Document:

Ex. 4c - 2014 10K

Exhibit 4C

 
FORM OF 
GUARANTEE AGREEMENT

Dated as of March 7, 2014

of

[NAME OF GUARANTOR]

A/75938206.2 

    

FORM OF GUARANTEE AGREEMENT
THIS GUARANTEE AGREEMENT, dated as of March 7, 2014 (this “Guarantee Agreement”), is made by [Insert Name of Guarantor], a [__________] [corporation/limited liability company] (together with its successors and assigns, the “Guarantor”), in favor of the Purchasers (as defined below) and the other holders from time to time of the Notes (as defined below).  The Purchasers and such other holders are herein collectively called the “holders” and individually a “holder.”
PRELIMINARY STATEMENTS:
I.    Mine Safety Appliances Company, LLC, a Pennsylvania limited liability company (as successor to Mine Safety Appliances Company, a Pennsylvania corporation) (together with its successors and assigns, “MSA”), previously entered into a Note Purchase and Private Shelf Agreement, dated as of October 13, 2010 (as amended, modified, supplemented or restated from time to time prior to the date hereof, the “Original Note Purchase Agreement”), with Prudential Investment Management, Inc., the Series A Purchasers listed on the signature pages thereto and each Prudential Affiliate which becomes a party thereto from time to time (such Series A Purchasers and each such Prudential Affiliate, collectively, the “Purchasers”), pursuant to which the Company (i) issued and sold to the Series A Purchasers $100,000,000 in aggregate principal amount of its 4.00% Series A Senior Notes due October 13, 2021 (the “Original Series A Notes”) and (ii) authorized the issuance and sale from time to time of its additional senior promissory notes in the aggregate principal amount of $50,000,000 (the “Original Shelf Notes” and together with the Original Series A Notes, collectively, the “Original Notes”).   No Original Shelf Notes were issued under the Original Note Purchase Agreement.      
II.      On the date hereof, MSA, MSA Safety Incorporated, a Pennsylvania corporation (the “Company”) and certain of their affiliates are entering into a corporate reorganization.
III.      In connection with such corporate reorganization, MSA, the Company and the Purchasers have agreed to amend and restate the Original Note Purchase Agreement pursuant to the terms of that certain Amended and Restated Note Purchase and Private Shelf Agreement, dated as of the date hereof, among MSA, the Company, Prudential Investment Management, Inc. and the Purchasers (as may be amended, modified, supplemented or restated from time to time, the “Note Purchase Agreement”).  

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IV.    Pursuant to the Note Purchase Agreement, (a) MSA has agreed to assign to the Company, and the Company has agreed to assume all of MSA’s obligations, inter alia, under the Original Note Purchase Agreement and the Original Series A Notes, (b) the Company has agreed to issue $100,000,000 in aggregate principal amount of its 4.00% Amended and Restated Series A Senior Notes due October 13, 2021 in exchange for, and in replacement of, the Original Series A Notes (the “Series A Notes”), and (c) the Company has authorized the issuance of additional senior promissory notes in the aggregate principal amount of up to $175,000,000 (the “Shelf Notes”) upon the terms and subject to the conditions set forth in the Note Purchase Agreement.  The foregoing Series A Notes and the Shelf Notes that may from time to time be issued pursuant to the Note Purchase Agreement (including any notes issued in substitution therefor), as the same may be amended, modified, supplemented or restated from time to time, are herein collectively called the “Notes” and individually a “Note”.
V.    It is a condition to the agreement of the holders of the Notes to enter into the Note Purchase Agreement and exchange the Original Notes for the Notes that the Guarantor execute and deliver this Guarantee Agreement to the holders of the Notes and that this Guarantee Agreement be in full force and effect.
VI.    The Guarantor has received and will receive direct and indirect benefits as a result of the agreement of the holders of the Notes to enter into the Note Purchase Agreement, exchange the Original Notes for the Notes and agree to the amendments, waivers, consents and other transactions contemplated by the Note Purchase Agreement.  The Board of [Directors/Managers] of the Guarantor has determined that the incurrence of such obligations is in the best interests of the Guarantor.
VII.    Capitalized terms used herein have the meanings specified in the Note Purchase Agreement unless otherwise defined herein.
NOW THEREFORE, in compliance with the Note Purchase Agreement, and in consideration of, the execution and delivery of the Note Purchase Agreement and the purchase of the Notes by each of the Purchasers, the Guarantor hereby covenants and agrees with, and represents and warrants to, each of the holders as follows:

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1.    GUARANTEE; INDEMNITY.
1.1    GUARANTEE.  The Guarantor hereby irrevocably and unconditionally guarantees to each holder, the due and punctual payment in full of (a) the principal of, Make-Whole Amount, if any, and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and any other amounts due under, the Notes when and as the same shall become due and payable (whether at stated maturity or by required or optional prepayment or by acceleration or otherwise) and (b) any other sums which may become due under the terms and provisions of the Notes, the Note Purchase Agreement or any other instrument referred to therein (all such obligations described in clauses (a) and (b) above are herein called the “Guaranteed Obligations”).  The guarantee in the preceding sentence is an absolute, present and continuing guarantee of payment and not of collectability and is in no way conditional or contingent upon any attempt to collect from the Company or any other guarantor of the Notes or upon any other action, occurrence or circumstance whatsoever.  In the event that the Company shall fail so to pay any of such Guaranteed Obligations, the Guarantor agrees to pay the same when due to the holders entitled thereto, without demand, presentment, protest or notice of any kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes and the Note Purchase Agreement.  Each default in payment of any of the Guaranteed Obligations shall give rise to a separate cause of action hereunder and separate suits may be brought hereunder as each cause of action arises.  The Guarantor agrees that the Notes issued in connection with the Note Purchase Agreement may (but need not) make reference to this Guarantee Agreement.
The Guarantor agrees to pay and to indemnify and save each holder harmless from and against any damage, loss, cost or expense (including attorneys’ fees) which such holder may incur or be subject to as a consequence, direct or indirect, of (x) any breach by the Guarantor or by the Company of any warranty, covenant, term or condition in, or the occurrence of any default under, this Guarantee Agreement, the Notes, the Note Purchase Agreement or any other instrument referred to therein, together with all expenses resulting from the compromise or defense of any claims or liabilities arising as a result of any such breach or default, (y) any legal action commenced to challenge the validity or enforceability of this Guarantee Agreement, the Notes, the Note Purchase Agreement or any other instrument referred to therein and (z) enforcing or defending (or determining whether or how to enforce or defend) the provisions of this Guarantee Agreement.
The Guarantor hereby acknowledges and agrees that the Guarantor’s liability hereunder is joint and several with any other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Notes and the Note Purchase Agreement.

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Notwithstanding the foregoing provisions or any other provision of this Guarantee Agreement, the holders (by their acceptance of any Note) and the Guarantor hereby agree that if at any time the Guaranteed Obligations exceed the Maximum Guaranteed Amount determined as of such time with regard to the Guarantor, then this Guarantee Agreement shall be automatically amended to reduce the Guaranteed Obligations to the Maximum Guaranteed Amount.  Such amendment shall not require the written consent of the Guarantor or any holder and shall be deemed to have been automatically consented to by the Guarantor and each holder.  The Guarantor agrees that the Guaranteed Obligations may at any time exceed the Maximum Guaranteed Amount without affecting or impairing the obligation of the Guarantor.  “Maximum Guaranteed Amount” means as of the date of determination with respect to the Guarantor, the lesser of (a) the amount of the Guaranteed Obligations outstanding on such date and (b) the maximum amount that would not render the Guarantor’s liability under this Guarantee Agreement subject to avoidance under Section 548 of the United States Bankruptcy Code (or any successor provision) or any comparable provision of applicable state law.
1.2    INDEMNITY.  The Guarantor hereby further agrees that if, for any reason, any amount claimed by a holder of the Notes under this Guarantee Agreement is not recoverable on the basis of a guarantee, it will be liable as a principal debtor and primary obligor to indemnify that holder of the Notes against any cost, loss or liability it incurs as a result of the Company not paying any amount expressed to be payable by it under the Notes, the Note Purchase Agreement or otherwise on the date when it is expressed to be due. The amount payable by the Guarantor under this Section 1.2 will not exceed the amount it would have had to pay under Section 1.1 if the amount claimed had been recoverable on the basis of a guarantee.

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2.    OBLIGATIONS ABSOLUTE.
The obligations of the Guarantor hereunder shall be primary, absolute, irrevocable and unconditional, irrespective of the validity or enforceability of the Notes, the Note Purchase Agreement or any other instrument referred to therein, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim the Guarantor may have against the Company or any holder or otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not the Guarantor shall have any knowledge or notice thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes, the Note Purchase Agreement or any other instrument referred to therein (it being agreed that the obligations of the Guarantor hereunder shall apply to the Notes, the Note Purchase Agreement or any such other instrument as so amended, modified, supplemented or restated) or any assignment or transfer of any thereof or of any interest therein, or any furnishing, acceptance or release of any security for the Notes; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Notes, the Note Purchase Agreement or any other instrument referred to therein; (c) any bankruptcy, insolvency, arrangement, reorganization, readjustment, composition, liquidation or similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of the Guarantor or of the Company into or with any other Person or any sale, lease or transfer of any or all of the assets of the Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with or perform any of the terms of any other agreement with the Guarantor; (f) any failure on the part of any holder to obtain, maintain, register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (whether or not similar to the foregoing), and in any event however material or prejudicial it may be to the Guarantor or to any subrogation, contribution or reimbursement rights the Guarantor may otherwise have.  The Guarantor covenants that its obligations hereunder will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other obligations hereunder.
3.    WAIVER.

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The Guarantor unconditionally waives to the fullest extent permitted by law, (a) notice of acceptance hereof, of any action taken or omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes, the Note Purchase Agreement or any other instrument referred to therein, and of any of the matters referred to in Section 2 hereof, (b) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of any holder against the Guarantor, including, without limitation, presentment to or demand for payment from the Company or the Guarantor with respect to any Note, notice to the Company or to the Guarantor of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the Company, (c) any right to require any holder to enforce, assert or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Note Purchase Agreement or the Notes, (d) any requirement for diligence on the part of any holder and (e) any other act or omission or thing or delay in doing any other act or thing which might in any manner or to any extent vary the risk of the Guarantor or otherwise operate as a discharge of the Guarantor or in any manner lessen the obligations of the Guarantor hereunder.
4.    OBLIGATIONS UNIMPAIRED.
The Guarantor authorizes the holders, without notice or demand to the Guarantor and without affecting its obligations hereunder, from time to time:  (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any part of the Notes, the Note Purchase Agreement or any other instrument referred to therein; (b) to change any of the representations, covenants, events of default or any other terms or conditions of or pertaining to the Notes, the Note Purchase Agreement or any other instrument referred to therein, including, without limitation, decreases or increases in amounts of principal, rates of interest, the Make-Whole Amount or any other obligation; (c) to take and hold security for the payment of the Notes, the Note Purchase Agreement or any other instrument referred to therein, for the performance of this Guarantee Agreement or otherwise for the Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale thereof as the holders in their sole discretion may determine; (e) to obtain additional or substitute endorsers or guarantors; (f) to exercise or refrain from exercising any rights against the Company and others; and (g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed Obligations and all other obligations owed hereunder.  The holders shall have no obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any security provided by the Company, the Guarantor or any other Person or to pursue any other remedy available to the holders.

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If an event permitting the acceleration of the maturity of the principal amount of any Notes shall exist and such acceleration shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at such time be delayed or otherwise affected by reason of the pendency against the Company, the Guarantor or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, the Guarantor agrees that, for purposes of this Guarantee Agreement and its obligations hereunder, the maturity of such principal amount shall be deemed to have been accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Note Purchase Agreement, and the Guarantor shall forthwith pay such accelerated Guaranteed Obligations.
5.    SUBROGATION AND SUBORDINATION.
(a)    The Guarantor will not exercise any rights which it may have acquired by way of subrogation under this Guarantee Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Notes or this Guarantee Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash.
(b)    The Guarantor hereby subordinates the payment of all Indebtedness and other obligations of the Company or any other guarantor of the Guaranteed Obligations owing to the Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in clause (a) of this Section 5, to the indefeasible payment in full in cash of all of the Guaranteed Obligations.  If the Required Holders so request, any such Indebtedness or other obligations shall be enforced and performance received by the Guarantor as trustee for the holders and the proceeds thereof shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or affecting in any manner the liability of the Guarantor under this Guarantee Agreement.
(c)    If any amount or other payment is made to or accepted by the Guarantor in violation of any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have been paid to the Guarantor for the benefit of, and held in trust for the benefit of, the holders and shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or affecting in any manner the liability of the Guarantor under this Guarantee Agreement.  
(d)    The Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Note Purchase Agreement and that its agreements set forth in this Guarantee Agreement (including this Section 5) are knowingly made in contemplation of such benefits.

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6.    REINSTATEMENT OF GUARANTEE.
This Guarantee Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time payment, in whole or in part, of any of the sums due to any holder on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other guarantors or any part of its or their property, or otherwise, all as though such payments had not been made.  
7.    RANK OF GUARANTEE.
The Guarantor will ensure that its payment obligations under this Guarantee Agreement will at all times rank at least pari passu, without preference or priority, with all other unsecured and unsubordinated Indebtedness of the Guarantor now or hereafter existing.
8.    REPRESENTATIONS AND WARRANTIES OF THE GUARANTOR.
The Guarantor represents and warrants to each holder as follows:
8.1    ORGANIZATION; POWER AND AUTHORITY.  The Guarantor is a [__________] [corporation/limited liability company] duly organized, validly existing and in good standing under the laws of its jurisdiction of [incorporation/organization], and is duly qualified as a foreign [corporation/limited liability company] and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, have a Material Adverse Effect.  The Guarantor has the [corporate/limited liability company] power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it presently transacts and proposes to transact, to execute and deliver this Guarantee Agreement and to perform the provisions hereof.
8.2    AUTHORIZATION, ETC.  This Guarantee Agreement has been duly authorized by all necessary [corporate/limited liability company] action on the part of the Guarantor, and this Guarantee Agreement constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

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8.3    COMPLIANCE WITH LAWS, OTHER INSTRUMENTS, ETC.  The execution, delivery and performance by the Guarantor of this Guarantee Agreement will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Guarantor or any of its Subsidiaries under, any material indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational documents, or any other material agreement or instrument to which the Guarantor or any of its Subsidiaries is bound or by which the Guarantor or any of its Subsidiaries or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Guarantor or any of its Subsidiaries or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Guarantor or any of its Subsidiaries.  “Governmental Authority” means (x) the government of (i) the United States of America or any State or other political subdivision thereof, or (ii) any other jurisdiction in which the Guarantor or any of its Subsidiaries conducts all or any part of its business, or which asserts jurisdiction over any properties of the Guarantor or any of its Subsidiaries, or (y) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.
8.4    GOVERNMENTAL AUTHORIZATIONS, ETC.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Guarantor of this Guarantee Agreement.
8.5    INFORMATION REGARDING THE COMPANY.  The Guarantor now has and will continue to have independent means of obtaining information concerning the affairs, financial condition and business of the Company.  No holder shall have any duty or responsibility to provide the Guarantor with any credit or other information concerning the affairs, financial condition or business of the Company which may come into possession of the holders.  The Guarantor has executed and delivered this Guarantee Agreement without reliance upon any representation by the holders including, without limitation, with respect to (a) the due execution, validity, effectiveness or enforceability of any instrument, document or agreement evidencing or relating to any of the Guaranteed Obligations or any loan or other financial accommodation made or granted to the Company, (b) the validity, genuineness, enforceability, existence, value or sufficiency of any property securing any of the Guaranteed Obligations or the creation, perfection or priority of any lien or security interest in such property or (c) the existence, number, financial condition or creditworthiness of other guarantors or sureties, if any, with respect to any of the Guaranteed Obligations.
8.6    SOLVENCY.  Upon the execution and delivery hereof, the Guarantor will be solvent, will be able to pay its debts as they mature, and will have capital sufficient to carry on its business.

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9.    TERM OF GUARANTEE AGREEMENT.
This Guarantee Agreement and all guarantees, covenants and agreements of the Guarantor contained herein shall continue in full force and effect and shall not be discharged until such time as all of the Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to Section 6.
10.    SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.
All representations and warranties contained herein shall survive the execution and delivery of this Guarantee Agreement and may be relied upon by any subsequent holder, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder.  All statements contained in any certificate or other instrument delivered by or on behalf of the Guarantor pursuant to this Guarantee Agreement shall be deemed representations and warranties of the Guarantor under this Guarantee Agreement.  Subject to the preceding sentence, this Guarantee Agreement embodies the entire agreement and understanding between each holder and the Guarantor and supersedes all prior agreements and understandings relating to the subject matter hereof.
11.    AMENDMENT AND WAIVER.
11.1    REQUIREMENTS.  Except as otherwise provided in the fourth paragraph of Section 1.1 of this Guarantee Agreement, this Guarantee Agreement may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of the Guarantor and the Required Holders, except that no amendment or waiver (a) of any of the first three paragraphs of Section 1.1 or any of Section 1.2 or any of the provisions of Section 2, 3, 4, 5, 6, 7, 9 or 11 hereof, or any defined term (as it is used therein), or (b) which results in the limitation of the liability of the Guarantor hereunder (except to the extent provided in the fourth paragraph of Section 1 of this Guarantee Agreement) will be effective as to any holder unless consented to by such holder in writing.
11.2    SOLICITATION OF HOLDERS OF NOTES.  
(a)    Solicitation.  The Guarantor will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof.  The Guarantor will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 11.2 to each holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.

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(b)    Payment.  The Guarantor will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder as consideration for or as an inducement to the entering into by any holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder even if such holder did not consent to such waiver or amendment.
11.3    BINDING EFFECT.  Any amendment or waiver consented to as provided in this Section 11 applies equally to all holders and is binding upon them and upon each future holder and upon the Guarantor without regard to whether any Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Guarantor and the holder nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder.  As used herein, the term “this Guarantee Agreement” and references thereto shall mean this Guarantee Agreement as it may be amended, modified, supplemented or restated from time to time.
11.4    NOTES HELD BY COMPANY, ETC.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guarantee Agreement, or have directed the taking of any action provided herein to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Guarantor, the Company or any of their respective Affiliates shall be deemed not to be outstanding.
12.    NOTICES.
All notices and communications provided for hereunder shall be in writing and sent (i) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (ii) by registered or certified mail with return receipt requested (postage prepaid), or (iii) by a recognized overnight delivery service (with charges prepaid).  Any such notice must be sent:
(a)    if to the Guarantor, to c/o MSA Safety Incorporated, 1000 Cranberry Woods Drive, Cranberry Township, Pennsylvania 16066, Attention:  Senior Vice President and Chief Financial Officer, or such other address as the Guarantor shall have specified to the holders in writing, or 
(b)    if to any holder, to such holder at the addresses specified for such communications set forth in Schedule A to the Note Purchase Agreement (or, if such holder’s address is not set forth therein, in such holder’s Confirmation of Acceptance), or such other address as such holder shall have specified to the Guarantor in writing.

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13.    MISCELLANEOUS.
13.1    SUCCESSORS AND ASSIGNS.  All covenants and other agreements contained in this Guarantee Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not.
13.2    SEVERABILITY.  Any provision of this Guarantee Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction.
13.3    CONSTRUCTION.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse compliance with any other covenant.  Whether any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.
The section and subsection headings in this Guarantee Agreement are for convenience of reference only and shall neither be deemed to be a part of this Guarantee Agreement nor modify, define, expand or limit any of the terms or provisions hereof.  All references herein to numbered sections, unless otherwise indicated, are to sections of this Guarantee Agreement.  Words and definitions in the singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so requires.
13.4    FURTHER ASSURANCES.  The Guarantor agrees to execute and deliver all such instruments and take all such action as the Required Holders may from time to time reasonably request in order to effectuate fully the purposes of this Guarantee Agreement.
13.5    GOVERNING LAW.  This Guarantee Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

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13.6    JURISDICTION AND PROCESS; WAIVER OF JURY TRIAL.
(a)    The Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Guarantee Agreement.  To the fullest extent permitted by applicable law, the Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
(b)    The Guarantor consents to process being served by or on behalf of any holder in any suit, action or proceeding of the nature referred to in Section 13.6(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 12 or at such other address of which such holder shall then have been notified pursuant to Section 12.  The Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.
(c)    Nothing in this Section 13.6 shall affect the right of any holder to serve process in any manner permitted by law, or limit any right that the holders may have to bring proceedings against the Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.
(d)    THE GUARANTOR AND THE HOLDERS HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS GUARANTEE AGREEMENT OR OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH.

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13.7    REPRODUCTION OF DOCUMENTS; EXECUTION.  This Guarantee Agreement may be reproduced by any holder by any photographic, photostatic, electronic, digital, or other similar process and such holder may destroy any original document so reproduced.  The Guarantor agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such holder in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 13.7 shall not prohibit the Guarantor or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.  A facsimile or electronic transmission of the signature page of the Guarantor shall be as effective as delivery of a manually executed counterpart hereof and shall be admissible into evidence for all purposes.

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IN WITNESS WHEREOF, the Guarantor has caused this Guarantee Agreement to be duly executed and delivered as of the date and year first above written.

[NAME OF GUARANTOR]

By:  _________________________
Name:
Title:

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A/75938206.2EX-4.1

 Exhibit 4.1 

FIFTH AMENDED AND RESTATED 

DECLARATION OF TRUST 
 AND

 TRUST AGREEMENT 

OF 
 POWERSHARES DB
MULTI-SECTOR COMMODITY TRUST 
 Dated as of February 23, 2015 

By and Among 
 INVESCO
POWERSHARES CAPITAL MANAGEMENT LLC 
 WILMINGTON TRUST COMPANY 

and 
 THE UNITHOLDERS 

from time to time hereunder 

 TABLE OF CONTENTS 
  

									
	 	 	 	 	 	  	Page	 
	 ARTICLE I

DEFINITIONS; THE TRUST
	   
   

				
		 	SECTION 1.1	 	 Definitions
	  	 	1	  
		 	SECTION 1.2	 	 Name
	  	 	7	  
		 	SECTION 1.3	 	 Delaware Trustee; Business Offices
	  	 	7	  
		 	SECTION 1.4	 	 Declaration of Trust
	  	 	8	  
		 	SECTION 1.5	 	 Purposes and Powers
	  	 	8	  
		 	SECTION 1.6	 	 Tax Treatment
	  	 	8	  
		 	SECTION 1.7	 	 Legal Title
	  	 	9	  
		 	SECTION 1.8	 	 Series Trust
	  	 	9	  
	
	 ARTICLE II

THE TRUSTEE
	   
   

				
		 	SECTION 2.1	 	 Term; Resignation
	  	 	10	  
		 	SECTION 2.2	 	 Powers
	  	 	10	  
		 	SECTION 2.3	 	 Compensation and Expenses of the Trustee
	  	 	10	  
		 	SECTION 2.4	 	 Indemnification
	  	 	10	  
		 	SECTION 2.5	 	 Successor Trustee
	  	 	11	  
		 	SECTION 2.6	 	 Liability of Trustee
	  	 	11	  
		 	SECTION 2.7	 	 Reliance; Advice of Counsel
	  	 	12	  
		 	SECTION 2.8	 	 Payments to the Trustee
	  	 	13	  
	
	 ARTICLE III

CAPITAL CONTRIBUTIONS; CREATIONS AND ISSUANCE OF CREATION BASKETS
	   
   

				
		 	SECTION 3.1	 	 General
	  	 	13	  
		 	SECTION 3.2	 	 Establishment of Series, or Funds, of the Trust
	  	 	14	  
		 	SECTION 3.3	 	 Establishment of Classes and Sub-Classes
	  	 	15	  
		 	SECTION 3.4	 	 Offer of Limited Units, Procedures for Creation and Issuance of Creation Baskets
	  	 	15	  
		 	SECTION 3.5	 	 Book-Entry-Only System, Fund Global Securities
	  	 	17	  
		 	SECTION 3.6	 	 Assets
	  	 	20	  
		 	SECTION 3.7	 	 Liabilities of Funds
	  	 	20	  
		 	SECTION 3.8	 	 Distributions
	  	 	21	  
		 	SECTION 3.9	 	 Voting Rights
	  	 	21	  
		 	SECTION 3.10	 	 Equality
	  	 	22	  

  
 i 

									
	 ARTICLE IV

THE MANAGING OWNER
	   
   

				
			SECTION 4.1		 Management of the Trust
		 	22	  
			SECTION 4.2		 Authority of Managing Owner
		 	22	  
			SECTION 4.3		 Obligations of the Managing Owner
		 	23	  
			SECTION 4.4		 General Prohibitions
		 	25	  
			SECTION 4.5		 Liability of Covered Persons
		 	26	  
			SECTION 4.6		 Fiduciary Duty
		 	26	  
			SECTION 4.7		 Indemnification of Covered Persons
		 	27	  
			SECTION 4.8		 Expenses and Limitations Thereon
		 	28	  
			SECTION 4.9		 Compensation to the Managing Owner
		 	30	  
			SECTION 4.10		 Other Business of Unitholders
		 	30	  
			SECTION 4.11		 Voluntary Withdrawal of the Managing Owner
		 	30	  
			SECTION 4.12		 Authorization of Registration Statements
		 	30	  
			SECTION 4.13		 Litigation
		 	30	  
	
	 ARTICLE V

TRANSFERS OF UNITS
	   
   

				
			SECTION 5.1		 General Prohibition
		 	31	  
			SECTION 5.2		 Transfer of Managing Owner’s General Units
		 	31	  
			SECTION 5.3		 Transfer of Limited Units
		 	31	  
	
	 ARTICLE VI

CAPITAL ACCOUNTS; ALLOCATIONS
	   
   

				
			SECTION 6.1		 Capital Accounts
		 	31	  
			SECTION 6.2		 Periodic Closing of Books
		 	32	  
			SECTION 6.3		 Periodic Allocations
		 	33	  
			SECTION 6.4		 Code Section 754 Adjustments
		 	33	  
			SECTION 6.5		 Allocation of Profit and Loss for U.S. Federal Income Tax Purposes
		 	33	  
			SECTION 6.6		 Effect of Section 754 Election
		 	34	  
			SECTION 6.7		 Admissions of Unitholders; Transfers
		 	34	  
			SECTION 6.8		 Allocation of Distributions
		 	35	  
			SECTION 6.9		 Liability for State and Local and Other Taxes
		 	35	  
			SECTION 6.10		 Consent to Methods
		 	35	  
	
	 ARTICLE VII

REDEMPTIONS
	   
   

				
			SECTION 7.1		 Redemption of Redemption Baskets
		 	36	  
			SECTION 7.2		 Other Redemption Procedures
		 	37	  

  
 ii 

									
	 ARTICLE VIII

THE LIMITED OWNERS
	   
   

				
			SECTION 8.1		 No Management or Control; Limited Liability; Exercise of Rights through DTC
		 	37	  
			SECTION 8.2		 Rights and Duties
		 	38	  
			SECTION 8.3		 Limitation on Liability
		 	39	  
	
	 ARTICLE IX

BOOKS OF ACCOUNT AND REPORTS
	   
   

				
			SECTION 9.1		 Books of Account
		 	40	  
			SECTION 9.2		 Annual Reports and Monthly Statements
		 	40	  
			SECTION 9.3		 Tax Information
		 	40	  
			SECTION 9.4		 Calculation of Net Asset Value
		 	40	  
			SECTION 9.5		 Maintenance of Records
		 	40	  
			SECTION 9.6		 Certificate of Trust
		 	41	  
	
	 ARTICLE X

FISCAL YEAR
	   
   

				
			SECTION 10.1		 Fiscal Year
		 	41	  
	
	 ARTICLE XI

AMENDMENT OF TRUST AGREEMENT; MEETINGS
	   
   

				
			SECTION 11.1		 Amendments to this Trust Agreement
		 	41	  
			SECTION 11.2		 Meetings of the Trust or the Funds
		 	43	  
			SECTION 11.3		 Action Without a Meeting
		 	43	  
	
	 ARTICLE XII

TERM
	   
   

				
			SECTION 12.1		 Term
		 	44	  
	
	 ARTICLE XIII

TERMINATION
	   
   

				
			SECTION 13.1		 Events Requiring Dissolution of the Trust or any Fund
		 	44	  
			SECTION 13.2		 Distributions on Dissolution
		 	45	  
			SECTION 13.3		 Termination; Certificate of Cancellation
		 	46	  
	
	 ARTICLE XIV

POWER OF ATTORNEY
	   
   

				
			SECTION 14.1		 Power of Attorney Executed Concurrently
		 	46	  
			SECTION 14.2		 Effect of Executing and Submitting the Purchase Order Subscription Agreement
		 	47	  
			SECTION 14.3		 Limitation on Power of Attorney
		 	47	  

  
 iii 

									
	 ARTICLE XV

MISCELLANEOUS
	   
   

				
			SECTION 15.1		 Governing Law
		 	47	  
			SECTION 15.2		 Provisions In Conflict With Law or Regulations
		 	48	  
			SECTION 15.3		 Construction
		 	48	  
			SECTION 15.4		 Notices
		 	48	  
			SECTION 15.5		 Counterparts
		 	49	  
			SECTION 15.6		 Binding Nature of Trust Agreement
		 	49	  
			SECTION 15.7		 No Legal Title to Trust Estate
		 	49	  
			SECTION 15.8		 Creditors
		 	49	  
			SECTION 15.9		 Integration
		 	49	  
			SECTION 15.10		 Goodwill; Use of Name
		 	49	  

  

									
	EXHIBIT A	  
			 Certificate of Trust
		 	A-1	  
	EXHIBIT B	  
			 Description of the Indexes
		 	B-1	  
	EXHIBIT C	  
			 Form of Global Certificate
		 	C-1	  
	EXHIBIT D	  
			 Form of Participant Agreement
		 	D-1	  

  
 iv 

 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

FIFTH AMENDED AND RESTATED 

DECLARATION OF TRUST 
 AND
TRUST AGREEMENT 
 This FIFTH AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of POWERSHARES DB MULTI-SECTOR COMMODITY
TRUST is made and entered into as of the 23rd day of February, 2015, by and among INVESCO POWERSHARES CAPITAL MANAGEMENT LLC, a Delaware limited liability company, WILMINGTON TRUST
COMPANY, a Delaware banking corporation, as trustee, and the UNITHOLDERS from time to time hereunder. This Trust Agreement is effective as of the date hereof, except with regard to Section 1.6(c), which is effective as of
January 1, 2012. 
 *    *    * 

RECITALS 
 WHEREAS, the
Managing Owner and the Trustee entered into the Fourth Amended and Restated Declaration of Trust and Trust Agreement dated as of November 12, 2012 (as amended from time to time, the “Existing Agreement”); and 

WHEREAS, the Trustee and the Managing Owner desire to amend the Existing Agreement pursuant to Section 11.1(b)(iii) thereof to make the
amendments effectuated hereby. 
 NOW, THEREFORE, pursuant to Section 11.1(b)(iii) of the Existing Agreement, the Trustee and the
Managing Owner hereby amend and restate the Existing Agreement in its entirety as set forth below. 
 ARTICLE I 

DEFINITIONS; THE TRUST 

SECTION 1.1. Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the context otherwise
requires: 
 “Adjusted Capital Account” means, for each Fund, as of the last day of a taxable period, a Unitholder’s
Capital Account as maintained pursuant to Section 6.1, increased by any amounts which such Unitholder is obligated to restore pursuant to any provision of this Trust Agreement or is deemed to be obligated to restore pursuant to Treasury
Regulation section 1.704-2 and decreased by the amount of all losses and deductions that, as of the end of the taxable period, are reasonably expected to be allocated to such Unitholder in subsequent years under sections 704(e)(2) and 706(d) of the
Code and the amount of all distributions that, as of the end of such taxable period, are reasonably expected to be made to such Unitholder in subsequent years in accordance with the terms of this Trust Agreement or otherwise to the extent they
exceed offsetting increases to such Capital Account that are reasonably expected to occur during or prior to the year in which such distributions are reasonably expected to be made. The foregoing definition of Adjusted Capital Account is intended to
comply with the provisions of Treasury Regulation section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Property” means any property the adjusted basis of which has been adjusted pursuant to Sections 6.1(a) and (b).

