Common use of REDEMPTIONS AND ISSUANCES OF SHARES Clause in Contracts

REDEMPTIONS AND ISSUANCES OF SHARES. THE ADMINISTRATION AND REINVESTMENT OF THE ELIGIBLE TREASURIES Section 6.1 Paired Optional Redemptions 42 Section 6.2 Paired Issuances 44 Section 6.3 Settlement of the Settlement Contracts; Adjustments to the Notional Amount of the Income Distribution Agreement 45 Section 6.4 Settlement of Redemptions 46 Section 6.5 Settlement of Issuances 47 Section 6.6 Suspension or Delay of Settlement 47 Section 6.7 The Participants Agreements 48 Section 6.8 Administration of Eligible Treasuries 48 ARTICLE 7 CAPITAL ACCOUNTS OF HOLDERS AND OPERATION THEREOF; TAX ALLOCATIONS Section 7.1 Capital Contributions 50 Section 7.2 Capital Accounts; Allocations 50 Section 7.3 Regulatory and Related Allocations 51 Section 7.4 Transfer of or Change in Up MacroShares 53 Section 7.5 Tax Allocations 53 Section 7.6 Determination of Certain Matters 55 Section 7.7 No Deficit Makeup 55 Section 7.8 U.S. Partnership Tax Treatment 55 Section 7.9 Definitions 56 ARTICLE 8 REPORTING Section 8.1 Calculations for the Up MacroShares 57 Section 8.2 Periodic Reports 59 Section 8.3 Form 8-K Disclosure 60 Section 8.4 Disclosure Controls and Procedures 60 Section 8.5 Trust Accounting Agent Responsibilities 60

REDEMPTIONS AND ISSUANCES OF SHARES. THE ADMINISTRATION AND REINVESTMENT OF THE ELIGIBLE TREASURIES Section 6.1 Paired Optional Redemptions 42 Section 6.2 Paired Issuances 44 Section 6.3 Settlement of the Settlement Contracts; Adjustments to the Notional Amount of the Income Distribution Agreement 45 Section 6.4 Settlement of Redemptions 46 Section 6.5 Settlement of Issuances 47 Section 6.6 Suspension or Delay of Settlement 47 Section 6.7 The Participants Agreements 48 Section 6.8 Administration of Eligible Treasuries 48 ARTICLE 7 CAPITAL ACCOUNTS OF HOLDERS AND OPERATION THEREOF; TAX ALLOCATIONS Section 7.1 Capital Contributions 50 Section 7.2 Capital Accounts; Allocations 50 Section 7.3 Regulatory and Related Allocations 51 Section 7.4 Transfer of or Change in Up Down MacroShares 53 Section 7.5 Tax Allocations 53 Section 7.6 Determination of Certain Matters 55 Section 7.7 No Deficit Makeup 55 Section 7.8 U.S. Partnership Tax Treatment 55 Section 7.9 Definitions 56 ARTICLE 8 REPORTING Section 8.1 Calculations for the Up Down MacroShares 57 Section 8.2 Periodic Reports 59 Section 8.3 Form 8-K Disclosure 60 Section 8.4 Disclosure Controls and Procedures 60 Section 8.5 Trust Accounting Agent Responsibilities 60

REDEMPTIONS AND ISSUANCES OF SHARES. THE ADMINISTRATION AND REINVESTMENT OF THE ELIGIBLE TREASURIES Section 6.1 Paired Optional Redemptions 42 41 Section 6.2 Paired Issuances 44 43 Section 6.3 Settlement of the Settlement Contracts; Adjustments to the Notional Amount of the Income Distribution Agreement 45 43 Section 6.4 Settlement of Redemptions 46 45 Section 6.5 Settlement of Issuances 47 46 Section 6.6 Suspension or Delay of Settlement 47 46 Section 6.7 The Participants Agreements 48 47 Section 6.8 Administration of Eligible Treasuries 48 47 ARTICLE 7 CAPITAL ACCOUNTS OF HOLDERS AND OPERATION THEREOF; TAX ALLOCATIONS Section 7.1 Capital Contributions 50 49 Section 7.2 Capital Accounts; Allocations 50 49 Section 7.3 Regulatory and Related Allocations 51 Section 7.4 Transfer of or Change in Up MacroShares 53 52 Section 7.5 Tax Allocations 53 52 Section 7.6 Determination of Certain Matters 55 54 Section 7.7 No Deficit Makeup 55 54 Section 7.8 U.S. Partnership Tax Treatment 55 54 Section 7.9 Definitions 56 55 ARTICLE 8 REPORTING Section 8.1 Calculations for the Up MacroShares 57 56 Section 8.2 Periodic Reports 59 58 Section 8.3 Form 8-K Disclosure 60 59 Section 8.4 Disclosure Controls and Procedures 60 59 Section 8.5 Trust Accounting Agent Responsibilities 6059

