| Section      1.1   | Continuation and      Name.  The parties hereto do hereby continue a limited      partnership under the name Man-AHL Diversified I L.P. (the ‘Partnership’),      under the provisions of the Delaware Revised Uniform Limited Partnership      Act, as amended (the ‘PartnershipAct’). |
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| Section      1.2   | Purpose.  The      Partnership’s business and purpose is to seek capital appreciation through      trading, directly and indirectly, in commodities, futures contracts,      forward contracts, security futures contracts, swap transactions, options      on the foregoing, other derivative instruments and hybrid instruments, and      other instruments and investments, in each case of every kind and      character, traded on United States and non-United States exchanges and      markets (including the over-the-counter markets), and securities      including, but not limited to, equity securities, limited partnership      interests, general partnership interests, membership interests,      fixed-income securities, notes, debentures, convertible securities,      depositary receipts, options (including without limitation, listed and      over-the-counter options and the writing of options, whether or not      covered), rights, warrants, mutual fund shares and other securities      (sometime collectively referred to as ‘securities’); to engage in such      other futures and securities related activities or transactions as      determined in good faith by the General Partner from time to time; to lend      or borrow funds and securities (in each case, on a secured or unsecured      basis and in such amounts and on such terms as determined in good faith by      the General Partner from time to time); to establish subsidiaries and to      invest in other investment vehicles, including investment vehicles      affiliated with the General Partner, in each case as the General Partner      may determine in its sole discretion; to open and close accounts with      banks, brokers and dealers, including futures commission merchants,      introducing brokers, floor brokers and executing brokers; and to conduct      such other activities and retain such agents, independent contractors,      attorneys, accountants and commodity trading advisors as determined |
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|   | by      the General Partner to be necessary, in the best interests of the      Partnership, advisable, desirable or incidental to carrying out the      purposes of the Partnership. Without limitation of the foregoing, the      General Partner initially has appointed Man-AHL (USA) Limited (the      ‘Trading Advisor’) as the trading advisor to the    Partnership. |
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| Section      1.3   | Term.  The      Partnership came into existence on September 29, 1997, the date that the      certificate of limited partnership of the Partnership (the ‘Certificate of      Limited Partnership’) was filed as provided under the Partnership Act, and      shall terminate on December 31, 2037, unless earlier terminated as      hereinafter provided or by operation oflaw. |
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| Section      1.4   | Principal      Office.  The principal place of business of the      Partnership is located at 123 N. Wacker Drive, 28th      Floor, Chicago, Illinois 60606, or at such other location as may from time      to time be determined by the GeneralPartner. |
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| Section      1.5   | Power of      Attorney.  Each Limited Partner, by the execution of this      Agreement, whether in counterpart, by separate instrument, by      attorney-in-fact or otherwise, does hereby irrevocably constitute and      appoint the General Partner with full power of substitution, as its true      and lawful attorney and agent, with full power and authority in its name,      place and stead, to admit additional limited partners and general partners      to the Partnership, to file, prosecute, defend, settle or compromise any      and all actions at law or suits in equity for or on behalf of the      Partnership with respect to any claim, demand or liability asserted or      threatened by or against the Partnership, and to execute, acknowledge,      deliver, file and record on behalf of the Partnership and each Limited      Partner in the appropriate public offices: (a) all statements,      certificates and other instruments (including, without limitation, all      counterparts of this Agreement, all amendments hereto, the Certificate of      Limited Partnership and all amendments thereto) which the General Partner      deems appropriate to qualify or continue the Partnership as a limited      partnership in the jurisdictions in which the Partnership may conduct      business or which may be required to be filed by the Partnership or any of      the Partners under the laws of any jurisdiction; (b) all instruments which      the General Partner deems appropriate to reflect a change in or      modification or amendment of the Partnership or this Agreement adopted or      effected in accordance with the terms of this Agreement; (c) all      conveyances and other instruments which the General Partner deems      appropriate to reflect the dissolution and termination of the Partnership;      (d) certificates of assumed name; and (e) any trading advisor, brokerage,      administrative, selling, cash management, custodial, advisory,      subscription and other agreements which the General Partner deems      necessary or desirable in connection with the Partnership’s business. The      Power of Attorney granted herein shall be irrevocable and shall be deemed      to be a power coupled with an interest and shall survive the incapacity or      death of any Limited Partner. Each Limited Partner hereby agrees to be      bound by any representation made by the General Partner and by any      successor thereto acting in good faith pursuant to such Power of Attorney,      and each Limited Partner hereby waives any and all defenses which may be      available to contest, negate or disaffirm the action of the General      Partner and any successor thereto taken in good faith under such Power of      Attorney. In the event of any conflict between this Agreement and any |
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|    |  instrument      filed by such attorney pursuant to the Power of Attorney granted in this      Section 1.5, this Agreement shallcontrol. |
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| Section      1.6   | Units.  As      used in this Agreement, the term ‘Unit’ is defined as an interest in the      Partnership acquired upon the making of a capital contribution by the      General Partner or a Limited Partner. The General Partner’s capital      contribution shall be represented by Units of General Partnership      Interest, and a Limited Partner’s capital contributions shall be      represented by Limited Partnership Units. The purchase price of each      Limited Partnership Unit shall be the then prevailing Net Asset Value per      Limited Partnership Unit (exclusive of upfront selling commissions, if      any). When used in this Agreement without qualification, the term ‘Unit’      shall include both Limited Partnership Units and General Partnership      Units, pari passu. The Units may, but need not, be evidenced by      certificates. |
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| Section      1.7   | Offerings of Limited      Partnership Units. The General Partner shall have the authority to      cause the Partnership from time to time, at the expense of the Partnership      or otherwise, to offer Limited Partnership Units, including in separate      series and classes, for sale by means of public or private offerings on a      continuous basis or otherwise and, in connection therewith, to cause the      Partnership to prepare and file such registration statements, disclosure      documents, amendments, selling agreements and other documents and      agreements as the General Partner shall deem advisable to offer and      qualify the Limited Partnership Units for sale under the securities,      commodities or other applicable laws of the United States and such states      of the United States and such non-U.S. countries and jurisdictions as the      General Partner shall deem appropriate. The General Partner, its      affiliates or third parties may advance funds or incur expenses in      connection with any such offering of Limited Partnership Units for which      it, its affiliates and such other persons shall be reimbursed by the      Partnership, subject to any restrictions to which they may agree or which      may be imposed by any applicable law or administrative regulation. In      connection with any offering of Limited Partnership Units, the General      Partner shall have the unilateral right and the authority, exercisable in      its sole discretion upon written notice to the Limited Partners, to amend      the provisions of this Agreement in order to amend, modify, liberalize or      restrict the terms and conditions upon which existing or additional      Limited Partners may make additional capital contributions to the      Partnership or may be admitted to the Partnership and the terms and      conditions upon which Limited Partners may redeem Limited Partnership      Units. |
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| Section      1.8   | Net Asset      Value. |
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| (a)   | The      ‘Net Asset Value’ of the Partnership shall mean the total assets of the      Partnership including all cash, cash equivalents and other securities      (each valued at fair market value), less the total liabilities of the      Partnership, determined in accordance with U.S. generally accepted      accounting principles, consistently applied under the accrual method of      accounting. Unless generally accepted accounting principles require      otherwise: (i) Net Asset Value shall include any unrealized profit or loss      on open futures and securities positions; (ii) all open futures and      securities positions and options thereon shall be calculated at their      then-market value which means, with respect to open futures positions, the      settlement price as determined by the exchange on which the transaction is      effected or the most recent |
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|   | appropriate      quotation as supplied by the Broker (as hereinafter defined) through which      the transaction is effected, except that any United States treasury Bills      (not futures contracts therefore) shall be carried at cost plus accrued      interest, and means with respect to option contracts the liquidation value      thereof. If there are no trades on the date of the calculation due to the      operation of the daily price fluctuation limits or due to a closing of the      exchange on which the transaction is executed, the contract will be valued      at fair market value as determined by the General Partner; (iii) in the      case of forward contracts and options thereon traded on the interbank      market, forward contracts shall be valued at their settlement price, which      shall mean the ‘bid’ price in the case of a long position and the ‘asked’      price in the case of a short position at the close of business on the day      on which the Net Asset Value is determined as quoted by the Brokers      through which such contracts were acquired, and option contracts shall be      valued at their liquidation value; (iv) swap agreements shall be valued at      fair market value as determined by the swap dealer counterparty; (v) any      investment in another investment fund or vehicle shall be valued as      reported by such investment fund or vehicle; (vi) all other investments,      assets and liabilities and those investments, assets and liabilities the      fair market value of which the General Partner determines can not be      accurately determined pursuant to any other provisions of this Section      1.8, shall be assigned such fair value as the General Partner may      determine in its sole discretion; (vii) brokerage commissions on open      futures positions shall be considered accrued in full (i.e., on a      round-turn basis) as a liability. Management fees, incentive fees, profit      allocations, other fees and expenses shall be accrued at least monthly;      (viii) the amount of any distribution made shall be a liability of the      Partnership from the day when the distribution is declared until paid;      (ix) interest income shall be accrued at least monthly; and (x) any value      otherwise than in U.S. dollars shall be converted into U.S. dollars at a      prevailing rate (whether official or otherwise) which the General Partner      shall in good faith deem appropriate having regard to any premium or      discount which it considers may be relevant and to costs of      exchange. |
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| (b)   | The      Net Asset Value per Limited Partnership Unit shall be equal to the Net      Asset Value of the Partnership attributable to Limited Partnership Units      divided by the number of Limited Partnership Units      outstanding. |
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|   | GENERAL      PARTNER |
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| Section      2.1   | Management. |
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| (a)   | Subject      to the limitations of this Agreement, the General Partner shall have full,      exclusive and complete control of the management, operations and policies      of the Partnership and the Partnership’s affairs for the purposes herein      stated, and shall make all decisions affecting Partnership affairs      including, without limitation, the power to enter into contracts with      third parties, including ‘affiliates’ (as defined in subsection 8.1(c),      below) of the General Partner for trading advisory, brokerage, cash      management, custodial, banking, accounting, legal, administrative,      clearing and consulting services. |
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|    | Subject      to the General Partner’s fiduciary obligations, such services also may be      performed by the General Partner or its affiliates at rates which may      exceed the lowest rates that might otherwise be available to the      Partnership. The General Partner may take such other actions as it deems      in the best interests of the Partnership or necessary or desirable to      manage or promote the business of the Partnership, including, but not      limited to, the following: (i) to purchase, repurchase, hold, sell      (including short selling), loan, possess, transfer, mortgage, borrow,      pledge, repledge, acquire, dispose of, and exercise all rights, powers,      privileges and other incidents of ownership or possession with respect to,      futures and securities; (ii) to enter into swap agreements on behalf of      the Partnership; (iii) to borrow money on a secured or unsecured basis      from banks, brokers, financial institutions and other persons and to loan      cash, securities and other property on a secured or unsecured basis; (iv)      to conduct margin accounts with brokers; (v) to open, maintain and close      bank, brokerage and custodial accounts; (vi) to sign checks; (vii) to pay      or authorize the payment of distributions to the Partners and of the      liabilities of the Partnership (including tax liabilities and      withholdings); (viii) to apply for, maintain and renew such registrations      (governmental or otherwise) as the General Partner may deem necessary or      advisable in connection with the conduct of the Partnership’s business      including, without limitation, registrations under the Securities Exchange      Act of 1934, as amended (‘1934 Act’); (ix) generally, to act for the      Partnership in all matters incidental to the foregoing, including the      preparation and filing of all Partnership tax returns and the making of      such tax elections and determinations as appear to it appropriate; and (x)      to select from time to time one or more partnerships, limited liabilities      companies or other trading vehicles for the investment of the      Partnership’s assets, to cause the Partnership from time to time to become      a partner in such partnerships, a member in such limited liability      companies or otherwise acquire an interest in such other trading vehicles,      and to purchase interests in such partnerships, limited liability      companies or other trading vehicles, including partnerships, limited      liability companies and other trading vehicles affiliated with the General      Partner, as the General Partner may deem necessary or advisable from time      to time, and to establish or invest from time to time in such affiliates      for the conduct of the business of the Partnership as the General Partner      may deem necessary or advisable from time to time. The General Partner      shall be the ‘tax matters partner’ of the Partnership as defined in      Section 6231 of the U.S. Internal Revenue Code of 1986, as amended (the      ‘Code’). All Partners hereby consent to such designation and agree to take      any further action as may be required by regulation or otherwise to      effectuate such designation. The General Partner, in its sole discretion,      may cause the Partnership to make, refrain from making and, once having      made, revoke the election referred to in Section 754 of the Code or any      other election affecting the computation of partnership income required to      be made by the Partnership pursuant to Section 703(b) of the Code, and any      similar or different elections provided by U.S. federal, state or local      law or any similar provision enacted in lieu  thereof. |
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| (b)   | To      the full extent permitted under the Partnership Act, the General Partner      shall have full power to delegate to agents and contracting parties any or      all of its management duties, rightsand |
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| (b)   | responsibilities      with respect to the Partnership under the terms of this Agreement on such      terms and conditions as the General Partner may determine in its sole      discretion. |
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| Section      2.2   | Other      Business. |
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| (a)   | Nothing      contained in this Agreement shall be deemed to preclude the General      Partner, its principals, officers, directors, managers, members,      shareholders and employees or their respective affiliates, from directly      or indirectly purchasing, selling or holding futures and securities,      whether as principal, agent, broker or dealer, or engaging in any other      futures or securities activities or transactions for the account of any      other person or enterprise or for its own account, regardless of whether      the Partnership also has purchased or sold such futures or securities or      has engaged in similar transactions in futures or securities. The Limited      Partners shall not have the right, by reason of their status as such, to      participate in any manner in any profits or income earned or derived by or      accruing to the General Partner, its principals, officers, directors,      managers, members, shareholders and employees or their respective      affiliates, from any transaction effected by any such person or from the      conduct of any business other than that of the  Partnership. |
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| (b)   | The      activities and services of the General Partner under this Agreement are      not exclusive, and nothing contained in this Agreement shall be deemed or      construed to preclude the General Partner or any of its principals,      employees or affiliates from engaging in any other business activities or      in any way limit or circumscribe their respective abilities to engage in      such other business activities, except as provided by the Partnership      Act. |
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| Section      2.3   | Sharing in Profits and      Losses.  The General Partner shall share in all      Partnership income, gains, losses, deductions and credits to the extent of      its Units. |
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| Section      2.4   | General Partner’s Capital      Contributions. Unless the General Partner is otherwise notified by      counsel to the Partnership, the General Partner shall make and maintain a      capital contribution to the Partnership in an aggregate amount equal to      the lesser of (a) 1.01% of the aggregate net capital contributions made to      the Partnership by all Partners from time to time (including the General      Partner’s capital contributions) or (b) $500,000. The General Partner may      not make any transfer or withdrawal of its contribution to the Partnership      or receive any distribution of any portion of its Units while it is a      general partner which would reduce its Book Capital Account to less than      its required interest. The General Partner may contribute any greater      amount to the Partnership. The General Partner may redeem, or receive a      distribution on, any Units which represent capital in excess of its      required interest without notice to the Limited  Partners. |
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| Section      2.5   | No Personal Liability for      Return of Capital.  The General Partner shall not be      personally liable for the return or repayment of all or any portion of the      capital contributions or profits of any Partner (or assignee), it being      expressly agreed that any such return or repayment of capital or profits      made pursuant to this Agreement shall be made solely from the assets of      the Partnership (which shall not include any right of contribution from      the General Partner). |
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| Section      2.6   | Fees and      Expenses. |
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| (a)   | Except      as otherwise expressly agreed by the General Partner and subject to the      provisions of Section 1.6 and Section 1.7 of this Agreement, the      Partnership shall be responsible for all costs, liabilities and expenses      incurred in connection with the operation of its business, including,      without limitation, expenses related to general communication costs,      security systems, recordkeeping, equipment and research, management fees,      incentive fees, cash management fees, brokerage commissions, dealer      spreads and related transaction fees and expenses, continuing offering      fees and expenses, computer time-sharing costs, the costs of dedicated      communication facilities, legal, accounting and auditing fees, tax audit      costs, tax filing preparation costs, taxes and assessments, costs related      to the preparation, reproduction and mailing of reports to Limited      Partners, expenses associated with compliance with applicable laws and      regulations, custodial fees and insurance costs. The Partnership also will      be obligated to pay all its extraordinary expenses, if any. To the extent      that the Partnership establishes or invests in an investment vehicle to      implement the Trading Advisor’s trading strategies, the Partnership also      shall be obligated to pay its pro-rata share of such investment vehicle’s      organizational, operating and otherexpenses. |
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| (b)   | Upon      the close of business on the last business day of every calendar month,      the Trading Advisor shall be paid a monthly management fee, payable in      arrears, in an amount equal to 1/6th of 1% of the Net Asset Value of the      Partnership whether or not the Partnership is profitable (approximately 2%      annually). The General Partner shall be paid a monthly administrative fee      in an amount equal to 1/12th of 1% of the month-end Net Asset Value of the      Partnership whether or not the Partnership is profitable (approximately 1%      annually). For purposes of calculating the management fee and the      administrative fee, Net Asset Value of the Partnership is determined      before reduction for the management fee, administrative fee or incentive      fee accrued or paid as of such calendar month-end and before giving effect      to any subscriptions, distributions or redemptions accrued or paid as of      such calendar month-end. In the event that a Limited Partner redeems some      or all of its Units or the Partnership is dissolved or terminated as of      any date other than the last business day of a calendar month, the      management fee and the administrative fee shall be pro-rated based on the      ratio that the number of days in the calendar month through the date of      such event bears to the total number of days in the calendar      month. |
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| (c)   | (i)       Upon the close of business on the last business day of every calendar      month, the Partnership shall pay the Trading Advisor an incentive fee      equal to 20% of the Net New Appreciation (as that term is defined in      subsection 2.6(c)(ii), below), if any, achieved by the Partnership as of      the end of such calendar month. The Trading Advisor shall be entitled to      retain all incentive fees previously paid to it even if subsequent losses      are incurred. However, no subsequent incentive fees shall be paid to the      Trading Advisor until the Trading Advisor has again achieved Net New      Appreciation for the Partnership. |
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| (ii)   | Net      New Appreciation achieved during a calendar month shall mean the excess,      if any, of (A) the Net Asset Value of the Partnership as of the end of the      calendar month (without reduction for any  incentive |
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|   | fees      accrued or paid to the Trading Advisor for the calendar month or for any      redemptions or distributions effected during or as of the end of such      calendar month and without increase for any additional capital      contributions effected during or as of the end of such calendar month)      over (B) the Net Asset Value of the Partnership as of the end of the most      recent prior calendar month for which an incentive fee was accrued or paid      with clause (B) reduced by the amount of the incentive fees accrued or      paid for such prior calendar month and also reduced by any redemptions or      distributions, and increased by any contributions, effected as of or      subsequent to the end of such prior calendar month through the first day      of the calendar month referred to in clause (A), above. For purposes of      calculating the first incentive fee payable to the Trading Advisor, clause      (B) means the initial Net Asset Value of the Partnership on the day the      Partnership commences trading activities. For purposes of calculating Net      New Appreciation, taxes and extraordinary expenses shall be      excluded. |
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| (iii)   | In      the event that a Limited Partner redeems some or all of its Units as of      any date other than the end of a calendar month, such Limited Partner      shall pay an incentive fee, if earned, to the Trading Advisor, on the      amount of the redemption as though the date of such redemption were the      end of the then current calendar month even though the Trading Advisor may      not be entitled to an incentive fee had the Units been held through the      end of the calendar month on account of losses incurred subsequent to the      redemption. If for any reason the Partnership is dissolved as of a date      other than the last day of a calendar month, the incentive fee shall be      calculated and paid to the Trading Advisor as if such date were the last      day of the then current calendarmonth. |
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| Section      2.7   | Appointment of      Brokers.  Subject to applicable law, the General Partner      may designate from time to time one or more banks, brokers, dealers,      clearing associations, depositories, futures commission merchants,      introducing brokers, executing brokers, floor brokers, swap dealers or      other financial institutions or persons (each a ‘Broker’ and collectively      the ‘Brokers’), including Brokers affiliated with the General Partner, to      execute transactions with or on behalf of the Partnership and to perform      such other services for the Partnership as such Broker and the General      Partner may agree upon from time totime. |
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| Section      2.8   | Withdrawal.  Except      as provided in Section 7.2, below, the General Partner may not withdraw      from the Partnership except upon 30 days’ prior written notice to the      Limited Partners. |
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|   | LIMITS      OF LIABILITY OF GENERALPARTNER |
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| Section      3.1   | Limits of      Liability.  Neither the General Partner nor the Trading      Advisor shall be liable to the Partnership or to any of its Partners or      their successors or assigns for any act or failure to act taken or omitted      by it in good faith and in a manner reasonably believed to be in or not      opposed to the best interests of the Partnership if such act or failure to      act did not constitute negligence, willful misconduct or a breach of      fiduciary obligations. Nothing herein shall in any way constitute a waiver      or limitation |
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|   |  of      any rights which the Partnership or its Partners may have under U.S.      Federal or state securities laws or other applicable  law. |
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|   | LIMITED      PARTNERS |
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| Section      4.1   | Rights and      Obligations.  The rights and obligations of the Limited      Partners are governed by the provisions of the Partnership Act and by this      Agreement. Except as otherwise provided herein, no Limited Partner shall      be personally liable for any of the debts of the Partnership or any losses      thereof beyond the amount of its capital contribution and profits      attributable thereto (if any), whether or not distributed, together with      interest thereon, except to the extent expressly provided in the      provisions of the Partnership Act. No Limited Partner shall take part in      the management of the business of or transact any business for the      Partnership, and no Limited Partner shall have power to sign for or to      bind the Partnership. No Limited Partner shall be entitled to the return      of its contribution except (a) to the extent, if any, that distributions      made, or deemed to be made, pursuant to this Agreement, may be considered      as such by law, (b) upon dissolution of the Partnership, or (c) upon      withdrawal or redemption and then only to the extent provided for in this      Agreement. No Limited Partner shall have priority over any other Limited      Partner either as to the return of capital contributions or as to profits,      losses or distributions. |
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| Section      4.2   | Admission of Additional Limited      Partners.  Subject to the rights reserved to the General      Partner in Section 1.6 and Section 1.7, above, and compliance with      applicable laws, the General Partner may, at its option, admit additional      Limited Partners to the Partnership and permit additional capital      contributions to be made to the Partnership as of the last business day of      any calendar month or at such other times as the General Partner may      determine. |
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| Section      4.3   | Capital.  Subject      to the rights reserved to the General Partner in Section 1.6 and Section      1.7, above, and compliance with applicable laws, each Limited Partner      shall be required to make a minimum initial capital contribution to the      Partnership equal to $50,000 (exclusive of upfront selling commissions, if      any). The General Partner shall have the right to refuse any initial or      additional capital contribution in whole or in part for any reason and      may, in its sole discretion, waive or increase the amount of such minimum      initial capital contribution from time totime. |
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| Section      4.4   | Reinvestment of Profits.      The Partners recognize that the profitability of the Partnership depends      upon long-term, uninterrupted investment of capital. It is agreed,      therefore, that Partnership profits may be automatically reinvested and      that distributions of capital and gains, if any, to the Partners will be      on a limited basis. Nevertheless, the Limited Partners contemplate the      possibility that one or more of their number may elect to realize and      withdraw gain, if any, or may desire to withdraw capital, prior to the      dissolution of the Partnership pursuant to the redemption provisions of      this Agreement. |
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| Section      4.5   | No Transfer Without      Notice.  Each Limited Partner expressly agrees that it      will not assign, transfer or dispose of, by gift or otherwise, any of its      Units or any part or all of its right, title and interest in      the |
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|    | capital      or profits of the Partnership in violation of any applicable federal or      state securities laws or without giving written notice to the General      Partner.  No assignment, transfer or disposition by an assignee      of Units or of any part of its right, title and interest in the capital or      profits of the Partnership shall be effective against the Partnership or      the General Partner until the General Partner receives the written notice      of the assignment; the General Partner shall not be required to give any      assignee any rights hereunder prior to receipt of such      notice.  The General Partner may, in its sole discretion, waive      any such notice.  No such assignee, except with the consent of      the General Partner, may become a substituted Limited Partner, nor will      the estate or any beneficiary of a deceased Limited Partner or assignee      have any right to redeem Units from the Partnership except by redemption      as provided herein.  Each Limited Partner agrees that with the      consent of the General Partner any assignee may become a substituted      Limited Partner without need of the further act or approval of any Limited      Partner. If the General Partner withholds consent, an assignee shall not      become a substituted Limited Partner, and shall not have any of the rights      of a Limited Partner, except that the assignee shall be entitled to      receive that share of capital and profits and other economic benefits and      shall have that right of redemption to which his or her assignor would      otherwise have been entitled. No assignment, transfer or disposition of      Units shall be effective against the Partnership or the General Partner      until the first business day of the calendar month following the month in      which the General Partner receives notice of such assignment, transfer or      disposition. The General Partner will send written confirmation to both      the transferors and transferees of Units that the transfers in question      have been duly recorded on the Partnership’s books and records. The      General Partner will not permit the assignment, transfer or disposition of      Units where, after the assignment, transfer or disposition, either the      Limited Partner or the assignee would hold less than the minimum number of      Units equivalent to an initial minimum purchase for the relevant Class of      Units (as stated in the then-current confidential private offering      memorandum in respect of the Units), except for assignments, transfers or      dispositions by gift, inheritance, intrafamily transfers, family      dissolutions or transfers to affiliates of the Limited      Partner. |
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|   | ACCOUNTING |
|--------|------------|