 “Administrator” means any Person from time to time engaged to perform administrative services for the Trust pursuant to
authority delegated by the Managing Owner. 
 “Affiliate” – An “Affiliate” of a “Person” means
(i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or 

  
 1 

 
more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly, controlling,
controlled by or under common control with such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any Person for
which such Person acts in any such capacity. 
 “Basket” means a Creation Basket or a Redemption Basket, as the context may
require. 
 “Beneficial Owners” shall have the meaning assigned to such term in Section 3.5(d). 

“Book-Tax Disparity” means with respect to any item of Adjusted Property, as of the date of any determination, the difference
between the adjusted value of such property and the adjusted basis thereof for U.S. federal income tax purposes as of such date. For each Fund, a Unitholder’s portion of such Fund’s Book-Tax Disparities in all of its Adjusted Property will
be reflected by the difference between such Unitholder’s Capital Account balance as maintained pursuant to Section 6.1 and the hypothetical balance of such Unitholder’s Capital Account computed as if it had been maintained strictly in
accordance with U.S. federal income tax accounting principles. 
 “Business Day” means any day other than a day when banks
in New York City are required or permitted to be closed. 
 “Capital Account” means the capital account maintained for a
Unitholder pursuant to Section 6.1. 
 “Capital Contributions” means the amounts of cash contributed and agreed to be
contributed to the Trust by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof. 
 “CE
Act” means the Commodity Exchange Act, as amended. 
 “Certain K-1 Unitholders” shall have the meaning assigned to
such term in Section 1.6(c). 
 “Certificate of Trust” means the Certificate of Trust of the Trust, including all
amendments thereto, if any, in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 

“CFTC” means the Commodity Futures Trading Commission. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commodities” means positions in Commodity Contracts, forward contracts, foreign exchange positions and traded physical
commodities, as well as cash commodities resulting from any of the foregoing positions. 
 “Commodity Broker” means any
person who engages in the business of effecting transactions in Commodity Contracts for the account of others or for his or her own account. 

“Commodity Contract” means any futures contract or option thereon providing for the delivery or receipt at a future date of a
specified amount and grade of a traded commodity at a specified price and delivery point, or any other futures contract or option thereon approved for trading for U.S. persons. 

“Continuous Offering” means the continuous offering during which additional Limited Units may be sold in Baskets pursuant to
this Trust Agreement. 
 “Conflicting Provisions” shall have the meaning assigned thereto in Section 15.2(a). 

  
 2 

 “Corporate Trust Office” means the principal office at which at any particular
time the corporate trust business of the Trustee is administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 

“Covered Person” means the Managing Owner and their respective Affiliates. 

“Creation Basket” means the minimum number of Limited Units of a Fund that may be created at any one time, which shall be
200,000 or such greater or lesser number as the Managing Owner may determine from time to time for each Fund. 
 “Creation Basket
Capital Contribution” of a Fund means a Capital Contribution made by a Participant in connection with a Purchase Order Subscription Agreement and the creation of a Creation Basket in an amount equal to the product obtained by multiplying
(i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription Agreement by (ii) the Net Asset Value per Basket of a Fund as of closing time of the Exchange or the last to close of the exchanges on which any one
of the Index Commodities are traded, whichever is later, on the Purchase Order Subscription Date. 
 “Delaware Trust
Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time. 

“Depository” means The Depository Trust Company, New York, New York, or such other depository of Limited Units as may be
selected by the Managing Owner as specified herein. 
 “Depository Agreement” means the Letter of Representations relating
to each Fund from the Managing Owner to the Depository, dated as of November 21, 2006 as the same may be amended or supplemented from time to time. 

“Distributor” means any Person from time to time engaged to provide distribution services or related services to the Trust
pursuant to authority delegated by the Managing Owner. 
 “DTC” shall have the meaning assigned to such term in
Section 3.5(b). 
 “DTC Participants” shall have the meaning assigned to such term in Section 3.5(c). 

“DTCC” shall have the meaning assigned to such term in Section 3.5(c). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Event of Withdrawal” shall have the meaning set forth in Section 13.1(a) hereof. 

“Exchange” means NYSE Arca or, if the Limited Units of any Fund shall cease to be listed on NYSE Arca and are listed on one
or more other exchanges, the exchange on which the Units of such Fund are principally traded, as determined by the Managing Owner. 

“Expenses” shall have the meaning assigned to such term in Section 2.4. 

“Fiscal Quarter” shall mean each period ending on the last day of each March, June, September and December of each Fiscal
Year, or, if the Trust is required by law to have a Fiscal Year other than a calendar year, such other applicable quarterly period. 

“Fiscal Year” shall have the meaning set forth in Article X hereof. 

“Fund” means a Fund established and designated as a series of the Trust as provided in Section 3.2(a). 

  
 3 

 “Global Security” means the global certificate or certificates for each Fund
issued to the Depository as provided in the Depository Agreement, each of which shall be in substantially the form attached hereto as Exhibit C. 

“Indemnified Parties” shall have the meaning assigned to such term in Section 2.4. 

“Index” or “Indexes” means the Index that each Fund is designed to track (or, collectively, the Indexes) as
more fully described in Exhibit B hereto, as it may be amended from time to time. 
 “Index Commodities” means the
underlying Commodities that comprise each applicable Index, from time to time, as described in the Prospectus. 
 “Indirect
Participants” shall have the meaning assigned to such term in Section 3.5(c). 
 “Internal Revenue Service”
or “IRS” means the U.S. Internal Revenue Service or any successor thereto. 
 “Limited Owner” means any
person or entity who is or becomes a Beneficial Owner of Limited Units of a Fund. 
 “Liquidating Trustee” shall have the
meaning assigned thereto in Section 13.2. 
 “Losses” means, in respect of each Fiscal Year of a Fund, losses of such
Fund as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 

“Management Fee” means the management fee set forth in Section 4.9. 

“Managing Owner” means Invesco PowerShares Capital Management LLC, or any substitute therefor as provided herein, or any
successor thereto by merger or operation of law. 
 “Margin Call” means a demand for additional funds after the initial
good faith deposit required to maintain a customer’s account in compliance with the requirements of a particular commodity exchange or of a commodity broker. 

“Net Asset Value of a Fund” means the total assets of the Trust Estate of a Fund including, but not limited to, all cash and
cash equivalents or other securities less total liabilities of such Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting, including, but not
limited to, the extent specifically set forth below: 
 (a) Net Asset Value of a Fund shall include any unrealized profit or loss on open
Commodities positions and any other credit or debit accruing to such Fund but unpaid or not received by the Fund. 
 (b) All open commodity
futures contracts and options traded on a United States exchange are calculated at their then current market value, which shall be based upon the settlement price for that particular commodity futures contract and options traded on the applicable
United States exchange on the date with respect to which net asset value is being determined; provided, that if a commodity futures contract and options traded on a United States exchange could not be liquidated on such day, due to the operation of
daily limits or other rules of the exchange upon which that position is traded or otherwise, the Managing Owner may value such commodity futures contract or option pursuant to policies the Managing Owner has adopted, which are consistent with normal
industry standards. The current market value of all open commodity futures contracts and options traded on a non-United States exchange shall be based upon the settlement price for that particular commodity futures contract or option traded

  
 4 

 
on the applicable non-United States exchange on the date with respect to which net asset value of a Fund is being determined; provided further, that if a commodity futures contract or option
traded on a non-United States exchange could not be liquidated on such day, due to the operation of daily limits (if applicable) or other rules of the exchange upon which that position is traded or otherwise, the Managing Owner may value such
commodity futures contract pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. The current market value of all open forward contracts entered into by a Fund shall be the mean between the last bid
and last asked prices quoted by the bank or financial institution which is a party to the contract on the date with respect to which Net Asset Value of a Fund being determined; provided, that if such quotations are not available on such date, the
mean between the last bid and asked prices on the first subsequent day on which such quotations are available shall be the basis for determining the market value of such forward contract for such day. The Managing Owner may in its discretion value
any of the Trust Estate (and under circumstances, including, but not limited to, periods during which a settlement price of a futures contract is not available due to exchange limit orders or force majeure type events such as systems failure,
natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance) value any asset of a Fund pursuant to such other principles as the Managing Owner deems fair and equitable
so long as such principles are consistent with normal industry standards. 
 (c) Interest earned on a Fund’s commodity brokerage account
shall be accrued at least monthly. 
 (d) The amount of any distribution made pursuant to Article VI hereof shall be a liability of a Fund
from the day when the distribution is declared until it is paid. 
 “Net Asset Value Per Basket of a Fund” means the
product obtained by multiplying the Net Asset Value Per Unit of a Fund by the number of Limited Units comprising a Basket of such Fund at such time. 

“Net Asset Value Per Unit of a Fund” means the Net Asset Value of a Fund divided by the number of Units of such Fund
outstanding on the date of calculation. 
 “NFA” means the National Futures Association. 

“NYSE Arca” means NYSE Arca, Inc. 

“Order Cut-Off Time” means 10:00 a.m., New York time, on a Business Day. 

“Organization and Offering Expenses” shall have the meaning assigned thereto in Section 4.8(a)(ii). 

“Participant” means a Person that is a (1) a registered broker dealer or other securities market participant such as a
bank or other financial institution which is not required to register as a broker dealer to engage in securities transactions, (2) a DTC Participant, and (3) has entered into a Participant Agreement which, at the relevant time, is in full
force and effect. 
 “Participant Agreement” means an agreement among a Fund, the Managing Owner and a Participant,
substantially in the form of Exhibit D hereto, as it may be amended or supplemented from time to time in accordance with its terms. 

“Percentage Interest” shall be a fraction, the numerator of which is the number of the Unitholder’s Units and the
denominator of which is the total number of Units of such Fund outstanding as of the date of determination. 

  
 5 

 “Person” means any natural person, partnership, limited liability company,
statutory trust, corporation, association, trust or other legal entity. 
 “Pit Brokerage Fee” shall include floor
brokerage, clearing fees, NFA fees and exchange fees. 
 “Power of Attorney” shall have the meaning assigned thereto in
Section 14.2. 
 “Profits” means, for each Fiscal Year of a Fund, profits of such Fund as determined for U.S. federal
income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 

“Prospectus” means the final prospectus and disclosure document of the Trust, constituting a part of a Registration
Statement, as filed with the SEC and declared effective thereby, or becoming automatically effective, as applicable, as the same may at any time and from time to time be amended or supplemented. 

“Purchase Order Subscription Agreement” shall have the meaning assigned thereto in Section 3.4(a)(i). 

“Purchase Order Subscription Date” shall have the meaning assigned thereto in Section 3.4(a)(i). 

“Pyramiding” means the use of unrealized profits on existing Commodities to provide margin for additional Commodities
positions of the same or related Commodities. 
 “Reconstituted Trust” shall have the meaning assigned thereto in
Section 13.1(a). 
 “Redemption Basket” means the minimum number of Limited Units of a Fund that may be redeemed
pursuant to Section 7.1, which shall be the number of Limited Units of such Fund constituting a Creation Basket on the relevant Redemption Order Date. 

“Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption Basket as specified in
Section 7.1(c). 
 “Redemption Order” shall have the meaning assigned thereto in Section 7.1(a). 

“Redemption Order Date” shall have the meaning assigned thereto in Section 7.1(b). 

“Redemption Settlement Time” shall have the meaning assigned thereto in Section 7.1(d). 

“Registration Statement” means a registration statement on Form S-1, or any other form, as applicable, as it may be amended
from time to time, filed with the SEC pursuant to which the Trust registered the Units, as the same may at any time and from time to time be further amended or supplemented. 

“SEC” means the Securities and Exchange Commission. 

“Subscribing Participant” means a Participant who has submitted a Purchase Order Subscription Agreement to create one or more
Units that has not yet been filled or accepted by the Managing Owner. 
 “Suspended Redemption Order” shall have the
meaning assigned thereto in Section 7.1(d). 
 “Tax Agent” shall have the meaning assigned thereto in
Section 1.6(c). 
 “Tax Matters Partner” shall have the meaning assigned thereto in Section 1.6(b). 

“Transaction Fee” shall have the meaning assigned thereto in Section 3.4(d). 

  
 6 

 “Treasury Regulations” means regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Trust” means PowerShares DB Multi-Sector Commodity Trust, a Delaware statutory trust formed in separate series pursuant to
the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 
 “Trust Agreement”
means this Fifth Amended and Restated Declaration of Trust and Trust Agreement, as it may at any time or from time to time be amended. 

“Trust Estate” means, with respect to a Fund, all any cash, futures, forward and option contracts, all funds on deposit in
the Fund’s accounts, and any other property held by the Fund, and all proceeds therefrom, including any rights of the Fund pursuant to any other agreements to which the Fund is a party. 

“Trustee” means Wilmington Trust Company or any substitute therefor as provided herein, acting not in its individual capacity
but solely as trustee of the Trust. 
 “Unitholders” means the Managing Owner and all Limited Owners, as holders of Units
of a Fund, where no distinction is required by the context in which the term is used. 
 “Units” means the common units of
fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, a Fund. The Managing Owner’s Capital Contributions shall be represented by “General” Units and a Limited
Owner’s Capital Contributions shall be represented by “Limited” Units. 
 “Unrealized Gain” attributable to
Fund property means, as of any date of determination, the excess, if any, of the fair market value of such property as of such date over the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination. 

“Unrealized Loss” attributable to Fund property means, as of any date of determination, the excess, if any, of the
property’s adjusted basis for U.S. federal income tax purposes as of the date of determination over the fair market value of such property as of such date of determination. 

SECTION 1.2. Name. 
 (a) The name
of the Trust is “PowerShares DB Multi-Sector Commodity Trust” in which name the Trustee and the Managing Owner may engage in the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be
sued on behalf of the Trust. 
 SECTION 1.3. Delaware Trustee; Business Offices. 

(a) The sole Trustee of the Trust is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in the
State of Delaware as the Trustee may designate in writing to the Unitholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is removed as
the Trustee, the Trustee of the Trust in the State of Delaware shall be the successor Trustee, subject to Section 2.5. 
 (b) The
principal office of the Trust, and such additional offices as the Managing Owner may establish, shall be located at such place or places inside or outside the 

  
 7 

 
State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee and the Unitholders. The principal office of the Trust shall be at c/o Invesco PowerShares
Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. 
 SECTION 1.4. Declaration of Trust. The Trust has received
the sum of $1,000 for each Fund in bank accounts in the name of each Fund controlled by the Managing Owner, which funds shall be held in trust, upon and subject to the conditions set forth herein for the use and benefit of the Unitholders of each
Fund. It is the intention of the parties hereto that the Trust shall be a statutory trust organized in series, or Funds, under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not
the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except to the
extent that each Fund is deemed to constitute a partnership under the Code and applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Unitholders partners or members of a joint stock association except to
the extent such Unitholders are deemed to be partners under the Code and applicable state and local tax laws. Notwithstanding the foregoing, it is the intention of the parties hereto to create a partnership among the Unitholders for purposes of
taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the Trustee and the Managing Owner shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to
accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute. 

SECTION 1.5. Purposes and Powers. The purposes of the Trust and each Fund shall be: (a) directly or indirectly to trade, buy, sell,
spread or otherwise acquire, hold or dispose of Commodities, including but not limited to, exchange-traded futures on the applicable Commodities or Index Commodities with a view to tracking the performance of the applicable Indexes over time;
(b) to enter into forward contracts referencing the applicable Indexes or one or more of the applicable Commodities or Index Commodities with a view to tracking the performance of the applicable Indexes over time; (c) to enter into any
lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing purposes; and (d) as determined from time to time by the Managing Owner, to engage in any other lawful business or activity for which a
statutory trust may be organized under the Delaware Trust Statute. The Trust shall have all of the powers specified in Section 15.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner on behalf of
the Trust under this Trust Agreement. 
 SECTION 1.6. Tax Treatment. 

(a) Each of the parties hereto, by entering into this Trust Agreement, (i) expresses its intention that the Units of each Fund will
qualify under applicable tax law as interests in a partnership which holds the Trust Estate of each Fund, (ii) agrees that it will file its own U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent
with the classification of each Fund as a partnership in which each of the Unitholders thereof is a partner and (iii) agrees to use reasonable efforts to notify the Managing Owner promptly upon a receipt of any notice from any taxing authority
having jurisdiction over such holders of Units of each Fund with respect to the treatment of the Units of such Fund as anything other than interests in a partnership. 

  
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 (b) The Tax Matters Partner (as defined in Section 6231 of the Code and any corresponding
state and local tax law) of each Fund initially shall be the Managing Owner. The Tax Matters Partner, at the expense of each Fund, (i) shall prepare or cause to be prepared and filed each Fund’s tax returns as a partnership for U.S.
federal, state and local tax purposes and (ii) shall be authorized to perform all duties imposed by Section 6221 et seq. of the Code, including, without limitation, (A) the power to conduct all audits and other administrative
proceedings with respect to each Fund’s tax items; (B) the power to extend the statute of limitations for all Unitholders with respect to each Fund’s tax items; (C) the power to file a petition with an appropriate U.S. federal
court for review of a final administrative adjustment of any Fund; and (D) the power to enter into a settlement with the IRS on behalf of, and binding upon, those Limited Owners having less than 1% interest in any Fund, unless a Limited Owner
shall have notified the IRS and the Managing Owner that the Managing Owner shall not act on such Limited Owner’s behalf. The designation made by each Unitholder of a Fund in this Section 1.6(b) is hereby approved by each Unitholder of such
Fund as an express condition to becoming a Unitholder. Each Unitholder agrees to take any further action as may be required by regulation or otherwise to effectuate such designation. Subject to Section 4.7, each Fund hereby indemnifies, to the
full extent permitted by law, the Managing Owner from and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities
as Tax Matters Partner, provided such action taken or omitted to be taken does not constitute fraud, negligence or misconduct. 
 (c) The
Beneficial Owners who of a type, as identified by the nominee through whom their Units are held, that do not ordinarily have U.S. federal tax return filing requirements (collectively, “Certain K-1 Unitholders”) shall designate the
Managing Owner as their tax agent (the “Tax Agent”) in dealing with the Trust. In light of such designation and pursuant to Treasury Regulation section 1.6031(b)-1T(c), as amended from time to time, the Trust shall provide to the
Tax Agent Certain K-1 Unitholders’ statements (as such term is defined under Treasury Regulation section 1.6031(b)-1T(a)(3)), as amended from time to time). 

SECTION 1.7. Legal Title. Legal title to all of the Trust Estate of each Fund shall be vested in the Trust as a separate legal entity;
provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the
name of the Managing Owner or any other Person (other than a Unitholder) as nominee. 
 SECTION 1.8. Series Trust. The Units of the Trust
shall be divided into series, each a Fund, as provided in Section 3806(b)(2) of the Delaware Trust Statute. Accordingly, it is the intent of the parties hereto that Articles IV, V, VII, VIII, IX and X of this Trust Agreement shall apply also
with respect to each such Fund as if each such Fund were a separate statutory trust under the Delaware Trust Statute, and each reference to the term “Trust” in such Articles shall be deemed to be a reference to each Fund separately to the
extent necessary to give effect to the foregoing intent, as the context may require. The use of the terms “Trust”, “Fund” or “series” in this Trust Agreement shall in no event alter the intent of the parties hereto that
the Trust receive the full benefit of the limitation on interseries liability as set forth in Section 3804 of the Delaware Trust Statute. 

  
 9 

 ARTICLE II 

THE TRUSTEE 
 SECTION 2.1.
Term; Resignation. 
 (a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall
have only one Trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in
accordance with the terms of Section 2.5 hereof. 
 (b) The Trustee may resign at any time upon the giving of at least sixty
(60) days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If
the Managing Owner does not act within such sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 

SECTION 2.2. Powers. The Trustee shall have only the rights, duties, obligations and liabilities specifically provided for herein and shall
have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the Trust or any Fund. The Trustee shall have the power and authority to execute and file certificates as required by the Delaware Trust Statute
and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt notice to the Managing Owner of its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any
actions taken by the Managing Owner with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. 

SECTION 2.3. Compensation and Expenses of the Trustee. The Trustee shall be entitled to receive from the Managing Owner or an Affiliate of the
Managing Owner (including the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Managing Owner or an Affiliate of the Managing Owner (including the Trust)
for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may
employ in connection with the exercise and performance of its rights and duties hereunder. 
 SECTION 2.4. Indemnification. The Trust shall
be liable for, and does hereby indemnify, protect, save and keep harmless the Trustee (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers, directors, employees, agents and servants (the
“Indemnified Parties”) from and against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any 

  
 10 

 
compensation received by the Trustee for its services hereunder or any indemnity payments received by the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or
disbursements (including legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may be imposed on, incurred by or asserted against the Indemnified Parties in any way relating to or arising out
of the formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting
from the gross negligence or willful misconduct of the Indemnified Parties. The indemnities contained in this Section 2.4 shall survive the termination of the Trust Agreement or the removal or resignation of the Trustee. 

SECTION 2.5. Successor Trustee. Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee by
delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor Trustee shall
not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to the outgoing Trustee are paid. Following compliance with the
preceding sentence, the successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing
Trustee shall be discharged of its duties and obligations under this Trust Agreement. 
 SECTION 2.6. Liability of Trustee. Except as
otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company by reason
of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust or any Fund is a party shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereto. The Trustee shall not be liable or
accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust or any Fund is a party, except for the Trustee’s own gross negligence or willful misconduct. In particular, but not by way of limitation:

 (a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form,
character, genuineness, sufficiency, value or validity of any Trust Estate; 
 (b) The Trustee shall not be liable for any actions taken or
omitted to be taken by it in accordance with the instructions of the Managing Owner or the Liquidating Trustee; 
 (c) The Trustee shall not
have any liability for the acts or omissions of the Managing Owner or its delegatees; 
 (d) The Trustee shall not be liable for its failure
to supervise the performance of any obligations of the Managing Owner or its delegatees or any Participant or Commodity Broker; 

  
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 (e) No provision of this Trust Agreement shall require the Trustee to act or expend or risk its
own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayments of such funds or adequate indemnity against such
risk or liability is not reasonably assured or provided to it; 
 (f) Under no circumstances shall the Trustee be liable for indebtedness
evidenced by or other obligations of the Trust or any Fund arising under this Trust Agreement or any other agreements to which the Trust or any Fund is a party; 

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute,
conduct or defend any litigation under this Trust Agreement or any other agreements to which the Trust or any Fund is a party, at the request, order or direction of the Managing Owner or any Unitholders unless the Managing Owner or such Unitholders
have offered to Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington Trust Company (including, without
limitation, the reasonable fees and expenses of its counsel) therein or thereby; 
 (h) Notwithstanding anything contained herein to the
contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice
to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the
laws of any jurisdiction or any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of
Delaware, for causes of action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby; and 

(i) To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust,
the Unitholders or to any other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of
this Trust Agreement, to the extent that they restrict the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Trustee. 

SECTION 2.7. Reliance; Advice of Counsel. 

(a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolutions, request,
consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to or in any such
document; provided, 

  
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however, that the Trustee shall have examined any certificates or opinions so as to reasonably determine compliance of the same with the requirements of this Trust Agreement. The Trustee
may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to
any fact or matter the method of the determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized
officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement,
the Trustee, at the expense of the Managing Owner or an Affiliate of the Managing Owner (including the Trust) (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them,
and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may
consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any
such counsel, accountant or other such Persons. 
 SECTION 2.8. Payments to the Trustee. Any amounts paid to the Trustee pursuant to this
Article shall be deemed not to be a part of any Trust Estate immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the applicable Trust Estate. 

ARTICLE III 
 CAPITAL
CONTRIBUTIONS; CREATIONS AND ISSUANCE OF CREATION BASKETS 
 SECTION 3.1. General. 

(a) The Managing Owner shall have the power and authority, without Limited Owner approval, to issue Units in one or more series, or Funds, from
time to time as it deems necessary or desirable. Each Fund shall be separate from all other Funds created as series of the Trust in respect of the assets and liabilities allocated to that Fund and shall represent a separate investment portfolio of
the Trust. The Managing Owner shall have exclusive power without the requirement of Limited Owner approval to establish and designate such separate and distinct series, as set forth in Section 3.2, and to fix and determine the relative rights
and preferences as between the Units of the Funds as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the Funds shall have separate voting
rights or no voting rights. 

  
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 (b) The Managing Owner may, without Limited Owner approval, divide or subdivide Units of any Fund
into two or more classes or sub-classes, Units of each such class or sub-class having such preferences and special or relative rights and privileges as the Managing Owner may determine as provided in Section 3.3. The fact that a Fund shall have
been initially established and designated without any specific establishment or designation of classes or sub-classes, shall not limit the authority of the Managing Owner to divide a Fund and establish and designate separate classes or sub-classes
thereof. 
 (c) The number of Fund Units authorized shall be unlimited, and the Units so authorized may be represented in part by fractional
Units, calculated to four decimal places. From time to time, the Managing Owner may divide or combine the Units of any Fund or class thereof into a greater or lesser number without thereby changing the proportionate beneficial interests in the Fund
or class thereof. The Managing Owner may issue Units of any Fund or class thereof for such consideration and on such terms as it may determine (or for no consideration if pursuant to a Unit dividend or split-up), all without action or approval of
the Limited Owners thereof. All Units when so issued on the terms determined by the Managing Owner shall be fully paid and non-assessable. The Managing Owner may classify or reclassify any unissued Units or any Units previously issued and reacquired
of any Fund or class thereof into one or more series or classes thereof that may be established and designated from time to time. The Managing Owner may hold as treasury Units, reissue for such consideration and on such terms as it may determine, or
cancel, at its discretion from time to time, any Units of any Fund or class thereof reacquired by the Trust. Unless otherwise determined by the Managing Owner, treasury Units shall not be deemed cancelled. The Units of each Fund shall initially be
divided into two classes: General Units and Limited Units. 
 (d) The Managing Owner and/or its Affiliates has made an investment of $1,000
in each Fund. 
 (e) Other than contemplated by Section 3.5, no certificates or other evidence of beneficial ownership of the Units will
be issued. 
 (f) Every Unitholder, by virtue of having purchased or otherwise acquired a Unit, shall be deemed to have expressly consented
and agreed to be bound by the terms of this Trust Agreement. 
 SECTION 3.2. Establishment of Series, or Funds, of the Trust. 

