Unassociated Document


    
      Exhibit
10.05

       

    

    
      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 Global Advisors
L.P., a limited partnership incorporated in England and Wales (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 advisor, 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 Trading Advisor
is registered as a commodity trading advisor with the CFTC, is a member of the
National Futures Association (“NFA”) and is authorised and regulated by the
Financial Services Authority in the United Kingdom (“FSA”) in the conduct of
designated investment business and subject to the rules of the FSA (the “FSA
Rules”); The investment and trading strategy of the Trading Advisor and the
implementation thereof is conducted by Global Advisors Limited (“GAL”), in its
capacity as general partner of the Trading Advisor.  GAL is a limited
liability company which was incorporated in England and Wales in October
1996;

     

    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, as
amended;

     

    WHEREAS, the principals of the
Trading Advisor have 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 the 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 omission regarding itself or any of its principals or affiliates in the
Disclosure Document (as defined in Section 21 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 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


    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 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 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 Fund’s or 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.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (e) The Fund
and the Managing Owner understands that the Fund is prohibited from accepting
the investment in the Fund by any persons or entities that are acting, whether
directly or indirectly, in contravention of any US federal or state or non-US
laws and regulations, including anti-terrorism and anti-money laundering laws
and regulations and that they have policies and procedures in place for the
purposes of complying with such laws and regulations.

     

    
      	
              2.  

            	
              Duties of the Trading
      Advisor.

            


    

     

    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 allocated to the Trading Advisor, which shall
consist of the Allocated Net Assets (as defined in Section 7(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, 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 such
consequences result from a material breach of this Agreement by the Trading
Advisor or 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.

     

    (a) The
Trading Advisor shall:

     

    (i) Exercise
good faith and due care in trading futures interests for the account of the Fund
in accordance with the prohibitions and Trading Policies, and the 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 the size of the Fund.

     

    (ii)  Except
to the extent that it is following a specific instruction from the Fund or
Managing Owner in relation to the execution of an order, shall owe to the Fund
and Managing Owner a duty to take all reasonable steps to obtain the
best


    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
possible
result for the Fund, taking into account the execution factors (as defined under
FSA Rules) that are relevant to the execution or placing of that order under the
terms of the Trading Advisor’s order execution policy.  The Fund and
the Managing Owner acknowledge receipt of, and consent to, the Trading Advisor’s
Execution Policy Notice (which is attached hereto as Exhibit D).

     

    (iii) Provide
the Managing Owner, within 45 days of the end of a calendar quarter, and within
45 days of a separate request which the Managing Owner may make from time to
time, with information comparing the performance of the Fund’s account and the
performance of all other client accounts (“Other Accounts”) directed by the
Trading Advisor using the trading systems used by the Trading Advisor on behalf
of the Fund over a specified period of time for the purpose of confirming that
the Fund 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 Fund’s account. The
Trading Advisor shall promptly inform the Managing Owner in writing of any
material discrepancies 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.

     

    (iv) 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.

     

    (v) Upon
request of the Managing Owner, promptly provide the Managing Owner with all
information concerning the Trading Advisor and its activities 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.

     

    (b) 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,



     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

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.

     

    (c) Subject
to Section 10(a) hereof, *.  The Trading Advisor shall have an
affirmative obligation to promptly notify the Managing Owner upon discovery of
its own errors with respect to the account, and the Trading Advisor shall use
its best 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. The Fund and the Managing Owner
agree that the Trading Advisor shall have no liability or responsibility for any
act, omission or error of RJOB.

     

    Prior to
the commencement of trading by the Fund, 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).

     

    (d) In
performing services to the Fund, the Trading Advisor shall utilize its Global
Commodity Systematic program (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 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.
-----------------------


      *
Confidential material redacted and filed separately with the
Commission.

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              4.  

            	
              Commodity
      Broker.

            


    

     

    The
Trading Advisor shall effect all transactions in futures interests for the Fund
through the Fund’s 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.

