Document:

Windows Media Format Components Distribution License, dated June 1, 2004

 Exhibit 10.4 
  

			
	 COMPANY Name:
	  	A-MAX TECHNOLOGY CO. LTD.
	 MS Agreement Number:
	  	5131760124
	 Effective Date:
	  	June 1, 2004
	 Expiration Date:
	  	December 31, 2017

  
 WINDOWS MEDIA FORMAT
COMPONENTS DISTRIBUTION LICENSE 
  
 This WINDOWS MEDIA FORMAT COMPONENTS
DISTRIBUTION LICENSE (“Agreement”) is entered into between Microsoft Licensing, GP (“MS”) and the company identified below (“COMPANY”) as of the Effective Date. 
  
 This Agreement consists of the following: 
  

	•	 	this Signature Page 

  

	•	 	Product and Royalty Schedule for Final Products and Interim Products for Embedded Systems 

  

	•	 	Product and Royalty Schedule for Final Products and Interim Products for PC Software 

  

	•	 	Interim Products and Final Product Tables 

  

	•	 	COMPANY Subsidiary Schedule 

  

	•	 	PDDRM Restrictions Schedule 

  

	•	 	Third Party Brand Names and Trademark Schedule 

  

	•	 	Addresses Schedule 

  

	•	 	General Terms and Conditions 

  
 By signing below, COMPANY represents and warrants that the information COMPANY provides below and on each of the attached forms is accurate, and that COMPANY has read and understood, and will act in accordance with,
all of the terms set forth in the attached documents. 
  

							
	MICROSOFT LICENSING, GP	  	A-MAX TECHNOLOGY CO. LTD.
		
	A general partnership organized under the laws of:	  	A company organized under the laws of:
		
	The State of Nevada, U.S.A.	  	Hong Kong

									
	 	 	 	 	 
					
	By:	 	/s/ Brian Russell	 	 	 	By:	 	/s/ Diana Chan
	 	 	(signature)	 	 	 	 	 	(signature)
					
	Name:	 	Brian Russell	 	 	 	Name:	 	Diana Chan
	 	 	(printed)	 	 	 	 	 	(printed)
					
	Title:	 	OEM Accounting Manager	 	 	 	Title:	 	Vice President – Finance
	 	 	(printed)	 	 	 	 	 	(printed)
					
	Date:	 	Jun 03, 2004	 	 	 	Date:	 	May 29, 2004

  
 CONFIDENTIAL &
PROPRIETARY 
 1/20/04 Windows Media Format Components Distribution License 
  
 Form 2.8.35 
 Document Tracking Number: 5131760124-8 

 PRODUCT AND ROYALTY SCHEDULE 
  
 Windows® Media Technology For Final Products and Interim Products 
 Embedded System Table† 
  

							
	 Licensed Technology
 Component Name and
 Version
	 	 Royalty Per Unit

for each Final Product
 Containing the
 Applicable Licensed
 Technology Component
 US$
	 	 Annual Fee for all
 Final Products
 Containing the
 Applicable Licensed
 Technology Component
 US$
	 	 Royalty Free*
 US$

	 1. Microsoft®
Windows
 MediaTM with Embedded
 Audio Decode
 Technology¤
	 	 $0.10
  
  
 (F44-00034)
	 	 $400,000.00
  
  
 (F44-00033)
	 	 $0.00
  
  
 (F44-00035)

	 	 	 	 
	 2. Microsoft®
Windows
 MediaTM with Embedded
 Audio Encode
 Technology¤
	 	 $0.20
  
  
 (F44-00037)
	 	 $800,000.00
  
  
 (F44-00036)
	 	 $0.00
  
  
 (F44-00038)

	 	 	 	 
	 3. Microsoft®
Windows
 MediaTM with Embedded
 Audio Decode and Encode
 Technology¤
	 	 $0.25
  
  
 (F44-00108)
	 	 $1,000,000.00
  
  
 (F44-00106)
	 	 $0.00
  
  
 (F44-00107)

	 	 	 	 
	 4. Microsoft®
Windows
 MediaTM with Embedded
 Video Decode
 Technology¤
	 	 $0.10
  
  
 (F44-00040)
	 	 $400,000.00
  
  
 (F44-00039)
	 	 $0.00
  
  
 (F44-00041)

	 	 	 	 
	 5. Microsoft®
Windows
 MediaTM with Embedded
 Video Encode
 Technology¤
	 	 $0.20
  
  
 (F44-00043)
	 	 $800,000.00
  
  
 (F44-00042)
	 	 $0.00
  
  
 (F44-00044)

	 	 	 	 
	 6. Microsoft®
Windows
 MediaTM with Embedded
 Video Decode and
 Encode¤
	 	 $0.25
  
  
 (F44-00111)
	 	 $1,000,000.00
  
  
 (F44-00109)
	 	 $0.00
  
  
 (F44-00110)

	 	 	 	 
	 7. Microsoft®
Windows
 MediaTM Embedded
 Network Read Technology
	 	 $0.25
  
 (F44-00046)
	 	 $1,000,000.00
  
 (F44-00045)
	 	 $0.00
  
 (F44-00047)

	 	 	 	 
	 8. Microsoft®
Windows
 MediaTM with Embedded
 HDCD® Technology
	 	 $0.10
  
 (F44-00030)
	 	 $400,000.00
  
 (F44-00057)
	 	 $0.00
  
 (F44-00058)

	 	 	 	 
	 9. Microsoft®
Windows
 MediaTM Embedded
 ASFRead Technology
	 	 $0.00
  
 (F44-00096)
	 	N/A	 	N/A
	 	 	 	 
	 10. Microsoft®
Windows
 MediaTM Embedded
 ASFWrite Technology
	 	 $0.00
  
 (F44-00105)
	 	N/A	 	N/A

  

 2 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

							
	 	 	 	 
	 11. Microsoft®
Windows
 MediaTM Portable Device
 DRM Technology for
 Embedded
Systems
	 	 $0.00
  
  
 (F44-00112)
	 	N/A	 	N/A
	 	 	 	 
	 12. Microsoft®
Windows
 MediaTM with Embedded
 Pro And Lossless Audio
 Decode
	 	 $0.20
  
  
 (F44-00074)
	 	 $800,000.00
  
  
 (F44-00078)
	 	 $0.00
  
  
 (F44-00070)

  
 Numbers listed above in parenthesis
are Licensed Technology Product Numbers. 
 Localized versions of the Licensed Technology components are licensed on an “if and as available” basis.

  

	*	COMPANY shall use the applicable “Royalty Free” Licensed Technology Product Numbers listed in the fourth column above if, and only if, one of the following is true: (a)
the Final Product is distributed by COMPANY under this Agreement between January 1, 2003 and December 31, 2003; (b) the Final Product was created by COMPANY using an Interim Product obtained from an Interim Product Provider who has executed a
current and valid Microsoft Integrated Circuit OEM License Agreement for Embedded Windows Media Technology with an effective date prior to February 2, 2003 with MS and who is shipping and paying royalties for such Interim Products under such
agreement; (c) the Final Product is an “Embedded” version designed to operate on an embedded version of Microsoft’s Windows operating systems; or (d) the product is an Interim Product. Additionally, COMPANY shall use the “Royalty
Free” Licensed Technology Product Numbers listed in the fourth column above for the Microsoft Windows Media Video Decoder and/or Encoder technology portions of any Final Product distributed by COMPANY under this Agreement between January 1,
2004 and December 31, 2004; provided however that COMPANY shall use the applicable royalty bearing Licensed Technology Product Numbers for any other Microsoft Windows Media Technologies contained in such Final Products. 

	¤	These Licensed Technology Product Numbers contain the ASF Reader and/or ASF Writer components of the Licensed Technology and are subject to the requirements of this Agreement,
including but not limited to Section 2(k)(v). 

	†	References above to “Embedded” versions of the Licensed Technology mean that the applicable Licensed Technology component is used in a manner other
than as PC Software as defined on the Product and Royalty Schedule for Final Products and Interim Products for PC Software. “Embedded” versions of the Licensed Technology include, without limitation, uses of the Licensed
Technology in low power devices (such as cellular phones, handheld Internet appliances, and personal digital assistants), closed systems for which limited-to-no third party software is available, video game consoles, computer servers, digital
cameras and camcorders, set top boxes, routers and other networking devices, televisions, portable digital music players, and consumer electronic devices such as audio receivers and DVD players. 

  

 3 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 PRODUCT AND ROYALTY SCHEDULE 
  
 Window® Media Technology for Final Products and Interim Products 
 PC Software Table†† 
  

							
	 Licensed Technology
 Component Name and
 Version
	 	 Royalty Per
Unit
 for each Final Product
 Containing the
 Applicable Licensed
 Technology Component
 US$
	 	 Annual Fee
for all
 Final Products
 Containing the
 Applicable Licensed
 Technology Component
 US$
	 	 Royalty Free*
 US$

	 1. Microsoft® Windows
 MediaTM Audio Decode
 Technology For PC
 Software¤
	 	 $0.10
  
  
 (S10-00016)
	 	 $20,000.00
  
  
 (S10-00024)
	 	 $0.00
  
  
 (S10-00008)

	 2. Microsoft® Windows
 MediaTM Audio Encode
 Technology For PC
 Software¤
	 	 $0.20
  
  
 (S10-00015)
	 	 $200,000.00
  
  
 (S10-00023)
	 	 $0.00
  
  
 (S10-00007)

	 3. Microsoft® Windows
 MediaTM Audio Decode and
 Encode Technology For PC
 Software¤
	 	 $0.25
  
  
 (S10-00014)
	 	 $210,000.00
  
  
 (S10-00022)
	 	 $0.00
  
  
 (S10-00006)

	 4. Microsoft® Windows
 MediaTM Video Decode
 Technology For PC
 Software¤
	 	 $0.10
  
  
 (S10-00013)
	 	 $400,000.00
  
  
 (S10-00021)
	 	 $0.00
  
  
 (S10-00005)

	 5. Microsoft® Windows
 MediaTM Video Encode
 Technology For PC
 Software¤
	 	 $0.20
  
  
 (S10-00012)
	 	 $800,000.00
  
  
 (S10-00020)
	 	 $0.00
  
  
 (S10-00004)

	 6. Microsoft® Windows
 MediaTM Video Decode and
 Encode For PC Software¤
	 	 $0.25
  
 (S10-00011)
	 	 $1,000,000.00
  
 (S10-00019)
	 	 $0.00
  
 (S10-00003)

	 7. Microsoft® Windows
 MediaTM Embedded
 Network Read Technology
 For PC Software
	 	 $0.25
  
  
 (S10-00010)
	 	 $1,000,000.00
  
  
 (S10-00018)
	 	 $0.00
  
  
 (S10-00002)

	 8. Microsoft® Windows
 MediaTM with Embedded
 HDCD® Technology For
 PC Software
	 	 $0.10
  
  
 (S10-00009)
	 	 $400,000.00
  
  
 (S10-00017)
	 	 $0.00
  
  
 (S10-00001)

	 9. Microsoft® Windows
 MediaTM Embedded
 ASFRead Technology
	 	 $0.00
  
 (S10-00025)
	 	N/A	 	N/A
	 10. Microsoft® Windows
 MediaTM Embedded
 ASFWrite Technology
	 	 $0.00
  
 (S10-00026)
	 	N/A	 	N/A

 

							
	 	 	 	 
	 11. Microsoft® Windows
 MediaTM with Embedded
 Pro And Lossless Audio
 Decode
	 	 $0.20
  
  
 (S10-00027)
	 	 $800,000.00
  
  
 (S10-00029)
	 	 $0.00
  
  
 (S10-00028)

  

 4 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 
Numbers listed above in parenthesis are Licensed Technology Product Numbers. 
 Localized versions of the Licensed Technology components are licensed on an “if and as available” basis. 
  

	*	COMPANY shall use the applicable “Royalty Free” Licensed Technology Product Numbers listed in the fourth column above if, and only if, one of the following is true; (a)
the Final Product is distributed by COMPANY under this Agreement between January 1, 2003 and December 31, 2003; 

	 	(b) the Final Product was created by COMPANY using an Interim Product obtained from an Interim Product Provider who has executed a current and valid Microsoft Integrated Circuit OEM
License Agreement for Embedded Windows Media Technology with an effective date prior to February 2, 2003 with MS and who is shipping and paying royalties for such Interim Products under such agreement; (c) the Final Product is a “PC
Software” version designed to run solely on a version of Microsoft’s Windows operating systems; or (d) the product is an Interim Product. Additionally, COMPANY shall use the “Royalty Free” Licensed Technology Product Numbers
listed in the fourth column above for the Microsoft Windows Media Video Decoder and/or Encoder technology portions of any Final Product distributed by COMPANY under this Agreement between January 1, 2004 and December 31, 2004; provided however that
COMPANY shall use the applicable royalty bearing Licensed Technology Product Numbers for any other Microsoft Windows Media Technologies contained in such Final Products. 

	¤	These Licensed Technology Product Numbers contain the ASF Reader and/or ASF Writer components of the Licensed Technology and are subject to the requirements of this Agreement,
including but not limited to Section 2(k)(v). 

	††	References above to “PC Software” versions of the Licensed Technology mean that the applicable Licensed Technology component is used as software for a general purpose
personal computer (including laptop, tablet, or desktop), which general purpose personal computer both (i) is designed and marketed for operating a wide variety of productivity, entertainment, and/or other software applications from unrelated third
party software vendors; and (ii) runs a general purpose consumer operating system such as Apple Macintosh OS X, or consumer versions of the Linux operating system, but not versions of such operating systems designed for computer servers or embedded
systems, such as Monta Vista Linux Consumer Electronics Edition. 

  

 5 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 INTERIM PRODUCTS AND FINAL PRODUCTS TABLES 
  
 Interim Products
Table 
  
 If COMPANY is creating
Interim Product(s) that include Licensed Technology, COMPANY must identify each such Interim Product below along with the corresponding Licensed Technology Product Numbers used in each such Interim Product. Licensed Technology Product Numbers are
obtained from the tables above. 
  
 At COMPANY’s option, for purposes of
administrative convenience, COMPANY may designate Interim Product(s) by model line or series (e.g., “Jaguar model line”, “Jaguar Pro series”, “Jaguar Pro 750 model line”, “Jaguar Pro 950 series”, etc.).
Interim Product(s) defined by model line or series shall include all present models which include the designated model line or series name, (e.g., “Jaguar Pro model line” includes Jaguar Pro, Jaguar Pro 950, Jaguar Pro S, etc.;
“Jaguar series” includes Jaguar, Jaguar Pro, Jaguar Pro 950, Jaguar S400, etc.; “Jaguar Pro 950 series” includes Jaguar Pro 950, Jaguar Pro 955, etc.). By definition, all Interim Product(s) in a line or series must contain all of
the exact same Licensed Technology Product Numbers. 
  
 COMPANY may elect to
include as Interim Product(s) new products or models which comply with all of the terms and conditions of this Agreement by notifying MS of any such new product(s) of model(s) when COMPANY submits its royalty report for the reporting period in which
each such new model is first distributed with Licensed Technology. 
  

					
	 Interim Product Name/Model Number

	 	 Description

	  	 Licensed Technology
 Product Numbers

	 	 	 	  	 
	 	 	 	  	 
	 	 	 	  	 

  

 6 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 FINAL PRODUCTS TABLE 
  
 If COMPANY is creating Final Product(s) that include Licensed Technology, COMPANY must identify each such Final Product below along with
the corresponding Licensed Technology Product Numbers used in each such Final Product. Licensed Technology Product Numbers are obtained from the tables above. 
  
 At COMPANY’s option, for purposes of administrative convenience, COMPANY may designate Final Product(s) by model line or series (e.g.,
“Jaguar model line”, “Jaguar Pro series”, “Jaguar Pro 750 model line”, “Jaguar Pro 950 series”, etc.). Final Product(s) defined by model line or series shall include all present models which include the
designated model line or series name, (e.g., “Jaguar Pro model line” includes Jaguar Pro, Jaguar Pro 950, Jaguar Pro S, etc.; “Jaguar series” includes Jaguar, Jaguar Pro, Jaguar Pro 950, Jaguar S400, etc.; “Jaguar Pro 950
series” includes Jaguar Pro 950, Jaguar Pro 955, etc.). By definition, all Final Product(s) in a line or series must contain all of the exact same Licensed Technology Product Numbers. 
  
 COMPANY may elect to include as Final Product(s) new products or models which comply with all
of the terms and conditions of this Agreement by notifying MS of any such new product(s) or model(s) when COMPANY submits its royalty report for the reporting period in which each such new model is first distributed with Licensed Technology.

  

					
	Final Product Name/Model Number	 	Description	 	Licensed Technology
Product Numbers
	 DAV326
	 	Consumer electronic devices	 	F44-00034
	 	 	 
	 DAV398
	 	Consumer electronic devices using MCS MLC3300	 	F44-00035
	 	 	 
	 PA11
	 	Consumer electronic devices using SigmaTel STMP3400	 	F44-00035
	 	 	 
	 PA12
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA22
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA23
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA26
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA28
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA30
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA31
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA32
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035
	 	 	 
	 PA33
	 	Consumer electronic devices using SigmaTel STMP3410	 	F44-00035

  

 7 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 COMPANY SUBSIDIARY SCHEDULE 
  
 MS and COMPANY authorize each Affiliate of COMPANY listed below (“COMPANY Subsidiary”) to exercise rights under this
Agreement. By completing this Schedule, COMPANY agrees to the Additional Provisions set forth below. 
  
 Additional COMPANY Subsidiaries may be added only by amendment of this Schedule. A legal entity that distributes Licensed Technology Binaries already contained in Final Product as received from COMPANY, or a COMPANY
Subsidiary, is not required to be listed in this COMPANY Subsidiary Schedule. 
  
 ADDITIONAL PROVISIONS 
  
 (a) A COMPANY Affiliate may not exercise any rights or receive any confidential information from COMPANY under the Agreement until thirty (30) days after it has delivered to MS in writing at the address in the Windows
Media Notices section of the Addresses Schedule, a signed COMPANY Subsidiary Agreement in the form indicated in Attachment 1 to this COMPANY Subsidiary Schedule. 
  
 (b) Each COMPANY Subsidiary’s exercise of rights under the Agreement shall be subject to all terms and conditions set forth in the
Agreement, including without limitation, the obligations set forth in the General Terms and Conditions Section 12. COMPANY irrevocably and unconditionally guarantees the compliance of each COMPANY Subsidiary with the Agreement, and shall be jointly
and severally liable with each COMPANY Subsidiary for breach of the Agreement by such COMPANY Subsidiary. All remedies available to MS, including the ability to audit and obtain injunctive relief, shall apply to COMPANY Subsidiaries. COMPANY shall
assist MS in enforcing its rights and remedies against COMPANY Subsidiaries. 
  
 (c) Licensed Technology shipments made by or for MS may be delivered only to locations owned or controlled by COMPANY or a COMPANY Subsidiary. 
  
 (d) COMPANY shall make consolidated royalty reports, royalty payments and other required reports on behalf of COMPANY and each COMPANY Subsidiary. Upon MS’ request,
COMPANY shall provide royalty or other reports that specify information by COMPANY and each COMPANY Subsidiary. 
  
 (e) Royalties exclude any taxes, duties, fees, excises or tariffs imposed on any of COMPANY Subsidiary’s activities in connection with this Agreement. Such charges,
taxes, duties, fees, excises or tariffs, if any, shall be paid by COMPANY or COMPANY Subsidiary in accordance with General Terms and Conditions Section 3(i). 
  
 (f) The rights or obligations of each COMPANY Subsidiary shall not be assigned or sublicensed by such COMPANY Subsidiary (by contract, merger, operation of law, or
otherwise). 
  
 (g) In addition to the events of noncompliance described in the
General Terms and Conditions Section 14 (Noncompliance and Cancellation), MS may suspend, cancel or terminate this Agreement as to COMPANY or any COMPANY Subsidiary upon any material default or continuing default by COMPANY or any COMPANY Subsidiary
under this Agreement in accordance with General Terms and Conditions Section 14. 
  
 (h) Upon expiration, cancellation or termination of this Agreement, each COMPANY Subsidiary may retain three (3) units of each Licensed Technology Binaries for support purposes only. 
  
 (i) COMPANY’s obligations set forth in General Terms and Conditions Section 9 (Audit)
shall extend to maintenance on COMPANY premises of copies of corresponding COMPANY Subsidiary records and books of account or to moving all such copies to a single location agreeable to MS in the event of an audit instituted pursuant to such Section
9. MS’ rights set forth in General Terms and Conditions Section 9 (Audit) shall extend in full to COMPANY Subsidiaries and COMPANY shall assist MS and take any necessary control actions to enable MS to exercise such rights. 
  
 (j) MS reserves all other applicable rights under law with respect to COMPANY Subsidiaries.

  
 (k) If COMPANY elects to pay royalties on an Annual Fee basis for a particular
Licensed Technology component as provided in Section 3(c) of the General Terms and Conditions, COMPANY’s payment of the Annual Fee covers distributions by all COMPANY Subsidiaries of Final Products containing such Licensed Technology component.

  

 8 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 ATTACHMENT 1 TO 
 COMPANY SUBSIDIARY SCHEDULE 
  
 (Sample Form) 
  
 [To be printed on COMPANY Subsidiary’s
Letterhead] 
  
 <<INSERT DATE THIS LETTER IS EXECUTED BY COMPANY
SUBSIDIARY>> 
  
 Microsoft Licensing, GP 
 6100 Neil Road 
 Reno, NV 89511 
 Attn: OEM Contracts 
  
 To Whom It May Concern: 
  
 For
good and valuable consideration, A-MAX TECHNOLOGY CO. LTD., a corporation of Hong Kong (“COMPANY Subsidiary”) hereby covenants and agrees with Microsoft Licensing, GP, a Nevada U.S.A. general partnership (“MS”) that COMPANY
Subsidiary will comply with all obligations of A-MAX TECHNOLOGY CO. LTD., a corporation of Hong Kong (“COMPANY”) pursuant to the Windows Media Format Components Distribution License, dated June 1, 2004 between COMPANY and MS (MS Agreement
No. 5131760124 (“Agreement”). 
  
 COMPANY Subsidiary
acknowledges that its agreement herein is a condition for COMPANY Subsidiary to exercise any of the rights granted by COMPANY to COMPANY Subsidiary pursuant to the terms of the Agreement. COMPANY Subsidiary shall be jointly and severally liable to
MS and its Suppliers for all obligations related to COMPANY Subsidiary’s exercise of license rights or receipt of confidential information under the Agreement, including but not limited to the payment of royalties for Licensed Technology.

  
 Capitalized terms used herein and not otherwise defined shall
have the same meaning as in the Agreement. 
  
 IN WITNESS WHEREOF,
COMPANY Subsidiary has executed this letter as of the date specified above. All signed copies of this letter shall be deemed originals. 
  

	
	  

	 <<INSERT COMPANY SUBSIDIARY NAME>>

	
	  

	 <<Signature>>

	
	  

	 <<Name and Title of Signatory (Printed or Typed)>>

  

 9 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 PDDRM RESTRICTIONS SCHEDULE 
  

	(1)	Captialized (sic) Terms set forth in this PDDRM Restriction Schedule are defined in the General Terms and Conditions, except as otherwise set forth below: 

 
 1.1 “Advanced Systems Format” or “ASF”
means the current version of the extensible file storage format developed by or for MS or MSCORP for authoring, editing, archiving, distributing, streaming, playing, referencing, or otherwise manipulating Content, as used by the Windows Media
technologies. 
  
 1.2 “ASF Content” means
Content contained within ASF and optionally protected with DRM. 
  
 1.3 “Convert” means to remove the DRM protection from a Content file in a Windows Media Format (“ASF Content”) for any purpose not explicitly authorized by the DRM Flags of the license for that content, including
but not limited to writing that unprotected DRM content to disk or to a network. 
  
 1.4 “DRM” means MS/MSCORP’S digital rights management system that enables creation and enforcement of business rules and license-based restrictions for Content. 
  
 1.5 “DRM Flag(s)” means the flag(s) describing license
condition(s) for, and set by the creator or authorized licensor of, ASF Content protected with DRM as more fully described herein. 
  
 1.6 “Embedded System” means the COMPANY’s Interim Product and/or Final Product, as applicable, as listed in the Interim Products
Table and/or Final Products Table. 
  
 1.7 “Material
Security Problem” means a security breach in DRM, or a security breach attributable to COMPANY or to any Embedded System that is a violation of Section 2(k) of the General Terms and Conditions of this Agreement or any of the terms of this
PDDRM Restrictions Schedule, or which otherwise defeats in any way the protective settings in the DRM Flags in licenses for ASF Content. 
  
 1.8 “PDDRM” or “Portable Device Digital Rights Management” means a component of the Licensed Technology that enables, in
accordance with this Schedule, an Embedded System to use the portions of the Licensed Technology that manipulate ASF Content protected by DRM. 
  
 1.9 “Protected Content” means Content contained within ASF and explicitly protected with DRM. 
  
 1.10 “Storage Media” means any standalone or removable
media device or card that can store Content including but not limited to flash-card, CD (including, without limitation, CD-R or CD-RW) or DVD (including, without limitation, DVD-RAM). 
  
 1.11 “Transcription” means the transformation of Content protection from DRM to an alternate form of
digital rights management. This would be accomplished by extracting Protected Content from DRM into unprotected form, then transforming this Unprotected Content into the new protected form defined for the alternate digital rights management.

  
 1.12 “Unprotected Content” means Content
contained within ASF and not protected with DRM. 
  

	(2)	If the Embedded System reads ASF Content protected with PDDRM, it must adhere to the rights provided by the associated PDDRM license as defined in the table below. Where allowed by
these rights, the Embedded System may play unencrypted uncompressed Content to analog audio outputs for speakers or earphones. 

  
 Bit-based rights for PD-DRM 
  

					
	Bit	  	Right	  	Settings
	0x2	  	CHECK_NONSDMI_LIC	  	 1    Allow playback on a portable
device that is not SDMI compliant.
  
 0    Do not allow
playback on a portable device that is not SDMI compliant.

	 	 	 
	0x10	  	CHECK_SDMI_LIC	  	 1    Allow playback only on SDMI
compliant portable device.
  
 0    Do not allow playback only
on SDMI compliant portable device.

  

	(3)	COMPANY will implement a serial number on each Embedded System. The serial number must be a minimum of 16 digits long and must be unique for each device. The Embedded System design
must include this serial number in all PDDRM software interfaces which allow or require a serial number. This serial number must be implemented in such a way that it (i) reliably associates the same unique value with the same physical device, (ii)
is not associated with field-replaceable hardware such that the serial number could be altered by swapping a hardware component, and (iii) cannot be altered by the end user. This serial number may be based on a unique per-device hardware
identification number embedded in specific hardware on the device, such as an internal memory chip or a processor, provided that the resulting serial number meets the requirements specified above. If Company chooses to implement a serial number that
is not directly embedded in hardware, the Embedded System design must generate a unique serial number for each device, persistently store the uniquely generated serial number and prevent the stored number from being altered by the end user. For the
purposes of this Agreement, a serial number will be considered unique if the chance of another device sharing the same number can be shown to be less than 1 in 10,000. 

