Unassociated Document


    
      
        Exhibit
10.04

         

      

      
        CONFIDENTIAL
TREATMENT REQUESTED.  Confidential portions of this document have been
redacted and have been separately filed with the Commission.

      

       
ADVISORY
AGREEMENT

     

    THIS
AGREEMENT, made as of August 25, 2008, among JWH Global Trust, a Delaware
statutory business trust (the “Fund”), R.J. O’Brien Fund Management, LLC, a
Delaware limited liability company (the “Managing Owner”), and AIS Futures
Management, LLC, a Delaware limited liability company (the “Trading
Advisor”).

     

    W I T N E S S E T H
:

     

    WHEREAS, the Fund has been
organized as a Delaware statutory business trust pursuant to its organizational
documents to, among other things, directly or indirectly through one or more
commodity trading advisors, trade, buy, sell, spread, or otherwise acquire,
hold, or dispose of commodities (including, but not limited to, foreign
currencies, mortgage-backed securities, money market instruments, financial
instruments, and any other securities or items which are now, or may hereafter
be, the subject of futures contract trading), domestic and foreign commodity
futures contracts, forward contracts, foreign exchange commitments, options on
physical commodities and on futures contracts, spot (cash) commodities and
currencies, exchange of futures contracts for physicals transactions, exchange
of physicals for futures contracts transactions, and any rights pertaining
thereto, whether traded on an organized exchange or otherwise (hereinafter
referred to collectively as “futures interests;” provided, however, such
definition shall exclude securities futures products as defined by the Commodity
Futures Trading Commission (“CFTC”), options in securities futures and options
in equities) and securities (such as United States Treasury securities) approved
by the CFTC for investment of customer funds and other securities on a limited
basis, and to engage in all activities incident thereto;

     

    WHEREAS, the Fund is a
commodity pool operated by the Managing Owner; and the Fund’s units are being
offered pursuant to a registration statement on Form S-1 (No. 333-146177) as
from time to time amended filed under the Securities Act of 1933 (the
“Securities Act”), as amended;

     

    WHEREAS, the Trading Advisor
has extensive experience trading in futures interests and the Trading Advisor is
willing to provide the services and undertake the obligations as set forth
herein;

     

    WHEREAS, the Fund and the
Managing Owner each desires the Trading Advisor to act as a trading advisor for
the Fund and to make investment decisions with respect to futures interests for
the Fund and the Trading Advisor desires so to act; and

     

    WHEREAS, the Fund, the
Managing Owner and the Trading Advisor wish to enter into this Agreement which,
among other things, sets forth certain terms and conditions upon which the
Trading Advisor will conduct futures interest trading with respect to a portion
of the Fund’s assets, as described herein.

     

    NOW, THEREFORE, the parties
hereto hereby agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              1.  

            	
              Undertakings in
      Connection with the Continuing Offering of
  Units.

            


    

     

    (a) The
Trading Advisor agrees with respect to the continuing offering of interests
(“Units”) in the Fund: (i) to make all disclosures regarding itself, its
principals and affiliates, its trading performance, its trading systems, methods
and strategies (subject to the need, in the reasonable discretion of the Trading
Advisor, to preserve the secrecy of Proprietary Information (as defined in
Section 1(c) hereof) concerning such systems, methods and strategies), any
client accounts over which it has discretionary trading authority (other than
the names of or identifying information with respect to any such clients), and
otherwise, as the Fund may reasonably require (x) in connection with Fund’s
offering materials (the “Prospectus”) as required by Rule 4.21 of the
regulations under the Commodity Exchange Act (the “CEAct”), and the rules and
regulations of the Securities and Exchange Commission (the “SEC”) including in
connection with any amendments or supplements thereto, or (y) to comply with any
other applicable law or rule or regulation, including those of the CFTC, the
National Futures Association (the “NFA”), the SEC, or any other regulatory or
self-regulatory body, exchange, or board with jurisdiction over its members (or
to comply with the reasonable request of the aforementioned organizations); and
(ii) to otherwise cooperate with the Fund and the Managing Owner by providing
information regarding the Trading Advisor in connection with the preparation of
the Prospectus, including any amendments or supplements thereto, as part of
making application for registration of the Units under the securities or blue
sky laws of any jurisdictions, including foreign jurisdictions, as the Fund may
deem appropriate; provided that all such disclosures are subject to the need, in
the reasonable discretion of the Trading Advisor, to preserve the secrecy of
Proprietary Information concerning its clients, systems, methods and strategies.
As used herein, unless otherwise provided, the term “principal” shall have the
meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term
“affiliate” shall mean an individual or entity that directly or indirectly
controls, is controlled by, or is under common control with, such
party.  The Managing Owner may, in its sole discretion and at any
time, withdraw the SEC registration of the Units or discontinue the offering of
Units.

     

    (b) If the
Trading Advisor becomes aware of any materially untrue or misleading statement
or material omission regarding itself or any of its principals or affiliates in
the Disclosure Document (as defined in Section 19 hereof), or of the occurrence
of any event or change in circumstances which would result in there being any
materially untrue or misleading statement or material omission in the Disclosure
Document regarding itself or any of its principals or affiliates, the Trading
Advisor shall promptly notify the Managing Owner and shall cooperate with the
Managing Owner in the preparation of any necessary amendments or supplements to
the Prospectus. Neither the Trading Advisor nor any of its principals, or
affiliates, or any stockholders, officers, directors, or employees shall
distribute the Prospectus or selling literature or shall engage in any selling
activities whatsoever in connection with the continuing offering of Units except
as may be specifically approved by the Managing Owner and agreed to by the
Trading Advisor.

     

    (c) For
purposes of this Agreement, and notwithstanding any of the provisions hereof,
all non-public information relating to the Trading Advisor including, but not
limited to, records, whether original, duplicated, computerized, handwritten, or
in any other form, and information contained therein, business and/or marketing
and/or sales plans and proposals, names of past and current clients, names of
past, current and prospective contacts, trading

     

    
      
        
        

      

      
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methodologies,
systems, strategies and programs, trading advice, trading instructions, results
of proprietary accounts, training materials, research data bases, portfolios,
and computer software, and all written and oral information, furnished by the
Trading Advisor to the Fund and the Managing Owner and/or their officers,
directors, employees, agents (including, but not limited to, attorneys,
accountants, consultants, and financial advisors) or controlling persons (each a
“Recipient”), regardless of the manner in which it is furnished, together with
any analysis, compilations, studies or other documents or records which are
prepared by a Recipient of such information and which contain or are generated
from such information, regardless of whether explicitly identified as
confidential, with the exception of information which (i) is or becomes
generally available to the public other than as a result of acts by the
Recipient in violation of this Agreement, (ii) is in the possession of the
Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or
becomes available to the Recipient from a source that is not bound by a
confidentiality agreement with regard to such information or by any other legal
obligation of confidentiality prohibiting such disclosure, or (iv) that is
independently developed by the Recipient without use of the confidential
information described in this Section 1(c), are and shall be confidential
information and/or trade secrets and the exclusive property of the Trading
Advisor (“Confidential Information” and/or “Proprietary
Information”).

     

    (d) The Fund
and the Managing Owner each warrants and agrees that they and their respective
officers, directors, members, equity holders, employees and agents (including
for purposes of this Agreement, but not limited to, attorneys, accountants,
consultants, and financial advisors) will protect and preserve the Confidential
Information and will disclose Confidential Information or otherwise make
Confidential Information available only to the Managing Owner’s officers,
directors, members, equity holders, employees and agents (including for purposes
of this Agreement, but not limited to, attorneys, accountants, consultants, and
financial advisors), who need to know the Confidential Information (or any part
of it) for the purpose of satisfying their fiduciary, legal, reporting, filing
or other obligations hereunder or to monitor performance in the account during
the term of this Agreement or thereafter, or to the Fund, Managing Owner or a
Recipient, as the case may be, is required to disclose such Confidential
Information due to a fiduciary obligation or legal or regulatory request.
Additionally, the Fund and the Managing Owner each warrants and agrees that it
and any Recipient will use the Confidential Information solely for the purpose
of satisfying the Fund’s or the Managing Owner’s obligations under this
Agreement and not in a manner which violates the terms of this
Agreement.

     

    
      	
              2.  

            	
              Duties of the Trading
      Advisor.

