERTIFICATE OF BENEFICIAL INTEREST 
 -Evidencing- 
 All Limited Units 
 -in- 
 DB [            ] FUND

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE FUND OR ITS AGENT 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 REQUIRED 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. 
 This is to certify that CEDE & CO. is the owner and registered holder of
this Certificate evidencing the ownership of all issued and outstanding Limited Units (“Units”), each of which represents a fractional undivided unit of beneficial interest in DB
[            ] Fund (the “Fund”), established and designated as a series of DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust formed under the
Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on
                         , 2006, and a Amended and Restated Declaration of Trust and Trust Agreement, dated as
of                         , 2006, by and among DB Commodity Services LLC, a Delaware limited liability company, as
managing owner, Wilmington Trust Company, a Delaware banking company, as trustee, and the unitholders of each series from time to time thereunder (hereinafter called the “Trust Agreement”), copies of which are available at the principal
offices of the Trust. 
 At any given time this Certificate shall represent all limited units of beneficial interest in the Fund, which shall
be the total number of Units that are outstanding at such time. The Trust Agreement provides for the deposit of cash with the Fund from time to time and the issuance by the Fund of additional Creation Baskets representing the undivided units of

  

	1	 Forms of Global Certificates of Beneficial Interest for each of DB Energy Fund, DB Oil Fund, DB Precious Metals Fund, DB Gold Fund, DB Silver Fund,
DB Base Metals Fund and DB Agriculture Fund shall be, except for the names of the Funds, substantially identical to this Form of Global Certificate. 

  

 B-1 

 
beneficial interest in the assets of the Fund. At the request of the registered holder this Certificate may be exchanged for one or more Certificates issued
to the registered holder in such denominations as the registered holder may request, provided, however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Units outstanding at any given time.

 Each Authorized Participant hereby grants and conveys all of its rights, title and interest in and to the Fund to the extent of the
undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the terms, conditions and covenants of which are incorporated herein as if fully set forth at length.

 The registered holder of this Certificate is entitled at any time upon tender of this Certificate to the Fund, endorsed in blank or
accompanied by all necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon payment of any tax or other governmental charges, to receive at the time and in the manner provided in the
Trust Agreement, such holder’s ratable portion of the assets of the Fund for each Redemption Basket tendered and evidenced by this Certificate. 
 The holder of this Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the terms of the Trust Agreement, copies of which are on file and available for inspection at
reasonable times during business hours at the principal office of the Trust, to which reference is made for all the terms, conditions and covenants thereof. 
 The Fund may deem and treat the person in whose name this Certificate is registered upon the books of the Fund as the owner hereof for all purposes and the Fund shall not be affected by any notice to the contrary.

 The Trust Agreement permits, with certain exceptions as therein provided, the amendment thereof, by the Managing Owner with the consent of
the Beneficial Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the net asset value of the Fund and other funds established as series of the Trust or such higher
percentage as may be required by applicable law, and upon receipt of an opinion of independent legal counsel to the effect that the amendment is legal, valid and binding and will not adversely affect the limitations on liability of the Beneficial
Owners; provided, however that the Managing Owner may, without the approval of the Beneficial Owners, make such amendments to the Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner
or surrender any right or power granted to the Managing Owner in the Trust Agreement, for the benefit of the Beneficial Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision in the Trust Agreement which may be
inconsistent with any other provision in the Trust Agreement or in the Prospectus, or to make any other provisions with respect to matters or questions arising under the Trust Agreement or the Prospectus which will not be inconsistent with the
provisions of the Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to clause (iii) unless the adoption thereof (A) is not adverse to the
interests of the Beneficial Owners; (B) is consistent with Managing Owner’s control of and power to conduct the business of the Trust; (C) with certain exceptions, does not affect the allocation of profits and losses among the
Beneficial Owners or between the Beneficial 

  