(a) Without limiting the authority of the Managing Owner set forth in Section 3.2(b) to establish and designate any further series, the
Managing Owner has heretofore established and designated seven initial series, or Funds, as follows: 
 PowerShares DB Energy Fund; 

PowerShares DB Oil Fund; 

PowerShares DB Precious Metals Fund; 

PowerShares DB Gold Fund; 

PowerShares DB Silver Fund; 

PowerShares DB Base Metals Fund; and 

PowerShares DB Agriculture Fund. 

  
 14 

 The provisions of this Article III shall be applicable to the above-designated Funds and any
further Fund that may from time to time be established and designated by the Managing Owner as provided in Section 3.2(b); provided, however, that such provisions may be amended, varied or abrogated by the Managing Owner with
respect to any Fund created after the initial formation of the Trust in the written instrument creating such Fund. 
 (b) The establishment
and designation of any series, or Funds, other than those set forth above shall be effective upon the execution by the Managing Owner of an instrument setting forth such establishment and designation and the relative rights and preferences of such
series, or Funds, or as otherwise provided in such instrument. At any time that there are no Units outstanding of any particular series previously established and designated, the Managing Owner may by an instrument executed by it abolish that series
and the establishment and designation thereof. Each instrument referred to in this Section shall have the status of an amendment to this Trust Agreement. 

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

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

(a) General. The following procedures, as supplemented by the more detailed procedures specified in the Exhibits, annexes, attachments
and procedures, as applicable to the Participant Agreement for each Fund, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment will not constitute an amendment of this Trust
Agreement), will govern the Trust with respect to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets
which may be issued by each Fund is unlimited. 
 (i) On any Business Day, each Participant may submit to the Managing Owner
a purchase order and subscription agreement to subscribe for and agree to purchase one or more Creation Baskets for the applicable Fund (such request by a Participant, a “Purchase Order Subscription Agreement”) in the manner
provided in the Participant Agreement. Purchase Order Subscription Agreements must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The Managing Owner will process Purchase Order
Subscription Agreements only from Participants with respect to which a Participant Agreement for the Fund is in full force and effect. The 

  
 15 

 
Managing Owner will maintain and make available at the Trust’s principal offices during normal business hours a current list of the Participants for each Fund with respect to which a
Participant Agreement is in full force and effect. The Managing Owner will deliver (or cause to be delivered) a copy of the Prospectus to each Fund Participant prior to its execution and delivery of the applicable Participant Agreement and prior to
accepting any Purchase Order Subscription Agreement. 
 (ii) Any Purchase Order Subscription Agreement is subject to
rejection by the Managing Owner pursuant to Section 3.4(c). 
 (iii) After accepting a Fund Participant’s Purchase
Order Subscription Agreement, the Managing Owner will issue and deliver Creation Baskets to fill such Fund Participant’s Purchase Order Subscription Agreement within three Business Days immediately following the Purchase Order Subscription
Date, but only if by such time as provided in the Participant Agreement the Managing Owner has received (A) for its own account, the Transaction Fee, and (B) for the account of the applicable Fund the Creation Basket Capital Contribution
due from the Fund Participant submitting the Purchase Order Subscription Agreement for the Fund. 
 (b) Deposit with the Depository.
Upon issuing a Creation Basket for any Fund pursuant to a Purchase Order Subscription Agreement, the Managing Owner will cause the Trust to deposit the Creation Basket with the Depository in accordance with the Depository’s customary
procedures, for credit to the account of the Fund Participant that submitted the Purchase Order Subscription Agreement. 
 (c)
Rejection. For each Fund, the Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution: (i) determined by the Managing Owner
not to be in proper form; (ii) that the Managing Owner has determined would have adverse tax consequences to the Trust, any Fund or to any Limited Owners; (iii) the acceptance or receipt of which would, in the opinion of counsel to the
Managing Owner, be unlawful; or (iv) if circumstances outside the control of the Managing Owner make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be liable to any person by
reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 
 (d) Transaction Fee.
For each Fund, a non-refundable transaction fee will be payable by a Fund Participant to the Managing Owner for its own account in connection with each Purchase Order Subscription Agreement pursuant to this Section and in connection with each
Redemption Order of such Participant pursuant to Section 7.1 (each a “Transaction Fee”). The Transaction Fee charged in connection with each such creation and redemption shall be initially $500, but may be changed as provided
below. Even though a single Purchase Order Subscription Agreement or Redemption Order may relate to multiple Creation Baskets, only a single Transaction Fee will be due for each Purchase Order or Redemption Order for a Fund. The Transaction Fee may
subsequently be waived, modified, reduced, increased or otherwise 

  
 16 

 
changed by the Managing Owner, but will not in any event exceed 0.10 % of the Net Asset Value Per Basket of a Fund at the time of creation of a Creation Basket or redemption of a Redemption
Basket, as the case may be. The Managing Owner shall notify the Depository of any agreement to change the Transaction Fee and shall not implement any increase for redemptions of outstanding Units until 30 days after the date of that notice. The
amount of the Transaction Fee in effect at any given time shall be made available by the Trustee upon request. 
 (e) Global Certificate
Only. Certificates for Creation Baskets will not be issued, other than the applicable Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued and redeemed and Limited Units will
be transferable solely through the book-entry systems of the Depository and the DTC Participants and their Indirect Participants as more fully described in Section 3.5. The Depository may determine to discontinue providing its service with
respect to Creation Baskets and Limited Units by giving notice to the Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto under applicable law. Under
such circumstances, the Managing Owner shall take action either to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if such a replacement is unavailable, to
terminate the Trust or the Funds, as applicable. 
 SECTION 3.5. Book-Entry-Only System, Fund Global Securities. 

(a) Global Security. The Trust and the Managing Owner will enter into the Depository Agreement pursuant to which the Depository will act
as securities depository for Limited Units of each Fund. Limited Units of each Fund will be represented by a Global Security (which may consist of one or more certificates as required by the Depository), which will be registered, as the Depository
shall direct, in the name of Cede & Co., as nominee for the Depository and deposited with, or on behalf of, the Depository. No other certificates evidencing Limited Units will be issued. The Global Security for each Fund shall be in the
form attached hereto as Exhibit C or described therein and shall represent such Limited Units as shall be specified therein, and may provide that it shall represent the aggregate amount of outstanding Limited Units of a Fund from time to time
endorsed thereon and that the aggregate amount of outstanding Limited Units represented thereby may from time to time be increased or decreased to reflect creations or redemptions of Baskets. Any endorsement of a Global Security to reflect the
amount, or any increase or decrease in the amount, of outstanding Limited Units represented thereby shall be made in such manner and upon instructions given by the Managing Owner on behalf of the Trust as specified in the Depository Agreement. 

(b) Legend. Any Global Security issued to The Depository Trust Company or its nominee shall bear a legend substantially to the following
effect: “Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Trust or its agent for registration of transfer, exchange, or payment, and
any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is required by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 

  
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 (c) The Depository. The Depository has advised the Trust and the Managing Owner as
follows: The Depository is a limited-purpose trust company organized under New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the U.S. Federal Reserve System, a “clearing
corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC holds and provides
asset servicing for DTC’s participants (the “DTC Participants”). DTC also facilitates the post-trade settlement among DTC Participants of sales and other securities transactions among the DTC Participants in deposited
securities, through electronic computerized book-entry transfers and pledges between DTC Participants’ accounts. This eliminates the need for physical movement of securities certificates. DTC Participants include both U.S. and non-U.S.
securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding
company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to
others such as both U.S. and non-U.S. securities, brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect
Participants”). 
 (d) Beneficial Owners. As provided in the Depository Agreement, upon the settlement date of any creation,
transfer or redemption of Limited Units of a Fund, the Depository will credit or debit, on its book-entry registration and transfer system, the number of Limited Units so created, transferred or redeemed to the accounts of the appropriate DTC
Participants. The accounts to be credited and charged shall be designated by the Managing Owner on behalf of each Fund and each Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interest in Limited Units will
be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in Limited Units (“Beneficial Owners”) will be shown on, and the
transfer of beneficial ownership by Beneficial Owners will be effected only through, in the case of DTC Participants, records maintained by the Depository and, in the case of Indirect Participants and Beneficial Owners holding through a DTC
Participant or an Indirect Participant, through those records or the records of the relevant DTC Participants. Beneficial Owners are expected to receive from or through the broker or bank that maintains the account through which the Beneficial Owner
has purchased or sold Limited Units a written confirmation relating to their purchase or sale of Limited Units. 
 (e) Reliance on
Procedures. So long as Cede & Co., as nominee of the Depository, is the registered owner of Limited Units, references herein to the registered or record owners of Limited Units shall mean Cede & Co. and shall not mean the
Beneficial Owners of Limited Units. Beneficial Owners of Limited Units will not be entitled to have Limited Units registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will not
be considered the record or registered holder of 

  
 18 

 
Limited Units under this Trust Agreement. Accordingly, to exercise any rights of a holder of Limited Units under this Trust Agreement, a Beneficial Owner must rely on the procedures of the
Depository and, if such Beneficial Owner is not a DTC Participant, on the procedures of each DTC Participant or Indirect Participant through which such Beneficial Owner holds its interests. The Trust and the Managing Owner understand that under
existing industry practice, if the Trust or any Fund requests any action of a Beneficial Owner, or a Beneficial Owner desires to take any action that the Depository, as the record owner of all outstanding Limited Units of such Fund, is entitled to
take, in the case of a Trustee request, the Depository will notify the DTC Participants regarding such request, such DTC Participants will in turn notify each Indirect Participant holding Limited Units through it, with each successive Indirect
Participant continuing to notify each person holding Limited Units through it until the request has reached the Beneficial Owner, and in the case of a request or authorization to act being sought or given by a Beneficial Owner, such request or
authorization is given by the Beneficial Owner and relayed back to the Trust or such Fund through each Indirect Participant and DTC Participant through which the Beneficial Owner’s interest in the Limited Units is held. 

(f) Communication between the Trust and the Beneficial Owners. As described above, the Trust and the Funds will recognize the Depository
or its nominee as the owner of all Limited Units for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices, statements and other communications to Beneficial Owners will be effected as follows. Pursuant to the
Depository Agreement, the Depository is required to make available to the Funds upon request and for a fee to be charged to the Funds a listing of the Limited Unit holdings of each DTC Participant. The Trust or the Funds shall inquire of each such
DTC Participant as to the number of Beneficial Owners holding Limited Units, directly or indirectly, through such DTC Participant. The Trust or the Funds shall provide each such DTC Participant with sufficient copies of such notice, statement or
other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial
Owners. In addition, the Funds shall pay to each such DTC Participant an amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements. 

(g) Distributions. Distributions on Limited Units pursuant to Section 3.8 shall be made to the Depository or its nominee,
Cede & Co., as the registered owner of all Limited Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment of distributions in respect of Limited Units, shall credit immediately DTC
Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Limited Units as shown on the records of the Depository or its nominee. The Trust and the Managing Owner also expect that payments by DTC
Participants to Indirect Participants and Beneficial Owners held through such DTC Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of
customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants and Indirect Participants. None of the Trust, the Funds, the Trustee or the Managing Owner will have any responsibility or
liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in Limited Units, or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests or for any other aspect of the relationship between 

  
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the Depository and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect
Participants or between or among the Depository, any Beneficial Owner and any person by or through which such Beneficial Owner is considered to own Limited Units. 

(h) Limitation of Liability. Each Global Security to be issued hereunder is executed and delivered solely on behalf of the applicable
Fund by the Managing Owner, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this Trust Agreement. The representations, undertakings and agreements made on the part of the Fund in each Global Security are
made and intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee, but are made and intended for the purpose of binding only the Fund. Nothing in the Global Security shall be construed as creating
any liability on the Managing Owner or the Trustee, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in this Trust Agreement. 

(i) Successor Depository. If a successor to The Depository Trust Company shall be employed as Depository hereunder, the Trust and the
Managing Owner shall establish procedures acceptable to such successor with respect to the matters addressed in this Section 3.5. 

SECTION 3.6. Assets. All consideration received by a Fund for the issue or sale of Units together with all of the applicable Trust Estate in
which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of
such proceeds in whatever form the same may be, shall irrevocably belong to that Fund for all purposes, subject only to the rights of creditors of such Fund and except as may otherwise be required by applicable tax laws, and shall be so recorded
upon the books of account of the Trust. Separate and distinct records shall be maintained for each Fund and the assets associated with a Fund shall be held and accounted for in such separate and distinct records (directly or indirectly, including
through a nominee or otherwise) separately from the other assets of the Trust, or any other Fund. In the event that there is any Trust Estate, or any income, earnings, profits, and proceeds thereof, funds, or payments which are not readily
identifiable as belonging to any particular Fund, the Managing Owner shall allocate them among any one or more of the Funds established and designated from time to time in such manner and on such basis as the Managing Owner, in its sole discretion,
deems fair and equitable. Each such allocation by the Managing Owner shall be conclusive and binding upon all Unitholders for all purposes. 

SECTION 3.7. Liabilities of Funds. 

(a) The Trust Estate belonging to each particular Fund shall be charged with the liabilities of the Trust in respect of that series and only
that series; and all expenses, costs, charges, indemnities and reserves attributable to that Fund, and any general liabilities, expenses, costs, charges, indemnities or reserves of the Trust which are not readily identifiable as belonging to any
particular Fund, shall be allocated and charged by the Managing Owner to and among any one or more of the series established and designated from time to time in such manner and on such basis as the Managing Owner in its sole discretion deems fair
and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Managing Owner shall 

  
 20 

 
be conclusive and binding upon all Unitholders for all purposes. The Managing Owner shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall
be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Unitholders. Every written agreement, instrument or other undertaking made or issued by or on behalf of a particular
series shall include a recitation limiting the obligation or claim represented thereby to that series and its assets. 
 (b) Without
limitation of the foregoing provisions of this Section, but subject to the right of the Managing Owner in its discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets of such series only, and not against the assets of the Trust generally or of any other series. Notice of this
limitation on interseries liabilities shall be set forth in the Certificate of Trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware
Trust Statute, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to limitations on interseries liabilities (and the statutory effect under
Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and each Fund. Every Unit, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a
particular series shall include a recitation limiting the obligation on Units represented thereby to that series and its assets. 
 (c) Any
agreement entered into by the Trust, any Fund, or the Managing Owner, on behalf of the Trust generally or any Fund, including, without limitation, the Purchase Order Subscription Agreement entered into with each Limited Owner, will include language
substantially similar to the language set forth in Section 3.7(b). 
 SECTION 3.8. Distributions. 

(a) Distributions on Units may be paid with such frequency as the Managing Owner may determine, which may be daily or otherwise, to the
Unitholders, from such of the income and capital gains, accrued or realized, from each Trust Estate, after providing for actual and accrued liabilities. All distributions on Units thereof shall be distributed pro rata to the Unitholders in
proportion to the total outstanding Units held by such Unitholders at the date and time of record established for the payment of such distribution and in accordance with Section 3.5(g). Such distributions may be made in cash or Units as
determined by the Managing Owner or pursuant to any program that the Managing Owner may have in effect at the time for the election by each Unitholder of the mode of the making of such distribution to that Unitholder. 

(b) The Units shall represent units of beneficial interest in each applicable Trust Estate. Each Unitholder shall be entitled to receive its
pro rata share of distributions of income and capital gains in accordance with Section 3.8(a). 
 SECTION 3.9. Voting Rights.
Notwithstanding any other provision hereof, on each matter submitted to a vote of the Unitholders, each Unitholder shall be entitled to a proportionate vote based upon the product of the Net Asset Value per Unit of a Fund multiplied by the number of
Units, or fraction thereof, standing in its name on the books of such Fund in accordance with Section 3.5(g). 

  
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 SECTION 3.10. Equality. Except as provided herein, all Units of a Fund shall represent an equal
proportionate beneficial interest in the assets of the Fund subject to the liabilities of the Fund, and each Unit shall be equal to each other Unit. The Managing Owner may from time to time divide or combine the Units into a greater or lesser number
of Units without thereby changing the proportionate beneficial interest in the assets of the Funds or in any way affecting the rights of Unitholders. 

ARTICLE IV 
 THE
MANAGING OWNER 
 SECTION 4.1. Management of the Trust. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the Trust
shall be managed by the Managing Owner and the conduct of the Trust’s business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. The Managing Owner may delegatee as provided herein, the duty
and authority to manage the business and affairs of the Trust. 
 SECTION 4.2. Authority of Managing Owner. In addition to and not in
limitation of any rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner
shall have and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall include, without limitation, the
following: 
 (a) To enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts,
agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Units and the conduct of Trust activities,
including, but not limited to contracts with third parties for commodity brokerage services and/or administrative services, provided, however, that such services may be performed by an Affiliate or Affiliates of the Managing Owner so long as the
Managing Owner has made a good faith determination that: (i) the Affiliate which it proposes to engage to perform such services is qualified to do so (considering the prior experience of the Affiliate or the individuals employed thereby);
(ii) the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are no less favorable to the Trust than could be obtained from equally-qualified unaffiliated third parties; and (iii) the
maximum period covered by the agreement pursuant to which such Affiliate is to perform services for the Trust shall not exceed one year, and such agreement shall be terminable without penalty upon sixty (60) days’ prior written notice by
the Trust; 
 (b) To establish, maintain, deposit into, sign checks and/or otherwise draw upon accounts on behalf of the Trust with
appropriate banking and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its purposes, any such instrument or agreement so executed or accepted by the Managing
Owner in the Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust by the Managing Owner; 

  
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 (c) To deposit, withdraw, pay, retain and distribute each Trust Estate or any portion thereof in
any manner consistent with the provisions of this Trust Agreement; 
 (d) To supervise the preparation and filing of the Registration
Statement and supplements and amendments thereto, and the Prospectus; 
 (e) To pay or authorize the payment of distributions to the
Unitholders and expenses of each Fund; 
 (f) To make any elections on behalf of the Trust or any Fund under the Code, or any other
applicable U.S. federal or state tax law as the Managing Owner shall determine to be in the best interests of the Trust or any Fund; and 

(g) In the sole discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners.
Notwithstanding the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its removal as a Managing Owner, pursuant to Section 8.2(d) hereof. 

SECTION 4.3. Obligations of the Managing Owner. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust
Agreement, the Managing Owner shall: 
 (a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion
exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Limited Owners; 

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

(e) Select the Trust’s or any Fund’s Trustee, transfer agent, custodian and clearing brokers, and any other service provider; 

(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purposes and each Fund as a
“partnership” for U.S. federal income tax purposes; 
 (g) Monitor the brokerage fees charged to the Trust, and the services
rendered by futures commission merchants to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust for futures brokerage are at competitive rates and are the best 

  
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price and services available under the circumstances, and if necessary, renegotiate the brokerage fee structure to obtain such rates and services for the Trust. No material change related to
brokerage fees shall be made except upon sixty (60) Business Days’ prior notice to the Limited Owners, which notice shall include a description of the Limited Owners’ voting rights as set forth in Section 8.2 hereof and a
description of the Limited Owners’ redemption rights as set forth in Section 7.1 hereof; 
 (h) Have fiduciary responsibility for
the safekeeping and use of each Trust Estate, whether or not in the Managing Owner’s immediate possession or control, and the Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon
as provided for in the Prospectus) in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner; 

(i) For each Fund, enter into a Participant Agreement with each Participant and discharge the duties and responsibilities of the Fund and the
Managing Owner thereunder; 
 (j) For each Fund, receive from Participants and process properly submitted Purchase Order Subscription
Agreements, as described in Section 3.4(a)(iii); 
 (k) For each Fund, in connection with Purchase Order Subscription Agreements,
receive Creation Basket Capital Contributions from Participants; 
 (l) For each Fund, in connection with Purchase Order Subscription
Agreements, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Participant submitting a Purchase Order Subscription Agreement for which the Managing Owner has received the requisite Transaction Fee and the
Trust has received the requisite Creation Basket Capital Contribution, as described in Section 3.4(d); 
 (m) For each Fund, receive
from Participants and process properly submitted Redemption Orders, as described in Section 7.1(a), or as may from time to time be permitted by Section 7.2; 

(n) For each Fund, in connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel or
cause to be cancelled, Limited Units corresponding to the Redemption Baskets to be redeemed as described in Section 7.1, or as may from time to time be permitted by Section 7.2; 

(o) Interact with the Depository as required; 

(p) Delegatee those of its duties hereunder as it shall determine from time to time to one or more Administrators or Distributors, as
applicable; 
 (q) In its sole discretion, cause the Trust to do one or more of the following: to make, refrain from making, or once having
made, to revoke, the election referred to in section 754 of the Code, and any similar election provided by state or local law, or any similar provision enacted in lieu thereof; 

  
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 (r) In its sole discretion, cause the Trust to do one or more of the following: to make, refrain
from making, or once having made, to revoke the election by a qualified fund under Code section 988(c)(1)(E)(iii)(V), and any similar election provided by state or local law, or any similar provision enacted in lieu thereof; and 

(s) Perform such other services as the Managing Owner believes that the Trust may from time to time require. 

SECTION 4.4. General Prohibitions. The Trust and each Fund, as applicable, shall not: 

(a) Redeem the Units other than to fund a redemption request from a Participant; 

(b) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person, except that the foregoing is not intended
to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Commodities positions, as applicable, or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is
prohibited from incurring any indebtedness on a non-recourse basis; 
 (c) Create, incur, assume or suffer to exist any lien, mortgage,
pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Commodities positions of the Trust so as to restore the
Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have
been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for
the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s,
materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by
generally accepted accounting principles, and liens arising under ERISA; 
 (d) Commingle its assets with those of any other Person, except
to the extent permitted under the CE Act and the regulations promulgated thereunder; 
 (e) Engage in Pyramiding of its Commodities
positions, as applicable; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Commodities positions; 

(f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate
of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; 
 (g) Permit the
Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to commodity trading activities; 

  
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 (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except
for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or for the provision of goods and
services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; 

(i) Permit churning of its Commodity trading account(s) for the purpose of generating excess brokerage commissions; 

(j) Enter into any exclusive brokerage contract; 

(k) Operate the Trust or a Fund in any manner so as to contravene the requirements to preserve the limitation on interseries liability set
forth in Section 3804 of the Delaware Trust Statute; or 
 (l) Cause the Trust or any Fund to elect to be classified as an association
taxable as a corporation for U.S. federal income tax purposes. 
 SECTION 4.5. Liability of Covered Persons. A Covered Person shall have no
liability to the Trust, any Fund or to any Unitholder, other Covered Person, or other Person for any loss suffered by the Trust or any Fund which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith,
determined that such course of conduct was in the best interest of the Trust or the applicable Fund and such course of conduct did not constitute gross negligence or willful misconduct of such Covered Person. Subject to the foregoing, neither the
Managing Owner nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or
profits made pursuant to this Trust Agreement shall be made solely from the assets of the applicable Fund without any rights of contribution from the Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or
misconduct of any Administrator or other delegatee selected by the Managing Owner with reasonable care. 
 SECTION 4.6. Fiduciary Duty. 

(a) To the extent that, at law or in equity, the Managing Owner has duties (including fiduciary duties) and liabilities relating thereto to the
Trust, the Funds, the Unitholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be liable to the Trust, the Funds, the Unitholders or to any other Person for its good faith reliance on the provisions of this
Trust Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Managing Owner otherwise existing at law or in equity are agreed
by the parties hereto to replace such other duties and liabilities of the Managing Owner. Any material changes in the Trust’s basic investment policies or structure shall occur only upon the written approval or affirmative vote of Limited
Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value of a Fund (excluding Units held by the Managing Owner and its Affiliates) affected by the change pursuant to Section 11.1(a) below. 

  
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 (b) Unless otherwise expressly provided herein: 

(i) whenever a conflict of interest exists or arises between the Managing Owner or any of its Affiliates, on the one hand, and
the Trust or any Unitholder or any other Person, on the other hand; or 
 (ii) whenever this Trust Agreement or any other
agreement contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Unitholder or any other Person, 

the Managing Owner shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of this Trust Agreement or any other agreement contemplated
herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
 (c) Notwithstanding anything herein to the
contrary, the Managing Owner and any Affiliate of the Managing Owner may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are
competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Managing Owner. Notwithstanding anything herein to the contrary, if the Managing Owner acquires knowledge of a potential
transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Managing Owner shall not be liable to the Trust or to the Unitholders
for breach of any fiduciary or other duty by reason of the fact that the Managing Owner pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity or information to the Trust. Neither the Trust
nor any Unitholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such
ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Managing Owner may engage or be interested in any financial or other transaction with the
Trust, the Unitholders or any Affiliate of the Trust or the Unitholders. 
 SECTION 4.7. Indemnification of Covered Persons. 

(a) Each Covered Person shall be indemnified by the Trust (or, in furtherance of Section 3.7, any Fund separately to the extent the matter
in question relates to a single Fund or is otherwise disproportionate) to the fullest extent permitted by law against any losses, judgments, liabilities, expenses, and amounts paid in settlement of any claims sustained by it in connection with its
activities for the Trust, except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any action, suit, or other proceeding not to have acted in good faith in the reasonable belief that such Covered
Person’s action was in the best interest of the Trust and except that no Covered Person shall be indemnified against any liability to the Trust or to the Limited Owners by reason of willful misconduct or gross

  
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negligence of such Covered Person. Any such indemnification will only be recoverable from the applicable Trust Estate or Trust Estates. All rights to indemnification permitted herein and payment
of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary
petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. 
 (b) The Trust and the Funds shall not incur the cost
of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited. 
 (c)
Expenses incurred in defending a threatened or pending civil, administrative or criminal action, suit or proceeding against the Managing Owner shall be paid by the Trust in advance of the final disposition of such action, suit or proceeding, if
(i) the legal action relates to the performance of duties or services by the Managing Owner on behalf of the Trust; and (ii) the Managing Owner undertakes to repay the advanced funds with interest to the Trust in cases in which it is not
entitled to indemnification under this Section 4.7. 
 (d) The term “Managing Owner” as used in this Section 4.7 shall
include, in addition to the Managing Owner, any other Covered Person performing services on behalf of the Trust and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 

(e) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or
expense as a result of or in connection with any Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, such Limited Owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse
the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 
 (f) The
payment of any amount pursuant to this Section shall be subject to Section 3.7 with respect to the allocation of liabilities and other amount, as appropriate, among the Funds. 

SECTION 4.8. Expenses and Limitations Thereon. 

(a) (i) The Managing Owner or an Affiliate of the Managing Owner shall be responsible for the payment of all Organization and Offering Expenses
as defined in Section 4.8(a)(ii). 
 Organization and Offering Expenses shall mean those expenses incurred in connection
with the formation, qualification and registration of the Trust, the Funds and the Units and in offering, distributing and processing the Units under applicable U.S. federal and state law, as applicable, and any other expenses actually incurred and,
directly or indirectly, related to the organization of the Trust or the continuous offering of the Units, including, but not limited to, expenses such as: (A) initial and ongoing registration fees, filing fees, escrow fees and taxes,
(B) costs of preparing, printing (including typesetting), amending, 

  
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supplementing, mailing and distributing the Registration Statement, the Exhibits thereto and the Prospectus during the Continuous Offering, (C) the costs of qualifying, printing (including
typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Units during the Continuous Offering, (D) travel, telegraph, telephone and other expenses in connection
with the offering and issuance of the Units during the Continuous Offering, and (E) accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith. However, such Organization and Offering Expenses
shall exclude any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated therewith) related thereto. 

(b) Routine Operational, Administrative and Other Ordinary and Extraordinary Fees and Expenses. All ongoing charges, costs and expenses
of each Fund’s operation, including, but not limited to, the routine expenses associated with (i) preparation of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities;
(ii) Fund meetings and preparing, printing and mailing of proxy statements and reports to Unitholders; (iii) the payment of any distributions related to redemption of Units; (iv) routine services of the Trustee, legal counsel and
independent accountants; (v) routine accounting and bookkeeping services, whether performed by an outside service provider or by Affiliates of the Managing Owner; (vi) postage and insurance; (vii) client relations and services;
(viii) computer equipment and system maintenance; and (ix) required payments to any other service providers of the Trust pursuant to any applicable contract shall be billed to and/or paid by the Managing Owner. The Management Fee and
extraordinary fees and expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto) shall be billed to and/or paid by the respective Funds. Each Fund shall pay all its
extraordinary fees and expenses (as defined in the next sentence), if any, of such Fund generally, if any, as determined by the Managing Owner. Extraordinary fees and expenses shall include, but not be limited to, fees and expenses which are
non-recurring and unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses shall also include material expenses which are not currently
anticipated obligations of each Fund or of managed futures trusts in general. Routine operational, administrative and other ordinary expenses will not be deemed extraordinary fees and expenses. 