     

    All
transactions in respect of the Fund shall be undertaken directly between the
Fund and RJOB or counterparties, and all settlement functions shall be
undertaken directly between those parties.  None of the Fund’s
investments or any documents of or evidencing title to investments belonging to
the portfolio will be held by the Trading Advisor. The Trading Advisor shall not
be responsible for the execution of orders except pursuant to Section 2(c) or
for accounting to the Fund for any income, profits or rights earned or accrued
in relation to the portfolio and the Trading Advisor accepts no liability for
any act, omission or default in connection therewith.

    


    
      	
              5.  

            	
              FSA
      Compliance

            


    

     

    (a) The
Trading Advisor will treat each of the Fund and the Managing Owner as a “Professional Client” in respect of the regulated
activities that the Trading Advisor carries on with or for each of the Fund and
the Managing Owner.  Under the
FSA Rules, the Fund and/or the Managing Owner is entitled to request a different
categorization (i.e. as a “Retail Client” or “Eligible Counterparty”); provided,
however, that:

     

             (i)           the Trading Advisor is unable to provide services
directly to Retail Clients under the terms of its FSA authorization;
and

     

             (ii)           because of the nature of the services that the Trading
Advisor provides to the Fund and Managing Owner, the FSA Rules do not permit the
Trading Advisor to treat the Fund and the Managing Owner as Eligible
Counterparties.

     

    By signing this Agreement each of the Fund and the
Managing Owner consents to being classified as a Professional
Client.

    


    (b) Any
complaint about the Trading Advisor should be notified in writing to the
Compliance Officer of the Trading Advisor, at the address stated in this
Agreement, who shall investigate it and respond in accordance with the FSA
Rules.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    (c) Neither
the Fund nor the Managing Owner, as a Professional Client, has the right of
complaint to the Financial Ombudsman Service in respect of any act or omission
of the Trading Advisor which is or is alleged to be in breach of the FSA
Rules.

     

    (d) Neither
the Fund nor the Managing Owner have the right to make a claim as an eligible
claimant for compensation under the Financial Services Compensation Scheme in
respect of any inability of the Trading Advisor to satisfy a claim made against
it by the Fund and/or Managing Owner.  The Financial Services
Compensation Scheme compensates eligible claimants for losses suffered as a
result of the inability of an FSA-regulated firm to pay monies due, or satisfy
obligations owed, to them (typically as a result of the firm’s
insolvency).  However, even though neither the Fund nor the Managing
Owner are an eligible claimant, it is possible that, depending on the specific
services provided to each of the Fund and Managing Owner, the Fund and/or
Managing Owner might, in some circumstances, have the right to make a claim for
compensation under the Financial Services Compensation Scheme in respect of an
inability of the Trading Advisor to satisfy a claim made against it by the Fund
and/or Managing Owner. Further details of this scheme are available upon request
from the Trading Advisor.

     

    (e) There are
risks inherent in the various investments that the Trading Advisor is permitted
to make on behalf of the Fund.  The FSA Rules require the Trading
Advisor to provide the Fund and Managing Owner with a description of those
risks.  Relevant risk warnings are set forth in the Prospectus under
the heading The Risks You Face.  By executing this Agreement, the Fund
and Managing Owner acknowledge and agree that they understand the risks of the
various investments and the risk factors described under the heading The Risks
You Face in the Prospectus.

     

    
      	
              6.  

            	
              Delegation

            


    

     

    The
Trading Advisor may delegate any of its functions, powers and duties under this
Agreement to its affiliate, Global Operations Services, Inc., a 100% subsidiary
of GAL.  The Trading Advisor shall provide prior written notice to the
Fund and the Managing Owner in the event it delegates discretion over trading
functions to Global Operations Services, Inc. and the Trading Advisor shall
remain liable for the acts and omissions of any person to whom any of its
functions are delegated.  Notwithstanding anything herein to the
contrary, the Trading Advisor shall be responsible for ensuring that all persons
to whom it discloses the Fund and/or the Managing Owner’s non-public personal
information in accordance with this Section 6 shall keep such information
confidential and shall not disclose or divulge the same to any unauthorized
persons.

    


    
      	
              7.  

            	
              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 defined
in Section 2(a)


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


      *
Confidential material redacted and filed separately with the
Commission.

    

    
      
        8

        
          

        

      

      
        
        

      

    

    
 hereof)
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 7(d) hereof) that shall accrue 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 Advisors commences trading 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 operations on behalf of the Account (including
the month in which the Trading Advisor commences such operations), 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 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 with respect to which the 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


    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
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.