  

 10 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

	(4)	The Embedded System will not allow Protected Content to be stored in unprotected form on a hard disk, long term memory, or other Storage Media. 

  

	(5)	COMPANY may utilize digital rights management technologies other than MS/MSCORP’s, provided, however, that the Embedded System will not allow Transcription of Protected Content
from PDDRM into another form of digital rights management. 

  

	(6)	The Embedded System will provide no means (including but not limited to programming APIs, end-user selectable options, or purposeful or accidental placement of debugging or testing
information in the Embedded Systems) for the enablement or disablement of the intended PDDRM functionality. 

  

	(7)	Failure of an Embedded System, as distributed by COMPANY, to abide by the rights issued in the ASF Content license constitutes a material violation of this Agreement.

  

	(8)	MS and/or MSCORP may, during the Term, enhance the DRM features of the Licensed Technology, to eliminate potential security breaches and/or enhance PDDRM features (including case of
use) with respect to PDDRM-protected ASF Content. COMPANY acknowledges that MS and/or MSCORP will provide those users who are ASF Content providers using various Windows Media rights management applications with the ability to set the minimum
revision level (or minimum security level) for compatibility of PDDRM-protected ASF Content, and that Embedded Systems created using older versions of the Licensed Technology may not be fully compatible with such future ASF Content. MS will use
commercially reasonable efforts to: (i) provide COMPANY with updates to PDDRM that correct security breaches, though such updates may require COMPANY to agree to additional or alternative terms and conditions than that set forth in this Agreement;
and (ii) notify COMPANY of any actual security breaches in PDDRM which in MS’s sole and reasonable judgment would affect the Embedded System. 

  

	(9)	Notwithstanding anything to the contrary in the General Terms and Conditions of this Agreement or this PDDRM Restrictions Schedule, IT MS provides COMPANY with updates or
Supplemental Code to the Licensed Technology which correct actual or potential security breaches, COMPANY will use commercially reasonable efforts to incorporate and/or make available to users of the Embedded Systems, through reasonable means (such
as availability on a COMPANY web site), such updates or Supplemental Code of the Licensed Technology as part of and/or as updates or Supplemental Code to such Licensed Technology. COMPANY shall provide such updates or Supplemental Code to users
within a commercially reasonable period of time (determined by the nature of such updates or Supplemental Code, but in no event more than ninety (90) days from the date COMPANY received such updates or Supplemental Code). Such updates or
Supplemental Code may require COMPANY to agree to additional terms and conditions. If COMPANY does not make available to users of the Embedded Systems the necessary updates released by MS, COMPANY must immediately take reasonable efforts (such as
COMPANY website posting or registered customers mailing) to make existing users aware that new content may no longer be playable on the device operated by the Embedded System due to the COMPANY’s decision. 

  

	(10)	Notwithstanding any provision of this Agreement, if COMPANY intentionally or negligently fails to correct any Material Security Problem(s) and MS has provided COMPANY with two (2)
business days notice of such Material Security Problem and has delivered any appropriate PDDRM updates to COMPANY with respect to such security problem as of such notice, then MS or its authorized licensee or agent may, upon written notice at any
time, terminate this Agreement. 

  

	(11)	COMPANY will use commercially reasonable efforts to design Embedded Systems to prevent users from tampering with the Licensed Technology or PDDRM. Further, COMPANY will not use,
incorporate, or allow the execution of or enable any other software that modifies the behavior of the Embedded System in a manner which causes it to violate the conditions of this Schedule. 

  

	(12)	Upon the availability of a Windows Media DRM compliance program, COMPANY will use commercially reasonable efforts to meet compliance requirements in ninety (90) days from the date
COMPANY received such information from MS for the shipment of all new products. At the option of COMPANY, COMPANY can meet compliance requirements for all existing products supporting DRM features using commercially reasonable means (such as
firmware updates) during the same time period. 

  

 11 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 THIRD PARTY BRAND NAMES AND TRADEMARKS SCHEDULE 
  
 Notwithstanding anything to the contrary contained in the Agreement, Interim Products and
Final Products distributed by COMPANY or its Channel Entities may be marketed, licensed, or distributed by a third party under brand names and trademarks which do not include COMPANY’s name, provided that such third party brand names,
trademarks and model names used for such Interim Products and Final Products are listed below. 
  
 COMPANY’s royalty report shall include a separate reporting of the number of units of each Interim Product and Final Product distributed under each third party brand name or trademark. 
  

							
	 Licensed Technology
     Component Name
           and Version

	 	 Brand Names & Trademarks

	 	 Interim Product/Final Product

	 	 Model Name Used
 by Third Party

	 WM Audio Decode
	 	Coby	 	Final	 	MPC440
	 WM Audio Decode
	 	Coby	 	Final	 	MPC640
	 WM Audio Decode
	 	Coby	 	Final	 	MP-C840
	 WM Audio Decode
	 	Hyundai	 	Final	 	PA32
	 WM Audio Decode
	 	Lenoxx	 	Final	 	MP-50
	 WM Audio Decode
	 	Maxfield	 	Final	 	MAX-P-03
	 WM Audio Decode
	 	Medion – Pro2	 	Final	 	MD40838
	 WM Audio Decode
	 	Medion – Life	 	Final	 	MD41150; MD41151; MD41936; MD41986
	 WM Audio Decode
	 	Medion	 	Final	 	MD41393; MD41531; MD41722
	 WM Audio Decode
	 	Medion – Micromaxx	 	Final	 	MD41962
	 WM Audio Decode
	 	NEC / PackardBell	 	Final	 	Audio Key 2
	 WM Audio Decode
	 	NEC / PackardBell	 	Final	 	Audio Key L
	 WM Audio Decode
	 	Waitec	 	Final	 	RAP
	 WM Audio Decode
	 	Waitec	 	Final	 	Fusion
	 WM Audio Decode
	 	Yakumo	 	Final	 	Hypersound

  

	1.	

	2.	

  
 Prior to any marketing or distribution by COMPANY or its Channel Entities of an Interim Products or Final Products under any third party brand name or trademark not listed on this Third Party Brand Names and Trademarks Schedule, COMPANY
shall notify its Account Manager of any third party brand name or trademark that it proposes to add to this Third Party Brand Names and Trademarks Schedule. Provided the parties reach agreement regarding the third party brand name or trademark, (1)
COMPANY and MS shall execute an amendment to add such third party brand name or trademark to this Third Party Brand Names and Trademarks Schedule; and (2) COMPANY shall inform the owner of such third party brand that it will need to execute a
separate Plays Windows Media Logo License agreement with MSCORP prior to the distribution of any COMPANY Product. COMPANY hereby acknowledges and agrees that MS reserves the right to reject a proposed third party name or trademark and/or to execute
a direct distribution license with the owner of such proposed third party name or trademark. 
  

 12 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 ADDRESSES SCHEDULE 
  
 SHIPPING AND BILLING 
  

			
	     COMPANY “Ship To” Address
  
 COMPANY Name
  
 Diana Chan
 VP
 A-MAX TECHNOLOGY CO. LTD.
 12/f Remington Centre
 23 Hung To Road
 HONG KONG
  
 Telephone: 852 27986699
 Fax: 852 27536226
 E-mail: diana@amaxhk.com
	 	     COMPANY Billing Address
  
 COMPANY Name
  
 Diana Chan
 VP
 A-MAX TECHNOLOGY
CO. LTD.
 12/f Remington Centre
 23 Hung To Road
 HONG KONG
  
 Telephone: 852 27986699
 Fax: 852 27536226
 E-mail: diana@amaxhk.com

  
 COMPANY’s technical support
phone number for Embedded Systems customers and end users: 852 27986699 
  
 PAYMENT AND REPORTING 
  

			
	     Send Reports via Email to:
  
 Microsoft Licensing, GP
  
 OEM Accounting Services
  
 Email:
WMReport@MICROSOFT.COM
	 	     Send Payments via Wire Transfer Only to:
  
 Microsoft Licensing, GP c/o
  
 Bank of America
  
 1401 Elm Street
  
 Dallas, TX
  
 USA
  

ABA # 11100001-2
  
 SWIFT Code: BOFAUS3N
  
 Account #
3750891058
  

	 	 	COMPANY shall include applicable MS invoice number(s) on all Payments

  
 [Or to] such other address or account
as MS may specify from time to time. 
  

	
	     COMPANY Royalty Report Submitter address
  
 Diana Chan
 VP
 A-MAX TECHNOLOGY CO. LTD.
 12/f Remington Centre
 23 Hung To Road
 HONG KONG
  
 Telephone: 852 27986699
 Fax: 852 27536226
 E-mail: diana@amaxhk.com

  

 13 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 GENERAL NOTICES 
  
 Any written notices related to this Agreement must be addressed to the contact and locations outlined below, or such other addresses as
either party may hereafter specify in writing. 
  

			
	     COMPANY Information
  
 Diana
Chan
 VP
 A-MAX TECHNOLOGY CO. LTD.
 12/f Remington Centre
 23 Hung To Road
 HONG KONG
  
 Telephone: 852 27986699
 Fax: 852 27536226
 E-mail:
diana@amaxhk.com
	 	 MS Information
  
 Microsoft Licensing, GP
  
 6100 Neil Road
  
 Reno, NV 89511-1132
  
 USA
  
 Attention: General Manager
  
 Phone Number: (1) 775-823-5600
  
 Fax Number: (1) 775-826-0531

	 	 
	 Copies of all COMPANY
GENERAL NOTICES shall be sent to:
  
 Microsoft Corporation
  
 One Microsoft Way
  
 Redmond, Washington USA 98052
  
 Attention: Law and Corporate Affairs
  
 Re: Microsoft Licensing, GP – OEM ESG Sales
	 	 With an additional copy to:
  
 Microsoft Corporation
  
 One Microsoft Way
  
 Redmond, Washington USA 98052
  
 Attention: DMD Licensing
  
 Re: Windows Media
Technology

  

	
	 WINDOWS MEDIA NOTICES

	 Microsoft
Corporation

	 One Microsoft
Way

	 Redmond, Washington USA
98052-6399

	 Attention: DMD
Licensing

	 Re: Windows Media
Technology

	 
	 With an additional copy emailed
to:

	 WMLA@microsoft.com

  

 14 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 GENERAL TERMS AND CONDITIONS 
  
 THIS IS A LICENSE TO USE CERTAIN MS GENERAL-PURPOSE SOFTWARE. THE SOFTWARE IS NOT FAULT-TOLERANT, AND MAY CONTAIN SOFTWARE BUGS RELEVANT
TO PERFORMANCE OF COMPANY’S     PRODUCT(S). COMPANY IS SOLELY RESPONSIBLE FOR DETERMINING THAT THE SOFTWARE IS SUITABLE FOR USE IN COMPANY’S PRODUCT(S) AND FOR CONFIGURING AND TESTING THE SOFTWARE FOR SUCH USE. SEE
SECTIONS 4 AND 5. 
  
 1. DEFINITIONS. 
  
 (a) “Affiliate” means, with respect to any legally recognizable entity, any
other such entity Controlling, Controlled by, or under common Control with such entity. “Control” means (i) ownership of fifty percent (50%) or more of the outstanding shares representing the right to vote for directors or other managing
offices of such entity, or (ii) for an entity which does not have outstanding shares, fifty percent (50%) or more of the ownership interest representing the right to make decisions for such entity. An entity shall be deemed an Affiliate only so long
as such Control exists. 
  
 (b) “Authorized OEM” means any entity
who has licensed from MS the right to distribute modified versions of Licensed Technology as part of a Final Product as confirmed by MS via the procedures set forth in Section 2(n). 
  
 (c) “Confidential Information” means nonpublic information that either party designates as confidential or which, under the
circumstances surrounding disclosure, ought to be treated as confidential. Confidential Information includes, without limitation any and all: (i) trade secrets relating to either party’s product plans, designs, costs, prices and names,
finances, marketing plans, business opportunities, personnel, research, development, or know-how; and (ii) the Licensed Technology. “Confidential Information” does not include information that: (a) is or subsequently becomes generally
available without the receiving party’s breach of any obligation owed to the disclosing party; (b) is or subsequently becomes known to the receiving party from a source other than the disclosing party and such disclosure does not result from
any breach of an obligation of confidentiality owed with respect to such information; or (c) is independently developed by the receiving party without reference to any of the other party’s Confidential Information in any form. 
  
 (d) “Content” means digital audio (including, but not limited to,
timeline-synchronized audio, music, voice and sounds), digital video, and other digital information including data and text (including, but not limited to, script command data and related metadata such as a song title or an artist’s name),
animation, graphics, photographs, artwork, and combinations of any or all of the foregoing. 
  
 (e) “Developed Technology” means a final modified version of the Licensed Technology whether (a) developed by COMPANY under a Development Agreement; or (b) obtained by COMPANY from an Interim Product
Provider as part of an Interim Product. 
  
 (f) “Final Product”
means a software or hardware product in a final form with a fully developed user interface that is intended for distribution to end users (e.g. cellular phone, motor vehicle radio, portable digital music player or handheld Internet appliance,
multimedia editing and authoring tools (even if such tools include an API to extend the functionality of such tool), etc.) and that (i) includes the Licensed Technology Binaries; and (ii) can store, play back, create, transcode and/or redistribute
Content, including downloaded or streamed Content. 
  
 (g) “Foundry
Product” means an Interim Product or Final Product which is either (i) designed by or for a third party without substantial input from COMPANY, and manufactured, reproduced, sold, leased, licensed or otherwise transferred from COMPANY to
that third party (or to customers of, or as directed by, that third party) on essentially an exclusive basis; or (ii) designed, manufactured, reproduced, sold, leased, licensed or otherwise transferred through or by COMPANY to a third party (or to
customers of, or as directed by, that third party) for the primary purpose of attempting to circumvent the terms of Section 12 that otherwise would apply to such Interim Product or Final Product if manufactured and licensed directly by such third
party. 
  
 (h) “Interim Product” means a software or hardware
product or digital signal processing chip (e.g. silicon implementation, reference design, software SDK, optical drive mechanism, etc.) that (i) includes the Licensed Technology Binaries; and (ii) is designed to be incorporated into or combined with
a final, complete, end user-ready software or hardware product prior to distribution to end users. 
  
 (i) “Interim Product Provider” means an entity who has signed both (i) a Windows Media Format Components Source Development Agreement or other similar agreement as MS may designate from time to time,
including but not limited to, a Windows Media Technologies Master Porting Agreement with MSCORP with an effective date prior to February 2, 2003 (“Development Agreement”), pursuant to which the Interim Product Provider has licensed
the right to create Developed Technology; and (ii) a Windows Media Format Components Distribution License with MS or other similar agreement as MS may designate from time to time, including but to limited to, a Microsoft Integrated Circuit OEM
License Agreement for Embedded Windows Media Technology with an effective date prior to February 2, 2003 (“Distribution Agreement”), pursuant to which the Interim Product Provider has licensed the right to distribute the Licensed
Technology Binaries. Interim Product Provider also means MSCORP to the extent that MSCORP provides any object code versions of optimized Licensed Technology directly to COMPANY. 
  
 (j) “Licensed Technology” means the current version as of the Effective Date of the Windows Media software technologies
identified as licensed in the Product and Royalty Schedule of this Agreement, and any compression algorithms, derived, inferred, or directly learned from the corresponding decompression algorithms of such Licensed Technology, any Supplemental Code,
and any related documentation identified by MS as components of the Licensed Technology. 
  
 (k) “Licensed Technology Binaries” means a compiled, version of the Developed Technology. 
  
 (l) “Logo(s)” means any or all of the following trademarks owned by MSCORP for use with products incorporating the Licensed Technology, and any other
brand names or trademarks as MSCORP may designate from time to time: Plays Windows Media, Windows Media Compatible, and HDCD. 
  

 15 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 (m) “MSCORP” means Microsoft Corporation, a corporation organized under the laws of the State of
Washington, U.S.A. MSCORP is a general partner or the parent company of MS, as applicable. 
  
 (n) “Prototypes” means (i) a version of an Interim Product that is developed and or distributed by COMPANY free of charge solely for evaluation by an entity for possible inclusion into Final Products
and that is not authorized for further distribution by COMPANY; or (ii) a version of a Final Product that is developed and/or distributed by COMPANY free of charge solely for non-commercial beta testing and press review purposes. 
  
 (o) “Royalty Reporting Guidelines” means the format and instructions for
electronic submission of royalty reports to MS. MS reserves the right to reasonably modify the Royalty Reporting Guidelines with sixty (60) days notice. 
  
 (p) “Standard” means any technical specification that is promulgated by any standards development organization, consortium, trade association, special
interest group, or like entity, for the purpose of widespread adoption. Solely by way of illustration, a Standard includes, but is not limited to, a technical specification promulgated by organizations like the ITU, IEC, 3GPP, W3C, IETF (various
standard development organizations); Infiniband (various trade associations); UPnP (various consortia); USB, SALT Forum (various special interest groups), etc. 
  

(q) “Supplemental Code” means software that MS may provide to COMPANY as a supplement to, or replacement of, any portion of Licensed Technology,
including but not limited to bug fixes. To clarify, new versions of the Licensed Technology shall not be provided as Supplemental Code. Supplemental Code is subject to all terms and conditions of this Agreement. Any additional license rights or
limitations related to the Supplemental Code will be described in a writing accompanying the Supplemental Code. 
  
 (r) “Suppliers” means MSCORP and other licensors or suppliers of Licensed Technology to MS. 
  
 2. LICENSE GRANT AND LIMITATIONS. 
  
 (a) If COMPANY is creating a Final Product, then subject to all terms and conditions of this Agreement, MS grants to COMPANY a non-exclusive, non-transferable, world-wide
license to: 
  
 (i) reproduce, install and test the Licensed
Technology Binaries on or into Final Product(s); 
  
 (ii) engage
a third party installer to perform on behalf of COMPANY the actions described in Section 2(a)(i); 
  
 (iii) obtain the Licensed Technology Binaries on, in or with an Interim Product from an Interim Product Provider and reproduce and install such Licensed
Technology Binaries on or into a Final Product; and 
  
 (iv)
distribute to end users, directly or through COMPANY’s distributors, resellers, dealers and others in its distribution channels (each a “Channel Entity”), the Licensed Technology Binaries as an integrated part of a Final
Product for further distribution by such Channel Entities to End Users and use by such End Users. 
  
 (b) If COMPANY is creating an Interim Product, then subject to all terms and conditions of this Agreement, MS grants to COMPANY a non-exclusive, world-wide royalty-free, license to: 
  
 (i) reproduce, install and test the Licensed Technology Binaries on or into
Interim Product(s); 
  
 (ii) engage a third party installer to
perform on behalf of COMPANY the actions described in Section 2(b)(i); 
  
 (iii) obtain the Licensed Technology Binaries on, in or with an Interim Product from an Interim Product Provider and reproduce and install such Licensed Technology Binaries on, into or with an Interim Product; 
  
 (iv) distribute Interim Products to Authorized OEMs solely for installation
and distribution in Final Products, under such business terms negotiated between Authorized OEMs and COMPANY which are not inconsistent with the terms of this Agreement; and 
  
 (v) distribute the Licensed Technology Binaries to Channel Entities as part of an Interim Product solely for further
distribution to Authorized OEMs; provided COMPANY agrees to be liable for any unauthorized distribution by any Channel Entity (other than an Authorized OEM) as if such unauthorized distribution was done by COMPANY directly. 
  
 (c) Except as expressly set forth in Sections 2(a)(ii) and 2(b)(ii) and the COMPANY
Subsidiary Schedule, COMPANY shall not sublicense the rights granted hereunder to any third party. No COMPANY Subsidiary shall sublicense any of the rights granted to it hereunder. 
  
 (d) Except as set forth in Sections 2(a) and 2(b) above, COMPANY shall not distribute or make the Licensed Technology Binaries available
through any other means or channel, except: 
  
 (i) COMPANY may
distribute up to fifty (50) Prototypes to each of COMPANY’s business customers on a royalty-free basis solely for each such business customer’s internal evaluation purposes; provided that COMPANY takes reasonable steps, including but not
limited to, imposing license restrictions on such business customer, to ensure that the Prototypes are not used in a commercially shipping product. For Prototypes which are cellular telephones, COMPANY may distribute five hundred (500) of such
Prototypes to each of its carrier operators, solely for each such carrier operator’s testing of the Prototypes and such carrier operators’ network. In addition to compliance with the restrictions set forth elsewhere in Section 2, COMPANY
agrees to the following conditions: (i) the Licensed Technology Binaries included in such Prototypes must not include any MS or MSCORP digital rights management features; and (ii) the Licensed Technology Binaries included in such Prototypes must
contain the following statement in a prominent position on the physical housing of the device, the header files of the code, or in the accompanying documentation, as applicable: “This product includes technology owned by Microsoft Corporation
and cannot be used or distributed without a license from Microsoft Licensing, GP.” COMPANY shall use commercially reasonable efforts in COMPANY’s industry to ensure that the creation and distribution of the Prototypes shall not in any way
disclose or reveal the source code or trade secrets of the Licensed Technology or related Confidential Information of MS or its Suppliers. Notwithstanding the forgoing, COMPANY may distribute the Licensed Technology Binaries as part of such
Prototypes; and 
  
 (ii) COMPANY may distribute directly to end
users of Final Products, via web or normal service channels, an updated version of the Licensed Technology Binaries that is capable of executing only on the specific Final Product. Any update must contain substantial features and functionality in
addition to the Licensed Technology Binaries provided as part of such update. COMPANY shall take commercially reasonable steps in COMPANY’s industry to protect any such update from any reverse engineering. 
  

 16 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 (e) COMPANY shall comply with any additional provisions set forth in the Product and Royalty Schedule(s) or other
applicable schedules or attachments to this Agreement. 
  
 (f) To the extent
reasonably requested by MS, COMPANY agrees to display a proprietary rights notice sufficient to protect MSCORP’s rights in the Licensed Technology. COMPANY shall not remove or obscure, and shall retain in copies of any Licensed Technology
Binary, and copyright, trademark or patent notices. 
  
 (g) COMPANY shall not use
any name or trademark confusingly similar to or undertake any other action that will interfere with or diminish MS’s or MSCORP’s right, title or interest in, any Licensed Technology trademark(s) or trade name(s), and will comply with
reasonable guidelines provided by MSCORP from time to time for reference to, and use of, such Licensed Technology mark(s) or name(s). Furthermore, COMPANY shall not refer to the Licensed Technology Binaries in any manner which may create the
appearance that COMPANY is the owner or developer of the Licensed Technology. For example, COMPANY shall not refer to the Licensed Technology Binaries as “COMPANY codec” or “COMPANY audio/video format.” 
  
 (h) COMPANY may use the Logo(s) subject to executing a separate logo license agreement with
MSCORP containing the requirements and restrictions pertaining to the use and display the Logos in COMPANY’s materials or packaging or on Interim Products or Final Products. 
  

	(i)	(i) Except as required in Sections 2(f) and 2(g) above, Interim Products or Final Products, as applicable, shall be marketed, licensed, and distributed only under COMPANY’s
and/or COMPANY ‘Subsidiaries’ brand names and trademarks, unless otherwise provided for in a Third Party Brand Names and Trademarks Schedule incorporated in this Agreement as of the Effective Date or subsequently added hereto by amendment.

  
 (ii) COMPANY represents and warrants to MS that
COMPANY will not list on a Third Party Brand Names and Trademarks Schedule, or use in association with an Interim Product or Final Product, any third party brand names, trademarks and model names that infringe any rights of MS, MSCORP, or any third
party. 
  
 (j) COMPANY’s distribution rights under this License Agreement do
not extend to any Foundry Product(s). 
  
 (k) Nothing in this Agreement grants
COMPANY any right to and COMPANY shall not: 
  
 (i) use the
Licensed Technology Binaries (or any Confidential Information contained therein) to design or develop new or different codec bit streams, media or file formats, protocols or other like technology; 
  
 (ii) use the Licensed Technology Binaries (or any Confidential Information
contained therein) to design or develop any technology or product that intentionally generates codec bit streams, file formats or protocols that are altered or incompatible with those used in MSCORP’s current (as of the Effective Date) version
of the Windows Media Player; 
  
 (iii) distribute the Licensed
Technology Binaries as separate items from the Interim Products or Final Products, provided however, that Interim Product Providers may distribute the Licensed Technology Binaries on a CD ROM, if and only if the Licensed Technology Binaries are
designed to work solely with COMPANY’s Interim Product; 
  
 (iv) reverse engineer, decompile or disassemble any Licensed Technology except as permitted by applicable law which cannot be waived by this subsection or by separate agreement by MS (e.g. under a Development Agreement). COMPANY
acknowledges that information on interoperability of the Licensed Technology with other products is readily available. COMPANY shall use commercially reasonable efforts in COMPANY’s industry to design Interim Products and/or Final Products as
applicable to prevent third parties from reverse engineering, decompiling or disassembling the Licensed Technology and to prevent end users from discovering the source code of any component of the underlying Licensed Technology; 
  
 (v) use the ASF Reader, ASF Writer, or Networking Protocols components of
the Licensed Technology to design, develop or distribute any technology or product (including, without limitation, any Final Product or Interim Product) whose primary purpose is to distribute Content (including without limitation a cache, proxy,
gateway or streaming server); or 
  
 (vi) make the Licensed
Technology functionality included in the Licensed Technology Binaries available via an API, interface, or similar mechanism to any other software, application, or device other than the Final Product in which such Licensed Technology Binaries are
included. In designing and developing Final Products, COMPANY shall ensure that the Licensed Technology functionality included in the Licensed Technology Binaries is not accessible by any software or device other than the Final Product in which such
Licensed Technology Binaries are included. 
  
 (l) In the course of exercising its
rights under this Agreement in connection with Channel Entities, COMPANY shall: 
  
 (i) Use commercially reasonable efforts to contractually prohibit all Channel Entities from marketing or quoting a price for the Licensed Technology Binaries separate from the Interim Product or Final Product, as
applicable; 
  
 (ii) Use commercially reasonable efforts to
contractually obligate all Channel Entities to comply with reasonable guidelines provided by MSCORP from time to time for reference to, and use of, Licensed Technology name(s) or Logos and deliver, if applicable, any required documentation or
materials together with each Interim Product and Final Product; and 
  
 (iii) Promptly discontinue distribution of Licensed Technology Binaries to any Channel Entity which does not comply with this Section 2, and shall cooperate with MS in investigating instances of distribution of Licensed Technology Binaries
in violation of this Section 2. 
  
