Document:

Investment Advisory Agreement

 Exhibit 10.1 
 INVESTMENT ADVISORY AGREEMENT 
 THIS INVESTMENT ADVISORY AGREEMENT (this “Agreement”) is dated as of July 31, 2009 between Barclays Global Fund Advisors, a California corporation (the “Advisor”), and Barclays Global Investors, N.A.,
a national banking association acting not in its individual capacity but solely as the trustee of the iShares®
Diversified Alternatives Trust, a Delaware statutory trust (the “Trust”). 
 1. The Trust. The Trust is
a commodity pool as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”). The Trust is operated by iShares® Delaware Trust
Sponsor LLC, a Delaware limited liability company, a wholly-owned indirect subsidiary of Barclays Bank PLC and a commodity pool operator registered under the CEA, acting in its capacity as sponsor of the Trust (in such capacity, the
“Sponsor”). The Trust is not an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and is not required to register under the Investment Company Act. 

2. Appointment. The Trust hereby appoints the Advisor as commodity trading advisor for such portion of the assets of the Trust
that may be deposited, from time to time, in a separate account or accounts (collectively, the “Accounts”) to be managed by Advisor under this Agreement, with full power to supervise and direct the investment of the assets of the
Accounts as set forth herein including, but not limited to, the purchase, sale, execution holding and general dealing in any manner with exchange-traded futures contracts and currency forward contracts on behalf of the Trust. The Advisor hereby
accepts such appointment and agrees to render advisory services on the terms and conditions set forth in this Agreement. The Advisor shall be deemed to be an independent contractor of the Trust and, except to the extent authorized herein, shall have
no authority to act for or represent the Trust as its agent. 
 3. Delegation. The Trust acknowledges that the Advisor
may delegate various advisory services with respect to the Accounts. In the event of any such delegation, such party to whom the Advisor delegates various advisory services shall be bound to the terms of this Agreement to the same extent as the
Advisor. The Advisor shall, at its expense, employ or associate with itself such persons as the Advisor believes appropriate to assist it in performing its obligations under this Agreement. 
 4. Investment Direction. The Advisor will manage the Accounts in accordance with the Advisor’s best judgment and in compliance
with the guidelines attached as Schedule A (the “Investment Guidelines”), as they may be modified from time to time by the written agreement of the Advisor and the Sponsor on behalf of the Trust; provided, that the
restrictions set forth in part C of the Investment Guidelines shall be strictly observed by the Advisor, without deviation of any nature whatsoever. 
 5. Clearing FCM. The Trust has appointed Barclays Capital Inc., a corporation organized under the laws of Connecticut, as clearing futures commission merchant (the “Clearing FCM”)
for the Accounts. The Advisor shall not receive, and shall at no time be in possession of, the assets comprising the Accounts. 
 6. Reporting. The Advisor will submit to the Trust reports appraising the Accounts at current market value as agreed between the Advisor and the Sponsor. The Advisor shall advise the Trust, at such times as the Trust may specify, of
such investments made and the reasons for making a particular investment. The Advisor will be available at reasonable times by prior arrangement to discuss the management of the Accounts with the Trust or its designee. Any written reports supplied
by the Advisor to the Trust discussing the management of the Accounts are intended solely for the benefit of the Trust, and the Trust agrees that it will not disseminate such reports to any other party (other than the Trust’s

  

 - 1 - 

 
professional advisors) without the prior consent of the Advisor, except as may be required by applicable law. The Advisor will provide to the Sponsor any information concerning the Advisor or its
trading program that is necessary for the Sponsor to prepare any disclosure document for investors in the Trust or any periodic or other reports that the Trust may be require to file or furnish to any regulators, including the Securities and
Exchange Commission and the CFTC. 
 7. Other Accounts. The Trust understands and acknowledges that the Advisor performs
commodity trading advisory services for various persons other than the Trust. The Trust acknowledges that the Advisor may give advice and take action concerning its other investing pools that may be the same as, similar to or different from the
advice given, or the timing and nature of action taken, concerning the Accounts. Except to the extent necessary to perform the Advisor’s obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of the
Advisor, or any affiliate of the Advisor or any employee of the Advisor to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render
services of any kind to any other corporation, firm, individual or association. 
 8. Fees. The Sponsor shall pay the
Advisor a fee determined by the Advisor and the Sponsor, from time to time, for its services as Advisor hereunder. 
 9.
Representations. The Trust represents and warrants that: (a) the Trust has been duly organized and is validly existing under the law of the state of its organization, (b) the Trust is duly authorized to execute, deliver and perform
this Agreement and has taken all action necessary to authorize its execution, delivery and performance, including the obtaining of any necessary governmental consents, (c) the execution, delivery and performance of this Agreement, including the
Investment Guidelines, does not and will not conflict with or violate any provision of law, rule, regulation, governing document of the Trust, contract, deed of trust, or other instrument to which the Trust is a party or to which any of the
Trust’s property is subject, (d) this Agreement is a valid and binding obligation enforceable against the Trust in accordance with its terms (subject to applicable insolvency or similar laws affecting creditors’ rights generally and
subject, as to enforceability, to equitable principles of general application), (e) the Accounts will be comprised of assets that are owned by the Trust as principal, and will not be subject to either (i) the Employee Retirement Income
Security Act of 1974, as amended, or the Investment Company Act, or (ii) any lien, security interest or other similar encumbrance (other than in favor of the Clearing FCM or any relevant clearing house), and (f) the Trust is not insolvent
or the subject of a proceeding seeking a judgment of insolvency or bankruptcy. The Trust shall hold the Advisor harmless from any liabilities, damages or expenses, including attorney’s fees, incurred by Advisor for any actions taken by Advisor
acting in reasonable reliance upon such representations. 
 10. CFTC Registration. The Advisor represents and warrants
that it is registered with the CFTC as a commodity trading advisor. 
 11. Liability. The Advisor will be liable for
losses to the Accounts that are the direct result of Advisor’s bad faith, gross negligence, willful or reckless misconduct or breach of the express terms of this Agreement. Except as set forth in the foregoing sentence, neither the Advisor nor
its officers, employees or agents shall be liable hereunder for any act or omission or for any error of judgment in managing the Accounts. The Advisor shall not be responsible for any special, indirect or consequential damages, or any loss incurred
by reason of any act or omission of the Trust or any broker, dealer, futures commission merchant or custodian used hereunder or any authorized representative of the foregoing. Notwithstanding the foregoing, nothing herein shall in any way constitute
a waiver or limitation of any rights that the Trust may have under the federal securities laws or other applicable law. 

 12. Indemnification. The Advisor and its shareholders, directors, officers,
employees, affiliates (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) and subsidiaries (each, an “Advisor Indemnified Party”) shall be indemnified from the Trust and held harmless against any loss,
liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under this Agreement or any actions taken in accordance with the provisions of this
Agreement and incurred without (1) negligence, bad faith, willful misconduct or willful malfeasance on the part of such Advisor Indemnified Party or (2) reckless disregard on the part of such Advisor Indemnified Party of its obligations
and duties under this Agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred by such Advisor Indemnified Party in defending itself against any claim or liability in its capacity as the Advisor. Any amounts
payable to an Advisor Indemnified Party under this Section 12 may be payable in advance or shall be secured by a lien on the Trust. 
 13. Tax Filings. The Advisor will not be responsible for making any tax credit or similar claim or any legal filing on Trust’s behalf. 
 14. Governing Law/Disputes. This Agreement is entered into in accordance with and shall be governed by the laws of the State of
California; provided, however, that in the event that any law of the State of California shall require that the laws of another state or jurisdiction be applied in any proceeding, such California law shall be superseded by this
paragraph, and the remaining laws of the State of California shall nonetheless be applied in such proceeding. Each party agrees that, in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial
proceeding, such party waives any right it may otherwise have to (a) seek punitive damages, or (b) request a jury trial. 
 15. Termination. This Agreement may be terminated at any time by either party upon 30 days’ prior written notice to the other party. Any obligation or liability of either party resulting from actions or inactions occurring
prior to termination shall not be affected by the termination of this Agreement. 
 16. Assignment. Neither party shall
assign this Agreement without the written consent of the other party. Any purported assignment in violation of the prior sentence will be null and void. 
 17. Consent to Use of Name. The Trust agrees that the Advisor may disclose the Trust’s name to investment consultants or prospective accounts in connection with marketing presentations by the
Advisor and as part of a representative account list. 
 18. Notices. All notices and other communications under this
Agreement shall be in writing and shall be addressed to the parties as set forth below. Either party may, by notice to the other, designate a different address or fax number. Any notice or other communication given hereunder shall be deemed to have
been given upon receipt. Notices may be transmitted by hand, fax, courier, certified or registered mail return-receipt-requested, U.S. mail postage prepaid, or other reasonable form of delivery, unless a clause of this Agreement requires a specific
form of delivery. Any fax notice received after 5:00 p.m., California time, on a business day shall be deemed to have been given on the succeeding business day. 
 To the Trust: 
 iShares Diversified Alternatives Trust 
 c/o Barclays Global Investors, N.A., as Trustee 
 400 Howard Street 
 San Francisco, CA 94105 
 Attn: Fund Administration 
 Fax: (415) 618-5712 

 To the Advisor: 
 Barclays Global Fund Advisors 
 400 Howard Street 
 San Francisco, CA 94105 
 Attn: Product Management Team, Intermediary Investors and Exchange 
 Traded Products Department 
 Fax: (415) 618-5097 
 The Advisor shall comply with, and be entitled to act on, any instructions reasonably believed to be from
an authorized representative of the Trust. The Advisor and its employees and agents shall be fully protected from all liability in acting upon such instructions, without being required to determine the authenticity of the authorization or authority
of the persons providing such instructions. 
 19. Severability. In the event any provision of this Agreement is
adjudicated to be void, illegal, invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid and enforceable to the fullest extent
permitted by law, unless a party demonstrates by a preponderance of the evidence that the invalidated provision was an essential economic term of this Agreement. 
 20. Integration; Amendment. This Agreement contains the entire agreement between the parties with respect to the transactions contemplated hereby and supersede all previous oral or written
negotiations, commitments and understandings related thereto. This Agreement may not be amended or modified in any respect, nor may any provision be waived, without the written agreement of both parties. No waiver by one party of any obligation of
the other hereunder shall be considered a waiver of any other obligation of such party. 
 21. Further Assurances. Each
party hereto shall execute and deliver such other documents or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby. 
 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all
of which taken together shall be deemed to be one and the same instrument. 
 23. Headings. The headings of paragraphs
herein are included solely for convenience and shall have no effect on the meaning of this Agreement. 
 [Signature Page
Follows] 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date and
year first above written. 
  

					
	iShares® Diversified Alternatives Trust
		
	By:	 	Barclays Global Investors, N.A.
		 	as Trustee
			
		 	By:	 	 /s/    RAMAN
SURI        

		 	Name:	 	Raman Suri
		 	Title:	 	Managing Director
			
		 	By:	 	 /s/    JOANNA M.
CALLINICOS        

		 	Name:	 	Joanna M. Callinicos
		 	Title:	 	Principal Barclays Global Fund Advisors
	
	Barclays Global Fund Advisors
			
		 	By:	 	 /s/    RAMAN
SURI        

		 	Name:	 	Raman Suri
		 	Title:	 	Managing Director
			
		 	By:	 	 /s/    JOANNA M.
CALLINICOS        

		 	Name:	 	Joanna M. Callinicos
		 	Title:	 	Principal

 Acknowledged and agreed to, 
  

			
	 iShares® Delaware Trust Sponsor LLC
as Sponsor

  

					
		 	By:	 	 /s/    RAMAN
SURI        

		 	Name:	 	Raman Suri
		 	Title:	 	Managing Director
			
		 	By:	 	 /s/    JOANNA M.
CALLINICOS        

		 	Name:	 	Joanna M. Callinicos
		 	Title:	 	Principal Barclays Global Fund Advisors

  

 - 5 - 

 SCHEDULE A 
 INVESTMENT GUIDELINES 
  

	A.	INVESTMENT OBJECTIVE 

 The investment
objective of the Trust is to maximize absolute returns from investments with historically low correlation to stocks and bonds, while seeking to control the risks and volatility inherent in futures and forward contracts by taking long and short
positions in historically correlated assets. 
  

