|  |
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| SECTION      1.  | REPRESENTATIONS      AND WARRANTIES OF THE MANAGING OWNER AND THE TRUST | 2  |
|------------------|-------------------------------------------------------------------------|----|
| SECTION      2.  | REPRESENTATIONS      AND WARRANTIES OF THE LEAD SELLING AGENT           | 6  |
| SECTION      3.  | REPRESENTATIONS      AND WARRANTIES OF THE FUTURES BROKER               | 7  |
| SECTION      4.  | REPRESENTATIONS      AND WARRANTIES OF JWH                              | 9  |
| SECTION      5.  | OFFERING      AND SALE OF UNITS                                         | 11 |
| SECTION      6.  | COVENANTS      OF THE MANAGING OWNER                                    | 14 |
| SECTION      7.  | COVENANTS      OF JWH                                                   | 15 |
| SECTION      8.  | PAYMENT      OF EXPENSES AND FEES                                       | 16 |
| SECTION      9.  | CONDITIONS      OF CLOSING                                              | 16 |
| SECTION      10. | INDEMNIFICATION      AND EXCULPATION                                    | 17 |
| SECTION      11. | STATUS      OF PARTIES                                                  | 19 |
| SECTION      12. | REPRESENTATIONS.      WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY     | 19 |
| SECTION      13. | TERMINATION                                                             | 20 |
| SECTION      14. | ASSIGNMENT                                                              | 20 |
| SECTION      15. | NOTICES      AND AUTHORITY TO ACT                                       | 20 |
| SECTION      16. | PARTIES                                                                 | 20 |
| SECTION      17. | GOVERNING      LAW                                                      | 21 |
| SECTION      18. | REQUIREMENTS      OF LAW.                                               | 21 |
| SECTION      19. | EXHIBITS      (Page 25)                                                 | 21 |

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| SECTION 1. | REPRESENTATIONS      AND WARRANTIES OF THE MANAGING OWNER      AND THE TRUST |
|------------|------------------------------------------------------------------------------|

|   | (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) 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; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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      and declared effective on, 2007, which registration statement also      operated as a post-effective amendment to the previously filed      registration      statements. |
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|   | (b) | Copies      of the preliminary prospectus contained in each of the Registration      Statements referred to in Sections 1(a)(i) - (xiv) above and copies of the      final prospectuses thereto have also been, or will be, filed with (i) the      Commodity Futures Trading Commission (the "CFTC") under the Commodity      Exchange Act (the "Commodity Act") and the rules and regulations      promulgated thereunder by the CFTC (the "CFTC Rules"); and (ii) the      National Futures Association (the ''NFA") in accordance with NFA      Compliance Rule 2-13. Copies of each of the Registration Statements      referred to in Sections 1(a)(i) -(xiv) have also been filed with the      Financial Industry Regulatory Authority "FINRA") pursuant to its Conduct      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. No reference to JWH may be made      in the Registration Statement, Prospectus or in any Promotional Material      which has not been approved in writing by JWH, which approval JWH 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      Certificate of Trust pursuant to which the Trust has been formed (the      "Certificate of Trust") and the Trust's 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 the      Subsequent Closing Times, as defined in Section 5(a) hereof, will have      been taken; and, upon payment of the consideration therefore specified in      all accepted Subscription Agreements and Powers of Attorney, 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; the Trust has      filed a certificate of assumed name in the State of Illinois as provided      by 805 I.L.C.S. 405/1. |
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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 Customer Agreement, the Trading Advisory      Agreement 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 Commodity Act 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 Commodity Act 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 JWH and      furnished or approved in writing by JWH; 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, !CMG 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 Subsequent 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 Agreement, the Declaration and Agreement of Trust, the      Escrow Agreement and this Agreement have each been duly and validly      authorized, executed and delivered by each Managing Owner signatory      thereto for itself 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. The Customer      Agreement has been duly and validly authorized, executed and delivered by      RJOFM on behalf of the Trust. |
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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 Commodity Act or the      regulations thereunder. |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 Commodity Act 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-R      registration. |
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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. |
|--------|------------|---------------------------------------------------------------|

|   | (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 will be described in the Registration Statement and      Prospectus. |
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|   | (b) | All      references to the Lead Selling Agent and its principals as will be in the      Registration Statement and Prospectus will be accurate and complete in all      material respects. 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 weremade. |
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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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. | REPRESENTATIONS      AND WARRANTIES OF THE FUTURES BROKER. |
|--------|------------|------------------------------------------------------------|

|   | (a) | The      Futures Broker 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 Futures Broker's ability to perform its      obligations hereunder or under the Customer Agreement. The Futures Broker      has full corporate power and authority to perform its obligations under      the Customer Agreement and this Agreement and as described in the      Registration Statement andProspectus. |
