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| SECTION      1.  REPRESENTATIONS AND WARRANTIES OF THE MANAGING OWNER AND THE      TRUST | 1      |
|-----------------------------------------------------------------------------------------------|--------|
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| SECTION 2.       REPRESENTATIONS AND      WARRANTIES OF THE LEAD SELLING AGENT.          | 6      |
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| SECTION      3.  OFFERING AND SALE      OF UNITS.                                        | 7      |
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| SECTION      4.  COVENANTS OF THE      MANAGING OWNER.                                   | 11     |
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| SECTION      5.  PAYMENT OF      EXPENSES AND FEES.                                      | 12     |
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| SECTION      6.  CONDITIONS OF      CLOSING.                                             | 12     |
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| SECTION      7.  INDEMNIFICATION AND EXCULPATION.                                        | 13     |
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| SECTION      8.  STATUS OF      PARTIES.                                                 | 15     |
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| SECTION      9.  REPRESENTATIONS.      WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY.    | 15     |
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| SECTION      10. TERMINATION.                                                                 | 15     |
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| SECTION      11. ASSIGNMENT.                                                                  | 15     |
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| SECTION      12. NOTICES AND AUTHORITY      TO ACT.                                           | 16     |
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| SECTION      13. PARTIES.                                                                     | 16     |
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| SECTION      14. GOVERNING      LAW.                                                          | 16     |
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| SECTION 15. REQUIREMENTS OF      LAW.                                                         | 16     |
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| SECTION      16. EXHIBITS                                                                     | 16     |