 (m) When COMPANY is creating a Final Product:

  
 (i) MS does not license to COMPANY any rights with respect to
any portion of Interim Products, Licensed Technology Binaries, or any Developed Technology, other than the Licensed Technology as embodied in Licensed Technology Binaries. All other intellectual property in Interim Products (if any) included in
COMPANY’s Final Product or Licensed Technology Binaries must be licensed by COMPANY directly from the applicable Interim Product Provider; 
  
 (ii) MS has not tested, designed or otherwise participated in the creation of any Interim Products, Licensed Technology Binaries, or any Developed
Technology, other than through the provision of the underlying Licensed Technology to Interim Product Providers; 
  
 (iii) MS does not in any way warrant, guarantee or assume any responsibility, liability or other undertaking with respect to 
  

 17 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 
Interim Products, Licensed Technology Binaries, or any Developed Technology, including the Licensed Technology Binaries incorporated therein; 
  
 (iv) MS is not in any manner responsible or liable to COMPANY or to any
third party with respect to the actions or behavior of Interim Product Providers; and 
  
 (v) COMPANY shall place the following statement in a prominent position on the physical housing of the Final Product, the header files of the code, or in the accompanying documentation, as applicable: “This
product includes technology owned by Microsoft Corporation and under a license from Microsoft Licensing, GP. Use or distribution of such technology outside of this product is prohibited without a license from Microsoft Corporation and/or Microsoft
Licensing, GP as applicable.” 
  
 (n) When COMPANY is creating an Interim
Product: 
  
 (i) Prior to any distribution of Interim Products to
any third party (“Potential Authorized OEM”), COMPANY shall check the list of Authorized OEMs made available by MS and/or MSCORP on a website designated for such purpose. If such Potential Authorized OEM is listed on the web site,
such Potential Authorized OEM is an Authorized OEM and COMPANY may distribute Interim Products to such Authorized OEM. If such Potential Authorized OEM is not listed on the web site, COMPANY must submit to MS in writing at the address in the Windows
Media Notices section of the Addresses Schedule in this Agreement in a form reasonably required by MS, a request for authorization to distribute Interim Products or Licensed Technology Binaries to such Potential Authorized OEM. MS will use
commercially reasonable efforts to respond to such request to confirm the existence of a valid Distribution Agreement with such Potential Authorized OEM within thirty (30) days of receipt. MS will provide COMPANY with written notice indicating
whether or not COMPANY’s selected Potential Authorized OEM is an Authorized OEM, in good standing, that has obtained from MS all rights necessary to distribute Licensed Technology Binaries. COMPANY may not exercise any of the license rights set
forth in Section 2(b)(iv) with respect to such entity, or otherwise treat a Potential Authorized OEM as an Authorized OEM, unless and until COMPANY receives such written notice from MS; 
  
 (ii) In the event an Authorized OEM is in material breach of one or more of its agreements with MS (“Defaulting
OEM”) during the Term of this Agreement, MS may provide COMPANY with written notice that such Defaulting OEM is no longer an Authorized OEM. Within thirty (30) business days of receiving such notice, COMPANY shall cease all distribution of
Licensed Technology Binaries to such Defaulting OEM. If COMPANY’s Interim Product requires an Authorized OEM to install enabling software to make use of the Licensed Technology Binaries, COMPANY need only cease distribution of the separate
software that enables the Licensed Technology. Notwithstanding the foregoing, COMPANY shall stop all distribution of digital rights management technology within five (5) business days; 
  
 (iii) All written agreements COMPANY enters into with Authorized OEMs for the distribution of Licensed Technology Binaries
shall contain the following notice: “This product includes technology owned by Microsoft Corporation and cannot be used or distributed without a license from Microsoft Licensing, GP;” 
  
 (iv) COMPANY is not entitled to any third party beneficiary rights or status
under any agreement between MS and/or MSCORP and an Authorized OEM; and 
  
 (v) COMPANY shall place the following statement in a prominent position on the physical housing of each Interim Product, the header files of the code, or in the accompanying documentation, as applicable: “This
product includes technology owned by Microsoft Corporation and cannot be used or distributed without a license from Microsoft Licensing, GP.” 
  
 (o) COMPANY IS EXPRESSLY PROHIBITED FROM MANUFACTURING, MARKETING OR DISTRIBUTING INTERIM PRODUCTS OR FINAL PRODUCTS THAT ARE DESIGNED TO USE LICENSED TECHNOLOGY IN THE
OPERATION OF NUCLEAR FACILITIES, IN AIRCRAFT NAVIGATION, IN AIRCRAFT COMMUNICATION, IN AIRCRAFT FLIGHT CONTROL, IN AIRCRAFT AIR TRAFFIC CONTROL SYSTEMS, OR IN OTHER DEVICES OR SYSTEMS IN WHICH SERIOUS INJURY OR DEATH TO THE OPERATOR OF THE DEVICE OR
SYSTEM, OR TO OTHERS DUE TO A MALFUNCTION (INCLUDING, WITHOUT LIMITATION, SOFTWARE RELATED DELAY OR FAILURE) COULD REASONABLY BE FORESEEN. 
  
 (p) COMPANY shall make no representation, or any express or implied warranty to third parties (including, without limitation, to any end users), on behalf of MS or
MSCORP. 
  
 (q) COMPANY shall not distribute any Interim Product which includes
Portable Device Digital Rights Management (“PDDRM”). 
  
 (r)
COMPANY shall not distribute any Final Product which includes PDDRM, unless each Final Product complies with the requirements as described in PDDRM Restrictions Schedule, and any related test specifications, attached hereto, or as established by MS
periodically during the Term. 
  
 (s) COMPANY hereby consents to MS and/or MSCORP
listing (i) COMPANY as a license of the Licensed Technology at an appropriate MSCORP web page, as well as in marketing materials generated by or for MS or MSCORP; and (ii) those versions of Final Products and Interim Products that have passed the
optional testing by MS or MSCORP at an appropriate MSCORP web page, as well as in marketing materials generated by or for MS or MSCORP. 
  
 (t) In creating Interim Products and/or Final Products, COMPANY shall not (i) create derivative works of the Licensed Technology in any manner that would cause the
Licensed Technology, in whole or in part, to become subject to any of the terms of the Excluded License or (ii) distribute the Licensed Technology (or derivative works thereof including without limitation any Licensed Technology Binaries) in any
manner that would cause any Licensed Technology component to become subject to any of the terms of the Excluded License. An “Excluded License” is any license that requires as a condition of use, modification and/or distribution of software
subject to the Excluded License, that such software or other software combined and/or distributed with such software be (x) disclosed or distributed in source code form; (y) licensed for the purpose of making derivative works; or (z) redistributable
at no charge. 
  
 (u) MS reserves all rights not expressly granted in this
Agreement. 
  
 3. REPORTS AND PAYMENTS. 
  
 (a) Notwithstanding anything to the contrary herein, COMPANY is not obligated to pay any
royalties under this Agreement for (1) the distribution of any Final Products distributed by COMPANY prior to January 1, 2004, or (2) the distribution of the Microsoft Windows Media Video Decoder and Encoder technology portion of Final Products
distributed by COMPANY prior to January 1, 2005; provided however that COMPANY shall be responsible for the payment of royalties for any other Microsoft Windows Media Technologies contained in such Final Products, provided that such distribution is
otherwise in compliance with all of the terms and conditions of this Agreement. 
  

 18 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 (b) Within thirty (30) days after the end of each calendar year (including after a partial initial calendar year and
including after calendar year 2003, if applicable), and thirty (30) days after the cancellation or expiration date of this Agreement for the final full or partial calendar year, COMPANY shall complete and electronically submit a royalty report of
any distribution of Licensed Technology Binaries, Interim Products and Final Products, in accordance with the then current Royalty Reporting Guidelines. Notwithstanding the foregoing, COMPANY has no obligation to report distributions of (i) “PC
Software” versions of Final Products designed to run solely on a version of Microsoft’s Windows operating systems; or (ii) “Embedded” Final Products designed to operate on an embedded version of Microsoft’s Windows operating
systems. COMPANY understands and agrees that MS may corroborate COMPANY’s entering of such product distribution with reports received from applicable Interim Product Providers or Authorized OEMs. MS may provide to such applicable Interim
Product Providers or Authorized OEMs such information from, or reasonably redacted copies of, COMPANY’s royalty reports as may be necessary to confirm the payment obligations of COMPANY and/or such Interim Product Providers or Authorized OEMs;
provided such Interim Product Providers or Authorized OEMs agree to maintain the confidentiality of the information contained in COMPANY’s royalty reports. Additionally, COMPANY acknowledges and agrees that applicable Interim Product Providers
or Authorized OEMs may provide MS corroborating information relating to COMPANY’s use of Licensed Technology Binaries and Interim Products. COMPANY shall provide reasonable assistance to MS with respect to such corroboration efforts and shall
not object to the reasonable transfer of information described above. 
  
 (c) If
COMPANY distributes Final Products, COMPANY agrees to remit payment(s) to MS for each calendar year within ninety (90) days after the end of such calendar year, as specified in the Payment and Reporting section of the Addresses Schedule. COMPANY
shall elect, in its sole discretion, upon execution of this Agreement to make such payments to MS equal to: 
  
 (i) the actual cumulative royalties applicable for each Licensed Technology Product Number, pursuant to the Product and Royalty Schedule of this Agreement
(“Per Unit Royalties”). Per Unit Royalties shall be payable within ninety (90) days after the end of each calendar year (including after a partial initial calendar year and including after calendar year 2003, if applicable), and
ninety (90) days after the cancellation or expiration date of this Agreement for the final full or partial calendar year at the applicable royalty rates set forth in the Product and Royalty Schedule(s) for each unit of Licensed Technology Binaries
distributed by COMPANY either directly to end users or to Channel Entities during the applicable calendar year. No royalty shall accrue to MS for Final Products shipped to replace defective units, provided that COMPANY distributes such replacement
Final Products directly to authorized users at no charge, except for COMPANY’s reasonable cost of materials and shipping and handling costs. Also no royalty shall accrue to MS for the first fifty thousand (50,000) units of Final Products
distributed by COMPANY and COMPANY Subsidiaries combined per calendar year that contain Windows Media Video decoder component of Licensed Technology (whether the “Embedded” version or the “PC Software” version), provided that
COMPANY reports such distributions as otherwise required hereunder, or 
  
 (ii) a single upfront lump sum payment for each calendar year, which enables COMPANY to ship unlimited quantities of a Licensed Technology component during the applicable calendar year (“Annual Fee”). The Annual Fee shall
apply to distributions of Final Product in the calendar year following its payment and shall be due and payable upon COMPANY’s election of the Annual Fee. 
  

Notwithstanding anything to the contrary, no royalty shall accrue to MS under this Agreement for the distribution of (i) “PC Software” versions of Final
Products for computers running a validly licensed Microsoft Windows operating system or (ii) “Embedded” versions of Final Products for devices running a validly licensed embedded Microsoft Windows operating system. 
  
 (d) For each Licensed Technology component, COMPANY shall either elect to pay the Per Unit
Royalties or the Annual Fee upon execution of this Agreement as noted on the Final Products Table and/or Interim Products Table on the applicable Product and Royalty Schedule. For example, COMPANY may elect to pay a Per Unit Royalty for one Licensed
Technology component included in a Final Product and an Annual Fee for another Licensed Technology component in such same Final Product. COMPANY may switch its payment election(s) only when it submits its annual royalty report to MS as provided in
Section 3(b). COMPANY may not switch from a Per Unit Royalty to an Annual Fee during any calendar year, even if the total royalties due on a Per Unit Royalty basis exceeds the Annual Fee for that Licensed Technology component. If the annual royalty
report does not clearly state which payment model COMPANY elects, the model in effect at the time the report is received will continue until COMPANY clearly elects otherwise in a subsequent annual report. 
  
 (e) If COMPANY distributes Interim Products the following provisions shall apply: 

 
 (i) COMPANY is not required to pay a license fee to MS; and 

 
 (ii) Interim Products may be distributed by COMPANY only to Authorized
OEMs in accordance with the requirements of this Agreement. 
  
 (f) The lesser of
(i), a ten percent (10%) annual charge, compounded monthly, or (ii) the highest interest rate permitted under applicable law will be assessed on all amounts that are past due. 
  
 (g) Per Unit Royalties exclude any taxes, duties, fees, excises or tariffs imposed on any of COMPANY’s activities in connection with
this Agreement. Such charges, taxes, duties, fees, excises or tariffs, if any, shall be paid by COMPANY. 
  
 (h) If COMPANY distributes any Licensed Technology Binaries in violation of this Agreement, including, but not limited to, distribution to a non-Authorized OEM, then MS, without limiting its remedies, may demand and
COMPANY agrees to pay MS (i) the greater of the applicable Per Unit Royalty specified in this Agreement, if any, or the applicable Annual Fee for each such Licensed Technology component; (ii) an additional royalty equal to thirty percent (30%) of
the highest standard Per Unit Royalty or Annual Fee, whichever is greater, then charged by MS for each such Licensed Technology component; and (iii) all reasonable attorneys fees and costs incurred in connection with such violation. COMPANY
acknowledges and agrees that MS and/or MSCORP may be irreparably harmed by the distribution of Licensed Technology Binaries in violation of this Agreement, including, but not limited to, distribution to a non-Authorized OEM and, as a result, may
seek injunctive relief to prevent such improper distribution. If COMPANY distributes Interim Products, COMPANY will pay one hundred thirty percent (130%) of the highest standard Per Unit Royalty then charged by MS for such Licensed Technology
component. COMPANY shall pay any amounts required under this Section 3(h) within thirty (30) days of receipt of MS’ invoice. 
  

 19 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 (i) If COMPANY is required by any non-U.S.A. government to withhold income taxes on payments to MS, then COMPANY may
deduct such taxes from the amount owed MS and shall pay them to the appropriate tax authority, provided that COMPANY delivers to MS an official receipt for any such taxes withheld or other documents necessary to enable MS to claim a U.S.A. Foreign
Tax Credit within a reasonable amount of time not to exceed thirty (30) days from COMPANY’s receipt of such notice from the non-U.S.A. government. COMPANY shall make certain that any taxes withheld are minimized to the extent permitted by
applicable law. If COMPANY does not deliver such documents to Microsoft in the reasonable time period identified above, COMPANY agrees to pay MS the amounts due by MS in such receipts plus ten (10) percent. 
  
 (j) If COMPANY conducts business in the U.S.A. and qualifies for a state resale or other tax
exempt certificate, then COMPANY shall provide MS with a copy of its U.S.A. state resale or other tax exempt certificate, if applicable, with this Agreement when it is returned for signature by MS. 
  
 4. NATURE OF LICENSED TECHNOLOGY; WARRANTIES; NO OTHER WARRANTIES. 
  
 (a) NOTICE REGARDING LICENSED TECHNOLOGY. The Licensed Technology is complex computer
software. Performance of the Licensed Technology will vary depending upon many factors, including without limitation hardware platform, software interactions, and Interim Product and Final Product design and configuration. COMPANY acknowledges that
software bugs may be identified when the Licensed Technology is used in COMPANY’s particular Interim Product and/or Final Product. COMPANY therefore accepts the responsibility of satisfying itself that Licensed Technology is suitable for use in
COMPANY’s Interim Product and/or Final Product. This includes conducting adequate testing of COMPANY’s use of the Licensed Technology Binaries in Interim Products and Final Products. COMPANY agrees that it will implement for its use of
Licensed Technology Binaries such measures as may be required by Section 5 below. 
  
 (b) WARRANTIES. 
  
 (i) Each of MS and COMPANY
represents and warrants that it has the full power to enter into this Agreement. 
  
 (ii) COMPANY further represents and warrants that: 
  
 (A) it will comply with Section 2(t); 
  
 (B) it has legal authority to bind itself and COMPANY Entities (as defined in Section 12) to the provisions of Section 12; and 
  
 (C) neither it, nor the COMPANY Entities, have assigned a patent which otherwise would fall under the definition of Necessary Claims in anticipation of
entering into this Agreement. 
  
 (c) NO OTHER WARRANTIES. LICENSED
TECHNOLOGY IS PROVIDED “AS IS” AND WITH ALL FAULTS. THE ENTIRE RISK AS TO SATISFACTORY QUALITY, PERFORMANCE, ACCURACY, AND EFFORT IS WITH COMPANY. MS AND ITS SUPPLIERS DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED,
OR STATUTORY, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE AND ANY IMPLIED WARRANTY ARISING FROM COURSE OF DEALING OR USAGE OF TRADE. MS AND ITS SUPPLIERS ALSO DISCLAIM ANY COMMON-LAW DUTIES RELATING TO
ACCURACY OR LACK OF NEGLIGENCE. THERE IS NO WARRANTY AGAINST INTERFERENCE WITH COMPANY’S ENJOYMENT OF THE LICENSED TECHNOLOGY OR AGAINST INFRINGEMENT. 
  

5. COMPANY’S DUTIES. 
  
 (a) COMPANY SHALL BE SOLELY RESPONSIBLE FOR DETERMINING THAT LICENSED TECHNOLOGY IS SUITABLE IN QUALITY AND PERFORMANCE FOR USE IN COMPANY’S INTERIM PRODUCT(S)
AND/OR FINAL PRODUCT(S). BECAUSE LICENSED TECHNOLOGY IS NEITHER FAULT TOLERANT NOR FREE FROM ERRORS. CONFLICTS, INTERRUPTS, ETC., COMPANY AGREES THAT ITS TESTING WILL INCLUDE FAILURE MODE AND EFFECTS ANALYSIS. COMPANY SHALL IMPLEMENT SUCH MEASURES
OR PROTECTIONS AS ARE KNOWN IN COMPANY’S INDUSTRY TO PREVENT INJURY OR LOSS ARISING FROM FAILURE OF LICENSED TECHNOLOGY IN CONNECTION WITH FORESEEABLE USES OF COMPANY’S INTERIM PRODUCT(S) AND FINAL PRODUCT(S). AS BETWEEN COMPANY AND MS,
COMPANY SHALL ALSO BE SOLELY RESPONSIBLE FOR DETERMINING THE SUITABILITY OF AND FOR PROVIDING ANY NOTICES OR WARNINGS TO TRANSFEREES OR USERS OF COMPANY’S INTERIM PRODUCT(S) AND FINAL PRODUCT(S) OR OTHERS WHO MAY BE AFFECTED BY SUCH USE.

  
 (b) COMPANY hereby agrees to indemnify and hold MS and its Suppliers harmless
and, at MS or its Suppliers’ option, defend MS and its Suppliers, from any and all actions, causes of action, claims, demands, losses, liabilities, expenses and damages (including reasonable attorney fees) brought by a third party arising out
of or in connection with (i) any features or attributes present in any Interim Product and/or Final Product created by COMPANY or a COMPANY Subsidiary (including without limitation any modifications to the Licensed Technology), not present in the
Licensed Technology; (ii) any activity, action, inaction and/or failure of COMPANY, a COMPANY Subsidiary, a third party installer, or any Channel Entity to comply with the terms of this Agreement, including, without limitation, any and all
unauthorized reproduction and/or distribution of any portion of the Licensed Technology; and (iii) any use by COMPANY, a COMPANY Subsidiary, or a Channel Entity of third party brand names, trademarks or model names (“COMPANY Indemnified
Claims”). To clarify, Company Indemnified Claims shall not include Claims (as defined in Section 8(a) or other claims that the Licensed Technology infringes any third party intellectual property rights, as described in Section 8 below.
COMPANY shall pay the amount of any adverse final judgment or settlement, and shall promptly reimburse MS and its Suppliers for any reasonable payment made or amount incurred by MS or its Suppliers for any liability, expense, damage or claim arising
from a COMPANY Indemnified Claim. In the event that a third party claim involves an allegation that any of the Licensed Technology Binaries or any of Microsoft’s Windows Media technology infringes third party intellectual property rights,
COMPANY will not undertake settlement negotiations involving the Licensed Technology with the third party claimant without MS approval (which shall not be arbitrarily withheld) and opportunity for MS to participate therein. 
  

 20 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 
COMPANY’s obligations under this Section 5(b) shall be subject to the following conditions: 
  
 (i) MS must promptly notify COMPANY in writing of the Claim; 
  
 (ii) COMPANY shall have sole control over defense and/or settlement of the
COMPANY Indemnified Claim, provided that such COMPANY Indemnified Claim does not involve the Licensed Technology, and that such settlement does not require MS or its Suppliers to make a payment to a third party; and 
  
 (iii) MS, or its Suppliers, shall provide COMPANY with reasonable assistance
in the defense of the COMPANY Indemnified Claim. 
  
 6. DAMAGE EXCLUSIONS /
LIMITATION OF LIABILITY / EXCLUSIVE REMEDY. 
  
 (a) LIMITATION OF
AMOUNTS OF LIABILITY; EXCLUSIVE REMEDY. COMPANY agrees that total, cumulative liability of MS, Suppliers, and/or their respective officers, employees, and agents (collectively, “MS Representatives”) to COMPANY, whether in
contract (including any provision of this Agreement), tort, or otherwise, for each Licensed Technology component, shall not exceed one hundred percent (100%) of the amount paid by COMPANY to MS for that Licensed Technology component during the six
(6) years immediately preceding the date such liability or liabilities first accrued. For purposes of this section, “accrued” means the filing of a lawsuit or other judicial action against COMPANY for which MS owes an obligation to
COMPANY. COMPANY’s exclusive remedy for any breach of this Agreement by MS or by MS Representatives will be the recovery of COMPANY’s direct damages incurred in reasonable reliance, limited to the foregoing amount. MS’ obligations in
Section 8(a) with respect to the payment of adverse final judgments (or settlement to which MS consents) in connection with third party claims are subject to the limitation of liability in this Section 6(a), but MS’ obligations in Section 8(a)
with respect to defending COMPANY against such claims are not subject to the limitations of liability in this Section 6(a). 
  
 (b) EXCLUSION OF CERTAIN DAMAGES AND LIMITATION OF TYPES OF LIABILITY, EXCEPT WITH RESPECT TO AMOUNTS PAYABLE TO THIRD PARTIES IN CONNECTION WITH THE
PARTIES’ INDEMNITY OBLIGATIONS HEREUNDER, MISUSE OF THE OTHER PARTIES’ INTELLECTUAL PROPERTY, CONFIDENTIAL INFORMATION AND/OR AS PROHIBITED BY LAW, IN NO EVENT WILL EITHER PARTY OR ITS REPRESENTATIVES BE LIABLE TO THE OTHER OR TO ANY THIRD
PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, INDIRECT, LOST PROFITS, LOST REVENUE OR PUNITIVE DAMAGES, ARISING OUT OF OR RELATED TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE USE OF OR INABILITY TO USE LICENSED TECHNOLOGY, INTERIM PRODUCTS,
AND/OR FINAL PRODUCTS. THE FOREGOING EXCLUSION AND LIMITATION LIMITATIONS APPLY EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND EVEN IN THE EVENT OF FAULT, TORT (INCLUDING NEGLIGENCE), MISREPRESENTATION, STRICT OR PRODUCT
LIABILITY. This exclusion and limitation shall apply even if any remedy fails of its essential purpose. 
  
 (c) RELEASE. COMPANY releases MS and MS Representatives from all liability in excess of the limitations set forth above. 
  

7. LICENSED TECHNOLOGY SUPPORT. 
  
 (a) Except as provided in Section 2(m)(iii), this Agreement does not include technical support by MS to COMPANY, its Channel Entities or end users. Technical support for
COMPANY may be available from MS, MSCORP, or an MSCORP subsidiary, pursuant to a separate agreement. 
  
 (b) COMPANY is solely responsible for end user and Channel Entity support, and shall advise end users and Channel Entities accordingly. 
  
 8. INTELLECTUAL PROPERTY INFRINGEMENT. 
  
 (a) MS agrees to defend COMPANY in a lawsuit or other judicial action, and pay the amount of any adverse final judgment (or settlement to
which MS consents) from such lawsuit, judicial action, or similar proceeding, for any third party claim(s) that the Licensed Technology(s) infringe (y) any copyright or trademark rights enforceable in any Included Jurisdictions (defined in
Section 8(c) below); or (z) any patent(s) issued and enforceable in the Included Jurisdictions (defined in Section 8(c) below as of the Effective Date other than patent(s) that are alleged to be infringed by an implementation of a Standard
(separately and collectively, “Claim”). With regard to any Claim, MS’ obligations are subject to the following conditions: 
  
 (i) COMPANY must promptly notify MS in writing of the Claim; 
  
 (ii) MS shall have sole control over defense and/or settlement of the Claim, provided that MS will not enter into a settlement that requires COMPANY to
make a payment to a third party without COMPANY’s consent, which shall not be unreasonably withheld; 
  
 (iii) COMPANY shall provide MS with reasonable assistance in the defense of the Claim; 
  
 (iv) MS’ obligations to defend and pay a patent Claim shall be limited to patent Claims wherein the Licensed Technology
alone, without combination or modification, constitutes infringement (including direct or contributory infringement) of such patent Claim; 
  
 (v) Except as provided in the immediately following sentence, MS’ obligation to pay the amount of any adverse final judgment (or settlement to which
MS consents) under this Section 8(a) is subject to the limitations set forth in Section 6(a) or Twenty-Five Thousand Dollars (US$25,000), whichever is greater. With respect to Claims solely relating to COMPANY’s distribution of the Licensed
Technology in Interim Products, MS’ obligation to pay the amount of any adverse final judgment (or settlement to which MS consents) under this Section 8(a) is subject to the limitations set forth in Section 6(a) or Two Hundred Thousand Dollars
(US$200,000.00), whichever is greater. 
  
 (b) In the event that MS is required to
defend a lawsuit or other judicial action pursuant to Section 8(a) above and such lawsuit or other judicial action includes allegations (other than a Claim) with respect to non-MS technologies and products relating to or arising from COMPANY’s
Interim Product(s) and/or Final Product(s), then COMPANY shall retain, at its sole expense, separate counsel to defend against such allegations; and agrees to reimburse MS for any and all attorney’s fees and costs incurred by MS with respect to
defending against such allegations; provided that (i) MS must promptly notify COMPANY in writing of such claim; (ii) COMPANY shall have sole control over defense and/or settlement of such claim, provided that such claim does not involve the Licensed
Technology, and that such settlement does not require MS or its Suppliers to make a payment to a third party; and (iii) MS, or its Suppliers, shall provide COMPANY with reasonable assistance in the defense of the COMPANY Indemnified Claim. Moreover,
MS and its Suppliers shall have no liability for any intellectual property infringement claim (including a Claim) based on COMPANY’s manufacture, use, sale, offer for sale, importation or other disposition or promotion of any Licensed
Technology Binaries or trademark after MS’ notice that COMPANY should cease manufacture, use, sale, offer for sale, importation or other disposition or promotion of such Licensed Technology Binaries or trademark due to such claim. COMPANY shall
indemnify and defend MS and its Suppliers from and against all damages, costs and expenses, including reasonable attorney’s fees incurred due to COMPANY’s continued exercise of any license rights in the allegedly infringing Licensed
Technology Binaries or trademarks after MS provides such notice. 
  

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 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 (c) In addition to the obligations set forth in Section 8(a) above, if MS receives information concerning a Claim or
potential Claim, MS may, at its expense, but without obligation to do so, undertake further actions such as: 
  
 (i) procuring for COMPANY such copyright, trademark or patent right(s) or license(s) as may be necessary to address the Claim, or 
  
 (ii) replacing or modifying the Licensed Technology or trademark to make it
non-infringing (in which case COMPANY shall immediately cease distribution of the allegedly infringing Licensed Technology or use of the allegedly infringing trademark). 
  
