Document:

Form of Limited Liability Company Agreement

 EXHIBIT 4.2 
  

 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 iSHARES® GS COMMODITY NON ENERGY INDEXED INVESTING POOL LLC 
 Dated as of [•], 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I        DEFINITIONS AND RULES OF CONSTRUCTION	  	1
			
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Rules of Construction	  	4
		
	ARTICLE II        GENERAL	  	5
			
	 Section 2.1
	  	Name	  	5
	 Section 2.2
	  	Organization; Certificate	  	5
	 Section 2.3
	  	Location of Principal Place of Business	  	5
	 Section 2.4
	  	Registered Office	  	5
	 Section 2.5
	  	Registered Agent	  	5
	 Section 2.6
	  	Term	  	5
	 Section 2.7
	  	Purpose	  	5
	 Section 2.8
	  	Powers	  	6
	 Section 2.9
	  	Property of the Investing Pool	  	6
		
	ARTICLE III        CAPITAL CONTRIBUTIONS, INVESTING POOL INTERESTS AND DISTRIBUTIONS	  	6
			
	 Section 3.1
	  	Investing Pool Interests	  	6
	 Section 3.2
	  	Form of Contributions	  	6
	 Section 3.3
	  	Initial Contributions	  	6
	 Section 3.4
	  	Additional Contributions	  	6
	 Section 3.5
	  	Capital Accounts	  	7
	 Section 3.6
	  	Allocations for Capital Account Purposes	  	8
	 Section 3.7
	  	Allocations for Tax Purposes	  	9
	 Section 3.8
	  	Tax Conventions	  	9
	 Section 3.9
	  	Tax Allocations With Respect to Beneficial Owners	  	11
	 Section 3.10
	  	Investing Pool Interests as Personal Property	  	11
	 Section 3.11
	  	Interest on Capital Contributions	  	11
	 Section 3.12
	  	Valuation	  	11
	 Section 3.13
	  	Limitation on Distributions	  	12
		
	ARTICLE IV        MEMBERS	  	12
			
	 Section 4.1
	  	Powers of Members	  	12
	 Section 4.2
	  	Resignation	  	12
	 Section 4.3
	  	Liability of Members	  	13
		
	ARTICLE V        MANAGEMENT	  	13
			
	 Section 5.1
	  	Manager	  	13
	 Section 5.2
	  	Authority of the Manager	  	13
	 Section 5.3
	  	Officers and Agents of the Investing Pool	  	14
	 Section 5.4
	  	Officers: Term of Office; Resignation; Removal	  	14

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 5.5
	  	Reliance by Third Parties	  	14
	 Section 5.6
	  	Appointment of a Futures Commission Merchant and Clearing FCM	  	14
	 Section 5.7
	  	Appointment of a Commodity Trading Adviser	  	15
	 Section 5.8
	  	Manager Allocation; Assumption of Operating Expenses	  	15
	 Section 5.9
	  	Determination of Net Asset Value	  	15
		
	ARTICLE VI        TAX MATTERS	  	15
			
	 Section 6.1
	  	Tax Information	  	15
	 Section 6.2
	  	Taxation as a Partnership and Tax Elections	  	16
	 Section 6.3
	  	Adjustments Pursuant to Section 754 Election	  	16
	 Section 6.4
	  	Notice of Redemptions	  	16
	 Section 6.5
	  	Withholding Taxes	  	17
	 Section 6.7
	  	Compliance by Beneficial Owners	  	17
		
	ARTICLE VII        TRANSFERS OF INVESTING POOL INTERESTS	  	18
			
	 Section 7.1
	  	Transfers of Investing Pool Interests	  	18
		
	ARTICLE VIII        DISSOLUTION, LIQUIDATION AND TERMINATION	  	18
	 Section 8.1
	  	No Dissolution	  	18
	 Section 8.2
	  	Events Causing Dissolution	  	18
	 Section 8.3
	  	Notice of Dissolution	  	18
	 Section 8.4
	  	Liquidation	  	18
	 Section 8.5
	  	Termination	  	19
		
	ARTICLE IX        MISCELLANEOUS	  	19
			
	 Section 9.1
	  	Binding Effect; Entire Agreement	  	19
	 Section 9.2
	  	Amendments	  	19
	 Section 9.3
	  	Governing Law; Severability	  	19
	 Section 9.4
	  	Consent to Jurisdiction	  	19
	 Section 9.5
	  	Relationship Between this Agreement and the Act	  	19
	 Section 9.6
	  	Exculpation	  	20
	 Section 9.7
	  	Indemnification	  	20
	 Section 9.8
	  	Notices	  	20
	 Section 9.9
	  	Headings	  	21
	 Section 9.10
	  	Counterparts	  	21
	 Section 9.11
	  	Books and Records	  	21
		
	ANNEX A — Initial Capital Contributions	  	A-1

  

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 LIMITED LIABILITY COMPANY AGREEMENT 
 This Limited Liability Company Agreement of iShares® GS Commodity Non Energy Indexed Investing Pool LLC, a Delaware limited liability company (the “Investing Pool”), is made as of
[•], 2006, among iShares® GS Commodity Non
Energy Indexed Trust, a Delaware statutory trust, in its capacity as a member (“Member A”), and Barclays Global Investors International, Inc., a Delaware corporation, in its capacity as a member (“Member B” and,
together with Member A, the “Members”) and the Manager (as defined below). 
 WHEREAS, the Investing Pool was formed
pursuant to the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time and any successor to such statute (the “Act”), pursuant to a Certificate of Formation (as it may be
amended, modified, supplemented or restated from time to time, the “Certificate”) filed with the Secretary of State of Delaware on [•], 2006. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants hereinafter set forth, the Members, intending to be legally bound, declare the following to be the limited liability company agreement of the
Investing Pool and hereby mutually covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions.
Except as otherwise specified in this Agreement or unless the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement. 
 “Act” has the meaning specified in the recitals hereto. 
 “Adjusted Property” means any property the book value of which has been adjusted as provided by Section 3.5(d). 
 “Administrator” means Barclays Global Investors, N.A., a national banking association, or another entity appointed by the Manager to
perform administration services for the Investing Pool on behalf of the Manager. 
 “Affiliate” means, with respect to any
Person, any Person directly or indirectly controlling, controlled by or under common control with such Person. 
 “Agreement” means this Limited Liability Company Agreement as amended, modified, supplemented and restated from time to time, in accordance with its terms. 
 “Beneficial Owner” means a person treated as a direct or indirect partner in the Investing Pool for U.S. federal income tax purposes,
including for this purpose a person that is treated as owning an interest in Member A if the Investing Pool is notified in a manner satisfactory to the Manager as to the identity of such Beneficial Owner. 

 “Book-Tax Disparity” means, with respect to any property, as of any date of
determination, the difference between the book value of such property (as initially determined under Section 3.10 in the case of contributed property, and as adjusted from time to time in accordance with Section 3.5(d)), and
the adjusted basis thereof for U.S. federal income tax purposes, as of such date of determination. A Member’s share of the Investing Pool’s Book-Tax Disparities will be reflected by the difference between such Member’s Capital Account
balance, as maintained pursuant to Section 3.5, and such balance had the Capital Account been maintained strictly in accordance with tax accounting principles. 
 “Business Day” means any day (1) on which none of the following occurs: (a) the Exchange is closed for regular trading,
(b) the CME is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the Trustee determines that it is able to conduct business. 
 “Capital Account” has the meaning specified in Section 3.5(a). 
 “CERFs” means the Goldman Sachs Non Energy Excess Return futures contracts traded on the CME. 
 “Certificate” has the meaning specified in the recitals hereto. 
 “Clearing FCM” means, initially, Goldman, Sachs & Co., or any other futures commission merchant(s) appointed by the Manager as
clearing futures commission merchant(s) for the Investing Pool. 
 “CME” means the Chicago Mercantile Exchange Inc., or its
successor. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Exchange” means the New York Stock Exchange. 
 “Futures Commission Merchant” means any futures commission merchant, including the Clearing FCM, that solicits or accepts orders for CERFs on the CME for, and accepts payment from or on behalf of, the
Investing Pool. 
 “Indemnitees” has the meaning specified in Section 9.7. 
 “Initial Contributions” has the meaning specified in Section 3.3(b). 
 “Investing Pool” has the meaning specified in the Preamble hereto. 
 “Investing Pool Administrator” means Investors Bank & Trust Company, a banking corporation organized under the laws of
Massachusetts, when acting in its capacity as an administrator of the Investing Pool on behalf of the Administrator. 
 “Investing
Pool Interests” means the limited liability company interests issued by the Investing Pool to the Members. 
  

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 “Manager” means Barclays Global Investors International, Inc., a Delaware corporation,
or any successor thereto, in its capacity as manager of the Investing Pool. The Manager is hereby designated as a “manager” of the Investing Pool within the meaning of § 18- 101(10) of the Act. 
 “Member A” has the meaning specified in the Preamble hereto. 
 “Member B” has the meaning specified in the Preamble hereto. 
 “Members” has the meaning specified in the Preamble hereto, together with any successor members permitted hereunder. 
 “Net Asset Value” means the aggregate value of (1) the CERFs, Short-Term Securities, cash and other assets of the Investing Pool
(calculated on the basis provided in Section 3.12) owned as of the most recent close of trading of the Exchange less (2) the Investing Pool’s accrued expenses and liabilities as of the most recent close of trading of the
Exchange. 
 “Operating Expenses” means the costs of employing the Administrator, the Investing Pool Administrator and the
Tax Administrator (or any other Persons to whom the Manager or any authorized delegatee may delegate performance of administrative services for the Investing Pool) and any other expenses of a kind that might be considered ordinary operating expenses
of the Investing Pool, but excluding any commissions payable to the Clearing FCM or any other Futures Commission Merchant. 
 “Percentage Interest” means (a) as to each Member, the portion (expressed as a percentage) of the total outstanding Investing Pool Interests held by such Member, and (b) as to any Beneficial Owner, other than a
Member, the product of (i) the Percentage Interest of Member A as determined under clause (a) above multiplied by (ii) a fraction, the numerator of which is the number of such Beneficial Owner’s Shares and the denominator of
which is the total number of Shares outstanding as of the date of determination. 
 “Person” means any natural person or any
limited liability company, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Redemption Event” means any date on which the Investing Pool redeems all or a portion of a Member’s Investing Pool Interests in
exchange for CERFs, Short-Term Securities or cash. 
 “Shares” has the meaning specified in the Trust Agreement. 

“Short-Term Securities” means U.S. Treasury securities or other short-term securities and similar securities, in each case that are
eligible as margin deposits under the rules of the CME. 
 “Substitute Member” has the meaning specified in
Section 7.1. 
 “Tax Administrator” means PricewaterhouseCoopers LLP, a limited liability partnership formed
under the laws of the State of Delaware, when acting in its capacity as tax administrator of the Investing Pool on behalf of the Administrator. 
  

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 “Tax Matters Partner” shall mean the tax matters partner for the Investing Pool as such
term is defined in Section 6231(a) (7) of the Code. 
 “Transaction Documents” means the Distribution Agreement,
the Investment Advisory Agreement, the Investing Pool Sub-license Agreement and all documents and certificates contemplated thereby or delivered in connection therewith. 
 “Trust Agreement” means the Trust Agreement of the iShares® GS Commodity Non Energy Indexed Trust, dated as of
[                    ], 2006, as amended from time to time, among Barclays Global Investors International, Inc., as sponsor, the Trustee, and
[•], as Delaware trustee. 
 “Trustee” means Barclays Global Investors, N.A., a national banking association, in its
capacity as administrative trustee of iShares® GS
Commodity Non Energy Indexed Trust. 
 “Unrealized Gain” attributable to an Investing Pool property means, as of any date of
determination, the excess, if any, of the fair market value of such property (as determined for purposes of Section 3.5(d)) as of such date of determination over the adjusted basis of such property as of such date of determination.

 “Unrealized Loss” attributable to an Investing Pool property means, as of any date of determination, the excess, if any,
of the adjusted basis of such property as of such date of determination over the fair market value of such property (as determined for purposes of Section 3.5(d)) as of such date of determination. 
 Section 1.2 Rules of Construction. Unless the context may otherwise require: 
 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as then in effect in the United States; 
 (iii) “or” is not exclusive; 
 (iv) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision;

 (v) “including” means including without limitation; and 
 (vi) words in the singular include the plural, and words in the plural include the singular. 
  