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| SECTION      1.   | REPRESENTATIONS      AND WARRANTIES OF THE MANAGINGOWNER      AND THE TRUST |
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| (a)   | CIS      Investments, Inc. and Refco Commodity Management Inc. (the “Prior Managing      Owners”) preceded the Managing Owner as managing owner to the Trust and,      as such, the Managing Owner makes no representations as to (a)(i)-(xiii),      below. The Prior Managing Owners are believed to have filed with respect      to (a)(i)-(xiii) and the Managing Owner with respect to (a)(xiv)–(xvi) has      filed with the Securities and Exchange Commission (the “SEC”) under the      Securities Act of 1933, as amended (the “1933 Act”), and the rules and      regulations promulgated by the SEC thereunder (the “SEC      Regulations”): |
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| (i)   | on      August 19, 1997, relating to the registration of $75,000,000 in units in      the Trust (together, with all subsequently registered units, the “Units),      as amended by Amendment No. I thereto filed on September 24, 1997 relating      to the registration of an additional $80,000,000 in Units, which      registrations of $155,000,000 in Units were declared effective by the SEC      on September 24,1997 (SEC File No. 333-33937) (the “1997      Registration”); |
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| (ii)   | on      June 5, 1998, Post-Effective Amendment No. 1 to the 1997 Registration on      Form S- I was filed with the SEC and declared effective by the SEC shortly      thereafter; |
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| (iii)   | on      March 9, 1999, Post-Effective Amendment No. 2 to the 1997 Registration on      Form 5-1 was filed with the SEC and declared effective by the SEC on March      31, 1999; |
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| (iv)   | on      November 29, 1999, Post-Effective Amendment No. 3 to the 1997 Registration      on Form S-1 was filed with the SEC and declared effective by the SEC on      January 3, 2000; |
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| (v)   | on      September 18, 2000, Post-Effective Amendment No. 4 to the 1997      Registration on Form S-1 was filed with the SEC and declared effective by      the SEC shortly thereafter; |
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| (vi)   | on      May 29, 2001, Post-Effective Amendment No. 5 to the 1997 Registration on      Form S-1 was filed with the SEC; and declared effective by the SEC on July      3, 2001; |
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| (vii)   | on      March 12, 2002, Post-Effective Amendment No. 6 to the 1997 Registration on      Form S-1 was filed with the SEC and declared effective by the SEC shortly      thereafter; |
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| (viii)   | on      December 5, 2002, Post-Effective Amendment No. 7 to the 1997 Registration      on Form S-1 was filed with the SEC and declared effective by the SEC on      January 3. 2003; |
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| (ix)   | on      May 15, 2003, a registration statement on Form S-1, for the registration      of an additional $300,000,000 in Units was filed with the SEC and declared      effective by the SEC on July 2, 2003 (SEC File No. 333-105282) (the “2003      Registration”); |
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| (x)   | on      February 7, 2004, Post-Effective Amendment No. I to the 2003 Registration      Statement on Form S-1 was filed with the SEC and declared effective by the      SEC on April 2, 2004; |
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| (xi)   | On      October 6, 2004, a registration statement on Form S-1, for the      registration of an additional $500,000,000 in Units, was filed with the      SEC and was declared effective by the SEC on November 1, 2004 (SEC File      No. 333-119560) (the “2004 Registration“); |
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| (xii)   | on      June 24, 2005, Post-Effective Amendment No. 1 to the 2004 Registration      Statement on Form S-1 was filed with the SEC and declared effective by the      SEC shortly thereafter; |
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| (xiii)   | on      July 12, 2005, Post-Effective Amendment No. 2 to the 2004 Registration      Statement on Form S-1 was filed with the SEC, which was declared effective      August 1, 2005; |
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| (xiv)   | on      September 19, 2007, a registration statement on Form S-1 for the      registration of an additional $81,120,000 in Units was filed with the SEC,      was subsequently amended on November 29, 2007 on Form S-1/A, and was      declared effective on  December 4, 2007 (SEC File No.      333-146177) (the “2007Registration”); |
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| (xv)   | on      April 18, 2008, Post-Effective Amendment No. 1 to the 2007 Registration      was filed and declared effective by the SEC on May 1, 2008;      and |
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| (xvi)   |  on      October 6, 2008, Post-Effective Amendment No. 2 to the 2007 Registration      was filed and declared effective by the SEC on November  ,      2008. |
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| (b)   | Copies      of the preliminary prospectus contained in each of the Registration      Statements referred to in Sections 1(a)(i) - (xvi) above and copies of the      final prospectuses thereto have also been, or will be, filed with (i) the      CFTC under the CEAct and the rules and regulations promulgated thereunder      by the CFTC (the “CFTC Rules”); and (ii) the NFA in accordance with NFA      Compliance Rule 2-13. Copies of each of the Registration Statements      referred to in Sections 1(a)(i)-(xvi) have also been filed with the      Financial Industry Regulatory Authority (“FINRA”) pursuant to its      rules. |
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| (c)   | The      Registration Statement referred to in Section 1(a)(xiv) and the prospectus      included therein are hereinafter called the “Registration Statement” and      the “Prospectus,” respectively, except that if the Trust files a      post-effective amendment to the Registration Statement, then the term      “Registration Statement” shall, from and after the filing of each such      amendment, refer to the applicable Registration Statement, as amended by      such amendment, and the term “Prospectus” shall refer to the amended      prospectus then on file with the SEC as part of the applicable      Registration Statement; and if a prospectus as first issued in compliance      with the SEC Regulations shall differ from the prospectus on file at the      time the applicable Registration Statement or any amendment thereto shall      have become effective, the term “Prospectus” shall refer to the prospectus      most recently so issued from and after the date on which it shall have      been issued, including any amendment or supplement thereto. The Trust will      not file any amendment to the Registration Statement or any amendment or      supplement to the Prospectus unless the Lead Selling Agent has received      reasonable prior notice of and a copy of such amendments or supplements      and has not reasonably objected thereto in  writing. |