     

    (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. 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 Trading Company 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.

     

    
      	
              8.  

            	
              Designation of
      Additional Trading Advisors and Reallocation of 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


    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
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.   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 8 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 8(a) and  the
Trading  Profits attributable to 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 additional allocations to be made pursuant to this Section
8(b).

    


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

    


    
      	
              9.  

            	
              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 9. 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 FSA, 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 14
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; (F) if, at any time, the Trading
Advisor violates any Trading Policy or administrative policy,
except


    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
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.

     

    (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 trading losses) 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 14
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 9 shall be without penalty or liability to any
party, on account of such termination.

     

    (e) The
indemnities set forth in Section 10 hereof shall survive any termination of this
Agreement.

     

    
      	
              10.  

            	
              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 gross 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


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


          *
Confidential material redacted and filed separately with the
Commission.

        

      

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
the
case of a settlement, the Trading Advisor 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 this Agreement (except as covered by paragraph (d) below);
provided that a court of competent jurisdiction upon entry of a final judgment
(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) to the effect that the action or inaction of such
indemnified party that was the subject of the demand, claim, lawsuit, action, or
proceeding did not constitute gross negligence, misconduct, or a breach of this
Agreement or a representation, warranty or covenant of the Fund or the Managing
Owner, their controlling persons, their affiliates and their respective
directors, officers, shareholders, employees, and controlling persons and was
done in good faith.

     

    (c) Fund Indemnity in Respect of
Management Activities.  The Fund 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 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) to the effect that the action or inaction of such indemnified party
that was the subject of the demand, claim, lawsuit, action, or proceeding did
not constitute gross negligence, misconduct, or a breach of this Agreement or a
representation, warranty or covenant of the Trading Advisor, its controlling
persons, its affiliates and directors, officers, shareholders, employees, and
controlling persons and was done in good faith.

     

    (d) Trading Advisor Indemnity in
Respect of Sale of Units. The Trading Advisor shall indemnify, defend and
hold harmless the Fund, the Managing Owner, any selling agent, 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
representation, warranty or agreement in this Agreement; or (ii) any materially
untrue statement or 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

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
amendment
or supplement thereto or any other sales literature and furnished by the Trading
Advisor for inclusion therein.

     

    (e)  Fund Indemnity in Respect of
Sale of Units. The Fund 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 any representation,
warranty or agreement in this Agreement; or (ii) any materially untrue statement
or 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 10(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,

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
or
proceeding and will be indemnified (provided the indemnified person is so
entitled) by the 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 10.

     

    
      	
              11.  

            	
              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 (“Other Accounts”). Subject to the FSA Rules, the Trading
Advisor may aggregate transactions for the Fund with those of Other
Accounts.  The Trading Advisor will use its best 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. However, the Fund and the Managing Owner
recognize that each individual aggregated transaction may on some occasions
operate to their advantage and on some occasions may operate to their
disadvantage. 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 and its principals and affiliates agree to treat the
Fund 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 of the Fund in any
way or manner. Nothing contained in this Section 11(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 of the Fund, or trading systems, methods, or strategies that are
entirely independent of, or materially different from, those employed for the
account of the Fund, and shall be free to compete for the same futures interests
as the Fund or to take positions opposite to the Fund, where such actions do not
knowingly or intentionally prefer any of such accounts over the account of the
Fund on an overall basis.

     

    (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,

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
neither
the Trading Advisor nor any of its principals or affiliates shall knowingly hold
any position or control any other account that would 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 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 of the Fund; 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 the Fund), (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.

     

    (c) The
Trading Advisor has adopted a Conflicts of Interest Policy in order to identify,
manage and disclose conflicts of interests in connection with the services
provided by the Trading Advisor to its clients.  The Trading Advisor
will use its best efforts to avoid any potential conflicts of interest and shall
disclose to the Fund and the Managing Owner the nature and source of any
conflict of interest where the risk of damage to the interests of the Fund
and/or the Managing Owner are not prevented before undertaking a transaction on
behalf of the Fund.

     

    
      	
              12.  

