Exhibit 1.9

THE FRONTIER FUND

Denver, Colorado

July 6, 2009

SELLING AGENT AGREEMENT

Equinox Fund Management, LLC, a Delaware limited liability company (the Managing Owner), is the managing owner of The Frontier Fund (the Trust),
a statutory trust organized under Chapter 38 of Title 12 of the Delaware Code (the Delaware Act). Wilmington Trust Company, a Delaware banking company (the Trustee), is the trustee of the Trust and has delegated substantially
all responsibility for the management of the Trusts business and affairs to the Managing Owner. The Trust has been formed primarily for the purpose of trading, buying, selling, spreading or otherwise acquiring, holding or disposing of a
diversified portfolio of commodity futures, forward and options contracts. Units of beneficial interest in the Trust (the Units) will be issuable in multiple series (the Series), each separately managed by one or.more
different trading advisors (collectively, the Trading Advisors), each of which is registered with the Commodity Futures Trading Commission (the CFTC) as a commodity trading advisor under the Commodity Exchange Act, as amended
(the CE Act), and is a member of the National Futures Association (the NFA) in such capacity. Each Series of Units will be separately valued and its assets will be segregated from the assets of the other Series. Holders of
Units (Limited Owners) will have the right to exchange, through redemption and purchase, Units of one Series for Units of any other Series to the extent that there are a sufficient number of Units of such other Series registered for sale
in such Limited Owners state of residence. The Trust proposes to offer to the public and to sell to Subscribers (as hereinafter defined) acceptable to the Managing Owner, the Units upon the terms and subject to the conditions set forth in this
Selling Agent Agreement (the Agreement) and the Registration Statement (as hereinafter defined) and the Prospectus (as hereinafter defined) included therein referred to below. The Units of each Series will be offered at $100 per Unit
during the Initial Offering Period and thereafter at the Net Asset Value per Unit of the applicable Series (Series Net Asset Value). All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the
Prospectus.

Raymond James & Associates Inc., a Florida corporation (the Selling Agent), will act as selling agent for the Trust with
respect to those Series of Units specified on Annex Ahereto on a best efforts basis.

Section 1. The Managing Owner
and the Trust, jointly and severally, represent and warrant to the Selling Agent that:

(a) A registration statement on Form S-1 for the
Trust and as a part thereof a combined prospectus for all Series with respect to all of the Units being offered (which registration statement together with all amendments thereto, at the times and in the forms declared effective by the Securities
and Exchange Commission (the SEC) shall be referred to herein as the Registration Statement, and which prospectus in final form, together with all amendments and supplements thereto, shall be referred to herein as the
Prospectus), prepared in fullconformity with the applicable requirements of the Securities Act of 1933, as amended (the 1933 Act), the CE Act, and the rules, regulations and instructions promulgated under the 1933 Act
and the CE Act, respectively, have been filed with the SEC, Financial Industry Regulatory Authority (FINRA) and the NFA pursuant to the 1933 Act, the CE Act and the rules and regulations promulgated, respectively, thereunder, as well as
the rules and regulations of FINRA (inclusive of NASD Rules) and the NFA, in the form heretofore delivered to the Selling Agent;

(b) To the
best of their knowledge, no order preventing or suspending the effectiveness of the Registration Statement or use of the Prospectus or any previous prospectus with respect to the Units has been issued by the SEC, the CFTC, FINRA, the NFA or any
other federal, state or other governmental agency or body. The Registration Statement contains all statements which are required to be made therein, conforms in all material respects to the requirements of the 1933 Act and the CE Act and the rules
and regulations of the SEC and the CFTC, respectively, thereunder, and does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (with respect
to the Prospectus, in light of the circumstances in which they were made) not misleading; and, when the Registration Statement becomes effective under the 1933 Act and at alltimes subsequent thereto up to and including the Initial Closing
Date for each Series, and thereafter up to and including each subsequent closing date during the Continuous Offering Period, as such terms are hereinafter defined, the Registration Statement and the Prospectus will contain all material statements
and information required to be included therein by the 1933 Act and the CE Act and the rules and regulations, respectively, thereunder, as well as the rules and regulations of FINRA and the NFA, and will conform in all material respects to the
requirements of the 1933 Act, the CE Act and the rules and regulations,



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respectively, thereunder, as well as the rules and regulations of FINRA and the NFA, and will not include any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein (with respect to the Prospectus, in light of the circumstances in which they were made) not misleading; provided, however, that this representation and
warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Trust or the Managing Owner by the Selling Agent, the Trustee or their respective agents or by or on behalf
of the Trading Advisors or any other commodity trading advisor (an Other Advisor) engaged by the Managing Owner on behalf of the Trust for use therein, all without prejudice to any defense that the Selling Agent may have based upon its
due diligence investigation under the 1933 Act;

(c) The Trust was duly formed and is validly existing as a statutory trust in
good standing under the Delaware Act, with full power and authority, and all necessary authorizations, approvals and orders of and from all federal, state and other governmental or regulatory officials and bodies, to carry out its obligations under
this Agreement, its certificate of trust (the Trust Certificate) and its amended and restated Declaration of Trust and Trust Agreement, dated as of April 21, 2009, as the same may be amended from time to time (the Trust
Agreement), and to own its properties and conduct its business as described in the Prospectus;

(d) On the date hereof, the Managing
Owner is and, at all times through the Initial Closing Date for each Series and thereafter through each subsequent closing date, will be duly organized and validly existing as a limited liability company under the laws of the State of Delaware with
requisite limited liability company power and authority, and all necessary authorizations, approvals and orders of and from all required federal, state and other governmental or regulatory officials and bodies, to (1) conduct its business,
(2) enter into the agreements, and (3) consummate the transactions, each as described in the Prospectus; and on the date hereof the Managing Owner is and, at all times through the Initial Closing Date for each Series and thereafter through
each subsequent closing date, will be duly qualified to conduct business as a foreign limited liability company in good standing in every jurisdiction in which the character of such business requires such qualification and the failure to be so
qualified would materially adversely affect its ability to act as Managing Owner of the Trust and perform its obligations hereunder;

(e)
The offer and sale of the Units for each Series have been duly authorized by the Managing Owner on behalf of the Trust, and the Units, when issued, will constitute valid units of beneficial interest in the Trust which conform to the description
thereof contained in the Prospectus. The liability of each Limited Owner will be limited as set forth in the Prospectus and the Trust Agreement, and no Limited Owner will be subject to personal liability for the debts, obligations, or liabilities of
the Trust by reason of his being a Limited Owner of the Trust other than as described in the Prospectus and the Trust Agreement;