REDEMPTIONS AND ISSUANCES OF SHARES. THE ADMINISTRATION AND REINVESTMENT OF THE ELIGIBLE TREASURIES TREASURIES Section 6.1 Paired Optional Redemptions 42 43 Section 6.2 Paired Issuances 44 46 Section 6.3 Settlement of the Settlement Contracts; Adjustments to the Notional Amount of the Income Distribution Agreement 45 47 Section 6.4 Settlement of Redemptions 46 48 Section 6.5 Settlement of Issuances 47 49 Section 6.6 Suspension or Delay of Settlement 47 49 Section 6.7 The Participants Agreements 48 Agreement 50 Section 6.8 Administration of Eligible Treasuries 48 50 ARTICLE 7 CAPITAL ACCOUNTS OF HOLDERS AND OPERATION THEREOF; TAX ALLOCATIONS ALLOCATIONS Section 7.1 Capital Contributions 50 52 Section 7.2 Capital Accounts; Allocations 50 52 Section 7.3 Regulatory and Related Allocations 51 54 Section 7.4 Transfer of or Change in Up MacroShares 53 56 Section 7.5 Tax Allocations 53 56 Section 7.6 Determination of Certain Matters 55 58 Section 7.7 No Deficit Makeup 55 58 Section 7.8 U.S. Partnership Tax Treatment 55 58 Section 7.9 Definitions 56 ARTICLE 8 REPORTING Section 8.1 Calculations for the Up MacroShares 57 Section 8.2 Periodic Reports 59 Section 8.3 Form 8-K Disclosure 60 Section 8.4 Disclosure Controls and Procedures 60 Section 8.5 Trust Accounting Agent Responsibilities 6058

REDEMPTIONS AND ISSUANCES OF SHARES. THE ADMINISTRATION AND REINVESTMENT OF THE ELIGIBLE TREASURIES Section 6.1 Paired Optional Redemptions 42 43 Section 6.2 Paired Issuances 44 46 Section 6.3 Settlement of the Settlement Contracts; Adjustments to the Notional Amount of the Income Distribution Agreement 45 47 Section 6.4 Settlement of Redemptions 46 48 Section 6.5 Settlement of Issuances 47 49 Section 6.6 Suspension or Delay of Settlement 47 49 Section 6.7 The Participants Agreements 48 Agreement 50 Section 6.8 Administration of Eligible Treasuries 48 50 ARTICLE 7 CAPITAL ACCOUNTS OF HOLDERS AND OPERATION THEREOF; TAX ALLOCATIONS Section 7.1 Capital Contributions 50 52 Section 7.2 Capital Accounts; Allocations 50 52 Section 7.3 Regulatory and Related Allocations 51 54 Section 7.4 Transfer of or Change in Up Down MacroShares 53 55 Section 7.5 Tax Allocations 53 55 Section 7.6 Determination of Certain Matters 55 57 Section 7.7 No Deficit Makeup 55 57 Section 7.8 U.S. Partnership Tax Treatment 55 58 Section 7.9 Definitions 56 58 ARTICLE 8 REPORTING Section 8.1 Calculations for the Up Down MacroShares 57 59 Section 8.2 Periodic Reports 59 61 Section 8.3 Form 8-K Disclosure 60 62 Section 8.4 Disclosure Controls and Procedures 60 62 Section 8.5 Trust Accounting Agent Responsibilities 6063

REDEMPTIONS AND ISSUANCES OF SHARES. THE ADMINISTRATION AND REINVESTMENT OF THE ELIGIBLE TREASURIES Section 6.1 Paired Optional Redemptions 42 Section 6.2 Paired Issuances 44 Section 6.3 Settlement of the Settlement Contracts; Adjustments to the Notional Amount of the Income Distribution Agreement 45 44 Section 6.4 Settlement of Redemptions 46 Section 6.5 Settlement of Issuances 47 Section 6.6 Suspension or Delay of Settlement 47 Section 6.7 The Participants Agreements 48 Section 6.8 Administration of Eligible Treasuries 48 ARTICLE 7 CAPITAL ACCOUNTS OF HOLDERS AND OPERATION THEREOF; TAX ALLOCATIONS Section 7.1 Capital Contributions 50 Section 7.2 Capital Accounts; Allocations 50 Section 7.3 Regulatory and Related Allocations 51 52 Section 7.4 Transfer of or Change in Up Down MacroShares 53 Section 7.5 Tax Allocations 53 Section 7.6 Determination of Certain Matters 55 Section 7.7 No Deficit Makeup 55 Section 7.8 U.S. Partnership Tax Treatment 55 Section 7.9 Definitions 56 ARTICLE 8 REPORTING Section 8.1 Calculations for the Up Down MacroShares 57 Section 8.2 Periodic Reports 59 Section 8.3 Form 8-K Disclosure 60 Section 8.4 Disclosure Controls and Procedures 60 Section 8.5 Trust Accounting Agent Responsibilities 60

REDEMPTIONS AND ISSUANCES OF SHARES. THE ADMINISTRATION AND REINVESTMENT OF THE ELIGIBLE TREASURIES Section 6.1 Paired Optional Redemptions 42 41 Section 6.2 Paired Issuances 44 43 Section 6.3 Settlement of the Settlement Contracts; Adjustments to the Notional Amount of the Income Distribution Agreement 45 44 Section 6.4 Settlement of Redemptions 46 Section 6.5 Settlement of Issuances 47 Section 6.6 Suspension or Delay of Settlement 47 Section 6.7 The Participants Agreements 48 Section 6.8 Administration of Eligible Treasuries 48 ARTICLE 7 CAPITAL ACCOUNTS OF HOLDERS AND OPERATION THEREOF; TAX ALLOCATIONS Section 7.1 Capital Contributions 50 Section 7.2 Capital Accounts; Allocations 50 Section 7.3 Regulatory and Related Allocations 51 52 Section 7.4 Transfer of or Change in Up MacroShares 53 Section 7.5 Tax Allocations 53 Section 7.6 Determination of Certain Matters 55 Section 7.7 No Deficit Makeup 55 Section 7.8 U.S. Partnership Tax Treatment 55 Section 7.9 Definitions 56 ARTICLE 8 REPORTING Section 8.1 Calculations for the Up MacroShares 57 Section 8.2 Periodic Reports 59 Section 8.3 Form 8-K Disclosure 60 Section 8.4 Disclosure Controls and Procedures 60 Section 8.5 Trust Accounting Agent Responsibilities 6056