Common use of Duties as Investment Adviser Clause in Contracts

Duties as Investment Adviser. (a) Subject to the supervision and direction of the Trust’s Board of Trustees (“Board”), PowerShares Capital Management will provide a continuous investment program for each Fund, including investment research and management with respect to all securities and investments and cash equivalents in the Fund. PowerShares Capital Management will determine, from time to time, in consultation with any sub-advisers, as applicable, what securities and other investments will be purchased, retained or sold by the Fund. PowerShares Capital Management shall initially determine and make such modifications to the identity and number of shares of the securities to be accepted in exchange for creation units of each Fund and the securities that will be applicable that day to redemption requests received by such Fund as may be determined by the Adviser in its management of the Fund’s portfolio.

Duties as Investment Adviser. (a) Subject to the supervision and direction of the Trust’s Board of Trustees (“Board”), PowerShares Capital Management will provide a continuous investment program for each Fund, including investment research and management with respect to all securities and investments and cash equivalents in the Fund. PowerShares Capital Management will determine, from time to time, in consultation with any sub-advisers, as applicable, what securities and other investments will be purchased, retained or sold by the each Fund. PowerShares Capital Management shall initially determine and make such modifications to the identity and number of shares of the securities to be accepted in exchange for creation units of each Fund and the securities that will be applicable that day to redemption requests received by such Fund as may be determined by the Adviser PowerShares Capital Management in its management of the Fund’s portfolio.

Duties as Investment Adviser. (a) Subject to the supervision and direction of the Trust’s Board of Trustees (“Board”), PowerShares Invesco Capital Management will provide a continuous investment program for each Fund, including investment research and management with respect to all securities and investments and cash equivalents in the Fund. PowerShares Invesco Capital Management will determine, from time to time, in consultation with any sub-advisers, as applicable, what securities and other investments will be purchased, retained or sold by the each Fund. PowerShares Invesco Capital Management shall initially determine and make such modifications to the identity and number of shares of the securities to be accepted in exchange for creation units of each Fund and the securities that will be applicable that day to redemption requests received by such Fund as may be determined by the Adviser Invesco Capital Management in its management of the Fund’s portfolio.

Duties as Investment Adviser. (a) Subject to the supervision and direction of the Trust’s Board of Trustees (“Board”), PowerShares Invesco Capital Management will provide a continuous investment program for each Fund, including investment research and management with respect to all securities and investments and cash equivalents in the Fund. PowerShares Invesco Capital Management will determine, from time to time, in consultation with any sub-advisers, as applicable, what securities and other investments will be purchased, retained or sold by the Fund. PowerShares Invesco Capital Management shall initially determine and make such modifications to the identity and number of shares of the securities to be accepted in exchange for creation units of each Fund and the securities that will be applicable that day to redemption requests received by such Fund as may be determined by the Adviser in its management of the Fund’s portfolio.