            	
              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 same trading programs
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

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
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
Prospectus and 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
references to the Trading Advisor and the Trading Advisor Principals and trading
systems, methods and performance in the Prospectus are accurate and complete in
all material respects. With respect to the Trading Advisor, the Trading Advisor
Principals, and its trading systems, methods and performance:  (i) the
Prospectus contains all statements and information required to be included
therein under the CEAct and the rules and regulations thereunder, and (ii) the
Prospectus does not contain, and will not during the term of this Agreement
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. Except as
otherwise disclosed in the Prospectus, 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 is disclosed in the Prospectus on either a composite or a stand
alone basis. The information regarding the actual performance of such accounts
set forth in the Prospectus have 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 to act
as described in the Prospectus or required to 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 in such
capacity.

     

    (ix) The
execution and delivery of this Agreement, the incurrence of the obligations set
forth herein, the consummation of the transactions contemplated herein and in
the Prospectus 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

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
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 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
information in the Prospectus about the Trading Advisor does not contain any
misleading or untrue statements of a material fact or omit to state a material
fact required to be stated therein to make the statements not
misleading.

     

    


            (xvi) 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:

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (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).

     

    
      	
              13.  

            	
              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:

     

    (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


    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    
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 statements 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 have
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.

     

    (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 of 1933, as amended, or any applicable laws which are
material to an investor’s decision to invest in the Fund.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (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
and the Managing Owner understand the risks associated with investments in
futures interests.  The purpose of these investments is capital
growth. The Fund and the Managing Owner further represent that the Fund has the
financial capacity to undertake such risks.

     

    (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 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

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    
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.

     

    


    
      	
              14.  

            	
              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.

     

    
      	
              15.  

            	
              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.

     

    
      	
              16.  

            	
              Assignment.

            


    

     

    Subject
to Section 14, 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.

     

    
      	
              17.  

            	
              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.

     

    
      	
              18.  

            	
              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.

     

    
      	
              19.  

            	
              Closing
      Certificates.

            


    

     

    (a) The
Trading Advisor shall, at the initial closing and at the 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;

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (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 the
reasonable request of the Managing Owner, the Trading Advisor shall 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 initial closing and 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:

     

    (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.

     

    
      	
              20.  

            	
              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.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	
              21.  

            	
              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,
where required.  The Managing Owner and Fund each acknowledge receipt
of the Trading Advisor’s disclosure document dated June 5, 2008 (the “Disclosure
Document”). The Fund and Managing Owner understand and acknowledge that pursuant
to an exemption from the CFTC in connection with accounts of Qualified Eligible
Persons, the Trading Advisor’s Disclosure Document is not required to be, and
had not been, filed with the CFTC.

     

    (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.

     

    22. 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.

     

    
      	
              23.  

            	
              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 organizational documents of the
Fund to be amended in order to eliminate any reference to "Global Advisors L.P."
(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, the name "Global Advisors L.P." or any name,
mark or logo type derived from it or similar to it (except to the extent
required by law, regulation or rule).

    


    
      	
              24.  

            	
              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

                 

              


      

       

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

         

      

    

    
      	 
      	
              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:

               

            
	 
      	
              Global
      Advisors L.P.

              19
      Berkeley Street, 4th
      Floor Rear

              London
      W1J 8ED, United Kingdom

              Attn:  Russell
      Newton

              Facsimile:
      +44 207 629 0356

              Email:
      rpn@GlobalAdvisors.co.uk

               

            


    

    
      	
              25.  

            	
              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.

     

    
      	
              26.  

            	
              Third-Party
      Beneficiaries.

            


    

     

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

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    
      	
              27.  

            	
              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.

     

    
      	
              28.  

            	
              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.

     

    
      	
              29.  

            	
              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.

     

    
      	
              30.  

            	
              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.

     

    
      	
              31.  

            	
              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.

     

    
      	
              32.  

            	
              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.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    
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.

     

    


     

    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:

            
	 
      	 
      
	 
      	
              GLOBAL
      ADVISORS LIMITED

              General
      Partner of Global Advisors L.P.