            


    

     

    (a) Upon the
commencement of trading operations on or about November 1, 2008 by the Trading
Advisor with respect to a portion of the assets of the Fund, the Trading Advisor
hereby agrees to act as a Trading Advisor for the Fund and, as such, shall have
authority and responsibility for directing the investment and reinvestment of
that portion of the Fund’s assets that is allocated to the Trading Advisor,
which shall consist of the Allocated Net Assets (as defined in Section 5(c)
hereof) plus “notional” funds, if any, allocated to the Trading Advisor as
specified in writing by the Managing Owner and consented to by the Trading
Advisor (the “Assets”), on the terms and conditions and in accordance with the
prohibitions and the trading policies set forth in Exhibit A to this Agreement
as amended from time to time and provided in writing to the Trading Advisor by
the Managing Owner (the “Trading Policies”); provided,

     

    
      
        
        

      

      
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however, that the
Managing Owner may override the instructions of the Trading Advisor without
notice to the Trading Advisor to the extent necessary (i) to comply with the
Trading Policies and with applicable speculative position limits, (ii) to fund
any distributions or redemptions, (iii) to pay the Fund’s expenses, (iv) to the
extent the Managing Owner believes doing so is necessary for the protection of
the Fund, (v) to terminate the futures interest trading of the Account (as
defined in Section 4) with the Trading Advisor, or (vi) to comply with any
applicable law or regulation. The Managing Owner agrees not to override any such
instructions for the reasons specified in clauses (ii) or (iii) of the preceding
sentence unless the Trading Advisor fails to comply with a request of the
Managing Owner to make the necessary amount of funds available to the Fund
within two trading days of such request.  The Trading Advisor shall
not be liable for the consequences of any decision by the Managing Owner to
override instructions of the Trading Advisor, except to the extent that the
Trading Advisor fails to comply with the Managing Owner’s decision to override
an instruction.  Notwithstanding anything to the contrary contained in
this Agreement, the Fund shall have the right to instruct the Trading Advisor to
liquidate any or all positions at any time.

     

    (b) The
Trading Advisor shall:

     

    (i) Exercise
good faith and due care in trading futures interests for the Account in
accordance with the Trading Policies and trading systems, methods, and
strategies of the Trading Advisor described in the Disclosure Document, with
such changes and additions to such trading systems, methods or strategies as the
Trading Advisor, from time to time, incorporates into its trading approach for
accounts of a similar size to the Account.

     

    (ii) Provide
the Managing Owner, within 45 days of a request which the Managing Owner may
make from time to time, with information comparing the performance of the
Account and the performance of all other client accounts (“Other Accounts”)
directed by the Trading Advisor using the trading systems, methods and
strategies used by the Trading Advisor on behalf of the Account over a specified
period of time for the purpose of confirming that the Account has been treated
equitably compared to such Other Accounts.  In providing such
information, the Trading Advisor may take such steps as are necessary to assure
the confidentiality of the Trading Advisor’s clients’ identities.  The
Trading Advisor shall, upon the Managing Owner’s request, consult with the
Managing Owner concerning any discrepancies between the performance of such
Other Accounts and the Account.  The Trading Advisor shall promptly
inform the Managing Owner in writing of any material discrepancies between the
performance of Other Accounts and the performance of the Account of which the
Trading Advisor is aware.  The Managing Owner acknowledges that the
following differences in accounts may cause divergent trading
results:  different trading strategies, methods or degrees of
leverage, different trading policies, accounts experiencing differing inflows or
outflows of equity, different risk profiles, accounts which commence trading at
different times and accounts which have different portfolios or different fiscal
years.

     

    
      
        
        

      

      
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    (iii) Inform
the Managing Owner when the Trading Advisor’s open positions maintained by the
Trading Advisor exceed the Trading Advisor’s applicable speculative position
limits.

     

    (iv) Upon
request of the Managing Owner, promptly provide the Managing Owner with all
information concerning the Trading Advisor and its activities related to the
Trading Advisor’s management of the Account reasonably requested by the Managing
Owner (including, without limitation, information relating to changes in
control, key personnel, trading approach, or financial
condition).  Additionally, the Trading Advisor agrees to furnish R.J.
O’Brien & Associates, LLC (“RJOB”) by telephone, facsimile or electronic
data transmission  (i) a final report of all trades at the end of each
business day and (ii) a report of any trade made involving a position with a
required initial margin equal to 10% or more of the Assets within 30 minutes of
the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the
executing broker that such a trade has been executed.  The Trading
Advisor further acknowledges and agrees that the timely provision of all such
information is of the essence in order to enable the Fund, its designated
entities, and RJOB to monitor and comply with mandatory risk control algorithms
imposed upon the operation of the Fund.

     

    (c) All
purchases and sales of futures interests pursuant to this Agreement shall be for
the account, and at the risk, of the Fund and not for the account, or at the
risk of the Trading Advisor or any of its affiliates or each of their
principals, stockholders, directors, officers, or employees, or any other
person, if any, who controls the Trading Advisor. All brokerage commissions and
related transaction fees arising from such trading by the Trading Advisor shall
be for the account of the Fund.

     

    (d) Subject
to Section 8(a) hereof, *.  The Trading Advisor shall have an
affirmative obligation to promptly notify the Managing Owner upon the Trading
Advisor’s discovery of its own errors with respect to the Account, and the
Trading Advisor shall use commercially reasonable efforts to identify and
promptly notify the Managing Owner of any order or trade which
the Trading Advisor reasonably believes was not executed in accordance with its
instructions to any Commodity Broker or such other commodity broker utilized to
execute orders for the Fund.

     

    (e) Prior to
the commencement of trading by the Trading Advisor for the Account, the Managing
Owner, on behalf of the Fund, shall deliver to the Trading Advisor a trading
authorization appointing the Trading Advisor the Fund’s attorney-in-fact for
such purpose (a form of which is attached hereto as Exhibit B).

     

    (f) In
performing services to the Fund, the Trading Advisor shall utilize its Multi
Asset Allocation Portfolio (2x-4x) (the “Trading Program”), as described in the
Disclosure Document, and as modified from time to time.  The Trading
Advisor shall give the Managing Owner prior written notice of any change in the
Trading Program that the Trading Advisor considers to be material (and shall not
effect such change on behalf of the Fund without the Managing Owner’s consent),
including any additional futures interests to be traded by
the
---------------------


      *
Confidential material redacted and filed separately with the
Commission.

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
Trading
Advisor not already listed on Exhibit C.  Changes in the futures
interests traded, provided that such futures interests are listed on Exhibit C,
shall not be deemed a modification of the Trading Program.

    

     

    
      	
              3.  

            	
              Trading Advisor as an
      Independent Contractor.

            


    

     

    For all
purposes of this Agreement, the Trading Advisor shall be deemed to be an
independent contractor and shall, unless otherwise expressly provided herein or
authorized, have no authority to act for or represent the Fund in any way or
otherwise be deemed an agent of the Fund.  Nothing contained herein
shall be deemed to require the Fund to take any action contrary to its governing
documents as from time to time in effect, or any applicable law or rule or
regulation of any regulatory or self-regulatory body, exchange, or board.
Nothing herein contained shall constitute the Trading Advisor or the Managing
Owner as members of any partnership, joint venture, association, syndicate or
other entity, or be deemed to confer on any of them any express, implied, or
apparent authority to incur any obligation or liability on behalf of any other.
It is expressly agreed that the Trading Advisor is neither a promoter, sponsor,
or issuer with respect to the Fund, nor does the Trading
Advisor have any authority or responsibility with respect to the offer, sale or
issuance of Units.

     

    
      	
              4.  

            	
              Commodity
      Broker.

            


    

     

    The
Trading Advisor shall effect all transactions in futures interests for the Fund
through a separate account of the Fund to be traded exclusively by the Trading
Advisor (the “Account”) maintained with RJOB or such commodity broker or brokers
as the Managing Owner shall direct and appoint from time to time (the “Commodity
Brokers”).

     

    Notwithstanding
the foregoing, the Trading Advisor may execute trades through floor brokers
other than those employed by RJOB and its affiliates so long as arrangements
(including executed give-up agreements) are made for such floor brokers to
“give-up” or transfer the positions to RJOB in conformity with the Trading
Policies set forth in Exhibit A attached hereto.

     

    
      	
              5.  

            	
              Fees.

            


    

     

    (a) For the
services to be rendered to the Fund by the Trading Advisor under this
Agreement:

     

    (i) The Fund
shall pay the Trading Advisor a monthly management fee equal to 1/12 of *% (a *% annual rate) of the Assets as of
the last day of each month (the “Management Fee”).  The
Management Fee is payable in arrears within 20 Business Days of the end
of the month for which it was calculated.  For purposes of this
Agreement, “Business Day” shall mean any day which the securities markets are
open in the United States.

     

    (ii) The Fund
shall pay the Trading Advisor an incentive fee equal to 20% of the New Trading
Profit (as defined in Section 5(d) hereof) that shall accrue



      --------------------

        *
Confidential material redacted and filed separately with the
Commission.