(f) This
Agreement has been duly and validly authorized, executed and delivered by the Managing Owner and the Trust and constitutes a valid and binding agreement of the Managing Owner and the Trust enforceable in accordance with its terms. Neither the offer
and sale of the Units, the execution and delivery of this Agreement, nor the compliance by the Trust or the Managing Owner with all of the provisions of this Agreement will conflict with, or result in a breach of any of the terms or provisions of,
or result in a default under, the provisions of the Trust Certificate or the Trust Agreement or the limited liability company agreement of the Managing Owner (the Limited Liability Company Agreement) or the terms of any indenture,
mortgage, deed of trust, loan agreement, other evidence of indebtedness or other agreement or instrument to which the Trust or the Managing Owner is a party or by which the Trust or the Managing Owner is bound or to which any of the property or
assets of the Trust or the Managing Owner is subject, nor, to the best of their knowledge, any applicable statute or any order, rule or regulation of any court or of any federal, state or other governmental or regulatory agency or body having
jurisdiction over the Trust or the Managing Owner or any of their properties, nor will any such actions result in the imposition of any lien, charge or encumbrance upon any of the property or assets of the Trust or the Managing Owner, and subsequent
to the dates as of which information is given in the Registration Statement and the Prospectus and except as set forth or contemplated therein, neither the Trust nor the Managing Owner has incurred any material liabilities or obligations (direct or
contingent) or entered into any material transactions not in the ordinary course of its business and no consent, approval, authorization, order, registration or qualification of or with any court or any federal, state or other governmental or
regulatory agency or body is required for the issue and sale of the Units or the consummation of the other transactions contemplated by this Agreement, except the registration of the Managing Owner under the CE Act as a commodity pool operator,
membership by the Managing Owner in the NFA in such capacity, the registration of the Units under the 1933 Act, submission of the Prospectus to FINRA, CFTC and NFA, and such consents, approvals, authorizations, orders, registrations or
qualifications as may be required by securities or Blue Sky laws in connection with the offer and sale of the Units;



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(g) The financial statements of the Managing Owner and the Trust as of and for the periods ended
December 31, 2007 and 2008, have been examined by an independent registered public accounting firm, as required by the CE Act and the 1933 Act and the rules and regulations of the CFTC and SEC, respectively, thereunder;

(h) The Trust has been capitalized as set forth in the Prospectus;

(i) The Trust and the Managing Owner have complied, and will continue to comply, in all material respects with all laws, rules and regulations having application to its or their business, including rules and
regulations promulgated by the CFTC and NFA, the violation of which would materially and adversely affect the business, financial condition or earnings of the Trust or the Managing Owner; and there are no actions, suits or proceedings pending or, to
the best of the knowledge of the Trust or the Managing Owner, threatened against it or them, at law or in equity or before or by any federal, state, municipal or other governmental or regulatory department, commission, board, bureau, agency or
instrumentality, or by any commodity or security exchange worldwide in which an adverse decision would materially and adversely affect the business, financial condition, earnings or properties of the Trust or the Managing Owner or their ability to
comply with, and perform their obligations under this Agreement, and which are not adequately disclosed in the Prospectus;

(j) On or before
the Initial Closing Date for each Series, and thereafter, on or before each subsequent closing date, the Managing Owner shall have purchased or subscribed for the General Units required of it by the Trust Agreement and shall have a Net Worth (as
defined in the Trust Agreement) equal to or in excess of the requirements therein;

(k) The financial statements of the Managing Owner and
the Trust contained in the Registration Statement and the Prospectus fairly present the financial condition thereof and the results of operations as of the dates and for the periods therein specified; and such financial statements have been prepared
in accordance with generally accepted accounting principles in the United States consistently applied throughout the periods involved; and no other financial statements are required by Form S-1 to be included in the Registration Statement or the
Prospectus;

(l) There are no contracts or other documents which are required to be filed as Exhibits to the Registration Statement by the
1933 Act or the CE Act or by the rules and regulations of the SEC or CFTC, respectively, thereunder, or by the rules and regulations of FINRA or NFA, which have not been filed as required; and

(m) The Trust has the power and authority to enter into the various contractual obligations and agreements referred to in the Prospectus, and the
execution and delivery of such agreements by the Trust and by the Managing Owner on behalf of the Trust, the consummation of the transactions contemplated therein, and the compliance with all of the terms thereof by the Trust and the Managing Owner
will be in compliance in all material respects with all applicable legal requirements to which either the Trust or the Managing Owner is subject and will not conflict with or constitute a breach of or default under, the terms or provisions of any
order of the SEC, FINRA, the CFTC, or the NFA, the Trust Agreement, the Trust Certificate, the Limited Liability Company Agreement, or any other agreement or instrument to which either the Trust or the Managing Owner is a party or by which either is
bound.

Section 2. The Selling Agent represents and warrants to the Managing Owner and the Trust that:

(a) it is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the Exchange Act) and in each State where it
will make offers or sales of Units;

(b) it is a member of FINRA and is in material compliance with all material rules and regulations
applicable to the Selling Agent generally and, to its knowledge, applicable to the Selling Agents participation in the offering of Units;

(c) it is duly organized and validly existing under the laws of the jurisdiction of its organization;

(d) it has full power and
authority to enter into this Agreement and to perform its obligations under this Agreement;

(e) this Agreement has been duly and validly
authorized, executed and delivered by the Selling Agent and is a valid and binding agreement of the Selling Agent enforceable in accordance with its terms;

(f) it will deliver or cause to be delivered to each purchaser, prior to any submission by such person of a written offer relating to the purchase of the Units, a copy of the Prospectus, as it may have been most
recently amended or supplemented by the Managing Owner or the Trust;



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(g) it will not intentionally take any action which it reasonably believes would cause the offering of
Units to violate the provisions of the 1933 Act, the Exchange Act, the respective rules and regulations promulgated thereunder or applicable blue sky laws or any state or jurisdiction;

(h) The Selling Agent further represents and warrants that, in recommending to any person the purchase or sale of Units, it shall:

(1) use commercially reasonable efforts to determine the suitability and appropriateness of an investment in the Units, on the basis of information
obtained from the prospective purchaser concerning the prospective purchasers investment objectives, the prospective purchasers other investments and the prospective purchasers financial situation and needs, and any other
information known by the Selling Agent through the review of its offeree questionnaire completed by such prospective purchaser; and

(2)
maintain in the Selling Agents files documents disclosing the basis upon which the determination of suitability was reached as to each purchaser for at least six (6) years.

(i) In compliance with the NASD Conduct Rules of FINRA, it will not sell Units to discretionary accounts without prior specific written approval of the
Customer

Section 3. (a) Subject to the terms and conditions, and on the basis of the representations, warranties and covenants
herein set forth, the Trust hereby appoints the Selling Agent as its selling agent and the Selling Agent agrees to use its best efforts to procure Subscribers during the Initial Offering Period and the Continuous Offering Period on the terms and
conditions set forth, and for the periods described, in the Prospectus.

(b) The Trust acknowledges that the Selling Agent has no present
intention to retain certain selected brokers or dealers (Additional Sellers) but that the Selling Agent maintains the right to retain Additional Sellers in the future, which in such case the Additional Sellers, if located in the United
States, will be members of FINRA and will execute a selected dealers agreement to be agreed upon between the parties.