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| (d)   | The      Trust will not utilize any promotional brochure or other marketing      materials (collectively, “Promotional Material”), including “Tombstone      Ads” or other communications qualifying under Rule 134 of the SEC      Regulations, which are reasonably objected to by the Lead Selling Agent.      No reference to the Lead Selling Agent may be made in the Registration      Statement, Prospectus or in any Promotional Material which has not been      approved by the Lead Selling Agent, which approval the Lead Selling Agent      may withhold in its reasonable discretion. The Trust will file all      Promotional Material with FINRA, and will not use any such Promotional      Material to which FINRA has not stated in writing that it has no      objections. |
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| (e)   | The      Amended and Restated Certificate of Trust pursuant to which the Trust has      been formed (the “Certificate of Trust”) and the Trust’s Eighth Amended      and Restated Declaration and Agreement of Trust (the “Declaration and      Agreement of Trust”) each provides for the subscription for and sale of      the Units; all action required to be taken by the Managing Owner and the      Trust as a condition to the continued sale of the Units to qualified      subscribers therefore has been, or prior to each Closing Time, as defined      in Section 3(a) hereof, will have been taken; and, upon payment of the      consideration therefore specified in all accepted Subscription Agreements      and Powers of Attorney (the “Subscription Agreement”), the Units will      constitute valid beneficial interests in the  Trust. |
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| (f)   | The      Trust is a business trust duly organized pursuant to the Certificate of      Trust, the Declaration and Agreement of Trust and the Trust Act and      validly existing under the laws of the State of Delaware with full power      and authority to engage in the trading of futures, options on futures, and      spot/forward contracts, as described in the  Prospectus. |
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| (g)   | RJOFM      is duly organized and validly existing and in good standing as a limited      liability company under the laws of the State of Delaware and in good      standing as a foreign corporation in each other jurisdiction in which the      nature or conduct of its businesses requires such qualification and the      failure to so qualify would materially adversely affect the Trust’s or the      Managing Owner’s ability to perform their obligations      hereunder. |
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| (h)   | The      Trust and RJOFM have proper power and authority under applicable law to      perform their respective obligations under the Declaration and Agreement      of Trust, the Escrow Agreement relating to the offering of the Units (the      ‘‘Escrow Agreement”), the agreements among the Trust, the Managing Owner      and each Trading Advisor (the “Trading Advisor Agreements”) and this      Agreement, as described in the Registration Statement and      Prospectus. |
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| (i)   | The      Registration Statement and Prospectus contain all statements and      information required to be included therein by the CEAct and the rules and      regulations thereunder. When the Registration Statement becomes effective      under the 1933 Act, the Registration Statement and Prospectus will have      complied in all material respects with the requirements of the 1933 Act,      the CEAct and the rules and regulations under such Acts. The Registration      Statement as of its most recent effective date will not contain any untrue      statement of a material fact or omit to state a material fact required      to be stated therein or necessary to make the statements therein not      misleading. The Prospectus as of its most recent date of issue will not      contain an untrue statement of a material fact or omit to state a material      fact necessary to make the statements therein, in light of the      circumstances under which such statements were made, not misleading. This      representation and warranty shall not, however, apply to any statement or      omission in the Registration Statement or Prospectus made in reliance upon      and in conformity with information relating to the Trading Advisors and      furnished by such Trading Advisors; or with respect to any information      contained in the prior versions of the Registration Statements and      Prospectuses, referenced in (a)(i)-(xiii),  above. |
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| (j)   | With      respect to RJOFM, KPMG LLP arc the accountants who audited the financial      statements filed with the SEC as part of the Registration Statement. They      are the independent public accountants with respect to the Managing Owner      as required by the 1933 Act and the SEC Regulations; and with respect to      the Trust, CF & Co, LLP are the accountants who audited the financial      statements filed with the SEC as part of the Registration Statement and      are the independent public accountants with respect to the Trust as      required by the 1933 Act and the SEC  Regulations. |
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| (k)   | The      financial statements filed as part of the Registration Statement and those      included in the Prospectus present fairly the financial position of the      Trust and of the Managing Owner as of the dates indicated; and said      financial statements have been prepared in conformity with generally      accepted accounting principles (as described therein), or, in the case of      unaudited financial statements, in substantial conformity with generally      accepted accounting principles, applied on a basis which is consistent in      all material respects for each balance sheet date    presented. |
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| (l)   | Since      the date as of which information is given in the Registration Statement      and the Prospectus, there has not been any material adverse change not      already known in the condition, financial or otherwise, of the Managing      Owner or the Trust, whether or not arising in the ordinary course of      business. |
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| (m)   | The      Managing Owner at each Closing Time will have a net worth sufficient in      amount and satisfactory in form, for classification of the Trust as a      partnership for federal income tax purposes under current interpretations      of the Internal Revenue Code of 1954 and the Internal Revenue Code of      1986, as amended (collectively, the “Code”), and the regulations      thereunder. |
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| (n)   | The      Trading Advisory Agreements, the Declaration and Agreement of Trust, the      Escrow Agreement and this Agreement have each been duly and validly      authorized, executed and delivered by the Managing Owner and on behalf of      the Trust, and each constitutes a legal, valid and binding agreement of      the Trust and the Managing Owner signatory thereto enforceable in      accordance with its terms. |