 (d) With regard to any claim (other than a Claim) made against COMPANY that the Licensed Technology infringe any third party intellectual
property rights, COMPANY shall promptly notify MS in writing of such claim. MS shall have no obligation to defend COMPANY or pay damages arising out of such claim. Notwithstanding the absence of any such obligation(s), MS reserves the option, in its
sole discretion and at its expense, to assume at any time the defense of any such claim. In the event that MS assumes the defense of any such claim, (i) MS shall notify COMPANY in writing of that election; (ii) MS shall have sole control over
defense and/or settlement of the claim; (iii) COMPANY shall provide MS with reasonable assistance in the defense of the claim; (iv) MS shall thereafter defend COMPANY against that claim; and (v) MS shall pay any adverse final judgment (or settlement
to which MS consents) resulting from such claim not to exceed one hundred percent (100%) of the amount having actually been paid by COMPANY to MS for the Licensed Technology Binaries that COMPANY distributed into or put in use in the applicable
country. 
  
 (e) Neither MS, nor its Suppliers, shall have any obligation to
COMPANY for any copyright, trademark or patent Claims that arise outside the geographical boundaries of the Included Jurisdictions. “Included Jurisdictions” means Australia, Canada, the European Union, Japan, Norway, Switzerland and
the United States. 
  
 9. AUDIT. 
  
 (a) During the Term of this Agreement and for three (3) years following the end of each year
in which royalties are due hereunder, COMPANY shall keep at a single, readily accessible location all accounting, purchase, inventory, sales and other records relating to the acquisition, installation and distribution, or destruction of all Interim
Products, Final Products and Licensed Technology Binaries (“Records”). 
  
 (b) In order to verify COMPANY’s compliance with this Agreement, MS may cause, one time per calendar year (unless a previous audit revealed a Material Discrepancy, as defined below), an audit to be made of
COMPANY’s Records during regular business hours with five (5) days prior notice to COMPANY. Audits shall be conducted by an independent and internationally recognized certified public accountant selected by MS (other than on a contingent fee
basis). MS will not audit the same Records more than once unless a previous audit revealed a Material Discrepancy, as defined below. 
  
 (c) COMPANY agrees to provide any audit team designated by MS access to all Records. 
  
 (d) The audit team shall only provide MS and/or MSCORP with information pertaining to royalties due under this Agreement, as well as the
names of entities to whom COMPANY distributed Interim Products (if any). 
  
 (e)
MS shall pay the costs of any audit unless the review discovers discrepancies that exceed five percent (5%) of the amount actually due by COMPANY during the time frame that was audited, or an intentional and material breach of any COMPANY
obligations under this Agreement (“Material Discrepancy”). In the event of a Material Discrepancy, COMPANY shall pay MS, in addition to unpaid amounts due, the costs of the audit, plus interest equal to ten (10%) percent of the
discrepancy or greatest amount permitted by applicable law. 
  
 (f) MS shall not
conduct an audit relating to COMPANY’s distribution of Final Products for any period in which COMPANY has elected to pay the Annual Fee, unless MS reasonably believes that COMPANY is in breach of a material term or condition of this Agreement.

  
 10. NONDISCLOSURE. 
  
 (a) Each party shall protect the other’s Confidential Information from unauthorized
disclosure or dissemination and use no less than that degree of care which such party uses to protect its own like information, but no less than reasonable care. Neither party will use the other’s Confidential Information for purposes other
than those necessary to directly further the purposes of this Agreement. Neither party will disclose the other’s Confidential Information to third parties without the prior written consent of the other party. Except as expressly provided in
this Agreement, no ownership or license rights are granted in any Confidential Information. 
  
 (b) The parties’ obligations of confidentiality under this Agreement shall not be construed to limit either party’s right to independently develop or acquire products without use of the other party’s
Confidential Information. Additionally, either party may disclose the other party’s Confidential Information in accordance with a judicial or other governmental order, provided that the party receiving the Confidential Information either (i)
gives the other party reasonable notice prior to such disclosure to allow such party a reasonable opportunity to seek a protective order or equivalent, or (ii) obtains written assurance from the applicable judicial or governmental entity that it
will afford the Confidential Information the highest level of protection afforded under applicable law or regulation. Notwithstanding the foregoing, the party receiving the Confidential Information shall not disclose any computer source code that
contains the other party’s Confidential Information in accordance with a judicial or other governmental order unless it complies with the requirement set forth above. 
  
 (c) Further, either party shall be free to use for any purpose the Residuals resulting from access to or work with such Confidential

  

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 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 
information, provided that such party maintains the confidentiality of the Confidential Information as provided herein. The term “Residuals”
means information in non-tangible form, which may be retained in the minds of persons who have had access to the Confidential Information, including ideas, concepts, know-how or techniques contained therein. Neither party shall have any obligation
to limit or restrict the assignment of such persons or to pay royalties for any work resulting from the use of Residuals. However, the foregoing shall not be deemed to grant to either party license under the other party’s copyrights or patents.

  
 (d) Either party may, but is not obligated to, provide suggestions, comments,
or other feedback (“Feedback”) to the other party with respect to Confidential Information provided originally by the other party. Both parties agree that all Feedback is and shall be given entirely voluntarily and, even if
designated as confidential, shall not create any confidentiality obligation for the receiver of the Feedback. Both parties agree not to provide the other party with any Feedback that is subject to license terms that seek to require any disclosing
party product, technology, service or documentation incorporating or derived from such Feedback, or any disclosing party intellectual property, to be licensed or otherwise shared with any third party. If a party desires to license any of its
intellectual property rights to the other party, the disclosing party shall not provide the intellectual property rights to the other party as Feedback, but rather, the parties shall discuss the necessity of entering into a separate agreement.

  
 (e) Notwithstanding the foregoing, MS or MSCORP shall be entitled to disclose
certain COMPANY Confidential Information as set forth in Sections 2(s) and 3(b). 
  
 11. ASSIGNMENT. 
  
 (a) COMPANY may not assign this
Agreement, or any rights or obligations hereunder, whether by operation of contract, law or otherwise, except with the express written consent of MS, which consent shall not be unreasonably withheld, and any attempted assignment by COMPANY in
violation of this Section is void. For purposes of this Agreement, an “assignment” by COMPANY is deemed to include, without limitation, each of the following: (i) a change in beneficial ownership of COMPANY of greater than twenty percent
(20%) (whether in a single transaction or series of transactions) if COMPANY is a partnership, trust, limited liability company or other like entity; (ii) a merger of COMPANY with another party, whether or not COMPANY is the surviving entity; (iii)
the acquisition of more than twenty percent (20%) of any class of COMPANY voting stock (or any class of non-voting security convertible into voting stock) by another party (whether in a single transaction or series of transactions); and (iv) the
sale or other transaction of more than fifty percent (50%) of COMPANY’s assets (whether in a single transaction or series of transactions). In the event of such assignment or attempted assignment by COMPANY, MS may, but is not obligated to,
immediately terminate this Agreement. 
  
 (b) On or after August 1, 2004, this
Agreement may be assigned by MS to a direct or indirect wholly owned subsidiary of MSCORP. MS shall provide COMPANY with notice of such assignment, provided, however, that failure to provide notice shall not affect the effectiveness of any such
assignment. From and after such assignment, all references to “MS” contained in this Agreement shall refer to the assignee identified in the applicable assignment notice to COMPANY, and all references to “Suppliers” shall include
Microsoft Licensing, GP. 
  
 12. PATENT LICENSE. 
  
 As partial, material consideration for the rights granted to COMPANY under this Agreement:

  
 (a) COMPANY, on behalf of itself and its Covered Entities, hereby grants to
MS, MSCORP, and all other Microsoft Windows Media Licensees, a nonexclusive, nontransferable, non-sublicenseable, non-assignable, personal, worldwide license under its and their Necessary Claims to make, have made, use, import, offer to sell, sell
and otherwise distribute directly or indirectly any products that include implementations of the Licensed Technology on fair and reasonable terms and conditions. For purposes of this Section 12(a) only, the fair and reasonable royalty rate for the
aforementioned license granted by COMPANY is presumed to be equal to the percentage share of royalties payable pursuant to Section 3 of this Agreement for the distribution of the applicable Licensed Technology component which percentage share is
equal to the percentage share (measured on a per patent basis) that COMPANY’s and its Covered Entities patents containing Necessary Claims bear towards collectively; (i) MSCORP’s patents containing Necessary Claims; (ii) COMPANY’s and
its Covered Entities’ patents containing Necessary Claims, if any; and (iii) other Microsoft Windows Media Licensees’ patents containing Necessary Claims, if any. COMPANY agrees that any payment of such a fair and reasonable royalty for
COMPANY’s and its Covered Entities’ Necessary Claims shall be solely from MSCORP on behalf of itself, MS and all other Microsoft Windows Media Licensees, and COMPANY and its Covered Entities agree not to seek such royalties from any other
Microsoft Windows Media Licensee. 
  
 (b) COMPANY agrees that any transfer or
assignment of a patent or patent application having COMPANY’s or its Covered Entities’ Necessary Claims to a third party or an Affiliate shall be subject to this Agreement and shall not affect the licenses granted herein. Any purported
assignment or transfer of rights in derogation of the foregoing requirement shall be null and void. 
  
 (c) If MS, MSCORP, COMPANY or any of COMPANY’s Covered Entities (the “Sued Party”) is first sued for patent infringement by any entity, including a party hereto, on account of the manufacture,
use, sale, offer for sale, importation or other disposition or promotion of the Sued Party’s implementation of the Licensed Technology, then the Sued Party may terminate all license grants and any other rights provided under this Agreement to
such entity and its Covered Entities. Any such termination shall only be applicable against such entity and such entity’s Covered Entities. 
  
 (d) The following definitions apply with regard to this Section 12 only: 
  
 (i) “Covered Entities” means as to an entity; (i) any subsidiary under the Control of such entity (“Controlled
Subsidiaries”); (ii) any Affiliates of such Controlled Subsidiaries to which such Controlled Subsidiaries routinely assign or transfer patents, or rights in patents, as a normal business practice; and (iii) any Affiliates of such entity to
which such entity routinely assigns or transfers patents, or rights in patents, as a normal business practice. 
  
 (ii) “Necessary Claims” means any and all claim(s), but only such claim(s), of a patent or patent application that (a) are owned,
controlled or sublicensable (without payment of royalties to an unaffiliated third party) now or at any future time; and (b) are necessarily infringed in connection with the use or implementation of the Licensed Technology. Notwithstanding the
foregoing sentence, Necessary Claims do not include any claims; (i) to any enabling technologies that may be necessary to make or use any product or portion thereof that includes the Licensed Technology (e.g., enabling semiconductor 
  

 23 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 manufacturing technology, compiler technology, object oriented technology, operating system technology,
protocols, programming interfaces, etc.); or (ii) covering the implementation of other specifications, technical documentation or technology merely referred to in the Licensed Technology; and 
  
 (iii) “Microsoft Windows Media Licensees” means any entity
that executes a Distribution Agreement, a Development Agreement, or like agreement with MS or MSCORP. 
  
 13. TERM. 
  
 This Agreement shall
be effective as of the Effective Date and will continue until December 31, 2012, unless terminated earlier in accordance with Section 14 (“Term”). Upon the expiration of the Term, this Agreement will automatically extend for a
single additional period of five (5) years, unless either party provides the other with written notice of its intent not to renew this Agreement at least sixty (60) days prior to the expiration of the Term (the “Renewal Term”). MS
reserves the right to make reasonable modifications to the terms and conditions of this Agreement including, but not limited to increasing the royalties for Licensed Technology during the Renewal Term; provided however, that in no event shall (i)
such increase exceed twenty-five (25%) percent of the royalty in effect as of the Effective Date; and (ii) any such changes take effect until the Renewal Term. 
  

14. NONCOMPLIANCE AND CANCELLATION. 
  
 (a) Either party may suspend performance and/or terminate this Agreement immediately upon written notice at any time if: 
  
 (i) The other party is in breach of any material warranty, term, condition
or covenant of this Agreement, other than those contained in Sections 2(k); 2(q); 2(r); 2(t); 4(b); 5; 10 and 12 and fails to cure that breach within thirty (30) days after written notice thereof; 
  
 (ii) The other party is in material breach of Sections 2(k); 2(q); 2(r);
2(t); 4(b); 5; 10 and 12; or 
  
 (iii) Subject to applicable law,
a party becomes insolvent, enters bankruptcy, reorganization, composition or other similar proceedings under applicable laws, whether voluntary or involuntary, or admits in writing its inability to pay its debts, or makes or attempts to make an
assignment for the benefit of creditors. Such termination shall be effective upon notice to such party or as soon thereafter as is permitted by applicable law. 
  

(b) MS may terminate this Agreement if COMPANY or any COMPANY Subsidiary: 
  
 (i) is in breach of any other Windows Media technologies-related agreement between COMPANY and MS or MSCORP and fails to cure that breach within thirty
(30) days after written notice thereof; 
  
 (ii) fails to timely
pay any amount due to MS or provide reports on more than two (2) occasions; or 
  
 (iii) manufactures or distributes any MS or MSCORP product which is not properly licensed under a valid agreement with MS, MSCORP or a licensee of MS or MSCORP. 
  
 (c) COMPANY may elect to terminate this Agreement at any time upon thirty (30) days prior
written notice to MS. 
  
 (d) Cancellation or expiration of this Agreement
automatically accelerates, without further notice, COMPANY’s obligation to pay all sums COMPANY contracted to pay under this Agreement within thirty (30) days of such cancellation. 
  
 (e) Upon cancellation or expiration of this Agreement, COMPANY shall cease distribution of all Licensed Technology Binaries and all of
COMPANY’s and its COMPANY Subsidiaries’ license rights granted under this Agreement shall cease; provided, however, if COMPANY terminates this Agreement for MS’ uncured material breach (which does not involve MS’ intellectual
property rights), COMPANY may, for a period of six (6) months, continue to distribute Interim Products and/or Final Products in order to deplete COMPANY’s existing inventory of Interim Products and/or Final Products containing the Licensed
Technology Binaries as of the effective date of MS’ breach. Additionally, expiration or termination of this Agreement for any reason shall have no effect on (i) Authorized OEMs who (y) are not Affiliates of COMPANY; and (z) received Interim
Product(s); or (ii) Channel Entities or end users who received Final Product(s) from COMPANY, and for which MS has received payment, prior to such expiration or termination. 
  
 (f) Sections 1, 2(k), 2(o), 2(p), 2(q), 2(t), 3 (as to royalties due but not yet paid), 4(c), 5, 6, 8(d), 9, 10, 12, 14(d), 14(e), 14(f),
15, 16, and 18 of this Agreement shall survive cancellation or expiration of this Agreement. Upon expiration, cancellation or termination of this Agreement, each COMPANY may retain three (3) units of each Licensed Technology Binaries for support
purposes only. 
  
 15. NOTICES. 
  
 All notices, authorizations, and requests in connection with this Agreement shall be
addressed as stated in the Addresses Schedule and shall be deemed received three (3) business days after they are (i) deposited in the U.S.A. mails, postage prepaid, certified or registered, return receipt requested; or (ii) sent by international
air express courier, charges prepaid; or (iii) for email notices sent by MS to COMPANY regarding updates or changes to information or instructions sent via secured internet mail. COMPANY royalty reports submitted electronically pursuant to Section
3(b) of this Agreement shall be sent as stated in the Addresses Schedule or as otherwise provided in the then current Royalty Reporting Guidelines, and shall be deemed received on the day when submitted via secured internet mail. 
  
 16. CHOICE OF LAW; JURISDICTION AND VENUE; ATTORNEYS FEES. 
  
 This Agreement shall be construed and controlled by the laws of the State of Washington.
Venue over all disputes arising under or related to this Agreement shall be in the state and federal courts within the State of Washington or the federal courts within the State of New York, but in either case Washington law shall apply. COMPANY
waives all defenses of lack of personal jurisdiction and forum non conveniens. Process may be served on either party in the manner authorized by applicable law or court rule. In any action or suit to enforce any right or remedy under this Agreement
or to interpret any provision of this Agreement, the prevailing party shall be entitled to recover its reasonable attorney’s fees, costs and other expenses. 
  
 17. GOVERNMENT REGULATIONS. 
  
 (a) COMPANY acknowledges that Licensed Technology is subject to U.S. export jurisdiction. COMPANY agrees to comply with all applicable international and national laws
that apply to the Licensed Technology, including the U.S. Export Administration Regulations, as well as end-user, end-use, and destination restrictions issued by U.S. and other governments. For additional information, see
http://www.microsoft.com/exporting/. 
  
 (b) All Licensed Technology provided to
the U.S. Government pursuant to solicitations issued on or after December 1, 1995 is 
  

 24 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD. 

 provided with the commercial license rights and restrictions described elsewhere herein. All Licensed Technology provided
to the U.S. Government pursuant to solicitations issued prior to December 1, 1995 is provided with “Restricted Rights” as provided for in FAR, 48 CFR 55.227-14 (JUNE 1987) or DFAR, 48 CFR 252.227-7013 (OCT 1998), as applicable. COMPANY,
COMPANY Subsidiaries and Channel Entities are responsible for ensuring Licensed Technology is transferred with the “Restricted Rights Notice” or “Restricted Rights Legend,” as required. All rights not expressly granted are
reserved. 
  
 18. GENERAL. 
  
 (a) This Agreement does not constitute an offer by MS and it shall not be effective until
signed by both COMPANY and MS. Upon execution by both COMPANY and MS, this Agreement, together with its schedules, shall constitute the entire agreement between them with respect to the subject matter thereof and merges all prior and contemporaneous
communications. Except as otherwise expressly provided herein, this Agreement shall not be modified except by a written agreement signed on behalf of COMPANY and MS by their respective duly authorized representatives. Any statement appearing as a
restrictive endorsement on a check or other document which purports to modify a right, obligation or liability of either party shall be of no force and effect. 
  

(b) The terms of the schedules list on the signature page of this Agreement and any schedule added by the mutual consent of the parties following execution shall
supersede any inconsistent terms contained in this Agreement. 
  
 (c) Neither the
existence nor the terms of this Agreement shall be construed as creating a partnership, joint venture or agency relationship or as granting a franchise. 
  
 (d) If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, invalid or unenforceable, the remaining provisions and license
for remaining Licensed Technology(s), as applicable, shall remain in full force and effect. 
  
 (e) No waiver of any breach of any provision of this Agreement shall constitute a waiver of any prior, concurrent or subsequent, and no waiver shall be effective unless made in a writing signed by an authorized
representative of the waiving party. 
  
 (f) As used in this Agreement,
“writing” or “written” means a non-electronic record or a facsimile. 
  
 (g) This Agreement is written only in the English language, which language will be controlling in all respects. All versions of this Agreement in any other language will be only for accommodation and will not be
binding upon the parties. All communications to be made or given pursuant to this Agreement will be in the English language, except as may be required under applicable law. 
  
 (h) Except as provided in Sections 2 and 10, nothing in this Agreement will be construed as restricting COMPANY’s ability to acquire,
license, develop, manufacture or distribute for itself, or have others acquire, license, develop, manufacture or distribute for COMPANY, similar technology performing the same or similar functions as the Licensed Technology, or to market and
distribute such similar technology in addition to, or in lieu of, the Licensed Technology, provided such technology does not infringe the intellectual property or proprietary rights of MS or its Suppliers. 
  

 25 
 CONFIDENTIAL 
  

 Windows Media Format Components Distribution License, #5131760124-8, dated June 1, 2004, between MICROSOFT
CORPORATION and A-MAX TECHNOLOGY CO. LTD.Amended & Restated Declaration of Trust and Trust Agreement  of Co-Registrant

 EXHIBIT 4.2 
  

AMENDED AND RESTATED 
 DECLARATION
OF TRUST 
 AND 
 TRUST AGREEMENT 
 OF 
 DB COMMODITY INDEX TRACKING MASTER FUND 
  
 Dated as of              , 2005 
  
 By and Among 
  
 DB COMMODITY SERVICES LLC 
 WILMINGTON TRUST COMPANY 
  
 and 
  
 DB COMMODITY INDEX TRACKING FUND 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page

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

  

 i 

							
	 	  	SECTION 4.9.	  	Compensation to the Managing Owner	  	23
	 	  	SECTION 4.10.	  	Other Business of Shareholders	  	23
	 	  	SECTION 4.11.	  	Voluntary Withdrawal of the Managing Owner	  	23
	 	  	SECTION 4.12.	  	Authorization of Registration Statements	  	23
	 	  	SECTION 4.13.	  	Litigation	  	24
			
	 ARTICLE V
	  	TRANSFERS OF SHARES	  	24
				
	 	  	SECTION 5.1.	  	Transfer of Managing Owner’s General Shares.	  	24
	 	  	SECTION 5.2.	  	Transfer of Limited Shares.	  	25
			
	 ARTICLE VI
	  	DISTRIBUTION AND ALLOCATIONS	  	27
				
	 	  	SECTION 6.1.	  	Capital Accounts	  	27
	 	  	SECTION 6.2.	  	Daily Allocations	  	27
	 	  	SECTION 6.3.	  	Allocation of Profit and Loss for U.S. Federal Income Tax Purposes	  	28
	 	  	SECTION 6.4.	  	Allocation of Distributions	  	29
	 	  	SECTION 6.5.	  	Admissions of Shareholders; Transfers	  	29
	 	  	SECTION 6.6.	  	Liability for State and Local and Other Taxes	  	30
			
	 ARTICLE VII
	  	REDEMPTIONS	  	30
				
	 	  	SECTION 7.1.	  	Redemption of Redemption Baskets	  	30
	 	  	SECTION 7.2.	  	Other Redemption Procedures	  	32
			
	 ARTICLE VIII
	  	THE LIMITED OWNER	  	32
				
	 	  	SECTION 8.1.	  	No Management or Control; Limited Liability	  	32
	 	  	SECTION 8.2.	  	Rights and Duties	  	32
	 	  	SECTION 8.3.	  	Limitation on Liability.	  	33
			
	 ARTICLE IX
	  	BOOKS OF ACCOUNT AND REPORTS	  	34
				
	 	  	SECTION 9.1.	  	Books of Account	  	34
	 	  	SECTION 9.2.	  	Annual Reports and Monthly Statements	  	34
	 	  	SECTION 9.3.	  	Tax Information	  	34
	 	  	SECTION 9.4.	  	Calculation of Net Asset Value	  	34
	 	  	SECTION 9.5.	  	Maintenance of Records	  	34
	 	  	SECTION 9.6.	  	Certificate of Trust	  	35
	 	  	SECTION 9.7.	  	Registration of Shares	  	35
			
	 ARTICLE X
	  	FISCAL YEAR	  	35
				
	 	  	SECTION 10.1.	  	Fiscal Year	  	35
			
	 ARTICLE XI
	  	AMENDMENT OF TRUST AGREEMENT; MEETINGS	  	35

  

 ii 

							
	 	  	SECTION 11.1.	  	Amendments to the Trust Agreement.	  	35
	 	  	SECTION 11.2.	  	Meetings of the Master Fund	  	37
	 	  	SECTION 11.3.	  	Action Without a Meeting	  	37
			
	 ARTICLE XII
	  	TERM	  	38
				
	 	  	SECTION 12.1.	  	Term	  	38
			
	 ARTICLE XIII
	  	TERMINATION	  	38
				
	 	  	SECTION 13.1.	  	Events Requiring Dissolution of the Master Fund or any Series	  	38
	 	  	SECTION 13.2.	  	Distributions on Dissolution	  	39
	 	  	SECTION 13.3.	  	Termination; Certificate of Cancellation	  	40
			
	 ARTICLE XIV
	  	POWER OF ATTORNEY	  	40
				
	 	  	SECTION 14.1.	  	Power of Attorney Executed Concurrently	  	40
	 	  	SECTION 14.2.	  	Effect of Power of Attorney	  	41
	 	  	SECTION 14.3.	  	Limitation on Power of Attorney	  	41
			
	 ARTICLE XV
	  	MISCELLANEOUS	  	41
				
	 	  	SECTION 15.1.	  	Governing Law	  	41
	 	  	SECTION 15.2.	  	Provisions In Conflict With Law or Regulations.	  	42
	 	  	SECTION 15.3.	  	Construction	  	42
	 	  	SECTION 15.4.	  	Notices	  	43
	 	  	SECTION 15.5.	  	Counterparts	  	43
	 	  	SECTION 15.6.	  	Binding Nature of Trust Agreement	  	43
	 	  	SECTION 15.7.	  	No Legal Title to Trust Estate	  	43
	 	  	SECTION 15.8.	  	Creditors	  	43
	 	  	SECTION 15.9.	  	Integration	  	43
	 	  	SECTION 15.10.	  	Goodwill; Use of Name	  	43
			
	 EXHIBIT A
	  	 	  	 
	 	  	 Form of Certificate of Trust of DB Commodity Index Tracking Master Fund
	  	45
			
	 EXHIBIT B
	  	 	  	 
	 	  	 Description of the Index
	  	64

  

 iii 

 DB COMMODITY INDEX TRADING MASTER FUND 
  
 AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST
AGREEMENT 
  
 This AMENDED AND RESTATED DECLARATION OF TRUST
AND TRUST AGREEMENT of DB COMMODITY INDEX TRACKING MASTER FUND is made and entered into as of the              day of
            , 2005, by and among DB COMMODITY SERVICES LLC, a Delaware limited liability company, WILMINGTON TRUST COMPANY, a Delaware banking company, as trustee, and
DB COMMODITY INDEX TRACKING FUND, a Delaware statutory trust. 
  
 *        *        * 
  
 RECITALS 
  
 WHEREAS, the Trust was formed on May 23, 2005 pursuant to the execution and filing by the Trustee of the Certificate of Trust on May 23, 2005 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 May 23, 2005 (the “Original Agreement”); 
  
 WHEREAS, currently, there is and has not been any Limited Owner; 
  
 WHEREAS, the Trustee and the Managing Owner desire to amend the Original Agreement to make the amendments effectuated hereby. 
  
 NOW, THEREFORE, pursuant to Section 8 of the Original Agreement, the Trustee
and the Managing Owner hereby amend and restate the Original Agreement in its entirety as set forth below. 
  
 ARTICLE I 
  
 DEFINITIONS; THE MASTER FUND 
  
 SECTION 1.1.
Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the context otherwise requires: 
  
 “Administrator” means any person from time-to-time performing administrative services for the Master Fund 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. 
  
 “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 Master Fund by a Shareholder in accordance with Article III hereof. 
  
 “CE Act” means the Commodity Exchange Act, as amended. 
  

“Certificate of Trust” means the Certificate of Trust of the Master Fund 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 Broker” means any person who engages in the business of effecting transactions in Commodity Contracts for the account of others or
for his or her own account. 
  
 “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. 
  
 “Continuous
Offering Period” means the period following the conclusion of the Initial Offering Period, during which additional Shares may be sold in Baskets pursuant to this Trust Agreement. 
  
 “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. 
  

 2 

 “Creation Basket” means the minimum number of Limited Shares that may be created at any one
time, which shall be 200,000 or such greater or lesser number as the Managing Owner may determine from time-to-time. 
  