(c) During the
Initial Offering Period, Selling Agent will be required to forward subscriptions to the Managing Owner as soon as is reasonably practicable following receipt of an acceptable subscription agreement from a subscriber for Units (each, a
Subscriber). The Managing Owner shall have sole responsibility for determining whether Subscribers are qualified to become Limited Owners in the Trust and for accepting subscriptions and determining their validity. The Selling Agent
agrees to use its best efforts to cause Subscribers to prepare their subscriptions in proper form. The Selling Agent shall deposit the subscription proceeds from the sale of Units in each Series (the Proceeds) during the Initial Offering
Period in escrow accounts designated by the Series at U.S. Bank National Association in Denver, Colorado (the Escrow Agent), for the separate benefit of the Subscribers of each Series no later than noon of the first Business Day
following the receipt by the Selling Agent of such Proceeds. Proceeds will be transferred to the escrow accounts at the Escrow Agent by check from the Subscriber or via wire transfer from the Subscribers account and will be held during the
Initial Offering Period until the funds are turned over to the relevant Series for trading purposes, or until the offering of the relevant Series is terminated. The Managing Owner will in its sole discretion determine whether to accept or reject all
subscriptions generally within two (2) Business Days following receipt of fully completed subscription documents from the Selling Agent. Upon notification by the Managing Owner to the Escrow Agent that a subscription for Units of a Subscriber
has been rejected for whatever reason, or in the event that the Subscriber rescinds its subscription in conformity with the requirements of the North American Securities Administrators Association Inc. Guidelines for Registration of Commodity Pool
Programs, the Escrow Agent shall by check or wire transfer return any Proceeds held in escrow, excluding any interest thereon, to the payor of such Proceeds. The Escrow Agent shall make interest payments to the Trust to be retained by the Trust for
the benefit of all investors in the applicable Series of Units by delivering a check in the amount equal to the interest allocable by Series to each Subscriber. If subscriptions for the minimum number of Units in a Series set forth in the Prospectus
(after taking into account the Managing Owners contribution) have not been made by the conclusion of the Initial Offering Period for a Series, then all Proceeds deposited in the escrow account designated for that Series, excluding any interest
thereon, shall be returned (in the same way described above in the case of a rejected subscription) to the payor of such Proceeds on a pro rata basis (and taking into account the amount and time of deposit), no later than ten (10) Business Days
after the termination of the Initial Offering Period for the affected Series, or as soon thereafter as practicable if payment cannot be made in such time period.



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(d) During the Continuous Offering Period, Selling Agent will be required to forward subscriptions to the
Managing Owner as soon as is reasonably practicable following receipt of an acceptable subscription agreement from a Subscriber. The Managing Owner shall have sole responsibility for determining whether Subscribers are qualified to become Limited
Owners in the Trust and for accepting subscriptions and determining their validity. The Selling Agent agrees to use its best efforts to cause Subscribers to prepare their subscriptions in proper form. The Managing Owner also will determine in its
sole discretion whether to accept or reject all subscriptions received and will generally do so within two (2) Business Days following receipt from the Selling Agent of fully completed subscription documents from the Selling Agent for a new
subscriber or a fully completed Request for Exchange with respect to a Limited Owner in an existing Series. With respect to a new Subscriber, the Selling Agent shall deposit the subscription Proceeds in the applicable Series account at
U.S. Bank National Association in Denver, Colorado. Interest, if any, earned on such funds will accrue for the benefit of the Limited Owners of the applicable Series. Funds for subscriptions which have been rejected by the Managing Owner will be
returned directly to the Payor of the Proceeds via first class U.S. mail, without interest and without deduction for expenses.

(e) On the
Initial Closing Date for a Series, and thereafter on each subsequent closing date with respect to that Series, the acceptance, delivery, and receipt of subscriptions for Units will be subject to the terms and conditions set forth in this Agreement,
including, but not limited to, (1) the payment of the full subscription price for Units and delivery of a properly completed Subscription Agreement/Power of Attorney by each Subscriber; (2) the fact that a new Subscribers
subscription will not be final and binding until at least two (2) Business Days following the Subscribers delivery of his subscription documents to the Selling Agent (or an Additional Seller), and (3) compliance with Section 7
hereof.

(f) This Agreement has been made and executed by and on behalf of the Trust and the Managing Owner and the obligations of the Trust
and/or the Managing Owner set forth herein are not binding upon any of the Limited Owners individually but are binding only upon the assets and property identified above and no resort shall be had to the assets of other Series issued by the Trust or
the Limited Owners personal property for the satisfaction of any obligation or claim hereunder.

(g) The Trust, the Managing Owner and
the Selling Agent agree that this Agreement shall cover only those Series of Units identified on Annex A hereto.

Section 4. Service
Fees. As compensation, the Selling Agent shall receive from the Managing Owner initial and/or ongoing service fees at the rate(s) specified on Annex B hereto for so long as the relevant Units are being serviced by the Selling Agent. The on-going
service fee is consideration for customary on-going services provided to the Trust and its Limited Owners by the Selling Agent for commodities related brokerage services. Such on-going services may include, without limitation, advising
Limited Owners of the Net Asset Value of the Trust, of the relevant Series of the Trust and of their Units in such Series, responding to Limited Owners inquiries about monthly statements and annual reports and tax information provided to them,
advising Limited Owners whether to make additional capital contributions to the Trust or to redeem their Units, assisting with redemptions of Units, providing information to Limited Owners with respect to futures and forward market conditions and
providing further services as may be requested by the Limited Owners. The on-going service fee with respect to a Unit of any Series shall continue only until (i) the aggregate initial and ongoing service fees received by the Selling Agent with
respect to such Unit total 9% of the purchase price of such Unit or (ii) if earlier, the aggregate underwriting compensation (determined in accordance with NASD Rule 2810 of the Conduct Rules of FINRA paid in respect of such Unit totals 10% of
the purchase price of such Unit, at which time a Class 3 Unit or a Class 3a Unit of such Series, as applicable, will be issued in exchange for such Unit. The Selling Agent acknowledges and agrees that the Managing Owner shall have no obligation
to make and in no event will make any payments under this Section 4 which, when added to the aggregate underwriting compensation (determined in accordance with NASD Rule 2810 of the Conduct Rules of FINRA) paid with respect to such Unit exceeds
10% of the purchase price of such Unit.

Section 5. Compliance with Rule 2810 and General Laws. (a) It is understood that the
Selling Agent has no commitment with regard to the sale of the Units other than to use its best efforts. In connection with the offer, sale and distribution of the Units, the Selling Agent represents and warrants that it will comply fully with all
applicable laws and regulations, and the rules, policy statements and interpretations of FINRA, the SEC, the CFTC, state securities administrators and any other regulatory or self-regulatory body. In particular, and not by way of limitation, the
Selling Agent represents and warrants that it is familiar with NASD Rule 2810 of the Conduct Rules of FINRA and that it will comply fully with all the terms thereof in connection with the offering and sale of the Units. The Selling Agent will not
execute any sales of Units from a discretionary account over which it has control without prior written approval of the customer in whose name such discretionary account is being.maintained.



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(b) The Selling Agent agrees not to recommend the purchase of Units to any Subscriber unless the Selling
Agent shall have reasonable grounds to believe, on the basis of information obtained from the Subscriber concerning, among other things, the Subscribers investment objectives, other investments, financial situation and needs, that:
(1) (to the extent relevant for the purposes of Rule 2810 and giving due consideration to the fact that the Trust is in no respects a tax shelter) the Subscriber is or will be in a financial position appropriate to enable the
Subscriber to realize to a significant extent the benefits of the Trust, including the tax benefits (if any) described in the Prospectus; (2) the Subscriber has a fair market net worth sufficient to sustain the risks inherent in participating
in the Trust; (3) the Subscriber qualifies as an acceptable Subscriber on the basis set forth in the Prospectus, the Subscription Agreement and the State Suitability Requirements contained therein; (4) the Subscriber is not a
Prohibited Investor, as such term is defined in the Subscription Agreement, and acceptance of the Subscribers subscription will not otherwise breach any laws, rules and regulations designed to avoid money laundering applicable to
either the Selling Agent, the Managing Owner or the Trust; and (5) the Units are otherwise a suitable investment for the Subscriber. The Selling Agent agrees to maintain such records as are required by the applicable rules of FINRA and the SEC
for purposes of determining investor suitability for the time periods otherwise required by FINRA and the SEC. In connection with making the foregoing representations and warranties, the Selling Agent further represents and warrants that it has,
among other things, examined the Prospectus including, without limitation the sections listed below and obtained such additional information from the Managing Owner regarding the information set forth thereunder as the Selling Agent has deemed
necessary or appropriate to determine with the Prospectus adequately and accurately discloses all material facts relating to an investment in the Trust and provides and adequate basis to Subscribers for evaluating an investment in the Units:

RISK FACTORS;

DESCRIPTION OF THE TRUST, TRUSTEE, MANAGING OWNER AND AFFILIATES;

PROJECTED TWELVE-MONTH
BREAK-EVEN ANALYSIS;

FEES AND EXPENSES;

WHO MAY SUBSCRIBE;

PLAN OF DISTRIBUTION;

SUMMARY OF AGREEMENTS; and

FEDERAL INCOME TAX CONSEQUENCES.