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 ARTICLE II 
 GENERAL 
 Section 2.1 Name. The name of the Investing Pool is “iShares® GS Commodity Non Energy Indexed Investing Pool
LLC”. 
 Section 2.2 Organization; Certificate. Pursuant to the Act, the Investing Pool was formed on [•], 2006. The
parties hereby ratify the execution, delivery and filing of the Certificate with the Secretary of State of Delaware by Barclays Global Investors, International, as an “authorized person” within the meaning of the Act. Upon the execution
hereof, Barclays Global Investors, International’s powers as an “authorized person” ceased, and the Manager became a designated “authorized person” and shall continue as a designated “authorized person” within the
meaning of the Act. The affairs of the Investing Pool shall be governed by this Agreement and the laws of the State of Delaware. The Manager, as an “authorized person,” shall immediately, and from time to time hereafter as may be required
by applicable law, execute any required amendments to the Certificate and do all filings, recordings and other acts as may be appropriate to comply with the operation of the Investing Pool under the Act. 
 Section 2.3 Location of Principal Place of Business. The location of the principal place of business of the Investing Pool is 45 Fremont
Street, San Francisco, CA 94105 or such other location within or without the State of Delaware as may be determined by the Manager. In addition, the Investing Pool may maintain such other offices as the Manager may deem to be advisable at any other
place or places within or without the State of Delaware. 
 Section 2.4 Registered Office. The address of the registered office
of the Investing Pool in the State of Delaware is at [Corporation Service Company, 2711 Centerville Road, Suite 400, in the City of Wilmington, Delaware 19808], or at such other place as the Manager may determine from time to time. 
 Section 2.5 Registered Agent. The registered agent for the Investing Pool is [The Corporation Trust Company, located at Corporation Service
Company, 2711 Centerville Road, Suite 400, in the City of Wilmington, Delaware 19808], or such other registered agent as the Manager may designate from time to time. 
 Section 2.6 Term. The term of the Investing Pool commenced upon the date the Certificate was filed in the office of the Secretary of State of Delaware and shall continue until the Investing Pool is
dissolved in accordance with the provisions of Section 8.2. 
 Section 2.7 Purpose. The Investing Pool is organized
and formed solely for the purpose of, (a) directly or indirectly buying, selling or otherwise acquiring, holding or owning and disposing of CERFs, Short-Term Securities and cash as an investor therein (and not as a trader or dealer therein)
with a view to tracking the Goldman Sachs Non Energy Total Return Index over time and (b) conducting any other business or duties authorized by this Agreement, as well as any activities incidental or necessary to carry out the foregoing purpose
and the duties set forth in this Agreement. 
  

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 Section 2.8 Powers. In furtherance of its purpose, but subject to all of the provisions of
this Agreement, the Investing Pool shall have the power and is hereby authorized to do anything and engage in any activity related to its purpose, business or activities as may be necessary, convenient or incidental to the conduct of its business or
activities, and shall have and may exercise all of the powers, rights and privileges conferred upon limited liability companies formed pursuant to the Act or by any other law of the State of Delaware or by this Agreement (if not prohibited by the
Act), together with any powers incidental thereto, so far as such powers and rights are necessary, suitable or convenient to the conduct, promotion or attainment of the business purposes or activities of the Investing Pool; provided, that the
Investing Pool shall not incur any indebtedness. 
 Section 2.9 Property of the Investing Pool. All business of the Investing
Pool shall be conducted in the name of the Investing Pool. The Investing Pool shall hold title to all of its property in the name of the Investing Pool. 
 ARTICLE III 
 CAPITAL CONTRIBUTIONS, INVESTING POOL 
 INTERESTS AND DISTRIBUTIONS 
 Section 3.1 Investing Pool Interests. (a) The Members shall own all of the Investing Pool Interests. Investing Pool Interests may not be issued to or redeemed by any Person other than a Member. 
 (b) The Members acknowledge and agree that their Investing Pool Interests shall be adjusted, from time to time, to reflect (i) additional capital
contributions of CERFs, Short-Term Securities or cash, (ii) transfers by Members of their Investing Pool Interests in accordance with Section 7.1, (iii) Redemption Events (iv) such other events as otherwise may give rise
to a change in a Member’s ownership of Investing Pool Interests under this Agreement, and (v) distributions made to the Manager pursuant to Section 5.8. 
 (c) The ownership of Investing Pool Interests shall be recorded and reflected on the books of the Investing Pool. Initially, Investing Pool Interests
shall not be evidenced by any certificate or other written instrument, but shall be evidenced only by this Agreement. In the event that the Manager decides to issue certificates evidencing the ownership of Investing Pool Interests, such certificates
shall be in the form determined by the Manager. 
 Section 3.2 Form of Contributions. The Members may make contributions of
capital to the Investing Pool only in the form of CERFs, Short-Term Securities and/or cash, in each case as determined by the Manager in its discretion. 
 Section 3.3 Initial Contributions. Annex A hereto sets forth the respective contributions to the Investing Pool, as of the date hereof, by each Member (the “Initial Contributions”).

 Section 3.4 Additional Contributions. The Members may make additional capital contributions of CERFs, Short-Term Securities
and/or cash to the Investing Pool from time to time in accordance with the terms of this Agreement. 
  

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 Section 3.5 Capital Accounts. 
 (a) The Investing Pool shall establish and maintain a separate account (the “Capital Account”) for each Member’s Investing Pool
Interests in accordance with the following provisions: 
 (i) Initial Capital Account. The initial balance of the
Capital Account of each Member shall be such Member’s Initial Contribution. 
 (ii) Adjustments to Capital
Accounts. 
 (A) Each Member’s Capital Account shall be increased by the amount of additional cash and the value (as
determined under Section 3.12) of any CERFs or Short-Term Securities contributed to the Investing Pool by such Member, and by any income or gain (including income and gain exempt from tax) computed in accordance with
Section 3.5(b) and allocated to such Member pursuant to Section 3.6. 
 (B) Each Member’s Capital
Account shall be decreased by the amount of cash and the value (as determined under Section 3.12) of any CERFs or Short-Term Securities distributed to such Member pursuant to any provision of this Agreement, and by any expenses,
deductions or losses computed in accordance with Section 3.5(b) and allocated to such Member pursuant to Section 3.6. 
 (iii) Contributions; Distributions; Redemption Events. 
 (A) Each Member agrees that
it will contribute property to the Investing Pool only if such property has, to the best of that Member’s knowledge after reasonable inquiry, a basis for tax purposes equal to the fair market value of such property, and acknowledges that the
Investing Pool will rely upon such fair market value basis for purposes of determining and allocating items of income, gain, loss, deduction, basis and other tax items. For this purpose, Section 3.12 shall apply to determine fair market
value. 
 (B) In determining which CERFs and Short-Term Securities, if any, are to be distributed to a Member or sold or
closed out in connection with a Redemption Event pursuant to the provisions of this Agreement, the Manager shall adopt a standard procedure for selecting such CERFs or Short-Term Securities that is applied consistently to all Redemption Events.
Unless the Manager determines that another lot selection method more accurately allocates taxable gain and loss to Members in a manner that corresponds to their economic gain and loss, the procedure shall be “first in, first out,”
“last in, last out,” or a combination thereof. 
 (b) For purposes of computing the amount of any item of income, gain, deduction,
expense or loss to be reflected in a Member’s Capital Account, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes;
provided that: 
 (i) Items described in Section 705(a)(2)(B) of the Code shall be treated as items of deduction.
All fees and other expenses incurred by the Investing Pool to promote the sale of (or to sell) an Investing Pool Interest that can neither be deducted nor amortized under Section 709 of the Code shall, for purposes of Capital Account
maintenance, be treated as an item described in Section 705(a)(2)(B) of the Code. 
  

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 (ii) Except as otherwise provided in Treasury Regulations
Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code. 
 (iii) In computing income, gain, deduction, expense or loss for Capital Account purposes, the amount of such item shall be determined
taking into account the book value of the Investing Pool’s property, as adjusted pursuant to Section 3.5(d). 
 (c) In the
event any Member’s Investing Pool Interests are transferred in accordance with the terms of this Agreement or the Trust Agreement, the transferee shall succeed to the Capital Account of such Member to the extent such Capital Account relates to
the transferred Investing Pool Interests. 
 (d) Consistent with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(f),
upon an issuance or redemption of Investing Pool Interests or otherwise as appropriate pursuant to generally accepted industry accounting practices, the Capital Accounts of all Members may, immediately prior to such issuance or redemption, be
adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized Gain or Unrealized Loss attributable to each Investing Pool 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 or redemption and had been allocated to the Members at such time pursuant to Section 3.6. Pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(g), appropriate
adjustments shall be made to the book value of each Investing Pool property with Unrealized Gain or Unrealized Loss. Proper adjustment shall be made to the amount of any Capital Account adjustment under this Section 3.5(d) to take into
account any prior Capital Account adjustment under this Section. 
 Section 3.6 Allocations for Capital Account Purposes.

 (a) For purposes of maintaining the Capital Accounts and in determining the rights of the Members among themselves, except as otherwise
provided in this Section 3.6, each item of income, gain, loss, expense and deduction (computed in accordance with Section 3.5(b)) shall be allocated to the Members in accordance with their respective Percentage Interests.

 (b) Member B shall be treated as receiving a guaranteed payment equal to an amount corresponding to the allocation described in
Section 5.8 hereof. 
 (c) Pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(g), items of depreciation, depletion,
amortization and gain or loss attributable to Adjusted Property that has a Book-Tax Disparity shall be allocated among the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3). 
  

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 (d) If any Member unexpectedly receives any adjustments, allocations or distributions described in
Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(5) or 1.704- 1(b)(2)(ii)(d)(6), items of Investing Pool income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate a deficit balance in its
Capital Account (after decreasing such Member’s Capital Account balance by the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6)) created by such adjustments, allocations or distributions
as quickly as possible. This Section 3.6(d) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulations Section 1.704-1(b) (2)(ii)(d). 
 Section 3.7 Allocations for Tax Purposes. 
 (a) For U.S. federal income tax purposes, except as otherwise provided in this Section 3.7, each item of income, gain, loss, deduction and credit of the Investing Pool shall be allocated among the Members
in accordance with their respective Percentage Interests. 
 (b) In an attempt to eliminate Book-Tax Disparities, items of income, gain, or
loss shall be allocated for U.S. federal income tax purposes among the Members under the principles of the remedial method of Treasury Regulations Section 1.704-3(d). 
 (c) If any Member unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Member in an amount and manner consistent with the allocations of income and gain pursuant to Section 3.6(d). 
 (d) The provisions of this Article III and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply
with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Regulations. The Manager shall be authorized to make appropriate amendments to the allocations of items pursuant to this Article
III if necessary in order to comply with Section 704 of the Code or applicable Treasury Regulations thereunder. 
 Section 3.8
Tax Conventions. 
 (a) For purposes of Sections 3.5, 3.6 and 3.7, the Manager shall cause the Investing Pool to
adopt such conventions as may be necessary or appropriate in the Manager’s reasonable discretion in order to comply with applicable law, including Section 706 of the Code and the Treasury Regulations or rulings promulgated thereunder, or
to allocate items of the Investing Pool’s income, gain, loss, expenses, deductions and credits in a manner that reflects Members’ Investing Pool Interests. The Manager may revise, alter or otherwise modify such conventions in accordance
with the standard established in the prior sentence. 
 (b) Unless the Manager determines that another convention is necessary or appropriate
in the Manager’s reasonable discretion in order to comply with applicable law, or to allocate items of the Investing Pool’s income, gain, loss, expenses, deductions and credits in a manner that more accurately reflects Members’
Investing Pool Interests, the Investing Pool shall use the monthly convention described in this Section 3.8(b). 
  