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| (o)   | The      execution and delivery of the Declaration and Agreement of Trust, the      Escrow Agreement, the Customer Agreement, the Trading Advisory Agreement      and this Agreement, the incurrence of the obligations set forth in each of      such agreements and the consummation of the transactions contemplated      therein and in the Prospectus do not and will not constitute a breach of,      or default under, any instrument by which either the Managing Owner or the      Trust, as the case may be, is bound or any order, rule or regulation      applicable to the Managing Owner or the Trust of any court or any      governmental body or administrative agency having jurisdiction over the      Managing Owner or the Trust. |
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| (p)   | There      is not pending, or, to the Managing Owner’ knowledge, threatened, any      action, suit or proceeding before or by any court or other governmental      body to which the Managing Owner or the Trust is a party, or to which any      of the assets of the Managing Owner or the Trust is subject, which is not      referred to in the Prospectus or which is not otherwise known, and which      might reasonably be expected to result in any material adverse change in      the condition (financial or otherwise), of the Managing Owner or the Trust      or is required to be disclosed in the Prospectus pursuant to applicable      CFTC Rules. The Managing Owner has not received any notice of an      investigation or warning letter from NFA or the CFTC regarding      non-compliance by the Managing Owner with the CEAct or the regulations      thereunder. |
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| (q)   | The      Managing Owner has all federal and state governmental, regulatory and      commodity exchange approvals and licenses, and has effected all filings      and registrations with federal and state governmental agencies required to      conduct its businesses and to act as described in the Registration      Statement and Prospectus or required to perform its obligations as      described under the Declaration and Agreement of Trust and this Agreement      (including, without limitation, registration as a commodity pool operator      under the CEAct and membership in NFA as a commodity pool operator), and      the performance of such obligations will not contravene or result in a      breach of any provision of its certificate of incorporation, by-laws or      any agreement, order, law or regulation binding upon it. The principals of      the Managing Owner identified in the Registration Statement are all of the      principals of the Managing Owner, as “principals” is defined by CFTC      Rules. Such principals are duly listed as such on the Managing Owner’s      commodity pool operator Form 7-Rregistration. |
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| (r)   | The      Trust does not require any federal or state governmental, regulatory or      commodity exchange approvals or licenses, or need to effect any filings or      registrations with any federal or state governmental agencies in order to      conduct its businesses and to act as contemplated by the Registration      Statement and Prospectus and to issue and sell the Units (other than      filings relating solely to the offering of the Units), and to trade in the      commodity markets. |
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| SECTION      2.   | REPRESENTATIONS      AND WARRANTIES OF THE LEAD SELLINGAGENT. |
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| (a)   | The      Lead Selling Agent is a limited liability company duly organized and      validly existing and in good standing under the laws of the State of      Delaware and in good standing and qualified to do business in the State of      Illinois and in each other jurisdiction in which the nature or conduct of      its business requires such qualification and the failure to be duly      qualified would materially adversely affect the Lead Selling Agent’s      ability to perform its obligations hereunder. The Lead Selling Agent has      full corporate power and authority to perform its obligations under this      Agreement and as described in the Registration Statement and      Prospectus. |
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| (b)   | As      to the Lead Selling Agent and its principals (i) the Registration      Statement (with respect to the information relating to the Lead Selling      Agent furnished to the Managing Owner) as of its effective date did not      and will not contain any misleading or untrue statement of a material fact      or omit to state a material fact which is required to be stated therein or      necessary to make the statements therein not misleading and (ii) the      Prospectus (as approved in pertinent part by the Lead Selling Agent) at      its date of issue did not and will not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the      statements therein not misleading, in light of the circumstances under      which such statements were made. |
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| (c)   | The      Lead Selling Agent has, or, at the date of this Agreement, is in the      process of acquiring all federal and state governmental, regulatory and      exchange licenses and approvals, and has effected all filings and      registrations with federal and state governmental and regulatory agencies      required to conduct its business and to act as described in the      Registration Statement and Prospectus or required to perform its      obligations under the this Agreement (including, without limitation,      membership of the Lead Selling Agent as a dealer in FINRA), and the      performance of such obligations will not violate or result in a breach of      any provision of the Lead Selling Agent’s organizational documents,      by-laws or any agreement, instrument, order, law or regulation binding      upon the Lead Selling Agent. |
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| (d)   | This      Agreement has been duly authorized, executed and delivered by the Lead      Selling Agent, and this Agreement constitutes a valid, binding and      enforceable agreement of the Lead Selling Agent in accordance with its      terms. |
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| (e)   | The      execution and delivery of this Agreement, the incurrence of the      obligations set forth herein and therein and the consummation of the      transactions contemplated herein and therein and in the Prospectus did not      and will not constitute a breach of, or default under, any instrument by      which the Lead Selling Agent is bound or any order, rule or regulation      applicable to the Lead Selling Agent of any court or any governmental body      or administrative agency having jurisdiction over the Lead Selling      Agent. |
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| SECTION      3.   | OFFERING      AND SALE OF UNITS. |
|-----------------------------|----------------------------------|