In connection with making the representations and warranties set forth in this paragraph, the Selling Agent has not relied on inquiries made by or on behalf of any other parties.

(c) The Selling Agent agrees to comply with NASD Rule 2810(b)(3)(D) including without limitation, to inform all prospective purchasers of Units of all
pertinent facts relating to the liquidity and marketability of the Units as set forth in the Prospectus.

(d) The Selling Agent shall cause
its Additional Sellers to certify in writing that such Additional Seller has made the required determinations in each Subscription Agreement submitted by the Additional Seller in respect of a Subscriber; provided, however, that such determinations
shall not be binding on the Managing Owner.

(e) Each party agrees that no subscription will be deemed final and binding on any new
Subscriber until at least five (5) Business Days after the date the Subscriber receives the Prospectus. In connection therewith, the Selling Agent agrees to indicate in each Subscription Agreement submitted by an Additional Seller in respect of
a Subscriber the date on which the Prospectus was delivered to that Subscriber.

(f) The Selling Agent has in place policies and procedures
that are reasonably designed to meet the requirements imposed by the Bank Secrecy Act as amended by the USA PATRIOT Act. The Selling Agents AML program, at a minimum; 1) designates a compliance office to administer and oversee the AML Program;
2) provides ongoing employee training; 3) includes an independent audit function to test the effectiveness of the Program; 4) establishes internal policies, procedures, and controls that are tailored to its particular business; 5) includes a
Customer Identification Program



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consistent with the rules under Section 326 of the Act; 6) provides for the filing of all necessary anti-money laundering reports including, but not
limited to, suspicious activity reports; and 7) provides for screening customers against the Office of Foreign Asset Control (OFAC) iist and any other government list that is or becomes required under the Act. The Selling Agent will
promptly deliver to the Managing Owner, to the extent permitted by applicable law, notice of any AML Laws, Regulations and Policies violation, that relates to any Subscriber for Units; and will cooperate with the Managing owner and deliver
information reasonably requested by the Managing Owner concerning Subscribers that purchased Units sold by the Selling Agent necessary for the Managing Owner or the Trust to comply with AML Laws, Regulations and Policies.

Section 6. The Trust and Managing Owner each agree with the Selling Agent:

(a) To advise the Selling Agent, promptly after it receives notice thereof, of the time when the Registration Statement becomes effective or any
Prospectus has been filed with the SEC, FINRA, the NFA or any other federal, state or other governmental or regulatory or self-regulatory agency or body, of the issuance by the SEC, the CFTC, FINRA, the NFA or any other federal, state or other
governmental or regulatory or self-regulatory agency or body of any stop order or of any order to prevent or suspend the use of the Prospectus, or the initiation or threat of any proceeding for any such purpose or any request by the SEC, the CFTC,
FINRA, the NFA or any other federal, state or other governmental or regulatory or self-regulatory agency or body to amend or supplement the Registration Statement or Prospectus, or for additional information; and in the event of the issuance of any
stop order or of any order preventing or suspending the use of the Prospectus or suspending any such qualification, promptly to use its best efforts to obtain its withdrawal;

(b) To furnish the Selling Agent with copies of the Prospectus in such quantities as Selling Agent may from time to time reasonably request, and if
delivery of a Prospectus is required at any time prior to the expiration of nine (9) months after the date of any Prospectus and in such time any event shall have occurred as a result of which such Prospectus would include an untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus was delivered to the Selling
Agent, not.misleading, or if for any other reason it shall be necessary to amend or supplement the Prospectus in order to comply with the 1933 Act, the CE Act, or any other law, rule or regulation of any federal, state or other governmental,
regulatory or self-regulatory agency or body, including, but not limited to, such amendments and supplements as may be required because of the selection of any Other Advisor, to notify the Selling Agent and upon the Selling Agents request to
prepare and furnish, without charge to the Selling Agent, as many copies as the Selling Agent may from time to time reasonably request of an amended Prospectus or a supplement to such Prospectus which will correct such misstatement or omission or
effect such compliance;

(c) Promptly from time to time to take such action as the Selling Agent may reasonably request to use its best
efforts to qualify the Units for offering and sale under the securities or Blue Sky laws of such jurisdictions as the Selling Agent may request and to comply with such laws so as to permit the continuance of sales in such jurisdictions for so long
as may be necessary to complete the distribution thereof;

(d) To make generally available to its security holders as
soon as practicable, but in any event not later than the fifteenth (15th) month
following the month in which the Initial Closing Date occurs, an earnings statement of the Trust (which need not be audited) complying with Section 11(a) of the 1933 Act and covering a period of at least twelve (12) consecutive months
beginning after the effective date of the Registration Statement;

(e) To furnish the Selling Agent with copies of all reports or other
communications (financial or other) furnished to the Limited Owners, and to deliver to the Selling Agent, as soon as they are available, copies of any reports and financial statements furnished to or filed with the SEC, the CFTC, FINRA, the NFA and
any other federal, state or other governmental or regulatory or self-regulatory agency or body; and

(f) To furnish, without charge to the
Selling Agent, two (2) signed copies of the Registration Statement, including all financial statements and Exhibits thereto, and such number of conformed copies of the Registration Statement, including all financial statements, as the Selling
Agent may reasonably request.

Section 7. The obligations of the Selling Agent hereunder shall be subject, in its discretion, to the
condition that all representations, warranties, covenants and other statements of the Trust and the Managing Owner herein are, at and as of the time of effectiveness of each Registration Statement, true and correct, the condition that each of the
Trust and the Managing Owner shall have performed all of its and their obligations hereunder theretofore to be performed, and the following additional conditions:

(a) The Registration Statement shall have become effective, and the Selling Agent shall have received notice thereof; no stop order suspending the effectiveness of the Registration Statement shall have been issued and
no proceeding for that or any similar purpose shall have been initiated or threatened by the SEC, the CFTC, FINRA or the NFA; and all requests for additional information on the part of the SEC, FINRA, the NFA and/or the CFTC shall have been complied
with to the reasonable satisfaction of the Selling Agent and its counsel.



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(b) All documents and certificates required to be delivered to the Selling Agent on the Initial Closing
Date of a Series, or on the appropriate subsequent closing date, as the case may be such agreement being dated on or about the date of the initial Prospectus, shall have been delivered in form and substance satisfactory to the Selling Agent and its
counsel; and there shall have been no material changes in the Registration Statement or the Prospectus.

Section 8. (a) This
Agreement shall be terminated at the conclusion of the Continuous Offering Period with respect to each Series.