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 (i) All issuances, redemptions and transfers of Investing Pool Interests or beneficial
interests therein shall be deemed to take place at a price equal to the value of such Investing Pool Interest or beneficial interest therein at the end of the Business Day during the month in which the issuance, redemption or transfer takes place on
which the value of an Investing Pool Interest or beneficial interest therein is lowest (such price, the “single monthly price”). Accordingly, in determining Unrealized Gain or Unrealized Loss and in making the adjustments provided for by
Section 3.5(d), the fair market value of all Investing Pool property immediately prior to the issuance, redemption or transfer of Investing Pool Interests shall be deemed to be equal to the lowest value of such property (as determined under
Section 3.12) during the month in which such Investing Pool Interests are issued or redeemed. In the event that the Investing Pool makes an election under Section 754 of the Code, adjustments to be made under Sections 734(b) and 743(b) of
the Code will be made using the same monthly convention, including by reference to the single monthly price. 
 (ii) All
contributed property shall be deemed to be contributed at a price equal to the weighted average value of such property (as determined under Section 3.12) during the month in which such property is contributed. All purchases and sales of
property, however, shall be treated as taking place at a price equal to the purchase or sales price of the property, respectively. 
 (iii) Each item of Investing Pool income, gain, expense, loss, deduction and credit attributable to a transferred Investing Pool Interest shall, for U.S. federal income tax purposes, be determined on a monthly basis and shall be allocated
to the Members who own Investing Pool Interests as of the close of the last day of the month preceding the month in which the transfer occurs, provided that, for the initial period beginning on the date hereof and ending on the last day of the month
following the month in which this agreement becomes effective, such items shall be allocated to the Members who own the Investing Pool Interests as of the close of the last day of the month in which such items arose; and provided further that,
unless the Manager determines that another method is necessary or appropriate in the Manager’s reasonable discretion, gain or loss on a sale or other disposition of all or a substantial portion of the assets of the Investing Pool (or, in the
Manager’s sole discretion, other sales or dispositions of assets if appropriate to more accurately allocate such gain and loss to Members in a manner that corresponds to their economic gain and loss) shall be allocated to the Members who own
Investing Pool Interests as of the close of the day in which such gain or loss is recognized for federal income tax purposes. 
 (iv) All such allocations are intended to constitute a reasonable method of allocation in accordance with Treasury Regulations Section 1.706-1(c)(2)(ii) and to take into account a Member or Beneficial Owner’s varying Investing
Pool Interests during the taxable year of any issuance, redemption or transfer of Investing Pool Interests or beneficial interests therein. Any person who is the transferee of an Investing Pool Interest shall be deemed to consent to the methods of
determination and allocation set forth in this Section 3.8 as a condition of receiving such Investing Pool Interest. 
  

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 Section 3.9 Tax Allocations With Respect to Beneficial Owners. To the extent any Beneficial
Owner is treated as the direct owner of an Investing Pool Interest for U.S. federal income tax purposes, Sections 3.5, 3.6, 3.7 and 3.8 shall apply to such Beneficial Owner, as appropriate, as if it were a Member. In
addition, in order properly to allocate income, gain, loss, expense, deductions and credits to Beneficial Owners pursuant to the Trust Agreement, the Investing Pool shall for purposes of those Sections treat references to a Member as including
references to Beneficial Owners. Accordingly, the Investing Pool shall maintain capital accounts for each Beneficial Owner, and shall allocate income, gain, loss, expense, deductions and credits with respect to each Beneficial Owner, as if such
Beneficial Owner held directly its indirect Investing Pool Interests, in an amount equal to its Percentage Interest. By acquiring a beneficial ownership interest in an Investing Pool Interest, a Beneficial Owner shall be deemed to consent to such
treatment as a condition of receiving such beneficial ownership interest. 
 Section 3.10 Investing Pool Interests as Personal
Property. Each Member hereby agrees that its Investing Pool Interests shall for all purposes be personal property. The Investing Pool shall be the sole owner of the property and rights conveyed to it. No Member has any interest in specific
Investing Pool property, including property conveyed to the Investing Pool by a Member. 
 Section 3.11 Interest on Capital
Contributions. No Member shall be entitled to any interest on its capital contribution. 
 Section 3.12 Valuation.
(a) The value, on any day, of CERFs, Short-Term Securities and any other property, other than cash, under this Agreement shall be determined as of the close of trading on the Exchange on that day as follows: 
 (i) The Manager (or the Investing Pool Administrator on behalf of the Manager) will value CERFs on the basis of that day’s announced
CME settlement price for the CERF. If there is no announced CME settlement price for the CERF on that day, the Manager (or the Investing Pool Administrator on behalf of the Manager) will use the most recently announced CME settlement price unless
the Manager (or the Investing Pool Administrator on behalf of the Manager) determines that that price is inappropriate as a basis for the valuation of CERFs. 
 (ii) The Manager (or the Investing Pool Administrator on behalf of the Manager) will value all other property not referred to in clause
(i) at (A) its current market value, if quotations for such property are readily available or (B) its fair value, as reasonably determined by the Manager (or the Investing Pool Administrator on behalf of the Manager), if the current
market value cannot be determined 
 (b) The Manager (or the Investing Pool Administrator on behalf of the Manager) may (but is not required
to) employ the services of, and rely upon the reports of, a recognized pricing service (including a pricing service that is an Affiliate of the Manager). If the Manager (or the Investing Pool Administrator on behalf of the Manager) determines that
the procedures in this Section 3.12 are an inappropriate basis for the valuation of the Investing Pool’s assets, it shall determine an alternative basis to be employed. None of the Manager or the Investing Pool Administrator shall
be liable to any Person for any determination as to the alternative basis for evaluation; provided that such determination is made in good faith. 
  

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 Section 3.13 Limitation on Distributions. (a) Members shall be entitled to receive
distributions from the Investing Pool (i) upon the occurrence of a Redemption Event, in which case the distribution will be in the form of CERFs, Short-Term Securities and/or cash as determined by the Manager, or (ii) upon dissolution,
liquidation or termination pursuant to Article VIII, in which case the distribution shall be in the form directed by the Manager in accordance with the terms of this Agreement; provided that, in the case of a Redemption Event, the
amount of the distribution shall be determined by the Manager under Section 3.12. 
 (b) The Manager may, but shall not be
obligated to, direct the Investing Pool to distribute to Member A cash held by the Investing Pool that is not required to be held by the Investing Pool in connection with its business. 
 (c) Notwithstanding any provision to the contrary contained in this Agreement, the Investing Pool, and the Manager on behalf of the Investing Pool, shall
not be required to make a distribution to a Member on account of its Investing Pool Interests if such distribution would violate the Act or any other applicable law. A determination that a distribution is not prohibited under this
Section 3.13 or the Act shall be made by the Manager and, to the fullest extent permitted by applicable law, may be based either on financial statements prepared on the basis of accounting practices and principles that are reasonable
under the circumstances or on a fair valuation or any other method that is reasonable under the circumstances. Unless otherwise agreed to by the Members, a Member shall be entitled only to the distributions expressly provided for in this Agreement.

 (d) Notwithstanding anything to the contrary contained in this Agreement, the Members understand and acknowledge that a Member may be
compelled to accept a distribution of any asset in kind from the Investing Pool despite the fact that the percentage of the asset distributed to such member exceeds the percentage of that asset which is equal to the percentage in which such member
shares in distributions from the Investing Pool. 
 ARTICLE IV 
 MEMBERS 
 Section 4.1 Powers of Members. Notwithstanding anything
herein to the contrary, the Members have all of the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. The Members, in their capacity as members of the Investing Pool, are
not agents of the Investing Pool and do not have any right, power or authority to transact any business in the name of the Investing Pool or to act for or on behalf of or to bind the Investing Pool. No annual or special meetings of the Members are
required. 
 Section 4.2 Resignation. A Member may resign from the Investing Pool prior to the dissolution and winding up of the
Investing Pool only upon the transfer of its Investing Pool Interest in accordance with Section 7.1. Notwithstanding Section 18-604 of the Act, a resigning 
  

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 Member shall not be entitled to receive any distribution and shall not otherwise be entitled to receive the fair value of
its Investing Pool Interests except as otherwise expressly provided for in this Agreement. 
 Section 4.3 Liability of Members.
(a) Except as otherwise required by the Act, the debts, obligations and liabilities of the Investing Pool, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Investing Pool, and no
Member shall be obligated personally for any such debt, obligation or liability solely by reason of being a member of the Investing Pool. Except as expressly required herein or by applicable law, a Member, in its capacity as such, shall have no
liability in excess of (a) the value of its Investing Pool Interests or (b) the amount of any distributions wrongfully distributed to it. 
 (b) The Manager, the officers, any agents (including the Tax Administrator) and any delegatee of the Investing Pool shall not be liable for any claim relating to taxes (including interest, penalties, assessments or additions to tax, or
damages related thereto) that may be imposed on the Investing Pool, the Members or Beneficial Owners with respect to income, gain, loss, expense, deduction, credit or other tax items relating to an investment in the Investing Pool or the activities
of the Investment Pool, so long as such persons have acted in good faith and in a manner believed to be in the best interests of the Members and Beneficial Owners. The provisions of this Section 4.3(b) shall be in addition to, and shall
not limit, the provisions of Sections 9.6 and 9.7. 
 ARTICLE V 
 MANAGEMENT 
 Section 5.1 Manager. Except as otherwise specifically
provided by applicable law or in this Agreement, the business and affairs of the Investing Pool shall be managed solely by the Manager (or by any officers and agents of the Investing Pool to whom the Manager delegates its authority, or by such
officers, agents and third parties acting at the direction of the Manager). The Manager shall have full and complete authority, power and discretion, acting alone and without the consent or approval of the Members, to make any and all decisions and
to do any and all things that the Manager reasonably deems to be within its authority set forth in Section 5.2. 
 Section 5.2 Authority of the Manager. (a) Except as otherwise provided in this Agreement, the Manager shall have the power on behalf and in the name of the Investing Pool to carry out any and all of the objects and purposes
of the Investing Pool and to perform such acts and enter into and perform such contracts and other undertakings on behalf of the Investing Pool that the Manager may deem to be necessary, advisable or incidental thereto. Except for those specific
matters identified in this Agreement, the Manager, acting alone and without the consent or approval of the Members, is fully authorized to approve and consent to any matter, and to execute, deliver and perform any document on behalf of the Investing
Pool, within the purposes of the Investing Pool, including, without limitation, the Transaction Documents. The Manager shall have the authority to appoint officers and agents of the Investing Pool and to delegate its authority to such officers and
agents, including, without limitation, to the Administrator (who, in turn, has employed the Investing Pool Administrator to maintain various records on behalf of the Investing Pool and the Tax Administrator to perform various tax services on behalf
of the 
  

 13 

 Investing Pool). The Manager shall have the authority to engage third parties to act at its direction on behalf of the
Investing Pool. The Manager shall act as the Tax Matters Partner and exercise any authority permitted the Tax Matters Partner under the Code and Treasury Regulations, and take whatever steps the Manager, in its reasonable discretion, deems necessary
or desirable to perfect such designation, including filing any forms and documents with the Internal Revenue Service and taking such other action as may from time to time be required under Treasury Regulations. 
 (b) The Manager shall devote so much of its time to the affairs of the Investing Pool and the conduct of the Investing Pool’s business as it, in its
sole judgment, reasonably determines to be required. The Manager is not obligated to do or perform any act or thing in connection with the business of the Investing Pool not expressly set forth herein. 
 Section 5.3 Officers and Agents of the Investing Pool. Any officer or agent appointed by the Manager pursuant to Section 5.2
shall have such authority as is delegated to such officer or agent by the Manager. Any such officer or agent shall be authorized to act (and entitled to rely) on the instructions of the Manager and shall have signature authority on behalf of the
Investing Pool to the extent granted by the Manager so that agreements and documents executed by such officer or agent within its authority shall be binding on the Investing Pool. Any officer or agent appointed by the Manager may be an employee of a
Member or the Manager or any Affiliate of a Member or the Manager. 
 Section 5.4 Officers: Term of Office; Resignation; Removal.
Except as otherwise determined by the Manager, each officer shall hold office until his or her successor is duly appointed or until his or her earlier resignation or removal. Any officer may resign at any time upon written notice to the Manager.
Such resignation shall take effect at the time specified therein, and, unless otherwise specified therein, no acceptance of such resignation is necessary to make it effective. The Manager may remove any officer with or without cause at any time. Any
such removal shall be without prejudice to the contractual rights of such officer, if any, with respect to the Investing Pool, but the appointment of any officer shall not in and of itself create any contractual rights. Any vacancy occurring in any
office of the Investing Pool by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Manager at any time. 
 Section 5.5 Reliance by Third Parties. Persons dealing with the Investing Pool are entitled to rely conclusively upon the power and authority of any duly appointed and acting officers or agents acting on
behalf of the Investing Pool. In dealing with any officer or agent duly appointed and acting as set forth in this Agreement, no Person shall be required to inquire into the authority of any such officer or agent to bind the Investing Pool.