	B.	INVESTMENT STRATEGIES 

 The Advisor will
seek to achieve the investment objectives of the Trust by pursuing strategies generally known as “relative value strategies” that utilize quantitative methodologies to identify potentially profitable discrepancies in the relative values or
market prices of one or more assets and seek to control the risks and volatility of these investments by taking long and/or short positions in historically correlated assets, it being understood that the Advisor will have discretion in the
determination of which particular strategies fall within the category of “relative value strategies”. 
  

	C.	RESTRICTIONS 

 The Advisor shall not:

 1. Enter into any transaction on behalf of the Trust other than (i) taking long or short positions in
(a) exchange-traded futures contracts, or (b) foreign currency forward contracts, or (ii) investing assets of the Trust in U.S. Treasury securities and other short-term securities that are eligible as margin deposits to secure the
Trust’s obligations pursuant to the transactions described in clause “i” above; provided, however, that, with respect to exchange-traded futures contracts, at no time will more than 10% of the weight of the Trust’s
portfolio in the aggregate consist of components traded on exchanges that are neither members of the Intermarket Surveillance Group, nor party to a comprehensive surveillance agreement with NYSE Arca or any other exchange where the shares of the
Trust may from time to time be listed for trading; and provided, further, that, with respect to foreign currency forwards, such transactions shall primarily involve currencies which, at the time the forward contract is entered into, are
listed among the twenty-five most liquid or actively-traded currencies as measured by turnover in the most recent Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity coordinated by the Bank of International Settlements.

 2. Enter into any transaction as a result of which the Trust will, directly or indirectly, have an economic interest in any
“investment securities” (as such term is used for purposes of the Investment Company Act of 1940, as amended, and the rules and regulations thereunder); or 
 3. Enter into any transaction as a result of which the Trust may accrue or receive any income, unless such income constitutes “qualifying income” (as such term is defined in Section 7704(d)
of the Internal Revenue Code of 1986, as amended, and regulations thereunder). 
  

	D.	LIMITATION TO COUNTERPARTY EXPOSURE 

 The
Advisor acknowledges that it is expected that the Trust will not enter into an otherwise eligible transaction if, immediately after entering into such transaction, the Trust’s maximum probable Net Credit Exposure to any single counterparty
(other than a regulated commodities exchange, the Clearing FCM or any clearing facility thereof) would exceed 10% of the most recently determined net asset value of the Trust. “Net Credit Exposure” means, with respect to a counterparty,
any excess of (a) all amounts payable by such counterparty to the trust, over (b) all amounts payable by the Trust to such counterparty.Futures Commission Merchant Agreement

 Exhibit 10.2 
 Booklet 1 of 2* 
 BARCLAYS CAPITAL INC.

 FUTURES 
 AND 
 OPTIONS 
 ACCOUNT APPLICATION 
 (FOR INSTITUTIONS THAT ARE
ELIGIBLE 
 CONTRACT PARTICIPANTS ONLY) 
 *Please see Booklet 2, Risk Disclosure Statements, 
 delivered
herewith 

 INSTRUCTIONS FOR OPENING AN ACCOUNT 
 WITH BARCLAYS CAPITAL INC. 
  

	I.	Reviewing Booklet 2 (Risk Disclosure Statements) 

 Please review carefully the information contained in Booklet 2 and retain the entire booklet for your records. There are no signatures required in Booklet 2. 
  

	II.	Completing Booklet 1 (Account Application and Agreements) 

 After you have read Booklet 1, please read and complete all applicable sections of Booklet 1 as indicated below. Send the completed Booklet 1 back to Barclays Capital Inc. in its entirety —please do
not detach or remove any pages. In addition, please enclose a copy of your most recent audited/unaudited financial statements. 
 Booklet 1
contains the following agreements and forms: 
  

	•	 	 Futures and Options Account Application (Pages 1 through 3) – This Application must be completed and signed by all Customers.

  

	•	 	 Futures and Options Customer Account Agreement (Pages A-1 through A-11) – This Agreement must be read, acknowledged, initialed where
appropriate and signed by all Customers. 

  

	•	 	 Cross Trade Consent (Page B-1) – Optional. This Form allows Barclays to take the opposite side of an order placed by Customer.

  

	•	 	 Hedge Account Election (Page B-2) – This Form must be signed and completed if orders placed by Customer for the account will represent bona
fide hedging transactions. 

  

	•	 	 Discretionary Trading Authorization (Page B-3) – This Authorization must be completed if there will be a third-party advisor trading the
account. 

  

	•	 	 Representations of Advisor (Page B-4) – If there will be a third-party advisor trading the account, this Form must be completed by
the third-party advisor. In addition, if the third-party advisor is registered as an investment adviser, please enclose a copy of the advisor’s most recent Form ADV. 

  

	•	 	 Corporate Certification and Authorization (Pages B-5 and B-6) – If Customer is a corporation, this Form must be completed.

  

	•	 	 Partnership Certification and Authorization (Pages B-7 and B-8) – If Customer is a partnership, this Form must be completed.

  

	•	 	 Trust Certification and Authorization (Pages B-9 and B-10) – If Customer is a trust, this Form must be completed.

  

	•	 	 Limited Liability Company Certification and Authorization (Pages B-11 and B-12) – If Customer is a limited liability company, this
Form must be completed. 

  

					
		  	i	  	March 2003

	•	 	 Certificate of Incumbency (Page B-13) – This certificate must be completed by an authorized person of Customer (e.g., a
corporate secretary) and must include the signatures of all persons signing the Futures and Options Account Application, the Futures and Options Customer Account Agreement and the foregoing Certification and Authorization forms.

  

	•	 	 Employee Benefit Plan Authorization (Pages B-14 through B-16) – If Customer is an employee benefit plan, this Form must be completed.
 

  

	•	 	 Tax Forms and Instructions (Tax Certification Packet) – Form W-9 (for U.S. Customers) or Forms W-8 (for non-U.S. Customers), as
applicable, must be completed by all Customers. Should you have any questions regarding these Forms, please contact your Barclays account representative or consult your tax advisor. 

 This Booklet contains documents which you are required to complete, sign and return to Barclays Capital Inc. before an account can be opened in your
name. 
  

					
		  	ii	  	March 2003

 FUTURES AND OPTIONS 
 ACCOUNT APPLICATION 
 (For Institutions That Are
Eligible Contract Participants Only) 
 Please complete all of the following information 
 (attach additional pages if necessary) 
 Capitalized terms used but not defined in this Futures and Options 
 Account
Application shall have the meanings ascribed to them in 
 the Futures and Options Customer Account Agreement 
  

	I.	Mailing Address for All Notices and Statements 

  

									
	 Name of Account:
  
	 	 iShares Diversified Alternatives
Trust
  
	  	
			
	 Mailing Address:
  
	 	 c/o Barclays Global Fund
Advisors
  
	  	
			
		 	 400 Howard Street, San Francisco, CA 94105

  
	  	
					
	 Telephone:
  
	 	     (415) 597-2000
  
	  	 Facsimile:
  
	  	 (        )
  
	  	
			
	 E-mail Address:
  
	 	 	  	
			
	 Principal Business or Occupation of
 Customer:
  
	 	 Trust
  
	  	
			
	 Jurisdiction and Date of
 Organization/Incorporation:
  
	 	 Delaware
  
	  	
			
	 Tax I.D. No.:
  
	 	 26-4632352
  
	  	
			
	 Mailing Address for Duplicate
 Statements:
  
	 	 	  	
			
		 	 	  	
			
	 Operational Contact Name:
  
	 	 Mark A. Finley
  
	  	
					
	 Telephone:
  
	 	     (916) 319-6772
  
	  	 Facsimile:
  
	  	 (        )

  
	  	
			
	 E-mail Address:
  
	 	 mark.finley@statestreet.com
  
	  	
			
	 Legal/Compliance Contact Name:
  
	 	 Head of US Legal
  
	  	
					
	 Telephone:
  
	 	     (415) 597-2000
  
	  	 Facsimile:
  
	  	 (        )
  
	  	
			
	 E-mail Address:
  
	 	 	  	

  

					
		  	1 of 3	  	March 2003

	II.	Bank Reference 

  

					
	 Bank Name:
	  	  
	  	
			
	 Bank Address:
	  	  
	  	
			
	 Account Number:
	  	  
	  	

  

	III.	Financial Statements. 

 Please enclose
a copy of Customer’s most recent audited/unaudited financial statements. 
  

	IV.	Customer Designation (check all that apply) 

  

					
	 ̈      Mutual Fund	  	 ̈      Corporation	  	 ̈      Partnership
			
	 ̈      Commodity Pool	  	 ̈      Bank	  	 ̈      Trust
			
	 ̈      Insurance Company	  	 ̈      Limited Liability Company (LLC)	  	 ̈      Limited Liability Partnership (LLP)
			
	 ̈      Omnibus	  	 ̈      ERISA Account	  	 ̈      Other
            

  

	V.	Information Regarding Third Party Advisors 

 Are you giving discretionary authority over your account to a third party advisor? 
 Yes
    X            No              
 If yes, you must complete the Discretionary Trading Authorization on page B-2 of this booklet, and the Advisor must sign the Representations of Advisor, found on page B-3 of this booklet. 
  

	VI.	Other Reporting Information 

 List any
other persons or entities having a financial interest of 10% or more in this Account: 
  

			
	 Name: This information will not be provided.
	  	 Name:

		
	 Legal Address:
	  	 Legal Address:

		
	 Telephone Number:
	  	 Telephone Number:

		
	 Taxpayer ID#:
	  	 Taxpayer ID#:

		
	 Percentage Interest:
	  	 Percentage Interest:

  

					
		  	2 of 3	  	March 2003

			
	 Name:
	  	 Name:

		
	 Legal Address:
	  	 Legal Address:

		
	 Telephone Number:
	  	 Telephone Number:

		
	 Taxpayer ID#:
	  	 Taxpayer ID#:

		
	 Percentage Interest:
	  	 Percentage Interest:

 List any other futures accounts (including name and account number) at Barclays in which Customer or
its controlling persons or beneficial owners holds a financial interest of 10% or more: 
  

			
	 This information will not be provided.
	  	  