(c) Brokerage Commissions and Fees. Each Fund shall pay to the Commodity Broker all brokerage commissions, including applicable exchange
fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with its trading activities. 

(d) The Managing Owner or any Affiliate of the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such
Affiliate of any expenses which it advances on behalf of a Fund for which payment a Fund is responsible. In addition, payment to the Managing Owner or such Affiliate for indirect expenses incurred in performing services for a Fund in its capacity as
the managing owner of the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items generally falling within the category of the Managing Owner’s “overhead,”
is prohibited. 

  
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 (e) All general expenses of the Trust will be allocated among the Funds as determined by the
Managing Owner in its sole and absolute discretion. 
 SECTION 4.9. Compensation to the Managing Owner. The Managing Owner shall be entitled
to compensation for its services as managing owner of each Fund as set forth in the Prospectus (the “Management Fee”). 

SECTION 4.10. Other Business of Unitholders. Except as otherwise specifically provided herein, any of the Unitholders and any shareholder,
officer, director, employee or other person holding a legal or beneficial interest in an entity which is a Unitholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and
the pursuit of such ventures, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. 
 SECTION 4.11.
Voluntary Withdrawal of the Managing Owner. The Managing Owner may withdraw voluntarily as the Managing Owner of the Trust only upon one hundred and twenty (120) days’ prior written notice to all Limited Owners and the Trustee. If the
withdrawing Managing Owner is the last remaining Managing Owner, Limited Owners holding Units equal to at least a majority (over 50%) of each Fund’s aggregate Net Asset Value (excluding Units held by the Managing Owner) may vote to elect and
appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall carry on the business of the Trust. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at
their respective Net Asset Value. If the Managing Owner withdraws and a successor Managing Owner is named, the withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 

SECTION 4.12. Authorization of Registration Statements. Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust,
the Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by the Registration Statements on behalf of the Trust without any
further act, approval or vote of the Limited Owners of the Funds, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 

SECTION 4.13. Litigation. The Managing Owner is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in
equity as may be necessary or proper to enforce or protect the Trust’s interests. The Managing Owner shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim
prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of the Funds’ assets on a pro rata basis and, thereafter, out of the assets (to the extent that it is permitted to do so under the
various other provisions of this Trust Agreement) of the Managing Owner. 

  
 30 

 ARTICLE V 

TRANSFERS OF UNITS 

SECTION 5.1. General Prohibition. To the fullest extent permitted by law, a Limited Owner may not sell, assign, transfer or otherwise dispose
of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title and interest in the capital or profits in any Fund except as permitted in this Article V and any act in violation of this Article V shall
not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge thereof), unless approved in writing by the Managing Owner. 

SECTION 5.2. Transfer of Managing Owner’s General Units. 

(a) Upon an Event of Withdrawal (as defined in Section 13.1), the Units then owned by the Managing Owner shall be purchased by the Trust
for a purchase price in cash equal to the Net Asset Value thereof. The Managing Owner will not cease to be a Managing Owner of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition
in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting
or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part
of its properties. 
 (b) Notwithstanding any other provisions of this Agreement to the contrary, the Managing Owner shall be permitted to
transfer any Units it may own to any Person, whether or not an Affiliate of the Managing Owner, and/or to appoint a successor or additional Managing Owner, whether or not an Affiliate of the Managing Owner, at any time without restriction. Without
limiting the foregoing, none of the transactions referenced in the preceding sentence shall be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Units for purposes of Sections 5.2(a) or
5.2(c). 
 (c) Upon assignment of all of its Units, the Managing Owner shall not cease (x) to be a Managing Owner of the Trust, or
(y) to have the power to exercise any rights or powers as a Managing Owner, until the withdrawal of the Managing Owner and until one or more successor Managing Owners shall exist who will carry on the business of the Trust. 

SECTION 5.3. Transfer of Limited Units. Beneficial Owners that are not DTC Participants may transfer Limited Units by instructing the DTC
Participant or Indirect Participant holding the Limited Units for such Beneficial Owner in accordance with standard securities industry practice. Beneficial Owners that are DTC Participants may transfer Limited Units by instructing the Depository in
accordance with the rules of the Depository and standard securities industry practice. 
 ARTICLE VI 

CAPITAL ACCOUNTS; ALLOCATIONS 

SECTION 6.1. Capital Accounts. The Trust shall maintain for each Unitholder (which includes beneficial owners of Units where information
regarding the identity of such owner has been furnished to the Fund in accordance with section 6031(c) of the Code or any other method 

  
 31 

 
acceptable to the Managing Owner in its sole discretion) owning a Unit a separate Capital Account with respect to such Unit in accordance with the rules of Treasury Regulation section
1.704-1(b)(2)(iv). The initial balance of each Unitholder’s book capital account shall be the amount of its initial Capital Contribution. Such Capital Account shall be (i) increased by the amount of all Capital Contributions made with
respect to the respective Unit and all items of income and gain with respect to each Fund computed and allocated to the Unitholder’s Units in accordance with this Trust Agreement and (ii) decreased by the amount of cash distributions made
with respect to such Unit and all items of deduction and loss with respect to each Fund computed and allocated in accordance with this Trust Agreement. 

(a) Consistent with the provisions of Treasury Regulation section 1.704-1(b)(2)(iv)(f), upon an issuance of additional Units with respect to a
Fund for cash, the Capital Accounts of all Unitholders with respect to such Fund shall, immediately prior to such issuances, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized Gain or Unrealized Loss
attributable to each Fund property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each such property, immediately prior to such issuance, and had been allocated to its Unitholders at such time pursuant to
Section 6.3. 
 (b) In accordance with Treasury Regulation section 1.704-1(b)(2)(iv)(f), immediately prior to the distribution of cash
in redemption of all or a portion of a Unitholder’s Units, the capital accounts of all Unitholders with respect to a Fund shall, immediately prior to any such distribution, be adjusted (consistent with the provisions hereof) upward or downward
to reflect any Unrealized Gain or Unrealized Loss attributable to each Fund property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each property, immediately prior to such distribution, and had been
allocated to the Unitholders at such time pursuant to Section 6.3. 
 SECTION 6.2. Periodic Closing of Books. Within forty-five
(45) days after the end of each calendar month (or such other period as the Managing Owner may determine in its sole discretion) or such shorter period as required for the final closing of the books for the taxable year, each Fund shall conduct
an interim closing of the books of the Fund as of the end of the last day of that calendar month (or such other period as the Managing Owner may determine in its sole discretion). On the basis of the closing of the books for each calendar month (or
such other period as the Managing Owner may determine in its sole discretions), each Fund shall determine the amount of Profit and Loss of the Fund attributable to that calendar month (or such other period as the Managing Owner may determine in its
sole discretion). Fund Profits and Losses shall be determined in accordance with the accounting methods followed by the Fund for U.S. federal income tax purposes. 

  
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 SECTION 6.3. Periodic Allocations. All allocations to Unitholders of items included within a
Fund’s Profits and Losses attributable to each calendar month (or such other periods as the Managing Owner may determine in its sole discretion) shall be allocated solely among the Unitholders recognized as Unitholders as of the close of the
last trading day of the preceding month (or the last trading day of such other period as the Managing Owner may determine in its sole discretion) as follows: 

(a) For purposes of maintaining each Fund’s Capital Accounts and in determining the rights of the Unitholders among themselves, except as
otherwise provided in this Article VI, each item of income, gain, loss and deduction shall be allocated among Unitholders in accordance with their respective Percentage Interests. 

(b) If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation sections
1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Fund income and gain shall be specially allocated to such Unitholder in an amount and manner sufficient to eliminate a deficit in its Adjusted Capital Account created by such adjustments,
allocations or distributions as quickly as possible. This Section 6.3(c) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(d). 

(c) Notwithstanding any other provision of this Trust Agreement, upon or prior to the issuance of additional Units, the Managing Owner shall
have the sole and complete discretion, without the approval of any other Unitholder, to amend any provision of this Article VI in any manner, as is necessary, appropriate or advisable to comply with any current or future provisions of the Code or
the Treasury Regulations or to implement the terms and conditions of any Units. 
 SECTION 6.4. Code Section 754 Adjustments. To the
extent an adjustment to the tax basis of any Fund asset pursuant to Section 743(b) or 743(c) of the Code is required, pursuant to Treasury Regulation section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the
amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be specially allocated to
the Unitholders in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such regulation. For purposes of computing the adjustments under section 743(b) of the Code, a Fund is authorized (but not
required), in the Managing Owner’s sole and complete discretion, to adopt a convention whereby the price paid by a transferee of Units will be deemed to be the weighted average closing price of the Units of the particular Fund on the Exchange
during the calendar month in which such transfer is deemed to occur pursuant to Section 5.3 without regard to the actual price paid by the transferee (or any other convention as the Managing Owner may determine in its sole and complete
discretion). 
 SECTION 6.5. Allocation of Profit and Loss for U.S. Federal Income Tax Purposes. 

(a) Except as otherwise provided, each item of income, gain, loss, deduction and credit of each Fund shall be allocated among the Unitholders
in accordance with their respective Percentage Interests. 
 (b) In an attempt to eliminate Book-Tax Disparities attributable to Adjusted
Property, items of income, gain, and loss will be allocated for federal income tax purposes among the Unitholders of each Fund as follows: 

(i) Items attributable to an Adjusted Property will be allocated among the Unitholders of each Fund in a manner consistent with
the principles of section 704(c) of the Code to take into account the Unrealized Gain or Loss attributable to the property and the allocations thereof pursuant to Sections 6.3(a) and (b). 

  
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 (ii) Any items of income, gain, loss or deduction otherwise allocable under this
Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum extent possible, Book-Tax Disparities in an Adjusted Property otherwise resulting from the application of the ceiling limitation
under section 704(c) principles to the allocations provided under this Section. 
 (iii) Subject to this Section 6.5(b),
any items of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant to Section 6.3(a) that constitutes the tax corollary of an item of “book” income, gain, loss or deduction that has been allocated to the
other Unitholders of a Fund pursuant to Section 6.3(b) shall be allocated to such other Unitholders in the same manner and to the same extent provided in this Section 6.5(b). 

(iv) If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation
section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Unitholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 6.3(c). 

(c) The allocation of income and loss (and items thereof) for U.S. federal income tax purposes set forth in this Section 6.5 is intended
to allocate taxable income and loss among Unitholders generally in the ratio and to the extent that net profit and net loss shall be allocated to such Unitholders under Section 6.3 so as to eliminate, to the extent possible, any disparity
between a Unitholder’s book capital account and his tax capital account, consistent with the principles set forth in Sections 704(b) and (c)(2) of the Code. 

(d) Notwithstanding this Section 6.5, if after taking into account any distributions to be made with respect to such Unit for the relevant
period pursuant to Section 6.8 herein, any allocation would produce a deficit in the book capital account of a Unit, the portion of such allocation that would create such a deficit shall instead be allocated pro rata to the book capital
accounts of all the remaining Unitholders in such Fund (subject to the same limitation). 
 SECTION 6.6. Effect of Section 754
Election. All items of income, gain, loss, deduction and credit recognized by a Fund for U.S. federal income tax purposes and allocated to Unitholders in such Fund in accordance with the provisions of this Trust Agreement shall be determined without
regard to any election under section 754 of the Code which may be made by such Fund; provided, however, that such allocations, once made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted or required by
sections 734 or 743 of the Code. 
 SECTION 6.7. Admissions of Unitholders; Transfers. For purposes of this Article VI, items of each
Fund’s income, gain, loss, deduction and credit attributable to a transferred Unit shall, for U.S. federal income tax purposes, be determined on an annual basis and prorated on a 

  
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monthly basis (or other basis, as required or permitted by section 706 of the Code) and shall be allocated to such Unitholders who own the Units as of the close of the Exchange on the last day of
the month in which the transfer is recognized by the Trust; provided that, gain or loss on the sale or other disposition of all or a substantial portion of the assets of the Trust shall be allocated to the Unitholders who own Units as of the close
of the Exchange on the last day of the month in which such gain or loss is recognized for federal income tax purposes. The Managing Owner may revise, alter or otherwise modify such methods of determination and allocation as it determines necessary,
to the extent permitted by section 706 of the Code and the regulations or rulings promulgated thereunder. 
 SECTION 6.8. Allocation of
Distributions. Initially, distributions shall be made by the Managing Owner, and the Managing Owner shall have sole discretion in determining the amount and frequency of distributions, other than redemptions, with respect to the Units; provided,
however, that no distribution shall be made that violates the Delaware Trust Statute. The aggregate distributions made in a Fiscal Year (other than distributions on termination, which shall be allocated in the manner described in Article XIII) shall
be allocated among the holders of record of Units in the ratio in which the number of Units held of record by each of them bears to the number of Units held of record by all of the Unitholders of such Fund as of the record date of such distribution;
provided, further, however, that any distribution made in respect of a Unit shall not exceed the book capital account for such Unit. 

SECTION 6.9. Liability for State and Local and Other Taxes. In the event that the Trust or a Fund shall be separately subject to taxation by
any state or local or by any foreign taxing authority, the Trust or such Fund shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust or any Fund shall be required to make payments to any Federal, state or local or any
foreign taxing authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Trust or such Fund to such Unitholder, and such Unitholder shall be liable for, and shall pay to the
Trust or such Fund, any taxes so required to be withheld and paid over by the Trust or such Fund within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be liable for (and the Managing Owner shall be
entitled to redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust or the Fund to the IRS or other taxing authority, from the date of the Managing Owner’s request for
payment to the date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount, if any, payable by the Trust or a Fund to the Unitholder in
respect of its Units so redeemed, or in respect of any other actual distribution by the Trust or any Fund to such Unitholder, shall be reduced by any obligations owed to the Trust or any Fund by the Unitholder, including, without limitation, the
amount of any taxes required to be paid over by the Trust or any Fund to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust or any Fund from any actual distribution or redemption payment to
such Unitholder shall be treated as an actual distribution to such Unitholder for all purposes of this Trust Agreement. 
 SECTION 6.10.
Consent to Methods. The methods set forth in this Article VI by which Distributions are made and items of Profit and Loss are allocated are hereby expressly consented to by each Unitholder as an express condition to becoming a Unitholder. 

  
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 ARTICLE VII 

REDEMPTIONS 
 SECTION 7.1.
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Participant Agreement, which may be amended from time to time in accordance with the
provisions of such Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets. 

(a) On any Business Day, a Participant with respect to which a Participant Agreement is in full force and effect (as reflected on the list
maintained by the Managing Owner pursuant to Section 3.4(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Managing Owner
(such request, a “Redemption Order”) in the manner specified in the procedures specified in the attachment to the Participant Agreement, as amended from time to time in accordance with the provisions of the Participant Agreement
(and any such amendment will not constitute an amendment of this Trust Agreement). 
 (b) To be effective, a Redemption Order must be
submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing Owner shall reject any
Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 

(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption
Distribution”) shall consist of cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund as of
the closing time of the Exchange or the last to close of the exchanges on which any of the Index Commodities is traded, whichever is later, on the Redemption Order Date. 

(d) Within three Business Days immediately following the Redemption Order Date (the “Redemption Settlement Time”), if the
Managing Owner’s account at the Depository has by such time as provided in the Participant Agreement, on such day been credited with the Redemption Baskets being tendered for redemption and the Managing Owner has by such time received the
Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by such Redemption Settlement Time the Managing Owner
has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant and
(ii) keep the redeeming Participant’s Redemption Order open until such time as provided in the Participant Agreement, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such
balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the 

  
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Suspended Redemption Order are credited to the Managing Owner’s account at the Depository by such time as provided in the Participant Agreement, on such following Business Day, the
Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such Redemption Settlement Time the Managing Owner has not received from the redeeming Participant
all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled.
Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine, the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been
credited to the Trust’s or the applicable Fund’s account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to
time agree. 
 (e) The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date,
(i) for any period during which the Exchange or any other applicable exchange is closed other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a
result of which delivery, disposal or evaluation of a Fund’s assets is not reasonably practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the protection of Beneficial Owners. The Managing Owner
is not liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 
 (f) Redemption
Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures. 

SECTION 7.2. Other Redemption Procedures. The Managing Owner from time to time may, but shall have no obligation to, establish
procedures with respect to redemption of Limited Units in lot sizes smaller than the Redemption Basket and permitting the Redemption Distribution to be in a form, and delivered in a manner, other than that specified in Section 7.1. 

ARTICLE VIII 
 THE
LIMITED OWNERS 
 SECTION 8.1. No Management or Control; Limited Liability; Exercise of Rights through DTC. The Limited Owners shall not
participate in the management or control of the Trust’s or the applicable Fund’s business nor shall they transact any business for the Trust or any Fund or have the power to sign for or bind the Trust or any Fund, said power being vested
solely and exclusively in the Managing Owner. Except as provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust or any Fund in excess of its Capital
Contribution plus its share of any Fund Trust Estate in which such Limited Owner owns a Limited Unit and profits remaining, if any. Except as provided in Section 8.3 hereof, each Limited Unit owned by a Limited Owner shall be fully paid and no
assessment shall be made against any Limited Owner. No salary shall be paid to any Limited Owner in its capacity as a Limited Owner, nor shall any Limited Owner have a drawing 

  
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account or earn interest on its Capital Contribution. By the purchase and acceptance or other lawful delivery and acceptance of Limited Units, each Beneficial Owner shall be deemed to be a
Limited Owner and beneficiary of the applicable Fund and vested with beneficial undivided interest in such Fund to the extent of the Limited Units owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Trust
Agreement. The rights of Beneficial Owners under this Trust Agreement must be exercised by DTC Participants, or Indirect Participants, as applicable, acting on their behalf in accordance with the rules and procedures of the Depository, as provided
in Section 3.5. 
 SECTION 8.2. Rights and Duties. The Limited Owners shall have the following rights, powers, privileges, duties and
liabilities: 
 (a) The Limited Owners shall have the right to obtain from the Managing Owner information on all things affecting the Trust
or the applicable Fund, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust or the applicable Fund, including, without limitation, such reports as are set forth in Article IX
and the list of Participants contemplated by Section 3.4(a)(i). In the event that the Managing Owner neglects or refuses to produce or mail to a Limited Owner a copy of the list of Participants contemplated by Section 3.4(a)(i), the
Managing Owner shall be liable to such Limited Owner for the costs, including reasonable attorney’s fees, incurred by such Limited Owner to compel the production of such information, and for any actual damages suffered by such Limited Owner as
a result of such refusal or neglect; provided, however, it shall be a defense of the Managing Owner that the actual purpose of the Limited Owner’s request for such information was not reasonably related to the Limited Owner’s
interest as a beneficial owner in a Fund (e.g., to secure such information in order to sell it, or to use the same for a commercial purpose unrelated to the participation of such Limited Owner in the Fund). The foregoing rights are in addition to,
and do not limit, other remedies available to Limited Owners under U.S. federal or state law. 
 (b) The Limited Owners shall receive the
share of the distributions provided for in this Trust Agreement in the manner and at the times provided for in this Trust Agreement. 
 (c)
Except for the Limited Owners’ redemption rights set forth in Article VII hereof, the Limited Owners shall have the right to demand the return of their Capital Account only upon the dissolution and winding up of the applicable Fund or the Trust
and only to the extent of funds available therefor. In no event shall a Limited Owner be entitled to demand or receive property other than cash. Except with respect to class differences, no Limited Owner shall have priority over any other Limited
Owner either as to the return of capital or as to profits, losses or distributions. The Limited Owner shall not have any right to bring an action for partition against the Trust or a Fund. 

(d) Limited Owners holding Units representing at least a majority (over 50%) in Net Asset Value of each affected Fund (not including Units held
by the Managing Owner and its Affiliates), voting separately as a class, may vote to (i) continue the Trust as provided in Section 13.1(a), (ii) remove the Managing Owner on prior written notice to the Managing Owner, (iii) elect
and appoint one or more additional Managing Owners, (iv) approve a material change in the trading policies, as set forth in the Prospectus, which change shall not be effective 

  
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without the prior written approval of such majority, (v) approve the termination of any agreement entered into between the Trust and the Managing Owner or any Affiliate of the Managing Owner
for any reason, without penalty, on prior written notice to the Managing Owner, (vi) approve amendments to this Trust Agreement as set forth in Section 11.1 hereof, and (vii) terminate the Trust as provided in Section 13.1(e),
and in the case of (ii), (iii), (iv) and (v) in each instance on 10 days’ prior written notice. 
 (e) Certain K-1 Unitholders
representing at least a majority (over 50%) in Net Asset Value (not including Units held by the Managing Owner and its Affiliates) may vote to (i) remove the Tax Agent on prior written notice to the Managing Owner, and (ii) designate a
replacement Tax Agent on prior written notice to the Managing Owner, in each instance on 10 days’ prior written notice. 
 Except as
set forth above, the Limited Owners shall have no voting or other rights with respect to the Trust or any Fund. 
 SECTION 8.3. Limitation
on Liability. 
 (a) Except as provided in Sections 4.7(f), and 6.9 hereof, and as otherwise provided under Delaware law, the Limited Owners
shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Limited Owner shall be liable for claims against, or debts of
the Trust or the applicable Fund in excess of its Capital Contribution and his share of the applicable Fund Trust Estate and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such
Limited Owner’s Participant Agreement delivered in connection with his purchase of Units. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust or the applicable Fund shall not make a claim
against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable to repay such amount. 

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

  
 39 

 ARTICLE IX 

BOOKS OF ACCOUNT AND REPORTS 

SECTION 9.1. Books of Account. Proper books of account for each Fund shall be kept and shall be audited annually by an independent certified
public accounting firm selected by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each Fund’s business as are required by the CE Act and regulations promulgated
thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust and each
Limited Owner (or any duly constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the Limited Owner’s
interest as a beneficial owner of the applicable Fund, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and each Fund shall report its Profits and Losses on, the accrual method of accounting
for financial accounting purposes on a Fiscal Year basis as described in Article X. 
 SECTION 9.2. Annual Reports and Monthly Statements.

 (a) Each Limited Owner shall be furnished as of the end of each month and as of the end of each Fiscal Year with (a) such reports (in
such detail) as are required to be given to Limited Owners by the CFTC and the NFA subject to, as applicable, either (y) certain relief granted by the CFTC or (z) pursuant to the applicable rules and regulations of the CFTC, (b) any
other reports (in such detail) required to be given to Limited Owners by any other governmental authority which has jurisdiction over the activities of the Trust and the Funds and (c) any other reports or information which the Managing Owner,
in its discretion, determines to be necessary or appropriate. 
 (b) The Limited Owners will have access to periodic reports filed with the
SEC by the Managing Owner on behalf of the Trust. The Managing Owner will file (i) the Quarterly Reports on Form 10-Q, filed for the first three quarters of each fiscal year; (ii) the Annual Reports on Form 10-K, filed at end of each
fiscal year; and (iii) Current Reports on Form 8-K, which will be filed as necessary to announce material events not disclosed in either Form 10-Q or 10-K. 

SECTION 9.3. Tax Information. Appropriate tax information (adequate to enable each Limited Owner to complete and file its U.S. federal tax
return) shall be delivered to each Limited Owner as soon as practicable following the end of each Fiscal Year but generally no later than March 15. 

SECTION 9.4. Calculation of Net Asset Value. Net Asset Value of a Fund shall be calculated at such times as the Managing Owner shall determine
from time to time. 
 SECTION 9.5. Maintenance of Records. The Managing Owner shall maintain: (a) for a period of at least six Fiscal
Years all books of account required by Section 9.1 hereof; a list of the names and last known addresses of, and number of Units owned by, all Unitholders of each 

  
 40 

 
Fund, a copy of the Certificate of Trust and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed;
copies of the Trust’s and Funds’ U.S. federal, state and local income tax returns and reports, if any; and (b) for a period of at least six Fiscal Years copies of any effective written Trust Agreements, Participant Agreements,
including any amendments thereto, and any financial statements of the Trust and the Funds. The Managing Owner may keep and maintain the books and records of the Trust and the Funds in paper, magnetic, electronic or other format as the Managing Owner
may determine in its sole discretion, provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 

SECTION 9.6. Certificate of Trust. Except as otherwise provided in the Delaware Trust Statute or this Trust Agreement, the Managing Owner
shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Limited Owner; however, such certificates shall be maintained at the principal office of the Trust and shall be
available for inspection and copying by the Limited Owners in accordance with this Trust Agreement. 
 ARTICLE X 

FISCAL YEAR 
 SECTION
10.1. Fiscal Year. The Fiscal Year shall begin on the 1st day of January and end on the 31st day of December of each year. The first Fiscal
Year of the Trust shall commence on the date of filing of the Certificate of Trust and end on the 31st day of December 2006. If, after commencement of operations, applicable tax rules require the
Trust to adopt a taxable year other than the calendar year, the term “Fiscal Year” for the Trust shall mean such other taxable year as required by Code Section 706 or an alternative taxable year chosen by the Managing Owner
which has been approved by the Internal Revenue Service. The Fiscal Year in which the Trust shall terminate shall end on the date of such termination. 

ARTICLE XI 
 AMENDMENT
OF TRUST AGREEMENT; MEETINGS 
 SECTION 11.1. Amendments to this Trust Agreement. 

(a) Amendments to this Trust Agreement may be proposed by the Managing Owner or by Limited Owners holding Units equal to at least 10% of the
Net Asset Value of each Fund, unless the proposed amendment affects only certain series, in which case such amendment may be proposed by Limited Owners holding Units equal to at least ten percent (10%) of Net Asset Value of each affected
series. Following such proposal, the Managing Owner shall submit to the Limited Owners of each affected series a verbatim statement of any proposed amendment, and statements concerning the legality of such amendment and the effect of such amendment
on the limited liability of the Limited Owners. The Managing Owner shall include in any such submission its recommendations as to the proposed amendment. The amendment shall become effective only upon the written approval or affirmative vote of
Limited Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority 

  
 41 

 
(over 50%) of the Net Asset Value of all Funds (excluding Units held by the Managing Owner and its Affiliates) or, if the proposed amendment affects only certain series, of each affected series,
or such higher percentage as may be required by applicable law. Notwithstanding the foregoing, where any action taken or authorized pursuant to any provision of this Trust Agreement requires the approval or affirmative vote of Limited Owners holding
a greater interest in Limited Units than is required to amend this Trust Agreement under this Section 11.1, and/or the approval or affirmative vote of the Managing Owner, an amendment to such provision(s) shall be effective only upon the
written approval or affirmative vote of the minimum number of Unitholders which would be required to take or authorize such action, or as may otherwise be required by applicable law. In addition, except as otherwise provided below, reduction of the
capital account of any assignee or modification of the percentage of Profits, Losses or distributions to which an assignee is entitled hereunder shall not be affected by amendment to this Trust Agreement without such assignee’s approval. 

(b) Notwithstanding any provision to the contrary contained in Section 11.1(a) hereof, the Managing Owner may, without the approval of the
Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner herein, for the
benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or in the Prospectus, or to make any other provisions with respect
to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided,
however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Limited Owners; (B) is consistent with Section 4.1 hereof; (C) except as
otherwise provided in Section 11.1(c) below, does not affect the allocation of Profits and Losses among the Limited Owners or between the Limited Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability
of the Limited Owners, as described in Article VIII hereof or the status of any Fund as a partnership for U.S. federal income tax purposes. Amendments to this Trust Agreement that (i) adversely affect the rights of Limited Owners,
(ii) relate to the dissolution of the Trust pursuant to Section 13.1(f) below, or (iii) relate to any material changes in the Trust’s or a Fund’s basic investment policies or structure shall occur only upon the written
approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%) of the Net Asset Value of each Fund or, if not all Funds are affected, of the affected Fund or Funds (excluding Units held by the Managing Owner and
its Affiliates) pursuant to Section 11.1(a) above. 
 (c) Notwithstanding any provision to the contrary contained in Sections 11.1(a)
and (b) hereof, the Managing Owner may, without the approval of the Limited Owners, amend the provisions of this Trust Agreement if the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are
necessary to ensure that the Funds’ status as partnerships will be respected for U.S. federal income tax purposes. 
 (d) Upon amendment
of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such change. 