| Section      5.1   | Books of Account; Fiscal      Year.  Proper books of account shall be kept under the      accrual method of accounting, and there shall be entered therein all      transactions relating to the Partnership’s business in accordance with      U.S. generally accepted accounting principles, except as otherwise      expressly provided in this Agreement. Each Partner shall have access at      reasonable times and at reasonable intervals to all books, records and      accounts of the Partnership during normal business hours at the offices of      the General Partner. The fiscal year of the Partnership shall end on      December 31 of each year unless otherwise required by Section 706(s) of      the Code and the Treasury Regulations promulgated    thereunder. |
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| Section      5.2   | Valuation.  Except      as otherwise expressly provided in this Agreement, in determining the      accounts of the Partnership for all purposes, the assets and liabilities      of the Partnership shall be valued at fair market value in accordance with      U.S. generally accepted accounting principles, consistently applied under      the accrual method of accounting, and the Partnership may, but shall not      be required to, set up reserves against doubtful accounts and contingent,      undetermined and unliquidatedliabilities. |
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| Section      5.3   | Effect of Accounting      Determination.  Except with respect to the distributive      interest of Partners determined in accordance with the provisions of this      Agreement, the accounts of the Partnership, as ascertained and determined      at the end of each fiscal year, shall be conclusive upon each Limited      Partner, unless it shall make objection to the same in writing, delivered      to the Partnership within 20 days after receipt by the Limited Partner of      a statement of its account as sent to each Limited Partner at the end of      each fiscal year. In the absence of such written objection, the accuracy      of each account shall not thereafter be questioned by any Limited Partner      or by its legal representatives. |
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| Section      5.4   | Annual Reports and Monthly      Statements.  Each Limited Partner shall be furnished with      unaudited monthly financial statements which are expected to be delivered      not later than 30 days following the end of the calendar month, audited      annual financial statements relating to the operations of the Partnership      which are expected to be delivered not later than 90 days following the      end of the Partnership’s fiscal year and such other reports as are      required to be given to Limited Partners by any governmental authority      which has jurisdiction over the activities of the Partnership. Limited      Partners also may be furnished with any other reports or information which      the General Partner, in its discretion, determines to be necessary or      appropriate. Appropriate tax information adequate to enable each Limited      Partner to complete and file its U.S. federal income tax return with      respect to its Units, if applicable, is expected to be delivered to each      Limited Partner no later than 90 days following the end of each fiscal      year. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | PROFIT      AND LOSS |
|--------|----------------------|