         

      

    

    
      
        
        

      

      
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monthly
but is not payable until the end of each calendar quarter (the “Incentive
Fee”).  The initial incentive period will commence on the date the
Trading Advisor commences trading on behalf of the Account and shall end on the
last day of the calendar quarter after such date.  The Incentive Fee
is payable within 20 Business Days of the end of the calendar quarter for which
it was calculated.

     

    (b) If this
Agreement is terminated on a date other than the last day of a calendar quarter,
the Incentive Fee shall be determined as if such date were the end of a calendar
quarter.  If this Agreement is terminated on a date other than the end
of a month, the Management Fee described above shall be determined as if such
date were the end of a month, but such fee shall be prorated based on the ratio
of the number of trading days in the month through the date of termination to
the total number of trading days in the month.  If, during any month
after the Trading Advisor commences trading on behalf of the Account (including
the month in which the Trading Advisor commences trading on behalf of the
Account), the Fund does not conduct business operations, or suspends trading for
the Account, or, as a result of an act or material failure to act by the Trading
Advisor, is otherwise unable to utilize the trading advice of the Trading
Advisor on any of the trading days of that month for any reason, the Management
Fee shall be prorated based on the ratio of the number of trading days in the
month which the Account engaged in trading operations or utilizes the trading
advice of the Trading Advisor to the total number of trading days in the
month.  The Management Fee payable to the Trading Advisor for the
month in which the Fund begins to receive trading advice from the Trading
Advisor pursuant to this Agreement shall be prorated based on the ratio of the
number of trading days in the month from the day the Fund begins to receive such
trading advice to the total number of trading days in the month.  In
the event that there is an increase or decrease in the Assets as of any day
other than the first day of a month, the Trading Advisor shall be paid a pro
rata Management Fee on such increase or decrease in the Assets for such
month.

     

    (c) The term
“Allocated Net Assets” shall mean the total assets of the Fund allocated to the
Account (including, but not limited to, all cash and cash equivalents, accrued
interest and amortization of original issue discount, and the market value
(marked-to-market) of all open futures interest positions and other assets of
the Account) less all liabilities of the Fund attributable to the Account,
determined in accordance with generally accepted accounting principles
consistently applied under the accrual basis of accounting.  Unless
generally accepted accounting principles require otherwise, the market value of
a futures or option contract traded on a United States exchange shall mean the
settlement price on the exchange on which the particular futures or option
contract shall be traded by the Trading Advisor on behalf of the Account on the
day with respect to which the Allocated Net Assets are being determined; provided, however, that if a
contract could not be liquidated on such day due to the operation of daily
limits or other rules of the exchange on which that contract shall be traded or
otherwise, the settlement price on the first subsequent day on which the
contract could be liquidated shall be the market value of such contract for such
day, or if a contract could not be liquidated on such day due to the exchange
being closed for an exchange holiday, the settlement price on the most recent
preceding day on which the contract could have been liquidated shall be the
market value of such contract for such day.  The market value of a
forward contract or a futures or option contract traded on a foreign exchange or
market shall mean its market value as determined by the Managing Owner on a
basis consistently applied for each different variety of contract.

     

    
      
        
        

      

      
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    (d) The term
“New Trading Profit” shall mean net futures interest trading profits (realized
and unrealized) on the Assets, decreased proportionally by the Trading Advisor’s
monthly Management Fees and brokerage commissions and NFA fees applicable to the
Account.  Interest income is not included in New Trading
Profit. Extraordinary expenses do not reduce New Trading
Profit.  Such trading profits and items of decrease shall be
determined from the end of the last calendar quarter in respect of which an
Incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been
earned previously by the Trading Advisor, from the date that the Trading Advisor
commenced managing the Assets, to the end of the calendar quarter as of which
such Incentive Fee calculation is being made.  New Trading Profit shall be
calculated before reduction for Incentive Fees paid or accrued so that the
Trading Advisor does not have to earn back Incentive Fees.

     

    (e) If any
payment of Incentive Fees is made to the Trading Advisor on account of New
Trading Profit earned by the Trading Advisor and the Trading Advisor thereafter
fails to earn New Trading Profit or experiences losses for any subsequent
incentive period, the Trading Advisor shall be entitled to retain such amounts
of Incentive Fees previously paid to the Trading Advisor in respect of such New
Trading Profit. No Incentive Fees shall be payable to the Trading Advisor until
the Trading Advisor has earned New Trading Profit; provided, however, that if
the Assets are reduced because of redemptions that occur at the end of, and/or
subsequent to, a calendar quarter in which the Trading Advisor experiences a
futures interest trading loss for the Fund, the trading loss that must be
recovered before the Trading Advisor will be deemed to experience New Trading
Profit in a subsequent calendar quarter will be equal to the amount determined
by (x) dividing the Assets after such decrease by the Assets in immediately
before such decrease and (y) multiplying that fraction by the amount of the
unrecovered futures interest trading loss prior to such decrease. In the event
that the Trading Advisor experiences a trading loss in more than one calendar
quarter without the Fund paying an intervening Incentive Fee and Assets are
reduced in more than one such calendar quarter because of redemptions, then the
trading loss for each such calendar quarter shall be adjusted in accordance with
the formula described above and such reduced amount of futures interest trading
loss shall be carried forward and used to offset subsequent futures interest
trading profits. 

     

    (f) No
Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor
has earned New Trading Profit.  

     

    (g) For the
avoidance of doubt, the parties hereto acknowledge and agree that the Management
Fees and Incentive Fees shall be calculated on the basis of the Assets and the
Trading Advisor’s trading activities on behalf of the Fund through the Account
and not on the basis of any “netting” with any other account of the Fund managed
by a trading advisor other than the Trading Advisor.

     

    
      	
              6.  

            	
              Designation of
      Additional Trading Advisors and Reallocation of Allocated Net
      Assets

            


    

     

                          (a)           If
the Managing Owner at any time deems it to be in the best interests
of  the Fund, the Managing Owner may designate one or more additional
trading advisors for the Fund and may apportion to such additional trading
advisor(s) the management of such amounts of the Fund’s assets as the Managing
Owner shall determine in its absolute discretion through a

     

    
      
        
        

      

      
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reduction
in the Assets.  The designation of an additional trading advisor or
advisors and the apportionment of the Fund’s assets to such trading advisor(s)
pursuant to this Section 6 shall neither terminate this Agreement nor modify in
any regard the respective rights and obligations of the Fund, the Managing Owner
and the Trading Advisor hereunder.  In the event that assets are
reallocated from the Trading Advisor, the Trading Advisor shall thereafter
receive management and incentive fees based, respectively, on Assets, as reduced
pursuant to this Section 6(a), and the Trading Profits attributable such reduced
Assets.

    


                          (b)           The
Managing Owner may at any time and from time to time upon three business days’
prior notice reallocate Assets to any other trading advisor or advisors of the
Fund or allocate additional Assets upon three business days’ prior notice to the
Trading Advisor from such other trading advisor or advisors; provided that any
such addition to or withdrawal from Assets will only take place on the last day
of a month unless the Managing Owner determines that the best interests of the
Fund require otherwise.  The Trading Advisor shall have the right to
refuse any additions to Assets to be made pursuant to this Section
6(b).

    


                          (c)           The
Managing Owner shall not, without the consent of the Trading Advisor, allocate
to the Trading Advisor “notional” assets of the Fund.

    


    
      	
              7.  

            	
              Term

            


    

     

    (a) This
Agreement shall continue in effect for a period of one year from the date the
Agreement was entered into unless otherwise terminated as set forth in this
Section 7. The Trading Advisor may terminate this Agreement at the end of such
one-year period by providing prior written notice of termination to the Fund at
least sixty days prior to the expiration of such one-year period. If the
Agreement is not terminated upon the expiration of such one-year period, this
Agreement shall automatically renew for an additional one-year period and shall
continue to renew for additional one-year periods until this Agreement is
otherwise terminated, as provided for herein.  This Agreement shall
automatically terminate if the Fund is dissolved.

     

    (b) The Fund
and Managing Owner each shall have the right to terminate this Agreement in its
discretion (i) at any month end upon five days’ prior written notice to the
Trading Advisor, or (ii) at any time upon prior written notice to the Trading
Advisor upon the occurrence of any of the following events: (A) if any person
described as a “principal” of the Trading Advisor in the Prospectus ceases for
any reason to be an active “principal” of the Trading Advisor; (B) if the
Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is
unable to use its trading systems or methods as in effect on the date hereof and
as modified in the future for the benefit of the Fund; (D) if the registration,
as a commodity trading advisor, of the Trading Advisor with the CFTC or its
membership in the NFA is revoked, suspended, terminated, or not renewed, or
limited or qualified in any respect; (E) except as provided in Section 12
hereof, if the Trading Advisor merges or consolidates with, or sells or
otherwise transfers its advisory business, or all or a substantial portion of
its assets, any portion of its futures interest trading systems or methods, or
its goodwill to, any individual or entity other than an affiliate of the Trading
Advisor; (F) if, at any time, the Trading Advisor materially violates any
of the trading policies attached in, except with the prior express written
consent of the Managing Owner; or (G) if the Trading Advisor fails in a material
manner to perform any of its obligations under this Agreement.