  
 42 

 (e) No amendment shall be made to this Trust Agreement without the consent of the Trustee if it
reasonably believes that such amendment adversely affects any of the rights, duties or liabilities of the Trustee; provided, however, that the Trustee may not withhold its consent for any action which the Limited Owners are permitted
to take under Section 8.2(d) above. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Managing Owner or if such amendment is required in the opinion of the
Trustee. 
 (f) The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the
Trust is a party until it has received an instruction letter from the Managing Owner, in form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the
Trustee that such execution is authorized and permitted by the terms of the Trust Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a
party and (iii) confirming that such execution and acts related thereto are covered by the indemnity provisions of the Trust Agreement in favor of the Trustee and do not adversely affect the Trustee. 

(g) To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only
by a written instrument adopted in accordance with this Section. 
 SECTION 11.2. Meetings of the Trust or the Funds. Meetings of the
Unitholders may be called by the Managing Owner and will be called by it upon the written request of Limited Owners holding Units equal to at least 10% of the Net Asset Value of all Funds or any Fund, as applicable. Such call for a meeting shall be
deemed to have been made upon the receipt by the Managing Owner of a written request from the requisite percentage of Limited Owners. The Managing Owner shall deposit in the United States mails within fifteen (15) days after receipt of said
request, written notice to all Unitholders of the applicable Fund of the meeting and the purpose of the meeting, which shall be held on a date, not less than thirty (30) nor more than sixty (60) days after the date of mailing of said
notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on the liability of Limited
Owners for the debts of the applicable Fund. Unitholders may vote in person or by proxy at any such meeting. 
 SECTION 11.3. Action Without
a Meeting. Any action required or permitted to be taken by Unitholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If
the vote or consent of any Unitholder to any action of the Trust, any Fund or any Unitholder, as contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Unitholder given in the
manner provided in Section 15.4. The vote or consent of each Unitholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually
received by that Unitholder, unless the Unitholder expresses written objection to the vote or consent by notice given in the manner provided in Section 15.4 below and actually received by the Trust within twenty (20) days after the notice
of solicitation is effected. The 

  
 43 

 
Managing Owner and all persons dealing with the Trust shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully
indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Unitholders shall not be void or voidable by reason of timely communication made by or on behalf of all or any of such
Unitholders in any manner other than as expressly provided in Section 15.4. 
 ARTICLE XII 

TERM 
 SECTION 12.1. Term.
The term for which the Trust and each Fund is to exist shall commence on the date of the filing of the Certificate of Trust, and shall be perpetual, unless terminated pursuant to the provisions of Article XIII hereof or as otherwise provided by law.

 ARTICLE XIII 

TERMINATION 
 SECTION
13.1. Events Requiring Dissolution of the Trust or any Fund. The Trust or, as the case may be, any Fund shall dissolve at any time upon the happening of any of the following events: 

(a) The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of ninety (90) days
after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an
“Event of Withdrawal”) unless (i) at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Trust or (ii) within ninety (90) days of such Event of
Withdrawal all the remaining Unitholders agree in writing to continue the business of the Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is terminated as the result of an Event of
Withdrawal and a failure of all remaining Unitholders to continue the business of the Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within one hundred and twenty (120) days of such Event of Withdrawal,
Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value of each Fund (not including Units held by the Managing Owner and its Affiliates) may elect to continue the business of the Trust by forming a new
statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or instruments as may be necessary to reform the
Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted Trust. If such an election is made, all Limited Owners of the Trust shall be bound thereby and continue as Limited Owners of the Reconstituted
Trust. 
 (b) The occurrence of any event which would make unlawful the continued existence of the Trust or any Fund, as the case may be.

  
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 (c) In the event of the suspension, revocation or termination of the Managing Owner’s
registration as a commodity pool operator or commodity trading advisor under the CE Act, or membership as a commodity pool operator or commodity trading advisor with the NFA (if, in either case, such registration is required under the CE Act or the
rules promulgated thereunder) unless at the time there is at least one remaining Managing Owner whose registration or membership has not been suspended, revoked or terminated. 

(d) The Trust or any Fund, as the case may be, becomes insolvent or bankrupt. 

(e) The Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value of all Funds (which excludes the Units
of the Managing Owner) vote to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination. 

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

  
 45 

 
and to creditors, including Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust or the Funds (whether by payment or the making of
reasonable provision for payment thereof) other than liabilities for distributions to Unitholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing
by such Unitholder, after giving effect to all adjustments made pursuant to Article VI and all distributions theretofore made to the Unitholders pursuant to Article VI. 

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

ARTICLE XIV 
 POWER OF
ATTORNEY 
 SECTION 14.1. Power of Attorney Executed Concurrently. Concurrently with the written acceptance and adoption of the
provisions of this Trust Agreement, each Limited Owner shall execute and deliver to the Managing Owner a Power of Attorney as part of its applicable Purchase Order Subscription Agreement, or in such other form as may be prescribed by the Managing
Owner. Each Limited Owner, by its execution and delivery hereof, irrevocably constitutes and appoints the Managing Owner and its officers and directors, with full power of substitution, as the true and lawful attorney-in-fact and agent for such
Limited Owner with full power and authority to act in his name and on his behalf in the execution, acknowledgment, filing and publishing of Trust documents, including, but not limited to, the following: 

(a) Any certificates and other instruments, including but not limited to, any applications for authority to do business and amendments thereto,
which the Managing Owner deems appropriate to qualify or continue the Trust as a business or statutory trust in the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in accordance with the
terms of this Trust Agreement or any amendment hereto, or which may be required to be filed by the Trust or the Unitholders under the laws of any jurisdiction; 

(b) Any instrument which may be required to be filed by the Trust under the laws of any state or by any governmental agency, or which the
Managing Owner deems advisable to file; and 
 (c) This Trust Agreement and any documents which may be required to effect an amendment to
this Trust Agreement approved under the terms of the Trust Agreement, and the continuation of the Trust, the admission of the signer of the Power of Attorney as a Limited Owner or of others as additional or substituted Limited Owners, or the
termination of the Trust, provided such continuation, admission or termination is in accordance with the terms of this Trust Agreement. 

  
 46 

 SECTION 14.2. Effect of Executing and Submitting the Purchase Order Subscription Agreement. By
executing and submitting the Purchase Order Subscription Agreement, each Limited Owner has agreed to concurrently grant the following power of attorney to the Managing Owner (the “Power of Attorney”) which: 

(a) Is a special, irrevocable Power of Attorney coupled with an interest, and shall survive and not be affected by the death, disability,
dissolution, liquidation, termination or incapacity of the Limited Owner; 
 (b) May be exercised by the Managing Owner for each Limited
Owner by a facsimile signature of one of its officers or by a single signature of one of its officers acting as attorney-in-fact for all of them; and 

(c) Shall survive the delivery of an assignment by a Limited Owner of the whole or any portion of his Limited Units; except that where the
assignee thereof has been approved by the Managing Owner for admission to the Trust as a substituted Limited Owner, the Power of Attorney of the assignor shall survive the delivery of such assignment for the sole purpose of enabling the Managing
Owner to execute, acknowledge and file any instrument necessary to effect such substitution. 
 Each Limited Owner agrees to be bound by any
representations made by the Managing Owner and by any successor thereto, determined to be acting in good faith pursuant to such Power of Attorney and not constituting negligence or misconduct. 

SECTION 14.3. Limitation on Power of Attorney. The Power of Attorney concurrently granted by each Limited Owner to the Managing Owner shall
not authorize the Managing Owner to act on behalf of Limited Owners in any situation in which this Trust Agreement requires the approval of Limited Owners unless such approval has been obtained as required by this Trust Agreement. In the event of
any conflict between this Trust Agreement and any instruments filed by the Managing Owner or any new Managing Owner pursuant to this Power of Attorney, this Trust Agreement shall control. 

ARTICLE XV 

MISCELLANEOUS 
 SECTION
15.1. Governing Law. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be
subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however, that causes of action for violations of U.S. federal or state securities laws shall
not be governed by this Section, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute)
and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the 

  
 47 

 
Funds, the Trustee, the Managing Owner, the Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute)
pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative
requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property,
(d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or
concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of
trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not
apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware
law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not
exercise such power or privilege or take such actions. 
 SECTION 15.2. Provisions In Conflict With Law or Regulations. 

(a) The provisions of this Trust Agreement are severable, and if the Managing Owner shall determine, with the advice of counsel, that any one
or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other applicable U.S. federal or state laws, the Conflicting Provisions shall be deemed never to have constituted
a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such determination by the Managing Owner shall not affect or impair any of the remaining
provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee shall be liable for making or failing to make such a determination. 

(b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner
affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction. 

SECTION 15.3. Construction. In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural
include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement. 

SECTION 15.4. Notices. All notices or communications under this Trust Agreement (other than requests for redemption of Units, notices of
assignment, transfer, pledge 

  
 48 

 
or encumbrance of Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage
prepaid, or if sent electronically, by facsimile or by overnight courier; and addressed, in each such case, to the address set forth in the books and records of the Trust or the applicable Fund or such other address as may be specified in writing,
of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be.
Requests for redemption, notices of assignment, transfer, pledge or encumbrance of Units shall be effective upon timely receipt by the Managing Owner in writing. 

SECTION 15.5. Counterparts. This Trust Agreement may be executed in several counterparts, and all so executed shall constitute one agreement,
binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 

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

SECTION 15.8. Creditors. No creditors of any Unitholders shall have any right to obtain possession of, or otherwise exercise legal or
equitable remedies with respect to the applicable Fund’s Trust Estate. 
 SECTION 15.9. Integration. This Trust Agreement constitutes
the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

SECTION 15.10. Goodwill; Use of Name. No value shall be placed on the name or goodwill of the Trust or any Fund, which shall belong
exclusively to Invesco PowerShares Capital Management LLC. 

  
 49 

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

  
 50 

 
			
	WILMINGTON TRUST COMPANY,
	
	as Trustee
		
	By:	 	/s/ Christopher J. Slaybaugh
	
	Name: Christopher J. Slaybaugh 
	
	Title: Vice President

  

			
	INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,
	
	as Managing Owner
		
	By:	 	/s/ Anna Paglia
	
	Name: Anna Paglia
	
	Title: Head of Legal

  

			
		
	By:	 	/s/ John Zerr
	
	Name: John Zerr
	
	Title: Chief Legal Officer

  
 51 

			
	All Limited Owners now and hereafter admitted as Limited Owners of the Trust and reflected in the records maintained by the Depository, the DTC Participants or the Indirect Participants, as the case may be, as Limited
Owners from time to time, pursuant to powers of attorney now and hereafter executed in favor of, and granted and delivered to, the Managing Owner by each of the Limited Owners
	
	INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,
	
	as attorney-in-fact
		
	By:	 	/s/ Anna Paglia
	
	Name: Anna Paglia
	
	Title: Head of Legal

  

			
		
	By:	 	/s/ John Zerr
	
	Name: John Zerr
	
	Title: Chief Legal Officer

  
 52 

 EXHIBIT A 

CERTIFICATE OF TRUST 
  

 

  
 A-1 

 EXHIBIT B 

DESCRIPTION OF THE INDEXES 

Exhibit B 
 DESCRIPTION
OF THE 
 DBIQ OPTIMUM YIELD INDEX EXCESS RETURNTM SECTOR INDEXES 

AND 
 DBIQ INDEX EXCESS
RETURNTM SECTOR INDEX 
 Trade Mark applications in the United States are pending with respect to aspects of the DBIQ Optimum Yield Index Excess
ReturnTM Sector Indexes and the DBIQ Index Excess ReturnTM Sector Index. DBLCITM and Deutsche Bank Liquid Commodity IndexTM are trade marks of Deutsche Bank AG and are the subject of Community Trade Mark Nos. 3055043 and 3054996 and
Trade Mark applications in the United States are pending. Any use of these marks must be with the consent of or under license from Deutsche Bank AG. 

INTRODUCTION 
 Pursuant to paragraph 6 of
the Amended and Restated Description of the Deutsche Bank Liquid Commodity Index–Optimum Yield Excess ReturnTM Sector Indexes (the “Original Description”), which was Exhibit B to the Amended and Restated Declaration of
Trust and Trust Agreement of DB Multi-Sector Commodity Master Trust, dated as of November 21, 2006, the Index Sponsor has made the determination that this Description of the DBIQ Optimum Yield Index Excess ReturnTM Sector Indexes and DBIQ
Index Excess ReturnTM Sector Index (the “Description”) amends and restates the Original Description in its entirety after December 31, 2010. 

The below table reflects both the name of the original Index in the Original Description up to and including December 31, 2010 (the “Original
Index Name”), and the name of the Index in the Description after December 31, 2010 (the “Renamed Index Name”): 
  

			
	 Original Index Name
	  	 Renamed Index Name

		
	Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess ReturnTM	  	DBIQ Optimum Yield Energy Index Excess ReturnTM
		
	Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess ReturnTM	  	DBIQ Optimum Yield Crude Oil Index Excess ReturnTM
		
	Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess ReturnTM	  	DBIQ Optimum Yield Precious Metals Index Excess ReturnTM
		
	Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess ReturnTM	  	DBIQ Optimum Yield Gold Index Excess ReturnTM
		
	Deutsche Bank Liquid Commodity Index–Optimum Yield Silver Excess ReturnTM	  	DBIQ Optimum Yield Silver Index Excess ReturnTM
		
	Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess ReturnTM	  	DBIQ Optimum Yield Industrial Metals Index Excess ReturnTM
		
	Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess ReturnTM	  	DBIQ Diversified Agriculture Index Excess ReturnTM

  
 B-1 

 This Description was first attached as Exhibit B to the Second Amended and Restated Declaration of Trust and
Trust Agreement of PowerShares DB Multi-Sector Commodity Trust, dated as of December 31, 2010 and is included herein. 
  

	1.	GENERAL 

 Each of the DBIQ Optimum Yield Index Excess ReturnTM (the
“DBIQ-OYERTM”) and the DBIQ Index Excess ReturnTM (the “DBIQ ERTM”) (“DBIQ-OYERTM” and “DBIQ ERTM,” collectively,
“DBIQTM” or “DBIQ ERTM”) is intended to reflect the changes in the market value, over time, positive or negative, in certain sectors of commodities (each, a
“Sector Index”). Each Sector Index is calculated on an excess return, or unfunded basis. All Sector Indexes, excluding portions of the DBIQ Diversified Agriculture Index Excess ReturnTM, are rolled in a manner which are aimed at
potentially maximizing the roll benefits in backwardated markets and minimizing the losses from rolling in contangoed markets (“Optimum Yield”) with respect to each Sector Index. Only DBIQ Diversified Agriculture Index Excess
ReturnTM is rolled both on an Optimum Yield basis and non-Optimum Yield basis as provided under “Contract Selection (Non-OY Single Commodity Indexes only)” in paragraph 2 herein. Each Sector Index is comprised of one or more underlying
commodities (the “Index Commodities”). The composition of Index Commodities with respect to each Sector Index varies according to each specific sector that such Sector Index intends to reflect. Each Index Commodity is represented in
the Sector Index as an index with respect to that specific Index Commodity (“Single Commodity Index”). Each Index Commodity is assigned a weight (the “Index Base Weight”) which is intended to reflect the proportion
of such Index Commodity relative to each Sector Index. 
 The Sector Indexes include: 

 

	•	 	DBIQ Optimum Yield Energy Index Excess ReturnTM (“DBIQ-OY Energy ERTM”) is intended to reflect the performance of the energy sector. 

 

	•	 	DBIQ Optimum Yield Crude Oil Index Excess ReturnTM (“DBIQ-OY CL ERTM”) is intended to reflect the performance of the crude oil sector. 

 

	•	 	DBIQ Optimum Yield Precious Metals Index Excess ReturnTM (“DBIQ-OY Precious Metals ERTM”) is intended to reflect the performance of the precious metals sector. 

 

	•	 	DBIQ Optimum Yield Gold Index Excess ReturnTM (“DBIQ-OY GC ERTM”) is intended to reflect the performance of the gold sector. 

 

	•	 	DBIQ Optimum Yield Silver Index Excess ReturnTM (“DBIQ-OY SI ERTM”) is intended to reflect the performance of the silver sector. 

 

	•	 	DBIQ Optimum Yield Industrial Metals Index Excess ReturnTM (“DBIQ -OY Industrial Metals ERTM”) is intended to reflect the performance of the base metals sector. 

 

	•	 	DBIQ Diversified Agriculture Excess Index ReturnTM (“DBIQ Diversified Agriculture ERTM”) is intended to reflect the performance of the agricultural sector. 

  
 B-2 

 DBIQ-OY CL ERTM, DBIQ-OY GC ERTM, or DBIQ-OY SI ERTM are Sector Indexes with a single Index
Commodity, or Single Commodity Sector Indexes. 
 Each Sector Index has been calculated back to a base date (the “Base Date”). On the Base
Date the closing level of each Sector Index, or Closing Level, was 100. 
 The sponsor of the each Sector Index is Deutsche Bank AG London (the
“Index Sponsor”). 
 [Remainder of left blank intentionally.] 

  
 B-3 

 SECTOR INDEXES OVERVIEW 

 

									
	Sector Index	  	Single Commodity Index	  	 Exchange

(Contract Symbol)1
	  	Base Date	  	 Index Base

Weight

					
	 DBIQ-OY Energy ERTM
	  	Sweet Light Crude Oil (WTI)	  	NYMEX (CL)	  	June 4, 1990	  	22.50%
		  	Heating Oil	  	NYMEX (HO)	  		  	22.50%
		  	Brent Crude Oil	  	ICE-UK (LCO)	  		  	22.50%
		  	RBOB Gasoline	  	NYMEX (XB)	  		  	22.50%
		  	Natural Gas	  	NYMEX (NG)	  		  	10.00%
					
	 DBIQ-OY CL ERTM2
	  	Sweet Light Crude Oil (WTI)	  	NYMEX (CL)	  	December 2, 1988	  	100.00%
					
	 DBIQ-OY Precious Metals ERTM
	  	Gold	  	COMEX (GC)	  	December 2, 1988	  	80.00%
		  	Silver	  	COMEX (SI)	  		  	20.00%
					
	 DBIQ-OY GC ERTM2
	  	Gold	  	COMEX (GC)	  	December 2, 1988	  	100.00%
					
	 DBIQ-OY SI ERTM2
	  	Silver	  	COMEX (SI)	  	December 2, 1988	  	100.00%
					
	 DBIQ-OY Industrial Metals ERTM
	  	Aluminum	  	LME (MAL)	  	September 3, 1997	  	33.33%
		  	Zinc	  	LME (MZN)	  		  	33.33%
		  	Copper - Grade A	  	LME (MCU)	  		  	33.33%
					
	 DBIQ Diversified Agriculture ERTM
	  	Corn3	  	CBOT (C)	  	January 18, 1989	  	12.50%
		  	Soybeans3	  	CBOT (S)	  		  	12.50%
		  	Wheat3	  	CBOT (W)	  		  	6.25%
		  	Kansas Wheat3	  	KCB (KW)	  		  	6.25%
		  	Sugar3	  	ICE-US (SB)	  		  	12.50%
		  	Cocoa4	  	ICE-US (CC)	  		  	11.11%
		  	Coffee4	  	ICE-US (KC)	  		  	11.11%
		  	Cotton4	  	ICE-US (CT)	  		  	2.78%
		  	Live Cattle4	  	CME (LC)	  		  	12.50%
		  	Feeder Cattle4	  	CME (FC)	  		  	4.17%
		  	Lean Hogs4	  	CME (LH)	  		  	8.33%

  

	1	Connotes the exchanges on which the underlying futures contracts are traded with respect to each Single Commodity Index. 

	2	DBIQ-OY CL ERTM, DBIQ-OY GC ERTM, or DBIQ-OY SI ERTM are Sector Indexes with a single Index Commodity, or Single Commodity Sector Indexes. 

	3	Connotes Single Commodity Index rolled on Optimum Yield basis. 

	4	Connotes non-OY Single Commodity Index. 

 Legend: 

“CBOT” means the Board of Trade of the City of Chicago Inc., or its successor. 

“CME” means the Chicago Mercantile Exchange, Inc., or its successor. 

“COMEX” means the Commodity Exchange Inc., New York, or its successor. 

“ICE-UK” means ICE Futures Europe, or its successor. 

“ICE-US” means ICE Futures U.S., Inc., or its successor. 

“KCB” mean the Board of Trade of Kansas City, Missouri, Inc., or its successor. 

“LME” means The London Metal Exchange Limited, or its successor. 

“NYMEX” means the New York Mercantile Exchange, or its successor. 

  
 B-4 

 Each Single Commodity Index employs a rule-based approach when it ‘rolls’ from one futures contract to
another for each Index Commodity. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), each futures contract underlying a Single Commodity Index (excluding the following Single Commodity Indexes of the DBIQ
Diversified Agriculture ERTM: Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Live Hogs (the “non-OY Single Commodity Indexes”)) rolls to the futures contract which generates the maximum ‘implied roll yield’ (the
“OY Single Commodity Indexes”). The futures contract having a delivery month within the next thirteen months which generates the highest implied roll yield will be included in each OY Single Commodity Index. As a result, each OY
Single Commodity Index is able to potentially maximize the roll benefits in backwardated markets and minimize the losses from rolling in contangoed markets. 

In general, as a futures contract approaches its expiration date, its price will move towards the spot price in a contango market. Assuming the spot price
does not change, this would result in the futures contract price decreasing. The opposite is true in a backwardated market. A contango market will tend to cause a drag on each OY Single Commodity Index while a backwardated market will tend to cause
a push on an OY Single Commodity Index. 
 Each of the non-OY Single Commodity Indexes rolls only to the next to expire futures contract as provided under
“Contract Selection (Non-OY Single Commodity Indexes only)” in paragraph 2 below. 
 DBIQTM is calculated in USD on both an excess
return (unfunded) and total return (funded) index levels. 
 The futures contract price of the underlying futures contracts of each Single Commodity Index
(and, in turn, each Index Commodity) will be the exchange closing prices for the underlying futures contract of each such Single Commodity Index on each weekday when banks in New York, New York are open (“Index Business Days”). If a
weekday is not an Exchange Business Day but is an Index Business Day, the exchange closing price from the previous Index Business Day will be used for the underlying futures contract of each Single Commodity Index. “Exchange Business
Day” means, in respect of the underlying futures contract of each Single Commodity Index, a day that is (or, but for the occurrence of an Index Disruption Event, as provided in paragraph 3, or Force Majeure Event, as provided in paragraph
4, would have been) a trading day for such underlying futures contract of each Single Commodity Index on the relevant Exchange, as defined in paragraph 3. 
  

	2.	INDEX CALCULATION AND RULES 

 The excess return calculation of each Sector Index is equal to the
percentage change of the market values of the underlying Single Commodity Indexes with respect to each Index Commodity. The excess return calculation of each Single Commodity Sector Index is equal to the percentage change of the market values of the
underlying Single Commodity Index with respect to the applicable Index Commodity. Each Single Commodity Index will have two futures contracts on each Index Commodity throughout roll periods and one futures contracts on all other days. 

  
 B-5 

 Excess Return Calculation of DBIQ ERTM 

The excess return calculation of the DBIQ ERTM in USD is expressed as: 
  

 
  

			
	Where:		
		
	ILer(t)		= Excess Return Index level on day t
	ILer(t-1)		= Excess Return Index level on index calculation day t-1
	PC(t,i)		= Close price of commodity future i on day t
	PC(t-1,i)		= Close price of commodity future i on index calculation day t-1
	N(t-1,i)		= Notional holding of commodity future i on index calculation day t-1

 Contract Selection (All Sector Indexes, excluding non-OY Single Commodity Indexes) 

On the first New York business day of each month (the “Verification Date”) each futures contract currently in each OY Single Commodity Index
is tested for continued inclusion in the OY Single Commodity Index based on the month in which the futures contract underlying the OY Single Commodity Index requires delivery of the underlying Index Commodity (the “Delivery Month”).
If, on the Verification Date, the Delivery Month is the next month, a new futures contract is selected for the OY Single Commodity Index. For example, if the first New York business day is May 1, 2006, and the Delivery Month of a futures
contract currently in the OY Single Commodity Index is June 2006, a new futures contract with a later Delivery Month will be selected for the OY Single Commodity Index. 

For each futures contract selected for an OY Single Commodity Index, the new futures contract selected for inclusion in the OY Single Commodity Index will be
the futures contract with the maximum “implied roll yield” based on the closing price for each eligible futures contract (“Eligible Futures Contract”). Eligible Futures Contracts are any futures contracts having a Delivery
Month (i) no sooner than the month after the Delivery Month of the futures contract currently in the OY Single Commodity Index, and (ii) no later than the 13th month after the
Verification Date. For example, if the first New York business day is May 1, 2006 and the Delivery Month of a futures contract currently in the OY Single Commodity Index is therefore June 2006, the Delivery Month of an Eligible Futures Contract
must be between July 2006 and June 2007. The implied roll yield is expressed as: 
  
 

 

  
 B-6 

					
	Where:	 		 	
			
	Y(t,i)	 	=	 	On any day t, the implied roll yield for entering into the commodity futures contract on an Index Commodity with exchange Delivery Month i
	PC(t,b)	 	=	 	Close price of the base commodity future b
	PC(t,i)	 		 	Close price of any Eligible Futures Contract with exchange Delivery Month i
	F(t,i,b)	 	=	 	Fraction of year between the base futures contract on b and the futures contract with exchange Delivery Month i. Calculated as number of calendar days between dates divided by 365.
	b	 	=	 	Base commodity futures contract is the Index Commodity futures contract currently in the OY Single Commodity Index.

 The futures contract with the maximum implied roll yield is then selected for inclusion in a OY Single Commodity Index. If two
futures contracts have the same implied roll yield, the futures contract with the minimum number of months prior to the exchange expiry month is selected for the OY Single Commodity Index. 

Contract Selection (Non-OY Single Commodity Indexes only) and Recomposition Periods 

On the first Index Business Day of each month, each non-OY Single Commodity Index will select a new futures contract to replace the old futures contract as
provided in the following schedule. After selection of the replacement futures contract, each non-OY Single Commodity Index will roll such replacement futures contract as provided in the sub-paragraph “Monthly Index Roll Period with respect to
both OY Single Commodity Indexes and Non-OY Single Commodity Indexes.” 
 Schedule of Rolling each Non-OY Index Commodity of DBIQ
Diversified Agriculture ERTM 
  

																											
	 Contract
	  	Exchange
(Symbol)	 	Jan	 	 Feb
	 	 Mar
	 	 Apr
	 	 May
	 	 Jun
	 	 Jul
	 	 Aug
	 	 Sep
	 	 Oct
	 	 Nov
	 	 Dec

	Cocoa	  	ICE-US (CC)	 	H	 	K	 	K	 	N	 	N	 	U	 	U	 	Z	 	Z	 	Z	 	H	 	H
	Coffee	  	ICE-US (KC)	 	H	 	K	 	K	 	N	 	N	 	U	 	U	 	Z	 	Z	 	Z	 	H	 	H
	Cotton	  	ICE-US (CT)	 	H	 	K	 	K	 	N	 	N	 	Z	 	Z	 	Z	 	Z	 	Z	 	H	 	H
	Live Cattle	  	CME (LC)	 	J	 	J	 	M	 	M	 	Q	 	Q	 	V	 	V	 	Z	 	Z	 	G	 	G
	Feeder Cattle	  	CME (FC)	 	H	 	J	 	K	 	Q	 	Q	 	Q	 	U	 	V	 	X	 	F	 	F	 	H
	Lean Hogs	  	CME (LH)	 	J	 	J	 	M	 	M	 	N	 	Q	 	V	 	V	 	Z	 	Z	 	G	 	G

  

			
	 Month Letter Codes

	 Month
	  	Letter Code
	 January
	  	F
	 February
	  	G
	 March
	  	H
	 April
	  	J
	 May
	  	K
	 June
	  	M
	 July
	  	N
	 August
	  	Q
	 September
	  	U
	 October
	  	V
	 November
	  	X
	 December
	  	Z

  
 B-7 

 Monthly Index Roll Period with respect to both OY Single Commodity Indexes and Non-OY Single Commodity
Indexes 
 For purposes of this sub-paragraph, the term “Single Commodity Index” also includes the term “non-OY Single Commodity
Index.” 
 After the futures contract selection, the monthly Single Commodity Index roll unwinds the old futures contract and enters a position in the
new futures contract. This takes place between the 2nd and 6th Index Business Day of the month. 

If the old futures contract and the new futures contract are the same, then the contract will not be rolled and the notional holding is kept constant as
follows: 
  
 

 
 On each day during the roll period, new notional holdings are calculated. The calculations for the old futures contracts
comprising a Single Commodity Index that are leaving the Sector Index and the new futures contracts comprising a Single Commodity Index that are entering the Sector Index are different. 