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|   | (b) | All      references to the Futures Broker and its principals in the Registration      Statement and Prospectus will be accurate and complete in all material      respects, and set forth in all material respects the information required      to be disclosed therein under the Commodity Act and the rules and      regulations thereunder. As to the Futures Broker and its principals (i)      the Registration Statement and Prospectus will contain all statements and      information required to be included therein under the Commodity Act and      the rules and regulations thereunder, (ii) the Registration Statement      (with respect to the information relating to the Futures Broker 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 (iii) the Prospectus (as      approved in pertinent part by the Futures Broker) 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      Futures Broker has all federal and state governmental, regulatory and      commodity 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 Customer Agreement, the Trading Advisory Agreement      and this Agreement including, without limitation, registration of the      Futures Broker as a futures commission merchant under the Commodity Act      and membership of the Futures Broker as a futures commission merchant in      NFA, and the performance of such obligations will not violate or result in      a breach of any provision of the Futures Broker's certificate of      incorporation, by-laws or any agreement, instrument, order, law or      regulation binding upon the FuturesBroker. |
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|   | (d) | Each      of the Customer Agreement and this Agreement has been duly authorized,      executed and delivered by the Futures Broker, and this Agreement      constitutes a valid, binding and enforceable agreement of the Futures      Broker in accordance with itsterms. |
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|   | (e) | Since      the respective dates as of which information will be given in the      Registration Statement and the Prospectus, except as may otherwise be      stated in or contemplated by the Registration Statement and the      Prospectus, there has not been any material adverse change in the      condition, financial or otherwise, business or prospects of the Futures      Broker, whether or not arising in the ordinary course of      business. |
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|   | (f) | In      the ordinary course of its business, the Futures Broker is engaged in      civil litigation and subject to administrative proceedings. Neither the      Futures Broker nor any of its principals have been the subject of any      administrative, civil, or criminal actions within the five years preceding      the date hereof that would be material to an investor's decision to      purchase the Units which are not disclosed in the    Prospectus. |
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|   | (g) | The      execution and delivery of this Agreement and the Customer 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 Futures Broker is bound or any order,      rule or regulation applicable to the Futures Broker of any court or any      governmental body or administrative agency having jurisdiction over the      Futures Broker. |
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|   | SECTION 4. | REPRESENTATIONS      AND WARRANTIES OF JWH. |
|--------|------------|---------------------------------------------|

|   | (a) | JWH      is a corporation duly organized and validly existing and in good standing      under the laws of the State of Florida and in good standing as a foreign      corporation 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 affect JWH's ability to perform its obligations      under this Agreement and the Trading Advisory Agreement. JWH has full      corporate power and authority to perform its obligations under this      Agreement, and the Trading Advisory Agreement as described in the      Registration Statement andProspectus. |
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|   | (b) | All      references to JWH and its principals, and its trading systems, methods and      performance in the Registration Statement and the Prospectus are accurate      and complete in all material respects. As to JWH, each of the principals      of JWH, the JWH trading programs, and JWH's trading systems, strategies      and performance, (i) the Registration Statement and Prospectus contain all      statements and information required to be included therein under the      Commodity Act and the rules and regulations thereunder, (ii) the      Registration Statement (with respect to the information relating to JWH      furnished to the Managing Owner) as of its effective date did 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 (iii) the Prospectus (as      approved in pertinent part by JWH) 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. Except      as otherwise disclosed in the Prospectus or identified in writing to the      Managing Owner on or prior to the date hereof, the actual performance of      each discretionary account directed by JWH or any principal or affiliate      of JWH for the periods covered by the performance summaries set forth in      the Prospectus is disclosed in accordance with the requirements of the      Commodity Act and the rules and regulations thereunder (or as otherwise      permitted by the Staff of the Division of Clearing and Intermediary      Oversight of the CFTC). The information, performance summaries and monthly      rates of return relating to the performance of JWH comply in all material      respects with the disclosure requirements of the rules and regulations of      the CFTC under the Commodity Act. The performance records in the      Prospectus (as applicable to JWH) have been calculated in the manner set      forth in the notes thereto. |
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|   | (c) | The      Trading Advisory Agreement and this Agreement have each been duly and      validly authorized, executed and delivered on behalf of JWH and each      constitutes a valid, binding and enforceable agreement of JWH in      accordance with its terms. |
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|   | (d) | JWH      has all federal and state governmental, regulatory and commodity 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 this Agreement and      the Trading Advisory Agreement (including, without limitation,      registration of JWH as a commodity trading advisor under the Commodity Act      and membership of JWH as a commodity trading advisor in NFA), and the      performance of such obligations will not violate or result in a breach of      any provision of JWH's Certificate of Incorporation, by-laws or any      agreement, instrument, order, law or regulation binding on JWH. The      principals of JWH are duly listed as such on JWH's commodity trading      advisor Form 7-R registration. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Management      by JWH of an account for the Trust in accordance with the terms hereof and      of the Trading Advisory Agreement, and as described in the Prospectus, did      not and will not require any registration under, or violate any of the      provisions of, the Investment Advisers Act of 1940, as      amended. |