 “Creation Basket Capital Contribution” means a Capital Contribution made by the Limited Owner in connection with a Purchase Order Subscription
Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription Agreement by (ii) the Net Asset Value per Basket as of
closing time of the Exchange or the last to close of the exchanges on which any one of the Index Commodities 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. 
  
 “Disposition Gain” means, in respect of each Fiscal Year of the Master Fund, the Master Fund’s aggregate recognized gain (including the portion thereof, if any, treated as ordinary income) resulting
from each disposition of Master Fund assets during such Fiscal Year with respect to which gain or loss is recognized for U.S. federal income tax purposes, including, without limitation, any gain or loss required to be recognized by the Master Fund
for U.S. federal income tax purposes pursuant to Section 988 or 1256 (or any successor provisions) of the Code. 
  
 “Disposition Loss” means, in respect of each Fiscal Year of the Master Fund, the Master Fund’s aggregate recognized loss (including the
portion thereof, if any, treated as ordinary loss) resulting from each disposition of Master Fund assets during such Fiscal Year with respect to which gain or loss is recognized by the Master Fund for U.S. federal income tax purposes, including,
without limitation, any gain or loss required to be recognized for U.S. federal income tax purposes pursuant to Sections 988 or 1256 (or any successor provisions) of the Code. 
  
 “Exchange” means the American Stock Exchange or, if the common units of fractional undivided beneficial interest
with limited liability in the profits, losses, distributions, capital and assets of, and ownership of, the Limited Owner shall cease to be listed on the American Stock Exchange and are listed on one or more other exchanges, the exchange on which
such common units of the Limited Owner are principally traded, as determined by the Managing Owner. 
  
 “Fiscal Quarter” shall mean each period ending on the last day of each March, June, September and December of each Fiscal Year. 
  
 “Fiscal Year” shall have the meaning set forth in Article X hereof.

  
 “Index” means the Deutsche Bank Liquid Commodity
IndexTM – Excess Return more fully described
in Exhibit B hereto, as it may be amended from time-to-time. 
  
 “Index Commodities” means the underlying Commodities which comprise the Index from time-to-time. 
  

 3 

 “Initial Offering Period” means the period commencing with the initial effective date of the
Prospectus and terminating no later than the sixtieth (60th) day following such date unless extended for up to an
additional ninety (90) days at the sole discretion of the Managing Owner. 
  
 “Limited Owner” means DB Commodity Index Tracking Fund, a Delaware statutory trust. 
  
 “Limited Shares” means Shares that are owned by the Limited Owner. 
  
 “Losses” means, in respect of each Fiscal Year of the Master Fund, losses of the Master Fund as determined for
U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof, except that any gain or loss taken into account in determining the Disposition Gain or the Disposition Loss of the Master Fund
for such Fiscal Year shall not enter into such computations. 
  
 “Managing Owner” means DB Commodity Services LLC, or any substitute therefor as provided herein, or any successor thereto by merger or operation of law. 
  
 “Management Fee” means the management fee set forth in Section 4.9. 
  
 “Margin Call” means a demand for additional funds after the initial
good faith deposit required to maintain a customer’s account in compliance with the requirements of a particular commodity exchange or of a commodity broker. 
  
 “Master Fund” means DB Commodity Index Tracking Master Fund, the Delaware statutory trust formed pursuant to the
Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 
  
 “Net Asset Value” means the total assets of the Trust Estate of the Master Fund including, but not limited to, all cash and cash equivalents or other securities less total liabilities of the Master Fund,
each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting, including, but not limited to, the extent specifically set forth below: 
  
 (a) Net Asset Value shall include any unrealized profit or
loss on open Commodities positions and any other credit or debit accruing to the Master Fund but unpaid or not received by the Master Fund. 
  
  (b) All open commodity futures contracts and options traded on a United States exchange are calculated at their then current market value,
which shall be based upon the settlement price for that particular commodity futures contract and options traded on the applicable United States exchange on the date with respect to which Net Asset Value is being determined; provided, that if a
commodity futures contract or option traded on a United States exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the settlement price on
the most recent day on which the position could be liquidated shall be the basis for determining the market value of such position for such day. The current market value of all open commodity futures contracts and options 

   

 4 

  
traded on a non-United States exchange shall be based upon the settlement price for that particular commodity futures contract option traded on the
applicable non-United States exchange on the date with respect to which Net Asset Value is being determined; provided, that if a commodity futures contract or options traded on a non-United States exchange could not be liquidated on such day,
due to the operation of daily limits (if applicable) or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the most recent day on which the position could be liquidated shall be the basis for
determining the market value of such position for such day. The current market value of all open forward contracts entered into by the Master Fund shall be the mean between the last bid and last asked prices quoted by the bank or financial
institution which is a party to the contract on the date with respect to which Net Asset Value is being determined; provided, that if such quotations are not available on such date, the mean between the last bid and asked prices on the first
subsequent day on which such quotations are available shall be the basis for determining the market value of such forward contract for such day. The Managing Owner may in its discretion value any of the Trust Estate pursuant to such other principles
as it may deem fair and equitable so long as such principles are consistent with normal industry standards. 
   
 (c) Interest earned on the Master Fund’s commodity brokerage account shall be accrued at least monthly. 
  
 (d) The amount of any distribution made pursuant to Article
VI hereof shall be a liability of the Master Fund from the day when the distribution is declared until it is paid. 
  
 “Net Asset Value Per Share” means the Net Asset Value divided by the number of Shares outstanding on the date of calculation. 
  
 “Net Asset Value Per Basket” means the product obtained by
multiplying the Net Asset Value Per Share by the number of Limited Shares comprising a Basket at such time. 
  
 “NFA” means the National Futures Association. 
  
 “Order Cut-Off Time” means 10:00 a.m. New York time, on a Business Day. 
  
 “Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(iv). 
  
 “Person” means any natural person, partnership, limited liability
company, statutory trust, corporation, association, or other legal entity. 
  
 “Pit Brokerage Fee” shall include floor brokerage, clearing fees, National Futures Association fees and exchange fees. 
  

“Profits” means, for each Fiscal Year of the Master Fund, profits of the Master Fund as determined for U.S. federal income tax purposes, and
each item of income, gain, loss or deduction entering into the computation thereof, except that any gain or loss taken into account 
  

 5 

 in determining the Disposition Gain or the Disposition Loss of the Master Fund for such Fiscal Year shall not enter into
such computations. 
  
 “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 3.2(a)(i). 
  
 “Purchase Order
Subscription Date” shall have the meaning assigned thereto in Section 3.2(a)(i). 
  
 “Pyramiding” mean the use of unrealized profits on existing Commodities positions to provide margin for additional Commodities positions of the same or related Commodity. 
  
 “Redemption Basket” means the minimum number of Limited Shares that
may be redeemed pursuant to Section 7.1, which shall be the number of Limited Shares constituting a Creation Basket on the relevant Redemption Order Date. 
  
 “Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption Basket in accordance with Section 7.1(c).

  
 “Redemption Order” shall have the meaning assigned
thereto in Section 7.1(a). 
  
 “Redemption Order Date”
shall have the meaning assigned thereto in Section 7.1(b). 
  
 “Redemption Settlement Time” shall have the meaning assigned thereto in Section 7.1(d). 
  
 “Shareholders” means the Managing Owner and the Limited Owner, as holders of Shares, where no distinction between them is required by the
context in which the term is used. 
  
 “Shares” means
the common units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Master Fund. The Managing Owner’s Capital Contributions shall be represented by “General”
Shares and the Limited Owner’s Capital Contributions shall be represented by “Limited” Shares. Shares need not be represented by certificates. 
  
 “Suspended Redemption Order” shall have the meaning assigned thereto in Section 7.1(d). 
  
 “Trust Agreement” means this Amended and Restated Declaration of
Trust and Trust Agreement, as it may at any time or from time-to-time be amended. 
  
 “Trustee” means Wilmington Trust Company or any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Master Fund. 
  

 6 

 “Trust Estate” means any cash, commodity futures, forward and option contracts, all funds on
deposit in the Master Fund’s accounts, and any other property held by the Master Fund, and all proceeds therefrom, including any rights of the Master Fund pursuant to any other agreements to which the Master Fund is a party. 
  
 SECTION 1.2. Name. 
  
 (a) The name of the Master Fund is “DB Commodity Index
Tracking Master Fund” in which name the Trustee and the Managing Owner may engage in the business of the Master Fund, make and execute contracts and other instruments in the name and on behalf of the Master Fund and sue and be sued in the name
and on behalf of the Master Fund. 
  
 SECTION 1.3. Delaware
Trustee; Business Offices. 
  
 (a) The sole
Trustee of the Master Fund is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service
of process on the Master Fund 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 Master Fund in the State of Delaware shall be the successor Trustee.

  
 (b) The principal office of the Master Fund,
and such additional offices as the Managing Owner may establish, shall be located at such place or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee and the Limited Owner.
Initially, the principal office of the Master Fund shall be at 60 Wall Street, New York, New York 10005. 
  
 SECTION 1.4. Declaration of Trust. The Trustee hereby acknowledges that the Master Fund has received the sum of $1,000 in a bank account in the
name of the Master 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
Shareholders. It is the intention of the parties hereto that the Master Fund shall be a statutory trust under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Master Fund. It is not the
intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except to the
extent that the Master Fund is deemed to constitute a partnership under the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Shareholders partners or members of a joint stock association
except to the extent such Shareholders are deemed to be partners under the Code and applicable state and local tax laws. Notwithstanding the foregoing, it is the intention of the parties thereto to create a partnership among the Shareholders for
purposes of taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with
respect to accomplishing the purposes of the Master Fund. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Master Fund under the Delaware Trust Statute.

  

 7 

 SECTION 1.5. Purposes and Powers. The purpose of the Master Fund shall be: (a) directly or
indirectly to trade, buy, sell, spread or otherwise acquire, hold or dispose of Commodities, including, but not limited to, exchange-traded futures on the Index Commodities with a view to tracking the performance of the Index over time; (b) to enter
into forward contracts referencing the Index or one or more of the Index Commodities with a view to tracking the performance of the Index over time; (c) to enter into any lawful transaction and engage in any lawful activities in furtherance of or
incidental to the foregoing purposes; and (d) as determined from time to time by the Managing Owner, to engage in any other lawful business or activity for which a statutory trust may be organized under the Delaware Trust Statute. The Master 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 Master Fund under this Trust Agreement. 
  
 SECTION 1.6. Tax Treatment. 
  
 (a) Each of the parties hereto, by entering into this Trust
Agreement, (i) expresses its intention that the Shares will qualify under applicable tax law as interests in a partnership which holds the Trust Estate for their benefit, (ii) agrees that it will file its own U.S. federal, state and local income,
franchise and other tax returns in a manner that is consistent with the treatment as a partnership in which each of the Shareholders thereof is a partner and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt
of any notice from any taxing authority having jurisdiction over such holders of Shares with respect to the treatment of the Shares as anything other than interests in a partnership. 
  
 (b) The Tax Matters Partner (as defined in Section 6231 of the Code and any corresponding state and local
tax law) initially shall be the Managing Owner. The Tax Matters Partner, at the expense of the Master Fund, shall prepare or cause to be prepared and filed tax returns as a partnership for U.S. federal, state and local tax purposes and (ii) shall be
authorized to perform all duties imposed by § 6221 et seq. of the Code, including, without limitation, (A) the power to conduct all audits and other administrative proceedings with respect to tax items; (B) the power to extend the statute of
limitations for all Shareholders with respect to tax items; (C) the power to file a petition with an appropriate U.S. federal court for review of a final administrative adjustment; and (D) the power to enter into a settlement with the IRS on behalf
of, and binding upon, the Limited Owner. The designation made by each Shareholder in this Section 1.6(b) is hereby approved by each Shareholder as an express condition to becoming a Shareholder. Each Shareholder agrees to take any further action as
may be required by regulation or otherwise to effectuate such designation. Subject to Section 4.7, the Master 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 as Tax Matters Partner, provided such action taken or omitted to be taken does not constitute
fraud, negligence or misconduct. 
  
 (c) Each
Shareholder shall furnish the Managing Owner and the Trustee with information necessary to enable the Managing Owner to comply with U.S. federal income tax information reporting requirements in respect of such Shareholder’s Shares. 

 

 8 

 SECTION 1.7. General Liability of the Managing Owner. 
  
 (a) The Managing Owner shall be liable for the acts,
omissions, obligations and expenses of the Master Fund, to the extent not paid out of the assets of the Master Fund, to the same extent the Managing Owner would be so liable as if the Master Fund was a partnership under the Delaware Revised Uniform
Limited Partnership Act and the Managing Owner were a general partner of such partnership. The foregoing provision shall not, however, limit the ability of the Managing Owner to limit its liability by contract. The obligations of the Managing Owner
under this Section 1.7 shall be evidenced by its ownership of the General Shares which, solely for purposes of the Delaware Trust Statute, will be deemed to be a separate class of Shares. Without limiting or affecting the liability of the Managing
Owner as set forth in this Section 1.7, notwithstanding anything in this Trust Agreement to the contrary, Persons having any claim against the Master Fund by reason of the transactions contemplated by this Trust Agreement and any other agreement,
instrument, obligation or other undertaking to which the Master Fund is a party, shall look only to the appropriate Master Fund Estate for payment or satisfaction thereof. 
  
 (b) Subject to Sections 8.1 and 8.3 hereof, no Shareholder, other than the Managing Owner, to the extent set
forth above, shall have any personal liability for any liability or obligation of the Master Fund thereof. 
  
 SECTION 1.8. Legal Title. Legal title to the Trust Estate shall be vested in the Master Fund as a separate legal entity; provided, however,
that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the name of the Managing Owner or any
other Person (other than a Shareholder) as nominee. 
  
 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 Master Fund. The Master Fund 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 Master Fund; provided, that
such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner does not act within such sixty (60) day period, the Trustee
may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 
  
 SECTION 2.2. Powers. Except to the extent expressly set forth in Section 1.3 and this Article II, the duty and authority of the Trustee to manage
the business and affairs of the Master 

  

 9 

 
Fund 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 Master 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 Master Fund 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 Master Fund that would reasonably be
expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. 
  
 SECTION 2.3. Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the
Managing Owner (including the Master Fund) 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
Master Fund) 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 Master Fund, the execution, delivery and performance of any other agreements to which the Master Fund 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 Master Fund 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 
  

 10 

 
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 Master Fund is a party shall look only to the Master Fund Estate for payment or satisfaction thereof; provided, however, that in no event is the foregoing intended to affect or limit the liability of the Managing Owner
as set forth in Section 1.7 hereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Master 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 the Trust Estate;

  
 (b) The Trustee shall not be liable for any
actions taken or omitted to be taken by it in accordance with the instructions of the Managing Owner or the Liquidating Trustee; 
  
 (c) The Trustee shall not have any liability for the acts or omissions of the Managing Owner or its delegatees; 
  
 (d) The Trustee shall not be liable for its failure to
supervise the performance of any obligations of the Managing Owner or its delegatees or any commodity broker; 
  
 (e) No provision of this Trust Agreement shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
or provided to it; 
  
 (f) Under no circumstances
shall the Trustee be liable for indebtedness evidenced by or other obligations of the Master Fund arising under this Trust Agreement or any other agreements to which the Master 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 Master Fund is a party, at the request, order or direction of the
Managing Owner unless the Managing Owner has offered to Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington

  

 11 

 
Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; 
  
 (h) Notwithstanding anything contained herein to the
contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will require the consent or approval or authorization or order of or the giving of notice to, or the
registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of any
jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for
causes of action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby; and 
  
 (i) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the
Master Fund, the Shareholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Master Fund, the Shareholders or to any other Person for its good faith reliance on the provisions of this Trust
Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the
Trustee. 
  
 SECTION 2.7. Reliance; Advice of Counsel.

  
 (a) In the absence of bad faith, the Trustee
may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur
no liability to anyone in acting on any signature, instrument, notice, resolutions, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties and need not investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee shall have examined any certificates or opinions so as to reasonably determine compliance of the same with the
requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of 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 Master Fund 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 Master Fund) 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 

  

 12 

 
of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable
care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion
or advice of any such counsel, accountant or other such Persons. 
  
 SECTION 2.8. Payments to the Trustee. Any amounts paid to the Trustee pursuant to this Article shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust
Agreement shall constitute a claim against the Trust Estate. 
  
 ARTICLE III 
  
 CREATIONS AND ISSUANCE OF
CREATION BASKETS 
  
 SECTION 3.1. General. The Managing
Owner shall have the power and authority, without Limited Owner approval, to issue Shares from time to time as it deems necessary or desirable. The number of Shares authorized shall be unlimited, and the Units so authorized may be represented in
part by fractional Shares, calculated to four decimal places. From time-to-time, the Managing Owner may divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interests. The Managing Owner
may issue Shares for such consideration and on such terms as it may determine (or for no consideration if pursuant to a Share dividend or split-up), all without action or approval of the Limited Owner. All Shares when so issued on the terms
determined by the Managing Owner shall be fully paid and non-assessable. The Shares initially shall be divided into two classes: General Shares and Limited Shares. Every Shareholder, by virtue of having purchased or otherwise a acquired Share, shall
be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 
  
 SECTION 3.2. Offer of Limited Shares; Procedures for Creation and Issuance of Creation Baskets. 
  
 (a) General. The following procedures, as
supplemented by the more detailed procedures agreed from time to time between the Managing Owner and the Limited Owner, will govern the Trust with respect to the creation and issuance of Creation Baskets. Subject to the limitations upon and
requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets which may be issued by the Master Fund is unlimited. 
  
 (i) On any Business Day, the Limited Owner may submit to the Managing Owner a purchase order and
subscription agreement to subscribe for and agree to purchase one or more Creation Baskets (such request by the Limited Owner, a “Purchase Order Subscription Agreement”). Purchase Order Subscription Agreements must be received by the
Managing Owner from the Limited Owner no later than the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The 

  

 13 

 
Managing Owner will process Purchase Order Subscription Agreements only from the Limited Owner. 
  
 (ii) Any Purchase Order is subject to rejection by the
Managing Owner pursuant to Section 3.2(c). 
  
 (iii) After accepting a Purchase Order Subscription Agreement from the Limited Owner, the Managing Owner will issue and deliver Creation Baskets to fill the Limited Owner’s Purchase Order Subscription Agreement as of noon New York time
on the Business Day immediately following the Purchase Order Subscription Date, but only if by such time the Managing Owner has received (A) for its own account, the Transaction Fee, and (B) for the account of the Master Fund the Creation Basket
Capital Contribution due from the Limited Owner in respect of such Purchase Order Subscription Agreement. 
  
 (b) Issuance of Creation Basket. Upon issuing a Creation Basket pursuant to a Purchase Order Subscription Agreement, the Managing
Owner will issue the Creation Basket to the Limited Owner. 
  
 (c) Rejection. The Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution (i) determined by the
Managing Owner not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Master Fund or to the Limited Owner; (iii) the acceptance or receipt of which would, in the opinion of counsel to the
Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by reason
of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 
  
 (d) Baskets may not be created during the Initial Offering Period. 
  
 SECTION 3.3. Assets of the Master Fund. All consideration received by the Master Fund for the issue or sale of
Creation Baskets together with all of the Trust Estate in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets,
and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the Master Fund for all purposes, subject only to the rights of creditors of the Master Fund and except as may
otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of the Master Fund. 
  
 SECTION 3.4. Liabilities. The Trust Estate shall be charged with the liabilities of the Master Fund; and all expenses, costs, charges and reserves
attributable to the Master Fund. The Managing Owner shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and
allocation shall be conclusive and binding upon the Shareholders. 
  
 SECTION 3.5. Distributions. Distributions on Shares may be paid with such frequency as the Managing Owner may determine, which may be daily or otherwise, to the 

  

 14 

 
Shareholders from such of the income and capital gains, accrued or realized, as the Managing Owner may determine, after providing for actual and accrued
liabilities of the Master Fund. All distributions on Shares shall be distributed pro rata to the Shareholders in proportion to the total outstanding Shares held by such Shareholders at the date and time of record established for the payment
of such distribution. 
  
 SECTION 3.6. Voting Rights.
Notwithstanding any other provision hereof, on each matter submitted to a vote of the Shareholders, each Shareholder shall be entitled to a proportionate vote based upon the product of the Net Asset Value per Share multiplied by the number of
Shares, or fraction thereof, standing in its name on the books of the Master Fund. 
  
 SECTION 3.7. Equality. Except as provided herein, all Shares shall represent an equal proportionate beneficial interest in the assets of the Master Fund subject to the liabilities of the Master Fund, and each
Share shall be equal to each other Share. The Managing Owner may from time to time divide or combine the Shares into a greater or lesser number of Shares without thereby changing the proportionate beneficial interest in the assets of the Master Fund
or in any way affecting the rights of Shareholders. 
  
 ARTICLE
IV 
  
 THE MANAGING OWNER 
  
 SECTION 4.1. Management of the Master Fund. Pursuant to Section
3806(b)(7) of the Delaware Trust Statute, the Master Fund shall be managed by the Managing Owner and the conduct of the Master Fund’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 Master Fund, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Master Fund, which shall include,
without limitation, the following: 
  
 (a) To
enter into, execute, deliver and maintain, and to cause the Master Fund 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 Master
Fund purposes or necessary or appropriate for the offer and sale of the Shares and the conduct of Master Fund activities, including, but not limited to, contracts with third parties for commodity brokerage services and/or administrative services,
provided, however, that such services may be performed by an Affiliate or Affiliates of the Managing Owner so long as the Managing Owner has made a good faith determination that: (A) the Affiliate which it proposes to engage to perform
such services is qualified to do so (considering the prior experience of the Affiliate or the individuals employed thereby); (B) the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Master Fund
are no less favorable to the 

  

 15 

 
Master Fund than could be obtained from equally-qualified unaffiliated third parties; and (C) the maximum period covered by the agreement pursuant to which
such affiliate is to perform services for the Master Fund shall not exceed one year, and such agreement shall be terminable without penalty upon sixty (60) days’ prior written notice by the Master Fund. 
  
 (b) To establish, maintain, deposit into, sign checks and/or
otherwise draw upon accounts on behalf of the Master Fund with appropriate banking and savings institutions, and execute and/or accept any instrument or agreement incidental to the Master Fund’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 Master Fund by the Managing Owner; 
  
 (c) To deposit, withdraw, pay, retain and distribute the
Trust Estate or any portion thereof in any manner consistent with the provisions of this Trust Agreement; 
  
 (d) To supervise the preparation and filing of the Registration Statement and supplements and amendments thereto, and the Prospectus;

  
 (e) To pay or authorize the payment of
distributions to the Shareholders and expenses of the Master Fund; 
  
 (f) To make any elections on behalf of the Master Fund 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 Master Fund;

  
 (g) In the sole discretion of the Managing
Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners. Notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received
notice of its removal as a Managing Owner, pursuant to Section 8.2(d) hereof, or if the concurrence of at least a majority in interest (over 50%) of the outstanding Shares (not including Shares owned by the Managing Owner) is not obtained; and

  
 SECTION 4.3. Obligations of the Managing Owner. In
addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall: 
  
 (a) Devote such of its time to the business and affairs of the Master Fund as it shall, in its discretion exercised in good faith,
determine to be necessary to conduct the business and affairs of the Master Fund for the benefit of the Master Fund and the Limited Owner; 
  
 (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 Master Fund and for the conduct of its business in all appropriate jurisdictions; 
  
 (c) Retain independent public accountants to audit the accounts of the Master Fund; 
  

 16 

 (d) Employ attorneys to represent the Master Fund; 
  
 (e) Select the Master Fund’s Trustee, Administrator,
and Clearing Brokers; 
  
 (f) Use its best
efforts to maintain the status of the Master Fund as a “statutory trust” for state law purposes, and as a “partnership” for U.S. federal income tax purposes; 
  
 (g) Monitor the brokerage fees charged to the Master Fund, and the services rendered by futures commission
merchants to the Master Fund, to determine whether the fees paid by, and the services rendered to, the Master Fund for futures brokerage are at competitive rates and are the best price and services available under the circumstances, and if
necessary, renegotiate the brokerage fee structure to obtain such rates and services for the Master Fund. No material change related to brokerage fees shall be made except upon 60 Business Days’ prior notice to the Limited Owner, which notice
shall include a description of the Limited Owner’s voting rights as set forth in Section 8.2 hereof and a description of the Limited Owner’s redemption rights as set forth in Section 7.1 hereof. 
  
 (h) Have fiduciary responsibility for the safekeeping and
use of the Trust Estate, whether or not in the Managing Owner’s immediate possession or control, and the Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon as provided for in
the Prospectus) in any manner except for the benefit of the Master Fund, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner. The Managing Owner
shall at all times act with integrity and good faith and exercise due diligence in all activities relating to the conduct of the business of the Master Fund and in resolving conflicts of interest. 
  
 (i) Refuse to recognize any attempted transfer or assignment
of a Share that is not made in accordance with the provisions of Article V; and 
  
 (j) Perform such other services as the Managing Owner believes that the Master Fund may from time to time require. 
  
 SECTION 4.4. General Prohibitions. The Master Fund shall not:

  
 (a) Borrow money from or loan money to any
Shareholder (including the Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Commodities positions or (ii) obtaining lines of credit for
the trading of forward contracts; provided, however, that the Master Fund is prohibited from incurring any indebtedness on a non-recourse basis; 
  
 (b) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge,
security interest or encumbrance, except (i) the right and/or obligation of a commodity broker to close out sufficient commodities positions of the Master Fund so as to restore the Master Fund’s account to proper margin status in the event that
the Master Fund fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves 

  

 17 

 
have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under
unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of
business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in
good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; 
  
 (c) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated
thereunder; 
  
 (d) Engage in Pyramiding of its
Commodities positions; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Commodities positions; 
  
 (e) Permit rebates to be received by the Managing Owner or
any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; 
  
 (f) Permit the Managing Owner to share in any portion of
brokerage fees related to commodity brokerage services paid with respect to commodity trading activities; 
  
 (g) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of
Shares) which has a term of more than one year and which does not provide that it may be canceled by the Master Fund without penalty on sixty (60) days prior written notice or for the provision of goods and services, except at rates and terms at
least as favorable as those which may be obtained from third parties in arms-length negotiations; 
  
 (h) Permit churning of its Commodity trading account(s) for the purpose of generating excess brokerage commissions; 
  
 (i) Enter into any exclusive brokerage contract; and

  
 (j) Cause the Master 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 Master Fund or to any Shareholder or other Covered Person for any loss suffered by the Master Fund which arises out of
any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Master 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 the Limited Owner or assignee thereof, it
being expressly agreed that any such return 

  

 18 

 
of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the Master Fund without any rights of contribution from
the Managing Owner or any other Covered Person. 
  
 SECTION 4.6.
Fiduciary Duty. 
  