     

    
      
        
        

      

      
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    (c) The
Trading Advisor may terminate this Agreement at any time, upon thirty days’
prior written notice to the Fund and Managing Owner, in the event: (A) that the
Managing Owner imposes additional trading limitation(s) in the form of one or
more Trading Policies or administrative policies that the Trading Advisor does
not consent to, such consent not to be unreasonably withheld; (B) the Managing
Owner objects to the Trading Advisor implementing a proposed material change to
the Trading Program and the Trading Advisor certifies to the Managing Owner in
writing that it believes such change is in the best interests of the Fund; (C)
the Managing Owner or the Fund materially breaches this Agreement and does not
correct the breach within ten days of receipt of a written notice of such breach
from the Trading Advisor; (D) the Assets fall below $* (after adding back any realized or unrealized
trading losses attributable to the Account) at any time; (E) the Fund becomes
bankrupt or insolvent, or (F) the registration of the Managing Owner with the
CFTC as a commodity pool operator or its membership in the NFA is revoked,
suspended, terminated or not renewed, or limited or qualified in any
respect.  If the Managing Owner or Fund merges, consolidates or sells
a substantial portion of its assets pursuant to Section 12 of this Agreement,
the Trading Advisor may terminate this Agreement upon prior written notice to
the Managing Owner and Fund.

     

    (d) Except as
otherwise provided in this Agreement, any termination of this Agreement in
accordance with this Section 7 shall be without penalty or liability to any
party, on account of such termination.  For the avoidance of doubt,
any termination of this Agreement shall not affect the Fund’s obligations to pay
Management Fees or Incentive Fees accrued through the termination
date.

     

    (e) The
indemnities set forth in Section 8 hereof shall survive any termination of this
Agreement.

     

    
      	
              8.  

            	
              Standard of Liability:
      Indemnifications.

            


    

     

    (a) Limitation of Trading
Advisor Liability.  In respect of the Trading Advisor’s role in
the futures interests trading of the Fund, the Trading Advisor shall not be
liable to the Fund or the Managing Owner or their partners, directors, officers,
principals, managers, members, shareholders, employees, controlling persons or
successors and assigns except that the Trading Advisor shall be liable for acts
or omissions that constitute a material breach of this Agreement or a
representation, warranty or covenant herein, misconduct or negligence, or are
the result of the Trading Advisor not having acted in good faith and in the
reasonable belief that such actions or omissions were in, or not opposed to, the
best interests of the Fund.

     

    (b) Trading Advisor Indemnity in
Respect of Management Activities.  The Trading Advisor shall
indemnify, defend and hold harmless the Fund and the Managing Owner, their
controlling persons, their affiliates and their respective directors, officers,
principals, managers, members, shareholders, employees and controlling persons
from and against any and all losses, claims, damages, liabilities (joint and
several), costs, and expenses (including any reasonable investigatory, legal,
accounting and other expenses incurred in connection with, and any amounts paid
in, any litigation or other proceeding or any settlement; provided that, solely
in the case of a settlement, the Trading Advisor shall have approved such
settlement) resulting from

----------------------

    *
Confidential material redacted and filed separately with the
Commission.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
a
demand, claim, lawsuit, action or proceeding (other than those incurred as a
result of claims brought by or in the right of an indemnified party) relating to
any action or omission of the Trading Advisor in connection with the business or
activities of the Trading Advisor on behalf of the Account under this Agreement
(except as covered by paragraph (d) below); provided that a court of competent
jurisdiction upon entry of a final judgment finds (or, if no final judgment is
entered, by an opinion rendered by counsel who is approved by the Fund and the
Trading Advisor, such approval not to be unreasonably withheld) that the action
or omission of the Trading Advisor that was the subject of the demand, claim,
lawsuit, action, or proceeding constituted negligence, misconduct, or a breach
of this Agreement by the Trading Advisor and was not done in good
faith.

     

    (c) Fund and Managing
Owner Indemnity
in Respect of Management Activities.  The Fund and the Managing
Owner shall indemnify, defend and hold harmless the Trading Advisor, its
controlling persons, their affiliates and their respective directors, officers,
principals, managers, members, shareholders, employees and controlling persons,
from and against any and all losses, claims, damages, liabilities (joint and
several), costs and expenses (including any reasonable investigatory, legal,
accounting and other expenses incurred in connection with, and any amounts paid
in, any litigation or other proceeding or any settlement; provided that, solely
in the case of a settlement, the Managing Owner shall have approved such
settlement) resulting from a demand, claim, lawsuit, action or proceeding (other
than those incurred as a result of claims brought by or in the right of an
indemnified party) relating to any action or omission of the Managing Owner in
connection with the business or activities of the Managing Owner relating to
this Agreement (except as covered by paragraph (e) below); provided that a court
of competent jurisdiction upon entry of a final judgment finds (or, if no final
judgment is entered, by an opinion rendered by counsel who is approved by the
Managing Owner and the Trading Advisor, such approval not to be unreasonably
withheld) that the action or omission of the Fund or Managing Owner that was the
subject of the demand, claim, lawsuit, action, or proceeding constituted
negligence, misconduct, or a breach of this Agreement by the Fund or Managing
Owner.

     

    (d) Trading Advisor Indemnity in
Respect of Sale of Units.  The Trading Advisor shall indemnify,
defend and hold harmless the Fund, the Managing Owner, their controlling persons
and their affiliates and their respective directors, officers, principals,
managers, members, shareholders, employees and controlling persons from and
against any and all losses, claims, damages, liabilities, costs, and expenses,
(joint and several), to which any indemnified person may become subject
(including any reasonable investigatory, legal, accounting and other expenses
incurred in connection with, and any amounts paid in, any litigation or other
proceeding or any settlement; provided that, solely in the case of a settlement,
the Trading Advisor shall have approved such settlement, and in connection with
any administrative proceedings), in respect of the offer or sale of Units,
insofar as such losses, claims, damages, liabilities, costs, or expenses (or
action in respect thereof) arise out of, or are based upon: (i) a breach by the
Trading Advisor of any applicable laws or regulations or any material breach of
any representation, warranty or agreement in this Agreement; or (ii) any
materially untrue statement or material omission relating or with respect to the
Trading Advisor, or any of its principals, or their operations, trading systems,
methods or performance, which was made in the Prospectus or any amendment or
supplement thereto or any other sales literature and furnished by the Trading
Advisor for inclusion therein.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (e)  Fund and Managing Owner
Indemnity in
Respect of Sale of Units.  The Fund and the Managing Owner
shall indemnify, defend and hold harmless the Trading Advisor its controlling
persons, their affiliates and their respective directors, officers, principals,
managers, members shareholders, employees and controlling persons from and
against any loss claim, damage, liability, cost, and expense, joint and several,
to which any indemnified person may become subject (including any reasonable
investigatory, legal, accounting and other expenses incurred in connection with,
and any amounts paid in, any litigation or other proceeding or any settlement;
provided that, solely in the case of a settlement, the Managing Owner shall have
approved such settlement, and in connection with any administrative
proceedings), in respect of the offer or sale of Units, unless such loss, claim,
damage, liability, cost, or expense (or action in respect thereof) arises out
of, or is based upon (i) a breach by the Trading Advisor of any applicable laws
or regulations or a material breach of any representation, warranty or agreement
in this Agreement; or (ii) any materially untrue statement or material omission
relating or with respect to the Trading Advisor, or any of its principals or
their operations, trading systems, methods or performance that was made in the
Prospectus or in any other sales literature and furnished by the Trading Advisor
for inclusion therein.

     

    (f) Subject
to Section 8(a) hereof, the foregoing agreements of indemnity shall be in
addition to, and shall in no respect limit or restrict, any other remedies which
may be available to an indemnified person.