| (a)   | The      Lead Selling Agent is hereby appointed the principal selling agent of the      Trust during the term specified for the purpose of finding acceptable      Additional Selling Agents that are duly registered as a broker-dealer in      each jurisdiction in which such broker-dealer will markets Units. Units      may be sold as of the close of business on the last day of each month on a      continuous basis until the maximum amount of Units that are registered are      sold (the “Offering Period”; and the date of each Closing, each a      ‘‘Closing Time”). The Managing Owner may terminate the Offering Period at      any time subject to the performance by the Managing Owner of all its      obligations to be performed hereunder.  Based on the      completeness and accuracy in all material respects of all the      representations and warranties of the Managing Owner contained herein, the      Lead Selling Agent hereby accepts such agency and agrees on the terms and      conditions herein set forth to use its best efforts during the Offering      Period to retain qualified Additional Selling Agents to procure      subscribers for the Units at the current net asset value (the Net Asset      Value”) per Unit, with each such subscriber procured by said Additional      Selling Agents being required to subscribe for at least $5,000 of Units,      $2,000 of Units in the case of trustees or custodians of      eligible |
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|   | employee      benefit plans and individual retirement accounts and $1,000 of Units in      the case of existing holders of Units (“Unitholders”). It is understood      that the Lead Selling Agent’s agreement to use its best efforts to find      acceptable Additional Selling Agents for the Units shall not prevent it      from acting in a similar capacity for the securities of other issuers      which may be offered or sold during the Offering Period. The agency of the      Lead Selling Agent hereunder shall continue, subject to the provisions of      Section 10 of this Agreement, for such period as the Lead Selling Agent      and the Managing Owner shall agreeupon. |
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| (b)   | No      selling commissions will be paid from the proceeds of sales of Units. The      Lead Selling Agent will compensate its own duly licensed registered      representatives (the “Registered Representatives”) pursuant to the Lead      Selling Agent’s standard compensation procedures. The Lead Selling Agent      will cause the Managing Owner in its capacity as the paying agent or the      paying agent’s designee to pay Additional Selling Agents selling      commissions of up to 2.0% of the Net Asset Value of each Class A Unit sold      by the Registered Representative of each such Additional Selling Agent      (the “Selling Commission”). The Managing Owner will pay the Selling      Commission at such time as the Units are sold and will be reimbursed by      the Trust at a rate of 1/12 of 2.35% of the Net Asset Value of each Class      A Unit on a monthly basis until the earlier of (i) such time as the      Managing Owner has been reimbursed up to 2.35% of the initial Net Asset      Value of the Units or (ii) such time as the respective Units have been      held for 12 months (the “Selling Commission Reimbursement”).  No      selling commission will be paid with respect to Class B      Units.  The Lead Selling Agent will cause the payment of up to      2.0% per annum of the month-end Net Asset Value of the Class A Units      attributable to Class A Units sold by a Registered Representative of the      Additional Selling Agent to the Registered Representative who, at the time      such payment is made, has agreed to provide the additional services      described below beginning in the month in which the Managing Owner no      longer receives the Selling Commission Reimbursement pursuant to the      4th      sentence of this Section 3(b). |
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| (c)   | The      ongoing compensation described in Section 3(b) will only be paid to      eligible Registered Representatives and is contingent upon the provision      by a Registered Representative who sold outstanding Units in his capacity      as a registered representative of the Additional Selling Agent of      additional services in connection with such Units, including: (i)      inquiring of the Managing Owner from time to time, at the request of an      owner of such Units, as to the Net Asset Value of a Unit; (ii) inquiring      of the Managing Owner from time to time, at the request of an owner of      such Units, regarding the commodities markets and the Trust; (iii)      assisting, at the request of the Managing Owner, in the redemption of      Units sold by such Registered Representative; and (iv) providing such      other services to the owners of such Units as the Managing Owner may, from      time to time, reasonably request. |
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| (d)   | Ongoing      compensation shall be paid only in respect of Units sold by Registered      Representatives who are eligible to receive such ongoing compensation as      described above. No ongoing compensation whatsoever shall be paid on any      Units sold by Registered Representatives not eligible to receive such      ongoing compensation at the time of payment. With respect to particular      Units substitute Registered Representatives who are appropriately      registered and who agree in writing to perform the services described in      Section 3(b) above with respect to such Units (“Substitute Registered      Representatives”) may also receive ongoing compensation with respect to      such Units.  Such ongoing compensation shall be paid      monthly. |
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| (e)   | Payment      of such ongoing compensation shall be limited to the maximum amount      permissible pursuant to FINRA Rule2810. |
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| (f)   | Ongoing      compensation which cannot be paid because an Additional Selling Agent (or      a Registered Representative) has not met the eligibility requirements      shall he retained by the Lead Selling Agent or the Managing      Owner. |
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| (g)   | The      Lead Selling Agent will use its best efforts to find eligible Additional      Selling Agents to market the Units on the terms stated herein and in the      Registration Statement and Prospectus. It is understood that the Lead      Selling Agent has no commitment with regard to the appointment of      Additional Selling Agents other than to use its best efforts. In      connection with the appointment of Additional Selling Agents, the Lead      Selling Agent represents that it will comply fully with all applicable      laws, and the rules of FINRA, the SEC, the CFTC, state securities      administrators and any other regulatory body. In particular, and not by      way of limitation, the Lead Selling Agent represents and warrants that it      is aware of FINRA Rule 2810 and that it will comply fully with all the      terms thereof in connection with the offering and sale of the Units. The      Lead Selling Agent shall cause the Additional Selling Agents that it shall      appoint to not execute any sales of Units from a discretionary account      over which it has control without prior written approval of the customer      in whose name such discretionary account is  maintained. |
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| (h)   | The      Lead Selling Agent shall cause any Additional Selling Agents that it shall      appoint to agree not to recommend the purchase of Units to any subscriber      unless the Additional Selling Agent shall have reasonable grounds to      believe, on the basis of information obtained from the subscriber      concerning, among other things, the subscriber’s investment objectives,      other investments, financial situation and needs, that the subscriber is      or will be in a financial position appropriate to enable the subscriber to      realize to a significant extent the benefits of the Trust, including tax      benefits described in the Prospectus; the subscriber has a fair market net      worth sufficient to sustain the risks inherent in participating in the      Trust, including loss of investment and lack of liquidity; and the Units      are otherwise a suitable investment for the subscriber. The Lead Selling      Agent shall cause any Additional Selling Agent that it shall appoint to      maintain files of information disclosing the basis upon which the      Additional Selling Agent determined that the suitability requirements of      FINRA Rule 2810 were met as to each subscriber (the basis for determining      suitability may include the Subscription Agreements and other certificates      submitted by subscribers). The Lead Selling Agent represents and warrants      that it has reasonable grounds to believe, based on information in the      Prospectus and information to which the Lead Selling Agent has otherwise      had access from RJOFM, that all material facts relating to an investment      in the Units are adequately and accurately disclosed in the Prospectus. In      connection with making the foregoing representations and warranties, the      Lead Selling Agent further represents and warrants that it has, among      other things, examined the following sections in the Prospectus and      obtained such additional information from RJOFM regarding the information      set forth thereunder as the Lead Selling Agent has deemed necessary or      appropriate to determine whether the Prospectus adequately and accurately      discloses all material facts relating to an investment in the Trust and      provides an adequate basis to subscribers for evaluating an investment in      the Units: |
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| (i)   | “Summary” |
|-----------------|-----------------------|