 Section 5.6 Appointment of a Futures Commission Merchant and Clearing FCM. The Manager shall appoint one or more Futures
Commission Merchants to act on its behalf to hold, establish or dispose of long positions in CERFs. The Manager shall also appoint one or more clearing futures commission merchants to act as a Clearing FCM for the Investing Pool. 
  

 14 

 Section 5.7 Appointment of a Commodity Trading Adviser. The Manager shall appoint a commodity
trading adviser to act on behalf of the Investing Pool consistent with the purposes set forth herein. 
 Section 5.8 Manager
Allocation; Assumption of Operating Expenses. The Manager hereby agrees that it is obligated to pay (and the Investing Pool is not obligated to pay) all Operating Expenses. In return for agreeing to pay the Operating Expenses, the Manager will
receive an allocation from the Investing Pool that will accrue daily at an annualized rate equal to 0.75% of the Net Asset Value and that will be payable by the Investing Pool monthly in arrears. 
 Section 5.9 Determination of Net Asset Value. On each Business Day on which the Exchange is open for regular trading, as soon as practicable
after the close of regular trading of the shares of Member A on the Exchange, the Manager will determine the Net Asset Value and, immediately after making such determination, notify Member A thereof. 
 ARTICLE VI 
 TAX MATTERS

 Section 6.1 Tax Information. (a) The Manager, at its expense, shall prepare or cause to be prepared all federal,
state, and local tax returns of the Investing Pool for each year for which such returns are required to be filed and shall cause such returns to be timely filed. The Manager shall deliver or cause to be delivered to each Member a Form K-1 and such
other information, if any, with respect to the Investing Pool as may be necessary for the preparation of the federal income tax or information returns of such Member and of any Beneficial Owner that directly or indirectly owns an interest in such
Member, including a statement showing each Member’s or Beneficial Owner’s share of income, gain, loss, expense, deductions and credits for such fiscal year for federal income tax purposes as soon as practicable following each fiscal year
but generally not later than March 15. Each Member agrees that it shall not, except as required by applicable law, (i) treat, on its own income or information tax returns or any information returns that it provides to any Beneficial Owner,
or to any broker or nominee through which the Beneficial Owner owns its Investing Pool Interest, any item of income, gain, loss, deduction, credit, basis or any other tax item relating to its Investing Pool Interests in a manner inconsistent with
the treatment of such items by the Investing Pool as reflected on the Form K-1 or other information statement furnished to such Member pursuant to this Section 6.1, or (ii) file any claim for a refund relating to any such item based
on, or which would result in, such inconsistent treatment. 
 (b) Each Member shall, upon request, furnish the Manager with its name and
address and such other information as may be reasonably requested by the Investing Pool or its agent for purposes of complying with the Investing Pool’s tax reporting obligations with respect to the Member’s Investing Pool Interests. Each
Member agrees that any broker or other nominee through which it holds an Investing Pool Interest is permitted to furnish such information to the Investing Pool, including information that would be required by Treasury Regulations
Section 1.6031(c)-1T and any successor thereto if that Section applied to the holding of such interests and directs such broker or nominee to provide any such information held by the broker or nominee to the Investing Pool. The Member agrees to
provide such information to any broker or nominee through which it holds an Investing Pool Interest upon request. 
  

 15 

 Section 6.2 Taxation as a Partnership and Tax Elections. Except as provided herein, the
Manager may, in its sole discretion, cause the Investing Pool to make, or refrain from making, any income or other tax elections that the Manager reasonably deems necessary or advisable, including, but not limited to, an election pursuant to
Section 754 of the Code. The Manager intends to make the election under Section 754 of the Code. The Members recognize and intend that the Investing Pool will be classified as a partnership for U.S. income tax purposes, and will not cause
the Investing Pool to make an election to be treated as an association taxable as a corporation for U.S. federal income tax purposes pursuant to Treasury Regulations Section 301.7701-3, or any successor provision, or a similar election under
any analogous provision for purposes of state or local law. To the extent necessary, the Investing Pool or the Members (as appropriate) will make any election necessary to obtain treatment consistent with the foregoing. 
 Section 6.3 Adjustments Pursuant to Section 754 Election. If the Investing Pool makes an election pursuant to Section 754 of the
Code, the Members agree that the basis of Investing Pool Interests and property of the Investing Pool shall be determined taking into account the provisions of Sections 734(b) and 743(b) of the Code, and except as required by applicable law the
Members shall report the basis of its Investing Pool Interest or any property of the Investing Pool distributed to the Member in a Redemption Event as equal to the basis reported by the Investing Pool or its agents to such Members. The Members
acknowledge that, to the extent any Member is subject to the mark-to-market rules of Section 475 of the Code, the basis of Investing Pool Interests and of any property of the Investing Pool, including property distributed to a Member in a
Redemption Event, shall be determined, including for purposes of Sections 734(b) and 743(b) of the Code, by treating such mark-to-market as having no effect on such basis. 
 Section 6.4 Notice of Redemptions. Each Member acknowledges that the Investing Pool may report gain or loss and other tax items, including
the allocation of basis and adjustments to basis, in reliance upon the assumption that any redemption of a Member’s Investing Pool Interest is a distribution other than in liquidation of the Member’s Investing Pool Interest (a
“partial redemption”), unless it notifies the Investing Pool or its agent prior to the receipt of CERFS and cash or Short-Term Securities that such distribution is in liquidation of the Member’s Investing Pool Interest (a
“complete redemption”). The Member agrees to notify the Investing Pool or its agent within 5 Business Days of the receipt of CERFS and cash or Short-Term Securities of (i) any gain or loss arising from a redemption of an Investing
Pool Interest by the Member in exchange for such property, and (ii) any difference between the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Member, and the
basis of the distributed property to the Member (such gain or loss or basis difference, “Section 734(b) items”), in a manner sufficient for the Investing Pool to adjust the basis of undistributed property held by the Investing Pool under
Section 734(b) of the Code if the Investing Pool makes an election pursuant to Section 754 of the Code. Each Member agrees to determine its basis for tax purposes in any property it receives from the Investing Pool in consideration for a
redemption of Shares by reference to the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Member by the Investing Pool, subject to adjustment as required under
Section 732 or other applicable law. 
  

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 Section 6.5 Withholding Taxes. The Investing Pool shall comply with all applicable
withholding and backup withholding tax requirements. The Investing Pool shall request, and each Member shall provide to the Investing Pool, such forms or other documentation as are necessary to establish an exemption from or reduction in withholding
tax and backup withholding with respect to each Member, and any representations, forms and documents as shall reasonably be requested by the Investing Pool to assist it in determining the extent of, and in fulfilling, its withholding and backup
withholding tax obligations. The Investing Pool shall file any required forms with applicable jurisdictions and, unless an exemption from withholding and backup withholding tax is properly established by a Member, shall remit amounts withheld with
respect to the Member to the applicable tax authorities. To the extent that the Manager reasonably believes that the Investing Pool is required to withhold and pay over any amounts (including taxes, interest, penalties, assessments or additions to
tax) to any tax authority with respect to distributions or allocations to any Member, and the Investing Pool does withhold such amounts, the amounts withheld shall be treated as a distribution of cash to the Member in the amount of the withholding
and shall thereby reduce the amount of cash or other property otherwise distributable to such Member. If an amount required to be withheld was not withheld, the Investing Pool may reduce subsequent distributions by the amount of such required
withholding. The consent of the Members shall not be required for any such withholding. In the event of any claimed over-withholding, Members shall be limited to an action against the applicable jurisdiction. 
 Section 6.6 Each Member waives all confidentiality rights, including all confidentiality rights provided by Section 3406(f) of the Code and
Treasury Regulations Section 31.3406(f)-1, with respect to any representations, forms, documents or information, and any information contained in such representations, forms or documents, that the Member provides, or has provided, to any broker
or nominee through which it owns an Investing Pool Interest, to the extent such representations, forms, documents or information may reasonably be requested by the Investing Pool to assist it in determining the extent of, or fulfilling (i) its
tax reporting obligations pursuant to Section 6.1(b) of this Agreement or (ii) its withholding and backup withholding tax obligations pursuant to Section 6.5 of this Agreement with respect to such Member’s Investing Pool
Interest. Furthermore, the parties hereto acknowledge and agree that any broker or nominee through which a Member owns an Investing Pool Interest shall be a third party beneficiary to this Agreement for the purposes set forth in
Section 6.1(b), Section 6.5 and this Section 6.6 of this Agreement. 
 Section 6.7 Compliance by Beneficial
Owners. To the extent any Beneficial Owner is treated as the direct owner of an Investing Pool Interest for U.S. federal income tax purposes, such Beneficial Owner shall comply with the provisions of this Article VI as if it were a
Member. In addition, by acquiring a beneficial ownership interest in an Investing Pool Interest, a Beneficial Owner shall be deemed to consent as a condition of receiving such beneficial ownership interest to comply with the provisions of
Section 6.1(b), Section 6.5 and Section 6.6 of this Agreement. 
  

 17 

 ARTICLE VII 
 TRANSFERS OF INVESTING POOL INTERESTS 
 Section 7.1 Transfers of Investing Pool
Interests. No Member may offer, sell, contract to sell, pledge, assign or otherwise transfer, directly or indirectly, any of its Investing Pool Interests without the prior written consent of the other Member; provided, however,
Member B may sell, assign or otherwise transfer any of its Investing Pool Interests without the prior written consent of Member A to any non-natural Person that is an Affiliate of Barclays Global Investors International, Inc. (a “Substitute
Member”). Any attempted transfer in violation of this Section 7.1 shall be deemed to be, to the fullest extent permitted by law, null and void and shall not be recognized by the Investing Pool. No transfer of Investing Pool
Interests in accordance with the terms of this Agreement shall be deemed to be effective until recorded upon the books and records of the Investing Pool. 
 ARTICLE VIII 
 DISSOLUTION, LIQUIDATION AND TERMINATION 
 Section 8.1 No Dissolution. The Investing Pool shall not be dissolved by the admission of Members. The death, insanity, retirement,
resignation, expulsion or dissolution of any Member, or the occurrence of any other event that terminates the continued membership of a Member in the Investing Pool, shall not in and of itself cause the Investing Pool to be dissolved or its affairs
to be wound up. Upon the occurrence of any such event, to the fullest extent permitted by law, the business of the Investing Pool shall be continued without dissolution. The bankruptcy (as defined in Sections 18-101(1) and 18-304 of the Act) of a
Member shall not cause such Member to cease to be a member of the Investing Pool, and upon the occurrence of such an event, the Investing Pool shall continue without dissolution. 
 Section 8.2 Events Causing Dissolution. The Investing Pool shall be dissolved and its affairs shall be wound up upon the first to occur of
the following: (a) the entry of a decree of judicial dissolution under Section 18-802 of the Act, (b) at any time the Manager determines that dissolving the Investing Pool is desirable, or (c) the termination of the legal
existence of the last remaining member of the Investing Pool or the occurrence of any other event that terminates the continued membership of the last remaining member of the Investing Pool in the Investing Pool unless the Investing Pool is
continued without dissolution in a manner permitted by the Act. 
 Section 8.3 Notice of Dissolution. Upon the dissolution of the
Investing Pool, the Manager shall promptly notify the Members of such dissolution. 
 Section 8.4 Liquidation. Upon dissolution
of the Investing Pool, the Manager, as liquidating trustee, shall immediately commence to wind up the Investing Pool’s affairs; provided, however, that a reasonable time shall be allowed for the orderly liquidation of the assets
of the Investing Pool and the satisfaction of liabilities to creditors so as to minimize the losses attendant upon liquidation. 
  

 18 

 Section 8.5 Termination. Upon the completion of the winding up, liquidation and distribution
of the assets of the Investing Pool, the Manager shall or shall cause a certificate of cancellation to the Certificate to be filed in accordance with the Act. The existence of the Investing Pool as a separate legal entity shall continue until
cancellation of the Certificate as provided in the Act. 
 ARTICLE IX 
 MISCELLANEOUS 
 Section 9.1 Binding Effect; Entire Agreement. Except
as otherwise provided in this Agreement, every covenant, term and provision of this Agreement is binding upon and inures to the benefit of the Members and their respective personal representatives, successors and permitted assigns. This Agreement
constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter in any way. 
 Section 9.2 Amendments. This Agreement may not be amended, supplemented or repealed other than as agreed to in writing by the Members.