     

    (g) Promptly
after receipt by an indemnified person of notice of the commencement of any
action, claim, or proceeding to which any of the indemnities may apply, the
indemnified person will notify the indemnifying party in writing of the
commencement thereof if a claim in respect thereof is to be made against the
indemnifying party hereunder; but the omission so to notify the indemnifying
party will not relieve the indemnifying party from any liability that the
indemnifying party may have to the indemnified person hereunder, except where
such omission has materially prejudiced the indemnifying party. In case any
action, claim, or proceeding is brought against an indemnified person and the
indemnified person notifies the indemnifying party of the commencement thereof
as provided above, the indemnifying party will be entitled to participate
therein and, to the extent that the indemnifying party desires, to assume the
defense thereof with counsel selected by the indemnifying party and not
unreasonably disapproved by the indemnified person. After notice from the
indemnifying party to the indemnified person of the indemnifying party’s
election so to assume the defense thereof as provided above, the indemnifying
party will not be liable to the indemnified person under the indemnity
provisions hereof for any legal and other expenses subsequently incurred by the
indemnified person in connection with the defense thereof, other than reasonable
costs of investigation.

     

    Notwithstanding
the preceding paragraph, if in any action, claim, or proceeding as to which
indemnification is or may be available hereunder, an indemnified person
reasonably determines that its interests are or may be adverse, in whole or in
part, to the indemnifying party’s interests or that there may be legal defenses
available to the indemnified person that are different from, in addition to, or
inconsistent with the defenses available to the indemnifying party, the
indemnified person may retain its own counsel in connection with such action,
claim, or proceeding and will be indemnified (provided the indemnified person is
so entitled) by the


    
      
        
        

      

      
        12

        
          

        

      

      
        
        

indemnifying
party for any legal and other expenses reasonably incurred in connection with
investigating or defending such action, claim, or proceeding.

    

     

    In no
event will the indemnifying party be liable for the fees and expenses of more
than one counsel for all indemnified persons in connection with any one action;
claim, or proceeding or in connection with separate but similar or related
actions, claims, or proceedings in the same jurisdiction arising out of the same
general allegations. The indemnifying party will not be liable for any
settlement of any action, claim, or proceeding effected without the indemnifying
party’s express written consent, but if any action, claim, or proceeding, is
settled with the indemnifying party’s express written consent, the indemnifying
party will indemnify, defend, and hold harmless an indemnified person as
provided in this Section 8.

     

    
      	
              9.  

            	
              Right to Advise Others
      and Uniformity of Acts and
Practices.

            


    

     

    (a) The
Trading Advisor is engaged in the business of advising clients as to the
purchase and sale of futures interests. During the term of this Agreement, the
Trading Advisor, its principals and affiliates, will be advising other clients
(including affiliates and the stockholders, officers, directors, and employees
of the Trading Advisor and its affiliates and their families) and trading for
their own accounts. The Trading Advisor will use its best commercial efforts to
implement a fair and consistent allocation policy that seeks to ensure that all
clients are treated equitably and positions allocated as nearly as possible in
proportion to the assets available for trading of the accounts managed or
controlled by the Trading Advisor.  Upon written request, the Managing
Owner may request a copy of the Trading Advisor’s procedures regarding the
equitable treatment of trades across accounts.  Such procedures shall
be provided to the Managing Owner within 30 days of such request by the Managing
Owner.  Except as otherwise set forth herein, the Trading Advisor
agrees to treat the Account in a fiduciary capacity to the extent recognized by
applicable law, but subject to that standard.  Under no circumstances
shall the Trading Advisor by any act or omission knowingly or intentionally
favor any account advised or managed by the Trading Advisor over the Account in
any way or manner. Nothing contained in this Section 9(a) shall preclude the
Trading Advisor from charging different management and/or incentive fees to its
clients. Subject to the Trading Advisor’s obligations under applicable law, the
Trading Advisor or any of its principals or affiliates shall be free to advise
and manage accounts for other clients and shall be free to trade on the basis of
the same trading systems, methods, or strategies employed by the Trading Advisor
for the Account\, or trading systems, methods, or strategies that are entirely
independent of, or materially different from, those employed for the Account,
and shall be free to compete for the same futures interests as the Fund or to
take positions opposite to the Fund, such actions being deemed not to be
knowingly or intentionally preferring any of such accounts over the
Account.

     

    (b) The
Trading Advisor shall not be restricted as to the number or nature of its
clients, except that: (i) so long as the Trading Advisor acts as a trading
advisor for the Fund, neither the Trading Advisor nor any of its principals or
affiliates shall, by holding any position or controlling any other account,
knowingly cause the Fund, the Trading Advisor, or the principals or affiliates
of the Trading Advisor to be in violation of the CEAct or any regulations
promulgated thereunder, any other applicable law, or any applicable rule or
regulation of the CFTC or any other regulatory or self regulatory body,
exchange, or board; and (ii) neither the Trading Advisor nor any of its
principals or affiliates shall render futures interests trading
advice


    
      
        
        

      

      
        13

        
          

        

      

      
        
        

to
any other individual or entity or otherwise engage in activity that shall
knowingly cause positions in futures interests to be attributed to the Trading
Advisor under the rules or regulations of the CFTC or any other regulatory or
self regulatory body, exchange, or board so as to require the significant
modification of positions taken or intended for the Account; provided that the
Trading Advisor may modify its trading systems, methods or strategies to
accommodate the trading of additional funds or accounts.  If
applicable speculative position limits are exceeded by the Trading Advisor in
the opinion of (i) independent counsel (who shall be other than counsel to
either the Fund or the Managing Owner), (ii) the CFTC, or (iii) any other
regulatory or self regulatory body, exchange, or board, the Trading Advisor and
its principals and affiliates shall promptly liquidate positions in all of their
accounts, including the Fund’s account, as to which positions are attributed to
the Trading Advisor as nearly as possible in proportion to the accounts′
respective amounts available for trading (taking into account different degrees
of leverage and “notional” equity) to the extent necessary to comply with the
applicable position limits.

    

     

    
      	
              10.  

            	
              Representations,
      Warranties, and Covenants of the Trading
  Advisor.

            


    

     

    (a) Representations and
Warranties of the Trading Advisor. The Trading Advisor represents and
warrants to and agrees with the Managing Owner and the Fund as
follows:

     

    (i) It will
exercise good faith and due care in implementing the Trading Program on behalf
of the Fund as described in the Disclosure Document (as modified from time to
time) or any other trading programs agreed to by the Managing Owner and the
Trading Advisor.

     

    (ii) The
Trading Advisor shall follow and comply with, at all times, the Trading
Policies.

     

    (iii) The
Trading Advisor shall trade the Assets pursuant to the Trading Program, as
described in the Disclosure Document, unless the Managing Owner and the Trading
Advisor agree otherwise.

     

    (iv) The
Trading Advisor is duly organized, validly existing and in good standing under
the laws of the state of its organization and is qualified to do business as a
foreign corporation or and is in good standing in each other jurisdiction in
which the nature or conduct of its business requires such qualification and the
failure to so qualify would materially adversely affect the Trading Advisor’s
ability to perform its duties under this Agreement. The Trading Advisor has full
power and authority to perform its obligations under this Agreement. The only
principals of the Trading Advisor are those set forth in the Disclosure Document
(the “Trading Advisor Principals”).

     

    (v) The
Disclosure Document contains all statements and information required to be
included therein under the CEAct and other applicable laws, and such information
is accurate and complete in all material respects.

     

    (vi) All
information regarding the Trading Advisor and the Trading Advisor Principals and
trading systems, methods and performance provided in writing by the Trading
Advisor for inclusion in the Prospectus are accurate and complete in
all

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
material
respects and do not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements contained therein, in
the light of the circumstances under which such statements were made, not
misleading.  The Trading Advisor has provided the Fund with the actual
performance of each discretionary account directed by the Trading Advisor or any
principal or affiliate of the Trading Advisor over the past five years and
year-to-date, either a composite or a stand-alone basis, except for certain
“exempt” accounts, as permitted under CFTC regulations.  The
information regarding the actual performance of such accounts has been
calculated and presented in accordance with the descriptions therein and is
complete and accurate in all material respects.

     

    (vii) This
Agreement has been duly and validly authorized, executed and delivered on behalf
of the Trading Advisor and is a valid and binding agreement of the Trading
Advisor enforceable in accordance with its terms.

     

    (viii) Each of
the Trading Advisor and the Trading Advisor Principals has all federal, state
and foreign governmental, regulatory and exchange licenses and approvals and has
effected all filings and registrations with federal, state and foreign
governmental and regulatory agencies required to conduct its business and
perform its or his obligations under this Agreement. The Trading Advisor is
registered as a commodity trading advisor under the CEAct and is a member of the
NFA.