| Section      6.1   | Capital      Accounts.  The Partnership shall establish for each      Partner a capital account for income tax Purposes (‘Tax Capital Account’)      and a capital account for financial accounting purposes (‘Book Capital      Account’). The initial balance of the Tax Capital Account and the Book      Capital Account for each Partner shall be the initial capital contribution      made to the Partnership by such Partner and shall be adjusted as provided      in this Article VI. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      6.2   | Adjustments to Tax Capital      Accounts.  The initial balance of the Tax Capital Account      of each Partner shall be: |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | increased      by: (i) any cash and the fair market value of other property contributed      to the Partnership by such Partner in addition to such Partner’s original      capital contribution; (ii) the distributive share of the Partnership’s      taxable income of such Partner; and (iii) the distributive share of the      Partnership’s income of such Partner exempt from U.S. federal income      taxation; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | decreased      by: (i) the amount of cash and the adjusted basis of other property      distributed to such Partner by the Partnership; (ii) the distributive      share of the Partnership’s taxable losses of such Partner (including      capital losses); and (iii) the distributive share of the Partnership’s      expenditures of such Partner (including expenditures described in Section      705(a)(2)(B) of the Code). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      6.3   | Adjustments to Book Capital      Accounts.  The initial balance of the Book Capital      Account of each Partner shall be: |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | increased      by: (i) any cash and the fair market value of other property contributed      to the Partnership by such Partner in addition to such Partner’s original      capital contribution; and (ii) positive adjustments made to such Partner’s      Book Capital Account in accordance with Section 6.4, below;      and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | decreased      by: (i) the amount of cash and the fair market value of other property      distributed to such Partner by the Partnership (net of liabilities      recorded on such property that such Partner is considered under Section      752 of the Code to assume or take subject to); and (ii) negative      adjustments made to such Partner’s Book Capital Account in accordance with      Section 6.4, below. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      6.4   | Additional Adjustments to Book Capital      Accounts. As of the close of business on (a) the last business day      of each calendar month, (b) the first business day of each calendar month,      (c) if other than the last business day of a calendar month, the day on      which an actual or deemed distribution of any Partnership property is made      in cash or in kind or by redemption of any Units or otherwise, and (d) if      other than the first business day of a calendar month, the day on which      any cash or other property is contributed to the Partnership, the Book      Capital Account of each Partner shall be adjusted as    follows: |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      Net Asset Value of the Partnership shall be determined in accordance with      Section 1.8, above; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------|