The notional holdings of the old futures contracts comprising a Single Commodity Index i is expressed as: 

 
 

 
 The notional holdings of the new futures contracts comprising a Single Commodity Index j is expressed as: 

 
 

 
  

			
	Where:		
		
	N(t-1,i)		= Notional holding of old commodity future i on index calculation day t-1
	N(t,i)		= Notional holding of old commodity future i on index calculation day t
	N(t-1,j)		= Notional holding of new commodity future j on index calculation day t-1
	N(t,j)		= Notional holding of new commodity future j on index calculation day t
	db(t)		= Number of index business days in the month up to and including day t

 On all days that are not monthly index roll days, the notional holdings of each future contract comprising a Single Commodity
Index remains constant as follows: 
  
 

 

  
 B-8 

 DBIQ ERTM Re-weighting Calculation 

For purposes of this sub-paragraph, the term “Single Commodity Index” also includes the term “non-OY Single Commodity Index.” 

The DBIQ ERTM is re-weighted on an annual basis on the 6th Index Business Day of each November. 

The DBIQ ERTM calculation is expressed as the weighted average return of each underlying Single Commodity Index. 

 
 

 
  

					
	Where:				
			
	IL(t,c,rt)		=		Index level on day t in currency c with return type rt
	IL(d,c,rt)		=		Index level on last rebalancing day d in currency c with return type rt
	CIL(t,c,rt)		=		Component Single Commodity Index level for commodity cf on day t in currency c with return type rt
	CIL(d,c,rt)		=		Component Single Commodity Index level for commodity cf on last rebalancing day d in currency c with return type rt
	w(d,cf)		=		Weight of commodity cf on last rebalancing day d

  

	3.	INDEX DISRUPTION EVENT 

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

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

  

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

  

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

  
 B-9 

 in each case to replace the exchange instrument relating to the relevant Index Commodity, all as determined by
the Index Sponsor. 
 In the case of (i) above, if an Index Disruption Event in relation to the relevant Index Commodity continues for the further
period of five successive Exchange Business Days referred to therein, on the expiry of such period the provisions of (ii) above shall apply. 
 In the
case of a replacement of an Exchange Traded Instrument as described in (ii) above, the Index Sponsor will make such adjustments to the methodology and calculation of the Sector Index (or Single Commodity Sector Index, as applicable) as it
determines to be appropriate to account for the relevant replacement and will publish such adjustments in accordance with paragraph 7 (Publication of Closing Levels and Adjustments) below. 

For the purposes of this Description: 
 “Closing
Price” means, in respect of an Index Business Day, the closing price on the appropriate Exchange of the relevant Index Commodity. 

“Exchange” means: 
  

	(a)	in respect of Aluminum, LME; 

  

	(b)	in respect of Brent Crude Oil, ICE-UK; 

  

	(c)	in respect of Cocoa, ICE-US; 

  

	(d)	in respect of Coffee, ICE-US; 

  

	(e)	in respect of Copper - Grade A, LME; 

  

	(f)	in respect of Corn, CBOT; 

  

	(g)	in respect of Cotton, ICE-US; 

  

	(h)	in respect of Feeder Cattle, CME; 

  

	(i)	in respect of Gold, COMEX; 

  

	(j)	in respect of Heating Oil, NYMEX; 

  

	(k)	in respect of Kansas Wheat, KCB; 

  

	(l)	in respect of Live Cattle, CME; 

  

	(m)	in respect of Lean Hogs, CME; 

  

	(n)	in respect of Natural Gas, NYMEX; 

  

	(o)	in respect of RBOB Gasoline, NYMEX; 

  

	(p)	in respect of Silver, COMEX; 

  

	(q)	in respect of Soybeans, CBOT; 

  

	(r)	in respect of Sugar, ICE-US; 

  

	(s)	in respect of Sweet Light Crude Oil (WTI), NYMEX; 

  

	(t)	in respect of Wheat, CBOT; and 

  

	(u)	in respect of Zinc, LME. 

  
 B-10 

 “Exchange Business Day” means, in respect of an Index Commodity, a day that is (or, but for the
occurrence of an Index Disruption Event or Force Majeure Event would have been) a trading day for such Index Commodity on the relevant Exchange. 

“Exchange Traded Instrument” means, in respect of an Index Commodity, an instrument for future delivery of that Index Commodity on a
specified delivery date traded on the relevant Exchange. 
 “Group of Commodities” means each of (i) energy and oils,
(ii) precious metals, (iii) industrial metals and (iv) agricultural products. For the avoidance of doubt, (i) Brent Crude Oil, Heating Oil, Natural Gas, RBOB Gasoline, and Sweet Light Crude Oil (WTI) are energy and oils,
(ii) Gold and Silver are precious metals, (iii) Aluminum, Copper - Grade A and Zinc are industrial metals and (iv) Cocoa, Coffee, Corn, Cotton, Feeder Cattle, Kansas Wheat, Lean Hogs, Live Cattle, Soybeans, Sugar and Wheat are
agricultural products. 
 “Index Disruption Event” means, in respect of an Index Commodity or a related Exchange Instrument, an event
(other than a Force Majeure Event) that would require the Index Sponsor to calculate the Closing Price in respect of the relevant Index Commodity on an alternative basis were such event to occur or exist on a day that is an Exchange Business Day
(or, if different, the day on which the Closing Price for such Exchange Instrument for the relevant Index Business Day would, in the ordinary course, be published or announced by the relevant Exchange). 

“Valid Date” means, in respect of an Index Commodity, a day which is an Exchange Business Day in respect of such Index Commodity and a day on
which an Index Disruption Event in respect of such Index Commodity does not occur. 
  

	4.	FORCE MAJEURE 

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

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

 

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

  

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

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

  
 B-11 

	5.	INDEX SPONSOR 

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

	6.	CHANGE IN THE METHODOLOGY OF THE DBIQTM 

 The Index Sponsor will, subject as provided below, employ
the methodology described above and its application of such methodology shall be conclusive and binding. While the Index Sponsor currently employs the above described methodology to calculate the Sector Indexes (including the Single Commodity Sector
Indexes), no assurance can be given that fiscal, market, regulatory, juridical or financial circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any Index Commodity or a
futures contract) will not arise that would, in the view of the Index Sponsor, necessitate a modification of or change to such methodology and in such circumstances the Index Sponsor may make any such modification or change as it determines
appropriate. The Index Sponsor may also make modifications to the terms of either the DBIQTM or Sector Indexes (including the Single Commodity Sector Indexes) in any manner that it may deem necessary or desirable, including (without limitation)
to correct any manifest or proven error or to cure, correct or supplement any defective provision contained in this Description. The Index Sponsor will publish notice of any such modification or change and the effective date thereof in accordance
with paragraph 7 (Publication of Closing Levels and Adjustments) below. 
  

	7.	PUBLICATION OF CLOSING LEVELS AND ADJUSTMENTS 

 The Index Sponsor will publish the Closing Levels of the
Sector Indexes (including the Single Commodity Sector Indexes) and the intra-day indicative Index level once every fifteen seconds throughout each trading day (NYSE Arca symbols: DBIQ-OY Energy ER: DBCMYEEN; DBIQ-OY CL ER: DBCMOCLE; DBIQ-OY Precious
Metals ER: DBCMYEPM; DBIQ-OY GC ER: DBCMOGCE; DBIQ-OY SI ER: DBCMYESI; DBIQ-OY Industrial Metals ER: DBCMYEIM; DBIQ Diversified Agriculture ER: DBAGIX) (quoted in U.S. dollars) on the consolidated tape, Reuters and/or Bloomberg and on the Managing
Owner’s website at http://www.dbfunds.db.com and https://index.db.com, or any successor thereto. 
 The Index Sponsor will publish any
adjustments made to the Sector Indexes on the Managing Owner’s website at http://www.dbfunds.db.com and https://index.db.com or any successor thereto. 
  

	8.	HISTORICAL CLOSING LEVELS 

 The Description incorporates herein the historical closing levels of all DBIQ
Optimum Yield Index Excess ReturnTM Sector Indexes and DBIQ Index Excess ReturnTM Sector Index as published and amended from time-to-time. 

  
 B-12 

 EXHIBIT C 

FORM OF GLOBAL CERTIFICATE1 

CERTIFICATE OF BENEFICIAL INTEREST 

-EVIDENCING- 
 ALL LIMITED
UNITS 
 -IN- 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

WITH RESPECT TO ONE OF ITS SERIES, 

POWERSHARES DB [    ] FUND 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE TRUST WITH RESPECT TO THE FUND OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 This is to certify that CEDE &
CO. is the owner and registered holder of this Certificate evidencing the ownership of all issued and outstanding Limited Units (“Units”), each of which represents a fractional undivided unit of beneficial interest in PowerShares DB
[    ] Fund (the “Fund”), established and designated as a series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust formed under the Delaware Statutory Trust Act (12 Del.
C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on August 3, 2006, and an Amended and Restated Declaration of Trust and Trust
Agreement, dated as of February 23, 2015, by and among Invesco PowerShares Capital Management LLC, a Delaware limited liability company, as managing owner, Wilmington Trust Company, a Delaware banking company, as trustee, and the unitholders of
each series from time to time thereunder (hereinafter called the “Trust Agreement”), copies of which are available at the principal offices of the Trust. 

At any given time this Certificate shall represent all limited units of beneficial interest in the Fund, which shall be the total number of
Units that are outstanding at such time. 
 The Trust Agreement provides for the deposit of cash with the Fund from time to time and the
issuance by the Trust, with respect to the Fund, of additional Creation Baskets representing the undivided units of beneficial interest in the assets of the Fund. At the request of the registered holder this Certificate may be exchanged for one or
more Certificates issued to the registered holder in such denominations as the registered holder may request, provided, however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Units
outstanding at any given time. 
 Each Authorized Participant hereby grants and conveys all of its rights, title and interest in and to the
Fund to the extent of the undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the terms, conditions and covenants of which are incorporated herein as if fully set
forth at length. 
  

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

  
 PowerShares DB
[    ] Fund - Page 1 of 3 
 C-1 

 The registered holder of this Certificate is entitled at any time upon tender of this Certificate
to the Fund, endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon payment of any tax or other governmental charges, to receive at the time
and in the manner provided in the Trust Agreement, such holder’s ratable portion of the assets of the Fund for each Redemption Basket tendered and evidenced by this Certificate. 

The holder of this Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the terms of the Trust
Agreement, copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the Trust, to which reference is made for all the terms, conditions and covenants thereof. 

The Fund may deem and treat the person in whose name this Certificate is registered upon the books of the Fund as the owner hereof for all
purposes and the Fund shall not be affected by any notice to the contrary. 
 The Trust Agreement permits, with certain exceptions as
therein provided, the amendment thereof, by the Managing Owner with the consent of the Beneficial Owners holding Units (excluding Units held by the Managing Owner and its Affiliates) equal to at least a majority (over 50%) of the net asset value of
the Fund and other funds established as series of the Trust or such higher percentage as may be required by applicable law; provided, however that the Managing Owner may, without the approval of the Beneficial Owners, make such
amendments to the Trust Agreement which (i) are necessary to add to the representations, duties or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner in the Trust Agreement, for the benefit of the
Beneficial Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any provision in the Trust Agreement which may be inconsistent with any other provision in the Trust Agreement or in the Prospectus, or to make any other
provisions with respect to matters or questions arising under the Trust Agreement or the Prospectus which will not be inconsistent with the provisions of the Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable,
provided, however, that no amendment shall be adopted pursuant to clause (iii) unless the adoption thereof (A) is not adverse to the interests of the Beneficial Owners; (B) is consistent with Managing Owner’s
control of and power to conduct the business of the Trust; (C) with certain exceptions, does not affect the allocation of profits and losses among the Beneficial Owners or between the Beneficial Owners and the Managing Owner; and (D) does
not adversely affect the limitations on liability of the Beneficial Owners or the status of the Fund as a partnership for U.S. federal income tax purposes. Any such consent or waiver by the holder of Units shall be conclusive and binding upon such
holder of Units and upon all future holders of Units, and shall be binding upon any Units, whether evidenced by a Certificate or held in uncertificated form, issued upon the registration or transfer hereof whether or not notation of such consent or
waiver is made upon this Certificate and whether or not the Units evidenced hereby are at such time in uncertificated form. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of any holders
of Units. 
 The Trust Agreement, and this Certificate, is executed and delivered by Invesco PowerShares Capital Management LLC, as Managing
Owner, in the exercise of the powers and authority conferred and vested in it by the Trust Agreement. The representations, undertakings and agreements made on the part of the Trust in the Trust Agreement or the Fund in this Certificate are made and
intended not as personal representations, undertakings and agreements by Invesco PowerShares Capital Management LLC but are made and intended for the purpose of binding only the Trust and the Fund. Nothing in the Trust Agreement or this Certificate
shall be construed as creating any liability on Invesco PowerShares Capital Management LLC, individually or personally, to fulfill any representation, undertaking or agreement other than as provided in the Trust Agreement or this Certificate. 

This Certificate shall not become valid or binding for any purpose until properly executed by the Managing Owner pursuant to the Trust
Agreement. 
 Terms not defined herein have the same meaning as in the Trust Agreement. 

  
 PowerShares DB
[    ] Fund - Page 2 of 3 
 C-2 

 IN WITNESS WHEREOF, Invesco PowerShares Capital Management LLC, as Managing Owner, has
caused this Certificate to be executed in its name by the manual or facsimile signature of one of its Authorized Officers. 
  

			
	PowerShares DB Multi-Sector Commodity Trust, with respect to PowerShares DB Fund
	
	Invesco PowerShares Capital Management LLC, as managing owner
		
	By:		

  

			
	
	Authorized Officer
		
	By:		

  

			
	
	Authorized Officer
	
	Date: February 23, 2015

  
 PowerShares DB
[    ] Fund - Page 3 of 3 
 C-3 

 EXHIBIT D 

FORM OF PARTICIPANT AGREEMENT 

FORM OF 
 POWERSHARES DB
MULTI-SECTOR COMMODITY TRUST 
 PARTICIPANT AGREEMENT 

This Participant Agreement (the “Agreement”), dated as of
            , 20    , is entered into by and among
[                    ] (the “Authorized Participant”), PowerShares DB Multi-Sector Commodity Trust, a Delaware statutory trust (the
“Trust”) with respect to each of PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Base Metals Fund, and PowerShares DB
Agriculture Fund, each as a separate series of the Trust (each, a “Fund” and collectively, the “Funds”), and DB Commodity Services LLC, a Delaware limited liability company, as managing owner of the Trust and the
Funds (the “Managing Owner”). We refer to PowerShares DB Agriculture Fund as the “DBA Fund.” 

SUMMARY 
 As
provided in the Third Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended from time to time (the “Trust Agreement”) as currently in effect and described in the applicable Prospectus (defined
below), units of fractional undivided beneficial interest in and ownership of each Fund (individually and collectively, the “Shares”) may be created or redeemed by the Managing Owner for an Authorized Participant in aggregations of
two hundred thousand (200,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the applicable registration statement of the Trust on Form S-3, as amended (Registration Nos.: 333-184947 et seq. with
respect to all the Funds, excluding the DBA Fund; Registration Nos.: 333-184865 et seq. with respect to the DBA Fund only), as currently effective and on file with the Securities and Exchange Commission (“SEC”) and as the same may
be amended from time to time thereafter or any successor registration statement (on Form S-3 or otherwise) in respect of Shares of each Fund (each, a “Registration Statement,” collectively, the “Registration
Statements”) together with the prospectuses of the Trust in the form filed with the SEC under Rule 424(b) under the Securities Act of 1933, as amended (the “1933 Act”), after the effectiveness of the Registration Statements
(each, a “Prospectus,” collectively, the “Prospectuses”). Under the Trust Agreement, the Managing Owner is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants, (i) through the
Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) as such processes have been enhanced to effect purchases and redemptions of Creation Baskets and
Redemption Baskets, (the “CNS Clearing Process”), or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”) (the
“DTC Process”), or a successor depository, and only in exchange for cash. This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. For the avoidance of doubt, the term
“Prospectus” shall mean the Prospectus for the DBA Fund or the Prospectus for all of the Funds, excluding the DBA Fund, as the context requires. 

Because new Shares for each Fund can be created and issued by the Trust on an ongoing basis, at any point during the life of each respective
Fund, a “distribution,” as such term is used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner that would

  
 D-1 

 
render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution”
section of the applicable Prospectus and consult with its own counsel in connection with entering into this Agreement and submitting a Purchase Order Subscription Agreement (defined below). 

Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To the extent
there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. To the extent there is a conflict between any provision of this Agreement and the provisions
of the applicable Prospectus, the applicable Prospectus shall control. For the avoidance of doubt, any action which is an action being taken by the Managing Owner may be taken by a party whom the Managing Owner has duly authorized to take such
action. 
 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties
hereto agree as follows: 
 Section 1. Order Placement. To place orders to create or redeem one or more Baskets, the Authorized
Participant must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as each may be amended, modified or
supplemented from time to time. 
 Section 2. Status of Authorized Participant. The Authorized Participant represents and
warrants and covenants the following: 
 (a) The Authorized Participant hereby represents, covenants and warrants that with respect to
Creation Orders or Redemption Orders of Creation Baskets or Redemption Baskets, respectively, of the Funds (i) through the CNS Clearing Process, it is a member of the NSCC and an Authorized Participant in the CNS System of NSCC (a
“Participating Party”), and/or (ii) outside the CNS Clearing Process, it is a participant of DTC (as such a participant, a “DTC Participant”). If there is any change in the foregoing status of the Authorized
Participant, the Authorized Participant shall give immediate notice to the Managing Owner of such event and this Agreement shall terminate immediately. 

(b) Unless Section 2(d) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities
Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”), or (ii) is exempt from being, or otherwise is not required to be,
licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. The Authorized Participant will maintain any such
registrations, qualifications and membership in good standing, or, if applicable, exempt status, in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable United States federal laws,
including without limitation, the delivery requirements of Section 5 of the 1933 Act and all applicable rules of the SEC, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with
the Constitution, By-Laws and Conduct Rules of FINRA, if it is a FINRA member, and shall not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 

  
 D-2 

 (c) The Authorized Participant understands and acknowledges that some activities on its part,
depending on the circumstances and under certain possible interpretations of applicable law, could be interpreted as resulting in its being deemed a participant in a distribution, as that term is defined in the 1933 Act, in a manner that could
render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. Notwithstanding that the Authorized Participant may not be acting as a statutory underwriter, it agrees to review the applicable
sections of the applicable Prospectus relating to offering of the Shares and consult its own counsel in connection with entering into this Agreement and offering and selling the Shares. 

(d) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of
the United States and is not otherwise required to be registered with, qualified by or be a member of FINRA as set forth in Section 2(b) above, the Authorized Participant will (i) observe the applicable laws of the jurisdiction in which
such offer and/or sale is made, (ii) comply with the full disclosure requirements of the 1933 Act and the Commodities Exchange Act, and the regulations promulgated thereunder, and (iii) conduct its business in accordance with the spirit of
the FINRA Conduct Rules. 
 (e) The Authorized Participant is in compliance with the money laundering and related provisions of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), and the regulations promulgated thereunder, if the Authorized Participant is subject to the
requirements of the USA PATRIOT Act. 
 Section 3. Orders. (a) All orders to create or redeem Baskets shall be made in
accordance with the terms of the Trust Agreement, this Agreement and the Procedures. Each party shall comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded
telephone lines whether or not such use is reflected in the Procedures and the Managing Owner shall take reasonable steps to cause the appropriate party to provide the Authorized Participant with copies of such recordings upon such party’s
reasonable request. The Managing Owner may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant shall comply with such
procedures of which it has been notified in accordance with this Agreement. 
 (b) The Authorized Participant acknowledges and agrees on
behalf of itself and any party for which it is acting (whether such party is a customer or otherwise) that each order to create a Basket (a “Purchase Order Subscription Agreement”) and each order to redeem a Basket (a
“Redemption Order”, and, together with the Purchase Order Subscription Agreement, an “Order”) may not be revoked by the Authorized Participant upon its delivery to the Transfer Agent (as defined in the Procedures).
A form of Purchase Order Subscription Agreement is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit C. 

  
 D-3 

 (c) The Managing Owner or its delegate shall have the absolute right, but shall have no
obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution (as defined in the Trust Agreement) if (i) the Managing Owner or Transfer Agent has determined that the Purchase Order Subscription
Agreement or Creation Basket Capital Contribution is not in proper form; (ii) the Managing Owner has determined that the acceptance or receipt of the Purchase Order Subscription Agreement or Creation Basket Capital Contribution would be
reasonably likely to have adverse tax consequences to any Fund or to the Beneficial Owners; (iii) the acceptance or receipt of such Purchase Order Subscription Agreement Creation Basket Capital Contribution could, in the opinion of counsel to
the Managing Owner, be unlawful; or (iv) circumstances outside the control of the Managing Owner or the Transfer Agent make it for all practical purposes not feasible to process creations of Creation Baskets. The Managing Owner shall not be
liable to any person by reason of the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 
 (d)
The Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises would be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order
in such circumstances. 
 (e) The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Settlement Time
(as described in the Procedures), (i) for any period during which the NYSE Arca, Inc. or any exchange on which the assets of any Fund are regularly traded is closed other than for customary weekend or holiday closings, or trading is suspended
or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the assets of any Fund is not reasonably practicable; or (iii) for such other period as the Managing Owner
determines to be necessary for the protection of the Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 

(f) Solely with respect to Creation Orders or Redemption Orders executed through the CNS Clearing Process, the Authorized Participant, as a
Participating Party, hereby authorizes the transmission to the NSCC on behalf of the Authorized Participant by the Transfer Agent of such instructions consistent with the instructions issued by the Authorized Participant. The Authorized Participant
agrees to be bound by the terms of such instructions issued and reported to NSCC by the Transfer Agent as though such instructions were issued by the Authorized Participant directly to NSCC. 

Section 4. Fees. In connection with each Order by the Authorized Participant to create or redeem one or more Baskets, the Managing
Owner shall charge, and the Authorized Participant shall pay from its DTC account to the Managing Owner, the Transaction Fee set forth in the currently effective copy of the applicable Prospectus. The Transaction Fee may be adjusted from time to
time as set forth in the applicable Prospectus. As described in the Procedures, the Authorized Participant will be charged by the Managing Owner an additional processing charge if the Authorized Participant fails timely to deliver the Creation
Basket Capital Contribution (in the case of a Purchase Order Subscription Agreement ) or the Baskets (in the case of a Redemption Order). 

  
 D-4 

 Section 5. Authorized Persons. Concurrently with the execution of this Agreement and
from time to time thereafter, the Authorized Participant shall deliver to the Transfer Agent notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the
names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized
Person”). The Transfer Agent may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Transfer Agent receives a superseding
certificate bearing a subsequent date. The Transfer Agent shall issue to each Authorized Person a unique personal identification number (the “PIN Number”) by which such Authorized Person shall be identified and by which instructions
issued by the Authorized Participant hereunder shall be authenticated. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN
Number is changed, the new PIN Number shall become effective on a date mutually agreed upon by the Authorized Participant and the Transfer Agent. If the Authorized Person’s PIN Number is compromised in any way, the Authorized Participant shall
contact the Transfer Agent immediately in order for a new one to be issued and for the Transfer Agent to immediately cancel the old one. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the
Authorized Participant shall give immediate written notice of such fact to the Transfer Agent and such notice shall be effective upon receipt by the Transfer Agent. 

Section 6. Redemption. The Authorized Participant represents and warrants that it will not obtain a Confirmation Number (as
described in the Procedures) from the Managing Owner for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to
tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending
agreement or any other arrangement which would preclude the delivery of such Baskets to the Managing Owner on the Business Day following the Redemption Order Date. 

Section 7. Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all purposes of this
Agreement and the Trust Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust or any Fund or the Managing Owner in any matter or in any respect.

 (b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with
the Managing Owner or its designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

(c) With respect to any creation or redemption transaction made by the Authorized Participant pursuant to this Agreement for the benefit of
any customer or any other DTC Participant or securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a DTC Participant (an “Indirect

  
 D-5 

 
Participant”), or any other Beneficial Owner, the Authorized Participant shall extend to any such party all of the rights, and shall be bound by all of the obligations, of a DTC
Participant in addition to any obligations that it undertakes hereunder or in accordance with the Trust Agreement. 
 (d) Upon reasonable
request by the Managing Owner, the Authorized Participant will, subject to any limitations arising under federal or state securities laws relating to privacy or other obligations it may have to its customers, provide the Managing Owner written
notice indicating the number of Shares that the Authorized Participant may hold as record holder and the amount of such Shares that it holds for the benefit of other broker-dealers that clear and settle transactions in Shares through the Authorized
Participant, in each case as of the date of such request and with respect to each Fund. In addition, the Authorized Participant agrees, upon request of the Managing Owner, and subject to applicable laws, rules and regulations, to transmit to its
account holders who are Beneficial Owners of Shares, such written materials received from the Managing Owner (including notices, annual reports, disclosure or other informational or tax materials and any amendments or supplements thereto and
communications) as may be required to be transmitted to Beneficial Owners pursuant to the Trust Agreement or applicable law, provided that the expenses associated with such transmissions shall be borne by the Managing Owner in accordance with usual
custom and practice in respect of such communications. 
 (e) The Authorized Participant agrees that, in connection with any sales of the
Shares, it will not charge a commission to its customers in excess of one percent (1%) of the gross offering proceeds registered under each effective registration statement as provided under the “Plan of Distribution – General”
section (or any future equivalent section) of the applicable Prospectus. Such commission may only be charged by a broker-dealer registered as such under the 1934 Act and which is a member of FINRA. 

Section 8. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless the Trust, each Fund and the Managing Owner, their respective direct or
indirect affiliates (as defined below) and their respective directors, trustees, managing owners, partners, members, managers, officers, employees and agents and each person, if any, who controls such persons within the meaning of Section 15 of
the 1933 Act and Section 20 of the 1934 Act (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees and the reasonable cost of
investigation, including reasonable cost involved in defending itself in connection with an investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any
provisions of this Agreement; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws and the
rules and regulations of self-regulatory organizations in connection with this Agreement; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by the AP
Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified
Party, the Trust or any Fund that is not consistent with the Trust’s then-current Prospectuses made in connection with the offer or the solicitation of an offer 

  
 D-6 

 
to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing material and sales literature described in
Section 12(b) or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP
Indemnified Party, the Trust or any Fund, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Managing Owner or is based upon any omission or alleged
omission by the Managing Owner to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading. 

(b) The Managing Owner hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries,
affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act and Section 20 of the 1934 Act (each, a “Managing Owner Indemnified
Party”) from and against any losses (other than de minimus losses), liabilities, damages, costs and expenses (including reasonable attorneys’ fees and the reasonable cost of investigation, including reasonable
costs involved in defending itself in connection with an investigation) incurred by such Managing Owner Indemnified Party as a result of or in connection with: (i) any breach by the Managing Owner of any provision of this Agreement;
(ii) any failure on the part of the Managing Owner to perform any obligation of the Managing Owner set forth in this Agreement; (iii) any failure by the Managing Owner to comply with applicable laws and regulations in connection with this
Agreement, except that the Managing Owner shall not be required to indemnify a Managing Owner Indemnified Party to the extent that such failure was caused by the reasonable reliance on instructions given or representations made by one or more
Managing Owner Indemnified Parties or the negligence or willful malfeasance of any Managing Owner Indemnified Party; (iv) any untrue statement or alleged untrue statement of a material fact contained in the applicable Registration Statement or
arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements in the applicable Registration Statement
based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the applicable Registration Statement; or (v) any untrue statement or alleged untrue statement of a material fact contained in a
Prospectus or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading, except those statements in the applicable Prospectus based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in such Prospectus. 

(c) This Section 8 shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of or
in connection with any gross negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or the Managing Owner Indemnified Party, as the case may be. The term “affiliate” in this Section 8 shall include, with
respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization.

  
 D-7 

 (d) If the indemnification provided for in this Section 8 is unavailable to an
indemnified party under Sections 8(a) or 8(b) or insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Managing Owner, the Trust and
each Fund, on the one hand, and by the Authorized Participant, on the other hand, from the transactions contemplated hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Managing Owner, the Trust and each Fund, on the one hand, and of the Authorized Participant, on the other hand, in
connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well as any other relevant equitable considerations. The relative benefits received by the Managing
Owner, the Trust and each Fund, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount of cash transferred to each Fund under this Agreement on the one hand
(expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in connection with this Agreement on the other hand. To the extent applicable, the relative fault of the Managing Owner on the one hand and of the
Authorized Participant on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Managing
Owner or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses,
liabilities, damages, costs and expenses referred to in this Section 8(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any
action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 

(e) The Managing Owner and the Authorized Participant agree that it would not be just and equitable if contribution pursuant to this
Section 8 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(d) above. The Authorized Participant shall not be required to
contribute any amount in excess of the amount by which the total price at which the applicable Shares created by the Authorized Participant (for avoidance of doubt, in an amount equal to the Creation Basket Capital Contribution) and distributed to
the public exceeds the amount of any damages which the Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

(f) The indemnity and contribution agreements contained in this Section 8 shall remain in full force and effect regardless of any
investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who
controls the Authorized Participant within the meaning of Section 15 of the 1933 

  
 D-8 

 
Act or Section 20 of the 1934 Act, or by or on behalf of the Managing Owner, its partners, stockholders, members, managers, directors, officers, employees or any person who controls the
Managing Owner within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Managing Owner and the Authorized Participant agree promptly to notify each other of
the commencement of any Proceeding against it and, in the case of the Managing Owner, against the Trust or any of the Managing Owner’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the
Registration Statements or the Prospectuses. 
 Section 9. (a) Limitation of Liability. In the absence of gross negligence or
willful misconduct, neither the Managing Owner nor the Authorized Participant shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities,
damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. 