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|   | (f) | Neither      JWH nor any principal of JWH will use or distribute any preliminary      prospectus, Prospectus, amended or supplemented Prospectus Promotional      Material or selling literature, nor engage in any selling activities      whatsoever in connection with the offering of the Units, except as may be      requested by the Managing Owner pursuant to Section 7(c) of this      Agreement. |
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|   | (g) | Since      the respective dates as of which information is given in the Registration      Statement and the Prospectus, except as may otherwise be stated in or      contemplated by the Registration Statement and the Prospectus, there has      not been any material adverse change in the condition, financial or      otherwise, business or prospects of JWH, whether or not arising in the      ordinary course of business. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | The      execution and delivery of this Agreement and the Trading Advisory      Agreement, the incurrence of the obligations herein and therein set forth      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 JWH is bound or any order, rule or      regulation applicable to JWH of any court or any governmental body or      administrative agency having jurisdiction over  JWH. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Except      as disclosed in the Registration Statement and Prospectus, there is not      pending, or to the best of JWH's knowledge threatened, any action, suit or      proceeding before or by any court or other governmental body to which JWH      is a party, or to which any of the assets of JWH is subject, which might      reasonably be expected to result in any material adverse change in the      condition, financial or otherwise, business or prospects of JWH. JWH has      not received any notice of an investigation or warning letter from NFA or      the CFTC regarding non­compliance by JWH with the Commodity Act or the      regulations thereunder. |
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|   | SECTION 5. | 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"; such subsequent sale dates being hereinafter      referred to as ''Subsequent Closing Times"). 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, and      to the completeness and accuracy in all material respects of all the      representations and warranties of the Managing Owner and JWH 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 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 13 of this Agreement, for such period as the Lead      Selling Agent and the Managing Owner shall agree  upon. |
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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 Managing Owner will      pay the Lead Selling Agent a one-time fee equal to 0.12% of each months      new offering proceeds. 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 3% of the      Net Asset Value of each Unit sold by the Registered Representative of each      such Additional Selling Agent. The Lead Selling Agent will to 3% per annum      of the month-end Net Asset Value of the Units attributable to Units sold      by a Registered Representative of the Additional Selling Agent which      remain outstanding for more than twelve months (including the month as of      the end of which such Unit is redeemed) to the Registered Representative      who, at the time such payment is made, has agreed to provide the      additional services described below, is registered with the CFTC and has      satisfied all applicable proficiency requirements (including those imposed      by FINRA as a condition of receiving "trailing commissions") by either      passing the Series 3 National Commodity Futures Exam or the Series 31 exam      or being "grandfathered" from having to doso. |
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|   | (c) | The      ongoing compensation described in Section 5(b) will only be paid to      eligible Registered Representatives, provided that the Additional Selling      Agent with which such Registered Representative is associated continues at      the time of such payment to be registered with the CFTC as a futures      commission merchant or introducing broker and continues to be a member in      good standing of NFA in such capacity, and is contingent upon the      provision by a Registered Representative (duly registered and qualified at      the time of such payment as to proficiency with the CFTC and NFA as      described above) 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      this Section 5(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) | In      the event that the payment of ongoing compensation is restricted by FINRA,      the payment of such ongoing compensation shall be limited to the maximum      amount permissible pursuant to such restrictions, which is the case with      respect to all Units registered subsequent to October  2004. |
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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 payingagent. |
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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 formerly Appendix F of FINRA Rules of Fair      Practice) 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 ismaintained. |
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|   | (h) | The      Lead Selling Agent shall cause any Additional Selling Agents that it shall      appoints 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      Section (b)(2) of FINRA Rule 2810 were met as to each subscriber (the      basis for determining suitability may include the Subscription Agreements      and Powers of Attorney 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" |
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|   | (ii)  | "The      Risks You Face" |
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|   | (iii) | "How      the Trust Works " |
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|   | (iv) | "John      W. Henry & Company, Inc." |
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|   | (v) | "The      Managing Owner" |
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|   | (vi) | "Charges" |
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|   | (vii) | "Redemptions; |
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|   | (viii) | Net      Asset Value" |
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|   | (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" |
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|   | (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, 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 any      jurisdiction. |
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|   | SECTION 6. | COVENANTS      OF THE MANAGING OWNER. |