| (b)   | each      Partner’s pro rata share of any increase or decrease in the Net Asset      Value of the Partnership as compared to the last determination of the Net      Asset Value of the Partnership for purposes of this Section 6.4 shall be      determined (after adjusting the Partner’s Book Capital Account under      Section 1.8, above); and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | each      Partner’s pro rata share of such increase or decrease in the Net Asset      Value of the Partnership as determined under subsection 6.4(ii), above      (less the aggregate amount of the incentive fees charged against the      Partner’s Book Capital Account under Section 1.8, above), shall be charged      or credited to the Book Capital Account of such  Partner. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      6.5   | Allocation of Tax Profit and      Loss.  Subject to Sections 1.6 and 1.7, above, and      Section 6.7, below, all items of income, gain, loss and deduction      (including items of income or gain which are not subject to U.S. federal      income taxation and expenditures described in Section 705(a)(2)(B) of the      Code) shall be allocated among the Partners for each fiscal year of the      Partnership as follows: |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Ordinary      Income and Ordinary Expense (as defined in Section 6.6, below) which      properly relate to an Accounting Period (as defined in Section 6.6, below)      under the Partnership’s method of accounting shall be allocated among all      Partners in proportion to the balance in each Partner’s Book Capital      Account as of the beginning of the Accounting Period in which earned or      incurred; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | after      all adjustments to Book Capital Accounts under Section 6.4, above, have      been made for the fiscal year of the Partnership and after all the      allocations under subsection 6.5(a), above, for the fiscal year of the      Partnership have been made, the extent to which a Partner’s Book Capital      Account exceeds its Tax Capital Account (‘Positive Disparity’) or the      extent to which a Partner’s Tax Capital Account exceeds its Book Capital      Account (‘Negative Disparity’) shall be determined. Capital Gain and      Capital Loss (as defined in Section 6.6, below) shall then be allocated as      follows: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Capital      Gain shall be allocated to each Partner who redeemed all of its Units      during such fiscal year to the extent of the Positive Disparity of such      Partner in the ratio that such Positive Disparity bears to the total      Positive Disparity of all Partners who redeemed all of their Units during      such fiscal year. Capital Gain remaining after such allocation shall be      allocated to all other Partners to the extent of each such Partner’s      Positive Disparity in the ratio that such Positive Disparity bears to the      total remaining Positive Disparity of all  Partners; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Capital      Loss shall be allocated to each Partner who redeemed all of its Units      during such fiscal year to the extent of the Negative Disparity of such      Partner in the ratio that such Negative Disparity bears to the total      Negative Disparity of all Partners who redeemed all of their Units during      such fiscal year. Capital Loss remaining after such allocation shall be      allocated to all other Partners to the extent of such Partner’s Negative      Disparity in the ratio that such Negative Disparity bears to the total      remaining Negative Disparity of all such Partners;  and |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | if      after the foregoing allocations under subsections 6.5(b)(i) and      6.5(b)(ii), above, there remains Capital Gain or Capital Loss to be      allocated, all remaining Net Capital Gain or Net Capital Loss, as the case      may be, shall be allocated among all Partners with Units remaining in the      ratio that each such Partner’s Book Capital Account balance bears to the      balance of the Book Capital Accounts of all  Partners. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Notwithstanding      the foregoing provisions of this Article VI, if any allocation would      produce a deficit in the Book Capital Account or Tax Capital Account of      any Limited Partner, the portion of such allocation which would create      such deficit shall instead be allocated to the Book Capital Account or Tax      Capital Account, as applicable, of the General  Partner. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      6.6   | Definitions.  For      purposes of this Agreement, the following terms shall have the following      meanings: |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------|