 (a) To the extent that, at
law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the Master Fund, the Shareholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be liable to
the Master Fund, the Shareholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that they
restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the Master Fund’s
basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited Shares equal to at least a majority (over 50%) of the Net Asset Value of the Master Fund (excluding Shares held by the Managing Owner
and its Affiliates) of the Master Fund 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 Master
Fund or any Shareholder or any other Person, on the other hand; or 
  
 (ii) whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Master
Fund, any Shareholder or any other Person, 
  
 the Managing Owner
shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and
burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made,
taken or provided by the Managing Owner shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
  
 (c) The Managing Owner and any Affiliate of the Managing
Owner may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Master Fund 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 Master Fund, it shall have
no duty to communicate or offer such opportunity to the Master Fund, and the Managing Owner shall not be liable to the Master Fund or to the Shareholders for breach of any 

  

 19 

 
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 Master Fund. Neither the Master Fund nor any Shareholder shall have any rights or obligations by virtue of this Trust Agreement or the Master Fund 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 Master Fund, 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 Master Fund, the Shareholders or any Affiliate of the Master Fund or the Shareholders. 
  
 SECTION 4.7. Indemnification of the Managing Owner. 
  
 (a) The Managing Owner shall be indemnified by the Master
Fund against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Master Fund, provided that (i) the Managing Owner was acting on behalf of or performing
services for the Master Fund and has determined, in good faith, that such course of conduct was in the best interests of the Master Fund 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 Master Fund Estate. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or
other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the U.S. Code by or against the
Managing Owner. The source of payments made in respect of indemnification under this Trust Agreement shall be from assets of the Master Fund. 
  
 (b) Notwithstanding the provisions of Section 4.6(a) above, the Managing Owner and any Person acting as broker-dealer for the Master 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. 
  
 (c) The Master Fund 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 Master Fund in advance of the final disposition of such action, suit or
proceeding, if (i) the legal action relates to the performance of duties or services by the Managing Owner on behalf of the Master Fund; (ii) the legal action is initiated by a third party who is not the Limited Owner or the legal action is
initiated by the Limited Owner and a court of competent jurisdiction 

  

 20 

 
specifically approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Master Fund 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 Master Fund and acting within
the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 
  
 (f) In the event the Master Fund is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability,
damage, cost or expense as a result of or in connection with the Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Master Fund business, the Limited Owner (or assignees cumulatively) shall indemnify, defend, hold
harmless, and reimburse the Master Fund for all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 
  

SECTION 4.8. Expenses and Limitations Thereon. 
  
 (a) Organization and Offering Expenses. 
  

(i) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the payment of all Organization and Offering
Expenses incurred in connection with the creation of the Master Fund and sale of Shares during or prior to the Initial Offering Period; provided, however, that the amount of such Organization and Offering Expenses paid by the Managing
Owner shall be subject to reimbursement by the Master Fund to the Managing Owner, without interest, in up to 36 monthly payments during each of the first 36 months of the Continuous Offering Period. In the event that the amount of the Organization
and Offering Expenses incurred in connection with the creation of the Master Fund and sale of Shares during the Initial Offering Period and paid by the Managing Owner is not fully reimbursed by the end of the 36th month of the Continuous Offering Period, the Managing Owner shall not be entitled to receive, and the Master Fund shall not be required to pay, any
unreimbursed portion of such expenses outstanding as of such date. In the event the Master 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 Master Fund shall not be required to pay, any unreimbursed portion of such expenses outstanding as of the date of such termination. 
  
 (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 Initial Offering Period; provided, however, that the amount of such Organization and Offering Expenses paid by the Managing Owner shall be subject to reimbursement by the Master 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 in
connection with the sale of Shares during the Continuous Offering Period and paid by the Managing Owner is not fully reimbursed by the end of 

  

 21 

 
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
Master Fund shall not be required to pay, any unreimbursed portion of such expenses outstanding as of such date. In the event the Master 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 Master 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 during the Initial Offering Period and the first 36 months of the Continuous Offering Period. In no event shall the
aggregate amount of the reimbursement payments from the Master Fund to the Managing Owner under Sections 4.8(a)(i) and (ii) 0.50% per annum of the Net Asset Value of the Master Fund. 
  
 (iv) Organization and Offering Expenses shall mean those expenses incurred in connection with the formation,
qualification and registration of the Master Fund and the Shares and in offering, distributing and processing the Shares under applicable U.S. federal law, and any other expenses actually incurred and, directly or indirectly, related to the
organization of the Master Fund or the initial and continuous offering of the Shares, including, but not limited to, expenses such as: (i) initial and ongoing registration fees, filing fees, escrow fees and taxes, (ii) costs of preparing, printing
(including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the Exhibits thereto and the Prospectus during the Initial Offering Period and the Continuous Offering Period, (iii) the costs of qualifying,
printing, (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Shares during the Initial Offering Period and the Continuous Offering Period, (iv) travel,
telegraph, telephone and other expenses in connection with the offering and issuance of the Shares during the Initial Offering Period and the Continuous Offering Period, (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) Routine Operational, Administrative and Other
Ordinary and Extraordinary Expenses. All ongoing charges, costs and expenses of the Master Fund’s operation, including, but not limited to, the routine expenses associated with (i) all brokerage commissions, including applicable exchange
fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities; (ii) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and
state regulatory authorities; (iii) Master Fund meetings and preparing, printing and mailing of proxy statements and reports to Shareholders; (iv) the payment of any distributions related to redemption of Baskets; (v) routine services of the
Trustee, legal counsel and independent accountants; (vi) routine accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vii) postage and 

  

 22 

 
insurance; (viii) client relations and services; (ix) computer equipment and system maintenance; (x) the Management Fee; (xi) required payments to any other
service providers of the Master Fund pursuant to any applicable contract; and (xii) 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 Master Fund. 
  
 (c) The
Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of the Master Fund for which payment the Master Fund is responsible.
In addition, payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing services for the Master Fund in its capacity as the managing owner of the Master Fund, such as salaries and fringe benefits of officers and
directors, rent or depreciation, utilities and other administrative items generally falling within the category of the Managing Owner’s “overhead,” is prohibited. 
  
 (d) The Master Fund hereby assumes all of the Limited Owner’s expenses and costs of each and every type
whatsoever, which shall be deemed to be and treated for all purposes of this Trust Agreement as expenses and costs of the Master Fund. 
  
 SECTION 4.9. Compensation to the Managing Owner. The Master Fund shall pay to the Managing Owner, monthly in arrears, a management fee in an amount
equal to 0.079166% (0.95% per annum) (the “Management Fee”) of the Master Fund’s Net Asset Value as of the end of each month. The Managing Owner shall, in its capacity as a Shareholder, be entitled to receive allocations and
distributions pursuant to the provisions of this Trust Agreement. 
  
 SECTION 4.10. Other Business of Shareholders. Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer, director, employee or other person holding a legal or beneficial interest in an
entity which is a Shareholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive with the business of the Master Fund,
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 Master Fund only upon one hundred and twenty (120) days’ prior written notice to the Limited Owner and the Trustee. If
the withdrawing Managing Owner is the last remaining Managing Owner, the Limited Owner may appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall carry on the business of the Master Fund. In the event of
its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Share at the Net Asset Value thereof on the next Redemption Date following the date of removal or withdrawal. If the Managing Owner withdraws and a successor
Managing Owner is named, the withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 
  
 SECTION 4.12. Authorization of Registration Statements. The Limited Owner hereby agrees that the Master Fund, 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 Prospectus on behalf of the Master Fund without any further 

  

 23 

 
act, approval or vote of the Limited Owner, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law,
rule or regulation. 
  
 SECTION 4.13. Litigation. The
Managing Owner is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Master Fund’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 Master Fund’s
assets and, thereafter, out of the assets (to the extent that it is permitted to do so under the various other provisions of this Trust Agreement) of the Managing Owner. 
  
 ARTICLE V 
  
 TRANSFERS OF SHARES 
  
 SECTION 5.1. Transfer of Managing Owner’s General Shares. 
  
 (a) Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s General Shares shall
be purchased by the Master Fund 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 Master Fund merely upon the occurrence of its making an assignment for the benefit of
creditors, filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing
an answer or other pleading admitting or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a Trustee, receiver or liquidator for
itself or of all or any substantial part of its properties. 
  
 (b) To the full extent permitted by law, and on sixty (60) days’ prior written notice to the Limited Owner, of its right to vote thereon, if the transaction is other than with an Affiliated entity, nothing in
this Trust Agreement shall be deemed to prevent the merger of the Managing Owner with another corporation or other entity, the reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital
stock of the Managing Owner or the assumption of the Shares, rights, duties and liabilities of the Managing Owner by, in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the
transfer of the Managing Owner’s Shares to an Affiliate of the Managing Owner. Without limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section
4.11 or an Event of Withdrawal or assignment of Shares for purposes of Sections 5.2(a) or 5.2(c). 
  
 (c) Upon assignment of all of its Shares, the Managing Owner shall not cease to be a Managing Owner of the Master Fund, or to have the
power to exercise any rights or powers as a Managing Owner, or to have liability for the obligations of the Master Fund under 

  

 24 

 
Section 1.7 hereof, until an additional Managing Owner, who shall carry on the business of the Master Fund, has been admitted to the Master Fund. 

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

  
 (iii) A Limited Owner shall bear all
extraordinary costs (including attorneys’ and accountants’ fees), if any, related to any transfer, assignment, pledge or encumbrance of his Limited Shares. 
  
 (b) No permitted assignee of the whole or any portion of a Limited Owner’s Limited Shares shall have
the right to become a substituted Limited Owner in place of his assignor unless all of the following conditions are satisfied: 
  
 (i) The written consent of the Managing Owner to such substitution shall be obtained, the granting or denial of which shall be within the
sole and absolute discretion of the Managing Owner, subject to the provisions of Section 5.2(d)(i). 
  
 (ii) A duly executed and acknowledged written instrument of assignment has been filed with the Master Fund setting forth the intention of
the assignor that the permitted assignee become a substituted Limited Owner in his place; 
  

 25 

 (iii) The assignor and permitted assignee execute and acknowledge and/or deliver such
other instruments as the Managing Owner may deem necessary or desirable to effect such admission, including his execution, acknowledgment and delivery to the Managing Owner, as a counterpart to this Trust Agreement, of a Power of Attorney in the
form set forth in the Subscription Agreement; and 
  
 (iv) Upon the request of the Managing Owner, an opinion of the Master Fund’s independent legal counsel is obtained to the effect that (A) the assignment will not jeopardize the Master Fund’s tax classification as a partnership and
(B) the assignment does not violate this Trust Agreement or the Delaware Trust Statute. 
  
 (c) Any Person admitted as a Shareholder shall be subject to all of the provisions of this Trust Agreement as if an original signatory
hereto. 
  
 (d) (i) Subject to the provisions of
Section 5.2(e) below and to the provisions of this Section generally, a Limited Owner, subject to the Managing Owner’s consent, may have the right to assign all or any of his Limited Shares to any assignee by a written assignment (on a form
acceptable to the Managing Owner) the terms of which are not in contravention of any of the provisions of this Trust Agreement, which assignment has been executed by the assignor and received by the Master Fund and recorded on the books thereof. An
assignee of a Limited Share (or any interest therein) will not be recognized as a permitted assignee without the consent of the Managing Owner, which consent the Managing Owner may withhold in its sole discretion. The Managing Owner shall incur no
liability to any investor or prospective investor for any action or inaction by it in connection with the foregoing, provided it acted in good faith. 
  
 (ii) Except as specifically provided in this Trust Agreement, a permitted assignee of a Share shall be entitled to receive distributions
attributable to the Share acquired by reason of such assignment from and after the effective date of the assignment of such Share to him. The “effective date” of an assignment of a Limited Share shall be determined by the Managing Owner in
its sole discretion. 
  
 (iii) Anything herein to
the contrary notwithstanding, the Master Fund and the Managing Owner shall be entitled to treat the permitted assignor of such Share as the absolute owner thereof in all respects, and shall incur no liability for distributions made in good faith to
him, until such time as the written assignment has been received by, and recorded on the books of, the Master Fund. 
  
 (e) (i) No assignment or transfer of a Share may be made which would result in the Limited Owner and permitted assignees of the Limited
Owner owning, directly or indirectly, individually or in the aggregate, 5% or more of the stock of the Managing Owner or any related person as defined in Sections 267(b) and 707(b)(1) of the Code. If any such assignment or transfer would otherwise
be made by bequest, inheritance of operation of law, the Share transferred shall be deemed sold by the transferor to the Master Fund immediately prior to such transfer in the same manner as provided in Section 5.2(e)(ii). 
  

 26 

 (ii) Anything else to the contrary contained herein notwithstanding: (A) In any
particular twelve (12) consecutive month period no assignment or transfer of a Share may be made which would result in increasing the aggregate total of Shares previously assigned and/or transferred in said period to 49% or more of the outstanding
Shares. This limitation is hereinafter referred to as the “forty-nine percent (49%) limitation”; (B) Clause (ii)(A) hereof shall not apply to a transfer by gift, bequest or inheritance, or a transfer to the Master Fund, and, for purposes
of the forty-nine percent (49%) limitation, any such transfer shall not be treated as such; (C) If, after the forty-nine percent (49%) limitation is reached in any consecutive 12 month period, a transfer of a Share would otherwise take place by
operation of law (but not including any transfer referred to in clause (iii)(B) hereof) and would cause a violation of the forty-nine percent (49%) limitation, then said Share(s) shall be deemed to have been sold by the transferor to the Master Fund
in liquidation of said Share(s) immediately prior to such transfer for a liquidation price equal to the Net Asset Value of said Share(s) on such date of transfer. The liquidation price shall be paid within 90 days after the date of the transfer.

  
 (f) The Managing Owner, in its sole
discretion, may cause the Master Fund to make, refrain from making, or once having made, to revoke, the election referred to in Section 754 of the Code, and any similar election provided by state or local law, or any similar provision enacted in
lieu thereof. 
  
 (g) The Managing Owner, in its
sole discretion, may cause the Master Fund to make, refrain from making, or once having made, to revoke the election by a qualified fund under Section 988(c)(1)(E)(V), and any similar election provided by state or local law, or any similar provision
enacted in lieu thereof. 
  
 (h) The Limited
Owner hereby agrees to indemnify and hold harmless the Master Fund and each Shareholder against any and all losses, damages, liabilities or expense (including, without limitation, tax liabilities or loss of tax benefits) arising, directly or
indirectly, as a result of any transfer or purported transfer by the Limited Owner in violation of any provision contained in this Section 5.2. 
  
 ARTICLE VI 
  
 DISTRIBUTION AND ALLOCATIONS 
  
 SECTION 6.1. Capital Accounts. A capital account shall be established by the Managing Owner for each Shareholder (such account sometimes hereinafter referred to as a “book capital account”). The
initial balance of each Shareholder’s book capital account shall be the amount of his initial Capital Contribution. 
  
 SECTION 6.2. Daily Allocations. No less frequently than as of the close of business of each Business Day, the following determinations and
allocations shall be made: 
  
 (a) First, any
increase or decrease in the Shares’ Net Asset Value as of such date as compared to the next previous determination of Net Asset Value shall be credited or charged to the book capital accounts of the Shareholders in the ratio that the balance of
each such 

  

 27 

 
Shareholder’s book capital account bears to the balance of all Shareholders’ in the Master Fund’s book capital accounts; and 
  
 (b) Next, the amount of any distribution to be made to a
Shareholder and any amount to be paid to a Shareholder upon redemption of his Shares shall be charged to that Shareholder’s book capital account as of the applicable record date and Redemption Date, respectively. 
  
 SECTION 6.3. Allocation of Profit and Loss for U.S. Federal Income Tax
Purposes. As of the end of each Fiscal Year of the Master Fund, each Share’s recognized profit and loss shall be allocated among the Shareholders pursuant to the following subparagraphs for U.S. federal income tax purposes. Except as
otherwise provided herein, such allocations of profit and loss shall be pro rata from Disposition Gain (or Disposition Loss) and Profits (or Losses). 
  
 (a) First, the Profits or Losses shall be allocated pro rata among the Shareholders based on their respective book capital accounts
as of the last day of each month in which such Profits or Losses accrued. 
  
 (b) Next, Disposition Gain or Disposition Loss from trading activities of the Master Fund for each Fiscal Year of the Master Fund shall be allocated among the Shareholders as follows: 
  
 (i) There shall be established a tax capital account with
respect to each Shareholder. The initial balance of each tax capital account shall be the amount paid by the Shareholder for the Shares. Tax capital accounts shall be adjusted as of the end of each Fiscal Year as follows: (A) Each tax capital
account shall be increased by the amount of income (Profits or Disposition Gain) which shall have been allocated to the Shareholder who shall hold the Share pursuant to Section 6.3(a) above and Sections 6.3(b)(ii) and 6.3(b)(iii) below; (B) Each tax
capital account shall be decreased by the amount of expense or loss (Losses or Disposition Losses) which shall have been allocated to the Shareholder who shall hold the Share pursuant to Section 6.3(a) above and Sections 6.3(b)(iv) and 6.3(b)(v)
below and by the amount of any distribution which shall have been received by the Shareholder with respect to the Share (other than on redemption of Shares); and (C) If a Share is redeemed, the tax capital account with respect to such Share shall be
eliminated on the Redemption Date. 
  
 (ii)
Disposition Gain realized during any month shall be allocated first among all Shareholders whose book capital accounts are in excess of their Shares’ tax capital accounts (after making the adjustments, other than adjustments resulting from the
allocations to be made pursuant to this Section 6.3(b)(ii) for the current month, described in Section 6.3(b)(i) above) in the ratio that each such Shareholder’s excess shall bear to all such Shareholder’s excesses. 
  
 (iii) Disposition Gain realized during any month that
remains after the allocation pursuant to Section 6.3(b)(ii) above shall be allocated to those Shareholders who were Shareholders during such month in the ratio that each such Shareholder’s book capital account bears to all such
Shareholders’ book 

  

 28 

 
capital accounts as of the beginning of such month. 
  
 (iv) Disposition Loss realized during any month shall be allocated first among all Shareholders whose Shares’ tax capital accounts
are in excess of their book capital accounts (after making the adjustments, other than adjustments resulting from the allocations to be made pursuant to this Section 6.3(b)(iv) for the current month, described in Section 6.3(b)(i) above) in the
ratio that each such Shareholder’s excess shall bear to all such Shareholders’ excesses. 
  
 (v) Disposition Loss realized during any month that remains after the allocation pursuant to Section 6.3(b)(iv) above shall be allocated
to those Shareholders who were Shareholders during such month in the ratio that each such Shareholder’s book capital account bears to all such Shareholders’ book capital accounts as of the beginning of such calendar month. 
  
 (c) The tax allocations prescribed by this Section 6.3 shall
be made to each holder of a Share whether or not the holder is a substituted Limited Owner. For purposes of this Section 6.3, tax allocations shall be made to the Managing Owner’s Shares on a Share-equivalent basis. 
  
 (d) The allocation of income and loss (and items thereof)
for U.S. federal income tax purposes set forth in this Section 6.3 is intended to allocate taxable income and loss among Shareholders generally in the ratio and to the extent that net profit and net loss shall be allocated to such Shareholders under
Section 6.2 so as to eliminate, to the extent possible, any disparity between a Shareholder’s book capital account and his tax capital account, consistent with the principles set forth in Sections 704(b) and (c)(2) of the Code. 
  
 (e) Notwithstanding this Section 6.3, if after taking into
account any distributions to be made with respect to such Share for the relevant period pursuant to Section 6.4 herein, any allocation would produce a deficit in the book capital account of a Share, the portion of such allocation that would create
such a deficit shall instead be allocated pro rata to the book capital accounts of all the remaining Shareholders (subject to the same limitation). 
  
 SECTION 6.4. Allocation of Distributions. Initially, distributions shall be made by the Managing Owner, and the Managing Owner shall have sole
discretion in determining the amount and frequency of distributions, other than redemptions, with respect to the Shares; provided, however, that no distribution shall be made that violates the Delaware Trust Statute. The aggregate distributions made
in a Fiscal Year (other than distributions on termination, which shall be allocated in the manner described in Article VIII) shall be allocated among the holders of record of Shares in the ratio in which the number of Shares held of record by each
of them bears to the number of Shares held of record by all of the Shareholders as of the record date of such distribution; provided, further, however, that any distribution made in respect of a Share shall not exceed the book capital account for
such Share. 
  
 SECTION 6.5. Admissions of Shareholders;
Transfers. For purposes of this Article VI, Shareholders shall be deemed admitted, and a tax and book capital account shall be 
  

 29 

 established in respect of the Shares acquired by such Shareholder or in respect of additional Shares acquired by an
existing Shareholder, as of the day when such Shareholder’s Purchase Order or Redemption Order has been fully processed, as the case may be, or in which the transfer of Shares to such Shareholder is recognized. Any Shareholder to whom a Share
had been transferred shall succeed to the tax and book capital accounts attributable to the Share transferred. 
  
 SECTION 6.6. Liability for State and Local and Other Taxes. In the event that the Master Fund shall be separately subject to taxation by any state
or local or by any foreign taxing authority, the Master Fund shall be obligated to pay such taxes to such jurisdiction. In the event that the Master Fund shall be required to make payments to any U.S. federal, state or local or any foreign taxing
authority in respect of any Shareholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Master Fund to such Shareholder, and such Shareholder shall be liable for, and shall pay to the Master Fund, any
taxes so required to be withheld and paid over by the Master Fund within ten (10) days after the Managing Owner’s request therefor. Such Shareholder shall also be liable for (and the Managing Owner shall be entitled to redeem additional Shares
of the foreign Shareholder as necessary to satisfy) interest on the amount of taxes paid over by the Master 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 Master Fund to the Shareholder in respect of its Shares so redeemed, or in respect of
any other actual distribution by the Master Fund to such Shareholder, shall be reduced by any obligations owed to the Master Fund by the Shareholder, including, without limitation, the amount of any taxes required to be paid over by the Master Fund
to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Master Fund from any actual distribution or redemption payment to such Shareholder shall be treated as an actual distribution to such
Shareholder for all purposes of this Trust Agreement. 
  
 ARTICLE VII 
  
 REDEMPTIONS 
  
 SECTION 7.1. Redemption of Redemption Baskets. The following
procedures, as supplemented by the more detailed procedures agreed from time-to-time between the Managing Owner and the Limited Owner, will govern the Trust with respect to the redemption of Redemption Baskets. 
  
 (a) On any Business Day, a Shareholder may redeem one or
more Redemption Baskets by delivering a request for redemption to the Managing Owner (such request a “Redemption Order”) in accordance with such procedures as the Managing Owner shall from time-to-time determine. 
  
 (b) To be effective, a Redemption Order must be submitted on
a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing 
  

 30 

 
Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Managing
Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
  
 (c) Subject to deduction of any tax or other governmental charges due thereon, if any, the redemption distribution (“Redemption
Distribution”) shall consist of in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket as of the closing time of the
Exchange or the last to close of the exchanges on which any of the 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 by means of such procedures as the Managing Owner shall determine from time-to-time. If by such Redemption Settlement Time, the Managing Owner has not received from a redeeming Shareholder
all Redemption Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Shareholder and (ii) keep the Shareholder’s Redemption Order open until
noon, New York time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended
Redemption Order are credited to Managing Owner’s account by noon, New York time, on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second
preceding sentence. If by such Redemption Settlement Time, the Managing Owner has not received from the redeeming Shareholder all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption
Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the
Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s account if the Shareholder has collateralized its obligation to deliver the Redemption
Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 
  
 (e) The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date, (i) for any
period during which the Exchange is closed other than customary weekend and holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the
Master 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 the Limited Owner. The Managing Owner will not be liable to any person or in any way for
any loss or damages that may result from any such suspension or postponement. 
  

 31 

 (f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section
7.1 shall be cancelled. 
  
 (g) Baskets may not
be redeemed during the Initial Offering Period. 
  
 SECTION 7.2.
Other Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Limited Shares in lot sizes smaller than the Redemption Basket and permitting the
Redemption Distribution to be in a form, and delivered in a manner, other than that specified in Section 7.1. 
  
 ARTICLE VIII 
  
 THE LIMITED OWNER 
  
 SECTION 8.1. No
Management or Control; Limited Liability. The Limited Owner shall not participate in the management or control of the Master Fund’s business nor shall it transact any business for the Master Fund or have the power to sign for or bind the
Master Fund, said power being vested solely and exclusively in the Managing Owner. Except as provided in Section 8.3 hereof, the Limited Owner shall not be bound by, or be personally liable for, the expenses, liabilities or obligations of the Master
Fund in excess of his Capital Contribution plus its share of any Trust Estate in which the Limited Owner owns a share and profits remaining, if any. Except as provided in Section 8.3 hereof, each Limited Share owned by the Limited Owner shall be
fully paid and no assessment shall be made against the Limited Owner. No salary shall be paid to the Limited Owner in its capacity as the Limited Owner, nor shall the Limited Owner have a drawing account or earn interest on his contribution.

  
 SECTION 8.2. Rights and Duties. The Limited Owner shall
have the following rights, powers, privileges, duties and liabilities: 
  
 (a) The Limited Owner shall have the right to obtain from the Managing Owner information of all things affecting the Master Fund, provided that such is for a purpose reasonably related to the Limited Owner’s
interest as a beneficial owner of the Master Fund, including, without limitation, such reports as are set forth in Article IX. The foregoing rights are in addition to, and do not limit, other remedies available to the Limited Owner under U.S.
federal or state law. 
  
 (b) The Limited Owner
shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times provided for in this Trust Agreement. 
  
 (c) Except for the Limited Owner’s redemption rights set forth in Article VII hereof, the Limited Owner shall have the right to
demand the return of its capital account only upon the dissolution and winding up of the Master Fund and only to the extent of funds available therefor. In no event shall the Limited Owner be entitled to demand or receive property other than cash.
The Limited Owner shall not have any right to bring an action for partition against the Master Fund. 
  

 32 

 (d) The Limited Owner may (i) continue the Master Fund as provided in Section 13.1(b),
(ii) remove the Managing Owner on reasonable prior written notice to the Managing Owner, (iii) elect and appoint one or more additional Managing Owners, or consent to such matters as are set forth in Section 5.2(b), (iv) approve a material change in
investment policies, as set forth in the Prospectus, (v) approve the termination of any agreement entered into between the Master Fund and the Managing Owner or any Affiliate of the Managing Owner for any reason, without penalty, (vi) approve
amendments to this Trust Agreement as set forth in Section 11.1 hereof, and (vii) terminate the Trust as provided in Section 13.1(e), and in the case of (iii), (iv) and (v) in each instance on 60 days’ prior written notice. 
  
 Except as set forth above, the Limited Owner shall have no voting or other
rights with respect to the Master Fund. 
  
 SECTION 8.3.
Limitation on Liability. 
  