| (ii)   | “The      Risks You Face” |
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| (iii)   | “How      the Trust Works “ |
|-------------------|-----------------------------------------|

| (iv)   | “The      Trading Advisors” |
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| (v)   | “The      Managing Owner” |
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| (vi)   | “Charges” |
|------------------|-----------------------|

| (vii)   | “Redemptions” |
|-------------------|---------------------------|

| (viii)   | “Net      Asset Value” |
|--------------------|------------------------------------|

| (ix)   | “Conflicts      of Interest” |
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| (x)   | “The      Trust and the Trustee” |
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| (xi)   | “Tax      Consequences” |
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| (xii)   | “Plan      of Distribution” |
|-------------------|-----------------------------------------|

| (i)   | In      connection with making the representations and warranties set forth in      this paragraph, the Lead Selling Agent has not relied on inquiries made by      or on behalf of any other parties. |
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| (j)   | The      Lead Selling Agent agrees to cause any Additional Selling Agents that it      may appoint to inform all prospective purchasers and marketers of Units of      all pertinent facts relating to the liquidity and marketability of the      Units as set forth in theProspectus. |
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| (i)   | None      of the Lead Selling Agent, the Trust or the Managing Owner shall, directly      or indirectly, pay or award any finder’s fees, commissions or other      compensation to any person engaged by a potential investor for investment      advice as an inducement to such advisor to advise the purchase of Units;      provided,      however,      the normal sales commissions payable to a registered broker-dealer or      other properly licensed person for selling Units shall not be prohibited      hereby. |
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| (k)   | All      payments for subscriptions shall be made by transfer of funds to the      escrow account of the Trust as described in the Prospectus, provided that      any such arrangements, must comply in all relevant respects with SEC      Regulations 10b-9 and I5c2-4. |
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| (l)   | Upon      the reasonable request of the Lead Selling Agent, RJOFM agrees to cause      its counsel to prepare and deliver to the Lead Selling Agent a Blue Sky      Survey which shall set forth, for the guidance of the Lead Selling Agent,      in which United States jurisdictions the Units may be offered and sold. It      is understood and agreed that the Lead Selling Agent may rely, in      connection with the offering and sale of Units in any jurisdiction, on      advice given by such counsel as to the legality of the offer or sale of      the Units in such jurisdiction, provided, however, that      the Lead Selling Agent, and Additional Selling Agent shall be responsible      for compliance with all applicable laws, rules and regulations with      respect to the actions of its employees, acting as such, in connection      with sales of Units in anyjurisdiction. |
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| SECTION      4.   | COVENANTS      OF THE MANAGING OWNER. |
|-----------------------------|---------------------------------------|