               

              By
      ___________________________________  

              Name: Russell
      Newton

              Title:
  Director

            


    

     

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    EXHBIIT
A

     

     

    Trading
Policies

     

    1.           The
Trading Advisor will not employ the trading technique commonly known as
“pyramiding,” in which the Trading Advisor uses unrealized profits on existing
positions in a given futures interest due to favorable price movement as margin
specifically to buy or sell additional positions in the same or a related
futures interest. Taking into account the Fund’s open trade equity (i.e., the profit or loss on
an open futures interest position) on existing positions in determining
generally whether to acquire additional futures interest positions on behalf of
the Fund will not be considered to constitute “pyramiding.”

     

    2.           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.

     

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

     

    4.           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.

     

    5.           The
Trading Advisor will trade only in those futures interests that have been
approved by the CFTC as suitable for US investors. The Trading Advisor will not
establish new positions in a futures interest on behalf of the Fund for any one
contract month or option if such additional positions would result in a net long
or short position for that futures interest requiring as margin or premium more
than 15% of the Fund’s net assets. In addition, the Trading Advisor will, on
behalf of the Fund, except under extraordinary circumstances, maintain positions
in futures interests in at least two market segments (i.e., agricultural items,
industrial items (including energies), metals, currencies, and financial
instruments (including stock, financial, and economic indexes)) at any one
time.

     

    6.           The
Trading Advisor will not acquire additional positions in any futures interest on
behalf of the Fund if such additional positions would result in the aggregate
net long or short positions for all futures interests requiring as margin or
premium for all outstanding positions more than 66 2/3%
of the Fund’s net assets.

     

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

     

    8.           The
Trading Advisor will be responsible for errors committed or caused by it in
transmitting orders for the purchase or sale of futures interests for the Fund’s
account.



    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

     

    COMMODITY
TRADING AUTHORITY

     

    Dear
Global Advisors Limited:

     

    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 Managing Owner 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

              Managing
      Owner

               

            
	 
      	
              By
      ___________________________________  

              Name:

              Title:

            
	 
      	 
      
	 
      	
              R.J.
      O’BRIEN FUND MANAGEMENT, LLC

               

            
	 
      	
              By
      ___________________________________  

              Name:

              Title:

            


    

    


     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    


    EXHIBIT
C

     

    FUTURES
INTERSTS TRADED

     

    
      	
              Exchange

            	
              Ticker

            	
              Description

            
	
              NYMEX

            	
              CL

            	
              Light
      Sweet Crude Oil (WTI)

            
	
              NYMEX

            	
              RB

            	
              RBOB
      Gasoline

            
	
              NYMEX

            	
              HO

            	
              No.2
      Heating Oil

            
	
              NYMEX

            	
              NG

            	
              Henry
      Hub Natural Gas

            
	
              NYMEX

            	
              PL

            	
              Platinum

            
	
              NYMEX

            	
              PA

            	
              Palladium

            
	
              COMEX

            	
              GC

            	
              Gold

            
	
              COMEX

            	
              SI

            	
              Silver

            
	
              COMEX

            	
              HG

            	
              High-grade
      Copper

            
	
              ICE/IPE

            	
              FB

            	
              Brent
      crude oil

            
	
              ICE/IPE

            	
              FP

            	
              Gasoil

            
	
              ICE/IPE

            	
              FN

            	
              UK
      Natural Gas Balancing Point

            
	
              ICE

            	
              CT

            	
              Cotton

            
	
              ICE

            	
              SB

            	
              No.11
      Sugar

            
	
              CBOT

            	
              C

            	
              Corn

            
	
              CBOT

            	
              S

            	
              Soybeans

            
	
              CBOT

            	
              W

            	
              Wheat

            
	
              CBOT

            	
              BO

            	
              Soybean
      Oil

            
	
              CBOT

            	
              SM

            	
              Soybean
      Meal

            
	
              KCBOT

            	
              KW

            	
              Kansas
      Wheat

            
	
              MGE

            	
              MW

            	
              Minneapolis
      Wheat

            
	
              CME

            	
              LC

            	
              Lean
      Cattle

            
	
              CME

            	
              LH

            	
              Live
      Hogs

            
	
              CME

            	
              GI

            	
              Goldman
      Sachs Commodity Index

            
	
              LME

            	
              Al

            	
              Aluminium

            
	
              LME

            	
              Cu

            	
              Copper

            
	
              LME

            	
              Ni

            	
              Nickel

            
	
              LME

            	
              Pb

            	
              Lead

            
	
              LME

            	
              Sn

            	
              Tin

            
	
              LME

            	
              Zn

            	
              Zinc

            


    

     

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
D

     

    GLOBAL
ADVISORS L.P.