		
	  
	  	  

		
	  
	  	  

 List any other account at Barclays or its affiliates (including name and account number) in which
Customer or its controlling persons or beneficial owners holds a financial interest of 10% or more: 
  

			
	 This information will not be provided.
	  	  

		
	  
	  	  

		
	  
	  	  

 ------------------------------------------------- 
 Customer represents that the foregoing information (including the attached financial statements) is true and correct. Customer agrees to
promptly notify Barclays Capital Inc. of any material adverse change to the foregoing. 
  

			
	iShares Diversified Alternatives Trust, acting by and through Barclays Global Fund Advisors, not in its individual capacity but solely as agent
	  

	(Name of Customer - Please Print)	 	
		
	 /s/ Ryan W. Braniff
	 	 7/31/2009

	  

	(Signature)	 	 (Date)

		
	 Ryan W. Braniff, Principal
	 	
	  

	(Name & Title – Please Print)	 	
		
	 /s/ Raman Suri
	 	 7/31/2009

	  

	(Signature)	 	 (Date)

		
	 Raman Suri, Managing Director
	 	
	  

	(Name & Title – Please Print)	 	

  
  

					
		  	3 of 3	  	March 2003

 BARCLAYS CAPITAL INC. 
 FUTURES AND OPTIONS CUSTOMER ACCOUNT AGREEMENT 
 This
Futures and Options Customer Account Agreement (“Agreement”) between BARCLAYS CAPITAL INC., a registered futures commission merchant (“FCM”) and broker/dealer, and iShares® Diversified Alternatives Trust
(“Customer”) shall govern all transactions that Barclays Capital Inc. or any of its affiliates or agents (collectively, “Barclays,” unless otherwise specified) may execute, clear and/or carry on Customer’s behalf for the
purchase or sale of commodities, commodity futures, security futures, option and forward contracts thereon and interests therein (including exchange-for-physical (“EFPs”), exchange-for-swap (“EFSs”), and exchange-for-risk
(“EFRs”) transactions) (collectively, “Contracts”) and any accounts, including reactivated accounts, carried by Barclays on behalf and in the name of Customer (each, an “Account”). 
 1. APPLICABLE LAW. 
 Each Account and all Contracts, transactions and agreements in respect of each Account shall be subject to (i) the Commodity Exchange Act (“CEA”) and all rules and interpretations of the Commodity Futures Trading Commission
(“CFTC”) and the National Futures Association (“NFA”); (ii) the constitution, by-laws, rules, regulations, policies, procedures, interpretations and customs of any applicable U.S. or non-U.S. board of trade, exchange,
contract market, trading facility or execution facility, including, without limitation, an electronic trading system, facility or service, or clearing organization (each, a “Transaction Facility”) or of any clearing firm or self-regulatory
agency or organization; and (iii) any other laws, rules, interpretations, customs or usage of the trade applicable to Customer’s trading of Contracts. All such laws, rules, regulations, policies, procedures, interpretations, customs and
usage, as in force from time to time, are hereinafter collectively referred to as “Applicable Law”. 
 2. GENERAL
AGREEMENTS. Customer acknowledges and agrees that: 
 (a) Barclays’ Responsibility. Barclays is responsible
solely for the execution, carrying and/or clearing of Contracts in each Account in accordance with the terms of this Agreement. Neither Barclays nor any managing director, officer or employee of Barclays is acting as a fiduciary or advisor in
respect of Customer or any Contract or Account. Barclays shall have no responsibility for compliance with any law or regulation governing the conduct of any fiduciary or advisor. Barclays shall have no responsibility for Customer’s compliance
with any law or regulation governing or affecting Customer’s trading hereunder. 
 (b) Information and Positions.
Any information on the market or on matters incidental to the operation of any of your Accounts or the nature of any of the Contracts provided by Barclays is solely incidental to the conduct of Barclays’ business as an FCM. Barclays makes no
representation as to the accuracy, completeness or reliability of any such information. Barclays and its managing directors, officers and employees may take, hold or liquidate positions in, or provide such information to other customers with respect
to, Contracts that are the subject of such information furnished by Barclays to Customer, and such other positions and/or information may be inconsistent with the positions held by or information given to Customer. 
 (c) Limitation of Barclays’ Liability. Barclays shall not be liable to Customer (i) in connection with the performance or
non-performance by any Transaction Facility or by any other third party where the use of such third party was not required by Barclays (including, without limitation, floor brokers, executing agents, banks, clearing firms and other depositories) in
respect of any Contract or other

  

					
		  	A-1	  	March 2003

 
property of Customer; (ii) as a result of any prediction or information made or given by a representative of Barclays, whether or not made or given at the request of Customer; (iii) as
a result of any delay in the performance or non-performance of any of Barclays’ obligations hereunder directly or indirectly caused by the occurrence of any contingency beyond the control of Barclays including, but not limited to, the
unscheduled closure of a Transaction Facility, clearing firm or other depository or delays in the transmission of orders due to breakdowns or failures of transmission or communication facilities, Transaction Facilities or other systems, it being
understood that Barclays shall be excused from performance of its obligations hereunder for such period of time as is reasonably necessary after such occurrence to remedy the effects therefrom; (iv) as a result of any action taken by or on
behalf of Barclays or its floor brokers and agents to comply with Applicable Law; or (v) for any acts or omissions of those neither employed nor supervised by Barclays. Neither Barclays nor its managing directors, officers or employees shall be
responsible for any loss, liability, damage or expense except to the extent that such loss, liability, damage or expense arises from its gross negligence or willful misconduct (including but not limited to fraud.) In no event will either party, its
managing directors, officers or employees be liable to the other for consequential, incidental or special damages under or relating to this Agreement. 
 (d) Security Interest. Except to the extent proscribed by Applicable Law not subject to waiver, all Contracts, funds, margin, performance bond, premium, currencies, securities, credit balances and
other property from time to time held by, to the order of or on behalf of Barclays or held for the benefit of the Customer by Barclays including, without limitation, by any Transaction Facility or clearing firm through which transactions are
executed, carried and/or cleared and/or positions are held by Barclays, on behalf of the Customer, and all proceeds thereof (collectively, “Collateral”) are hereby pledged to Barclays, and shall be subject to a general lien and a
continuing, perfected first security interest in Barclays’ favor to secure any and all of Customer’s indebtedness or other obligations and/or liabilities owed to Barclays. Customer agrees to execute any documents reasonably required by
Barclays for the perfection or negotiation of such general lien or security interest. Customer hereby grants Barclays the right, in accordance with Applicable Law, to borrow, pledge, repledge, transfer, hypothecate, rehypothecate, loan or invest any
of the Collateral, including without limitation, utilizing the Collateral to purchase or sell securities pursuant to repurchase agreements or reverse repurchase agreements with any party, in each case without notice to Customer. Unless mutually
agreed otherwise, Barclays shall pay to Customer the interest or income earned from the investment or utilization of such Collateral at a rate not to exceed the Fed Funds rate minus 0.75%, but in no event shall the rate be less than zero.

 (e) Conclusiveness of Reports and Objections. All written and oral reports or communications related to transactions
in the Accounts, including but not limited to confirmations, purchase and sale statements, monthly statements and correction notices (collectively, “Reports”), shall be conclusive and binding on Customer unless Customer notifies Barclays
of any objection as follows: (i) in the case of any written Reports, prior to the opening of trading on the Transaction Facility on or through which such transaction occurred on the business day following the day on which Customer receives such
Report, and (ii) in the case of any oral Report, at the time such Report is given to Customer Nothing herein, however, shall prevent Barclays or Customer upon discovery of any error or omission, from working in good faith to correct such
Report. 
 (f) Delivery and Exercise Instructions. If Customer intends to make or take delivery under any futures
Contract or to exercise any option Contract, Customer agrees to notify Barclays not later than the time specified by Barclays and in any event at least (i) with respect to long positions, two (2) business days prior to first notice day of
the applicable Transaction Facility, and (ii) with respect to short positions, two (2) business days prior to the last trading day for the Contract in question (such time periods are referred to herein as the “Notice Periods”).
Notwithstanding the foregoing, Customer agrees that Customer will not make or take delivery through Barclays with respect to any Contract that provides

  

					
		  	A-2	  	March 2003

 
for the physical delivery of an underlying commodity that is not an energy, metal, financial, currency, equity or interest rate product (a “Non-Deliverable Contract”) except with
the prior consent of an officer or director of Barclays. Customer further agrees that, absent such consent to delivery, Customer shall liquidate all of Customer’s open positions in Non-Deliverable Contracts no later than the end of the
applicable Notice Period. With respect to any deliverable Contract, Customer shall ensure Barclays holds sufficient funds in Customer’s Account to fulfill Customer’s obligations to make or take delivery and shall furnish Barclays with
property deliverable by Customer under any Contract in accordance with Barclays’ directions. If Customer fails to comply with any of the foregoing obligations, Barclays may, at its discretion and upon Barclays’ good faith effort to notify
Customer, liquidate and/or roll forward to a later delivery month any open Contracts, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, for Customer’s Account and risk, and in such
manner and on such terms as Barclays in its discretion deems necessary or appropriate. Customer shall remain fully liable for, and Customer’s Account will be debited for, any loss, costs, expenses and liabilities incurred by Barclays in
connection with such transactions and for any remaining debit balance in Customer’s Account. 
 (g) Options Exercise and
Allocation Procedure. Customer understands and acknowledges that certain option Contracts sold by Customer may be subject to exercise at any time. Exercise notices received by Barclays with respect to option Contracts sold by Barclays customers
shall be allocated among customers (including Customer) pursuant to a random allocation procedure, and Customer shall be bound by any such allocation made to it. Information regarding Barclays’ random allocation procedure is available upon
request. Such notices may be allocated to Customer after the close of trading on the day on which such notices have been allocated to Barclays by the applicable Transaction Facility. In the event of the allocation of an exercise notice(s) to
Customer, Barclays shall use reasonable efforts to notify Customer promptly. Barclays shall have no responsibility for any action it takes or fails to take with respect to any option Contract (and, without limiting the foregoing, shall have no
responsibility to exercise any option Contract purchased by Customer) unless and until Barclays receives acceptable and timely instructions from Customer indicating the action to be taken. 
 (h) Acceptance of Orders; Position Limits. Barclays shall have the right, whenever in its discretion it deems it appropriate, to
limit the number of open Contracts (net or gross) that Barclays will at any time execute, clear and/or carry for Customer, to require Customer to reduce open positions carried with Barclays, and to refuse the acceptance of orders to establish new
positions. Barclays shall immediately notify Customer of its rejection of any order. Unless specified by Customer, Barclays may designate the Transaction Facilities (including, without limitation, any electronic trading systems or facilities) on or
through which it will attempt to execute orders. Customer shall comply at all times, including throughout the trading day, with all position limit rules imposed by Applicable Law. 
 (i) Liquidation of Offsetting Positions. Barclays shall liquidate any Contract for which an offsetting order is entered by Customer,
unless Customer instructs Barclays not to liquidate such Contract and to maintain the offsetting Contracts as open positions, provided, however, that Barclays shall not be obligated to comply with any such instructions given by Customer if Customer
fails to provide Barclays with any representations, documentation or information reasonably requested by Barclays or if, in Barclays’ reasonable judgment, any failure to liquidate such offsetting Contracts against each other would result in a
violation of Applicable Law. 
 (j) Reliance on Instructions. Barclays and its managing directors, officers and employees
shall be entitled to rely, and shall not be liable for any reliance, on any instruction, notice or communication that it reasonably believes to have originated from Customer or Customer’s duly authorized agent (including a third-party advisor,
if any), and Customer shall be bound thereby. 
  