 B-2 

 
Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability of the Beneficial Owners or the status of the Trust or the
Fund as a grantor trust for U.S. federal income tax purposes. Any such consent or waiver by the holder of Units shall be conclusive and binding upon such holder of Units and upon all future holders of Units, and shall be binding upon any Units,
whether evidenced by a Certificate or held in uncertificated form, issued upon the registration or transfer hereof whether or not notation of such consent or waiver is made upon this Certificate and whether or not the Units evidenced hereby are at
such time in uncertificated form. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of any holders of Units. 
 In accordance with Section 3.7 of the Trust Agreement, the holder of this Certificate agrees and consents (the “Consent”) to look solely to the assets (the “Fund Assets”) of the Fund and to
the Managing Owner and its assets for payment in respect of any claim against or obligation of the Fund. The Fund Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of
the Fund, including, without limitation, funds delivered to the Trust for the purchase of Units in the Fund. 
 In furtherance of the
Consent, the holder agrees that (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) of the Fund incurred, contracted for or otherwise
existing and (ii) the Units shall be subject to the following limitations: 
 (a) (i) except as set forth below, the Claims and
Units (collectively, the “Subordinated Claims and Units”) shall be expressly subordinate and junior in right of payment to any and all other claims against and Units in the Trust and any series thereof, pursuant to any contract; provided,
however, that the holder’s Claims (if any) against and Units shall not be considered Subordinated Claims and Units with respect to enforcement against and distribution and repayment from the Fund, the Fund Assets and the Managing Owner and its
assets; and provided further that (1) the holder’s valid Claims, if any, against the Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Fund and (2) the holder’s
Units shall be pari passu and equal in right of repayment and distribution with all other Units in the Fund; and (ii) the holder will not take, demand, or receive from any series or the Trust or any of their respective assets (other than the
Fund, the Fund Assets and the Managing Owner and its assets) any payment for the Subordinated Claims and Units; 
 (b) the Claims and Units
of the holder shall only be asserted and enforceable against the Fund, the Fund Assets and the Managing Owner and its assets and such Claims and Units shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust
generally or any of their respective assets; 
 (c) If the Claims of the holder against the Fund or the Trust are secured in whole or in
part, the holder hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the event such security is inadequate to satisfy such Claims)
treated as unsecured Claims against the Trust or any series (other than the Fund), as the case may be; 
  

 B-3 

 (d) in furtherance of the foregoing, if and to the extent that the holder receives monies in connection
with the Subordinated Claims and Units from a series or the Trust (or their respective assets), other than the Fund, the Fund Assets and the Managing Owner and its assets, the holder shall be deemed to hold such monies in trust and shall promptly
remit such monies to the series or the Trust that paid such amounts for distribution by the series or the Trust in accordance with the terms hereof; and 
 (e) the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied, the Units represented by this Certificate are sold, transferred, redeemed or in any way disposed of and notwithstanding
that the agreements in respect of such Claims and Units are terminated, rescinded or canceled. 
 The Trust Agreement, and this Certificate,
is executed and delivered by DB Commodity Services LLC, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by the Trust Agreement. The representations, undertakings and agreements made on the part of the Trust
in the Trust Agreement or the Fund in this Certificate are made and intended not as personal representations, undertakings and agreements by DB Commodity Services LLC but are made and intended for the purpose of binding only the Trust and the Fund.
Nothing in the Trust Agreement or this Certificate shall be construed as creating any liability on DB Commodity Services LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in the Trust
Agreement or this Certificate. 
 This Certificate shall not become valid or binding for any purpose until properly executed by the Managing
Owner pursuant to the Trust Agreement. 
 Terms not defined herein have the same meaning as in the Trust Agreement. 
 IN WITNESS WHEREOF, DB Commodity Services LLC, as Managing Owner, has caused this Certificate to be executed in its name by the manual or facsimile
signature of one of its Authorized Officers. 
  

			
	 DB Commodity Services LLC,
 as Managing
Owner

		
	By:	 	  

		 	Authorized Officer
		
	Date:	 	                , 2006

  

 B-4 

 EXHIBIT C 
 FORM OF PARTICIPANT AGREEMENT 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 C-1 

 EXHIBIT D 
 FORM OF INITIAL PURCHASER AGREEMENT 
  
  
  
  
  
  
  
  
  
 D-1

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