Common use of PLACING A REDEMPTION ORDER Clause in Contracts

PLACING A REDEMPTION ORDER. To begin a Redemption Order, the AP must telephone the Administrator at (___) ___-____. This telephone call must be made by an Authorized Person of the AP not later than 3:00 p.m. Eastern Standard Time (“Redemption Order Cut-off Time”). Upon verifying the authenticity of the AP (as determined by the use of the appropriate PIN Number), the Administrator will request that the AP place the Redemption Order. To do so, the AP must provide the appropriate ticker symbols when referring to Fund. After the AP has placed the Redemption Order, the Administrator will read the Redemption Order back to the AP. The AP then must affirm that the Redemption Order has been taken correctly by the Administrator. If the AP affirms that Redemption Order has been taken correctly, the Administrator will issue a Confirmation Number to the AP. PLEASE NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE ADMINISTRATOR. AN ORDER MAY NOT BE CANCELED BY THE AP AFTER THE CONFIRMATION NUMBER IS ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. CALLS PLACED BEFORE THE REDEMPTION ORDER CUT-OFF TIME WILL BY PROCESSED EVEN IF THE CALL IS ANSWERED BY THE ADMINISTRATOR AFTER THE REDEMPTION ORDER CUT-OFF TIME. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. AN ORDER TO REDEEM CREATION UNITS USING THE CLEARING PROCESS MADE IN PROPER FORM BUT RECEIVED AFTER THE REDEMPTION ORDER CUT-OFF TIME WILL BE DEEMED RECEIVED ON THE NEXT BUSINESS DAY IMMEDIATELY FOLLOWING THE TRANSMITTAL DATE AND WILL BE EFFECTED AT THE NAV NEXT DETERMINED ON SUCH BUSINESS DAY. ALL TELEPHONE CALLS WILL BE RECORDED.

PLACING A REDEMPTION ORDER. Participants may submit Website Based Orders or Fax/Telephone Based Orders to the Transfer Agent as provided by these Procedures. NOTE THAT IF THE PARTICIPANT PLACES A FAX/TELEPHONE BASED ORDER, THE TELEPHONE CALL IN WHICH THE SUBMISSION NUMBER IS ISSUED INITIATES THE REEMPTION ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE REEMPTION ORDER. A REEMPTION ORDER IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE SUBMISSION. Redemption Orders for Redemption Baskets may be initiated only on Business Days. Redemption Orders may only be made in whole Redemption Baskets of each Fund. To begin a Redemption Order, the AP Participant must telephone the Administrator Transfer Agent at (___) ___-____718.315.7500 or such other number as the Managing Owner designates in writing to the Participant. This telephone call must be made by an Authorized Person of the AP not later than 3:00 p.m. Eastern Standard Time (“Redemption Participant and answered by the Transfer Agent before the Order Cut-off Off Time”). Upon verifying the authenticity of the AP Participant (as determined by the use of the appropriate PIN Number), the Administrator Transfer Agent will request that the AP Participant place the Redemption Order. To do so, the AP Participant must provide the appropriate ticker symbols symbol when referring to the Fund. After the AP Participant has placed the Redemption Order, the Administrator Transfer Agent will read the Redemption Order back to the APParticipant. The AP Participant then must affirm that the Redemption Order has been taken correctly by the AdministratorTransfer Agent. If the AP Participant affirms that Redemption Order has been taken correctly, the Administrator Transfer Agent will issue a confirmation number (the “Confirmation Number Number”) to the APParticipant. PLEASE NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE ADMINISTRATOR. AN ORDER MAY NOT BE CANCELED BY THE AP AFTER THE CONFIRMATION NUMBER IS ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. CALLS PLACED BEFORE THE REDEMPTION ORDER CUTAll Redemption Orders may also be placed by the Participant as a Website Based Order by the Order Cut-OFF TIME WILL BY PROCESSED EVEN IF THE CALL IS ANSWERED BY THE ADMINISTRATOR AFTER THE REDEMPTION ORDER CUT-OFF TIME. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. AN ORDER TO REDEEM CREATION UNITS USING THE CLEARING PROCESS MADE IN PROPER FORM BUT RECEIVED AFTER THE REDEMPTION ORDER CUT-OFF TIME WILL BE DEEMED RECEIVED ON THE NEXT BUSINESS DAY IMMEDIATELY FOLLOWING THE TRANSMITTAL DATE AND WILL BE EFFECTED AT THE NAV NEXT DETERMINED ON SUCH BUSINESS DAY. ALL TELEPHONE CALLS WILL BE RECORDEDOff Time.

PLACING A REDEMPTION ORDER. Participants may submit Website Based Orders or Fax/Telephone Based Orders to the Transfer Agent as provided by these Procedures. NOTE THAT IF THE PARTICIPANT PLACES A FAX/TELEPHONE BASED ORDER, THE TELEPHONE CALL IN WHICH THE SUBMISSION NUMBER IS ISSUED INITIATES THE REEMPTION ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE REEMPTION ORDER. A REEMPTION ORDER IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE SUBMISSION. Redemption Orders for Redemption Baskets may be initiated only on Business Days. Redemption Orders may only be made in whole Redemption Baskets of each Fund. To begin a Redemption Order, the AP Participant must telephone the Administrator Transfer Agent at (___▇▇▇) ___▇▇▇-____▇▇▇▇ or such other number as the Managing Owner designates in writing to the Participant. This telephone call must be made by an Authorized Person of the AP not later than 3:00 p.m. Eastern Standard Time (“Redemption Participant and answered by the Transfer Agent before the Order Cut-off Off Time”). Upon verifying the authenticity of the AP Participant (as determined by the use of the appropriate PIN Number), the Administrator Transfer Agent will request that the AP Participant place the Redemption Order. To do so, the AP Participant must provide the appropriate ticker symbols symbol when referring to the Fund. After the AP Participant has placed the Redemption Order, the Administrator Transfer Agent will read the Redemption Order back to the APParticipant. The AP Participant then must affirm that the Redemption Order has been taken correctly by the AdministratorTransfer Agent. If the AP Participant affirms that Redemption Order has been taken correctly, the Administrator Transfer Agent will issue a confirmation number (the “Confirmation Number Number”) to the APParticipant. PLEASE NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS ISSUED BY THE ADMINISTRATOR. AN ORDER MAY NOT BE CANCELED BY THE AP AFTER THE CONFIRMATION NUMBER IS ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. CALLS PLACED BEFORE THE REDEMPTION ORDER CUTAll Redemption Orders may also be placed by the Participant as a Website Based Order by the Order Cut-OFF TIME WILL BY PROCESSED EVEN IF THE CALL IS ANSWERED BY THE ADMINISTRATOR AFTER THE REDEMPTION ORDER CUT-OFF TIME. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. AN ORDER TO REDEEM CREATION UNITS USING THE CLEARING PROCESS MADE IN PROPER FORM BUT RECEIVED AFTER THE REDEMPTION ORDER CUT-OFF TIME WILL BE DEEMED RECEIVED ON THE NEXT BUSINESS DAY IMMEDIATELY FOLLOWING THE TRANSMITTAL DATE AND WILL BE EFFECTED AT THE NAV NEXT DETERMINED ON SUCH BUSINESS DAY. ALL TELEPHONE CALLS WILL BE RECORDEDOff Time.