(b) Until such time as this
Agreement shall terminate with respect to each Series pursuant to subsection (a) of this Section 8, this Agreement may be terminated by the Selling Agent, at the Selling Agents option, by giving thirty (30) days notice to
the Trust and the Managing Owner, if:

(1) there shall have been, since the respective dates as of which information is given in the
Registration Statement, any material adverse change in the condition, financial or otherwise, of the Trust or the Managing Owner which change, in the judgment of the Selling Agent, shall render it inadvisable to proceed with the offer and sale of
the Units; or

(2) the Registration Statement and/or the Prospectus is not amended promptly after written request by the Selling Agent for
it to be so amended because an event has occurred which, in the opinion of counsel for the Selling Agent, should be set forth in the Registration Statement or the Prospectus in order to make the statements therein not misleading; or

(3) any of the conditions specified in Section 7 hereof shall not have been fulfilled when and as required by this Agreement to be fulfilled; or

(4) there shall have been (A) a general suspension of, or a general limitation on prices for, trading in (i) commodity futures or
option contracts on commodity exchanges in the United States, or (ii) other commodities instruments, or (B) any other national or international calamity or crisis in the financial markets of the United States to the extent that it is
determined by the Selling Agent, in its discretion, that such limitations would materially impede the Trusts trading activities or make the offering or delivery of the Units impossible or impractical; or

(5) there shall have been a declaration of a banking moratorium by federal, New York or Delaware authorities.

(c) In addition to subsection (b) of this Section 8, this Agreement may be terminated with respect to a Series by written agreement among the
parties hereto. The termination of this Agreement for any reason set forth in this Section 8 shall not affect the obligations of the Trust contained in Section 10 hereof; nor shall the termination of this Agreement with respect to one
Series for any reason affect the obligations of the parties with respect to any other Series.

(d) The Initial Closing Date with respect to
a Series shall be a date selected by the Selling Agent on written notice to the Managing Owner, not less than five (5) and not more than fifteen (15) Business Days following the termination of the Initial Offering Period with respect to
that Series. Each subsequent closing date with respect to a Series shall be the date of the first Business Day during the Continuous Offering Period with respect to that Series. Notwithstanding anything to the contrary herein, each Closing with
respect to a Series shall be held on such date, at such time and at such place as the Managing Owner and the Selling Agent may agree upon.

Section 9. Indemnification.

(a) The Selling Agent shall not be liable to the Trust, the Trustee or the Managing Owner for any
loss, liability, claim, damage, expense, fine, penalty, cost or expense (including, without limitation, attorneys and accountants fees and disbursements), judgments and amounts paid in settlement (collectively, Losses) caused
by any act or omission to act of the Selling Agent in connection with the performance of services under this Agreement, except as a result of any acts or omissions to act on the part of the Selling Agent or its Principals or Affiliates which
constitute negligence, misconduct or a breach of any of the representations, warranties, covenants or agreements of the Selling Agent contained in this Agreement.



8



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(b) The Trust, solely out of the Contracting Series Assets (as hereinafter defined), and the Managing
Owner shall indemnify and hold harmless the Selling Agent and its officers, directors, shareholders, principals, employees, agents or affiliates (collectively, Principals and Affiliates) from and against any and all Losses to which such
persons may become subject arising out of or in connection with this Agreement, the transactions contemplated hereby or the fact that the Selling Agent is or was a selling agent of the Trust arising out of or based upon (1) any untrue statement
of material fact contained in this Agreement, the Prospectus or any application or written communication executed by the Managing Owner or the Trust filed in any jurisdiction in order to qualify the Units under the securities laws thereof
(collectively, the Documents), (2) any omission from the Documents of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (3) any breach of any representation, warranty,
covenant or agreement made by the Managing Owner or the Trust in this Agreement.

(c) The Selling Agent agrees to indemnify and hold
harmless the Trust, the Trustee and the Managing Owner and the Principals and Affiliates of the Trustee and the Managing Owner from and against all Losses incurred by any of them arising out of or based upon the Selling Agents failure to meet
the standard of liability set forth in Section 9(a)

(d) Promptly after receipt by any of the indemnified parties under this Agreement
of notice of any Proceeding, the party seeking indemnification (the Indemnitee) shall notify the party from which indemnification is sought (the Indemnitor) in writing of the commencement thereof if a claim with respect
thereof is to be made under this Agreement. To the extent that the Indemnitor has actual knowledge of the commencement of such Proceeding, the failure to notify the Indemnitor shall not relieve such Indemnitor from any indemnification liability
which it may have to such Indemnitee pursuant to this Section 9, and the omission to notify the Indemnitor shall not relieve the Indemnitor from any obligation or liability which it may have to any such Indemnitee otherwise than under this
Section 9. The Indemnitor shall be entitled to participate in the defense of any such Proceeding and to assume the defense thereof with the assistance of counsel reasonably satisfactory to the Indemnitee. In any such Proceeding, the Indemnitee
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the Indemnitees own expense unless (i) otherwise agreed by the lndemnitor and Indemnitee or (ii) the named parties to any such
Proceeding (including any impleaded parties) include both the lndemnitor and the Indemnitee, and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or the existence
of different or additional defenses (it being understood, however, that the Indemnitor shall not be liable for legal fees or other expenses of more than one separate firm of attorneys for all such Indemnitees, which firm shall be designated in
writing by such Indemnitees and be reasonably acceptable to the lndemnitor). The Indemnitee shall cooperate with the Indemnitor in connection with any such Proceeding and shall make all personnel, books and records relevant to the Proceeding
available to the Indemnitor and grant such authorizations or powers of attorney to the agents, representatives and counsel of the Indemnitor as the Indemnitor may reasonably consider desirable in connection with the defense of any such Proceeding.

(e) In the event that a person entitled to indemnification under this Section 9 is made a party to any Proceeding alleging both
matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the Loss incurred in such Proceeding which relates to the matters for
which indemnification can be made.

(f) None of the indemnifications contained in this Section 9 shall be applicable with respect to
default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld, of the party obligated to indemnify such party.

(g) Notwithstanding the provisions of this Section 9, neither party shall be indemnified for any losses, liabilities or expenses arising from or out
of an alleged violation of federal or state securities laws by the other party unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee,
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular
indemnitee and finds that indemnification of the settlement and related costs should be made.

(h) RESERVED

(i) The indemnification provisions of this Agreement shall survive the termination of this Agreement. The indemnification agreements in this
Section 9 shall be in addition to any liability which either party may otherwise have. Nothing contained in this Section 9 or elsewhere in this Agreement shall be construed as an admission that the Selling Agent is an
underwriter of the Units within the meaning of the 1933 Act.



9



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Section 10. Each of the Managing Owner and the Selling Agent agrees and consents (the
Consent) to look solely to each Series that is being offered pursuant to this Agreement (the Contracting Series) and the assets (the Contracting Series Assets) of the Contracting Series and to the Managing Owner
and its assets for payment. The Contracting Series Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of the Contracting Series, including, without limitation, funds
delivered to the Trust for the purchase of interests in a Series. In furtherance of the Consent, each of the Managing Owner and the Selling Agent agrees that any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of
all kinds and descriptions (collectively, Claims) incurred, contracted for or otherwise existing arising from, related to or in connection with the Trust and its assets and the Contracting Series and the Contracting Series Assets, shall
be subject to the following limitations:

(a) Subordination of certain claims and rights. (1) except as set forth below, the
Claims, if any, of the Managing Owner or the Selling Agent (the Subordinated Claims) shall be expressly subordinate and junior in right of payment to any and all other Claims against the Trust and any Series thereof, and any of their
respective assets, which may arise as a matter of law or pursuant to any contract; provided, however, that the Claims of each of the Managing Owner and the Selling Agent (if any) against the Contracting Series shall not be considered Subordinated
Claims with respect to enforcement against and distribution and repayment from the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets; and provided further that the valid Claims of either the Managing Owner or
the Selling Agent, if any, against the Contracting Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Contracting Series and (2) the Managing Owner and the Selling Agent will not
take, demand or receive from any Series or the Trust or any of their respective assets (other than the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets) any payment for the Subordinated Claims;