     

    (ix) The
execution and delivery of this Agreement, the incurrence of the obligations set
forth herein, the consummation of the transactions contemplated herein and the
payment of the fees hereunder will not violate, or constitute a breach of, or
default under, the certificate of incorporation or bylaws (or any other
organizational documents) of the Trading Advisor or any agreement or instrument
by which it is bound or of any order, rule, law or regulation binding on it of
any court or any governmental body or administrative agency or panel or
self-regulatory organization having jurisdiction over it.

     

    (x) Since the
respective dates as of which information is given in the Disclosure Document,
and except as may otherwise be stated in or contemplated by the Disclosure
Document, there has not been any material adverse change in the condition,
financial or otherwise, business or prospects of the Trading Advisor or any
Trading Advisor Principal.

     

    (xi) Except as
set forth in the Disclosure Document there have not been and there is not
pending, or to the best of the Trading Advisor’s knowledge after due inquiry,
threatened, any action, suit or proceeding before or by any court or other
governmental body to which the Trading Advisor or any Trading Advisor Principal
is or was a party, or to which any of the assets of the Trading Advisor is or
was subject and which resulted in or might reasonably be expected to result in
any material adverse change in the condition, financial or otherwise, business
or prospects of the Trading Advisor.  None of the Trading Advisor or
any Trading Advisor Principal has received any notice of an investigation by the
NFA, CFTC or other administrative agency or self-regulatory body (whether United
States or foreign) regarding noncompliance by the

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
Trading
Advisor or any of the Trading Advisor Principals with the CEAct or any other
applicable law.

     

    (xii) Neither
the Trading Advisor nor any Trading Advisor Principal has received, or is
entitled to receive, directly or indirectly, any commission, finder’s fee,
similar fee, or rebate from any person in connection with the organization or
operation of the Fund.

     

    (xiii) Participation
by the Trading Advisor in accordance with the terms hereof and as described in
the Prospectus will not violate any provisions of the Investment Advisers Act of
1940, as amended.

     

    (xiv) Neither
the Trading Advisor nor any Trading Advisor Principal will use or distribute the
Prospectus or any selling literature or engage in any selling activities
whatsoever in connection with the offering of the Units.

     

    (xv) The
foregoing representations and warranties shall be continuing during the term of
this Agreement and if at any time any event shall occur which could make any of
the foregoing representations or warranties inaccurate, the Trading Advisor
shall promptly notify the Managing Owner and the Fund of the nature of such
event.

     

    (b) Covenants of the Trading
Advisor.  The Trading Advisor covenants and agrees
that:

     

    (i) The
Trading Advisor shall maintain all registrations and memberships necessary for
the Trading Advisor to continue to act as described herein and to at all times
comply in all respects with all applicable laws, rules, and regulations, to the
extent that the failure to so comply would have a materially adverse effect on
the Trading Advisor’s ability to act as described herein.

     

    (ii) The
Trading Advisor shall inform the Managing Owner immediately as soon as the
Trading Advisor or any Trading Advisor Principal becomes the subject of any
investigation, claim or proceeding of any regulatory authority having
jurisdiction over such person or becomes a named party to any litigation
materially affecting (or which may, with the passage of time, materially affect)
the business of the Trading Advisor. The Trading Advisor shall also inform the
Managing Owner immediately if the Trading Advisor or any of its officers becomes
aware of any breach of this Agreement by the Trading Advisor.

     

    (iii) The
Trading Advisor agrees to cooperate by providing information regarding itself
and its performance in the preparation of any amendments or supplements to the
Prospectus (subject to the limitation set forth in Section 1
hereof).

     

    
      	
              11.  

            	
              Representations and
      Warranties of the Fund and the Managing Owner; Covenants of the Managing
      Owner.

            


    

     

    (a) The Fund
and the Managing Owner represent and warrant to the Trading Advisor, as
follows:

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    (i) The Fund
is a Delaware statutory trust formed pursuant to its organizational documents
and Delaware law and is validly existing and in good standing under the laws of
the State of Delaware with full power and authority to engage in the trading of
futures interests and to engage in its other contemplated activities as
described in the Prospectus; the Fund is qualified to do business in each
jurisdiction in which the nature or conduct of its business requires such
qualification and where failure to be so qualified could materially adversely
affect the Fund’s ability to perform its obligations hereunder.

     

    (ii) The
Managing Owner is duly organized and validly existing and in good standing as a
limited liability company under the laws of the State of Delaware and is
qualified to do business and is in good standing as a foreign corporation in
each jurisdiction in which the nature or conduct of its business requires such
qualification and where the failure to be so qualified could materially
adversely affect the Managing Owner’s ability to perform its obligations
hereunder.

     

    (iii) The Fund
and the Managing Owner have full power and authority under applicable law to
conduct their business and to perform their respective obligations under this
Agreement and as described in the Prospectus.

     

    (iv) As of the
date hereof, the Prospectus contains all statements and information required to
be included therein by the CEAct and the rules and regulations of the SEC or
other applicable law and at all times subsequent thereto up to and including
each closing, the Prospectus will comply in all material respects with the
requirements of the rules of the NFA, the CEAct or other applicable
laws.  The Prospectus as of the date on which the Trading Advisor
begins trading operations on behalf of the Account and at each closing will not
contain any misleading or untrue statements of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein not misleading.  Any supplemental sales literature,
when read in conjunction with the Prospectus, will not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which such
statements were made, not misleading.  This representation and
warranty shall not, however, apply to any statement or omission in the
Prospectus or supplemental sales literature made in reliance upon information
furnished by and relating to the Trading Advisor, its trading methods or its
trading performance.

     

    (v) Since the
respective dates as of which information is given in the Prospectus, there has
not been any material adverse change in the condition, financial or otherwise,
or business of the Managing Owner or the Fund, whether or not arising in the
ordinary course of business.

     

    (vi) This
Agreement has been duly and validly authorized, executed and delivered by the
Managing Owner on behalf of the Fund and constitutes a valid, binding and
enforceable agreement of the Fund and the Managing Owner in accordance with its
terms.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (vii) The
execution and delivery of this Agreement, the incurrence of the obligations set
forth herein and the consummation of the transactions contemplated herein and in
the Prospectus will not violate, or constitute a breach of, or default under,
the Managing Owner’s organizational documents, or the Fund’s organizational
documents, or any material agreement or instrument by which either the Managing
Owner or the Fund, as the case may be, is bound or any material order, rule, law
or regulation applicable to the Managing Owner or the Fund of any court or any
governmental body or administrative agency or panel or self-regulatory
organization having jurisdiction over the Managing Owner or the
Fund.

     

    (viii) Except as
set forth in the Prospectus, there have not been in the five years preceding the
date of the Prospectus and there is not pending or, to the Managing Owner’s
knowledge, threatened, any action, suit or proceeding at law or in equity before
or by any court or by any federal, state, municipal or other governmental body
or any administrative, self-regulatory or commodity exchange organization to
which the Managing Owner or the Fund is or was a party, or to which any of the
assets of the Managing Owner or the Fund is or was subject; and neither the
Managing Owner nor any of the principals of the Managing Owner (“Managing Owner
Principals”) has received any notice of an investigation by the NFA, CFTC or any
other administrative or self-regulatory organization regarding non-compliance by
the Managing Owner or the Managing Owner Principals or the Fund with the CEAct,
the Securities Act, or any applicable laws which are material to an investor’s
decision to invest in the Fund.

     

    (ix) The
Managing Owner and the Managing Owner Principals have all federal, state and
foreign governmental, regulatory and exchange approvals and licenses, and have
effected all filings and registrations with federal, state and foreign
governmental agencies required to conduct their business and to act as described
in the Prospectus or required to perform their obligations under this Agreement
(including, without limitation, registration as a commodity pool operator under
the CEAct and membership in the NFA as a commodity pool operator) and will
maintain all such required approvals, licenses, filings and registrations for
the term of this Agreement. The Managing Owner’s principals identified in the
Prospectus are all of the Managing Owner Principals.

     

    (x) The Fund
is and shall remain in material compliance in all respects with all laws, rules,
regulations and orders of any government, governmental agency or self-regulatory
organization applicable to its business as described in the Prospectus and this
Agreement.

     

    (xi) The Fund
is a “qualified eligible person” as defined in CFTC Regulation 4.7 that was not
formed for the specific purpose of retaining the Trading Advisor to trade for
the Fund’s account, and the Fund and the Managing Owner hereby consent to the
Account being treated as an “exempt account” under CFTC Regulation
4.7.

     

    (xii) The
foregoing representations and warranties shall be continuing during the term of
this Agreement and if at any time any event shall occur which could

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    
make
any of the foregoing representations or warranties inaccurate, the Managing
Owner shall promptly notify the Trading Advisor of the nature of such
event.