 Section 9.3 Governing Law; Severability. This Agreement is governed by and is to be construed in accordance with the laws
of the State of Delaware. In particular, this Agreement shall be construed to the maximum extent possible to comply with all of the terms and conditions of the Act. If, nevertheless, a court of competent jurisdiction determines that any
provisions or wording of this Agreement is invalid or unenforceable under the Act or other applicable law, such invalidity or unenforceability shall not invalidate the entire Agreement. In that case, this Agreement shall be construed so as to limit
any term or provision so as to make it enforceable or valid within the requirements of applicable law, and, in the event that such term or provision cannot be so limited, this Agreement shall be construed to omit such invalid or unenforceable term
or provision. If a court of competent jurisdiction determines that any provision relating to distributions is invalid or unenforceable, this Agreement shall be construed or interpreted so as (a) to make it enforceable or valid and (b) to
make the distributions as closely equivalent to those set forth in this Agreement as is permissible under applicable law. 
 Section 9.4
Consent to Jurisdiction. The Members hereby (i) irrevocably submit to the non-exclusive jurisdiction of any Delaware state court or federal court sitting in Wilmington, Delaware in any action arising out of or relating to this Agreement,
and (ii) to the fullest extent permitted by law, consent to the service of process by mail. Nothing herein shall affect the right of any party to serve legal process in any manner permitted by law or affect its right to bring any action in any
other court. Each party agrees that, in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party, to the fullest extent permitted by applicable law, waives any right it may
otherwise have to (a) seek punitive or consequential damages, or (b) request a trial by jury. 
 Section 9.5 Relationship
Between this Agreement and the Act. Regardless of whether any provision of this Agreement specifically refers to particular Default Rules, (a) if any provision of this Agreement conflicts with a Default Rule, the provision of this Agreement

  

 19 

 controls and the Default Rule is modified or negated accordingly, and (b) if it is necessary to construe a Default
Rule as modified or negated in order to effectuate any provision of this Agreement, the Default Rule is modified or negated accordingly. For purposes of this Section 9.5, “Default Rule” means a rule stated in the Act
that may be negated or modified by law and that applies except to the extent it is negated or modified through the provisions of a limited liability company’s operating agreement. 
 Section 9.6 Exculpation. To the fullest extent permitted by applicable law, no Member (including a Member acting as a Manager) or any of its
agents or officers shall have personal liability to the Investing Pool or any other Member for monetary damages for breach of fiduciary duty (if any) or any act or omission performed or omitted by any such person in good faith on behalf of the
Investing Pool, except for such person’s gross negligence or willful misconduct. Except to the extent provided for in this Section 9.6 or as required by the Act, the Members shall not be liable under a judgment, decree, or order of
a court, or in any other manner, for any debt, obligation, or liability of the Investing Pool. 
 Section 9.7 Indemnification. To
the fullest extent permitted by applicable law, each Member, the Manager, the officers, any agents and any delegatee of the Investing Pool (collectively, “Indemnitees”) are entitled to indemnification from the Investing Pool for any
loss, damage, claim or expense (including reasonable attorney’s fees) incurred by such Indemnitee by reason of any act or omission performed or omitted by such Indemnitee on behalf of the Investing Pool; provided, however, that
there is no obligation to pay any Indemnitee for amounts incurred as a result of and attributable to such person’s gross negligence, bad faith or willful misconduct; and provided, further that any indemnity under this
Section 9.7 shall be provided out of and only to the extent of the Investing Pool’s assets, and no Member shall have any personal liability on account thereof. The right to indemnification provided under this Section 9.7
shall continue as to any person who has ceased to be an officer, agent or delegate of the Investing Pool and shall inure to the benefit of the heirs, executors and administrators of such person. The right to indemnification under this
Section 9.7 is a contract right. The Investing Pool may purchase and maintain insurance to protect any officer, agent or delegatee of the Investing Pool against liability asserted against him or her, or incurred by him or her, arising
out of his or her status as such, to the fullest extent permitted by applicable law. 
 Section 9.8 Notices. (a) All notices
given under this Agreement must be in writing. 
 (b) Any notice to be given to the Investing Pool or to the Manager shall be deemed to have
been duly given (i) when it is actually delivered by a messenger or a recognized courier service, (ii) five (5) days after it is mailed by registered or certified mail, postage paid or (iii) when receipt of a facsimile
transmission is acknowledged via a return receipt or receipt confirmation as requested by the original transmission, in each case to or at the address or facsimile number set forth below: 
  

 20 

 To the Investing Pool: 
 iShares® GS
Commodity Non Energy Indexed Investing Pool LLC 
 45 Fremont Street 
 San Francisco, CA 94105 
 Attention:
[                    ] 
 Facsimile:
[                    ] 
 To the Manager:

 Barclays Global Investors International, Inc. 
 45 Fremont Street 
 San Francisco, CA 94105 
 Attention: [                    ] 
 Facsimile: [                    ] 
 (c) If given to any Member, at its address or facsimile number set forth in the books and records of the Investing Pool. Any notice to be given to a
Member shall be deemed to have been duly given (i) when it is actually delivered by a messenger or a recognized courier service, (ii) five (5) days after it is mailed by registered or certified mail, postage paid or (iii) when
receipt of a facsimile transmission is acknowledged via a return receipt or receipt confirmation as requested by the original transmission. 
 Section 9.9 Headings. The titles of the Articles and the headings of the Sections of this Agreement are for convenience of reference only and are not to be considered in construing the terms and provisions of this Agreement.

 Section 9.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which is deemed to be an
original and all of such counterparts constitute one and the same agreement. 
 Section 9.11 Books and Records. The Investing
Pool shall maintain as part of its books and records Annex A hereto listing the names of the Members, their respective capital contributions and their ownership of Investing Pool Interests. Such Annex A, as amended from time to time in
accordance with this Agreement, is conclusive as to the identity of the Members and their ownership of Investing Pool Interests. 
 [Signature
Page Follows] 
  

 21 

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

			
	 iSHARES® GS COMMODITY NON ENERGY
     INDEXED
TRUST

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BARCLAYS GLOBAL INVESTORS
     INTERNATIONAL, INC.

		
	By:	 	  

	Name:	 	
	Title:	 	

 ANNEX A 
 INITIAL CAPITAL CONTRIBUTIONS 
  

 A-1Form of Authorized Participant Agreement

 EXHIBIT 4.3 
 AUTHORIZED PARTICIPANT AGREEMENT 
 AUTHORIZED PARTICIPANT AGREEMENT (this “Agreement”) dated as of
[                    ] among
(i) [                                       
 ], a
[                                        ]
organized under the laws of
[                                        ] (the
“Authorized Participant”), (ii) Barclays Global Investors N.A., a national banking association acting in its capacity as trustee (in such capacity, the “Trustee”) of the iShares® GS Commodity Non Energy Indexed Trust (the “Trust”), a trust
created under Delaware law pursuant to the provisions of the Trust Agreement (the “Trust Agreement”) dated [                    ]
between the Trustee and Barclays Global Investors International, Inc., a Delaware corporation, in its capacity as sponsor of the Trust (in such capacity, the “Sponsor”) and
[                                        ] (in
such capacity, the “Delaware Trustee”) and (iii) the Sponsor. 
 R E C I T A L S 
 A. Pursuant to the provisions of the Trust Agreement, the Trust may from time to time issue or redeem equity securities representing an interest in the
assets of the Trust (“iShares”), in each case only in aggregate amounts of [50,000] iShares (such aggregate amount, a “Basket”), and integral multiples thereof, and only in transactions with a party who, at the time
of the transaction, shall have signed and in effect an Authorized Participant Agreement with the Trust. 
 B.
[                                        ] has
requested to become an “Authorized Participant” with respect to the Trust (as such term is defined in the Trust Agreement), and the Sponsor and the Trustee have agreed to such request. 
 NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties, hereto, intending to be legally bound, agree as follows: 
 Section 1. Procedures. The Authorized
Participant will purchase or redeem Baskets of iShares of the Trust in compliance with the Trust Agreement as supplemented by the Creation and Redemption Procedures attached to this Agreement as Schedule 1 (such procedures, as the same may be
amended or modified from time to time in compliance with the provisions hereof and thereof, the “Procedures”). All creation orders and redemption orders (collectively, “Orders”) shall be placed and executed in
accordance with the Trust Agreement as supplemented by the Procedures. 
 Section 2. Incorporation of Standard Terms. The
Standard Terms attached hereto as Schedule 2 (the “Standard Terms”) are hereby incorporated by reference into, and made a part of, this Agreement. 
 Section 3. Conflicts Rules. In case of any inconsistency between the provisions of this Agreement and the Trust Agreement, the provisions of the Trust Agreement shall control. In case of inconsistency
between the provisions incorporated by reference into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control. 
 Section 4. Authorized Representatives. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Exhibit A is a certificate listing the Authorized Representatives of the Authorized
Participant. 

 Section 5. Notices. Except as otherwise specifically provided in the Procedures, all notices
required or permitted to be given pursuant hereto shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified United States first class mail, return receipt requested, or by telex, telegram or facsimile
or similar means of same day delivery (with a confirming copy by mail) addressed as follows: 
  

	 	(i)	If to the Trustee: 

 Barclays Global
Investors, N.A. 
 c/o Investors Bank & Trust 
 200 Clarendon Street 
 Attn: Transfer Agency Dept. - 29th Floor 
 Boston, MA 02116 
 Telephone: (800) 474-2737 
 Facsimile: (617) 204-8121 
 If to the Sponsor: 
 Barclays Global Investors International, Inc. 
 45 Fremont Street 
 San Francisco, CA 94105 
 Attn: Product Management Team, Intermediary Investors and Exchange Traded Products Group 
 Telephone: (415) 402-4671 
 Facsimile: (415) 618-5097 
 with a copy to: 
 Barclays Global Investors, N.A. 
 45 Fremont Street 
 San Francisco, CA 94105 
 Attn: Legal Department 
 Telephone: (415) 597-2860 
 Facsimile: (415) 597-2753 
  

	 	(ii)	If to the Authorized Participant: 

 [                                       
 ] 
 Address: 
 Attention: 
 Telephone: 
 Facsimile: 
 or to such other address as any
of the parties hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof. 
 Section 6. Effectiveness, Termination and Amendment. This Agreement shall become effective upon execution and delivery by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days
prior written notice to the other parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized Participant of any provision of this Agreement (including the Standard Terms incorporated by
Section 2 hereof) or the Procedures. This Agreement supercedes any prior agreement between or among the parties concerning the matters governed hereby. This Agreement may be amended by the Trustee and the Sponsor from time to time without the
consent of the Authorized Participant, or any person on whose behalf the Authorized 
  

 2 

 Participant holds iShares, by the following procedure: the Trustee or the Sponsor will mail a copy of the amendment to
the Authorized Participant in compliance with the notice provisions of this Agreement; if the Authorized Participant does not object in writing to the amendment within ten (10) Business Days after receipt of the proposed amendment, the
amendment will become part of this Agreement in accordance with its terms. 
 Section 7. Governing Law. This Agreement shall be
governed by and interpreted in accordance with the laws of the State of New York, without reference to the choice of law provisions thereof. The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or United States
Federal court sitting in New York City over any suit, action or proceeding arising out of, or relating to, this Agreement. 
 Section 8.
Assignment. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising hereunder without the prior written consent of the other parties hereto; provided, that any party hereto which may
be merged or converted, or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party hereto. Any purported assignment or
delegation in violation of these provisions shall be null and void. Notwithstanding the foregoing, any successor Trustee appointed in compliance with the Trust Agreement shall automatically become a party hereto and shall assume all the obligations,
and be entitled to all the rights and remedies of the Trustee hereunder. 
 Section 9. Counterparts. This Agreement may be
executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Authorized Participant Agreement as of
the date set forth above. 
  