(b) The Claims of each of the Managing Owner and the Selling Agent with respect to the Contracting Series shall only be asserted and enforceable against
the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other Series, the Trust generally or any of their respective
assets;

(c) If the Claims of the Managing Owner or the Selling Agent against the Contracting Series or the Trust are secured in whole or in
part, each of the Managing Owner and the Selling Agent hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. S 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the event such security is
inadequate to satisfy such Claims) treated as unsecured Claims against the Trust or any Series (other than the Contracting Series), as the case may be;

(d) In furtherance of the foregoing, if and to the extent that the Managing Owner and the Selling Agent receives monies in connection with the Subordinated Claims from a Series or the Trust (or their respective
assets), other than the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets, the Managing Owner and the Selling Agent shall be deemed to hold such monies in trust and shall promptly remit such monies to the Series
or the Trust that paid such amounts for distribution by the Series or the Trust in accordance with the terms hereof; and

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

Section 11. Miscellaneous. (a) Assignment. This Agreement may not be assigned by any of the parties hereto without the express prior written
consent of the other parties hereto.

(b) Successors. This Agreement is made solely for the benefit of, and shall be binding upon, the
Selling Agent, the Trust and the Managing Owner and the respective successors and assigns of each of them, and no other person shall have any right or obligation under this Agreement. The terms successors and assigns shall
not include any purchasers, as such, of Units from the Trust.

(c) Amendment or Modification or Waiver. This Agreement may not be amended or
modified, nor may any of its provisions be waived, except upon the prior written consent of the parties hereto.



10



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(d) Notices. Except as otherwise provided herein, all notices required to be delivered under this
Agreement shall be effective only if in writing and shall be deemed given by the party required to provide notice when received by the party to whom notice is required to be given and shall be delivered personally or by registered mail, postage
prepaid, return receipt requested, or by facsimile, as follows (or to such other address as the party entitled to notice shall hereafter designate by written notice to the other parties):



| | (1) | if to the Selling Agent, to it at:
| | --- | ----------------------------------

Alternative
Investment Group

880 Carillon Pkwy.

St. Petersburg, FL 33716

Attention: Fred Whaley

with a copy to:

Legal Department

880 Carillon Pkwy.

St. Petersburg, FL
33716



| | (2) | if to the Trust or the Managing Owner, to it at:
| | --- | ------------------------------------------------

Equinox
Fund Management, LLC

1660 Lincoln Street

Suite 100

Denver, Colorado 80264

Fax: (303) 832-9354

Attention:
Richard Bornhoft; and



| | (3) | in either case, with a copy to:
| | --- | -------------------------------

do Arnold &
Porter LLP

399 Park Avenue

New York, New York 10022

Fax: (212) 715-1399

Attention: Michael F. Griffin, Esq.

(e) All representations, warranties, covenants and agreements contained
in this Agreement shall remain operative and in full force and effect regardless of (1) any investigations made by or on behalf of the Selling Agent, the Trustee, the Trust or the Managing Owner, (2) delivery of any payment for the Units
or (3) termination of this Agreement.

(f) The Selling Agent is not authorized by the Trust to give any information or to make any
representation in connection with the offering of Units other than those contained in the Prospectus and such sales literature the use of which has been authorized in writing by the Trust. Notwithstanding the foregoing, Selling Agent shall have the
right to prepare for internal use only its own internal marketing memorandums, bulletins and/or information relating to the Trust or Units of the Trust represented by this Agreement for internal use only.

(g) This Agreement has been made and executed by and on behalf of the Trust and the Managing Owner and the obligations of the Trust and/or the Managing
Owner set forth herein are not binding upon any of the Limited Owners individually but are binding upon the assets and property of each Series of the Trust individually and exclusively to the extent that the obligations apply to such Series and, to
the extent provided herein, upon the assets and property of the Managing Owner, and no resort shall be had to the assets of any Series to which such obligation has no relationship or to the Limited Owners personal property for the satisfaction
of any obligation or claim herein.

(h) Each party agrees that this Agreement shall be governed by and construed in accordance with the laws
of the State of New York without regard to conflict of laws principles.

(i) Survival. All representations, warranties and covenants in this
Agreement, or contained in certificates required to be delivered hereunder shall survive the termination of this Agreement, with respect to any matter arising while this Agreement was in effect. Furthermore, all representations, warranties and
covenants hereunder shall inure to the benefit of each of the parties to this Agreement and their respective successors and permitted assigns.



11



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(j) No Waiver. No failure or delay on the part of any party hereto in exercising any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver granted
hereunder must be in writing and shall be valid only in the specific instance inwhich given.

(k) No Liability of Limited Owners.
This Agreement has been made and executed by and on behalf of the Trust, and the obligations of the Trust and/or the Managing Owner set forth herein are not binding upon any of the Limited Owners individually, but rather, are binding only upon the
assets and property of the Trust, and, to the extent provided herein, upon the assets and property of the Managing Owner.

(1) Third-Party
Beneficiaries. Wilmington Trust Company, the trustee of the Trust, shall be a third-party beneficiary of the applicable provisions of this Agreement. The Principals and Affiliates of each of the Selling Agent, the Trustee and the Managing Owner
shall be third-party beneficiaries of the applicable provisions of this Agreement.

(m) Headings. Headings to Sections and subsections
herein are for the convenience of the parties only, and are not intended to be or to affect the meaning or interpretation of this Agreement.

(n) Complete Agreement. This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding upon the parties hereto.

(o) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. Signatures on this Agreement may be communicated by facsimile transmission and shall be binding upon the parties so transmitting their signatures. Counterparts with original signatures
shall be provided to the other parties following the applicable facsimile transmission; provided, that the failure to provide the original counterpart shall have no effect on the validity or the.binding nature of this Agreement.

(p) Arbitration. Each party hereto agrees that any dispute relating to the subject matter of this Agreement shall be settled and determined by arbitration in the City of New York, State of New York, if brought by the Selling Agent or St.
Petersburg, Florida if brought by the Managing Owner, in accordance with the rules then obtaining of the American Arbitration Association. The award of the arbitrators shall be final and binding, and judgment may be confirmed and entered thereon in
any court of competent jurisdiction.

(q) Series Disclaimer. The parties hereto acknowledge and agree that the Trust is organized in series
pursuant to Sections 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each series of the Trust shall be enforceable
against the assets of such series of the Trust only, and not against the assets of the Trust generally or the assets of any other series of the Trust or against the Trustee of the Trust. There may be several series of the Trust created pursuant to
the Declaration of Trust and Trust Agreement of the Trust.

Section 12. Client Non-Solicitation

(a) Managing Owner agrees not to solicit any accounts introduced to the Trust by Selling Agent, with respect to any products other than the Units and
further agrees that it will not provide information regarding any such accounts to any other solicitor or authorize any solicitation of any such accounts by others on Managing Owners behalf. Notwithstanding the foregoing, the obligations
described in this paragraph shall not apply where an employee or financial advisor affiliated with the Selling Agent becomes employed or affiliated with another solicitor and continues to service his/her clients with respect to their investments in
the Trust. This provision shall survive the termination of and/or further amendments to this Agreement.