| (a)   | Accounting      Period shall mean a calendar month or any period of shorter duration from      the last preceding Accounting Period until any of the dates specified in      Section 6.4, above. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Capital      Gain or Capital Loss shall mean the gain or loss which would be      recognizable by the Partnership under U.S. federal income tax principles      attributable to a capital asset, including the gain or loss attributable      to a ‘section 1256 contract,’ as defined by Section 1256 of the Code, and      any other asset the recognition of gain or loss of which, under U.S.      federal income tax principles, is not dependent upon the sale or other      disposition thereof. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Net      Capital Gain shall mean the excess of Capital Gain over Capital      Loss. |
|-----------------|-------------------------------------------------------------------------------------|

| (d)   | Net      Capital Loss shall mean the excess of Capital Loss over Capital      Gain. |
|-----------------|-------------------------------------------------------------------------------------|

----

| (e)   | Ordinary      Income shall mean all items of Partnership income or gain other than      Capital Gain. |
|-----------------|-------------------------------------------------------------------------------------------------------|

| (f)   | Ordinary      Expense shall mean all items of Partnership loss or expense other than      Capital Loss. |
|-----------------|---------------------------------------------------------------------------------------------------------|

| Section      6.7   | Equitable      Allocations.  The General Partner may make such other or      additional allocations of income, gain, loss and deduction among the Units      or the Partners as are, in the General Partner’s reasonable discretion,      equitable in order to eliminate, to the extent possible, any disparities      existing between the Book Capital Accounts and Tax Capital Accounts of the      Partners and to allocate income, gain, loss and deduction in conformity      with U.S. federal income tax principles among the Partners in accordance      with their respective interests in the  Partnership. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | DISTRIBUTIONS      OF PARTNERSHIP INCOME; REDEMPTIONS; WITHDRAWALS BY  PARTNERS |
|--------|---------------------------------------------------------------------------------|

| Section      7.1   | Distributions to      Partners.  The General Partner shall have sole discretion      in determining the amount and frequency of distributions (other than      withdrawals or redemptions by Limited Partners) which the Partnership      shall make. All distributions shall be made in cash pro rata to the      respective Book Capital Accounts of the Partners which hold Units as of      the last day of the Accounting Period to which the distribution      relates. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.2   | Redemptions. |
|------------------------------|--------------|