							
	 BARCLAYS GLOBAL INVESTORS, N.A., in
 its capacity as Trustee of the iShares®
GS
 Commodity Non Energy Indexed Trust,
	 		 	
				
	By:	 	  
	 	By:	 	  

	Name:	 		 	Name:	 	
	Title:	 		 	Title:	 	
			
	 BARCLAYS GLOBAL INVESTORS INTERNATIONAL,
 INC., in its capacity as
 Sponsor of the iShares® GS Commodity Non Energy Indexed Trust
	 		 	
				
	By:	 	  
	 	By:	 	  

	Name:	 		 	Name:	 	
	Title:	 		 	Title:	 	
			
	[AUTHORIZED PARTICIPANT]	 		 	
				
	By:	 	  
	 		 	
	Name:	 		 		 	
	Title:	 		 		 	

 Schedule 1 
 CREATION AND REDEMPTION PROCEDURES 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	ARTICLE I	  	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	S1-1
				
		 	Section 1.01.	  	Definitions	  	S1-1
				
		 	Section 1.02.	  	Interpretation	  	S1-3
				
		 	Section 1.03.	  	Conflicts	  	S1-3
			
	ARTICLE II	  	CREATION PROCEDURES	  	S1-3
				
		 	Section 2.01.	  	Initial Creation of iShares	  	S1-3
				
		 	Section 2.02.	  	Subsequent Creation of iShares	  	S1-3
			
	ARTICLE III	  	REDEMPTION PROCEDURES	  	S1-5
				
		 	Section 3.01.	  	Redemption of iShares	  	S1-5

  

 i 

 iSHARES® GS COMMODITY NON ENERGY INDEXED TRUST 
 CREATION AND REDEMPTION PROCEDURES 
 adopted by the Sponsor and the Trustee (each as defined below) as of
[                    ], 2006 
 ARTICLE I

 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01. Definitions. For purposes of these Procedures, unless the context otherwise requires, the following terms will have the following meanings: 
 “Authorized Participant” shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant Agreement. 

“Authorized Participant Agreement” shall mean the Authorized Participant Agreement to which these Procedures are attached as Schedule 1. 

“Authorized Participant Client” shall mean any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer
or otherwise). 
 “Authorized Representative” shall mean, with respect to an Authorized Participant, each individual who, pursuant to the
provisions of the Authorized Participant Agreement between such Authorized Participant and the Trustee, has the power and authority to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption
Orders and is in possession of the personal identification number (PIN) assigned by the Trustee for use in any communications regarding Purchase or Redemption Orders on behalf of such Authorized Participant. 
 “Basket” shall mean [50,000] iShares. 
 “Basket Constituents” shall mean, for each Business Day, a basket of financial instruments published by the Trustee in respect of such Business Day consisting of a specified number of CERFs together
with cash, U.S. Treasury securities or other Short-Term Securities. 
 “Business Day” shall mean any day (1) on which none of the
following occurs: (a) the New York Stock Exchange is closed for regular trading (b) the Chicago Mercantile Exchange is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or
(2) that the Trustee determines that it is able to conduct business. 
 “CERFs” mean futures contracts on the Goldman Sachs Non-Energy
Excess Return Index listed on the Chicago Mercantile Exchange. 
 “Code” shall mean the Internal Revenue
Code of 1986, as amended. 
 “Creation” means the process that begins when an Authorized Participant first indicates to the Creation and
Redemption Agent its intention to purchase one or more Baskets pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such Authorized Participant of the corresponding number of iShares. 
  

 S1-1 

 “Creation and Redemption Agent” means SEI Distribution Co., a Pennsylvania corporation, or any successor
thereto appointed by the Trustee as the Trustee’s agent for effecting Creations and Redemptions with Authorized Participants. 
 “Creation and
Redemption Line” shall mean a telephone number designated as such by the Creation and Redemption Agent and communicated to each Authorized Participant in compliance with the notice provisions of the respective Authorized Participant
Agreement. 
 “Custodian Day” shall mean a day on which the Custodian is open for business. 
 “Custodian” shall mean Goldman Sachs & Co., a limited partnership organized under the laws of the state of New York, in its capacity as futures
commission merchant for the Investing Pool, and any successor thereto or additional custodian appointed by the Investing Pool. 
 “Deliver”
means full delivery of constituents of a Basket to or from (as the context may be require) the Investing Pool’s account at the Settlement Agent or the Custodian. 
 “DTC” shall mean The Depository Trust Company, its nominees and their respective successors. 
 “EFP” shall mean an exchange of futures for physicals that involves contemporaneous transactions in futures contracts and the underlying cash commodity
or a closely related commodity. 
 “iShares” shall mean shares issued by the Trustee representing fractional, undivided interests in the net
assets of the Trust. 
 “Initial Creation” shall mean the initial creation of iShares pursuant to the
provisions of Section 2.01. 
 “Investing Pool” means iShares® GS Commodity Non Energy Indexed Investing Pool LLC. 
 “Order Cut-Off Time” shall mean 2:40 p.m. (New York time) or, on any day that the Chicago Mercantile Exchange is scheduled to close early, the time of
the close of trading in CERFs on the Chicago Mercantile Exchange on such day. 
 “Order Date” shall have
the meaning ascribed to the term in the Trust Agreement. 
 “Purchase Order” shall mean an order to
purchase one or more Baskets. 
 “Redemption” shall mean the process that begins when an Authorized Participant first indicates to the
Creation and Redemption Agent its intention to redeem one or more Baskets pursuant to these Procedures and concludes with Delivery by the Trustee of the corresponding Basket Constituents or cash to such Authorized Participant. 
 “Redemption Order” shall mean an order to redeem one or more Baskets. 
 “Settlement Agent” shall mean Investors Bank & Trust Company, a Massachusetts banking corporation, or successor thereto appointed by the
Trustee as the Trustee’s agent for settling Creations and Redemptions with Authorized Participants 
 “Short-Term Securities” shall
mean U.S. Treasury securities or other short-term securities and similar securities, in each case that are eligible as margin deposits under the rules of the CME. 
  

 S1-2 

 “Sponsor” shall mean Barclays Global Investors International, Inc., a Delaware corporation, in its
capacity as sponsor under the Trust Agreement. 
 “Treasury regulations” shall mean the regulations promulgated under the Code, as amended
from time to time (including any successor regulations). 
 “Trustee” shall mean Barclays Global Investors, N.A., a national banking
association, in its capacity as Trustee under the Trust Agreement, and any successor thereto in compliance with the provisions thereof. 
 “Trust” shall mean the iShares® GS Commodity Non Energy Indexed Trust, a trust governed by the provisions of the Trust Agreement. 
 “Trust Agreement” shall mean the Trust Agreement dated [                    ], 200[  ] between the Trustee and
the Sponsor. 
 Section 1.02. Interpretation. In these Procedures: 
 Unless otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or
exhibits in or to these Procedures. 
 The words “hereof”, “herein”, “hereunder” and words of similar import
shall refer to these Procedures as a whole, and not to any individual provision in which such words may appear. 
 A reference to any
statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time. 
 A reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document as the same may have
been amended from time to time in compliance with the provisions thereof. 
 Section 1.03. Conflicts. In case of conflict between
any provision of these Procedures and the terms of the Trust Agreement, the terms of the Trust Agreement shall control. 
 ARTICLE II

 CREATION PROCEDURES 
 Section 2.01. Initial Creation of iShares. The initial creation of iShares will take place in compliance with such procedures as the Trustee, the Sponsor and the Initial Purchaser may agree. 
 Section 2.02. Subsequent Creation of iShares. After the Initial Creation, the issuance and Delivery of iShares shall take place only in
integral numbers of Baskets in compliance with the following rules: 
 a. Authorized Participants wishing to acquire from the Trustee one or
more Baskets shall place a Purchase Order with the Creation and Redemption Agent on any Business Day. Purchase Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the
Order Date. Purchase Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on a Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such
next Business Day. 
  

 S1-3 

 b. For purposes of paragraph “a” above, a Purchase Order shall be deemed “received”
by the Creation and Redemption Agent only when each of the following has occurred: 
 (i) An Authorized Representative shall have placed a
telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets. 
 (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a
Purchase Order for a specified number of baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. 
 c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Purchase
Order including, without limitation, (i) Purchase Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Purchase Orders that the Trustee has determined would have adverse tax or other consequences to the
Trust, the Investing Pool or to owners of iShares, or (iii) Purchase Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee, the Creation and Redemption Agent or the Settlement Agent, result in a violation
of law. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Purchase Order. Should the Creation and Redemption Agent elect to accept the Purchase Order, it shall communicate its decision by sending
to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Purchase Order a confirmation from the Creation and Redemption Agent of the accepted Purchase Order.
Prior to the transmission of the Creation and Redemption Agent’s confirmation of acceptance, a Purchase Order will only represent the Authorized Participant’s unilateral offer to deposit the Basket Constituents in exchange for one or more
Baskets and will have no binding effect upon the Trust, the Trustee, the Creation and Redemption Agent or any other party. 
 d. On the first
Business Day following the Order Date corresponding to a Purchase Order, or on such other date as the Trustee in its discretion may agree, the Trustee shall issue the aggregate number of iShares corresponding to the Baskets ordered by the Authorized
Participant and deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in written instructions to the Settlement Agent, provided that, by 11:00 a.m. (New York time) on the date such
issuance is to take place: 
 (i) the Custodian shall have provided confirmation to the Settlement Agent that the EFPs in connection with any
CERFs included in the Basket Constituents have been properly matched and effected in the books and records of the clearinghouse; and 
 (ii)
the Settlement Agent shall have received from the Authorized Participant (1) delivery of any cash or Short-Term Securities in the Basket Constituents and a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs
included in the Basket Constituents and, (2) in the case of a Basket created solely for cash, additional issuance costs determined by the Creation and Redemption Agent, including the costs to the Investing Pool of establishing the corresponding
CERF position); and 
 (iii) any other conditions to the issuance under the Trust Agreement shall have been satisfied. 
  

 S1-4 

 e. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of
a Purchase Order governed by paragraph “d” above, the Custodian is unable to confirm the Authorized Participant’s transfer of the Basket Constituents corresponding to the total number of Baskets ordered pursuant to such Purchase
Order, the Settlement Agent may cancel such Purchase Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian. 
 f. In all other cases, the Trustee shall issue the aggregate number of iShares corresponding to the Baskets ordered by the Authorized Participant and
instruct the Settlement Agent to deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in written instructions to the Settlement Agent on the Business Day on which the conditions set
forth in clauses (i) to (iii) of paragraph “d” above shall have been met. 
 ARTICLE III 
 REDEMPTION PROCEDURES 
 Section 3.01.
Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: 
 a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the
Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening
of business on the next Business Day and shall have as their Order Date such next Business Day. 
 b. For purposes of paragraph “a”
above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: 
 (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of
Baskets. 
 (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the
Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. 
  

 S1-5 

 c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall
have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would,
in the opinion of counsel to the Sponsor, the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or
impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to
accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for
such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. 
 d. Provided that by
11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: 
 (i) the Authorized Participant has
delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and 
 (ii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the
communication sent in compliance with paragraph “c” above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will
then cancel the iShares so redeemed on behalf of the Trustee. 
 e. In connection with any Redemption Order, the Authorized Participant
authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the
redeeming Authorized Participant. 
 f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date
of a Redemption Order governed by paragraph “d” above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such
Redemption Order, the Settlement Agent may cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian. 
 g. In all other cases, Delivery must be completed by the Settlement Agent and Custodian as soon as, in the reasonable judgment of the Settlement Agent,
it is practicable. 
  

 S1-6 

 IN WITNESS WHEREOF, the Sponsor and the Trustee have executed these Creation and Redemption
Procedures as of the date set forth above. 
  

							
	BARCLAYS GLOBAL INVESTORS, N.A,, in its capacity as Trustee of the iShares® GS Commodity Non Energy Indexed Trust	    	
				
	By:	 	  
	    	By:	  	  

	Name: 	 		    	Name: 	  	
	Title:	 		    	Title:	  	
			
	BARCLAYS GLOBAL INVESTORS INTERNATIONAL, INC., in its capacity as Sponsor of the iShares® GS Commodity Non Energy Indexed Trust	    		  	
				
	By:	 	  
	    	By:	  	  

	Name: 	 		    	Name:	  	
	Title:	 		    	Title:	  	

 Schedule 2 
 Standard Terms 
 STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”)
agreed to as of [                    ], 2006 by and between Barclays Global Investors, N.A., a national banking association, and Barclays Global
Investors International, Inc., a Delaware corporation. 
 ARTICLE I 
 ORDERS FOR PURCHASE AND REDEMPTION 
 Section 1.01. Authorization to Purchase
and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets of iShares in compliance
with the provisions of the Trust Agreement. 
 Section 1.02. Procedures for Orders. Each party hereto agrees to comply with the
provisions of the Trust Agreement and the Procedures to the extent applicable to it. 
 Section 1.03. Consent to Recording. The
phone lines used by the Trustee, the Creation and Redemption Agent, the Settlement Agent or their affiliated persons may be recorded, and the Authorized Participant hereby consents to the recording of all calls with any of those parties. 