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|   | (a) | The      Managing Owner will notify the Lead Selling Agent and JWH 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 Commodity      Act, 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 the time 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 JWH 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 7. | COVENANTS      OF JWH. |
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|   | (a) | JWH      agrees to cooperate, to the extent reasonably requested by the Managing      Owner, in the preparation of any amendments or supplements relating to      itself to the Registration Statement and the  Prospectus. |
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|   | (b) | During      the period when the Prospectus is required to be delivered under the 1933      Act, JWH agrees to notify the Managing Owner immediately upon discovery of      any untrue or misleading statement regarding it, its operations or any of      its principals or of the occurrence of any event or change in      circumstances which would result in there being any untrue or misleading      statement or an omission in the Prospectus or Registration Statement      regarding it, its operations or any of its principals or result in the      Prospectus not including all information relating to JWH and its      principals required pursuant to CFTC regulations. During such period, JWH      shall promptly inform the Managing Owner if it is necessary to amend or      supplement the Prospectus in order to make the Prospectus not materially      misleading in light of the circumstances existing at the time the      Prospectus is delivered to asubscriber. |
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|   | (c) | JWH      agrees to assist, and cause its principals or agents to assist, at its own      expense in "road show" presentations relating to the initial and ongoing      offering of the Units at the reasonable request of the Lead Selling Agent      and at the expense of JWH, provided that no such assistance shall result      in any action which any such principal or agent reasonably believes may      require registration of JWH or any such principal or agent as a      broker-dealer or salesman. |
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|   | SECTION 8. | PAYMENT      OF EXPENSES AND FEES. |
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|   | SECTION 9. | CONDITIONS      OF CLOSING. |
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|   | (a) | At      each Subsequent 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 shah 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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|   | SECTION10. | INDEMNIFICATION      AND EXCULPATION. |
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|   | (a) | Indemnification      By The Managing Owner. The Managing Owner agrees to indemnify and hold      harmless the Lead Selling Agent, JWH, Additional Selling Agent, and each      person, if any, who controls any of the foregoing within the meaning of      Section 15 of the 1933 Act, and the Trust agrees to indemnify and hold      harmless JWH and each person, if any, who controls JWH within the meaning      of Section 15 of the 1933 Act asfollows: |
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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 JWH. JWH agrees to indemnify and hold harmless the Lead Selling Agent,      the Managing Owner, the Trust and each person, if any, who controls any of      the foregoing 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), to the      same extent as the indemnity from the Managing Owner set forth in Section      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 JWH or any principal of JWH, or their operations, trading      systems, methods or performance, which was made in any preliminary      prospectus, the Registration Statement or the Prospectus or any amendment      or supplement thereto and furnished by or approved in writing by JWH for      inclusion therein. |
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|   | (c) | Indemnification      By The Lead Selling Agent. The Lead Selling Agent agrees to indemnify and      hold harmless the Trust, the Managing Owner. JWH and each person, if any,      who controls the Trust, the Managing Owner or JWH 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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|    | (d) | Contribution.      If the indemnification provided for in this Section 10 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 JWH, on the one hand, and, the Lead Selling Agent, futures      broker and the Managing Owner, on the other, from the offering of the      Units. |
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|   | (e) | Limitation      On Certain Indemnifications And Exculpations. The exculpation provisions      in the Trading Advisory Agreement shall not relieve JWH from any liability      it may have or incur to the Trust, the Managing Owner or the Lead Selling      Agent under this Agreement (including, without limitation, pursuant to the      provisions of Section 10(b) hereof). Nor shall JWH be entitled to be      indemnified by the Managing Owner, pursuant to the indemnification      provisions contained in the Trading Advisory Agreement, against any loss,      liability, damage, cost or expense it may incur under this Agreement. The      Managing Owner shall not be entitled to be indemnified by the Trust,      pursuant to the indemnification provisions contained in the Declaration      and Agreement of Trust against any loss, liability, damage, cost or      expense it may incur under thisAgreement. |
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|   | SECTION11. | STATUS      OF PARTIES. |
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|   | SECTION12. | REPRESENTATIONS.      WARRANTIES AND AGREEMENTS TO SURVIVE      DELIVERY. |
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|   | SECTION13. | TERMINATION. |
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|   | (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      13(a)(i) or 9(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 10 hereof. In the event this      Agreement is terminated pursuant to Section 13(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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|   | SECTION14. | ASSIGNMENT. |
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|   | SECTION15. | NOTICES      AND AUTHORITY TO ACT. |
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|   | SECTION16. | PARTIES. |
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|   | SECTION17. | GOVERNING      LAW. |
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|   | SECTION18. | REQUIREMENTS      OF LAW. |
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|   | SECTION19. | EXHIBITS      (Page 25) |
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|   | (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. |
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|   | - | Information      Sharing with Nonaffiliated Third Parties as Permitted by    Law |
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