(b) Additionally, Managing Owner
agrees that it will not, under any circumstances, accept orders directly clients of Selling Agent nor will it accept orders for additional purchases directly from financial advisors affiliated with Selling Agent. This provision shall survive the
termination of and/or further amendments to this Agreement.



12



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Section 13. Employee Non-Solicitation. Managing Owner agrees not to solicit for employment or employ
any employees of Selling Agent with whom Managing Owner or its affiliates met or became aware of in connection with this Agreement. This provision shall survive the termination and/or further amendments to this Agreement.

Section 14. Financial Advisor Non-Solicitation. Managing Owner shall not solicit or cause to be solicited (for Managing Owner, or any other third
party) for employment or affiliation any financial advisor affiliated with or employed by Selling Agent whom Managing Owner became aware of in connection with this Agreement. In addition, with regard to any Selling Agents financial advisor
information provided to Managing Owner, including, but not limited to, production information, customer base, telephone number and address, Managing Owner agrees to treat the aforementioned financial advisor information as strictly confidential and
shall not use such financial advisor information to solicit or cause to be solicited (for Managing Owner, or any other third party) for employment or affiliation any financial advisor affiliated with or employed by Selling Agent. This provision
shall survive the termination of and/or further amendments to this Selling Agent Agreement.

Section 15.
Confidentiality. Managing Owner acknowledges that under Federal law and regulations adopted by the Securities and Exchange Commission, client information relating to clients of Selling Agent must be maintained in strict confidence. Accordingly,
Managing Owner agrees: (i) to take all steps reasonably necessary to maintain the confidentiality of such information to the same extent as is required by Selling Agent under applicable law, including, but not limited to, Privacy Laws, and
(ii) to use the information solely for the purposes of assisting Selling Agent in conducting its business and as contemplated.by the Prospectus, and for no other purpose. In addition, all financial advisor information, including, but not limited to, production information, customer base, telephone number and address provided by
Selling Agent must be maintained by Managing Owner in strict confidence and not disclosed to any third party or used for its own benefit (other than expressly permitted in this Confidentiality clause) or the benefit of any third party.
Notwithstanding anything contrary in this Agreement, this paragraph will not prohibit disclosure (a) required by applicable law, rule or regulation; (b) in response to a request for information from any governmental agency or self-
regulatory authority; (c) pursuant to a subpoena or request for information in a legal proceeding or (d) to officers, employees, agents, affiliates, or representatives of Managing Owner who have a need to know this information for purposes
of assisting Selling Agent in conducting its business and as contemplated by the Prospectus and agree to be bound by the confidentiality and privacy obligations of this Agreement. If information is required to be disclosed pursuant to
Section 15(a), (b) or (c), then Managing Owner shall give to the Selling Agent, to the extent lawfully permitted to do so, prompt prior written notice of such requirement so that the Selling Agent may seek a protective order or other
remedy. In the event that such protective order or other remedy has not been obtained and the Managing owner is advised, in the opinion of counsel, that it is legally compelled to disclose any of the information, the Managing Owner may disclose only
such information so advised to be disclosed.

Section 16. Privacy. To the extent non-public personal client information (Client
Information) is provided to Managing Owner, Managing Owner will implement measures, which measures shall at a minimum meet the requirements of the (i) Gramm-Leach Bliley Act; or (ii) Regulation S-P or any other attendant or
applicable state or federal law or regulation (Privacy Laws), designed to protect against unauthorized access to or use of and/or loss of any of Client Information, including but not limited to any non-public personal information, in the
possession of or maintained by Managing Owner where such unauthorized access or use and/or loss could result in substantial harm or inconvenience to Selling Agent and its customers. Moreover, Managing Owner shall implement measures reasonably
designed to properly dispose of Client Information, which measures shall at a minimum meet the requirements of the Privacy Laws. Managing Owner agrees that it shall limit access to Client Information to employees, contractors, agents, or affiliates
who have a need to know to carry out the business purposes for which the Client Information was disclosed; advise its employees, contractors, agents and affiliates having access to the Client Information of the confidential nature thereof and of the
obligations set forth in this Agreement; and use and/or disclose the Client Information solely for the purposes contemplated by Section 15(b) above.

Managing Owner shall, upon dissolution of the relationship contemplated herein or at any time when Selling Agent determines that Managing Owners possession of Client Information is no longer necessary, return to
Selling Agent or otherwise dispose of Client Information in a manner so as to prevent unauthorized disclosure and in a manner consisted with the Privacy Laws. In addition, Managing Owner shall promptly address incidents of unauthorized access to or
loss of Client Information, including (i) notifying Selling Agent promptly following discovery of any incident affecting the Client Information; (ii) providing twenty-four (24) months of credit monitoring services to the impacted
customers at Managing Owners own cost and expense; and (iii) notifying impacted clients in accordance with applicable law at. Managing Owners own cost and expense. Managing Owner will work with Selling Agent to manage the
notification of impacted clients and will take reasonable steps to comply with Selling Agents policies and procedures related to such incidents.



13



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Managing Owner shall have its processes, procedures and other activities related to the protection against unauthorized
access to Client Information audited, tested or evaluated by a qualified party independent of management and personnel responsible for the development or maintenance of the Managing Owners security program at least one (1) time per
calendar year. Managing Owner shall promptly correct any material deficiencies identified in such audit, test or evaluation.

This section 16 shall survive
termination of this Selling Agent Agreement.

Section 17. Most Favored Terms. The service fees paid to Selling Agent as outlined in this Agreement and
any Schedule are equal to or greater than the service fees being paid to other selling agents for providing substantially similar services as of the date hereof. The fees paid to Selling Agent for the provision of substantially similar services
shall be reviewed annually by Managing Owner as of each December 31 to determine whether more favorable economic terms (More Favorable Terms) have been provided to any other selling agent in respect of the services provided by the
Selling Agent. If Managing Owner in its sole discretion determines that any other selling agent is receiving More Favorable Terms with respect to the services being provided by the Selling Agent, Managing Owner shall notify Selling Agent in writing
(the Notice) and, should Selling Agent elect to receive such More Favorable Terms, Managing Owner shall provide the More Favorable Terms to Selling Agent on a prospective basis. Selling Agent shall be deemed to have rejected any offer of
More Favorable Terms unless, within thirty (30) days after receiving the Notice, Selling Agent delivers written notice to Managing Owner accepting such More Favorable Terms.

Section 18. Severability. If any provision of this Agreement or its application to any party or circumstance is held invalid, illegal or unenforceable to any extent, the remainder of this Agreement and the
application of that provision to the other parties or to their circumstances is not affected and is to be enforced to the fullest extent permitted by applicable law.