					
		  	A-3	  	March 2003

 (k) Use of Clearing Brokers. Customer authorizes Barclays in its discretion to select
for and on behalf of Customer floor brokers and execution agents and, on Transaction Facilities where Barclays is not a clearing member, unaffiliated clearing brokers, which will act as brokers and agents of Customer in connection with transactions
in Contracts for the Account(s). Such transactions may be cleared through accounts maintained by Barclays in its own name with one or more clearing brokers. 
 (l) Give-Ups. Absent a separate written agreement with Customer with respect to give-ups, Barclays, in its discretion, may, but shall not be obligated to, accept from other brokers Contracts
executed by such brokers for Customer and to be given up to Barclays for clearance or carrying in an Account. 
 (m)
Financial and Other Information. Customer shall provide to Barclays such financial and other information regarding Customer as Barclays may from time to time reasonably request. Customer authorizes Barclays to contact such banks, financial
institutions and credit agencies as Barclays shall deem appropriate from time to time for verification of such information. Customer shall notify Barclays promptly of any material adverse change to its condition, financial or otherwise. Customer
acknowledges and agrees that Barclays may provide financial and other information regarding Customer to any Transaction Facility, clearing firm or self-regulatory agency or organization upon the request of any such entity and as permitted by
Applicable Law. 
 (n) Currency Exchange Risk. Customer shall bear all risk and cost in respect of the conversion of
currencies incident to transactions effected on behalf of Customer pursuant hereto. Unless otherwise specified in the Reports sent to Customer with respect to its Contracts and Accounts, all margin deposits in connection with any Contracts, and any
debits or credits to Customer’s Account(s), shall be stated in U.S. Dollars. By placing an order in a Contract settled in a particular currency (the “Contract Currency”), Customer agrees to convert to the Contract Currency funds
sufficient to meet the applicable margin requirement. Any conversions of currency shall be at a rate of exchange reasonably determined by Barclays based on prevailing money market rates of exchange for such currencies. 
 (o) Recording of Telephone Conversations. Each party acknowledges, authorizes and consents to the recording of any telephone
conversation between the parties, on tape or otherwise, with or without the use of an automatic tone warning device. Each party hereby waives any and all objections to the admissibility into evidence of any such tape recording in any legal
proceedings between the parties hereto. 
 (p) Inactive Accounts. Customer acknowledges that Barclays may from time to
time place accounts in which there is no trading on inactive status and Customer agrees to provide whatever reasonably requested information Barclays may require upon Customer’s request to reactivate any such inactive Account. 
 3. CUSTOMER REPRESENTATIONS. 
 Customer represents, warrants and agrees as of the date hereof and on the date of each transaction executed hereunder with respect to all the representations below, and Barclays represents, warrants and
agrees with respect to the representations contained in (a), (b), (e), (l) and (m) that: 
 (a) It has full right,
power and authority to enter into this Agreement, and the person executing this Agreement on behalf of it is authorized to do so; 
 (b) this Agreement is binding on it and enforceable against it in accordance with its terms; 
  

					
		  	A-4	  	March 2003

 (c) Customer is an “eligible contract participant,” as such term is defined in
Section 1a(12) of the CEA; 
 (d) Customer may lawfully establish and open the Account for the purpose of effecting
purchases and sales of Contracts through Barclays; 
 (e) transactions entered into pursuant to this Agreement will not violate
any applicable law (including any Applicable Law), judgment, order or agreement to which it or its property is subject or by which it or its property is bound; 
 (f) all information provided by Customer in the Futures and Options Account Application (which application and the information contained therein hereby is incorporated into this Agreement) is true,
correct, complete and accurate; 
 (g) it will not rely on any communication (written or oral) of Barclays as investment advice
or as a recommendation to enter into any transaction, and no such communication (written or oral) received from Barclays shall be deemed to be an assurance or guarantee as to the expected results of the transaction; 
 (h) Customer is acting for its own Account, is capable of assessing the merits of, understanding (on its own behalf or through independent
professional advice) and assuming, and understands, accepts and assumes, the terms, conditions and risks of each transaction, and will make its own independent decisions to enter into Contracts and as to whether each Contract is appropriate or
proper for it based on Customer’s own judgment and upon advice from such advisors as it has deemed necessary; 
 (i)
Barclays shall have no discretionary authority, power or control over any decisions made by or on behalf of Customer in respect of the Account, regardless of whether Customer relies on the information provided by Barclays in making any such
decisions; 
 (j) except as disclosed in writing to Barclays, Customer is acting solely as principal and not as agent for any
other party and no other customer has any interest in the Account; 
 (k) Customer has reviewed the registration requirements of
the CEA, CFTC and NFA relating to commodity pool operators and commodity trading advisors and has determined that it and any person that has trading authority or control over its Account are in compliance with such requirements. 
 (l) Neither party has made any changes to this form of Agreement, or any other form of agreement, authorization, tax form or other document
relating to this Agreement or the Account(s), provided by Barclays, except as agreed to by the parties; 
 (m) Each party is
relying on the representations and warranties of the other contained herein in entering into this Agreement and opening the Account and each party will immediately notify the other of any changes to the accuracy thereof; and 
 (n) Customer expressly agrees to waive any and all claims, rights or causes of action which Customer has or may have against Barclays, its
managing directors, officers and/or employees arising in whole or in part, directly or indirectly, out of any act or omission of a party who refers or introduces Customer to Barclays or who places orders on behalf of Customer; and. 
  

					
		  	A-5	  	March 2003

 4. PAYMENT OBLIGATIONS OF CUSTOMER. With respect to every Contract purchased, sold or
cleared for the Account, Customer shall pay Barclays upon demand (which demand shall be written or oral): 
 (a) all brokerage
charges, give-up fees, commissions and service fees as Barclays may from time to time charge; 
 (b) all Transaction Facility,
clearing firm or NFA fees or charges, or any other transaction fees, regulatory fees and service charges incurred with respect to each transaction; 
 (c) any tax imposed on such transactions by any competent taxing authority; 
 (d)
any debit balance or deficiency in the Account; 
 (e) interest on any debit balances remaining in the Account at a rate equal
to the Fed Funds rate plus 0.75%, or at such other rate as may be mutually agreed upon from time to time, together with Barclays’ costs and reasonable attorneys’ fees incurred in collecting any such debit balance; and 
 (f) any other amounts owed by Customer to Barclays with respect to the Account, any Contracts carried therein or transactions undertaken in
connection therewith. 
 Any and all payments required to be made by Customer hereunder shall be made by wire transfer, in
immediately available funds, to an account designated by Barclays, unless otherwise agreed by Barclays. 
 5. MARGIN AND
OTHER CONTRACT OBLIGATIONS. With respect to every Contract purchased, sold or cleared for the Account, Customer shall make, or cause to be made, all applicable initial margin, variation margin, intra-day margin and premium payments, and perform
all other obligations attendant to Contracts or positions in such Contracts, as such payments or performance may be required by Barclays consistent with Applicable Law or as such payments or performance may be required of Barclays by any member of
any Transaction Facility clearing such Contract on Barclays’ behalf. Customer acknowledges and agrees that Barclays has no obligation to establish uniform margin requirements among products or customers and margins required by Barclays may
exceed the minimum margin requirements of the applicable Transaction Facility and be increased or decreased from time to time at the discretion of Barclays, without advance notice to Customer. 
 With respect to the timely posting of margin under this clause 5, the following shall apply: 
 (a) Margin shall be paid same day if notice of margin call is received by 10:00 a.m. New York time by Customer; or 
 (b) by 3 p.m. New York time the next business day if notice of margin call is received after 10:00 a.m. New York time. 
 If the Customer elects to satisfy its margin call by liquidating positions, the Customer may execute trade(s) to meet Barclays’ demand for margin
provided that: (i) if the demand for payment or delivery of margin is made prior to 10:00 a.m. New York time on any business day, then the relevant trade(s) must be executed on the same business day, or (ii) if Barclays demands payment or
delivery of margin on or after 10:00 a.m. New York time on any business day, then the relevant trade must be executed by 3 p.m. New York time on the next following business day. 
  

					
		  	A-6	  	March 2003

 Requests for margin deposits and/or premium payments may, at Barclays’ election, be
communicated to Customer orally, telephonically, electronically or in writing. Customer margin deposits and/or premium payments shall be made to such omnibus customer account(s) as directed by Barclays, and shall be in such form as Barclays deems
appropriate. 
 6. CUSTOMER DEFAULT AND BARCLAYS’ REMEDIES. 
 (a) Each of the following events shall be a default (“Default”) by Customer under this Agreement: 
 (i) Customer breaches or fails to timely and fully perform any of its obligations hereunder or otherwise in respect of any
Contract; 
 (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails
to make any other payments required hereunder or otherwise in respect of any Contract; 
 (iii) if Customer is an
employee benefit plan, the termination of Customer or the filing by Customer of a notice of intent to terminate with a governmental agency or body, or the receipt of a notice of intent to terminate Customer from a governmental agency or body, or the
inability of Customer to pay benefits under the relevant employee benefit plan when due; 
 (iv) any
representation made by Customer or Advisor (if any) is not or ceases to be accurate and complete in any material respect; 
 (v) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or
against Customer; 
 (vi) Customer makes or proposes to make any arrangement or composition for the benefit of
its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer for Customer
or its property; 
 (vii) Customer makes an admission in writing that it is insolvent or is unable to pay its
debts when they mature or the suspension by Customer of its usual business or any material portion thereof; and 
 (viii) any warrant or order of attachment is issued against any Account or a judgment is levied against any Account. 
 (b) Upon the occurrence of a Default, or if Barclays reasonably considers it necessary for its protection to exercise any of the following remedies, then Barclays shall have the right, in addition to any other remedy available at law or
equity to Barclays, all without demand for margin and without notice or advertisement (except as provided in Section 6(c) below): 
 (i) close out any or all of Customer’s open Contracts, including, without limitation, through EFPs, EFSs or EFRs. For the purposes of this provision, Customer expressly authorizes Barclays to act as
broker for Customer or as principal opposite Customer with respect to such

  