Section 1.04. Irrevocability. The Authorized Participant agrees on behalf of itself and any Authorized Participant Client that delivery to
the Creation and Redemption Agent of an Order shall be irrevocable; provided that each of the Trustee and the Sponsor reserves the right to reject any Order in compliance with the provisions of the Trust Agreement. 
 Section 1.05. Costs and Expenses. The Authorized Participant shall be responsible for any and all expenses and costs incurred by the Trust in
connection with any Orders, including, without limitation, any transaction fees or interest or funding cost incurred by the Trust in connection with the Authorized Participant’s failure to timely settle any Order. 
 Section 1.06. Delivery of Property to the Trust. The Authorized Participant understands and agrees that in the event Basket Constituents are
not transferred to the Trust by the time specified in the Purchase Order and in compliance with the Procedures and the Trust Agreement, a Purchase Order may be cancelled by the Creation and Redemption Agent and the Authorized Participant will be
solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled Order. 
 Section 1.07.
Title to Basket Constituents and iShares Surrendered for Redemption. The Authorized Participant represents and warrants to the Trustee that 
 a. in connection with each Purchase Order, the Authorized Participant will have full power and authority to transfer to the Trust the corresponding Basket Constituents, and that upon delivery of the Basket Constituents to the Custodian
and/or Settlement Agent in accordance with the Procedures, the Investing Pool will acquire good and unencumbered title to such property, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances (other than
those in favor of the Custodian or the CME clearinghouse) and not subject to any adverse claims or transferability restrictions, whether arising by operation of law or otherwise; and 
  

 S2-1 

 b. in connection with a Redemption Order, the Authorized Participant will have full power and authority
to surrender to the Settlement Agent for redemption the corresponding iShares, and upon such surrender the Trust will acquire good and unencumbered title to such iShares, free and clear of all liens, charges, duties imposed on the transfer of assets
and encumbrances and not subject to any adverse claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities lending agreements or other arrangements which would preclude the
delivery of such iShares on a “regular way” basis. 
 Section 1.08. Certain Payments or Distributions. 
 a. With respect to any Purchase Order, the Trust acknowledges and agrees to return to the Authorized Participant any payment, distribution or other amount
paid to the Trust in respect of any Basket Constituents transferred to the Trust that, based on the valuation of the Basket Constituents at the time of transfer, should have been paid to the Authorized Participant. Likewise, the Authorized
Participant acknowledges on behalf of itself and any Authorized Participant Client and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant Client in respect of any
Basket Constituents transferred to the Trust that, based on the valuation of the Basket Constituents at the time of transfer, should have been paid to the Trust. 
 b. With respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges and agrees to return to the Trust any payment, distribution or other amount
paid to it or an Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should have been paid to
the Trust. The Trust is entitled to reduce the amount of any property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution or other sum to be paid to the Authorized Participant or to
the Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should be paid to the Trust. Likewise,
the Trust acknowledges and agrees to return to the Authorized Participant or any Authorized Participant Client any payment, distribution or other amount paid to it in respect of any iShares transferred to the Trust that, based on the valuation of
such iShares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant Client. 
 ARTICLE II

 AUTHORIZED REPRESENTATIVES 
 Section 2.01. Certification. Concurrently with the execution of the Authorized Participant Agreement, and as requested from time to time by the Trustee but no less frequently than annually, the Authorized Participant shall
deliver to the Trust a certificate signed by the Authorized Participant’s Secretary or other duly authorized official setting forth the names, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions
relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an “Authorized Representative”). Such certificate may be accepted and relied upon by the Trust as
conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trust of a superseding certificate in a form approved by the Trust bearing a subsequent date, or
(ii) termination of the Authorized Participant Agreement. 
 Section 2.02. PIN Numbers. The Creation and Redemption Agent
shall issue to each Authorized Participant a unique personal identification number (“PIN Number”) by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant shall be 
  

 S2-2 

 authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized
Participant may revoke the PIN Number at any time upon written notice to the Creation and Redemption Agent, and the Authorized Participant shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received
access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Creation and Redemption Agent shall, as promptly as practicable, de-activate the PIN Number. If an Authorized
Participant’s PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Creation and Redemption Agent. The Authorized Participant agrees that, absent the Creation and
Redemption Agent’s fraud, willful misconduct or failure to cancel the PIN Number promptly following a written request to do so from the Authorized Participant or the termination of the Authorized Participant Agreement, none of the Trust, the
Trustee or the Creation and Redemption Agent shall be liable for losses incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior to the time the Authorized Participant provides
notice to the Creation and Redemption Agent of the termination or revocation of authority pursuant to Section 2.03. 
 Section 2.03. Termination of Authority. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant, the Authorized Participant shall (i) give immediate written
notice of such fact to the Creation and Redemption Agent and such notice shall be effective upon receipt by the Creation and Redemption Agent; and (ii) request a new PIN Number. The Creation and Redemption Agent shall, as promptly as
practicable, de-activate the PIN Number upon receipt of such written notice. 
 Section 2.04. Verification. The Creation and
Redemption Agent may assume that all instructions issued to it using the Authorized Participant’s PIN Number have been properly placed by Authorized Representatives, unless the Creation and Redemption Agent has actual knowledge to the contrary
or the Authorized Participant has revoked its PIN Number. The Creation and Redemption Agent shall have no duty to verify that an Order has been placed by an Authorized Representative. The Authorized Participant agrees that the Creation and
Redemption Agent shall not be responsible for any losses incurred by the Authorized Participant as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized person identifying
himself or herself as an Authorized Representative, unless the Creation and Redemption Agent previously received from the Authorized Participant written notice to revoke its PIN Number. 
 ARTICLE III 
 STATUS OF THE AUTHORIZED PARTICIPANT 
 Section 3.01. Clearing Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the
Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national clearing and
settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant
Agreement and the Authorized Participant shall give prompt written notice thereof to the Creation and Redemption Agent. 
 Section 3.02.
Registration Status. The Authorized Participant represents and warrants that, unless Section 3.03 is applicable to it, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended,
(ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, (iii) a member in good standing of 
  

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 the NASD and (iv) if required in connection with its activities hereunder, registered as a futures commission
merchant under the Commodity Exchange Act, as amended and a member in good standing of the National Futures Association. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and
in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all Federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations
promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participant’s transactions in iShares, and with the Constitution, By-Laws and Conduct Rules of the NASD applicable to its activities as an
Authorized Participant, and that it will not offer or sell iShares in any state or jurisdiction where they may not lawfully be offered and/or sold. 
 Section 3.03. Foreign Status. If the Authorized Participant is offering and selling iShares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be
registered, qualified, or a member of the NASD as set forth in the preceding paragraph, the Authorized Participant nevertheless agrees to observe the applicable laws of the jurisdiction in which such offer and/or sale is made (e.g., it will not
offer or sell iShares in any state or jurisdiction where they may not lawfully be offered and/or sold), to comply with the full disclosure requirements of the 1933 Act and the regulations promulgated thereunder and to conduct its business in
accordance with the spirit of the NASD Conduct Rules. 
 Section 3.04. Futures Account. The Authorized Participant represents and
warrants that it will arrange to receive any futures contracts owing to the Authorized Participant upon settlement of a Redemption Order at an account it establishes through a member of the Chicago Mercantile Exchange’s associated clearing
organization (which may include such Authorized Participant), and will maintain such an account at all times it is an Authorized Participant. The Authorized Participant will provide notice of such account to the Settlement Agent in the upon request.

 Section 3.05. Compliance with Certain Laws. If the Authorized Participant is subject to the requirements of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (“U.S.A. PATRIOT Act”), the Authorized Purchaser is in compliance with the anti-money laundering and related provisions of the U.S.A.
PATRIOT Act. 
 Section 3.06. Authorized Participant Status. 
 a. The Authorized Participant understands and acknowledges that the method by which Baskets of iShares will be created and traded may raise certain issues
under applicable securities laws. For example, because new Baskets of iShares may be issued and sold by the Trust on an ongoing basis, at any point a “distribution”, as such term is used in the 1933 Act, may occur. The Authorized
Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in its being deemed a participant in a distribution in a manner which could render it a statutory underwriter and subject it to the
prospectus delivery and liability provisions of the 1933 Act. 
 b. The Sponsor shall ensure that the Prospectus contains an accurate and
current listing of Authorized Participants. 
 ARTICLE IV 
 ROLE OF AUTHORIZED PARTICIPANT 
 Section 4.01. Independent Contractor. The Authorized
Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the Authorized Participant will be deemed 
  

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 to be an independent contractor, and will have no authority to act as agent for the Trust or the Trustee in any matter or
in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized
Participant’s responsibilities under the Authorized Participant Agreement; provided, however, that the Authorized Participant shall be under no obligation to divulge or otherwise disclose any information that the Authorized Participant
reasonably believes (i) it is under legal obligation not to disclose, or (ii) it is confidential or proprietary in nature. 
 Section 4.02. Rights and Obligations of DTC Participant. In executing the Authorized Participant Agreement, the Authorized Participant agrees in connection with any purchase or redemption transactions in which it acts for an
Authorized Participant Client or for any other DTC Participant or indirect participant, or any other person on whose behalf it holds iShares, that it 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 under the Procedures. 
 Section 4.03. Beneficial
Owner Communications. The Authorized Participant agrees, subject to any limitations arising under federal or state securities laws relating to privacy or other obligations it may have to its customers, to assist the Trustee or the Sponsor in
determining the ownership level of each beneficial owner relating to positions in iShares that the Authorized Participant may hold as record holder or that may be held through the Authorized Participant as a DTC Participant. In addition, the
Authorized Participant agrees, in accordance with applicable laws, rules and regulations, at the request of the Sponsor or the Trustee to forward to such beneficial owners written materials and communications received from the requesting party in
sufficient quantities to allow mailing thereof to such beneficial owners, including notices, annual reports, disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the
Trustee to such beneficial owners pursuant to the Trust Agreement or applicable law or regulation, or that the Sponsor or the Trustee reasonably wishes to distribute, at its own expense, to such beneficial owners. 
 ARTICLE V 
 TAX MATTERS 
 Section 5.01. Tax Basis of Assets Contributed Upon Creation. With respect to any Creation of iShares, the Authorized Participant on behalf of
itself and any Authorized Participant Client agrees that any property contributed in consideration for the creation of iShares shall have a basis for tax purposes equal to the fair market value of that property, and acknowledges that the Trust and
Investing Pool will rely upon such fair market value basis for purposes of determining and allocating items of income, gain, loss, deduction, basis and other tax items. 
 Section 5.02. Tax Basis of Basket Constituents Received Upon Redemption. 
 a. With respect to any
Redemption of iShares held by an Authorized Participant for its own account, the Authorized Participant acknowledges that the basis for tax purposes in Basket Constituents that it receives from the Trust in consideration for a redemption of iShares
may be more or less than the 
  

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 fair market value of the Basket Constituents or the Authorized Participant’s basis in the iShares redeemed. The
Authorized Participant will determine its basis for tax purposes in any Basket Constituent it receives from the Trust in consideration for a redemption of iShares by reference to the tax basis of such Basket Constituent on the books of the Investing
Pool immediately prior to the redemption, as such amount is reported to the Authorized Participant by the Settlement Agent, subject to adjustment as required under Section 732 or other applicable law. The Authorized Participant will report any
built-in gain or loss on CERFs that it receives from the Trust on redemption of iShares under the rules of section 1256 of the Code (absent a valid election to do otherwise), and, to the extent applicable, will report any offsetting gain or loss on
the remaining iShares held by the Authorized Participant under the rules of section 475 of the Code. The Authorized Participant acknowledges that such reporting may result in a mismatch in the character or other tax attributes of gain or loss from
CERFs and iShares. 
 b. With respect to any Redemption of iShares held by an Authorized Participant for an Authorized Participant Client,
the Authorized Participant acknowledges on behalf of itself and such Authorized Participant Client that the basis for tax purposes in Basket Constituents received from the Trust in consideration for the redemption of iShares may be more or less than
the fair market value of the Basket Constituents or the Authorized Participant Client’s basis in the iShares redeemed. To the extent that the Authorized Participant reports to an Authorized Participant Client, the Internal Revenue Service or
any other person the basis for tax purposes of any Basket Constituents it receives from the Trust in consideration for a redemption of iShares on behalf of an Authorized Participant Client, the Authorized Participant will determine its basis by
reference to the tax basis of such Basket Constituents on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Authorized Participant by the Settlement Agent, subject to adjustment as required under
Section 732 or other applicable law. The Authorized Participant will report any other tax items of an Authorized Participant Client (e.g., basis in iShares, or gain or loss amounts) in a manner consistent with the preceding sentence.