 (a) Except as
provided in Sections 4.7(f), 5.2(h) and 6.6 hereof, and as otherwise provided under Delaware law, the Limited Owner shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized
under the general corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of the Master Fund in excess of his Capital Contribution and his share of the applicable Master Fund Estate and undistributed profits,
except in the event that the liability is founded upon misstatements or omissions contained in such Limited Owner’s Feeder Fund Participant Agreement delivered in connection with his purchase of Shares. In addition, and subject to the
exceptions set forth in the immediately preceding sentence, the Master 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 Master 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 Master Fund Estate, each Limited Owner (excluding the
Managing Owner to the extent of its ownership of any Limited Shares) against any claims of liability asserted against such Limited Owner solely because he is a beneficial owner of Shares as a Limited Owner (other than for taxes for which such
Limited Owner is liable under Section 6.6 hereof). 
  
 (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 Master Fund and that the
obligations of such instrument are not binding upon the Limited Owner individually but are binding only upon the assets and property of the Master Fund, and no resort shall be had to the Limited Owner’s personal property for satisfaction of any
obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Limited Owner
individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking. Nothing contained in this Section 8.3 shall diminish the limitation on the liability of the Master Fund to the extent set forth in Section
3.3 and 3.4 hereof. 
  

 33 

 ARTICLE IX 
  

BOOKS OF ACCOUNT AND REPORTS 
  
 SECTION 9.1. Books of Account. Proper books of account for the Master 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 the Master 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
Master Fund 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 Master Fund, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and the Master Fund shall report its Profits and Losses on, the
accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article X. 
  
 SECTION 9.2. Annual Reports and Monthly Statements. Each Limited Owner shall be furnished as of the end of each month and as of the end of each
Fiscal Year with (a) such reports (in such detail) as are required to be given to the Limited Owner by the CFTC and the NFA, (b) any other reports (in such detail) required to be given to the Limited Owner by any other governmental authority which
has jurisdiction over the activities of the Master Fund and (c) any other reports or information which the Managing Owner, in its discretion, determines to be necessary or appropriate. 
  
 SECTION 9.3. Tax Information. Appropriate tax information (adequate to enable the Limited Owner to complete and file
his U.S. federal tax return) shall be delivered to the Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than March 15. 
  
 SECTION 9.4. Calculation of Net Asset Value. Net Asset Value shall be calculated at such times as the Managing Owner
shall determine from time-to-time. 
  
 SECTION 9.5. Maintenance
of Records. The Managing Owner shall maintain: (a) for a period of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known address of, and number of Shares owned by, all Shareholders, a
copy of the Certificate of Trust and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the Master Fund’s U.S. federal, state and local
income tax returns and reports, if any; and (b) for a period of at least six Fiscal Years copies of any effective written Trust Agreements, Feeder Fund Participant Agreements and any financial statements of the Master Fund. The Managing Owner may
keep and maintain the books and records of the Master Fund 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. 
  

 34 

 SECTION 9.6. Certificate of Trust. Except as otherwise provided in the Delaware Trust Statute or
this Trust Agreement, the Managing Owner shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to the Limited Owner; however, such certificates shall be maintained at the
principal office of the Master Fund and shall be available for inspection and copying by the Limited Owner in accordance with this Trust Agreement. The Certificate of Trust shall not be amended in any respect if the effect of such amendment is to
diminish the limitation on interseries liability under Section 3804 of the Delaware Trust Statute. 
  
 SECTION 9.7. Registration of Shares. The Managing Owner shall keep, at the Master Fund’s principal place of business, a Share Register in
which, subject to such reasonable regulations as it may provide, it shall provide for the registration of Shares and of transfers of Shares. Subject to the provisions of Article V, the Managing Owner may treat the Person in whose name any Share
shall be registered in the Share Register as the Shareholder of such Share for the purpose of receiving distributions pursuant to Article VI and for all other purposes whatsoever. 
  
 ARTICLE X 
  
 FISCAL YEAR 
  
 SECTION 10.1. Fiscal Year. The 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 Master Fund 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 Master Fund shall terminate shall end on the date of
termination. 
  
 ARTICLE XI 
  
 AMENDMENT OF TRUST AGREEMENT; MEETINGS 
  
 SECTION 11.1. Amendments to the Trust Agreement. 
  
 (a) Amendments to this Trust Agreement may be proposed by
the Managing Owner or by the Limited Owner holding Shares equal to at least 10% of the Net Asset Value of the Master Fund. Following such proposal, the Managing Owner shall submit to the Limited Owner a verbatim statement of any proposed amendment,
and statements concerning the legality of such amendment and the effect of such amendment on the limited liability of the Limited Owner. The Managing Owner shall include in any such submission its recommendations as to the proposed amendment. The
amendment shall become effective only upon the written approval or affirmative vote of the Limited Owner, and upon receipt of an opinion of independent legal counsel as set forth in Section 8.2 hereof and to the effect that the amendment is legal,
valid and binding and will not adversely affect the limitations on liability of the Limited Owner as described in Section 8.3 of this Trust Agreement. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of
this Trust Agreement requires the approval or affirmative vote of the Limited Owner, and/or the approval or affirmative vote of 

  

 35 

 
the Managing Owners, an amendment to such provision(s) shall be effective only upon the written approval or affirmative vote of the Shareholders required to
take or authorize such action, or as may otherwise be required by applicable law, and upon receipt of an opinion of independent legal counsel as set forth above in this Section 11.1. In addition, except as otherwise provided below, reduction of the
capital account of any assignee or modification of the percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to this Trust Agreement without such assignee’s approval.

  
 (b) Notwithstanding any provision to the
contrary contained in Section 11.1(a) hereof, the Managing Owner may, without the approval of the Limited Owner, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the
Managing Owner or surrender any right or power granted to the Managing Owner herein, for the benefit of the Limited Owner, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any
other provision herein or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the Trust Agreement or the
Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Limited Owner; (B) is consistent with
Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owner or between the Limited Owner and the Managing Owner; and (D) does not adversely affect the
limitations on liability of the Limited Owner, as described in Article VIII hereof or the status of the Master Fund as a partnership for U.S. federal income tax purposes. (i) Amendments to this document which adversely affect the rights of Limited
Owner, (ii) the appointment of a new Managing Owner pursuant to Section 4.2(g) above, (iii) the dissolution of the Master Fund pursuant to Section 13.1(f) below and (iv) any material changes in the Master Fund’s basic investment policies or
structure shall occur only upon the written approval or affirmative vote of the Limited Owner holding Shares equal to at least a majority (over 50%) of the Net Asset Value of the Master Fund (excluding Shares held by the Managing Owner and its
Affiliates) pursuant to Section 11.1(a) above. 
  
 (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a) and (b) hereof, the Managing Owner may, without the approval of the Limited Owner, amend the provisions of Article VI of this Trust Agreement relating to the
allocations of Profits, Losses, Disposition Gain, Disposition Loss and distributions among the Shareholders if the Master Fund is advised at any time by the Master Fund’s accountants or legal counsel that the allocations provided in Article VI
of this Trust Agreement are unlikely to be respected for U.S. federal income tax purposes, either because of the promulgation of new or revised Treasury Regulations under Section 704 of the Code or other developments in the law. The Managing Owner
is empowered to amend such provisions to the minimum extent necessary in accordance with the advice of the accountants and counsel to effect the allocations and distributions provided in this Trust Agreement. New allocations made by the Managing
Owner in reliance upon the advice of the accountants or counsel described above shall be deemed to be made pursuant to the obligation of the Managing Owner to the Master Fund and the Limited Owner, and no such new allocation shall give rise to any
claim or cause of action by the Limited Owner. 
  

 36 

 (d) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be
amended, if required by the Delaware Trust Statute, to reflect such change. 
  
 (e) No amendment shall be made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee;
provided, however, that the Trustee may not withhold its consent for any action which the Limited Owner is permitted to take under Section 8.2(d) above. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the
Certificate of Trust if so directed by the Managing Owner or if such amendment is required in the opinion of the Trustee. 
  
 (f) The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Master Fund
is a party until it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the Trustee that
such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Master Fund is a party and does not conflict with or violate any other agreement to which the Master Fund is a party
and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee. 
  
 (g) No provision of this Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in
accordance with this Section. 
  
 SECTION 11.2. Meetings of the
Master Fund. Meetings of the Shareholders of the Master Fund may be called by the Managing Owner and will be called by it upon the written request of the Limited Owner. Such call for a meeting shall be deemed to have been made upon the receipt
by the Managing Owner of a written request from the requisite percentage of Limited Owners. The Managing Owner shall deposit in the United States mails, within 15 days after receipt of said request, written notice to all Shareholders of the Master
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 Owner for the debts of the Master Fund. Shareholders 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 Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If
the vote or consent of any Shareholder to any action of the Master Fund or any Shareholder, as contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Shareholder given in the
manner provided in Section 15.4. The vote or consent of each Shareholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually
received by that Shareholder, unless the Shareholder expresses written objection to the 

  

 37 

 
vote or consent by notice given in the manner provided in Section 15.4 below and actually received by the Master Fund within 20 days after the notice of
solicitation is effected. The Managing Owner and all persons dealing with the Master Fund 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
Master Fund in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Shareholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such Shareholders
in any manner other than as expressly provided in Section 15.4. 
  
 ARTICLE XII 
  
 TERM 
  
 SECTION 12.1. Term. The term for which the Master 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 Master Fund or any Series. The Master 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 Master Fund or (ii) within 90 days of such Event of Withdrawal all the remaining Shareholders agree in writing to continue the business of the Master Fund and to select, effective as of the date of such event, one or more
successor Managing Owners. If the Master Fund is terminated as the result of an Event of Withdrawal and a failure of all remaining Shareholders to continue the business of the Master Fund and to appoint a successor Managing Owner as provided in
clause (a)(ii) above, within 120 days of such Event of Withdrawal, the Limited Owner may elect to continue the business of the Master Fund by forming a new statutory trust (the “Reconstituted Master Fund”) 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 Master Fund). Any such election must also provide for the election of a Managing Owner to the
Reconstituted Master Fund. If such an election is made, the Limited Owner of the Master Fund shall be bound thereby and continue as the Limited Owner of the Reconstituted Master Fund. 
  
 (b) The occurrence of any event which would make unlawful the continued existence of the Master Fund.

  

 38 

 (c) In the event of the suspension, revocation or termination of the Managing
Owner’s registration as a commodity pool operator or commodity trading advisor under the CE Act, or membership as a commodity pool operator or commodity trading advisor with the NFA unless at the time there is at least one remaining Managing
Owner whose registration or membership has not been suspended, revoked or terminated. 
  
 (d) The Master Fund becomes insolvent or bankrupt. 
  
 (e) The Limited Owner determines to dissolve the Master Fund, notice of which is sent to the Managing Owner
not less than ninety (90) Business Days prior to the effective date of termination. 
  
 (f) The determination of the Managing Owner that the aggregate net assets of the Master Fund in relation to the operating expenses of the
Master Fund make it unreasonable or imprudent to continue the business of the Master Fund, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Master Fund because the aggregate Net Asset Value of
the Master Fund as of the close of business on any Business Day declines below $10 million. 
  
 (g) The Master Fund is required to be registered as an investment company under the Investment Company Act of 1940. 
  
 (h) DTC is unable or unwilling to continue to perform its
functions, and a comparable replacement is unavailable. 
  
 The
death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of the Limited Owner shall not result in the termination of the Master Fund, and such Limited Owner, his estate, custodian or personal representative shall have no right to
withdraw or value such Limited Owner’s Shares except as provided in Section 7.1 hereof. 
  
 SECTION 13.2. Distributions on Dissolution. Upon the dissolution of the Master Fund, the Managing Owner (or in the event there is no Managing Owner, such person (the “Liquidating Trustee”) as the
Limited Owner may propose and approve) shall take full charge of the Master Fund 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 Master Fund. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute the business and affairs of the Master 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
Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Master Fund (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to
Shareholders, and (b) to the Managing Owner and the Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Shareholder to the Master Fund, after giving effect to all adjustments made

  

 39 

 
pursuant to Article VI and all distributions theretofore made to the Shareholders pursuant to Article VI. After the distribution of all remaining assets of
the Master Fund, the Managing Owner will contribute to the Master Fund an amount equal to the lesser of (i) the deficit balance, if any, in its book capital account, and (ii) the total Capital Contributions of the Limited Owner. Any Capital
Contributions made by the Managing Owner pursuant to this Section shall be applied first to satisfy any amounts then owed by the Master Fund to its creditors, and the balance, if any, shall be distributed to those Shareholders whose book capital
account balances (immediately following the distribution of any liquidation proceeds) were positive, in proportion to their respective positive book capital account balances. 
  
 SECTION 13.3. Termination; Certificate of Cancellation. Following the dissolution and distribution of the assets of
the Master Fund, the Master Fund shall terminate and 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 Master Fund as a separate legal entity shall continue until the filing of such certificate of cancellation. 

 
 ARTICLE XIV 
  
 POWER OF ATTORNEY 
  
 SECTION 14.1. Power of Attorney Executed Concurrently. Concurrently
with the written acceptance and adoption of the provisions of this Trust Agreement, the Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of the Feeder Fund Participant Agreement, or in such other form as may
be prescribed by the Managing Owner. The Limited Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power of substitution, as the true and lawful
attorney-in-fact and agent for the Limited Owner with full power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Master Fund 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 Master Fund as a business Master Fund in the jurisdictions in which the Master
Fund 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 Master Fund or the Shareholders under the laws
of any jurisdiction; 
  
 (b) Any instrument which
may be required to be filed by the Master Fund 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 

  

 40 

 
the continuation of the Master Fund, the admission of the signer of the Power of Attorney as a Limited Owner or of others as additional or substituted
Limited Owner, or the termination of the Master Fund, provided such continuation, admission or termination is in accordance with the terms of this Trust Agreement. 
  
 SECTION 14.2. Effect of Power of Attorney. The Power of Attorney concurrently granted by the Limited Owner to the
Managing Owner: 
  
 (a) Is a special, irrevocable
Power of Attorney coupled with an interest, and shall survive and not be affected by the death, disability, dissolution, liquidation, termination or incapacity of the Limited Owner; 
  
 (b) May be exercised by the Managing Owner for the Limited Owner by a facsimile signature of one of its
officers or by a single signature of one of its officers acting as attorney-in-fact for all of them; and 
  
 (c) Shall survive the delivery of an assignment by the Limited Owner of the whole or any portion of his Limited Shares; except that where
the assignee thereof has been approved by the Managing Owner for admission to the Master Fund as a substituted Limited Owner, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the
Managing Owner to execute, acknowledge and file any instrument necessary to effect such substitution. 
  
 The Limited Owner agrees to be bound by any representations made by the Managing Owner and by any successor thereto, determined to be acting in good faith
pursuant to such Power of Attorney and not constituting negligence or misconduct. 
  
 SECTION 14.3. Limitation on Power of Attorney. The Power of Attorney concurrently granted by the Limited Owner to the Managing Owner shall not authorize the Managing Owner to act on behalf of the Limited Owner
in any situation in which this Trust Agreement requires the approval of the Limited Owner unless such approval has been obtained as required by this Trust Agreement. In the event of any conflict between this Trust Agreement and any instruments filed
by the Managing Owner or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 
  
 ARTICLE XV 
  
 MISCELLANEOUS 
  
 SECTION 15.1. Governing Law. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the
effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or
state securities laws shall not be governed by this Section, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than
the Delaware Trust Statute) and that, to the maximum 

  

 41 

 
extent permitted by applicable law, there shall not be applicable to the Master Fund, the Trustee, the Managing Owner, the Shareholders or this Trust
Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to Master Funds 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 Master Fund, (c) the necessity for obtaining court or
other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to Trustees, officers, agents or employees of a Master Fund, (e) the allocation of receipts and expenditures
to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of Master Fund investments or requirements relating to the titling, storage or other manner of holding of Master Fund 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 Master Fund. The Master Fund shall be of the type commonly called a “statutory trust,” and without limiting the provisions
hereof, the Master Fund may exercise all powers that are ordinarily exercised by such a Master Fund under Delaware law. The Master Fund 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 Master Fund 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. 
  

 42 

 SECTION 15.4. Notices. All notices or communications under this Trust Agreement (other than
requests for redemption of Shares, notices of assignment, transfer, pledge or encumbrance of Shares, and reports and notices by the Managing Owner to the Limited Owner) shall be in writing and shall be effective upon personal delivery, or if sent by
mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Master 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 the case may be.
Requests for redemption, notices of assignment, transfer, pledge or encumbrance of Shares shall be effective upon timely receipt by the Managing Owner in writing. 
  
 SECTION 15.5. Counterparts. This Trust Agreement may be executed in several counterparts, and all so executed shall
constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 
  

SECTION 15.6. Binding Nature of Trust Agreement. The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit
of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee hereunder, the Master Fund
and the Managing Owner may rely upon the Master Fund records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Master Fund and the Managing Owner, in determining such rights, shall rely on such
records and that Limited Owner and assignees shall be bound by such determination. 
  
 SECTION 15.7. No Legal Title to Trust Estate. Subject to the provisions of Section 1.8 in the case of the Managing Owner, the Shareholders shall not have legal title to any part of the Trust Estate. 

 
 SECTION 15.8. Creditors. No creditors of any Shareholders shall
have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to the Master Fund Estate. 
  
 SECTION 15.9. Integration. This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof
and supersedes all prior agreements and understandings pertaining thereto. 
  
 SECTION 15.10. Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust, which shall belong exclusively to DB Commodity Services LLC. 
  
  

 43 

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

			
	WILMINGTON TRUST COMPANY,
	 as Trustee

		
	 By:
	 	       /s/

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

		
	 By:
	 	       /s/

	 	 	Name:
	 	 	Title:
	
	 DB COMMODITY INDEX TRACKING FUND,
 as Limited Owner

	
	 By: DB Commodity Services LLC, its sole
 Managing Owner

		
	 By:
	 	       /s/

	 	 	Name:
	 	 	Title:

  
  

 44 

 EXHIBIT A 
  

CERTIFICATE OF TRUST 
 OF

 DB COMMODITY INDEX TRACKING MASTER FUND 
  

THIS Certificate of Trust of DB Commodity Index Tracking Master Fund (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 Commodity Index Tracking Master
Fund. 
  
 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. 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 Owner Trustee of
 the Trust

		
	 By:
	 	 /s/ JANEL R. HAVRILLA

	 Name:
	 	Janel R. Havrilla
	 Title:
	 	Financial Services Officer

  
  

 45 

 Exhibit B 
  

DESCRIPTION OF THE 
 DEUTSCHE BANK
LIQUID COMMODITY INDEXTM 
  
 DBLCITM and Deutsche Bank Liquid Commodity IndexTM are Trade Marks of Deutsche Bank AG and are the subject of Community Trade Mark Application Nos. 3055043 and 3054996.
Trade Mark applications in the USA are pending. Any use of these marks must be with the consent of or under licence from the Index Sponsor (as defined below). 
  

	1.	GENERAL 

  
 The Deutsche Bank Liquid Commodity Index (the “DBLCI”) is intended to reflect the performance of certain commodities. The commodities comprising the DBLCI are Crude Oil, Heating Oil, Aluminium, Gold,
Corn and Wheat (each an “Index Commodity”) and the notional amounts of each Index Commodity included in the DBLCI are broadly in proportion to historical levels of the world’s production and stocks of the Index Commodities. The
sponsor of the DBLCI (the “Index Sponsor”) is Deutsche Bank AG London. 
  
 A closing level for the DBLCI will be calculated by the Index Sponsor on an “excess return” basis (see paragraph 3 (Excess Return Calculation) below). The Closing Level will be published by the Index Sponsor (see paragraph 14
(Publication of Closing Levels and Adjustments) below) as soon as reasonably practicable after the Index Valuation Time (as defined below) on each Index Business Day, subject as provided in paragraph 11 (Force Majeure) below. The Closing Levels are
quoted in U.S. Dollars. 
  
 Unless otherwise defined, terms used in this
Description of the DBLCI will have the meanings given them in paragraph 4 (Closing Prices), paragraph 5 (Exchange Instruments), paragraph 6 (ER Calculation Values), paragraph 7 (Recomposition Periods) or paragraph 8 (Rebalancing Periods), as the
case may be, below. 
  
 For the purposes of this Description: 
  
 “Aluminium” means high grade primary Aluminium. 
  
 “Crude Oil” means West Texas Intermediate light sweet crude oil. 

 
 “Heating Oil” means New York Harbour no. 2 heating oil. 
  
 “Index Business Day” means a day (other than a Saturday or Sunday) on which
commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York City. 
  
 “Index Valuation Time” means 11.00 pm (London time) on each Index Business Day or, if the publication time of any Closing
Price is amended, such other time as the Index Sponsor may determine and announce to be the Index Valuation Time for the DBLCI. 
  

	2.	INDEX COMPOSITION 

  
 The DBLCI is composed of notional amounts of each of the Index Commodities. The ER Closing Level (as defined below) is calculated by the Index Sponsor based on the closing price of the futures contract for each of the
Index Commodities and the relevant notional amount of such Index Commodity. The DBLCI includes provisions for the replacement of futures contracts as they approach maturity. Subject as provided in the definition of “Recomposition Period”
and “Rebalancing Period”, this replacement takes place over a period 

 
in order to lessen the impact on the market for futures contracts. Recomposition occurs monthly (other than in November) during a Recomposition Period in the
case of futures contracts relating to Crude Oil and Heating Oil. Rebalancing occurs annually in November during a Rebalancing Period in the case of Exchange Traded Instruments relating to all Index Commodities, including Crude Oil and Heating Oil.
Replacement of futures contract for Aluminum, Gold, Corn and Wheat occurs when DBLCI is annually rebalanced. 
  
 The DBLCI is balanced during the Rebalancing Period to rebalance its composition to the Index Base Weights. 
  
 The composition of the DBLCI may be adjusted in the event of an Index Disruption Event occurring (see paragraph 11 ( Index Disruption Event) below). 
  
 The DBLCI has been calculated back to a Base Date (the “Base Date”) of 1st
December, 1988. On the Base Date the ER Closing Level was 100. 
  

	3.	EXCESS RETURN CALCULATION 

  
 The closing level of the DBLCI calculated on an “excess return” basis (the “ER Closing Level”) on each Index Business Day is calculated by the
Index Sponsor as the sum of the ER Calculation Values for each Index Commodity for such Index Business Day and rounding the result to six decimal places with 0.0000005 being rounded upwards. 
  
 The ER Calculation Value in respect of each Index Commodity on an Index Business Day is
determined (a) as provided in paragraph 6 (ER Calculation Values) or (b) in the case of Crude Oil and Heating Oil, where the relevant Index Business Day falls during a Recomposition Period, as provided in paragraph 7 (Recomposition Periods) or (c)
where the relevant Index Business Day falls during a Rebalancing Period, as provided in paragraph 8 (Rebalancing Periods). In each case, the relevant Closing Prices in respect of the Index Commodities are determined as provided in paragraph 4
(Closing Prices) and the relevant Exchange Instruments to which the Closing Prices relate are determined as provided in paragraph 5 (Exchange Instruments). 
  

	4.	CLOSING PRICES 

  
 “Aluminium Closing Price” means, in respect of an Index Business Day, the closing price on LME of the relevant Exchange Instrument (determined as provided in paragraph 5 (Exchange Instruments)),
re-expressed in U.S. Dollars per metric tonne of Aluminium, as published by LME for that Index Business Day or, if in the determination of the Index Sponsor such Index Business Day is not a Valid Date, the closing price on LME of the relevant
Exchange Instrument (re-expressed as aforesaid) published by LME for the immediately preceding Valid Date, subject as provided in paragraph 10 (Index Disruption Event) and paragraph 11 (Force Majeure) above. 
  
 “CBOT” means the Board of Trade of the City of Chicago Inc., or its
successor. 
  
 “Closing Level” means, in respect of an Index
Business Day, each of the ER Closing Level for such Index Business Day. 
  
 “Closing Price” means: 
  

	(a)	in respect of Crude Oil, the Crude Oil Closing Price; 

  

	(b)	in respect of Heating Oil, the Heating Oil Closing Price; 

  

 2 

	(c)	in respect of Aluminium, the Aluminium Closing Price; 

  

	(d)	in respect of Gold, the Gold Closing Price; 

  

	(e)	in respect of Corn, the Corn Closing Price; and 

  

	(f)	in respect of Wheat, the Wheat Closing Price. 

  
 “COMEX” means the Commodity Exchange Inc., New York or its successor. 
  
 “Corn Closing Price” means, in respect of an Index Business Day, the closing price on CBOT of the relevant Exchange
Instrument (determined as provided in paragraph 5 (Exchange Instruments)), re-expressed in U.S. Dollars per U.S. bushel of corn, as published by CBOT for that Index Business Day or, if in the determination of the Index Sponsor such Index Business
Day is not a Valid Date, the closing price on CBOT of the relevant Exchange Instrument (re-expressed as aforesaid) published by CBOT for the immediately preceding Valid Date, subject as provided in paragraph 10 (Index Disruption Event) and paragraph
11 (Force Majeure) above. 
  
 “Crude Oil Closing Price” means, in
respect of an Index Business Day, the closing price on NYMEX of the relevant Exchange Instrument (determined as provided in paragraph 5 (Exchange Instruments)), expressed in U.S. Dollars per barrel of Crude Oil, as published by NYMEX for that Index
Business Day or, if in the determination of the Index Sponsor such Index Business Day is not a Valid Date, the closing price on NYMEX of the relevant Exchange Instrument (expressed as aforesaid) published by NYMEX for the immediately preceding Valid
Date, subject as provided in paragraph 10 (Index Disruption Event) and paragraph 11 (Force Majeure) above. 
  
 “Exchange” means: 
  

	(a)	in respect of Crude Oil, NYMEX; 

  

	(b)	in respect of Heating Oil, NYMEX; 

  

	(c)	in respect of Aluminium, LME; 

  

	(d)	in respect of Gold, COMEX; 

  

	(e)	in respect of Corn, CBOT; and 

  

	(f)	in respect of Wheat, CBOT. 

  
 “Exchange Business Day” means, in respect of an Index Commodity, a day that is (or, but for the occurrence of an Index Disruption Event or Force Majeure Event would have been) a trading day for such
Index Commodity on the relevant Exchange. 
  
 “Gold Closing
Price” means, in respect of an Index Business Day, the closing price on COMEX of the relevant Exchange Instrument (determined as provided in paragraph 5 (Exchange Instruments)), expressed in U.S. Dollars per troy ounce of gold, as published
by COMEX for that Index Business Day or, if in the determination of the Index Sponsor such Index Business Day is not a Valid Date, the closing price on COMEX of the relevant Exchange Instrument (expressed as aforesaid) published by COMEX for the
immediately preceding Valid Date, subject as provided in paragraph 10 (Index Disruption Event) and paragraph 11 (Force Majeure) above. 
  

 3 

 “Heating Oil Closing Price” means, in respect of an Index Business Day, the closing price on NYMEX of
the relevant Exchange Instrument (determined as provided in paragraph 5 (Exchange Instruments)), re-expressed in U.S. Dollars per U.S. gallon of Heating Oil, as published by NYMEX for that Index Business Day or, if in the determination of the Index
Sponsor such Index Business Day is not a Valid Date, the closing price on NYMEX of the relevant Exchange Instrument (re-expressed as aforesaid) published by NYMEX for the immediately preceding Valid Date, subject as provided in paragraph 10 (Index
Disruption Event) and paragraph 11 (Force Majeure) above. 
  