					
		  	A-7	  	March 2003

 
EFP, EFS or EFR transactions and to execute such physical commodity, swap or over-the-counter transactions and documents on behalf of Customer as may be necessary to effect such EFP, EFS or EFR
transactions. Customer recognizes that such EFP, EFS or EFR transactions are not competitively executed by open outcry on a Transaction Facility but will be executed at the market price then available to Barclays; 
 (ii) cancel any or all of Customer’s outstanding orders; 
 (iii) treat any or all of Customer’s obligations due Barclays as immediately due and payable; 
 (iv) set off any obligations of Barclays to Customer against any obligations of Customer to Barclays; 
 (v) sell any Collateral and/or set off and apply any Collateral or the proceeds of the sale of any Collateral to satisfy any
obligations of Customer to Barclays; 
 (vi) borrow or buy any Contracts, options, securities or other property
for any Account; 
 (vii) terminate any or all of Barclays’ obligations for future performance to Customer;
and/or 
 (viii) take such other or further action as Barclays in its discretion reasonably considers necessary
or appropriate under the circumstances. 
 (c) So long as Barclays’ rights or position would not be jeopardized thereby,
Barclays shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (i) through (viii) of Section 6(b) above before taking any such action. Barclays shall not be deemed to have breached
any obligation to Customer if no such notice is given. Any sale or purchase hereunder shall be made in a commercially reasonable manner. In all cases a prior demand, margin call or notice of any kind shall not be considered a waiver of
Barclays’ right to take any action provided for herein. Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon. 
 7. TERMINATION. 
 (a) This Agreement may be terminated by Customer or Barclays by written notice to the other. Such termination shall be effective when received by the addressee thereof and shall be of no effect in relation to any orders placed or
transactions executed prior to such notice. In the event of such notice, Customer shall either close out open positions in the Account or arrange for such open positions to be transferred to another FCM. 
 (b) Upon satisfaction by Customer of all liabilities to Barclays arising hereunder (including payment obligations with respect to the
transfer of Contracts to another FCM), Barclays shall transfer to the FCM specified by Customer all Contracts, cash, securities and other property then held for any Account. The representations, warranties and indemnities contained in this Agreement
shall survive any termination of this Agreement. 
 8. INDEMNIFICATION. Customer hereby agrees to pay, indemnify and hold
Barclays, its managing directors, officers and employees harmless from and against any and all loss, liability, damage,

  

					
		  	A-8	  	March 2003

 
reasonable cost, penalty, fine, tax or expense (including, without limitation, reasonable attorneys’ fees, reasonable costs of collection and any reasonable cost incurred in successfully
defending against any claim asserted by Customer) (collectively, “Losses”) incurred by Barclays or such other persons in connection with the Account and/or any transactions or positions established or maintained therein, except where such
Losses are due to Barclays gross negligence or willful misconduct (including but not limited to fraud.) Such indemnification shall include, without limitation, Losses with respect to (i) any action taken or not taken by Barclays and its
managing directors, officers or employees in reliance upon any instruction, notice or communication that it reasonably believes to have originated from Customer or Customer’s duly authorized agent (including a third-party advisor, if any), and
(ii) the exercise of Barclays’ default remedies under Section 6 of this Agreement. 
 9. GOVERNING LAW,
JURISDICTION AND WAIVER OF JURY TRIAL. 
 (a) THE CONSTRUCTION, VALIDITY, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES). 
 (b) TO
THE EXTENT NOT OTHERWISE REQUIRED UNDER APPLICABLE LAW, ANY DISPUTES ARISING UNDER THIS AGREEMENT OR ANY TRANSACTION IN CONNECTION HEREWITH SHALL BE RESOLVED IN A COURT OF LAW LOCATED IN THE STATE OF NEW YORK, BOROUGH OF MANHATTAN OR IN THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE PARTIES TO THIS AGREEMENT HEREBY SUBMIT TO THE JURISDICTION OF SUCH COURTS AND AGREE THAT VENUE BEFORE SUCH COURTS IS PROPER. CUSTOMER CONSENTS TO THE SERVICE OF PROCESS BY THE MAILING
TO CUSTOMER OF COPIES OF THE APPROPRIATE COURT FILING BY CERTIFIED MAIL (RETURN RECEIPT REQUESTED) TO THE ADDRESS OF CUSTOMER AS IT APPEARS ON THE BOOKS AND RECORDS OF BARCLAYS, SUCH SERVICE TO BE EFFECTIVE ON THE DATE THAT SUCH MAIL IS DELIVERED OR
DELIVERY IS ATTEMPTED. CUSTOMER HEREBY WAIVES IRREVOCABLY ANY IMMUNITY TO WHICH IT MIGHT OTHERWISE BE ENTITLED IN ANY ARBITRATION, ACTION AT LAW, SUIT IN EQUITY OR ANY OTHER PROCEEDING ARISING OUT OF OR BASED ON THIS AGREEMENT OR ANY TRANSACTION IN
CONNECTION HEREWITH. 
 (c) THE PARTIES HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY TRANSACTION IN CONNECTION THEREWITH. 
 10. MISCELLANEOUS. 
 (a) Severability. If any provision of this Agreement is or at any time becomes inconsistent with or invalid under any present or
future Applicable Law, such inconsistent or invalid provision shall be deemed to be superseded or modified to conform to such Applicable Law, but in all other respects this Agreement shall continue in full force and effect. 
 (b) Successors; Binding Effect. This Agreement shall be binding on and inure to the benefit of each of the parties and their
respective successors and assigns. This Agreement and the obligations of Customer hereunder may not be assigned or delegated without the prior written consent of Barclays. Customer agrees that Barclays shall have the right to transfer or assign this
Agreement (and the Account) to any successor entity or to another properly registered FCM in its discretion without obtaining the consent of Customer provided that Barclays provides Customer with 30 days prior written notice if permitted under
Applicable Law. 
  

					
		  	A-9	  	March 2003

 (c) Entire Agreement. This Agreement and the attached appendices, consents,
certifications and authorizations constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior agreements between the parties as to the subject matter hereof. 
 (d) Amendments or Waiver. No provision of this Agreement shall in any respect be waived, hereto modified or amended unless such
waiver, modification or amendment is in writing and signed by authorized representatives of each party hereto. 
 (e) Notices
and Reports. Except as otherwise expressly provided in this Agreement, all Reports, instructions, notices or other communications shall be given in writing (including facsimile and electronic mail.) If a default notice is provided via electronic
mail, then the subject line shall specify in all capital letters “FUTURES AGREEMENT DEFAULT NOTICE FROM BARCLAYS CAPITAL” to both BGISFLegal@barclaysglobal.com and Financing&PBTeam@barclaysglobal.com with contemporaneous verbal
notification by Barclays to at least one current business contact and one current legal contact at the Advisor that such notice was sent by email, it being understood that the leaving of a voicemail message with relevant details to two such
individuals (if they do not answer their phones during normal business hours) shall satisfy this requirement. If a notice required pursuant to section 7 hereof is provided via electronic mail, then the subject line shall specify in all capital
letters “FUTURES AGREEMENT TERMINATION NOTICE FROM BARCLAYS CAPITAL”, with the additional procedures for default notices as outlined above required to be similarly followed by Barclays. All written Reports, instructions, notices or other
communications shall be directed as follows: 
  

	 	(i)	if to Barclays: 

 Barclays
Capital Inc. 
 200 Park Avenue 
 New York, New York 10166 
 Attention: Futures Operations Manager 
 telephone: 212-412-2580 
 facsimile: 212-412-6913 
 Any customer complaints or legal notices shall be directed to “Attention: Futures
Compliance Officer.” 
  

	 	(ii)	if to Customer, at the address, telephone or facsimile number as indicated on the Futures and Options Account Application. 

  

	 	(iii)	if to an Advisor, at the address, telephone or facsimile number indicated on the Futures and Options Account Application. 

 Written Reports and/or notices shall be deemed to have been given by a party hereto if (a) personally delivered to the other party,
(b) sent by certified mail, return receipt requested, postage prepaid, (c) sent by confirmed facsimile transmission, or (d) sent via email or other electronic media. A notice sent by certified mail shall be deemed given on the third
business day after the mailing date. 
 The Customer hereby consents to the delivery of all Reports via email with such consent
to remain effective for the duration of the Agreement unless Customer withdraws such consent via written notice to Barclays. 
  

					
		  	A-10	  	March 2003

 (f) No Waiver. No failure on the part of Barclays or Customer to exercise and no
delay in exercising, any contractual right will operate as a waiver or modification thereof, nor will any single or partial exercise by Barclays or Customer of any right preclude any other or future exercise thereof. 
 (g) Rights and Remedies Cumulative. All rights and remedies under this Agreement as amended and modified from time to time are
cumulative and not exclusive of any rights or remedies which may be available at law or otherwise. CUSTOMER ACKNOWLEDGMENTS. (PLEASE INITIAL APPROPRIATE CLAUSES BELOW.) 
 (h) CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED AND UNDERSTANDS THE FOLLOWING DISCLOSURE STATEMENT PRESCRIBED BY THE CFTC AND
FURNISHED HEREWITH: 
  

					
	 	 	RWB	    	Risk Disclosure Statement for Futures and Options
		 	  
 Initial

	    	(Appendix A to CFTC Rule 1.55(c) transcribed in full on pages 1-3 of Booklet 2 – Risk Disclosure Statements)
	 	 	RS	    	 
		 	  
 Initial

	    	

 (i) If Customer (i) maintains one or more other accounts (such as a securities,
commodities, cash or margin account) at Barclays and (ii) wants to permit Barclays to transfer funds from such accounts without obtaining specific instructions in each case, Customer should initial the following section: 
  

					
		 	  
 Initial
	    	Customer hereby specifically authorizes Barclays, until further notice in writing, to transfer any excess funds from/to Customer’s regulated commodity account, whether a
segregated account or a secured account, (i) to/from any other account that Customer maintains with Barclays, if in Barclays’ judgment such transfer is necessary to avoid or reduce a margin call or to reduce a debit balance in such other
account, or (ii) to Barclays in order to satisfy any obligation of Customer to Barclays. Barclays will notify Customer in writing of any transfer of funds made pursuant to this authorization within a reasonable time after each
transfer.

  

					
		  	A-11	  	March 2003

 IN WITNESS WHEREOF, the Customer has executed this Agreement as of the date set forth below. 
 Customer          iShares Diversified Alternating Trust, acting by and through Barclays Global Fund
Advisors 
  

									
	 Account Name:
	 	  
	 		  	By:	 	 /s/ Ryan W. Braniff

					
	 Date:
	 	 7/31/09
	 		  	Print Name:	 	 Ryan W. Braniff

					
		 		 		  	Title:	 	 Principal

  

									
		 		 		  	By:	 	 /s/ Raman Suri

					
		 		 		  	Print Name:	 	 Raman Suri

					
		 		 		  	Title:	 	 Managing Director

 Barclays Capital Inc. 
  

									
	Account Name:	 	  
	 		 	By:	 	 /s/ Sean Byme

					
	Date:	 	 8/7/09
	 		 	Print Name:	 	 Sean Byme

					
		 		 		 	Title:	 	 Director

 PLEASE BE CERTAIN YOU HAVE INITIALED OR CHECKED ALL APPROPRIATE ELECTIONS ABOVE AND THAT YOU
HAVE FULLY COMPLETED THE ABOVE SIGNATURE BLOCK. 
  

					
		  	A-12	  	March 2003

 CROSS TRADE CONSENT 
 The undersigned Customer hereby authorizes Barclays, and its managing directors, officers, employees and floor brokers acting on
Customer’s behalf in any transaction for the Account, without prior notice to Customer, to take the other side of Customer’s transaction, subject to the transaction being executed at the prevailing price in accordance with the regulations
of the applicable Transaction Facility and the rules and regulations of the CFTC. Capitalized terms used but not defined herein shall have the meanings set forth in the Futures and Options Customer Account Agreement of Barclays Capital Inc.