| (a)   | Subject      to the provisions of this Section 7.2, the rights reserved to the General      Partner in Sections 1.6 and 1.7, above, and compliance with applicable      laws, a Limited Partner may redeem some or all of its Units as of the last      business day of each calendar month. The General Partner must receive ten      days’ prior written notice (including by facsimile) of a request for      redemption. A Limited Partner’s redemption will become effective on the      last business day of the calendar month during which such Limited Partner      shall have given timely notice of redemption. The General Partner may, in      its discretion, waive any or all of the foregoing restrictions. The right      to redeem Units is contingent upon the Partnership having assets      sufficient in the view of the General Partner to discharge its liabilities      on the relevant redemption date. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | If      there are any assets which cannot be properly valued on the redemption      date, then each Partner’s allocable share of any such assets may be      retained in the Partnership until such time when the assets can be      properly valued. If there is any pending transaction or claim by or      against the Partnership involving or which may affect the Book Capital      Account of a redeeming Partner or the obligations of a redeeming Partner      which cannot, in the sole judgment and discretion of the General Partner,      be then ascertained, the proportionate amount thereof or the proportionate      probable loss therefrom may be retained in the Partnership until the same      can be resolved or ascertained or until the liquidation of the      Partnership, whichever occurs first. In this situation, no amount shall be      paid or charged to any such Partner or its legal representatives on      account of any transaction or claim until its final liquidation or at such      other time as the General Partner shall determine. In the meantime,      however, the Partnership may |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|    |  retain      from other sums due such Partner or its legal representative an amount      which the General Partner reasonably estimates may be sufficient to cover      the share of such Partner in any probable loss or liability on account of      such transaction or claim. |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The      Limited Partners hereby acknowledge that the net assets of the Partnership      may increase or decrease during the period from the date a Limited Partner      gives notice of its intention to redeem and the date on which such      redemption is effective and that any such increase or decrease in net      assets during such period may affect the balance of the Partners’ Book      Capital Accounts. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Subject      to the provisions of this Article VII, each redeeming Limited Partner      shall be paid the amount of its redemption as soon as practicable      following the effective date of redemption; provided, however, that the      General Partner shall have the right, exercisable from time to time, to      postpone the payment and effective date of any redemption for up to three      months if the General Partner determines in good faith that the      liquidation of Partnership assets or investments required to fund the      redemption would adversely affect the Partnership or the value of the      Partners’ Units in the Partnership. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | The      General Partner, acting in its sole discretion, may suspend redemptions of      Units if the Partnership’s investments are illiquid or if the      Partnership’s ability to withdraw its capital from any investment vehicle      in which it has invested some or all of its assets is restricted due to      the conditions of its investment in such vehicle or as necessary to comply      with any applicable statute or rule of any governmental authority or      self-regulatory organization. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.3   | Withdrawal of a Limited      Partner.  The withdrawal of a Limited Partner shall occur      in the event of the death, expulsion, dissolution, legal incapacity or      bankruptcy of the Limited Partner or upon its request for redemption of      all of its Units or if for any other reason it ceases to be a Limited      Partner (other than the termination of the  Partnership). |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.4   | Timing of      Withdrawal.  The withdrawal of a Limited Partner shall      not occur for purposes of computing the withdrawing Limited Partner’s      distributive interest pursuant to this Agreement until the last business      day of the calendar month in which both (a) such event has taken place and      (b) the General Partner has been appropriately informed in writing of such      event. For all other purposes of this Agreement, such withdrawal shall be      deemed to have occurred on the date upon which notice or knowledge thereof      is received at the principal place of business of the      Partnership. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.5   | Distribution on      Withdrawal.  Upon the withdrawal of a Limited Partner or      upon the termination of the Partnership, all in accordance with the terms      of this Agreement, each withdrawing Limited Partner, or each Partner, as      the case may be, shall be paid its respective distributive interest in      cash pro rata in accordance with the respective Book Capital Accounts of      the withdrawing Partners. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.6   | Time and Method of      Payment.  The distributive interest of any Partner      withdrawing pursuant to this Agreement shall be paid by sending a check      for the amount to the address specified by the Limited Partner. Subject to      certain restrictions, one hundred percent (100%) of the redemption amounts      payable will be paid to the redeeming Limited Partner within 30 business      days of the redemption date. At the |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|    | option      and expense of the redeeming Limited Partner, such redemption proceeds may      be paid by wire transfer to an account designated by the Limited Partner      in its request for redemption. |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.7   | Continuance of      Partnership.  Neither the complete withdrawal nor the      partial withdrawal of a Limited Partner, in and of itself, shall terminate      or dissolve the Partnership. |
|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.8   | Rights and Obligations Upon      Withdrawal.  Upon the complete withdrawal of a Limited      Partner, all of its rights in specific Partnership property of every kind      whatsoever, including, all books of account, records, and papers of the      Partnership, shall immediately and without further assignment, pass to and      become vested in the remaining or surviving Partners. The withdrawing      Limited Partner and its legal representatives shall have only the right to      receive the distributions to withdrawn Limited Partners provided for under      this Agreement. A withdrawn Limited Partner or its legal representatives      shall have such access to the books and other data of the Partnership to      the extent necessary to obtain full information with respect to its      distributive interest, but this right continues only until its      distributive interest has been determined as provided in this      Agreement. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.9   | Successor Obligations Upon      Death or Legal Disability of a Limited Partner.  Upon the      death or legal disability of a Limited Partner, its interest in the      Partnership shall pass to its heirs or legal representatives. Each Limited      Partner expressly agrees that in the event of its death it waives on      behalf of itself and its estate, and it directs the legal representative      of its estate and any person interested therein to waive, the furnishing      of any inventory, accounting or appraisal of the assets of the Partnership      and any right to an audit or examination of the books of the      Partnership. |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      7.10   | Directed      Withdrawal.  The General Partner, at any time and for any      reason in its sole discretion, may give notice in writing to any Limited      Partner requiring that such Limited Partner shall withdraw, in full or in      such part as specified in such notice, from the Partnership upon the date      specified in the notice. Upon the date specified as the withdrawal date in      such notice, the Limited Partner designated in the notice, if required to      withdraw in full, shall be deemed to have withdrawn from the Partnership      without any further action either on the part of such Limited Partner or      on the part of any other Partner. Thereafter, the interest of the Limited      Partner so designated in the notice shall be treated in the same manner as      the interest of a withdrawn Limited Partner, and it shall have only the      rights of a withdrawn Limited Partner, as provided in this      Agreement. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | INDEMNIFICATION |
|--------|-----------------|

| Section      8.1   | Indemnification of the General      Partner, the Trading Advisor and their  Affiliates. |
|------------------------------|-----------------------------------------------------------------------------------------|

| (a)   | In      any threatened, pending or completed action, arbitration, claim, demand,      lawsuit or proceeding (each a ‘Proceeding’), to which the General Partner,      the Trading Advisor or any of their affiliates was or is a party or is      threatened to be made a party by reason of the fact that it is or was the      general partner of the Partnership, or is or was the trading advisor of      the Partnership, or is or was affiliated with the General Partner or the      Trading Advisor, the Partnership shall indemnify, defend and hold harmless      the |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | General      Partner, the Trading Advisor and their affiliates from and against any      loss, liability, damage, cost, expense (including, without limitation,      attorneys’ and accountants’ fees and expenses), judgments and amounts paid      in settlement (collectively, ‘Losses’), incurred by them if the party      claiming indemnification acted in good faith and in a manner it reasonably      believed to be in, or not opposed to, the best interests of the      Partnership and provided that the omission, act or conduct that was the      basis for such Losses did not constitute willful misconduct, negligence or      a breach of fiduciary obligations on the part of the General Partner or      the Trading Advisor. The termination of any Proceeding by judgment, order      or settlement, in and of itself, shall not create a presumption that the      General Partner, the Trading Advisor or their affiliates did not act in      good faith and in a manner which they reasonably believed to be in or not      opposed to the best interests of the  Partnership. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The      Partnership shall make advances to the General Partner, the Trading      Advisor and their affiliates hereunder in connection with a Proceeding      only if (i) the Proceeding relates to the performance of duties or      services by such persons to the Partnership and (ii) if the person      receiving such advance agrees to repay the advance if such person      ultimately is found by arbitration pursuant to Section 10.11, below of      this Agreement not to be entitled to indemnification      hereunder. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | As      used in this Agreement, the term ‘affiliate’ of the General Partner or the      Trading Advisor shall mean the following: (i) any natural person,      partnership, corporation, limited liability company, association or other      legal entity directly or indirectly owning, controlling or holding with      power to vote 10% or more of the outstanding voting securities of the      General Partner or the Trading Advisor; (ii) any partnership, corporation,      limited liability company, association or other legal entity 10% or more      of whose outstanding voting securities are directly or indirectly owned,      controlled or held with power to vote by the General Partner or the      Trading Advisor; (iii) any natural person, partnership, corporation,      limited liability company, association or other legal entity directly or      indirectly controlling, controlled by, or under common control with, the      General Partner or the Trading Advisor; or (iv) any officer, director,      manager or member of the General Partner or the Trading      Advisor. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      8.2   | Indemnification by      Partners.  In the event that the Partnership, the General      Partner, the Trading Advisor or any of their affiliates is made a party to      any Proceeding or otherwise incurs any Losses as a result of, or in      connection with (a) any Partner’s (or its assignee’s) activities,      obligations or liabilities unrelated to the Partnership’s business or (b)      any failure or alleged failure on the part of the Partnership or the      General Partner to withhold from income or gains allocated or deemed to be      allocated to any Partner (or its assignees), whether or not distributed,      any amount with respect to which U.S. federal income tax withholding was      required or alleged to have been required, such Partner (or its assignees      cumulatively) shall indemnify, defend, hold harmless and reimburse the      Partnership, the General Partner, the Trading Advisor and their affiliates      for such Losses to which they shall become  subject. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | TERMINATION |
|--------|-------------|