 “LME” means The London Metal Exchange Limited or its successor. 
  
 “NYMEX” means the New York Mercantile Exchange or its successor. 
  
 “Valid Date” means, in respect of an Index Commodity, a day which is an Exchange Business Day in respect of such Index Commodity and a day on which an
Index Disruption Event in respect of such Index Commodity or a related Exchange Instrument does not occur. 
  
 “Wheat Closing Price” means, in respect of an Index Business Day, the closing price on CBOT of the relevant Exchange Instrument (determined as provided in paragraph 5 (Exchange Instruments)),
re-expressed in U.S. Dollars per U.S. bushel of wheat of the grades deliverable in respect of the relevant Exchange Instrument in accordance with the rules of CBOT, as published by CBOT for that Index Business Day or, if in the determination of the
Index Sponsor such Index Business Day is not a Valid Date, the closing price on CBOT of the relevant Exchange Instrument (re-expressed as aforesaid) published by CBOT for the immediately preceding Valid Date, subject as provided in paragraph 10
(Index Disruption Event) and paragraph 11 (Force Majeure) above. 
  

	5.	EXCHANGE INSTRUMENTS 

  
 For the purposes of determining the relevant Exchange Instrument in respect of which a Closing Price is determined, the provisions of this paragraph shall apply. The relevant Exchange Instrument (the “Exchange
Instrument”), in respect of an Index Business Day (the “Relevant Index Business Day” and the calendar month in which the Relevant Index Business Day falls, the “Relevant Month”) is as follows: 

 

	(a)	in relation to Crude Oil and Heating Oil, an Exchange Traded Instrument with an expiry date falling in: 

  

	 	(i)	in relation to the calculation of an Existing Instrument Value or a Rebalanced Existing Instrument Value where the Relevant Index Business Day occurs prior to or during a
Recomposition Period or a Rebalancing Period in the Relevant Month, the Relevant Month; 

  

	 	(ii)	in relation to the calculation of a New Instrument Value, the calendar month immediately following the Relevant Month; and 

  

	 	(iii)	in relation to the calculation of an Existing Instrument Value where the Relevant Index Business Day occurs following a Recomposition Period or a Rebalancing Period in the Relevant
Month, the calendar month immediately following the Relevant Month; and 

  

	(b)	in relation to Aluminium, Gold, Corn and Wheat, an Exchange Traded Instrument with an expiry date falling in: 

  

	 	(i)	where the Relevant Month is other than November, in relation to the calculation of an Existing Instrument Value, the immediately following month of December;

  

 4 

	 	(ii)	where the Relevant Month is November, in relation to the calculation of an Existing Instrument Value or a Rebalanced Existing Instrument Value where the Relevant Index Business Day
occurs prior to or during the Rebalancing Period in the Relevant Month, the immediately following month of December; 

  

	 	(iii)	where the Relevant Month is November, in relation to the calculation of a New Instrument Value, the month of December in the immediately following calendar year; and

  

	 	(iv)	where the Relevant Month is November, in relation to the calculation of an Existing Instrument Value where the Relevant Index Business Day occurs following the Rebalancing Period in
the Relevant Month, the month of December in the immediately following calendar year. 

  
 For the purposes of this Description, “Exchange Traded Instrument” means, in respect of an Index Commodity, an instrument for future delivery of that Index Commodity on a specified delivery date
traded on the relevant Exchange. 
  

	6.	ER CALCULATION VALUES 

  
 The ER Calculation Value in respect of Crude Oil and Heating Oil on any Index Business Day during a Recomposition Period is determined as provided in paragraph 7
(Recomposition Periods) and the ER Calculation Value in respect of each Index Commodity on any Index Business Day during a Rebalancing Period is determined as provided in paragraph 8 (Rebalancing Periods). 
  
 Subject as provided in the previous paragraph, the ER Calculation Value in respect of each
Index Commodity in relation to an Index Business Day is the product (the “Existing Instrument Value” for such Index Commodity for such Index Business Day) of (i) the Existing Instrument Amount for such Index Commodity for such Index
Business Day and (ii) the Closing Price for such Index Commodity for such Index Business Day; 
  
 expressed as a formula: 
  
 EIA x
CP 
  
 where: 
  
 “EIA” is the Existing Instrument Amount for the relevant Index Commodity for the relevant Index Business Day; and

  
 “CP” is the Closing Price for the relevant Index
Commodity for the relevant Index Business Day; 
  
 For the purposes of this
paragraph: 
  
 “Existing Instrument Amount” means, subject as
provided below, in respect of each Index Commodity and: 
  

	(a)	(i) in respect of the Base Date, the Initial Instrument Amount for such Index Commodity; and 

  

 5 

	 	(ii)	in respect of each Index Business Day falling after the Base Date (other than the first Index Business Day falling after the final Index Business Day in a Rebalancing Period or (in
respect of Crude Oil and Heating Oil only) in a Recomposition Period), the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding such Index Business Day; and 

  

	(b)	in respect of the first Index Business Day falling after the final Index Business Day in a Rebalancing Period or (in respect of Crude Oil and Heating Oil only) in a Recomposition
Period, the New Instrument Amount for such Index Commodity for the final Index Business Day of such Rebalancing Period or Recomposition Period, as the case may be, and as such term is defined in paragraph 7 (Recomposition Periods) or paragraph 8
(Rebalancing Periods), as applicable. 

  
 “Initial
Instrument Amount” means, in relation to an Index Commodity, the product of (a) the relevant Index Base Weight divided by the relevant Initial Price and (b) 100, in each case being the Existing Instrument Amount in respect of the relevant
Index Commodity on the Base Date. 
  
 “Initial Price” means:

  

	(a)	in respect of Crude Oil, USD 15.61 (per barrel); 

  

	(b)	in respect of Heating Oil, USD 0.4918 (per U.S. gallon); 

  

	(c)	in respect of Aluminium, USD 2,300.25 (per metric tonne); 

  

	(d)	in respect of Gold, USD 423.90 (per troy ounce); 

  

	(e)	in respect of Corn, USD 2.5725 (per U.S. bushel); and 

  

	(f)	in respect of Wheat, USD 4.16 (per U.S. bushel). 

  

	7.	RECOMPOSITION PERIODS 

  
 The ER Calculation Value in respect of Crude Oil and Heating Oil in relation to each Index Business Day falling during a Recomposition Period is the sum of (i) the
product (the “Existing Instrument Value” for such Index Commodity for such Index Business Day) of (A) the Existing Instrument Amount for such Index Commodity for such Index Business Day and (B) the Closing Price for such Index
Commodity for such Index Business Day and (ii) the product (the “New Instrument Value” for such Index Commodity for such Index Business Day) of (A) the New Instrument Amount for such Index Commodity for such Index Business Day and
(B) the Closing Price for such Index Commodity for such Index Business Day; 
  
 expressed as a formula: 
  
 (EIA x CP) + (NIA x CP)

  
 where: 
  
 “EIA” is the Existing Instrument Amount for the relevant Index Commodity for the relevant Index Business Day;

  
 “CP” is the Closing Price for the relevant Index
Commodity for the relevant Index Business Day; 
  

 6 

 “NIA” is the New Instrument Amount for the relevant Index Commodity for the relevant Index
Business Day; and 
  
 “CP” is the Closing Price for the
relevant Index Commodity for the relevant Index Business Day. 
  
 For the purposes
of this paragraph: 
  
 “Existing Instrument Amount” means,
subject as provided below and in the definition of “Recomposition Period”, in respect of each Index Commodity and: 
  

	(a)	in respect of the first Index Business Day of a Recomposition Period, 80% of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding
such Index Business Day; 

  

	(b)	in respect of the second Index Business Day of a Recomposition Period, 75% of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately
preceding such Index Business Day; 

  

	(c)	in respect of the third Index Business Day of a Recomposition Period, 2/3 of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding
such Index Business Day; 

  

	(d)	in respect of the fourth Index Business Day of a Recomposition Period, 50% of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately
preceding such Index Business Day; and 

  

	(e)	in respect of the fifth Index Business Day of a Recomposition Period, zero, 

  
 Provided That if any Index Business Day in a Recomposition Period is not a Valid Date in respect of any Index Commodity, the Existing Instrument Amount in respect of such
Index Commodity for such Index Business Day shall be 100% of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding such Index Business Day. 
  
 “New Instrument Amount” means, in respect of each Index Commodity and
subject as provided below, in respect of each Index Business Day in a Recomposition Period, the sum of (i)(A) the product of the Recomposition ER Closing Level and the New Instrument Percentage, in each case for such Index Business Day divided by
(B) the Closing Price for such Index Commodity on such Index Business Day and (ii) the New Instrument Amount in respect of the Index Business Day (if any) in the relevant Recomposition Period immediately preceding such Index Business Day or, if
none, zero; 
  
 expressed as a formula: 
  

					
	 	 	 (RCL x NIP)

	 	+ NIA
	 	 	 CP
	 

  
 where: 
  
 “RCL” is the Recomposition ER Closing Level for the relevant Index
Business Day; 
  
 “NIP” is the New Instrument
Percentage for the relevant Index Business Day; and 
  

 7 

 “CP” is the Closing Price for such Index Commodity for the relevant Index Business Day;

  
 “NIA” is the New Instrument Amount in respect of
the Index Business Day (if any) in the relevant Recomposition Period immediately preceding the relevant Index Business Day or, if none, zero. 
  
 Provided That if any Index Business Day in a Recomposition Period is not a Valid Date in respect of any Index Commodity the New Instrument Amount in respect of such Index
Commodity on such Index Business Day shall be 100% of the New Instrument Amount for such Index Commodity on the Index Business Day (if any) in the relevant Recomposition Period immediately preceding such Index Business Day or, if none, zero.

  
 “New Instrument Percentage” means, subject as provided in the
definition of “Recomposition Period”: 
  

	(a)	in respect of the first Index Business Day of a Recomposition Period, 20%; 

  

	(b)	in respect of the second Index Business Day of a Recomposition Period, 25%; 

  

	(c)	in respect of the third Index Business Day of a Recomposition Period,  1/3; 

  

	(d)	in respect of the fourth Index Business Day of a Recomposition Period, 50%; and 

  

	(e)	in respect of the fifth Index Business Day of a Recomposition Period, 100%. 

  
 “Recomposition ER Closing Level” means, in respect of each Index Business Day in a Recomposition Period, the product (the “Recomposed Existing
Instrument Value” for such Index Business Day) of (i) the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding such Index Business Day and (ii) the Closing Price for such Index Commodity for
such Index Business Day; 
  
 expressed as a formula: 
  
 EIA x CP 
  
 where: 
  
 “EIA” is the Existing Instrument Amount for the relevant Index Commodity for the Index Business Day immediately preceding the relevant Index
Business Day; 
  
 “CP” is the Closing Price for the
relevant Index Commodity for the relevant Index Business Day. 
  
 “Recomposition Period” means each period from (and including) the second Index Business Day in a month (other than November) to (and including) the sixth Index Business Day in
             such month Provided That if in respect of any Index Commodity (each a “Disrupted Recomposition Index Commodity”) the last Index Business Day of a
Recomposition Period is not a Valid Date, the Recomposition Period for such Disrupted Recomposition Index Commodity only, subject to paragraph 10 (Index Disruption Event), shall be extended to and including the next occurring Valid Date for such
Disrupted Recomposition Index Commodity. In the event that a Recomposition Period in respect of an Index Commodity is extended as provided above, the Existing Instrument Amount and the New Instrument Percentage for such Index Commodity for the final
Valid Date in such Recomposition Period shall be zero and 100 per cent., respectively. 
  

 8 

	8.	REBALANCING PERIODS 

  
 The ER Calculation Value in respect of each Index Commodity in relation to an Index Business Day falling during a Rebalancing Period is the sum of (i) the product (the “Existing Instrument Value” for
such Index Commodity for such Index Business Day) of (A) the Existing Instrument Amount for such Index Commodity for such Index Business Day and (B) the Closing Price for such Index Commodity for such Index Business Day and (ii) the product (the
“New Instrument Value” for such Index Commodity for such Index Business Day) of (A) the New Instrument Amount for such Index Commodity for such Index Business Day and (B) the Closing Price for such Index Commodity for such Index
Business Day; 
  
 expressed as a formula: 
  
 (EIA x CP) + (NIA x CP) 
  
 where: 
  
 “EIA” is the Existing Instrument Amount for the relevant Index Commodity for the relevant Index Business Day;

  
 “CP” is the Closing Price for the relevant Index
Commodity for the relevant Index Business Day; 
  
 “NIA” is the New Instrument Amount for the relevant Index Commodity for the relevant Index Business Day; and 
  
 “CP” is the Closing Price for the relevant Index Commodity for the relevant Index Business Day. 
  
 For the purposes of this paragraph: 
  
 “Existing Instrument Amount” means, subject as provided below and in the
definition of “Rebalancing Period”, in respect of each Index Commodity and: 
  

	(a)	in respect of the first Index Business Day of a Rebalancing Period, 80% of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding
such Index Business Day; 

  

	(b)	in respect of the second Index Business Day of a Rebalancing Period, 75% of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding
such Index Business Day; 

  

	(c)	in respect of the third Index Business Day of a Rebalancing Period, 2/3 of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding
such Index Business Day; 

  

	(d)	in respect of the fourth Index Business Day of a Rebalancing Period, 50% of the Existing Instrument Amount for such Index Commodity for the Index Business Day immediately preceding
such Index Business Day; and 

  

	(e)	in respect of the fifth Index Business Day of a Rebalancing Period, zero, 

  
 Provided That if any Index Business Day in a Rebalancing Period is not a Valid Date in respect of any Index Commodity, the Existing Instrument Amount in respect of such
Index Commodity for such Index Business Day shall be 100% of the Existing Instrument Amount 

  

 9 

 
for such Index Commodity for the Index Business Day immediately preceding such Index Business Day. 
  
 “Index Base Weight” means the weightings assigned to each Index Commodity on
the Base Date being: 
  

	(a)	in respect of Crude Oil, 35.00%; 

  

	(b)	in respect of Heating Oil, 20.00%; 

  

	(c)	in respect of Aluminium, 12.50%; 

  

	(d)	in respect of Gold, 10.00%; 

  

	(e)	in respect of Corn, 11.25%; and 

  

	(f)	in respect of Wheat, 11.25%. 

  
 “New Instrument Amount” means, in respect of each Index Commodity and subject as provided below: 
  

	(a)	in respect of each Index Business Day in a Rebalancing Period (other than a Rebalancing Extension Date), the sum of (i)(A) the product of the Rebalancing ER Closing Level for such
Index Business Day, the New Instrument Percentage for such Index Business Day and the Index Base Weight for such Index Commodity divided by (B) the Closing Price for such Index Commodity on such Index Business Day and (ii) the New Instrument Amount
in respect of the Index Business Day (if any) in the relevant Rebalancing Period immediately preceding such Index Business Day or, if none, zero; 

  

expressed as a formula: 
  

					
	 	 	 RCL x NIP x IBW

	 	 + NIA
	 	 	 CP
	 

  
 where: 
  
 “RCL” is the Rebalancing ER Closing Level for the relevant Index
Business Day; 
  
 “NIP” is the New Instrument
Percentage for the relevant Index Business Day; 
  
 “IBW” is the Index Base Weight for such Index Commodity; 
  
 “CP” is the Closing Price for such Index Commodity for the relevant Index Business Day; and 
  
 “NIA” is the New Instrument Amount in respect of the Index Business Day (if any) in the relevant Rebalancing Period immediately preceding the
relevant Index Business Day or, if none, zero, 
  
 Provided That
if any Index Business Day in a Rebalancing Period is not a Valid Date in respect of any Index Commodity the New Instrument Amount in respect of such Index Commodity on such Index Business Day shall be 100% of the New Instrument Amount for such Index
Commodity on the Index Business Day (if any) in the relevant 

  

 10 

 
Rebalancing Period immediately preceding such Index Business Day or, if none, zero; and 
  

	(b)	in respect of a Rebalancing Extension Date, the sum of (i)(A) the product of the Rebalancing ER Closing Level and the New Instrument Percentage, in each case for such Rebalancing
Extension Date divided by (B) the Closing Price for such Index Commodity on such Rebalancing Extension Date and (ii) the New Instrument Amount in respect of the Index Business Day in the relevant Rebalancing Period immediately preceding such
Rebalancing Extension Date; 

  
 expressed as a
formula: 
  

					
	 	 	 (RCL x NIP)

	 	+ NIA
	 	 	 CP
	 

  
 where: 
  
 “RCL” is the Rebalancing ER Closing Level for the Rebalancing
Extension Date; 
  
 “NIP” is the New Instrument
Percentage for the Rebalancing Extension Date; 
  
 “CP”
is the Closing Price for such Index Commodity for the Rebalancing Extension Date; 
  
 “NIA” is the New Instrument Amount in respect of the Index Business Day in the relevant Rebalancing Period immediately preceding the Rebalancing Extension Date. 
  
 “New Instrument Percentage” means, subject as provided in the definition of
“Rebalancing Period”: 
  

	(a)	in respect of the first Index Business Day of a Rebalancing Period, 20%; 

  

	(b)	in respect of the second Index Business Day of a Rebalancing Period, 25%; 

  

	(c)	in respect of the third Index Business Day of a Rebalancing Period,  1/3; 

  

	(d)	in respect of the fourth Index Business Day of a Rebalancing Period, 50%; and 

  

	(e)	in respect of the fifth Index Business Day of a Rebalancing Period, 100%. 

  
 “Rebalancing ER Closing Level” means: 
  

	(a)	in respect of each Index Business Day in a Rebalancing Period (other than a Rebalancing Extension Date) the sum of the values calculated for each Index Commodity (but excluding any
Index Commodity for which such Index Business Day is not a Valid Date) as the product (the “Rebalanced Existing Instrument Value” for such Index Business Day) of (i) the Existing Instrument Amount for such Index Commodity for
the Index Business Day immediately preceding such Index Business Day and (ii) the Closing Price for such Index Commodity for such Index Business Day; 

  

 11 

 expressed as a formula: 
  
 

 
  
 where: 
  
 “EIA” is the Existing Instrument Amount for the relevant Index
Commodity for the Index Business Day immediately preceding the relevant Index Business Day; 
  
 “CP” is the Closing Price for the relevant Index Commodity for the relevant Index Business Day; and 
  
 “{x}” is the subset of Index Commodities for which the relevant Index Business Day is a Valid Date; and 
  

	(b)	in respect of a Rebalancing Extension Date, the product (the “Rebalanced Existing Instrument Value” for such Rebalancing Extension Date) of (i) the Existing
Instrument Amount for the relevant Disrupted Rebalancing Index Commodity (as defined in “Rebalancing Period” below) for the Index Business Day immediately preceding such Rebalancing Extension Date and (ii) the Closing Price for the
relevant Disrupted Rebalancing Index Commodity for such Rebalancing Extension Date; 

  
 expressed as a formula: 
  

					
	 	 	 EIA x CP

	 	 

  
 where: 
  
 “EIA” is the Existing Instrument Amount for the relevant Disrupted
Rebalancing Index Commodity for the Index Business Day immediately preceding the Rebalancing Extension Date; and 
  
 “CP” is the Closing Price for the relevant Disrupted Rebalancing Index Commodity for the Rebalancing Extension Date. 
  
 “Rebalancing Period” means each period (from and including) the second
Index Business Day in the month of November to (and including) the sixth Index Business Day in such month Provided That if in respect of any Index Commodity (each a “Disrupted Rebalancing Index Commodity”) the last Index Business
Day of a Rebalancing Period is not a Valid Date, the Rebalancing Period for such Disrupted Rebalancing Index Commodity only, subject to paragraph 10 (Index Disruption Event), shall be extended to and including the next occurring Valid Date (the
“Rebalancing Extension Date”) for such Disrupted Rebalancing Index Commodity. In the event that a Rebalancing Period in respect of an Index Commodity is extended as provided above, the Existing Instrument Amount and the New
Instrument Percentage for such Index Commodity for the Rebalancing Extension Date shall be zero and 100 per cent, respectively. 
  

	9.	CORRECTIONS TO CLOSING PRICES FOR EXCHANGE INSTRUMENTS 

  
 In calculating the Closing Levels, the Index Sponsor shall have regard to subsequent corrections to any Closing Price published by the relevant Exchange prior to the
Index 

  

 12 

 
Valuation Time on the Valid Date for the relevant Index Commodity immediately following the Index Business Day to which the relevant Closing Level relates
but not thereafter. 
  

	10.	INDEX DISRUPTION EVENT 

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

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

  

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

  

	(c)	if no such Exchange Traded Instrument as described in (a) or (b) above is available or the Index Sponsor determines that for any reason (including, without limitation, the liquidity
or volatility of such Exchange Traded Instrument at the relevant time) the inclusion of such Exchange Traded Instrument would not be appropriate, an Exchange Traded Instrument relating to any commodity in the same Group of Commodities as the
relevant Index Commodity which is published in U.S. Dollars, 

  
 in
each case to replace the Exchange Instrument relating to the relevant Index Commodity, all as determined by the Index Sponsor. 
  
 In the case of (i) above, if an Index Disruption Event in relation to the relevant Index Commodity or Exchange Instrument continues for the further period of five
successive Exchange Business Days referred to therein, on the expiry of such period the provisions of (ii) above shall apply. 
  
 In the case of a replacement of an Exchange Traded Instrument as described in (ii) above, the Index Sponsor will make such adjustments to the methodology and calculation
of the DBLCI as it determines to be appropriate to account for the relevant replacement and will publish such adjustments in accordance with paragraph 15 (Publication of Closing Levels and Adjustments) below. 
  
 For the purposes of this Description: 
  
 “Group of Commodities” means each of oils, non-precious metals, precious
metals and agricultural products. For the avoidance of doubt, Crude Oil and Heating Oil are oils, Aluminium is a non-precious metal, Gold is a precious metal and Corn and Wheat are agricultural products. 
  
 “Index Disruption Event” means, in respect of an Index Commodity or a
related Exchange Instrument, an event (other than a Force Majeure Event) that would require the Index Sponsor to calculate the Closing Price in respect of the relevant Index Commodity on an alternative 

  

 13 

 
basis were such event to occur or exist on a day that is an Exchange Business Day (or, if different, the day on which the Closing Price for such Exchange
Instrument for the relevant Index Business Day would, in the ordinary course, be published or announced by the relevant Exchange). 
  

	11.	FORCE MAJEURE 

  
 If a Force Majeure Event occurs on an Index Business Day, the Index Sponsor may in its discretion: 
  

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

  

	(ii)	defer publication of the information relating to the DBLCI, as described in paragraph 1 (General) above, until the next Index Business Day on which it determines that no Force
Majeure Event exists; and/or 

  

	(iii)	permanently cancel publication of the information relating to the DBLCI described in paragraph 1 (General) above. 

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

	12.	INDEX SPONSOR 

  
 All determinations made by the Index Sponsor will be made by it in good faith and in a commercially reasonable manner by reference to such factors as the Index Sponsor deems appropriate and will be final, conclusive
and binding in the absence of manifest error. 
  

	13.	CHANGE IN THE METHODOLOGY OF THE DBLCI 

  
 The Index Sponsor will, subject as provided below, employ the methodology described above and its application of such methodology shall be conclusive and binding. While
the Index Sponsor currently employs the above described methodology to calculate the DBLCI, no assurance can be given that fiscal, market, regulatory, juridical or financial circumstances (including, but not limited to, any changes to or any
suspension or termination of or any other events affecting any Index Commodity or a futures contract) will not arise that would, in the view of the Index Sponsor, necessitate a modification of or change to such methodology and in such circumstances
the Index Sponsor may make any such modification or change as it determines appropriate. The Index Sponsor may also make modifications to the terms of the DBLCI in any manner that it may deem necessary or desirable, including (without limitation) to
correct any manifest or proven error or to cure, correct or supplement any defective provision contained in this Description of the DBLCI. The Index Sponsor will publish notice of any such modification or change and the effective date thereof in
accordance with paragraph 14 (Publication of Closing Levels and Adjustments) below. 
  

	14.	PUBLICATION OF CLOSING LEVELS AND ADJUSTMENTS 

  
 The Index Sponsor will publish the ER Closing Level and the intra-day indicative Index level 

  

 14 

 
for each Index Business Day as soon as practicable after the Index Valuation Time on Reuters Page DBLCI, Bloomberg under the symbol DBLMCL ‹Index›
or any successor thereto and on its website http://gm-secure.db.com/CommoditiesIndices, or any successor thereto. The ER Closing Level and the intra-day indicative Index level for each Index Business Day will also be available under the Amex symbol
“DBLCIX.” 
  
 The Index Sponsor will publish any adjustments made to the
DBLCI on its website http://gm-secure.db.com/CommoditiesIndices or any successor thereto. 
  

	15.	HISTORICAL CLOSING LEVELS 

  
 Set out below are certain Closing Levels back-calculated to the Base Date. 
  
 All historical calculations are based on information obtained from the following publicly available source(s): Logical Information Machines (http://www.lim.com),
Bloomberg, and Reuters. The actual sources of the historic data originated from the exchanges where each underlying futures contract with respect to each Index Commodity was listed. The Index Sponsor has not independently verified the information
extracted from these source(s). 
  

					
	 	  	ER Closing Level

	 	  	High

	  	Low

	 1989
	  	145.18	  	106.63
	 1990
	  	200.77	  	120.57
	 1991
	  	171.29	  	134.02
	 1992
	  	151.47	  	131.06
	 1993
	  	136.39	  	111.00
	 1994
	  	139.08	  	112.80
	 1995
	  	160.80	  	130.44
	 1996
	  	231.28	  	150.83
	 1997
	  	234.99	  	179.56
	 1998
	  	180.79	  	112.21
	 1999
	  	185.30	  	108.68
	 2000
	  	257.75	  	175.40
	 2001
	  	240.78	  	169.40
	 2002
	  	239.56	  	170.65
	 2003
	  	292.42	  	222.60
			
	 2004
	  	 	  	 
	 January
	  	306.22	  	284.73
	 February
	  	315.56	  	290.31
	 March
	  	326.57	  	308.54
	 April
	  	332.87	  	314.93
	 May
	  	344.60	  	328.51
	 June
	  	354.79	  	315.58
	 July
	  	346.40	  	330.27
	 August
	  	371.40	  	341.22
	 September
	  	382.33	  	343.25
	 October
	  	414.53	  	381.70
	 November
	  	387.97	  	371.76
	 December
	  	374.53	  	346.45

  

 15 

					
	 	  	ER Closing Level

	 	  	High

	  	Low

	 2005
	  	 	  	 
	 January
	  	376.38	  	350.16
	 February
	  	394.12	  	354.38
	 March
	  	419.79	  	392.94
	 April
	  	417.98	  	379.96
	 May
	  	384.00	  	364.63
	 June
	  	417.15	  	386.45
	 July*
	  	422.84	  	398.84

  

	*	Numbers as of July 25, 2005. 

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

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]