  

	
	  

	 (Name of Customer – Please Print)

	
	  

	 (Signature)

	
	  

	 (Name & Title – Please Print)

	
	  

	 (Date)

  

					
		  	B-1	  	March 2003

 HEDGE ACCOUNT ELECTION 
 Customer hereby certifies that, except with prior notice to the contrary by Customer to Barclays, all orders placed by Customer for the
Account will represent bona fide hedging transactions as defined in CFTC Regulation §1.3(z). Customer agrees that prior to placing any order which is not a hedging transaction, Customer shall notify Barclays in writing and shall keep such
contracts margined in accordance with the requirements of the Transaction Facility on or through which the orders are placed or as required by Barclays. 
 Customer should note that CFTC Regulation §190.06 permits Customer to specify whether, in the unlikely event of Barclays’ bankruptcy, Customer prefers the bankruptcy trustee to liquidate all
positions in the Account. Accordingly, Customer hereby elects as follows (please check one): 
  ̈    Liquidate                x    Not Liquidate 
 If neither alternative
is selected, Customer will be deemed to have elected to have all positions liquidated. This election may be changed at any time by written notice. 
 Capitalized terms used but not defined herein shall have the meaning set forth in the Futures and Options Customer Account Agreement of Barclays Capital Inc. 
  

	
	 iShares Diversified Alternatives Trust,
acting by and through Barclays Global Fund Advisors

	 (Name of Customer – Please Print)

	
	 /s/ Ryan W. Braniff

	 (Signature)

	
	 Ryan W. Braniff, Principal

	 (Name & Title – Please Print)

	
	 7/31/09

	 (Date)

	
	 /s/ Raman Suri

	 (Signature)

	
	 Raman Suri, Managing Director

	 (Name & Title – Please Print)

	
	 7/31/09

	 (Date)

  

					
		  	B-2	  	March 2003

 DISCRETIONARY TRADING AUTHORIZATION 
 Gentlemen: 
 The undersigned Customer hereby
authorizes Barclays Global Fund Advisors (the “Advisor”) as its agent and attorney-in-fact to purchase, sell (including short sales) and trade in commodities, commodity futures, security futures, option and forward contracts thereon
and interests therein (including exchange-for-physical, exchange-for-swap, and exchange-for-risk transactions), whether listed on U.S. or non-U.S. markets, on margin or otherwise, in accordance with Barclays Capital Inc.’s and its
affiliates’ (“Barclays”) terms and conditions for Customer’s account and risk and in Customer’s name or number on Barclays’ books. Without limiting the foregoing, Barclays is hereby authorized, upon the instruction of
the Advisor, to transfer money, securities or other property to or from Customer’s commodity futures account(s) at Barclays (“Account(s)”) and to make or receive delivery of the commodities or securities underlying the futures
contracts traded by the Advisor on behalf of the undersigned. Barclays is directed to send to Advisor a copy of all statements that Barclays sends to Customer concerning Customer’s Account(s). Customer hereby ratifies and confirms any and all
transactions with Barclays heretofore. The Customer hereby agrees to indemnify and hold Barclays harmless from and to pay Barclays promptly on demand any and all losses, damages, costs, injuries and expenses arising out of or in relation to the
Advisor’s trading activities, or debit balance due thereon. 
 Customer understands that Barclays is in no way responsible for any loss to
Customer occasioned by actions of the Advisor or its agents and that Barclays does not, by implication or otherwise, endorse the operator or methods of the Advisor or its agents. 
 This authorization and indemnity is in addition to (and in no way limits or restricts) any rights which Barclays may have under the Barclays Futures and Options Customer Account Agreement executed by
Customer, any other agreement or agreements between Barclays and Customer or at law or in equity. 
 This authorization may be terminated by
Customer at any time as of the actual receipt by Barclays of written notice of termination. Termination of this authorization shall not affect any liability in any way resulting from transactions initiated (including open positions or outstanding
orders submitted by the Advisor but not yet executed) prior to such termination. This authorization and indemnity shall inure to Barclays’ benefit and that of Barclays’ successors and assigns. 
  

	
	 iShares Diversified Alternatives Trust

	 (Name of Customer – Please Print)

	
	 /s/ Ryan W. Braniff

	 (Signature)

	
	 Ryan W. Braniff, Principal

	 (Name & Title – Please Print)

	
	 7/31/09

	 (Date )

  

	
	
	 /s/ Raman Suri

	 (Signature)

	
	 Raman Suri, Managing Director

	 (Name & Title – Please Print)

	
	 7/31/09

	 (Date )

  

					
		  	B-3	  	March 2003

 REPRESENTATIONS OF ADVISOR 
 The undersigned Advisor acknowledges that it has been designated as Customer’s agent and attorney-in-fact pursuant to the Discretionary Trading
Authorization set forth above. In this regard, the Advisor hereby represents and warrants to Barclays Capital Inc. and its affiliates (“Barclays”) that: (a) the Advisor has reviewed the registration requirements, as amended from time
to time, of the CEA, the CFTC, and the NFA relating to commodity pool operators and commodity trading advisors and is either appropriately registered with the CFTC and a member of the NFA or exempt or excluded from CFTC registration requirements
(explain the basis for such exclusion or exemption below); and (b) the Advisor has provided and will continue to provide Customer with an explanation of the nature and risks of the strategies to be used in connection with all transactions to be
executed for Customer’s account, and has provided Customer with a copy of its most recent CFTC disclosure document, or has provided Barclays with a written explanation of the reason why it is not required to deliver a disclosure document to
Customer. 
 Applicable Exclusion or Exemption:
                                         
                                         
                                         
                              
 The undersigned agrees promptly to give Barclays Capital Inc. written notice if any of the representations or warranties set forth above become inaccurate or in any way cease to be true, complete and
correct. 
 The following officers or employees of Advisor are authorized to effect transactions in Contracts (as defined in Barclays’
Futures and Options Customer Account Agreement (the “Agreement”)) and to buy, sell and otherwise deal in Contracts (as defined in the Agreement) pursuant to said Discretionary Trading Authorization. Barclays may rely on all instructions,
whether verbal or written, received by it from such officers or employees with respect to any of the transactions referred to above without further inquiry until it receives written notice of a change from the Advisor or Customer. The Advisor hereby
agrees to indemnify and hold Barclays harmless from and to pay Barclays promptly on demand any and all losses, damages, costs, injuries and expenses arising out of or in relation to any action taken or not taken by Barclays in reliance upon any
instruction, notice or communication given by the Advisor or any agent of Advisor prior to receipt by Barclays of written notice from the Advisor that such agent is no longer so authorized. 
  

					
	 Dan Vainer
	  	 Trader
	  	 /s/ Dan Vainer

	Name	  	Title	  	Signature
			
	 Paul Whitehead
	  	 Senior Trader
	  	 /s/ Paul Whitehead

	Name	  	Title	  	Signature
			
	 John Ricci
	  	 Trader
	  	 /s/ John Ricci

	Name	  	Title	  	Signature
			
	 Mike Sobel
	  	 Head of Equity Trading
	  	 /s/ Mike Sobel

	Name	  	Title	  	Signature

  

									
	  
 Barclays Global Fund
Advisors
	 		  		  	
	(Name of Advisor – Please Print)	 		  		  		  	
	  
 /s/ Ryan W.
Braniff
	 		  		  		  	
	(Signature)	 		  		  		  	
				
	  
 Ryan W. Braniff,
Principal
	 		  	  
 7/31/2009                                      
      
	  	
	(Name & Title – Please Print)	 		  	(Date)	  	

  

									
					
	 /s/ Raman Suri
	 		  		  		  	
	(Signature)	 		  		  		  	
				
	  
 Raman Suri, Managing
Director
	 		  	  
 7/31/2009                                      
      
	  	
	(Name & Title – Please Print)	 		  	(Date)	  	

  

					
		  	B-4	  	March 2003

 CORPORATE CERTIFICATION & AUTHORIZATION 
 I,                                       
                  , the undersigned
                                        
                                    [Insert Title] of
                                         
                   , a corporation duly organized and existing under the laws of
                                         
                                (the “Corporation”), having its principal office
at                                 DO HEREBY CERTIFY that the Corporation is
authorized under its governing documents, as amended from time to time, to trade in commodities, commodity futures, security futures, option and forward contracts thereon and interests therein (including exchange-for-physical, exchange-for-swap, and
exchange-for-risk transactions) (collectively, “Contracts”) and possesses the power and authority to undertake the transactions contemplated by the Futures and Options Customer Account Agreement of Barclays Capital Inc. 
 The undersigned further certifies that: 
 (a) Any
officer of this Corporation acting alone (or any employee or agent of the Corporation designated by any such officer) hereby is authorized to act for the Corporation in every respect concerning the Corporation’s account(s) with Barclays Capital
Inc. (the “Account(s)”), the authority hereby granted including, without limitation, the authority to do any or all of the following acts or actions necessary in connection with the Account(s) and the transactions effected therein:

  

	 	(i)	To open one or more accounts in the name of the Corporation with Barclays Capital Inc. for the purpose of trading in Contracts, and to execute in the name of the
Corporation and deliver to Barclays Capital Inc. the Futures and Options Customer Account Agreement of Barclays Capital Inc. and any and all agreements, documents, instruments or notices necessary to the opening, maintenance and/or trading of such
Account(s); 

  

	 	(ii)	To buy, sell and trade and agree to buy, sell and trade Contracts, on margin or otherwise, which power shall include the power to sell “short”;

  

	 	(iii)	To effect and receive payment and delivery in the performance of Contracts and any obligations undertaken in connection therewith; 

  

	 	(iv)	To deposit with and withdraw from Barclays Capital Inc. any money, securities, commodities, Contracts and contracts for the purchase or sale of securities and other
property; 

  

	 	(v)	To receive and promptly comply with any request or demand for additional margin, any notice of intention to liquidate, and any notice or demand of any other nature;

  

	 	(vi)	To borrow funds from Barclays Capital Inc. (on a secured basis) or its affiliates to finance any Contract transactions effected through or with Barclays Capital Inc.;
and 

  

	 	(vii)	To take such other actions as may be necessary or desirable to carry out the intent of the foregoing and the satisfaction of each and every obligation of the
Corporation in connection with the Account(s) and the transactions effected therein; 

 (b) Barclays Capital Inc. is directed to
send written confirmations of all Contract transactions effected for this Corporation and carried in the Account(s) and all statements of account of the Corporation with Barclays Capital Inc. and other pertinent records and documents to

  

					
		  	B-5	  	March 2003

 
                                        
                                         
       (Name and Title of Officer or Agent), who is not authorized to trade with Barclays Capital Inc. but hereby is authorized to receive and acquiesce in the correctness of such confirmations, statements, and
other records and documents; 
 (c) Any and all past transactions of the kind provided for by these Resolutions which have been previously made
by Barclays Capital Inc. on behalf of or with this Corporation hereby are ratified, confirmed and approved in all respects; and 
 (d) Barclays
Capital Inc. and any interested third party is authorized to rely and act upon the authority of this Authorization until receipt by Barclays Capital Inc. of a certificate showing rescission, amendment or modification thereof and signed by an officer
of the Corporation, and that this Corporation will indemnify and hold harmless Barclays Capital Inc. from and against any liability, loss, cost or expense it incurs in continuing to act in reliance upon this Authorization prior to its actual receipt
of any such certificate. 
 IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of said Corporation this
         day of         , 200    . 
  