(b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax,
recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the
Authorized Participant. To the extent the Managing Owner, the Trust or any Fund is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable
penalties, additions to tax or interest thereon. 
 (c) Fund Liability. In accordance with Section 3.7 of the Trust Agreement,
the Authorized Participant agrees and consents (the “Consent”) to look solely to the assets (the “Fund Assets”) of the particular Fund in controversy and to the Managing Owner and its assets for payment in respect
of any claim against or obligation of such Fund. The Fund Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of that particular Fund, including, without limitation,
funds delivered to the Trust for the purchase of Shares in such Fund. In furtherance of the Consent, the Authorized Participant agrees that any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and
descriptions (collectively, “Claims”) against a Fund incurred, contracted for or otherwise existing shall be subject to the following limitations: 
  

	 	1.	the Claims of the Authorized Participant shall only be asserted and enforceable against a particular Fund, the Fund Assets of such Fund and the Managing Owner and its assets and such Claims shall not be asserted or
enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 

  

	 	2.	If the Claims of the Authorized Participant against a Fund are secured in whole or in part, the Authorized Participant hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to
have any deficiency claims (which deficiency claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured claims against the Trust or any series (other than the Fund against which the Claim is made), as the
case may be; and 

  

	 	3.	the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied and notwithstanding that the agreements in respect of such Claims are terminated, rescinded or canceled. 

  
 D-9 

 Section 10. Obtaining a Copy of the Prospectuses/Disclosure Documents. The Authorized
Participant has obtained, as applicable, a copy of the Trust’s Prospectuses, which also constitute its CFTC Disclosure Documents, from the Trust’s website www.dbxus.com, or any successor thereto. 

Section 11. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become
effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) calendar days prior written notice to the other parties unless earlier terminated: (i) in accordance with
Section 2(a); (ii) upon notice to the Authorized Participant by the Managing Owner in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in the
circumstances described in Section 17(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. Termination of this Agreement by any Fund shall not constitute termination by any other Fund unless separate notice
is given. 
 Section 12. Marketing Materials; Representations Regarding Shares; Identification in the applicable Registration
Statements. 
 (a) The Authorized Participant represents, warrants and covenants that (i) without the written consent of the
Managing Owner, the Authorized Participant will not make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (A) in the applicable
then-current Prospectus, (B) in printed information approved by the Managing Owner as information supplemental to such Prospectus or (C) in any promotional materials or sales literature furnished to the Authorized Participant by the
Managing Owner, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP Indemnified Person, any Fund or the Trust that are not
consistent with the Trust’s applicable then-current Prospectus. The then-current Prospectuses of the Trust will be available on the Trust’s website and on the SEC’s Next-Generation EDGAR System and copies of the applicable
then-current Prospectus will be supplied by the Managing Owner to the Authorized Participant in reasonable quantities upon request. 
 (b)
Notwithstanding the foregoing, the Authorized Participant may without the written approval of the Managing Owner prepare and circulate in the regular course of its business research reports, marketing material and sales literature that includes
information, opinions or recommendations relating to the Shares (i) for public dissemination, provided that it acknowledges that it does so without the benefit of an indemnity by the Managing Owner and that such research reports, marketing
material or sales literature compare the relative risks, merits and benefits of the Shares with other products; and (ii) for internal use by the Authorized Participant. The Authorized Participant shall file all such research reports, marketing
material and sales literature related to the Shares with FINRA to the extent required by the FINRA Conduct Rules and with the SEC, as necessary. 

  
 D-10 

 (c) The Authorized Participant hereby agrees that for the term of this Agreement the Managing
Owner may deliver the applicable then-current Prospectuses, and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail. The Authorized
Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the applicable Prospectuses in PDF instead of in paper form. 

(d) For as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized participant of a Fund
(i) in the section of the Prospectus included within the applicable Registration Statement entitled “Creation and Redemption of Shares” and in any other section or document as may be required by the SEC and (ii) on each
Fund’s website. Upon the termination of this Agreement, (i) during the period prior to when the Managing Owner qualifies and in its sole discretion elects to file on a new registration statement (on Form S-3, or otherwise) the Managing
Owner will remove such identification from the Prospectus in the amendment of the applicable Registration Statement next occurring after the date of the termination of this Agreement and (ii) the Managing Owner will promptly update each
Fund’s website to remove any identification of the Authorized Participant as an authorized participant of such Fund. 

Section 13. Certain Covenants of the Managing Owner. The Managing Owner, on its own behalf and as sponsor of each Fund, covenants
and agrees: 
 (a) to notify the Authorized Participant promptly of the happening of any event during the term of this Agreement which could
require the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they are made, not misleading, and, during such time, to promptly prepare and file, at the expense of each Fund, as appropriate, such amendments or supplements to such Prospectus as may be necessary to reflect any such
change and provide copies of such amendments or supplements in PDF format via electronic mail to the Authorized Participant; 
 (b) to
furnish to the Authorized Participant the opinions of (x) Sidley Austin LLP, counsel for the Managing Owner, and (y) special Delaware counsel for the Managing Owner addressed to the Authorized Participant, dated as of the
date of this Agreement in form and substance satisfactory to the Authorized Participant, which opinions shall state in the aggregate that: 
  

	 	1.	each Fund is validly existing as a series of the Trust, a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq., and the Trust has the power and authority to issue and deliver the
Shares of each Fund as described in the Registration Statements and the Prospectuses; 

  
 D-11 

	 	2.	the Managing Owner has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to conduct its business as described
in the Registration Statements and the Prospectuses; 

  

	 	3.	the Managing Owner is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse
impact on its ability to conduct its business as described in the Registration Statements and the Prospectuses; 

  

	 	4.	this Agreement has been duly authorized, executed and delivered by the Managing Owner; 

  

	 	5.	when the Shares of each respective Fund to be issued by the Trust have been delivered and sold to and paid for by the subscribers thereof as contemplated in the applicable Prospectuses and the Trust Agreement, such
Shares of each respective Fund will be validly issued and, subject to the obligation of a Shareholder to make certain payments provided for in the Trust Agreement, will be fully paid and non-assessable beneficial interest of the Trust;

  

	 	6.	the Shares conform in all material respects to the description thereof contained in the Registration Statements and the Prospectuses; 

 

	 	7.	the Registration Statements and the Prospectuses, as of their respective effective or issue dates (other than the financial statements and schedules and other financial information and statistical data included therein,
including commodity index and any other performance information therein, as to which we express no opinion), complied as to form in all material respects with the requirements of the 1933 Act; 

 

	 	8.	the Registration Statements are effective under the 1933 Act and, to our knowledge, no stop order proceedings with respect thereto are pending or threatened under the 1933 Act; 

 

	 	9.	no approval, authorization, consent or order of or filing with any federal or Delaware governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the
Shares as described in the Prospectuses other than registration of the Shares under the 1933 Act (except that such counsel expresses no opinion as to any necessary qualification under the securities or “Blue Sky” laws of any state or the
laws of any jurisdictions outside the United States); 

  

	 	10.	 the execution, delivery and performance of this Agreement by the Managing Owner, the issuance and delivery of the Shares by the Trust as contemplated
by the applicable Prospectuses do not and will not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or violation of or

  
 D-12 

	 	
constitute a default under) the limited liability company agreement of the Managing Owner or the Trust Agreement, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other
evidence of indebtedness, or any license, lease, contract or other agreement or instrument listed on the attached Officers’ Certificate of the Managing Owner to which the Managing Owner or the Trust is a party or by which the Managing Owner or
the Trust or any of their respective properties may be bound or affected, or any federal or Delaware law, regulation or rule in our experience customarily applicable to similar transactions or any decree, judgment or order applicable to the Managing
Owner or the Trust (listed, in the case of any decree, judgment or order, on the attached Officers’ Certificate of the Managing Owner); 

  

	 	11.	to such counsel’s knowledge, neither the Managing Owner nor the Trust is in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time, or both would result in any
breach or violation of, or constitute a default under) their respective constitutive documents, or any federal or Delaware law, regulation or rule applicable to the Managing Owner or the Trust; 

 

	 	12.	to such counsel’s knowledge, there are no actions, suits, claims, investigations or proceedings, pending or threatened, to which the Managing Owner is or would be a party or to which any of its properties is or
would be subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency which are required to be described in the Registration Statements or the Prospectuses
but are not so described; 

  

	 	13.	assuming operation in accordance with the Prospectuses and Peavey Commodity Funds I, II and III, 1983 SEC No-Act. LEXIS 2576 (June 2, 1983), the Trust at the date hereof will not be an “investment
company” as that term is defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the Managing Owner need not be registered as an “investment adviser” under the Investment Advisers
Act of 1940 in respect of its management of the Trust; and 

  

	 	14.	the statements in the Registration Statements and the Prospectuses under the headings “Material U. S. Federal Income Tax Considerations” and “Description of the Shares; the Funds; Certain Material Terms
of the Trust Declaration,” insofar as such statements constitute a summary of documents or matters of law, are accurate and present fairly the information required to be shown in all material respects. 

In addition, such counsel shall state that such counsel has participated in conferences with officers and other representatives of the
Managing Owner and representatives of the independent public accountants of the Trust and each Fund at which the contents of the Registration Statements and the Prospectuses were discussed and, although such counsel is not passing upon and does not
assume responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statements or the Prospectuses (except as and to the extent stated in 

  
 D-13 

 
subparagraphs (6) and (14) above), on the basis of the foregoing nothing has come to the attention of such counsel that causes them to believe that the Registration Statements or any
amendment thereto at the time such Registration Statements or amendment became effective contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, or that the Prospectuses or any supplement thereto at the date of such Prospectuses or such supplement, and at the time of purchase of the Shares by the Authorized Participant hereunder, contained an untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood that such counsel need express no
opinion with respect to the financial statements and schedules and other financial information, statistical data, the description of the Index or any performance information relating to the Index, the Trust, the Funds or any other account included
in the Registration Statements or the Prospectuses). 
 (c) to deliver to the Authorized Participant on the date of this Agreement a
certification by duly authorized officers of the Managing Owner in the form attached hereto as Exhibit D. 
 In addition, any certificate
signed by any officer of the Managing Owner and delivered to the Authorized Participant or counsel for the Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the Managing Owner as to matters covered thereby
to the Authorized Participant. 
 Section 14. Third Party Beneficiaries. Each AP Indemnified Party and Managing Owner
Indemnified Party, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against any party hereto (including by bringing
proceedings against the parties hereto in its own name) to enforce any obligation of such party under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 

Section 15. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra-national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 

Section 16. Miscellaneous. 

(a) Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended,
modified or supplemented by the Trust and the Managing Owner, without consent of any Beneficial Owner or Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the
Managing Owner will send a copy of the proposed amendment, modification or supplement to the Authorized Participant via email or regular mail. For the 

  
 D-14 

 
purposes of this Agreement, (i) an email will be deemed received by the recipient thereof on the day the notice is sent and (ii) mail will be deemed received by the recipient thereof on
the third (3rd) day following the deposit of such mail into the United States postal system. Within thirteen (13) calendar days after its deemed receipt, if sent by email, and ten
(10) calendar days after its deemed receipt, if sent by regular mail, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. 

(b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may
be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or
condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 (c) Notices.
Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United
States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received),
with a confirming copy regular mail, postage prepaid. Unless otherwise notified in writing, all notices to the Trust or to any Fund shall be given or sent to the Managing Owner. All notices shall be directed to the address or facsimile numbers
indicated below the signature line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and all
of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 

(e) Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without
the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such
party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement and except that the Managing Owner may delegate its obligations hereunder
to the Distributor, the Marketing Agent, the Administrator or the Transfer Agent by notice to the Authorized Participant. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the
change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee or Managing Owner at such time such successor
qualifies as a successor trustee or Managing Owner under the terms of the Trust Agreement. 
 (f) Governing Law; Consent to
Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (regardless of the laws that might otherwise govern under applicable Delaware conflict of laws principles) as to all matters,
including matters of validity, construction, effect, performance and remedies. Each party hereto 

  
 D-15 

 
irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or
other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party hereby irrevocably waives any and all rights to
trial by jury in any legal proceeding arising out of or relating to this Agreement. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail
directed to such party at such party’s address for purposes of notices hereunder. 
 (g) Counterparts. This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof
of this Agreement as to any party hereto to produce or account for more than one such counterpart executed and delivered by such party. 

(h) Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part
of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (i) Entire
Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to
the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision, or any other provision of this Agreement, to be a party to the Trust Agreement. 

(j) Severance. If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other
governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the
validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, unless the Managing Owner determines in its
discretion that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that this Agreement should not be continued
without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Managing Owner’s notification of the trustee of such a determination, this Agreement shall immediately terminate and the Managing Owner will so
notify the Authorized Participant immediately. 
 (k) No Strict Construction. The language used in this Agreement will be deemed to
be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(l) Survival. Sections 8 (Indemnification) and 14 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.

  
 D-16 

 (m) Other Usages. The following usages shall apply in interpreting this Agreement:
(i) references to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including”
means “including, but not limited to.” 
 [Signature Page Follows] 

  
 D-17 

 IN WITNESS WHEREOF, the Authorized Participant and the Managing Owner, on behalf of each
Fund, have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

									
	DB COMMODITY SERVICES LLC, on behalf of itself and as Managing Owner of each of PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB
Silver Fund, PowerShares DB Base Metals Fund, and PowerShares DB Agriculture Fund				[Name of Authorized Participant]
					
	By:		  
				By:		  

					
	Name:		  
				Name:		  

					
	Title:		  
				Title:		  

					
							Address:		  

	By:		  
						
							Telephone:		  

	Name:		  
						
							Facsimile:		  

	Title:		  
						
					
	 Address:
		 60 Wall Street
 New York, New York
10005
						
					
	Telephone:		(212) 250-5883						
					
	Facsimile:		(212) 797-4469						

 Additional Signature Pages Follow. 

  
 D-18 

									
	POWERSHARES DB MULTI-SECTOR COMMODITY TRUST, WITH RESPECT TO POWERSHARES DB ENERGY FUND, A SERIES OF THE TRUST				POWERSHARES DB MULTI-SECTOR COMMODITY TRUST, WITH RESPECT TO POWERSHARES DB OIL FUND, A SERIES OF THE TRUST
					
	    By:		DB Commodity Services LLC, as Managing Owner of PowerShares DB Energy Fund				    By:		DB Commodity Services LLC, as Managing Owner of PowerShares DB Oil Fund
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Title:		
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Title:		
					
	Address:		 60 Wall Street
 New York, New York
10005
				Address:		 60 Wall Street
 New York, New York
10005

	Telephone:		(212) 250-5883				Telephone:		(212) 250-5883
	Facsimile:		(212) 797-4469				Facsimile:		(212) 797-4469
			
	POWERSHARES DB MULTI-SECTOR COMMODITY TRUST, WITH RESPECT TO POWERSHARES DB PRECIOUS METALS FUND, A SERIES OF THE TRUST				POWERSHARES DB MULTI-SECTOR COMMODITY TRUST, WITH RESPECT TO POWERSHARES DB GOLD FUND, A SERIES OF THE TRUST
					
	    By:		DB Commodity Services LLC, as Managing Owner of PowerShares DB Precious Metals Fund				    By:		DB Commodity Services LLC, as Managing Owner of PowerShares DB Gold Fund
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Title:		
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Title:		
					
	Address:		 60 Wall Street
 New York, New York
10005
				Address:		 60 Wall Street
 New York, New York
10005

	Telephone:		(212) 250-5883				Telephone:		(212) 250-5883
	Facsimile:		(212) 797-4469				Facsimile:		(212) 797-4469

  
 D-19 

									
			
	POWERSHARES DB MULTI-SECTOR COMMODITY TRUST, WITH RESPECT TO POWERSHARES DB SILVER FUND, A SERIES OF THE TRUST				POWERSHARES DB MULTI-SECTOR COMMODITY TRUST, WITH RESPECT TO POWERSHARES DB BASE METALS FUND, A SERIES OF THE TRUST
					
	    By:		DB Commodity Services LLC, as Managing Owner of PowerShares DB Silver Fund				    By:		DB Commodity Services LLC, as Managing Owner of PowerShares DB Base Metals Fund
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Title:		
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Title:		
					
	Address:		 60 Wall Street
 New York, New York
10005
				Address:		 60 Wall Street
 New York, New York
10005

	Telephone:		(212) 250-5883				Telephone:		(212) 250-5883
	Facsimile:		(212) 797-4469				Facsimile:		(212) 797-4469
				
	POWERSHARES DB MULTI-SECTOR COMMODITY TRUST, WITH RESPECT TO POWERSHARES DB AGRICULTURE FUND, A SERIES OF THE TRUST						
					
	    By:		DB Commodity Services LLC, as Managing Owner of PowerShares DB Agriculture Fund						
					
	By:		  
						
	Name:								
	Title:								
					
	By:		  
						
	Name:								
	Title:								
					
	Address:		 60 Wall Street
 New York, New York
10005
						
	Telephone:		(212) 250-5883						
	Facsimile:		(212) 797-4469						

  
 D-20 

 EXHIBIT A 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 

The following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions
relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the PowerShares DB Multi-Sector Commodity Trust Participant Agreement. 

 

			
	Authorized Participant:		  

  

									
	Name:		  
				Name:		  

					
	Title:		  
				Title:		  

					
	Signature:		  
				Signature:		  

					
	Name:		  
				Name:		  

					
	Title:		  
				Title:		  

					
	Signature:		  
				Signature:		  

 The undersigned, [name]
                    , [title]
                     of [Authorized Participant], does hereby certify that the persons listed above have been duly elected to the offices set forth
beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the PowerShares DB Multi-Sector Commodity Trust Participant Agreement by and between [Authorized Participant],
PowerShares DB Multi-Sector Commodity Trust with respect to each of PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Base Metals Fund, and
PowerShares DB Agriculture Fund and DB Commodity Services LLC, dated                 , 20    , and that their signatures set forth above are their
own true and genuine signatures. 
 In Witness Whereof, the undersigned has hereby set his/her hand and the seal of [Authorized Participant]
on the date set forth below. 
  

							
	 Subscribed and sworn to before me

this      day of             , 20    
				By:		  

				  
 Name:
		  

					  
 Title:
		  

	  
				  
 Date:
		  

	Notary Public						

  
 A-1 

 EXHIBIT B 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

FORM OF PURCHASE ORDER SUBSCRIPTION AGREEMENT 

TRUSTEE, THE BANK OF NEW YORK MELLON 718-315-7500 

 

			
	Authorized Participant:		  

			
		
	Authorized Participant FAX No.#:		  

			
		
	Order Number:		  

			
		
	Name of Fund: 		PowerShares DB                      Fund

			
		
	USD:		  

			(to be provided by The Bank of New York Mellon)

 

			
	DTC Clearing #:		  

			
		
	Trade Date:		  

			
		
	Number of CU’s Created:		  

			
		
	Number of Shares to be issued:		  

 
 

  
 All Purchase Order Subscription
Agreements are subject to the terms and conditions of the Third Amended and Restated Declaration of Trust and Trust Agreement, as amended from time to time (the “Trust Agreement”) of PowerShares DB Multi-Sector Commodity Trust (the
“Trust”) as currently in effect, which established and designated PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Base
Metals Fund, and PowerShares DB Agriculture Fund (collectively, the “Funds”), each as a separate series of the Trust and the PowerShares DB Multi-Sector Commodity Trust Participant Agreement among the Authorized Participant, the
Trust with respect to each of the Funds and the Managing Owner named therein (the “Participant Agreement”). All representations and warranties of the Authorized Participant set forth in the Participant Agreement are incorporated
herein by reference. Capitalized terms used but not defined herein have the meaning given in the Trust Agreement. 
 The undersigned understands that
by submitting this Purchase Order Subscription Agreement he/she is making the representations and warranties set forth in the Annex to this Purchase Order Subscription Agreement and is also granting an irrevocable Power of Attorney. The undersigned
understands that its DTC account will be charged the Transaction Fee as set forth in the currently effective copy of the applicable Prospectus. 
 The
undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Purchase Order Subscription Agreement to the Managing Owner on behalf of
the Authorized Participant. 
 Remainder of page left blank intentionally. Signature page follows. 

  
 B-1 

									
							  

							(Please Print Name of Authorized Participant)
					
	Date:		  
						
					
							By:		  

	Accepted by:						Name:
	PowerShares DB Multi-Sector Commodity Trust, with respect to PowerShares DB [                    ] Fund						Title:
	By:		 DB Commodity Services LLC,
 as Managing
Owner
						
					
	By:		  
						
			 Name:
 Title:
						
					
	By:		  
						
			 Name:
 Title:
						

  
 B-2 

 ANNEX TO EXHIBIT B 

TO 
 PURCHASE ORDER
SUBSCRIPTION AGREEMENT 
 PURCHASER’S REPRESENTATIONS AND WARRANTIES AND 

POWER OF ATTORNEY 

1. CFTC Registration Status. The Authorized Participant either is not required to be registered with the Commodity
Futures Trading Commission (“CFTC”) or to be a member of the National Futures Association (“NFA”), or, if required to be so registered, is duly registered with the CFTC and is a member in
good standing of the NFA. The Authorized Participant agrees to supply the Managing Owner with such information as the Managing Owner may reasonably request in order to verify the foregoing representation. Vehicles for collective investment which
acquire Shares may, as a result, themselves become “commodity pools” within the intent of applicable CFTC and NFA rules, and their sponsors, accordingly, will be required to register as “commodity pool operators.” 

2. Disclosure Document. The Authorized Participant has obtained a copy of the Trust’s Prospectuses, which constitute
its CFTC Disclosure Documents, from each Fund’s website at www.dbxus.com, or its successor thereto. 
 3.
Monthly Report. If trading for a Fund has commenced, the Authorized Participant has obtained a copy of the most recent monthly report from the applicable Fund’s website at www.dbxus.com, or its successor thereto.

 4. Power of Attorney. In connection with the Authorized Participant’s acceptance of an interest a Fund, the
Authorized Participant does hereby irrevocably constitute and appoint the Managing Owner, and its successors and assigns, as its true and lawful Attorney-in-Fact, with full power of substitution, in its name, place and stead, in the execution,
acknowledgment, filing and publishing of Trust or Fund documents, including, but not limited to, the following: (i) any certificates and other instruments, including but not limited to, any applications for authority to do business and
amendments thereto, which the Managing Owner deems appropriate to qualify or continue the Trust as a business or statutory trust in the jurisdictions in which the Trust may conduct business, so long as such qualifications and continuations are in
accordance with the terms of the Third Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended from time to time (the “Trust Agreement”), or which may be required to be filed by the
Trust, a Fund or the Shareholders of a Fund under the laws of any jurisdiction; (ii) any instrument which may be required to be filed by the Trust under the laws of any state or by any governmental agency, or which the Managing Owner deems
advisable to file; and (iii) the Trust Agreement and any documents which may be required to effect an amendment to the Trust Agreement approved under the terms of the Trust Agreement, and the continuation of the Trust, the admission of the
signer of the Power of Attorney as a Limited Owner of a Fund or of others as additional or substituted Limited Owners, or the termination of the Trust, provided such continuation, admission or termination is in accordance with the terms of the Trust
Agreement. The Power of Attorney granted hereby shall be deemed to be coupled with an interest and shall be irrevocable and shall survive, and shall not be affected by, the Authorized Participant’s subsequent insolvency or dissolution or any
delivery by the Authorized Participant of an assignment of the whole or any portion of the Authorized Participant’s Shares. 

  
 B-3 

 EXHIBIT C 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

FORM OF REDEMPTION ORDER 
  

			
	Authorized Participant:		  

			
		
	Date:		  

			
		
	Name of Fund: 		PowerShares DB                     Fund

			
		
	Confirmation Number:		  

			
		
	PIN Number:		  

			
		
	Number of Shares to be Redeemed:		  

 All Redemption Orders are subject to the terms and conditions of the Third Amended and Restated Declaration of Trust
and Trust Agreement of PowerShares DB Multi-Sector Commodity Trust (the “Trust”) as currently in effect and the PowerShares DB Multi-Sector Commodity Trust Participant Agreement among the Authorized Participant, the Trust with
respect to the Fund, among others, each a series of the Trust (the “Fund”), and the Managing Owner named therein (the “Participant Agreement”). All representations and warranties of the Authorized Participant set
forth in such Participant Agreement are incorporated herein by reference. 
 The undersigned understands that its DTC account will be charged the
Transaction Fee as set forth in the currently effective copy of the applicable Prospectuses including an additional fee as provided under Section 4 of the Participant Agreement if the Redemption Order is held open. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Redemption Order to the Managing Owner on behalf of the Authorized Participant. 
  