| Section      9.1   | Dissolution.  The      Partnership shall terminate and shall immediately be dissolved on December      31, 2037, or earlier: (a) upon the insolvency or bankruptcy of the      Partnership; (b) upon the dissolution or other cessation to exist as a      legal entity of the General Partner or upon the retirement, removal,      adjudication of bankruptcy or insolvency, dissolution or withdrawal of the      General Partner unless a successor general partner has been elected by the      Limited Partners or admitted by the General Partner or an additional      general partner or additional general partners have been admitted by the      General Partner prior to the date of any such event and such additional      general partner(s) or successor general partner elects to continue the      business of the Partnership; (c) at the election of the General Partner,      or of all general partners, if there is more than one, upon 60 days’      notice to the Limited Partner; or (d) upon the vote of Limited Partners      holding a majority-in interest of all outstanding Limited Partnership      Units (not including any Limited Partnership Units held by the General      Partner). The death, legal disability, incapacity, insolvency, bankruptcy,      dissolution or withdrawal of any Limited Partner shall not result in the      dissolution or termination of thePartnership. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      9.2   | Final      Accounting.  Upon the dissolution of and failure to      reconstitute the Partnership, an accounting shall be made of the accounts      of the Partnership and of the Book Capital Account of each Partner, and of      the Partnership’s assets, liabilities and changes in financial condition      from the date of the last previous accounting to the date of such      dissolution. The General Partner, or such person or persons designated by      it, shall act as liquidating trustee or trustees and immediately proceed      to wind up and terminate the business and affairs of the Partnership and      liquidate the property and assets of the Partnership. In the event the      dissolution is caused by the death, legal disability, incapacity,      dissolution, insolvency or bankruptcy of the sole remaining General      Partner, the liquidating trustee or trustees shall be designated in      accordance with the majority-in-interest of the Limited      Partners. |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      9.3   | Distribution.  Upon      the winding-up and termination of the business and affairs of the      Partnership, its liabilities and obligations to creditors and all expenses      incurred in liquidation shall be paid, and its remaining assets shall be      distributed pro rata to the Partners in accordance with their respective      Book Capital Accounts as determined under Article VI; provided, however,      that, in the event of the dissolution or liquidation of the Partnership      prior to such time as the Partnership’s organizational expenses have been      completely amortized, these amounts will be deducted from the Net Asset      Value of the Partnership prior to the distribution of each Limited      Partner’s distributive interest. |
|------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      9.4   | Use of Firm Name Upon      Dissolution.  At no time during the operation of the      Partnership or upon the termination and dissolution of the Partnership      shall any value be placed upon the firm name, or the right to its use, or      to the goodwill, if any, attached thereto, either between the Partners or      for the purpose of determining any distributive interest of any Partner in      accordance with this Agreement. The legal representatives of any deceased      Partner shall not have any right to claim such  value. |
|------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Section      9.5   | Balance Owed by the General      Partner.  In the event that there is a negative balance      in the Book Capital Account of the General Partner upon liquidation after      all adjustments to Book Capital Accounts have been made hereunder, whether      by reason of losses in liquidating Partnership assets or otherwise, the      negative balance shall represent an obligation from the General Partner to      the Partnership to be paid in cash by the close of the taxable year in      which such liquidation occurs or, if later, within 90 days after such      liquidation, and the amount thereof shall be distributed to creditors of      the Partnership or to the Partners with a positive balance in their Book      Capital Accounts in accordance with Section 9.3,  above. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | MISCELLANEOUS |
|--------|---------------|

| Section      10.1   | Notices.  All      notices or other communications required or permitted to be given pursuant      to this Agreement shall be effective only if in writing and shall be      considered as properly given or made, if sent by facsimile, if personally      delivered, if mailed, postage prepaid, or if telegraphed, by prepaid      telegram, and addressed, if to the General Partner, to it at the address      of the Partnership, and if to a Limited Partner, to the address of such      Limited Partner as reflected in the books and records of the Partnership      from time to time. Any Limited Partner may change its address by giving      notice in writing to the General Partner stating its new address, and the      General Partner may change its address by giving such notice to all      Partners. Commencing on the tenth day after the giving of such notice,      such newly designated address shall be such Partner’s address for the      purpose of all notices or other communications required or permitted to be      given pursuant to this Agreement. |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Section      10.2   | Amendments;      Meetings. |
|-------------------------------|----------------------------|