| (a)   | The      Managing Owner will notify the Lead Selling Agent and confirm such      notification in writing (i) when any amendment to the Registration      Statement shall have become effective, (ii) of the receipt of any comments      from the SEC, CFTC or any other federal or state regulatory body with      respect to the Registration Statement, (iii) of any request by the SEC,      CFTC or any other federal or state regulatory body for any amendment to      the Registration Statement or any amendment or supplement to the      Prospectus or for additional information relating thereto and (iv) of the      issuance by the SEC, CFTC or any other federal or state regulatory body of      any order suspending the effectiveness of the Registration Statement under      the 1933 Act, the CFTC registration or NFA membership of the Managing      Owner as a commodity pool operator, or the registration of Units under the      Blue Sky or securities laws of any state or other jurisdiction or any      order or decree enjoining the offering or the use of the then current      Prospectus or of the institution, or notice of the intended institution,      of any action or proceeding for thatpurpose. |
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| (b)   | The      Managing Owner will deliver to the Lead Selling Agent, as soon as      available, a signed copy of each amendment to the Registration Statement      as originally filed and the exhibits thereto, and will also deliver to the      Lead Selling Agent such number of conformed copies of the Registration      Statement as originally filed and of each amendment thereto (without      exhibits) as the Lead Selling Agent shall reasonably    require. |
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| (c)   | The      Managing Owner will deliver to the Lead Selling Agent as promptly as      practicable from time to time during the period when the Prospectus is      required to be delivered under the 1933 Act, such number of copies of the      Prospectus (as amended or supplemented) as the Lead Selling Agent and      Additional Selling Agents may reasonably request for the purposes      contemplated by the 1933 Act or the SEC  Regulations. |
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| (d)   | During      the period when the Prospectus is required to be delivered pursuant to the      1933 Act, the Managing Owner and the Trust will use best efforts to comply      with all requirements imposed upon them by the 1933 Act and the CEAct,      each as now and hereafter amended, and by the SEC Regulations and rules      and regulations of the CFTC, as from time to time in force, so far as      necessary to permit the continuance of sales of, or dealings in, the Units      during such period in accordance with the provisions hereof and as set      forth in the Prospectus. |
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| (e)   | If      any event relating to or affecting the Managing Owner or the Trust shall      occur as a result of which it is necessary, in the reasonable opinion of      the Managing Owner or the Lead Selling Agent, to amend or supplement the      Prospectus in order to make the Prospectus not materially misleading in      light of the circumstances existing at thetime |
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|   | it      is delivered to a subscriber, the Managing Owner and the Trust will      forthwith prepare and furnish to the Lead Selling Agent, at the expense of      the Managing Owner, a reasonable number of copies of an amendment or      amendments of, or a supplement or supplements to, the Prospectus which      will amend or supplement the Prospectus so that as amended or supplemented      it will not contain an untrue statement of a material fact or omit to      state a material fact necessary in order to make the statements therein,      in light of the circumstances existing at the time the Prospectus is      delivered to a subscriber, not misleading. No such amendment or supplement      shall be filed without the approval of the Lead Selling Agent and their      counsel. |
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| (f)   | The      Managing Owner will use best efforts to qualify the Units for offer and      sale under applicable securities or “Blue Sky” laws and continue such      qualification throughout the Offering Period, provided that in no event      shall the Managing Owner or the Trust be obligated to (1) take any action      which would subject it to service of process in suits other than those      arising out of the offering or sale of the Units, or taxes, in any      jurisdiction where any of them is not now so subject, (ii) change any      material term in the Registration Statement, or (iii) expend a sum of      money considered unreasonable byRJOFM. |
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| SECTION      5.   | PAYMENT      OF EXPENSES AND FEES. |
|-----------------------------|------------------------------------|

| SECTION      6.   | CONDITIONS      OF CLOSING. |
|-----------------------------|-----------------------------|

| (a)   | At      each Closing Time no order suspending the effectiveness of the      Registration Statement shall have been issued under the 1933 Act or      proceeding therefor initiated or threatened by the SEC and no objection to      the content thereof shall have been expressed or threatened by the CFTC or      NFA. |
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| (b)   | Upon      the request of any party hereto, the parties hereto shall have been      furnished with such information, opinions and documents as the parties      hereto may reasonably require for the purpose of enabling them to perform      their respective obligations contemplated  herein. |
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| (c)   | The      representations and warranties set forth herein shall be deemed restated      as of each Subsequent Closing Time as if made as of the date      thereof. |
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| SECTION      7.   | INDEMNIFICATION      AND EXCULPATION. |
|-----------------------------|---------------------------------------|