									
							[NAME OF AUTHORIZED PARTICIPANT]
					
	Date:		  
				By:		  

									Name:
									Title:

  
 C-1 

 EXHIBIT D 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

DB COMMODITY SERVICES LLC 

OFFICERS’ CERTIFICATE 

The undersigned, each a duly authorized officer of DB Commodity Services LLC, a Delaware limited liability company (the “Managing
Owner”), the managing owner of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust with separate series, including PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB
Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund (each a “Fund” and collectively, the “Funds”), and pursuant to
Section 13(c) of the PowerShares DB Multi-Sector Commodity Trust Participant Agreement (the “Agreement”), dated as of             , 20    , as
amended from time-to-time, by and among the Managing Owner, the Trust with respect to each of the Funds and [                    ] (the
“Authorized Participant”), hereby certify that: 
  

	 	1.	Each of the following representations and warranties of the Managing Owner is true and correct in all material respects as of the date hereof: 

 

	 	(a)	the Registration Statements and the Prospectuses comply in all material respects with the requirements of the 1933 Act; any statutes, regulations, contracts or other documents that are required to be described in the
Registration Statements or the Prospectuses or to be filed as exhibits to the Registration Statements have been so described or filed; the conditions to the use of Form S-3 (or Form S-1, if applicable) have been satisfied; and the Registration
Statements do not contain any untrue statements of material fact or omit to state material facts required to be stated therein or necessary to make the statements therein not misleading and the Prospectuses do not contain any untrue statements of
material facts or omit to state material facts necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Managing Owner makes no warranty or representation with
respect to any statement contained in the Registration Statements or any Prospectuses in reliance upon and in conformity with information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to
the Managing Owner expressly for use in the Registration Statements or such Prospectuses; 

  

	 	(b)	 the Trust has been duly formed and is validly existing as a statutory trust under the laws of the State of Delaware, as described in the Registration
Statements and the Prospectuses, and the Third Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) 

  
 D-1 

	 	
authorizes the Managing Owner to issue and deliver the Shares of any Fund to the Authorized Participant hereunder as contemplated in the Registration Statements and the Prospectuses and each Fund
is validly existing as a series of the Trust, a statutory trust under the Delaware Statutory Trust Act, as described in the Registration Statements and the Prospectuses; 

 

	 	(c)	the Managing Owner has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to conduct its business as described
in the Registration Statements and the Prospectuses, and has all requisite power and authority to execute and deliver the Agreement; 

  

	 	(d)	the Managing Owner is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; 

 

	 	(e)	complete and correct copies of the Trust Agreement, and any and all amendments thereto, have been delivered to the Authorized Participant, and no changes thereto have been made; 

 

	 	(f)	the outstanding Shares have been duly and validly issued and, subject to the obligations of a shareholder to make certain payments provided for in the Trust Agreement, are fully paid and non-assessable beneficial
interest in a Fund and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 

  

	 	(g)	the Shares conform in all material respects to the description(s) thereof contained in the Registration Statements and the Prospectuses and the holders of the Shares will not be subject to personal liability by reason
of being such holders; 

  

	 	(h)	the Agreement has been duly authorized, executed and delivered by the Trust and the Managing Owner and constitutes the valid and binding obligations of the Trust, on behalf of each Fund and the Managing Owner,
enforceable against each Fund and the Managing Owner in accordance with its terms; 

  

	 	(i)	 neither the Managing Owner nor the Trust (on behalf of itself or any Fund) is in breach or violation of or in default under (nor has any event
occurred which with notice, lapse of time or both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase,
redemption or repayment of all or a part of such indebtedness under) its respective constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract
or other agreement or instrument to which the Managing Owner or the Trust (on 

  
 D-2 

	 	
behalf of itself or any Fund) is a party or by which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of the Agreement, the issuance
and sale of Shares to the Authorized Participant thereunder and the consummation of the transactions contemplated thereby do not and will not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event
which with notice, lapse of time or both would result in any breach or violation of or constitute a default under), respectively, the limited liability company agreement of the Managing Owner or the Trust Agreement, or any indenture, mortgage, deed
of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Managing Owner or the Trust (on behalf of itself or any Fund) is a party or by which,
respectively, the Managing Owner or the Trust or any of their respective properties may be bound or affected, or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Managing Owner or the
Trust; 

  

	 	(j)	no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and
sale of Shares to the Authorized Participant hereunder or the consummation by the Managing Owner or the Trust of the transactions contemplated hereunder other than registration of the Shares under the 1933 Act and the filings with the National
Futures Association and the Financial Industry Regulatory Authority (“FINRA”), which have been effected; 

  

	 	(k)	except as set forth in the Registration Statements and the Prospectuses (i) no person has the right, contractual or otherwise, to cause the Trust to issue or sell to it any Shares or other equity interests of any
Fund, and (ii) no person has the right to act as an underwriter or as a financial advisor to any Fund in connection with the offer and sale of the Shares, in the case of each of the foregoing clauses (i), and (ii), whether as a result of the
filing or effectiveness of any of the Registration Statements or the sale of the Shares as contemplated thereby or otherwise; no person has the right, contractual or otherwise, to cause the Managing Owner on behalf of the Trust or the Trust to
register under the 1933 Act any other equity interests of any Fund, or to include any such Shares or interests in any of the Registration Statements or the offering contemplated thereby, whether as a result of the filing or effectiveness of the
Registration Statements or the sale of the Shares as contemplated thereby or otherwise; 

  

	 	(l)	 each of the Managing Owner and the Trust has all necessary licenses, authorizations, consents and approvals and has made all necessary filings
required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from 

  
 D-3 

	 	
other persons, in order to conduct its respective business; neither the Managing Owner nor the Trust is in violation of, or in default under, or has received notice of any proceedings relating to
revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Managing Owner or the Trust; 

 

	 	(m)	all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or documents of a character required to be described in the Registration Statements
or the Prospectuses or to be filed as exhibits to the Registration Statements have been so described or filed as required; 

  

	 	(n)	except as set forth in the Registration Statements and the Prospectuses, there are no actions, suits, claims, investigations or proceedings pending or threatened or contemplated to which the Managing Owner or the Trust,
or any of the Managing Owner’s directors or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or
regulatory commission, board, body, authority or agency; 

  

	 	(o)	PricewaterhouseCoopers LLP, or as otherwise provided in the Registration Statements and the Prospectuses, whose report on the audited financial statements of the Funds is filed with the SEC included or incorporated into
the Registration Statements and the Prospectuses, is an independent registered public accounting firm as required by the 1933 Act; 

  

	 	(p)	the audited financial statement(s) included or incorporated by reference in the Prospectus, together with the related notes and schedules, presents fairly the financial position of the Trust as of the date indicated and
has been prepared in compliance with the requirements of the 1933 Act, the rules and regulations of the Commission under the 1933 Act, the 1934 Act and the rules and regulations of the Commission under the 1934 Act, and in conformity with generally
accepted accounting principles; the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects
and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration
Statement and the Prospectus that are not included or incorporated by reference as required; and the Trust does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not disclosed or
incorporated by reference in the Registration Statement and the Prospectus; 

  
 D-4 

	 	(q)	subsequent to the respective dates as of which information is given in the Registration Statements and the Prospectuses, there has not been (i) any material adverse change, or any development involving a
prospective material adverse change affecting the Managing Owner, the Trust or any Fund, (ii) any transaction which is material to the Managing Owner, the Trust or any Fund taken as a whole, other than transactions in the ordinary course of
business, or (iii) any obligation, direct or contingent (including any off-balance sheet obligations), incurred by the Managing Owner or the Trust (on its own behalf, or on behalf of any Fund), which is material to such Fund, other than
obligations incurred in the ordinary course of business; 

  

	 	(r)	the Trust is not and, after giving effect to the offering and sale of the Shares, will not be required to be registered as an investment company under the Investment Company Act; 

 

	 	(s)	except as set forth in the Registration Statements and the Prospectuses, the Managing Owner and the Trust own, or have obtained valid and enforceable licenses for, or other rights to use, the inventions, patent
applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade secrets and other proprietary information described in the Registration Statements and the Prospectuses as being owned or licensed by them or which
are necessary for the conduct of their respective businesses, (collectively, “Intellectual Property”); (i) to the knowledge of the Managing Owner or the Trust, there are no third parties who have or will be able to establish
rights to any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the Managing Owner or the Trust; (ii) to the knowledge of the Managing Owner or the Trust, there is no
infringement by third parties of any Intellectual Property; (iii) there is no pending or, to the knowledge of the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others challenging the Managing Owner’s or the
Trust’s rights in or to any Intellectual Property, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis for any such claim; (iv) there is no pending or, to the knowledge of the Managing Owner or
the Trust, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis for any such claim;
and (v) there is no pending or, to the knowledge of the Managing Owner or the Trust, threatened action, suit, proceeding or claim by others alleging that the Managing Owner or the Trust infringes or otherwise violates any patent, trademark,
copyright, trade secret or other proprietary rights of others, and the Managing Owner and the Trust are unaware of any facts which could form a reasonable basis for any such claim; 

  
 D-5 

	 	(t)	all tax returns required to be filed by the Trust with respect to the Funds have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or through withholding) including any
interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to any Fund as of the date of the Agreement; 

 

	 	(u)	neither the Managing Owner nor the Trust has sent or received any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or described in, or filed as an exhibit
to, the Registration Statements, and no such termination or non-renewal has been threatened by the Managing Owner or the Trust or any other party to any such contract or agreement; 

 

	 	(v)	with respect to its activities on behalf of each Fund, as provided for in the Trust Agreement, the Managing Owner maintains a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with the Trust Agreement and the Managing Owner’s duties thereunder; (ii) transactions with respect to each Fund are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain accountability for assets; and (iii) assets are held for each Fund in accordance with the Trust Agreement; 

 

	 	(w)	on behalf of each Fund, the Managing Owner has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the 1934 Act, giving effect to the rules and
regulations, and SEC staff interpretations (whether or not public), thereunder); such disclosure controls and procedures are designed to ensure that material information relating to each Fund, is made known to the Managing Owner, and such disclosure
controls and procedures are effective to perform the functions for which they were established; on behalf of each Fund, the Managing Owner has been advised of: (i) any significant deficiencies in the design or operation of internal controls
which could adversely affect each Fund’s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not material, that involves management or other employees who have a role in each Fund’s
internal controls; any material weaknesses in internal controls have been identified for each Fund’s auditors; 

  

	 	(x)	any statistical and market-related data included in the Registration Statements and the Prospectuses are based on or derived from sources that the Managing Owner believes to be reliable and accurate, and the Managing
Owner has obtained the written consent to the use of such data from such sources to the extent required; and 

  
 D-6 

	 	(y)	neither the Managing Owner, nor any of the Managing Owner’s directors, members, managers, officers, affiliates or controlling persons nor the Trustee has taken, directly or indirectly, any action designed, or which
has constituted or might reasonably be expected to cause or result in, under the 1934 Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Funds to facilitate the sale or resale of the Shares; and there
are no affiliations or associations between any member of FINRA and any of the Managing Owner’s officers, directors or 5% or greater security holders, except as set forth in the Registration Statements and the Prospectuses. 

For purposes hereof, the term “Registration Statements” shall mean the Registration Statements as amended or supplemented from time
to time to the date hereof and the term “Prospectuses” shall mean the corresponding Prospectuses as amended or supplemented from time to time to the date hereof. 
  

	 	2.	Each of the obligations of the Managing Owner to be performed by it on or before the date hereof pursuant to the terms of the Agreement, and each of the provisions thereof to be complied with by the Managing Owner on or
before the date hereof, has been duly performed and complied with in all material respects. 

 Capitalized terms used, but not defined herein
shall have the meanings assigned to such terms in the Agreement. 
 [SIGNATURE PAGE TO FOLLOW] 

  
 D-7 

 IN WITNESS WHEREOF, we have hereunto, on behalf of the Managing Owner, subscribed our names
this     day of             , 20    . 
  

			
	By:		  

			Name:
			Title:
		
	By:		  

			Name:
			Title:

  
 D-8 

 FORM OF 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST 

PARTICIPANT AGREEMENT 

ATTACHMENT A 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST PROCEDURES 

CREATION AND REDEMPTION OF 

POWERSHARES DB ENERGY FUND SHARES, POWERSHARES DB OIL FUND 

SHARES, POWERSHARES DB PRECIOUS METALS FUND SHARES, 

POWERSHARES DB GOLD FUND SHARES, POWERSHARES DB SILVER FUND 

SHARES, POWERSHARES DB BASE METALS FUND SHARES, AND 

POWERSHARES DB AGRICULTURE FUND SHARES 

Scope of Procedures and Overview 

This Attachment A to the Participant Agreement (the “Participant Agreement”) supplements the Participant Agreement, the
applicable Prospectuses and the Trust Agreement (as defined below) with respect to the procedures (the “Procedures”) to be used in processing (1) a creation order for the creation of one or more Baskets (as defined below)
(“Creation Order”) of Shares of PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Base Metals Fund, and PowerShares DB
Agriculture Fund (each, a “Fund,” collectively, the “Funds”) and a (2) redemption order for the redemption of one or more Baskets (as defined below) (“Redemption Order”) of Shares of the Funds.
Shares may be created or redeemed only in blocks of 200,000 Shares (each such block, a “Basket”) for each Fund. Each Fund is a separate series of PowerShares DB Multi-Sector Commodity Trust, a Delaware statutory trust (the
“Trust”). 
 Capitalized terms used in these Procedures without further definition have the meanings assigned to them in
the Third Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the “Trust Agreement”), dated as of November 12, 2012, and as amended from time-to-time, between Wilmington Trust Company, as trustee of the
Trust (the “Trustee”) and DB Commodity Services LLC, as managing owner (the “Managing Owner”) or the Participant Agreement. 

For purposes of these Procedures, a “Business Day” means a day other than Saturday, Sunday or other day when banks and/or
securities exchanges in the City of New York or the City of Wilmington are authorized or obligated by law or executive order to close. 

Baskets are issued pursuant to the applicable Prospectus, which will be obtained by each Participant from each Fund’s website at
www.dbxus.com or its successor thereof, prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. 

Creation Orders and Redemption Orders are, collectively, the “Orders.” 

 “Transfer Agent” means The Bank of New York Mellon. 

Authorized Participants (“Participants”) may submit Orders to the Transfer Agent (i) through the Transfer Agent’s
electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions of the Electronic Access Services Agreement, which is incorporated by reference herein (the
“Website Based Orders”), (ii) by facsimile or (iii) by telephone according to these Procedures as provided in Annex I ((ii) and (iii), collectively, the “Fax/Telephone Based Orders”). 

The Participant must execute the Electronic Access Service Agreement (“ESA”) with the Transfer Agent in order for a
Participant to be able to submit Website Based Orders. RSA secured token cards are issued to each of the Authorized Persons, which may be used to access the Transfer Agent’s website and input Orders as described herein and pursuant to the
Authorized Participant Interface User Guide, incorporated herein by reference. 
 “Order Cut-Off Time” means 10:00 am,
Eastern Time, on each Business Day. 
 Baskets may be created and redeemed on any Business Day in exchange for the applicable Creation
Basket Capital Contribution or Redemption Basket, respectively, from the Participant. 
 “Creation Order Date” means a
Business Day on which an order to create one or more Creation Baskets was placed by a Participant with the Transfer Agent by the Order Cut-Off Time. 

“Redemption Order Date” means a Business Day on which an order to redeem one or more Redemption Baskets placed by a
Participant with the Transfer Agent by the Order Cut-Off Time. 
 “Settlement Time” means any time within three Business
Days immediately following the Creation Order Date or the Redemption Order Date, as applicable. 
 “Redemption
Distribution” means, subject to deduction of any tax or other governmental charges due thereon, the cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant
Redemption Order by (ii) the Net Asset Value Per Basket of the applicable Fund as of the close of the NYSE Arca Core Trading Session or the last to close of the exchanges on which the applicable Fund’s futures contracts are traded,
whichever is later, on the Redemption Order Date. 
 Each Participant is responsible for ensuring that the Creation Basket Capital
Contribution and/or the Redemption Basket it intends to transfer to the Trust (for the applicable Fund) in exchange for Creation Baskets or redemption proceeds, as applicable, is available for transfer to such Trust (for the applicable Fund) in the
manner and at the times described in these Procedures. 
 Participants will be required to pay a nonrefundable per order transaction fee of
$500 to the Transfer Agent (the “Transaction Fee”). 

  
 2 

 IMPORTANT NOTES: 
  

	 	•	 	Any Creation Order is subject to acceptance or rejection by the Transfer Agent, in consultation with the Managing Owner, for the reasons set forth in the Trust Agreement or the Participant Agreement. 

 

	 	•	 	Any Redemption Order is subject to acceptance or rejection by the Transfer Agent, in consultation with the Managing Owner, for the reasons set forth in the Trust Agreement or the Participant Agreement.

  

	 	•	 	All Orders are subject to the provisions of the Trust Agreement and the Participant Agreement relating to unclear or ambiguous instructions. 

  
 3 

 ANNEX I 

WEBSITE BASED ORDERS 
 AND

 FAX/TELEPHONE BASED ORDERS 

CREATION PROCEDURES 
  

	1.	PLACING A CREATION ORDER. 

 Participants may submit Website Based Orders or Fax/Telephone
Based Orders to the Transfer Agent as provided by these Procedures. 
 NOTE THAT IF THE PARTICIPANT PLACES A FAX/TELEPHONE BASED ORDER, THE TELEPHONE
CALL OR FAX IN WHICH THE CONFIRMATION NUMBER IS ISSUED INITIATES THE CREATION ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE CREATION ORDER. A CREATION ORDER IS CONSIDERED A COMPLETE CREATION ORDER ONLY UPON RECEIPT OF THE CONFIRMATION NUMBER.

 Creation Orders for Creation Baskets may be initiated only on Business Days. Creation Orders may only be made in whole Creation
Baskets of the applicable Fund. 
 To begin a Creation Order, an Authorized Person of the Participant may telephone the Transfer Agent at
(718) 315-7500 or such other number as the Managing Owner designates in writing to the Participant. This telephone call must be made by an Authorized Person of the Participant and answered by the Transfer Agent before the Order Cut-Off Time.
Upon verifying the authenticity of the Authorized Person (as determined by the use of the appropriate PIN Number), the Transfer Agent will request that the Authorized Person place the Creation Order. To do so, the Authorized Person must provide the
appropriate ticker symbol when referring to Shares of the applicable Fund. After the Authorized Person has placed the Creation Order, the Transfer Agent will read the Creation Order back to the Authorized Person. The Authorized Person then must
affirm that the Creation Order has been taken correctly by the Transfer Agent. If the Authorized Person affirms that the Creation Order has been taken correctly, the Transfer Agent will issue a confirmation number (the “Confirmation
Number”) to the Authorized Person. 
 All Creation Orders may also be placed by an Authorized Person as a Website Based Order by
the Order Cut-Off Time. 
 PLEASE NOTE: A CREATION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE TRANSFER AGENT. WITH
RESPECT TO THE APPLICABLE FUND, A CREATION ORDER FOR CREATION BASKETS CANNOT BE CANCELED BY THE PARTICIPANT AFTER THE CONFIRMATION NUMBER HAS BEEN ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY,
THE PARTICIPANT SHOULD NOT HANG UP AND REDIAL. CALLS THAT ARE IN PROGRESS AT THE ORDER CUT-OFF TIME ARE VALID AND THE CREATION ORDER WILL BE TAKEN. PLEASE NOTE THAT “IN 

  
 4 

 
PROGRESS” IS DEFINED AS A PARTICIPANT ACTUALLY SPEAKING WITH THE TRANSFER AGENT. CALLS THAT ARE PLACED BEFORE THE ORDER CUT-OFF TIME THAT ARE IN THE HOLDING QUEUE UNANSWERED AT OR AFTER THE
ORDER CUT-OFF TIME WILL BE VERBALLY DENIED. INCOMING CALLS THAT ARE RECEIVED AFTER THE ORDER CUT-OFF TIME WILL NOT BE ANSWERED BY THE TRANSFER AGENT. ALL TELEPHONE CALLS WILL BE RECORDED. 

 

	2.	RECEIPT OF CONFIRMATION. 

 Subject to the conditions that a properly completed telephone
or fax Creation Order has been placed by the Participant not later than the Order Cut-Off Time, and other provisions contained in these procedures, the Managing Owner will accept the Creation Order on behalf of the Trust in connection with the
applicable Fund and will confirm in writing to the Participant that its Creation Order has been accepted within 45 minutes after the designated Order Cut-Off Time on the Business Day that the Creation Order is received. Once the Creation Order has
been approved by the Managing Owner, the Managing Owner will sign or time-stamp the Creation Order and send that Creation Order to the Transfer Agent. 

Typically, if a Web-Based Order is submitted, the Managing Owner may confirm the order on-line. Alternatively, if the Managing Owner prefers
to confirm Orders via fax, the Transfer Agent will download and print the Order Form and fax it to the Managing Owner for review and approval. Upon receipt of the Order Form signed by the Managing Owner, the Transfer Agent will issue an email
confirmation to the Participant and the Managing Owner to reflect the Order status (approval or cancellation). 
  

	3.	QUALITY ASSURANCE. 

 After a Confirmation Number is issued by the Transfer Agent to the
Participant, the Participant will fax a written version of the Creation Order to the Transfer Agent. Upon receipt, the Transfer Agent should immediately telephone the Participant if the Transfer Agent believes that the Creation Order has not been
completed correctly by the Participant. In addition, the Transfer Agent will telephone the Participant if the Transfer Agent is in non-receipt of the Creation Order within 15 minutes after the Creation Order has been called into the Transfer Agent.

  

	4.	REJECTING OR SUSPENDING CREATION ORDERS. 

 The Managing Owner reserves the absolute right
to reject acceptance of a Creation Order or Creation Basket Capital Contribution if (i) the Managing Owner or Transfer Agent has determined the Creation Order or Creation Basket Capital Contribution is not in proper form; (ii) the Managing
Owner has determined the acceptance or receipt of which would have adverse tax consequences to the Trust, any Fund or to the Shareholders; (iii) the acceptance or receipt of which could, in the opinion of counsel to the Managing Owner, be
unlawful; or (iv) circumstances outside the control of the Managing Owner or the Transfer Agent make it for all practical purposes not feasible to process Creation Baskets. The Managing Owner shall notify the Participant of a rejection of any
Creation Order. The Managing Owner may not revoke a previously accepted Creation Order, as defined in these Procedures. 

  
 5 

 Neither the Managing Owner nor its delegate will be liable to any person or in any way for any
loss or damages that may result from any such rejection. 
 5. DETERMINATION OF PAYMENT AMOUNT. 

As promptly as practicable following the publication of the net asset value of the applicable Fund and the net asset value per Share of the
applicable Shares on the Creation Order Date, the Managing Owner shall communicate to the Participant the amount of cash necessary for the Creation Basket Capital Contribution and details of the method of payment (e.g., wiring instructions) required
for the Creation Basket Capital Contribution. 
 6. CONTRACTUAL SETTLEMENT. 
  

	 	(a)	Through the CNS Clearing Process 

 Except as provided below, the Creation Basket Capital
Contribution must be made in same day funds through the National Securities Clearing Corporation (the “NSCC”) to a Depository Trust Company (“DTC”) account maintained by the Trust’s custodian (the
“Custodian”) on or before the Settlement Time, after acceptance of the Creation Order, together with the applicable Transaction Fee. A Creation Basket of the applicable Fund will be issued to the Participant at the Settlement Time
through the NSCC’s Continuous Net Settlement (CNS) system assuming timely payment of the Creation Basket Capital Contribution and the Transaction Fee through the CNS system in accordance with the terms, conditions and guarantees as set forth in
CNS agreements to which the Custodian and Participant have entered into. 
  

	 	(b)	Outside the CNS Clearing Process 

 The Creation Basket Capital Contribution must be
delivered through the DTC to an account at the DTC maintained by the Custodian on behalf of the Managing Owner and the applicable Fund on or before the Settlement Time, together with the applicable Transaction Fee. The Creation Basket will be
credited to the Participant at the Settlement Time. The Custodian on behalf of both the Managing Owner and the applicable Fund will cause the Trust to deposit the Creation Basket on behalf of the applicable Fund with the DTC in accordance with the
DTC’s customary procedures, for the credit of the account of the Participant that placed the Creation Order. 
 7. PARTIAL CREATION ORDER 

(a) If by the Settlement Time the Managing Owner has not received confirmation of receipt of (A) the Transaction Fee, and (B) the
full Creation Basket Capital Contribution due from the Participant submitting the Creation Order, the Managing Owner will settle the Creation Order to the extent of whole Creation Baskets for which it has received the full amount of cash required in
connection with the creation of such Basket(s) and any balance of the Creation Order will be cancelled. For the avoidance of doubt, any Creation Baskets not created for failure of the Participant to provide the full Creation Basket Capital
Contribution as indicated above, shall be created through a new and separate Creation Order subject to all of the procedures outlined above, including the payment of the Transaction Fee associated with a Creation Order. 

  
 6 

 (b) If by the Settlement Time the Managing Owner has not received confirmation of receipt of
(A) the Transaction Fee, and (B) the full Creation Basket Capital Contribution due from the Participant submitting the Creation Order, the Participant will be charged by the Managing Owner an additional processing charge of $2,000. 

  
 7 

 REDEMPTION PROCEDURES 
  

	1.	PLACING A REDEMPTION ORDER. 

 Participants may submit Website Based Orders or
Fax/Telephone Based Orders to the Transfer Agent as provided by these Procedures. 
 NOTE THAT IF THE PARTICIPANT PLACES A FAX/TELEPHONE BASED ORDER, THE
TELEPHONE CALL OR FAX IN WHICH THE CONFIRMATION NUMBER IS ISSUED INITIATES THE REDEMPTION ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE REDEMPTION ORDER. A REDEMPTION ORDER IS CONSIDERED COMPLETE ONLY UPON RECEIPT OF THE CONFIRMATION NUMBER.

 Redemption Orders may be initiated only on Business Days. Redemption Orders may only be made in whole Redemption Baskets of the
applicable Fund. 
 To begin a Redemption Order, the Authorized Person of the Participant may telephone the Transfer Agent at
(718) 315-7500 or such other number as the Managing Owner designates in writing to the Participant. This telephone call must be made by an Authorized Person of the Participant and answered by the Transfer Agent before the Order Cut-Off Time.
Upon verifying the authenticity of the Authorized Person (as determined by the use of the appropriate PIN Number), the Transfer Agent will request that the Authorized Person place the Redemption Order. To do so, the Authorized Person must provide
the appropriate ticker symbol when referring to Shares of the applicable Fund. After the Authorized Person has placed the Redemption Order, the Transfer Agent will read the Redemption Order back to the Authorized Person. The Authorized Person then
must affirm that the Redemption Order has been taken correctly by the Transfer Agent. If the Authorized Person affirms that Redemption Order has been taken correctly, the Transfer Agent will issue a confirmation number (the “Confirmation
Number”) to the Authorized Person. 
 All Redemption Orders may also be placed by an Authorized Person as a Website Based Order by
the Order Cut-Off Time. 
 PLEASE NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE TRANSFER AGENT. WITH
RESPECT TO THE APPLICABLE FUND, A REDEMPTION ORDER FOR REDEMPTION BASKETS CANNOT BE CANCELED BY THE PARTICIPANT AFTER THE CONFIRMATION NUMBER HAS BEEN ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED.
ACCORDINGLY, THE PARTICIPANT SHOULD NOT HANG UP AND REDIAL. CALLS THAT ARE IN PROGRESS AT THE ORDER CUT-OFF TIME ARE VALID AND THE REDEMPTION ORDER WILL BE TAKEN. PLEASE NOTE THAT “IN PROGRESS” IS DEFINED AS A PARTICIPANT ACTUALLY SPEAKING
WITH THE TRANSFER AGENT. CALLS THAT ARE PLACED BEFORE THE ORDER CUT-OFF TIME THAT ARE IN THE HOLDING QUEUE UNANSWERED AT OR AFTER THE ORDER CUT-OFF TIME WILL BE VERBALLY DENIED. INCOMING CALLS THAT ARE RECEIVED AFTER THE ORDER CUT-OFF TIME WILL NOT
BE ANSWERED BY THE TRANSFER AGENT. ALL TELEPHONE CALLS WILL BE RECORDED. 

  
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	2.	RECEIPT OF CONFIRMATION. 

 Subject to the conditions that a properly completed
telephone or fax Redemption Order has been placed by the Participant not later than the Order Cut-Off Time, and except as otherwise provided in these procedures, the Managing Owner will accept the Redemption Order on behalf of the Trust in
connection with the applicable Fund and will confirm in writing to the Participant that its Redemption Order has been accepted within 45 minutes after the designated Order Cut-Off Time on the Business Day that the Redemption Order is received. Once
the Redemption Order has been approved by the Managing Owner, the Managing Owner will sign or time-stamp the Redemption Order and send that Redemption Order to the Transfer Agent. 

Typically, if a Web-Based Order is submitted, the Managing Owner may confirm the order on-line. Alternatively, if the Managing Owner prefers
to confirm Orders via fax, the Transfer Agent will download and print the Order Form and fax it to the Managing Owner for review and approval. Upon receipt of the Order Form signed by the Managing Owner, the Transfer Agent will issue an email
confirmation to the Participant and the Managing Owner to reflect the Order status (approval or cancellation). 
  

	3.	QUALITY ASSURANCE. 

 After a Confirmation Number is issued by the Transfer Agent
to the Participant, the Participant will fax a written version of the Redemption Order to the Transfer Agent. Upon receipt, the Transfer Agent should immediately telephone the Participant if the Transfer Agent believes that the Redemption Order has
not been completed correctly by the Participant. In addition, the Transfer Agent will telephone the Participant if the Transfer Agent is in non-receipt of the Redemption Order within 15 minutes after the Redemption Order has been called into the
Transfer Agent. 
  

	4.	REJECTING OR SUSPENDING REDEMPTION ORDERS. 

 The Managing Owner shall reject any
Redemption Order the fulfillment of which its counsel advises would be illegal under applicable laws and regulations. The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Settlement Time, (i) for any
period during which an Exchange is closed other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the
applicable Fund’s assets is not reasonably practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the protection of Shareholders. The Managing Owner will reject a Redemption Order if the order is
not in property form or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. The Managing Owner shall notify the Participant of a rejection or suspension of any Redemption Order. The Managing Owner may not revoke a
previously accepted Redemption Order, as defined in these Procedures. 
 Neither the Managing Owner nor its delegate will be liable to any
person or in any way for any loss or damages that may result from any such suspension or postponement. 

  
 9 

 5. DETERMINATION OF CASH DISTRIBUTION. 

As promptly as practicable following the publication of the net asset value of the applicable Fund and the net asset value per Share of the
applicable Shares on the Redemption Order Date, the Managing Owner shall communicate to the Participant the amount of cash to be delivered in the Redemption Distribution. 
  

	6.	CONTRACTUAL SETTLEMENT. 

  

	 	(a)	Through the CNS Clearing Process 

 Except as provided below, the Redemption Baskets must
be delivered through the NSCC to a DTC account maintained by the Custodian on or before the Settlement Time, after acceptance of the Redemption Order, together with receipt of the Transaction Fee. The Redemption Distribution will be credited to the
Participant at the Settlement Time through the CNS system, assuming timely delivery of Redemption Baskets and the Transaction Fee through the CNS system in accordance with the terms, conditions and guarantees as set forth in the CNS agreements to
which the Custodian and Participant have entered into. 
  

	 	(b)	Outside the CNS Clearing Process 

 The Redemption Baskets must be credited to an account
at the DTC maintained by the Custodian along with the Transaction Fee on or before the Settlement Time. The Redemption Distribution shall be delivered through the DTC to the account of the Participant as recorded on the book entry system of the DTC
at the Settlement Time. 
  

	7.	PARTIAL REDEMPTION ORDER. 

 (a) If by such Settlement Time, the Trust has received
the Transaction Fee, but the Trust has not received from the redeeming Participant all Redemption Baskets comprising the Redemption Order, the Managing Owner will settle the Redemption Order to the extent of whole Redemption Baskets then received
and any balance of the Redemption Order will be cancelled. For the avoidance of doubt, any Redemption Baskets not redeemed for failure of the redeeming Participant to provide whole Redemption Baskets as indicated above, shall be redeemed through a
new and separate Redemption Order subject to all of the procedures outlined above, including the payment of the Transaction Fee associated with a Redemption Order. 

(b) If, by the Settlement Time the Managing Owner has not received confirmation of receipt of the Transaction Fee and the Trust has not
received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Participant will be charged by the Managing Owner an additional processing charge of $2,000. 

  
 10

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