     

     

    (b) Covenants of the Managing
Owner. The Managing Owner covenants and agrees
that:

     

    (i) The
Managing Owner shall maintain all registrations and memberships necessary for
the Managing Owner to continue to act as described herein and in the Prospectus
and to all times comply in all respects with all applicable laws, rules, and
regulations, to the extent that the failure to so comply would have a materially
adverse effect on the Managing Owner’s ability to act as described herein and in
the Prospectus.

     

    (ii) The
Managing Owner shall inform the Trading Advisor immediately as soon as the
Managing Owner, the Fund or any of their principals becomes the subject of any
lawsuit, investigation, claim, or proceeding of any regulatory authority having
jurisdiction over such person or becomes a named party to any litigation
materially affecting the business of the Managing Owner or the Fund. The
Managing Owner shall also inform the Trading Advisor immediately if the Managing
Owner or the Fund or any of their officers become aware of any material breach
of this Agreement by the Managing Owner or the Fund.

     

    (iii) The Fund
will furnish to the Trading Advisor copies of the Prospectus, and all amendments
and supplements thereto, in each case as soon as available and will ensure that
the Fund does not use any such amendments or supplements as to which the Trading
Advisor in writing has reasonably objected.

     

    
      	
              12.  

            	
              Merger or Transfer of
      Assets.

            


    

     

    The
Managing Owner, Fund or the Trading Advisor may merge or consolidate with, or
sell or otherwise transfer its business, or all or a substantial portion of its
assets, to any entity upon written notice to the other parties.

     

    
      	
              13.  

            	
              Complete
      Agreement.

            


    

     

    This
Agreement constitutes the entire agreement between the parties with respect to
the matters referred to herein, and no other agreement, verbal or otherwise,
shall be binding as between the parties unless in writing and signed by the
party against whom enforcement is sought.

     

    
      	
              14.  

            	
              Assignment.

            


    

     

    Subject
to Section 12, hereof, this Agreement may not be assigned, transferred by
operation of law, change in control or otherwise, by any party hereto without
the express prior written consent of the other parties hereto.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
              15.  

            	
              Amendment.

            


    

     

    This
Agreement may not be amended except by the written consent of the parties
hereto.  No waiver of any provision of this Agreement shall be implied
from any course of dealings between the parties, from any failure by any party
to assert its rights hereunder or any occasion or series of
occasions.

     

    
      	
              16.  

            	
              Severability.

            


    

     

    The
invalidity or unenforceability of any provision of this Agreement or any
covenant herein contained shall not affect the validity or enforceability of any
other provision or covenant hereof or herein contained and any such invalid
provision or covenant shall be deemed to be severable.

     

    
      	
              17.  

            	
              Closing
      Certificates.

            


    

     

    (a) The
Trading Advisor shall, at the prior written request of the Managing Owner at any
monthly closing (as described in the Prospectus), provide the
following:

     

    (i) To the
Managing Owner and the Fund, a certificate, dated the date of any such closing
and in form and substance satisfactory to such parties, to the effect
that;

     

    (A) the
representations and warranties by the Trading Advisor in this Agreement are
true, accurate and complete on and as of the date of the closing, as if made on
the date of the closing; and

     

    (B) the
Trading Advisor has performed all of its obligations and satisfied all of the
conditions on its part to be performed or satisfied under this Agreement, at or
prior to the date of such closing.

     

    (ii) To the
Managing Owner and the Fund, a report as of the closing date which shall
present, for the period from the date after the last day covered by the
historical performance records in the Prospectus to the latest practicable day
before closing, figures which shall be a continuation of such historical
performance records and which shall certify that such figures are, to the best
of such Trading Advisor’s knowledge, accurate in all material
respects.

     

    (b) Upon
reasonable request of the Managing Owner, the Trading Advisor shall use
reasonable commercial efforts to provide a legal opinion of the Trading
Advisor’s counsel in a form acceptable to the Managing Owner.

     

    (c) The
Managing Owner shall, at the request of the Trading Advisor at any closing (as
described in the Prospectus), provide the following:

     

    (i) To the
Trading Advisor, a certificate, dated the date of such closing and in form and
substance satisfactory to the Trading Advisor, to the effect
that:


    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (A) the
representations and warranties by the Fund and the Managing Owner in this
Agreement are true, accurate, and complete on and as of the date of the closing
as if made on the date of the closing;

     

    (B) no order
preventing or suspending the use of the Prospectus has been issued by the CFTC,
the Securities Exchange Commission, any state securities commission, or the NFA
or other self-regulatory organization and no proceedings for that purpose shall
have been instituted or are pending or, to the knowledge of the Managing Owner,
are contemplated or threatened under the CEAct; and

     

    (C) The Fund
and the Managing Owner have performed all of their obligations and satisfied all
of the conditions on their part to be performed or satisfied under this
Agreement at or prior to the date of the closing.

     

    
      	
              18.  

            	
              Inconsistent
      Filings.

            


    

     

    If the
Trading Advisor intends to file, to participate in the filing of, or to publish
any description of the Trading Advisor, or of its respective principals or
trading approaches that is materially inconsistent with those in the Disclosure
Document, the Trading Advisor shall inform the Managing Owner of such intention
and shall furnish copies of all such filings or publications at least ten
Business Days prior to the date of filing or publication.

     

    
      	
              19.  

            	
              Disclosure
      Documents.

            


    

     

    (a) During
the term of this Agreement, the Trading Advisor shall furnish to the Managing
Owner promptly copies of all disclosure-documents as filed in final form with
the CFTC, NFA or other self-regulatory organization by the Trading Advisor, if
any.  The Managing Owner and Fund each acknowledge receipt of the
Trading Advisor’s disclosure document] (the “Disclosure Document”).

     

    (b) The
Managing Owner and the Fund will not distribute or supplement any promotional
material relating to the Trading Advisor unless the Trading Advisor has approved
reasonable prior notice of and a copy of such promotional material and has
received such material in writing.

     

       20. Track
Record.  The track record and other performance information of
the Fund shall be the property of the Managing Owner and not the Trading
Advisor; provided, however, that the performance record of the Account shall
also be the property of the Trading Advisor.

     

    
      	
              21.  

            	
              Use of
      Name.

            


    

     

                          Upon
termination of this Agreement, the Fund, at its expense, as promptly as
practicable:  (i) shall take all necessary action to cause the
Prospectus and, if applicable, organizational documents of the Fund to be
amended in order to eliminate any reference to “AIS” (except to the extent
required by law, regulation or rule); and (ii) shall cease to use in any other
manner, including, but not limited to, use in any sales literature or
promotional material,

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    
the
name “AIS” or any name, mark or logo type derived from it or similar to it
(except to the extent required by law, regulation or rule).

    


    
      	
              22.  

            	
              Notices.

            


    

     

    All
notices required to be delivered under this Agreement shall be in writing and
shall be effective when delivered personally on the day delivered, by facsimile
on receipt confirmation, by email followed by delivery of an original, or when
given by registered or certified mail, postage prepaid, return receipt
requested, on the second business day following the day on which it is so
mailed, addressed as follows (or to such other address as the party entitled to
notice shall hereafter designate in accordance with the terms
hereof):

     

    
      	 
      	
              if
      to the Fund:

               

            
	 
      	
              JWH
      Global Trust

               c/o
      R. J. O’Brien Fund Management, LLC

              222
      S. Riverside Plaza

              Suite
      9

              Chicago,
      Illinois 60606

              Attn:  Annette
      A. Cazenave

              Facsimile:
      312-373-4831

              Email:
      acazenave@rjobrien.com

            
	 
      	 
      
	 
      	
              if
      to the Managing Owner:

            
	 
      	 
      
	 
      	 
      
	 
      	
              R.
      J. O’Brien Fund Management, LLC

              222
      S. Riverside Plaza

              Suite
      9

              Chicago,
      Illinois 60606

              Attn:  Annette
      A. Cazenave

              Facsimile:
      312-373-4831

              Email:
      acazenave@rjobrien.com

            
	 
      	 
      
	 
      	
              With
      a copy to:

            
	 
      	 
      
	 
      	
              Alston
      & Bird LLP

              90
      Park Avenue

              New
      York, NY 10016

              Attn:
      Timothy P. Selby

              Facsimile:
      (212) 210-9444

              Email:
      timothy.selby@alston.com

               

            
	 
      	
              if
      to the Trading Advisor:

               

            
	 
      	
              AIS
      Futures Management, LLC

              187
      Danbury Road, P.O. Box 806

              Wilton,
      Connecticut 06897

              Attn:
      John Hummel

              Facsimile:
      (203) [AIS to provide]

              Email:
      jhummel@aisgroup.com

               

            


    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    
      	
              23.  

            	
              Continuing Nature of
      Representations Warranties and Covenants:
  Survival.