							
		 	  
	 	
		 	 Name
	 		 	
			
		 	  
	 	
	 [SEAL]
	 	 Title
	 		 	

  

					
		  	B-6	  	March 2003

 PARTNERSHIP CERTIFICATION & AUTHORIZATION 
 Gentlemen: 
 The undersigned general partner(s) of
                    , a
                     (general/limited) partnership organized and existing under the laws of
                     (the “Partnership”), having its principal office at
                     DO HEREBY CERTIFY that the Partnership is authorized under its partnership agreement, as amended from time to time, to
trade in commodities, commodity futures, security futures, option and forward contracts thereon and interests therein (including exchange-for-physical, exchange-for-swap, and exchange-for-risk transactions) (collectively, “Contracts”) and
possesses the power and authority to undertake the transactions contemplated by the Futures and Options Customer Account Agreement with Barclays Capital Inc. 
 The undersigned further certify that: 
 (a) Any general partner of the Partnership
acting alone (or any employee or agent of the Partnership designated by any such general partner) hereby is authorized to act for the Partnership in every respect concerning the Partnership’s account(s) with Barclays Capital Inc. (the
“Account(s)”), the authority hereby granted including, without limitation, the authority to do any or all of the following acts or actions necessary in connection with the Account(s) and the transactions effected therein: 
  

	 	(i)	To open one or more accounts in the name of the Partnership with Barclays Capital Inc. for the purpose of trading in Contracts, and to execute in the name of the
Partnership and execute and deliver to Barclays Capital Inc. the Futures and Options Customer Account Agreement of Barclays Capital Inc. and any and all agreements, documents, instruments or notices necessary to the opening, maintenance and/or
trading of such Account(s); 

  

	 	(ii)	To buy, sell and trade and agree to buy, sell and trade Contracts, on margin or otherwise, which power shall include the power to sell “short”;

  

	 	(iii)	To effect and receive payment and delivery in the performance of Contracts and any obligations undertaken in connection therewith; 

  

	 	(iv)	To deposit with and withdraw from Barclays Capital Inc. any money, securities, commodities, Contracts and contracts for the purchase or sale of securities and other
property; 

  

	 	(v)	To receive and promptly comply with any request or demand for additional margin, any notice of intention to liquidate, and any notice or demand of any other nature;

  

	 	(vi)	To borrow funds from Barclays Capital Inc. (on a secured basis) or its affiliates to finance any Contract transactions effected through or with Barclays Capital Inc.;
and 

  

	 	(vii)	To take such other actions as may be necessary or desirable to carry out the intent of the foregoing and the satisfaction of each and every obligation of the
Partnership in connection with the Account(s) and the transactions effected therein; 

 (b) Barclays Capital Inc. is directed to
send all written confirmations of all Contract transactions effected for the Partnership and carried in the Account(s) and all statements of account of the Partnership

  

					
		  	B-7	  	March 2003

 
with Barclays Capital Inc. and other pertinent documents and records to
                     (Name and Title of Partner or Agent), who is not authorized to trade with Barclays Capital Inc. but hereby is authorized
to receive and acquiesce in the correctness of such confirmations, statements, and other records and documents; 
 (c) Any and all past
transactions between the Partnership and Barclays Capital Inc. of the kind provided for by this Authorization are hereby ratified, approved and confirmed in all respects; and 
 (d) In consideration of Barclays Capital Inc. maintaining the account(s) of the Partnership the undersigned agree that: 
 (i) The undersigned is/are jointly and severally liable to Barclays Capital Inc. for any and all obligations arising out of transactions in or relating to the account(s) of the Partnership with Barclays
Capital Inc. 
 (ii) If there is any change in this Authorization or if any of the general partners withdraw from the
Partnership, die or are judicially declared incompetent, the undersigned will notify Barclays Capital Inc. in writing immediately. Until Barclays Capital Inc. has actually received such written notice signed by a general partner of the Partnership,
Barclays Capital Inc. shall be entitled to act in reliance on this Authorization. The Partnership will indemnify and hold Barclays Capital Inc. harmless from and against any loss suffered or liability incurred in continuing to act in reliance on
this Authorization prior to Barclays Capital Inc.’s actual receipt of such written notice. 
 Dated this     
day of         , 200    . 
 General Partners: (EVERY GENERAL
PARTNER MUST SIGN) 
  

							
	  
	  		  	  
	  	
	(Signature)	  		  	(Signature)	  	
				
	  
	  		  	  
	  	
	(Name – Please Print)	  		  	(Name – Please Print)	  	
				
	  
	  		  	  
	  	
	(Signature)	  		  	(Signature)	  	
				
	  
	  		  	  
	  	
	(Name – Please Print)	  		  	(Name – Please Print)	  	
				
	  
	  		  	  
	  	
	(Signature)	  		  	(Signature)	  	
				
	  
	  		  	  
	  	
	(Name – Please Print)	  		  	(Name – Please Print)	  	

  

					
		  	B-8	  	March 2003

 TRUST CERTIFICATION & AUTHORIZATION 
 1. The undersigned are all of the Trustees of
                    , a duly formed trust dated             ,
200    , for the benefit of                      (the “Trust”). The undersigned each represent and
warrant to Barclays Capital Inc. that the Trust Agreement of the Trust, as amended from time to time, authorizes the undersigned to open one or more accounts in the name of the Trust with Barclays Capital Inc. for the purpose of trading in
commodities, commodity futures, security futures, option and forward contracts thereon and interests therein (including exchange-for-physical, exchange-for-swap, and exchange-for-risk transactions) (collectively, “Contracts”) as
contemplated by the Futures and Options Customer Account Agreement of Barclays Capital Inc. and that the undersigned, or any agent of the undersigned designated by the undersigned, be and hereby are authorized to act for the Trust in every respect
regarding the Trust’s account(s) with Barclays Capital Inc. (the “Account(s)”), the authority hereby granted including, without limitation, the power to do any or all of the following acts necessary in connection with the Account(s)
and the transactions effected therein: 
  

	 	(a)	To open one or more accounts in the name of the Trust with Barclays Capital Inc. for the purpose of trading in Contracts, and to execute in the name of the Trust and
execute and deliver to Barclays Capital Inc. the Futures and Options Customer Account Agreement of Barclays Capital Inc. and any and all agreements, documents, instruments or notices necessary to the opening, maintenance and/or trading of such
Account(s); 

  

	 	(b)	To buy, sell and trade and agree to buy, sell and trade Contracts, on margin or otherwise, which power shall include the power to sell “short”;

  

	 	(c)	To effect and receive payment and delivery in the performance of Contracts and any obligations undertaken in connection therewith; 

  

	 	(d)	To deposit with and withdraw from Barclays Capital Inc. any money, securities, commodities, Contracts and contracts for the purchase or sale of securities and other
property; 

  

	 	(e)	To receive and promptly comply with any request or demand for additional margin, any notice of intention to liquidate, and any notice or demand of any other nature;

  

	 	(f)	To borrow funds from Barclays Capital Inc. (on a secured basis) or its affiliates to finance any Contract transactions effected through or with Barclays Capital Inc.;
and 

  

	 	(g)	To take such other actions as may be necessary or desirable to carry out the intent of the foregoing and the satisfaction of each and every obligation of the Trust in
connection with the Account(s) and the transactions effected therein. 

 2. Barclays Capital Inc. is hereby
directed to send written confirmations of all Contract transactions effected for the Trust and carried in the Accounts(s) and all statements of account of the Trust with Barclays Capital Inc. and other pertinent records and documents to
                     (Name and Title), who is not authorized to trade with Barclays Capital Inc. but hereby is authorized to receive and
acquiesce in the correctness of such confirmations, statements, and other records and documents. 
 3. Any and all past
transactions of the kind provided for by this certification and authorization that have been previously made on behalf of or with this Trust hereby are ratified, confirmed and approved in all respects. 
  

					
		  	B-9	  	March 2003

 4. Barclays Capital Inc. and any interested third party is authorized to rely and act upon
the foregoing representations and warranties until such time as Barclays Capital Inc. shall be notified otherwise in a writing signed by the Trust or any Trustee of the Trust and the Trust will indemnify and hold harmless Barclays Capital Inc. from
and against any liability, loss, cost or expense it incurs in continuing to act in reliance upon this certification and authorization prior to its actual receipt of any such notice. 
  

					
	  
	  	
	(Name of Trust - Please Print)	  		  	
			
	  
	  	  
	  	
	(Trustee’s Signature)	  	(Date)	  	
		
	  
	  	
	(Name & Title - Please Print)	  		  	
			
	  
	  	  
	  	
	(Trustee’s Signature)	  	(Date)	  	
		
	  
	  	
	(Name & Title - Please Print)	  		  	

  

					
		  	B-10	  	March 2003

 LIMITED LIABILITY COMPANY CERTIFICATION & AUTHORIZATION 
 We the undersigned, constituting all of the [Managing-Members/Managers] of
                    , a Limited Liability Company duly organized and existing under the laws of
                     (the “Company”), having its principal office at
                     DO HEREBY CERTIFY that the Company is authorized under its governing documents, as amended from time to time, to trade in
commodities, commodity futures, security futures, option and forward contracts thereon and interests therein (including exchange-for-physical, exchange-for-swap, and exchange-for-risk transactions) (collectively, “Contracts”) and possesses
the power and authority to undertake the transactions contemplated by the Futures and Options Customer Account Agreement of Barclays Capital Inc. 
 The undersigned further certify that: 
 (a) Any [Managing-Member/Manager] of this Company or any employee or agent of this Company
designated by any such [Managing-Member/Manager] hereby is authorized to act for the Company in every respect concerning the Company’s account(s) with Barclays Capital Inc. (the “Account(s)”), the authority hereby granted including,
without limitation, the power to do any or all of the following acts and actions necessary in connection with the Account(s) and the transactions effected therein: 
  

	 	(i)	To open one or more accounts in the name of the Company with Barclays Capital Inc. for the purpose of trading in Contracts, and to execute in the name of the Company
and execute and deliver to Barclays Capital Inc. the Futures and Options Customer Account Agreement of Barclays Capital Inc. and any and all agreements, documents, instruments or notices necessary to the opening, maintenance and/or trading of such
Account(s); 

  

	 	(ii)	To buy, sell and trade and agree to buy, sell and trade Contracts, on margin or otherwise, which power shall include the power to sell “short”;

  

	 	(iii)	To effect and receive payment and delivery in the performance of Contracts and any obligations undertaken in connection therewith; 

  

	 	(iv)	To deposit with and withdraw from Barclays Capital Inc. any money, securities, commodities, Contracts and contracts for the purchase or sale of securities and other
property; 

  

	 	(v)	To receive and promptly comply with any request or demand for additional margin, any notice of intention to liquidate, and any notice or demand of any other nature;

  