| (a)   | The      General Partner may amend this Agreement at any time, in its sole      discretion, provided amendment does not, in the opinion of the General      Partner, adversely affect the Limited Partners. The General Partner also      may amend this Agreement as to any other matters with the negative consent      of the holders of a majority-in-interest of all outstanding Units (not      including any Units held by the General Partner). For purposes of      obtaining a negative consent, the General Partner may require responses to      be made within a specified time; provided, however, that no amendment      shall cause the Partnership to become a general partnership, change the      liability of the General Partner or the Limited Partners so as to      materially, adversely affect any Partner, directly reduce the Book Capital      Account of any Partner, extend the duration of the Partnership or change      the provisions of this sentence. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Notwithstanding      any provision to the contrary contained in this Agreement, this Agreement      also may be amended by the General Partner at any time, in its sole      discretion, as to the following matters: (i) to add to the      representations, duties or obligations of the General Partner or surrender      any right or power granted to the General Partner herein for the benefit      of the Limited Partners; (ii) to cure any ambiguity or to correct or      supplement any provision in this Agreement which may be inconsistent with      any other provision; (iii) to delete from or add any provision to this      Agreement required or deemed necessaryto |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | be      so deleted or added by representatives of the U.S. Securities and Exchange      Commission, the Commodity Futures Trading Commission, any state securities      commission or any other governmental authority, exchange or      self-regulatory organization for the benefit or protection of the Limited      Partners; (iv) to effect any amendment authorized by the provisions of      Sections 1.6 and 1.7, above; and (v) to amend the provisions of Article VI      of this Agreement regarding the allocations of profits and losses for U.S.      federal income tax purposes for any tax year ending after the date of any      such amendment or for which a Partnership tax return has not been filed in      any manner which the General Partner, in its sole discretion, deems      necessary or advisable to comply with the Code and to promote an equitable      treatment of all Partners. However, no such amendment shall cause the      Partnership to become a general partnership, change the liability of the      General Partner or the Limited Partners so as to materially and adversely      affect any Partner, change any Partner’s share of the profits or losses of      the Partnership without the consent of such Partner or extend the duration      of the Partnership. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Upon      any amendment of this Agreement, the Certificate of Limited Partnership      also shall be amended if necessary to reflect such    amendment. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Meetings      of the Partnership for purposes of taking any action permitted to be taken      by the Limited Partners under this Agreement may be called by the General      Partner or by the Limited Partners holding more than 10% of the then      outstanding Units (not including any Units held by the General Partner)      for any matters for which the Limited Partners may vote as set forth in      this Agreement. Any such call shall state the nature of the business to be      transacted at the meeting, and no other business shall be conducted at the      meeting. The Limited Partners may vote in person or by proxy at any such      meeting. In the event that the Partnership is required to comply with      Regulation 14A under the 1934 Act or any successor regulation, the      foregoing time periods may bealtered. |
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| Section      10.3   | Sale or Pledge of Assets;      Termination of the Partnership.  All or substantially all      of the Partnership’s assets may be sold or pledged or the Partnership may      be dissolved by the affirmative vote of a majority-in-interest of all      outstanding Units with the consent of the General Partner at a meeting      called and conducted in accordance with Section 10.2, above. However,      nothing contained in this Section 10.3, Sections 1.6 and 1.7, above,      Section 10.4, below, or in any other section of this Agreement shall imply      that the Limited Partners have any rights of management or control over      the operations of the Partnership. |
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| Section      10.4   | Election or Removal of the      General Partner.  The General Partner or any successor      may be elected or removed from office by the affirmative vote of the      holders of one hundred percent (100%) in interest of all outstanding      Limited Partnership Units at a meeting called and conducted in accordance      with Section 10.2, above. Subject to the rights reserved to the General      Partner in Sections 1.6 and 1.7, above, and compliance with all applicable      laws, the General Partner, in its sole and absolute discretion, may admit,      at its option, one or more additional or substitute (for itself) general      partners to the Partnership as of the last business day of any calendar      month upon their execution of a counterpart of this Agreement upon 30      days’ prior written notice to thePartners. |
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| Section      10.5   | Execution.  This      Agreement may be executed in more than one counterpart with the same      effect as if the Partners executing the several counterparts had all      executed the same counterpart. |
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| Section      10.6   | Successors in      Interest. |
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| (a)   | Each      of the Partners covenants for it, its heirs, executors, administrators,      successors, assigns and legal representatives that it will, at any time on      demand after its withdrawal from the Partnership, contribute to any of its      former Partners its proportionate share of any liability, judgment or cost      of any kind (including the reasonable cost of the defense of any suit or      action and any sums which may be paid in settlement thereof) that may be      incurred by any former Partners on account of any matters or transactions      occurring during the time it was a Partner. The amount of such      contribution shall not, in the case of a former Limited Partner, exceed      the then balance of its Book Capital Account at the time it ceased to be a      Limited Partner plus the amount of distributions theretofore made to it,      if any, plus interest thereon. Such proportionate share of liability,      judgment or cost of any kind shall be determined from this Agreement as it      existed at the time such matter or transaction  occurred. |
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| (b)   | Each      of the Partners covenants that neither it nor its heirs, executors,      administrators, legal representatives, successors or assigns nor any      person or persons claiming through or under it, will file a bill for a      Partnership accounting or otherwise proceed adversely in any way      whatsoever against the other Partners or the Partnership, except in an      action for fraud. |
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| (c)   | This      Agreement and all of its terms and provisions shall be binding upon and      shall inure to the benefit of the Partners and their respective legal      representatives, heirs, successors and assigns. Any person subsequently      admitted to the Partnership as a General Partner or Limited Partner shall      be subject to all of the provisions of this Agreement as if an original      signatory hereto. |
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| Section      10.7   | Governance.  Each      of the Partners agrees that if any action shall be taken pursuant to this      Agreement by the required percentage-in-interest of the Limited      Partnership Units, it will execute any such writing or instrument as may      be necessary to carry out and perfect such action notwithstanding that      said party may not have assented thereto or may have objected thereto.      Partnership action covered within the scope of this clause includes, but      is not limited to, the adoption of any Certificate of Limited Partnership      or any amendment thereto, any instrument effecting or evidencing the      withdrawal of a Partner and any amendment or supplement to this      Agreement. |
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| Section      10.8   | Ownership of Partnership      Assets.  Any assets owned by the Partnership may be      registered in the Partnership’s name, or in the name of a nominee, or in a      ‘street name.’ Any corporation, Broker, custodian, clearing association,      depository or transfer agent called upon to transfer any assets to or from      the name of the Partnership shall be entitled to rely upon instructions or      assignments signed by the General Partner without inquiry as to the      authority of the person signing such instructions or assignments or as to      the validity of any transfer to or from the name of the Partnership;      provided, however, that any corporation, Broker, custodian, clearing      association, depository or transfer agent holding cash or assets of the      Partnership shall be expected to comply with any special instructions      concerning payment and delivery given to it in writing by the General      Partner. |
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| Section      10.9   | Rights of      Creditors.  A creditor who makes a nonrecourse loan to      the Partnership shall not have or acquire at any time, solely as a result      of making the loan, any direct or indirect interest in the profits,      capital or property of the Partnership, other than as a creditor or      secured creditor, as the case maybe. |
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| Section      10.10   | Arbitration.  All      controversies arising in connection with the Partnership’s business and      between or among the Partners, shall be settled by arbitration, to be held      in the City of New York, State of New York, under the then prevailing      rules of the National Futures Association, or if no such rules are then      obtaining or if jurisdiction is declined, then in accordance with the      rules then obtaining of the American Arbitration Association. In any such      arbitration, each of the parties hereto agrees to request from the      arbitrators that: (a) the authority of the arbitrators shall be limited to      construing and enforcing the terms and conditions of the Agreement as      expressly set forth herein; (b) the arbitrators shall state the reasons      for their award in a written opinion; (c) the arbitrators shall not make      any award which shall alter, change, cancel or rescind any provision of      this Agreement and that the arbitrators shall not have the authority to      award punitive damages; and (d) the arbitrators’ award shall be consistent      with the provisions of this Agreement. The award of the arbitrators shall      be final and binding, and judgment may be confirmed and entered thereon in      any court of competentjurisdiction. |
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| Section      10.11   | Investment Representations.  By      executing this Agreement, each Limited Partner hereby represents and      warrants to the General Partner asfollows: |
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| (a)   | it      understands that its investment in the Partnership is a ‘security’ as      defined in Section 2(1) of the Securities Act of 1933, as amended (the      ‘1933 Act’) which has not been registered under the 1933 Act or any      securities law of any state of the United States and that its investment      is being made in reliance upon the exemption contained in Section 4(2) of      the 1933 Act; |
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| (b)   | its      participation in the Partnership is being made for its own account for      investment purposes and with no present intention of reselling or      distributing its interest in thePartnership; |
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| (c)   | it      is familiar with the types of transactions and activities in which the      Partnership intends to engage and is fully aware that such transactions      and activities involve volatility and risk of loss;  and |
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| (d)   | it      is fully capable of evaluating the merits and risks associated with an      investment in the Partnership, and its net worth is such that it can bear      the economic risk of loss of its investment in the      Partnership. |
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| Section      10.12   | Assignment.  The      General Partner shall not assign this Agreement without the consent of      each Limited Partner. |
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| Section      10.13   | Compliance with the Investment      Advisers Act of 1940.  To the extent that any provision      hereof may be construed in a manner inconsistent with the Investment      Advisers Act of 1940, it is the express intent of the General Partner and      the Limited Partners that such provision be interpreted and applied ab      initio so as to comply with the Investment Advisers Act of 1940 in all      respects (even if doing so effectively amends the terms of this      Agreement). |
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