            


    

     

    All
representations, warranties and covenants contained in this Agreement shall be
continuing during the term of this Agreement and the provisions of this
Agreement shall survive the termination of this Agreement with respect to any
matter arising while this Agreement was in effect.  Each party hereby
agrees that as of the date of this Agreement it is, and during its term shall
be, in compliance with its representations, warranties and covenants herein
contained.  In addition, if at any time any event occurs which would
make any of such representations, warranties or covenants not true, the affected
party will use its best efforts to promptly notify the other parties of such
fact.

     

    
      	
              24.  

            	
              Third-Party
      Beneficiaries.

            


    

     

    This
Agreement is not intended and shall not convey any rights to a person who is not
a party to this Agreement.

     

    
      	
              25.  

            	
              Governing
      Law.

            


    

     

    This
Agreement and any amendment hereto shall be governed by, and construed in
accordance with, the laws of the State of Illinois, United States of America
(excluding the law thereof which requires the application of, or reference to,
the law of any other jurisdiction).  Each party hereto expressly and
irrevocably agrees (a) that it waives any objection, and specifically consents,
to venue in the United States federal or state courts located in the City of
Chicago, State of Illinois, United States of America, so that any action at law
or in equity may be brought and maintained in any such court, and (b) that
service of process in any such action may be effected against such party by
certified or registered mail or in any other manner permitted by applicable
United States Federal Rules of Civil Procedure or rules of the Courts of the
State of Illinois.  In addition each party hereto expressly and
irrevocably waives, in respect of any action brought in any United States
federal or state court located in the City of Chicago, State of Illinois or any
resulting judgment, any objection, and hereby specifically consents, to the
jurisdiction of any such court and agrees not to seek to change the situs of
such action or to assert that any other court in any other jurisdiction is a
more suitable forum for the hearing and adjudication of any claim or dispute
raised in such action.

     

    
      	
              26.  

            	
              Remedies.

            


    

     

    In any
action or proceeding arising out of any of the provisions of this Agreement, the
Trading Advisor agrees not to seek any prejudgment equitable or ancillary
relief. The Trading Advisor agrees that its sole remedy in any such action or
proceeding shall be to seek actual monetary damages for any breach of this
Agreement, except that Trading Advisor may seek a declaratory judgment with
respect to the indemnification provisions of this Agreement.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	
              27.  

            	
              Headings.

            


    

     

    Headings
to sections herein are for the convenience of the parties only and are not
intended to be part of or to affect the meaning or interpretation of this
Agreement.

     

    
      	
              28.  

            	
              Successors.

            


    

     

    This
Agreement including the representations, warranties and covenants contained
herein shall be binding upon and inure to the benefit of the parties hereto,
their successors and permitted assigns, and no other person shall have any right
or obligation under this Agreement.

     

    
      	
              29.  

            	
              Counterparts.

            


    

     

    This
Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same
instrument.

     

    
      	
              30.  

            	
              Waiver of
      Breach.

            


    

     

    The
waiver by any party of a breach of any provision of this Agreement shall not
operate or be construed as a waiver of any subsequent breach or of a breach by
any other party.  The failure of a party to insist upon strict
adherence to any provision of the Agreement shall not constitute a waiver or
thereafter deprive such party of the right to insist upon strict
adherence.

     

    
      	
              31.  

            	
              Confidentiality.

            


    

     

    Notwithstanding
any other provision of this Agreement, the Fund, the Managing Owner and RJOB
acknowledge that the Trading Advisor’s strategies and trades constitute
proprietary data and intellectual property belonging to the Trading Advisor or
its principals and agree that they will not disseminate any confidential
information regarding any of the foregoing, including, for the avoidance of
doubt, the trades themselves, to any third party, including, but not limited to,
Liberty Funds Group, Inc., any affiliate or successor thereof or any other
service provider to the Fund, the Managing Owner or RJOB, except as required by
law or as consented to by the Trading Advisor in writing.  Any such
information as may be acquired by the Fund, the Managing Owner or RJOB or any of
their affiliates is to be used solely to monitor the Trading Advisor’s
performance on behalf of the Fund.  None of the Fund, the Managing
Owner, RJOB or any of their affiliates will use any data related to the Trading
Advisor’s strategy or trades or other data provided by the Trading Advisor, or
in any way facilitate the use of such data through dissemination to any third
party, in connection with any attempt to reverse engineer, front-run, piggyback
or otherwise replicate the Trading Advisor’s trading strategy or any material
portion thereof or to trade for themselves or their
customers.  Nothing herein shall require the Trading Advisor to
disclose any proprietary details of its trading approach.

     

    
      	
              32.  

            	
              4.7
      Legend.

            


    

     

    PURSUANT
TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH
ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THE TRADING ADVISOR’S DISCLOSURE
DOCUMENT IS

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    
NOT
REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION.  THE
COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF
PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY
TRADING ADVISOR DISCLOSURE.  CONSEQUENTLY, THE COMMODITY FUTURES
TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THE TRADING ADVISOR’S TRADING
PROGRAM OR THE TRADING ADVISOR’S DISCLOSURE DOCUMENT.


    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 
      	
              JWH GLOBAL
      TRUST

              by
      R.J. O’Brien Fund Management, LLC

              Managing
      Owner

            
	 
      	
               

              By
      ___________________________________                   

              Name:

              Title:

            
	 
      	 
      
	 
      	
              R.J.
      O’BRIEN FUND MANAGEMENT, LLC

            
	 
      	
               

              By
      ___________________________________  

              Name:

              Title:

            
	 
      	 
      
	 
      	
              AIS
      FUTURES MANAGEMENT, LLC

               

              By
      ___________________________________  

              Name: John Hummel

              Title:
  President

            


    

    


    Agreed to
solely with respect to Section 31:

     

    R.J.
O’BRIEN & ASSOCIATES, LLC

     

    


     

    By
___________________________________ 

    Name:

    Title: 

    


     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

     

    TRADING
POLICIES

     

     

    1.           The
Trading Advisor will not utilize borrowings on behalf of the Fund except if the
Fund purchases or takes delivery of commodities. If the Trading Advisor borrows
money on behalf of the Fund, the lending entity in such case (the “lender”) may
not receive interest in excess of its interest costs, nor may the lender receive
interest in excess of the amounts which would be charged the Fund by unrelated
banks on comparable loans for the same purpose, nor may the lender or any
affiliate thereof receive any points or other financing charges or fees
regardless of the amount. Use of lines of credit in connection with its forward
trading does not, however, constitute borrowing for purposes of this trading
limitation.

     

    2.           The
Trading Advisor will not “churn” the Fund’s assets. Churning is the unnecessary
execution of trades so as to generate increased brokerage
commissions.

     

    3.           The
Trading Advisor will trade currencies and other commodities on futures
exchanges, in the interbank and forward contract markets only with banks,
brokers, dealers, and other financial institutions which the Managing Owner has
determined to be creditworthy.

     

    4.           The
Trading Advisor will trade only in those futures interests that have been
approved by the CFTC as suitable for US investors. 

     

    5.           The
Trading Advisor will not purchase, sell, or trade securities (except securities
approved by the CFTC for investment of customer funds).

    


     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

     

    COMMODITY
TRADING AUTHORITY

     

    Dear AIS
Futures Management, LLC:

     

    JWH
Global Trust (the “Fund”) and R.J. O’Brien Fund Management, LLC, the Fund’s
Managing Owner (the “Managing Owner”) do hereby make, constitute and appoint you
as the Fund’s attorney-in-fact to buy and sell futures and forward contracts
through such futures commission merchants as shall be agreed on by you and the
Managing Owner on behalf of the Fund, pursuant to the trading program identified
in the Agreement among the Fund, the Trading Advisor and you as of the 25th day
of August, 2008, as amended or supplemented, and in accordance with the terms
and conditions of said Agreement.

     

    This
authorization shall terminate and be null, void and of no further effect
simultaneously with the termination of the said Agreement.

     

    
      	 
      	
              Very
      truly yours,

               

            
	 
      	
              JWH
      GLOBAL TRUST

              by
      R.J. O’Brien Fund Management, LLC, its

              Managing
      Owner

            
	 
      	
               

              By
      ___________________________________  

              Name:

              Title:

            
	 
      	 
      
	 
      	
              R.J.
      O’BRIEN FUND MANAGEMENT, LLC

               

            
	 
      	
              By
      ___________________________________  

              Name:

              Title:

            


    

    


     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
C

     

    FUTURES
INTERSTS TRADED

     

    


     

    


     

    All
Exchange-Traded Futures Contracts and Options on Futures Contracts

     

     

     

     

    
 

    C-1