	 	(vi)	To borrow funds from Barclays Capital Inc. (on a secured basis) or its affiliates to finance any Contract transactions effected through or with Barclays Capital Inc.;
and 

  

	 	(vii)	To take such other actions as may be necessary or desirable to carry out the intent of the foregoing and the satisfaction of each and every obligation of the Company in
connection with the Account(s) and the transactions effected therein; 

 (b) Barclays Capital Inc. is directed to send written
confirmations of all Contract transactions effected for this Company and carried in the Account(s) and all statements of account of the Company with Barclays Capital Inc. and other pertinent records and documents to
                     (Name and Title of Managing-Member/Manager or Agent), who is not authorized to trade with Barclays Capital Inc. but
hereby is authorized to receive and acquiesce in the correctness of such confirmations, statements, and other records and documents; 
  

					
		  	B-11	  	March 2003

 (c) Any and all past transactions of the kind provided for by these Resolutions which have been previously
made by Barclays Capital Inc. on behalf of or with this Company hereby are ratified, confirmed and approved in all respects; and 
 (d) Barclays
Capital Inc. and any interested third party is authorized to rely and act upon the authority of this Authorization until receipt by Barclays Capital Inc. of a certificate showing rescission, amendment or modification thereof and signed by a
[Managing-Member/Manager] of this Company, and that this Company will indemnify and hold harmless Barclays Capital Inc. from and against any liability, loss, cost or expense it incurs in continuing to act in reliance upon this Authorization prior to
its actual receipt of any such certificate. 
 IN WITNESS WHEREOF, we have hereunto subscribed our names this
         day of         , 200    . 
 [Managing-Members/Manager(s)]: 
  

					
	  
	  		 	  

	(Signature)	  		 	(Signature)
			
	  
	  		 	  

	(Name & Title – Please Print)	  		 	(Name & Title – Please Print)
			
	  
	  		 	  

	(Signature)	  		 	(Signature)
			
	  
	  		 	  

	(Name & Title – Please Print)	  		 	(Name & Title – Please Print)

  

					
		  	B-12	  	March 2003

 CERTIFICATE OF INCUMBENCY 
 I,
                                         
       , do hereby certify that: 
  

	1.	I am the duly elected, qualified and acting
                                        
of
                                        ,
a 

	    	                                        
                                         
   [Title]                               [Customer]

	    	                                      
                                         
                                         
     (the “Company”). 

	    	    [State]                 [Legal form of entity (e.g.,
corporation, LLC)] 

  

	2.	I am authorized to execute this Certificate of Incumbency on behalf of the Company. 

  

	3.	The following named persons are, as of the date hereof, officers or authorized representatives of the Company serving in the capacities set forth opposite their names,
and with respect to each office or authorized position held with respect to the Company, are duly elected or appointed, qualified, and acting as such and the signature appearing opposite their names is a true and genuine specimen of their signature:

  

									
	 Name
	 	  	  	 Title
	  	  	  	 
					
	  
	 		  	  
	  		  	  

		 		  		  		  	[Signature]
					
	  
	 		  	  
	  		  	  

		 		  		  		  	[Signature]
					
	  
	 		  	  
	  		  	  

		 		  		  		  	[Signature]
					
	  
	 		  	  
	  		  	  

		 		  		  		  	[Signature]

 IN WITNESS WHEREOF, I have hereunto subscribed my name to this Certificate of
Incumbency for the Company this          day of         , 20    . 
  

	
	  

	Name:
	Title:

 Note:    The person making this certification may not be one of the
individuals listed under Section 3 above. 
  

					
		  	B-13	  	March 2003

 EMPLOYEE BENEFIT PLAN AUTHORIZATION 
 [IF NO QPAM IS INVOLVED, CONTACT THE COMPLIANCE DEPARTMENT OF BARCLAYS CAPITAL INC. TO DISCUSS THE SCOPE OF THE PLAN’S FUTURES TRADING ACTIVITIES
AND ANY ADDITIONAL DOCUMENTATION THAT MAY BE REQUIRED BY BARCLAYS CAPITAL INC.] 
 1. In consideration of the acceptance by Barclays Capital
Inc. of one or more accounts of
                                        
(the “Trust”) under and on behalf of
                                         
        (the “Plan”), a duly formed employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the undersigned each continuously represent and
warrant to Barclays Capital Inc. that the documents under which the Plan and Trust were established, as such documents have been amended from time to time, authorize the undersigned to open one or more accounts in the name of the Trust with Barclays
Capital Inc. for the purpose of trading in commodities, commodity futures, security futures, option and forward contracts thereon and interests therein (including exchange-for-physical, exchange-for-swap, and exchange-for-risk transactions)
(collectively, “Contracts”) and that the undersigned, or any agent of the undersigned designated by the undersigned, be and hereby are authorized to act for the Trust in every respect regarding the Trust’s account(s) with Barclays
Capital Inc. (the “Account(s)”), the authority hereby granted including, without limitation, the power to do each of the following acts necessary in connection with the Account(s) and the transactions effected therein: 
  

	 	(a)	To open one or more accounts in the name of
                                 as Trustee(s) of the Trust with Barclays Capital
Inc. for the purpose of trading in Contracts, and to execute in the name of the Trust and deliver to Barclays Capital Inc. the Futures and Options Customer Account Agreement of Barclay Capital Inc., Cross Trade Consent, and any and all other
agreements, documents, instruments or notices (collectively, the “Agreements”) necessary to the opening, maintenance and/or trading of such Account(s); 

  

	 	(b)	To buy, sell and trade and agree to buy, sell and trade Contracts, on margin or otherwise, which power to sell includes the power to sell “short”;

  

	 	(c)	To effect and receive payment and delivery in the performance of Contracts and any obligations undertaken in connection therewith; 

  

	 	(d)	To deposit with and withdraw from Barclays Capital Inc. any money, securities, commodities, Contracts and contracts for the purchase or sale of securities and other
property; 

  

	 	(e)	To engage in trades opposite Barclays Capital Inc. or its affiliates, in accordance with the Commodity Exchange Act of 1974, as amended, the rules and regulations
promulgated thereunder, and applicable Transaction Facility (as defined in the Agreements) rules; 

  

	 	(f)	To receive and promptly comply with any request or demand for additional margin, any notice of intention to liquidate, and any notice or demand of any other nature; and

  

	 	(g)	To take such other actions as may be necessary or desirable to carry out the intent of the foregoing and the satisfaction of each and every obligation of the Plan in
connection with the Account(s) and the transactions effected therein. 

  

					
		  	B-14	  	March 2003

	2.	The undersigned each continuously represent and warrant to Barclays Capital Inc. that: 

  

	 	(a)	the Plan has appointed
                                         
    (the “Advisor”); 

  

	 	(b)	the Advisor is a qualified professional asset manager within the meaning of Prohibited Transaction Class Exemption 84-14 (“PTE 84-14”) under ERISA;

  

	 	(c)	the terms of the transactions under the Agreements and this Authorization are and will be negotiated on behalf of the Trust by, or under the authority and general
direction of, the Advisor; 

  

	 	(d)	the Advisor (or an investment manager acting in accordance with written guidelines established and administered by the Advisor) makes all decisions on behalf of the
Trust to enter into such transactions, and the conditions of Part I of PTE 84-14 will otherwise be met with respect to each such transaction; and 

  

	 	(e)	the Advisor is authorized by the Trust to act for the Trust and to do each of the acts set forth in Section 1 above and the following acts necessary in connection
with the Account(s) and the transactions effected therein: 

  

	 	(i)	To engage in exchange-for-physical, exchange-for-swap, and exchange-for-risk transactions with Barclays; 

  

	 	(ii)	To execute in the name of the Plan and deliver to Barclays Capital Inc. a Cross Trade Consent and to engage in cross trades opposite Barclays Capital Inc. or its
affiliates; and 

  

	 	(iii)	To borrow funds from Barclays Capital Inc. (on a secured basis) or its affiliates to finance any transactions in Contracts effected through or with Barclays Capital
Inc. 

  

	3.	Barclays Capital Inc. is hereby directed to send written confirmations of all Contracts effected by Barclays Capital Inc. for the Trust and all statements of account of
the Trust with Barclays Capital Inc. and other pertinent records and documents to
                                        
(Name and Title), who is not authorized to trade with Barclays Capital Inc. but hereby is authorized to receive and acquiesce in the correctness of such confirmations, statements, and other records and documents. 

  

	4.	The undersigned each continuously represent and warrant that: (a) Barclays Capital Inc. is not acting as a fiduciary, as that term is defined in ERISA, of the Plan
or the Trust, and Barclays Capital Inc. shall have no responsibility for the Plan’s or the Trust’s compliance with ERISA; (b) Barclays Capital Inc. shall have no responsibility for the investment policies or strategies of the Plan, or
the overall diversification or prudence requirements applicable to Plan investments; (c) any information provided by Barclays Capital Inc. or its affiliates in connection with a transaction shall not serve as the primary basis for any decision
made on behalf of the Trust to enter into the transaction, it being understood that all decisions made on behalf of the Trust are solely within the power and discretion of the Plan fiduciary directing the transaction; and (d) the transactions
contemplated under the Agreements and this Authorization shall not give rise to any nonexempt prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended.

  

					
		  	B-15	  	March 2003

	5.	Any and all past transactions of the kind provided for by this certification and authorization that have been previously made on behalf of or with this Plan hereby are
ratified, confirmed and approved in all respects. 

  

	6.	Barclays Capital Inc. and any interested third party is authorized to rely and act upon the foregoing representations and warranties until such time as Barclays Capital
Inc. shall be notified otherwise in advance and in a writing signed by the Trustee and/or the Plan Sponsor and the Plan and
                                        
(Insert Name of the Plan Sponsor) each shall separately indemnify and hold Barclays Capital Inc. harmless from and against any liability, loss, cost or expense it incurs in continuing to act in reliance upon this certification and authorization
prior to its actual receipt of any such notice. 

  

	7.	The Trustee, Plan Sponsor/Named Fiduciary, and Advisor should each sign below: 

  

	A.	Signature of Trustee: 

  

							
		 	  
	  		  	
		 	(Name of Plan – Please Print)	  		  	
				
	By:	 	  
	  		  	
		 	 (Trustee’s Signature)
	  		  	
				
		 	  
	  		  	  

		 	(Name & Title – Please Print)	  		  	(Date)

  

	B.	Signature of Plan Sponsor/Named Fiduciary: 

  

							
		 	  
	  		  	
		 	(Name of Plan Sponsor/Named Fiduciary - Please Print)	  		  	
				
	By:	 	  
	  		  	
		 	 (Signature)
	  		  	
				
		 	  
	  		  	  

		 	(Name & Title – Please Print)	  		  	(Date)

  

	C.	Signature of Advisor/Qualified Professional Asset Manager: 

  

							
		 	  
	  		  	
		 	(Name of Advisor/Qualified Professional Asset Manager)	  		  	
				
	By:	 	  
	  		  	
		 	 (Signature)
	  		  	
				
		 	  
	  		  	  

		 	(Name & Title – Please Print)	  		  	(Date)

 (Please provide an opinion of counsel acceptable to Barclays Capital Inc. 

establishing that the Plan is authorized to trade Contracts 
  

					
		  	B-16	  	March 2003

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]