 c. The Authorized Participant acknowledges on behalf of itself and any Authorized Participant Client that, to the extent that such
Participant or Client is subject to the mark-to-market rules of section 475 of the Code, the basis of iShares and of any assets of the Trust and Investing Pool shall be determined for purposes of sections 734(b) and 743(b) of the Code and for the
purposes of the provisions of this Article V by treating such mark-to-market as having no effect on such basis. 
 Section 5.03.
Treatment of Redemptions as Partial or Complete Redemptions. 
 a. The Authorized Participant represents with respect to each
redemption of iShares held by the Authorized Participant for its own account that the receipt of Basket Constituents from the Trust in connection with such redemption is a distribution other than in liquidation of the Authorized Participant’s
interest in iShares (a “partial redemption”), unless it notifies the Trust or its agent prior to the receipt of the Basket Constituents that such distribution is in liquidation of the Authorized Participant’s interest in iShares (a
“complete redemption”). The Authorized Participant acknowledges that the Trust and Investing Pool may report gain or loss and other tax items including the allocation of basis and adjustments to basis in reliance upon the assumption that
any redemption of iShares is a partial redemption unless such notice is timely provided. The Authorized Participant will notify the Trust or its agent within 5 Business Days of the receipt of the Basket Constituents of (i) any gain or loss
arising from a redemption of iShares by the Authorized Participant in exchange for Basket Constituents, and (ii) any difference between the tax basis of such Basket Constituents on the books of the Investing Pool immediately prior to the
redemption, as such amount is reported to the Authorized Participant, and the basis of the distributed Basket Constituents to the Authorized Participant (such gain or loss or basis difference, “section 734(b) items”), in a manner
sufficient for the Investing Pool to adjust the basis of undistributed property held by the Investing Pool under section 734(b) of the Code. 
  

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 b. To the extent that an Authorized Participant acts on behalf of an Authorized Participant Client
in connection with a redemption of iShares, the Authorized Participant will inform the Trust or its agent prior to the receipt of the Basket Constituents of any such redemption that constitutes a complete redemption, to the extent that such
information is available to the Authorized Participant (for example, because the Client redeems all iShares that it holds through the Authorized Participant). The Authorized Participant acknowledges on behalf of itself and any Authorized Participant
Client that redeems iShares that the Trust and Investing Pool may report gain or loss and other tax items including the allocation of basis and adjustments to basis in reliance upon the assumption that any redemption of iShares is a partial
redemption unless such notice is timely provided. The Authorized Participant will make commercially reasonable efforts to assist the Trust and Investing Pool in determining the amount of section 734(b) items, if any, with respect to a redemption of
iShares on behalf of an Authorized Participant Client. 
 Section 5.04. Tax Reporting. 
 a. An Authorized Participant will provide tax reporting information with respect to the Trust and Investing Pool to or for the benefit of taxpayers
for whom the Authorized Participant holds iShares as a nominee as required by law, including under Treasury regulations governing information reporting by widely held fixed investment trusts. 
 b. An Authorized Participant will furnish information to the Trust and Investing Pool with respect to any taxpayer for whom the Authorized Participant
holds iShares as a nominee in the same manner and to the extent that it would be required to furnish such information under Treasury regulation section 1.6031(c)-1T or any successor thereto if iShares were treated as partnership interests in the
Trust and an investor in iShares were treated as a partner of the Trust for U.S. federal income tax purposes, in addition to any information required by other provisions of this Article V. The Authorized Participant also will comply with any similar
rules requiring nominees that hold interests in a trust on behalf of other persons to provide information to the trust or trustee (or their agents) thererof. 
 c. An Authorized Participant will use commercially reasonable efforts to ensure that any taxpayer for whom the Authorized Participant holds iShares as a nominee has provided IRS Form W-9, W-8BEN, or other forms or
documentation qualifying as a withholding certificate or documentary evidence or other appropriate documentation within the meaning of Treasury regulation section 1.1441-1(c) or any successor thereto, as necessary to establish an exemption from
withholding tax and backup withholding tax with respect to income of the Trust and Investing Pool allocable to such investor. The Authorized Participant will act as an agent of the Trust and Investing Pool in collecting and holding such forms or
documentation, and annually will provide a copy of such forms to the Trust or its agent. Upon reasonable request by the Trust or its agent, the Authorized Participant will provide the originals of such forms or documentation to the extent held by
the Authorized Participant at that time and will assist the Trust in obtaining such original forms or documentation (or, to the extent originals are not available, copies thereof) from investors or other nominees to the extent not held by the
Authorized Participant. The provisions of this Section 5.04(c) of the Authorized Participant Agreement are subject to, and may be modified by, any agreements between the Trustee, on behalf of the Trust, and an Authorized Participant separate
and apart from the Authorized Participant Agreement, that provide otherwise. 
  

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 ARTICLE VI 
 MARKETING MATERIALS AND REPRESENTATIONS 
 Section 6.01. Authorized Participant’s
Representation. The Authorized Participant represents, warrants and agrees that it will not make, or permit any of its representatives to make, any representations concerning iShares other than those contained in the Trust’s then current
Prospectus or in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant agrees not to furnish or cause to be furnished to any person or display or publish any information or
materials relating to iShares (including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials), except such information and materials as
may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may be approved in writing by the Sponsor. The Authorized Participant understands that the Trust will not be advertised as offering redeemable
securities, and that any advertising materials will prominently disclose that the iShares are not redeemable units of beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant may, without the written approval of
the Sponsor, prepare and circulate in the regular course of its business reports, research or similar materials that include information, opinions or recommendations relating to iShares (i) for public dissemination, provided that such reports,
research or similar materials compare the relative merits and benefits of iShares with other products and are not used for purposes of marketing iShares and (ii) for internal use by the Authorized Participant. 
 Section 6.02. Prospectus. 
 a.
The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then current Prospectus and any printed supplemental information in reasonable quantities upon request. The Sponsor will notify the Authorized Participant
when a revised, supplemented or amended Prospectus for the iShares is available, and make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such quantities as may be reasonable to
permit the Authorized Participant to comply with any obligation the Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor shall be deemed to have complied with this Section 6.02 when the Authorized Participant
has received such revised, supplemented or amended Prospectus by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter. 
 b. The Authorized Participant represents and warrants to the Sponsor that it will deliver the then current Prospectus upon any sale by it of iShares
(other than a redemption) or, if applicable, a notice consistent with Rule 173 under the 1933 Act in lieu of a Prospectus, to the extent so required by applicable law. 
  

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 ARTICLE VII 
 INDEMNIFICATION; LIMITATION OF LIABILITY 
 Section 7.01. Indemnification. The provisions of this
Section 7.01 shall survive termination of the Agreement. 
 a. The Authorized Participant shall indemnify and hold harmless the Sponsor,
the Trustee, the Trust, the Creation and Redemption Agent, the Custodian (which the parties agree are third-party beneficiaries under this Subsection 7.01(a) their 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 (each an “Indemnified Party”) from and against any loss, liability, cost and expense (including attorneys’ fees) incurred by
such Indemnified Party as a result of (i) any breach by the Authorized Participant of any representations or warranties of the Authorized Participant (including under Section 3.2 of the Trust Agreement); (ii) any failure on the part
of the Authorized Participant to perform any of its obligations set forth in the Authorized Participant Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws, including rules and regulations of
self-regulatory organizations, that apply to it; or (iv) actions of such Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by such Indemnified Party to be genuine and to have been
given by the Authorized Participant. 
 b. The Authorized Participant shall not be liable to any Indemnified Party for any damages arising
out of (i) mistakes or errors in data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, or (ii) mistakes or errors by, or arising out of interruptions or delays of
communications with, the Trustee or any Indemnified Party. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01. Commencement of Trading. The Authorized
Participant may not submit an Order until five Business Days after the date of execution of the Authorized Participant Agreement or a date agreed upon by the Trustee and the Authorized Participant. 
  

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 Section 8.02. Definitions. The capitalized terms used herein are defined as follows.

 a. “1933 Act” means the U.S. Securities Act of 1933, as amended. 
 b. “Affiliate” shall have the meaning given to it by Rule 501(b) under the 1933 Act. 
 c. “Authorized Participant Agreement” shall mean each Authorized Participant Agreement (including the Procedures attached thereto) among the
Authorized Participant, the Trustee and the Sponsor into which these Standard Terms shall have been incorporated by reference. 
 d.
“Authorized Participant” shall have the meaning ascribed to it in the introductory paragraph of the Authorized Participant Agreement. 
 e. “Authorized Participant Client” means any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer or otherwise). 
 f. “Authorized Representative” shall have the meaning ascribed to it in Section 2.01 hereof. 
 g. “Basket” shall have the meaning ascribed to it in the Recitals to the Authorized Participant Agreement. 
 h. “DTC” means The Depository Trust Company. 
 i. “Indemnified Party” shall have the meaning ascribed to it in Section 7.01.a hereof. 
 j.
“iShares” means iShares issued by the Trust pursuant to the provisions of the Trust Agreement. 
 k. “NASD” means the
National Association of Securities Dealers, Inc. 
 l. “Prospectus” means the Trust’s current prospectus included in its
effective registration statement, as supplemented or amended from time to time. 
 m. All other capitalized terms used in these Standardized
Terms and not otherwise defined shall have the meaning ascribed to such terms in the Authorized Participant Agreement. 
 Section 8.03.
Third Party Beneficiary. The parties acknowledge and agree that the Creation and Redemption Agent shall be a third party beneficiary to the Authorized Participant Agreement, including but not limited to the rights set forth in
Section 7.01 of the Standard Terms. 
  

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 IN WITNESS WHEREOF, the Sponsor and the Trustee have executed these Standard Terms as of the date
set forth above. 
  

							
	BARCLAYS GLOBAL INVESORS, N.A. in its capacity as Trustee of the iShares® GS Commodity Non Energy Indexed Trust	    		 	
				
	By:	 	  
	    	By:	 	  

	Name: 	 		    	Name: 	 	
	Title:	 		    	Title:	 	
			
	BARCLAYS GLOBAL INVESTORS INTERNATIONAL, INC., in its capacity as Sponsor of the iShares® GS Commodity Non Energy Indexed Trust	    		 	
				
	By:	 	  
	    	By:	 	  

	Name: 	 		    	Name: 	 	
	Title:	 		    	Title:	 	

 Exhibit A 
 CERTIFICATE OF AUTHORIZED REPRESENTATIVES 
 Each of the following employees of [XYZ] (each, an “Authorized
Representative”) is authorized, in accordance with the Authorized Participant Agreement dated [                    ] among [XYZ], the
Sponsor and the Trustee, to submit Purchase Orders and Redemption Orders on behalf and in the name of [XYZ] and to give instructions or any other notice or request on behalf of [XYZ] with respect to such Orders or any other activity contemplated by
the Authorized Participant Agreement. 
 Name: 
 e-mail Address:

 Telephone: 
 Fax: 
 Name: 
 e-mail Address: 
 Telephone: 
 Fax: 
 Name: 
 e-mail Address: 
 Telephone: 
 Fax: 
 Name: 
 e-mail Address: 
 Telephone: 
 Fax: 
 The undersigned, [name of secretary or authorized officer], [title] of [XYZ], does hereby certify that the persons listed above have been duly authorized to act as
Authorized Representatives pursuant to the Authorized Participant Agreement. 
  

			
		
	By:	 	  
	Name:	 	
	Title:	 	
	Date:	 	

  

 A-1

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