| (a)   | Indemnification      By The Managing Owner. The Managing Owner agrees to indemnify and hold      harmless the Lead Selling Agent and each person, if any, who controls the      Leading Selling Agent within the meaning of Section 15 of the 1933 Act, as      follows: |
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| (i)   | against      any and all loss, liability, claim, damage and expense whatsoever arising      out of any untrue statement or alleged untrue statement of a material fact      contained in the Registration Statement (or any amendment thereto) or any      omission or alleged omission therefrom of a material fact required to be      stated therein or necessary in order to make the statements therein not      misleading or arising out of any untrue statement or alleged untrue      statement of a material fact contained in the Prospectus (or any amendment      or supplement thereto) or the omission or alleged omission therefrom of a      material fact necessary in order to make the statements therein, in light      of the circumstances under which they were made, not misleading;      and |
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| (ii)   | against      any and all loss, liability, claim, damage and expense whatsoever to the      extent of the aggregate amount paid in settlement of any litigation, or      any investigation or proceeding by any governmental agency or body      commenced or threatened, or of any claim whatsoever based upon any such      untrue statement or omission or any such alleged untrue statement or      omission (any settlement to be subject to indemnity hereunder only if      effected with the written consent of the Managing Owner);    and |
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| (iii)   | against      any and all expense whatsoever (including the fees and disbursements of      counsel and, in the case of the Lead Selling Agent, or Additional Selling      Agent made pursuant to a Additional Selling Agent Agreement) reasonably      incurred in investigating, preparing or defending against litigation, or      any investigation or proceeding by any governmental agency or body,      commenced or threatened, or any claim whatsoever based upon any such      untrue statement or omission, or any such alleged untrue statement or      omission, to the extent that any such expense is not paid under clauses      (i) or (ii) above. |
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| (b)   | Indemnification      By The Lead Selling Agent. The Lead Selling Agent agrees to indemnify and      hold harmless the Trust and the Managing Owner and each person, if any,      who controls the Trust and the Managing Owner within the meaning of      Section 15 of the 1933 Act (and in the case of the Managing Owner and the      Trust, each person who signed the Registration Statement or is a director      of the Managing Owner), (i) to the same extent as the indemnity from the      Managing Owner set forth in 10(a) hereof, but only insofar as the losses,      claims, damages, liabilities or expenses indemnified against arise out of      or are based upon any untrue statement or omission or alleged untrue      statement or omission relating or with respect to the Lead Selling Agent      or any of its principals, or their operations, which was made in any      preliminary prospectus, the Registration Statement or the Prospectus or      any amendment or supplement thereto and furnished by or approved by the      Lead Selling Agent for inclusion therein and (ii) against any and all      loss, liability, claim, damage and expense whatsoever resulting from a      demand, claim, lawsuit, action or proceeding relating to the actions or      capacities of the Lead Selling Agent (including a breach of its      obligations hereunder) and any Additional Selling Agent relating to the      offering of Units under this Agreement or any Additional Selling Agent      Agreement. |
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| (c)   | Contribution.      If the indemnification provided for in this Section 7 is not permitted      under applicable law under subsection (a) or (b) above in respect of any      losses, claims, damages or liabilities (or actions in respect thereof)      referred to therein, then each indemnifying party shall contribute to the      amount paid or payable by such indemnified party as a result of such      losses, claims, damages or liabilities (or actions in respect thereof) in      such proportion as is appropriate to reflect the relative benefits      received by such parties. |
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| SECTION      8.   | STATUS      OF PARTIES. |
|-----------------------------|-------------------------|

| SECTION      9.   | REPRESENTATIONS.      WARRANTIES AND AGREEMENTS TOSURVIVE      DELIVERY. |
|-----------------------------|--------------------------------------------------------------------------|

|     SECTION      10.   | TERMINATION. |
|------------------------------------------------------|--------------|

| (a)   | This      Agreement shall terminate on the earlier of (i) such date as the Lead      Selling Agent may determine by giving 30 days’ prior written notice to the      other parties to this Agreement, (ii) such date as the Trust may determine      by giving 30 days’ prior written notice to the Lead Selling Agent or,      without such notice, upon termination of the offering of the Units or      (iii) by the Trust, without notice, upon breach by the Lead Selling Agent      of, or non-compliance by the Lead Selling Agent with, any material term of      this Agreement. |
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| (b)   | The      termination of this Agreement for any reason set forth in Sections      10(a)(i) or 10(a)(ii) shall notaffect: |
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| (i)   | the      ongoing obligations of the Trust to pay selling commissions, ongoing      compensation or installment selling commissions accrued prior to the      termination hereof, or |
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| (ii)   | the      indemnification obligations under Section 7 hereof. In the event this      Agreement is terminated pursuant to Section 10(a)(iii), the Managing Owner      may withhold accrued but unpaid selling commissions and ongoing      compensation or installment selling commissions due the Lead Selling Agent      until the Trust has been put in the same financial position as it would      have been absent such breach ornon-compliance. |
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|     SECTION      11.   | ASSIGNMENT. |
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| SECTION      12.   | NOTICES      AND AUTHORITY TO ACT. |
|------------------------------|------------------------------------|

| SECTION      13.   | PARTIES. |
|------------------------------|----------|

| SECTION      14.   | GOVERNING      LAW. |
|------------------------------|---------------------|

| SECTION      15.   | REQUIREMENTS      OF LAW. |
|------------------------------|---------------------------|

| SECTION      16.   | EXHIBITS |
|------------------------------|----------|

| (a)   | EXHIBIT      A: R.J. O’Brien Securities LLC PrivacyPolicy |
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| (b)   | EXHIBIT      B: R.J. O’Brien Securities LLC Business Continuity Plan      Summary |
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| -   | Information      we receive from you on applications or other  forms; |
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| -   | Information      about your transactions with us, our affiliates or others;    and |
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|   | Information      we receive from a consumer reportingagency. |
|--------|--------------------------------------------------------------|

| -   | Information      Sharing with Nonaffiliated Third Parties as Permitted by    Law |
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