A-1



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IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first
above written.



|                                 |  |                              
|-------------------------------- |  | -----------------------------
|THE FRONTIER FUND               
|                                 | 
|By:                              |  | EQUINOX FUND MANAGEMENT, LLC.
|Its:                             |  | Managing Owner               
|                                 | 
|By:                              |  |                              
|Name                             |  |                              
|Title                            |  |                              
|                                
|EQUINOX FUND MANAGEMENT, LLC    
|                                 | 
|By:                              |  |                              
|Name                             |  |                              
|Title                            |  |                              
|                                
|RAYMOND JAMES & ASSOCIATES, INC.
|                                 | 
|By:                              |  |                              
|Name                             |  |                              
|Title                            |  |                              



A-2



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ANNEX A

SERIES OF UNITS COVERED BY THE AGREEMENT

The Selling Agent agrees to limit its sales efforts to only those Series
of Units identified below (check all that apply):



|                                                             |  |                                
|------------------------------------------------------------ |  | -------------------------------
|x Frontier Diversified Series                                |  | Campbell/Graham/Tiverton Series
|x Frontier Masters Series                                    |  | Currency Series                
|Frontier Long/Short Commodity Series (Class 1 and Class 2)   |  | Long Only Commodity Series     
|Frontier Long/Short Commodity Series (Class 1a and Class 2a) |  | Managed Futures Index Series   
|Frontier Dynamic Series                                      |  | Winton Series                  
|Balanced Series (Class 1 and Class 2)                        |  | Winton/Graham Series           
|Balanced Series (Class 1a and Class 2a)                      |  |                                



A-3



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ANNEX B

SERVICE FEE SCHEDULE

As compensation, the Selling Agent shall receive from the Managing owner an initial and/or
on-going service fee(s) with respect to each Unit of the relevant Series identified on Annex Asold by such Selling Agent as set forth below:



|                                                                                                                                                                                                                                                                                                                       |  |                                                                                        |  |                                                                                                                                                         
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------
|Series/Class of Units                                                                                                                                                                                                                                                                                                  |  | Initial Service Fee                                                                    |  | On-Going Service Fee                                                                                                                                    
|Frontier Diversified Series-1 Frontier Masters Series-1 Frontier Long/Short Commodity Series-la Frontier Dynamic
Series-I Balanced Series-1 Balanced Series-1a Campbell/Graham/Tiverton Series-1 Currency Series-1 Long Only Commodity Series-1 Managed Futures Index Series-1 Winton Series-1  Winton/Graham Series-1 |  | 2.0% of the purchase price of Units sold by the Selling Agent ,                        |  | After the expiration of twelve (12) months following the purchase of Units, 2.0% per annum of the Net Asset Value of each Unit sold by the Selling Agent
|                                                                                                                                                                                                                                                                                                                       |  |                                                                                       
|Frontier Masters Series-2 Frontier Long/Short Commodity
Series-2a Frontier Dynamic Series-2                                                                                                                                                                                                                            |  | Frontier Diversified Series-2  N/A                                 , the Selling Agent |  | Up to 0.25% per annum of the Net Asset Value of each Unit sold by                                                                                       
|                                                                                                                                                                                                                                                                                                                       |  |                                                                                       
|Balanced Series-2 Balanced Series-2a Campbell/Graham/Tiverton Series-2 Currency Series-2 Frontier Long/Short Commodity            , Series-2 Long Only Commodity Series-2 Managed
Futures Index Series-2 Winton Series-2 Winton/Graham Series-2                                                                        |  | N/A the Selling Agent                                                                  |  | Up to 0.50% per annum of the Net Asset Value of each Unit sold by                                                                                       

(a) The Managing Owner shall pay the initial service fee in full to the Selling Agent upon the sale of the
respective Units in bona fide transactions. The on-going service fee shall be paid monthly or quarterly by the Managing Owner. The on-going service fee with respect to a Unit of any Series shall continue only until (i) the aggregate initial and
ongoing service fees received by the Selling Agent with respect to such Unit total 9% of the purchase price of such Unit or (ii) if earlier, the aggregate underwriting compensation (determined in accordance with NASD Rule 2810 of the Conduct
Rules of FINRA) paid in respect of such Unit totals 10% of the purchase price of such Unit, at which time a Class 3 Unit or a Class 3a Unit of such Series, as applicable, will be issued in exchange for such Unit, at which time a Class 3 Unit or
Class 3a Unit of such Series, as applicable, will be issued in exchange for such Unit. Class 3 Units and Class 3a Units shall not be charged any initial or on-going service fees and the Selling Agent shall not receive any compensation related to
Class 3 Units or Class 3a Units.



---

(b) Notwithstanding the foregoing schedule, the Selling Agent shall receive reduced initial and on-going service fees
pursuant to the following schedules to the extent that any subscriber makes an aggregate investment in any Series as follows:



|                                         |  |                                                                                |  |                                                                            
|---------------------------------------- |  | ------------------------------------------------------------------------------ |  | ---------------------------------------------------------------------------
|Series/Class of Units                    |  | Aggregate Amount of an Investors Investment in Units in Class 1 or Class la:* |  | Initial and On-Going Service Fee(calculated pursuant to the above schedule)
|Frontier Diversified Series-1            |  |                                                                                |  |                                                                            
|Frontier Masters Series-1                |  |                                                                                |  | 2.00%                                                                      
|Frontier Long/Short Commodity Series-1 a |  | $0 - $499,999                                                                  |  |                                                                            
|Frontier Dynamic Series                  |  |                                                                                |  |                                                                            
|Frontier Long-Short Commodity Series-1   |  | .                                                                              |  |                                                                            
|Balanced Series-I                        |  | $500,000 - $999,999                                                            |  | 1.25%                                                                      
|                                         |  |                                                                               
|Balanced Series- I a                     |  |                                                                                |  |                                                                            
|Campbell/Graham/Tiverton Series-1        |  |                                                                                |  |                                                                            
|Currency Series-1                        |  |                                                                                |  |                                                                            
|Long Only Commodity Series-1             |  |                                                                                |  |                                                                            
|Managed Futures Index Series-I           |  | $1,000,000 and above                                                           |  | 0.80%                                                                      
|Winton Series-1                          |  |                                                                                |  |                                                                            
|Winton/Graham Series-1                   |  |                                                                                |  |                                                                            
|                                         |  |                                                                                | 
|                                         |  |                                                                                | 



|* | The calculation of the initial service fee for incremental Unit purchases is based on the aggregate amount of Units held by an investor at the time of each Unit purchase. For
example, if an investor purchases $250,000 in Class 1 Units of the Frontier Diversified Series in one month, the applicable Selling Agent shall receive an initial service fee of 2.00% of the purchase price of such Units. If such investor then
purchases an additional $300,000 in Class 1 Units of the Frontier Diversified Series three months later, the Selling Agent shall receive an initial service fee of 1.25% of the purchase price of such Units. If such investor subsequently invests
$500,000 in Class 1 Units of the Frontier Diversified Series, the Selling Agent shall receive an initial service fee of 0.80% of the purchase price of such Units.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Using the above example (assuming no redemption of Units has occurred), the initial service fee for the initial twelve months will be 2.00% of the Net
Asset Value of the initial Unit purchase of $250,000; 1.25% of the Net Asset Value of the additional Unit purchase of $300,000; and 0.80% of the Net Asset Value of the additional Unit purchase of $500,000. One year from the initial Unit purchase of
$250,000, the ongoing service fee will be 0.80% of the Net Asset Value of the Unit purchase of $250,000. One year after the second Unit purchase of $300,000, the on-going service fee will be calculated at a rate of 0.80% of the Net Asset Value of
the cumulative $550,000 investment. Finally, one year after the third Unit purchase of $500,000, the on-going service fee will be calculated at a rate of 0.80% of the Net Asset Value of the entire investment of $1,050,000.

(c) The offering of Units under the Prospectus is made in compliance with NASD Rule 2810 of the Conduct Rules of FINRA. The Managing Owner will advise the Selling
Agent if the payments described hereunder must be limited in order to comply with the 10% limitation on total underwriters compensation pursuant to NASD Rule 2810 of the Conduct Rules of FINRA.

(d) Inthe event that the offering of Units of any Series is terminated prior to the initial escrow break for such Series, the Selling Agent shall not be entitled
to any compensation in connection with the offering of such Series except for the reimbursement of reasonable and actual out-of-pocket expenses.