     

    EXECUTION
POLICY NOTICE

     

    This
policy statement outlines the process that Global Advisors L.P. ("GALP") will
follow in executing trades or transmitting orders for execution to a third party
on behalf of its clients. This order execution policy integrates GALP’s
obligations under the EU Market in Financial Instruments Directive (“MiFID”)
contained in Articles 21 and 45 as applicable, and covers all relevant
securities.

    


    Scope
and Best Execution

    


    Best
execution under MiFID applies to Professional and Retail clients and to all
financial instruments dealt in the course of carrying out investment management
business in the European Union. It is a multi-factored test, with a requirement
for GALP to take all reasonable steps to consistently obtain the best possible
result for clients through its order execution policy. GALP’s order execution
policy ensures that regulatory and industry best practice is followed in the
criteria that it includes in its definition of best execution, and therefore in
the execution venues it uses.

    


    Execution
Factors

    


    GALP,
when executing trades or transmitting orders for execution, will take into
account various execution factors whilst taking all reasonable steps to obtain
the best possible result. The list below contains overall those execution
factors which GALP considers and takes into account in its analysis of whether
it, or its execution venues, is delivering best execution. Within this context,
GALP takes account both quantitative and qualitative factors. In addition, GALP
will routinely consider the available execution venues as part of the order
execution process. GALP will determine the relative importance of the execution
factors by using its industry experience, expertise and judgement in light of
available market information with the prime aim of prompt, fair and expeditious
execution of trades. This applies to all types of financial instrument dealt.
Execution factors include but are not limited to:

    


    •
Price

    • Cost or
commissions of execution

    • The
current liquidity for the relevant instrument

    • The
size and nature of the order

    • Market
impact of the transaction

    • The
quality of order execution

    •
Execution capability

    •
Financial status, responsibility and solvency of the counterparty

    •
Responsiveness of the broker or venue

    • The
quality and efficiency of the settlement process post execution

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    


    Execution
Venues

    


    This
policy limits venues with whom or within which GALP will transact orders to
those that are either regulated by the Financial Services Authority, or
regulated by their home state regulator. The list of venues will be formally
reviewed and approved annually for each asset class, and is available to clients
upon request. The overriding consideration when using execution venues is that
the venue concerned has systems in place which enable the delivery of best
execution to the satisfaction of GALP, whether GALP is itself executing trades
or transmitting orders for execution.

    


    Regulated
and Unregulated markets

    


    GALP will
execute trades or transmit orders both in and outside of regulated markets or
within multilateral trading facilities.

    


    Order
Handling Policy and Record Keeping

    


    The
Trading Technologies X-Trader Pro (“TT”) dealing system is the platform employed
by GALP for electronic trade order management. All orders are promptly and
accurately recorded and allocated on the TT platform. Details of executed trades
are maintained by GALP's clearing brokers, and in the case of fund vehicles
directed by GALP, by the fund administrator.

    


    Aggregation
and Allocation

    


    GALP
maintains policies surrounding the aggregation of orders within its operating
procedures. Comparable orders are in general executed in bloc format if the
orders are generated simultaneously, and allocated in line with GALP fair
allocation procedures.

    


    Responsibilities
and Execution Criteria

    


    Responsibility
for day-to-day fulfilment of best execution lies with the executor of the trade,
whether this is the “fund manager” directly or a dealer. It is GALP policy that
all asset classes follow the general GALP best execution policy but have
tailored order execution procedures based on market characteristics of the
subject asset class. The execution criteria that are taken into account include
client, order, instrument type (or asset class) and available execution venues.
GALP will monitor compliance of its best execution policy in a manner
appropriate to each asset class.

    


    Oversight
of Order Execution Policy

    


    The
ongoing responsibility oversight of the order Execution Policy is held by the
compliance officer, to keep the policy on best execution under annual review and
ensure that any regulatory developments in the area are considered and taken
into account.

    


    D-2