Document:

Exhibit 10.2

                  THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM

                               SELLING AGREEMENT

             Private Placement of Limited Liability Company Units

                       Effective as of October 31, 2004

                   MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC
                                    Manager

              MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
                                 Selling Agent

<PAGE>

                  THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM

                               SELLING AGREEMENT

                               TABLE OF CONTENTS

Section                                                                   Page
-------                                                                   ----

SECTION 1.  REPRESENTATIONS AND WARRANTIES OF THE MANAGER....................1

SECTION 2.  OFFERING AND SALE OF UNITS.......................................3

SECTION 3.  COVENANTS OF THE MANAGER.........................................5

SECTION 4.  OFFERING MATERIALS...............................................6

SECTION 5.  CONDITIONS OF CLOSING............................................6

SECTION 6.  INDEMNIFICATION AND EXCULPATION..................................7

SECTION 7.  STATUS OF PARTIES................................................8

SECTION 8.  REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE
            DELIVERY.........................................................9

SECTION 9.  TERMINATION......................................................9

SECTION 10.  NOTICES AND AUTHORITY TO ACT....................................9

SECTION 11.  PARTIES.........................................................9

SECTION 12.  GOVERNING LAW...................................................9

SECTION 13.  REQUIREMENTS OF LAW.............................................9

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

APPENDIX: SCHEDULE OF COMPANIES dated as of October 31, 2004

<PAGE>

                  THE MERRILL LYNCH FUTURESACCESS(SM) PROGRAM

             Private Placement of Limited Liability Company Units

                               SELLING AGREEMENT

                                                        as of October 31, 2004

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
Merrill Lynch World Headquarters
North Tower
World Financial Center
New York, New York 10080-6106

Dear Sirs:

          Your affiliate, Merrill Lynch Alternative Investments LLC, a
Delaware limited liability company (referred to herein in its individual
capacity and as manager as the "Manager" or "MLAI"), has caused the formation
of a group of managed futures funds comprising the Merrill Lynch
FuturesAccess(SM) Program (the "Program") which, at the effective date hereof,
consist of the four limited liability companies formed pursuant to the Limited
Liability Company Act of the State of Delaware (the "DLLCA") and listed in the
Schedule of Companies (the "Schedule") attached hereto as the Appendix. Each
company within the Program is hereinafter referred to as a "FuturesAccess
Fund." It is intended that the terms and conditions of this Selling Agreement
(the "Agreement") shall apply to and be binding upon any company which
subsequently becomes a FuturesAccess Fund (each a "New FuturesAccess Fund")
and, likewise, shall cease to apply to any company which ceases, for whatever
reason, to be a FuturesAccess Fund (each an "Old Futures Access Fund"). It is
hereby agreed therefore that, in the event of any New FuturesAccess Fund or
Old FuturesAccess Fund joining or leaving the Program as the case may be, the
Schedule shall be amended accordingly with the intent and effect that (from
the effective date on which such Schedule is acknowledged and accepted on
behalf of the FuturesAccess Funds specified therein, the Manager and Merrill
Lynch, Pierce, Fenner & Smith Incorporated) any such New FuturesAccess Fund
shall become, and any such Old FuturesAccess Fund shall cease to be, a party
to this Agreement. Upon becoming a party hereto, a New FuturesAccess Fund
shall agree to observe, perform and be bound by all the terms of this
Agreement which are capable of applying to it and which have not been
performed as at that time.

          The FuturesAccess Funds (hereinafter referred to, individually, as a
"Company," and, collectively, as the "Companies") will operate as
single-advisor managed futures funds to which professional trading advisors
("Trading Advisors") unaffiliated with MLAI will provide trading advice on an
independent contractor basis.

<PAGE>

                                                                    APPENDIX A

          Capitalized terms used herein, unless otherwise indicated, shall
have the meanings attributed to them in the Companies' Part One (A)
Confidential Program Disclosure Document: FuturesAccess(SM) Program General
Information, Part One (B) Confidential Program Disclosure Document: Trading
Advisor Information and the Part Two Confidential Program Disclosure Document:
Statement of Additional Information, as amended or supplemented from time to
time (collectively, the "Memorandum"). Defined terms used herein shall have
the meaning of both the singular and the plural unless otherwise specified.

          Section 1. Representations and Warranties of the Manager. The
Manager represents and warrants to the Selling Agent as follows:

          (a) Each Company has been formed pursuant to a Certificate of
     Formation (each a "Certificate of Formation") and a Limited Liability
     Company Operating Agreement (each an "Operating Agreement") which provide
     for the subscription for and sale of each Company's units of limited
     liability company interest ("Units") in classes; all action required to
     be taken by the Manager and each Company as a condition to the sale of
     the Units to subscribers who qualify as "Accredited Investors" within the
     meaning of the Securities Act of 1933, as amended (the "1933 Act") has
     been, or prior to the Initial and each Additional Closing Time (as
     defined in Section 2 hereof) will have been taken, and, upon payment of
     the consideration therefor specified in all accepted FuturesAccess
     Program Subscription and Exchange Agreements and Signature Pages thereto
     (collectively, the "Subscription Agreements"), the Units will constitute
     valid limited liability company interests in a Company.

          (b) Each Company is a limited liability company duly organized
     pursuant to a Certificate of Formation and the DLLCA and validly existing
     under the laws of the State of Delaware with full power and authority to
     conduct its business and operations, as described in its Memorandum; each
     Company has received (or will receive prior to the Initial Closing Time)
     a certificate of authority to do business in the State of New Jersey.

          (c) The Manager 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 limited liability company
     under the laws of the State of New Jersey and in each other jurisdiction
     in which the nature or conduct of its business requires such
     qualification and the failure to so qualify would materially adversely
     affect the Companies' or the Manager's ability to perform its obligations
     hereunder.

          (d) Each Company and the Manager have full limited liability company
     power and authority under applicable law to perform their respective
     obligations under an Operating Agreement, an Escrow Agreement relating to
     the offering of the Units (each an "Escrow Agreement"), the Customer
     Agreement ("Customer Agreement") and the Advisory Agreement ("Advisory
     Agreement") relating to the trading of commodity interests and this
     Agreement, as described in the Memorandum.

                                      1
<PAGE>

                                                                    APPENDIX A

          (e) The Memorandum as of its date of issue, the Initial Closing Time
     and at each Additional Closing Time 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 Memorandum
     made in reliance upon and in conformity with information relating to the
     Trading Advisors and furnished or approved in writing by the Trading
     Advisors; it being acknowledged that each of the Trading Advisors have
     approved the information relating to such party or its principals, as set
     forth in the Memorandum.

          (f) Since the respective dates as of which information is given in
     the Memorandum., there has not been any material adverse change in the
     condition (financial or otherwise), business or prospects of the Manager
     or the Companies, whether or not arising in the ordinary course of
     business.

          (g) An Operating Agreement, an Escrow Agreement, a Customer
     Agreement, an Advisory Agreement and this Agreement have each been duly
     and validly authorized, executed and delivered by the Manager on behalf
     of each Company, and each constitutes a valid, binding and enforceable
     agreement of each Company, in accordance with its terms.

          (h) The execution and delivery of the Operating Agreements, the
     Escrow Agreement, the Customer Agreement, the 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 Memorandum will not constitute a breach of, or default under,
     any instrument by which either the Manager or a Company is bound or any
     order, rule or regulation applicable to the Manager or a Company of any
     court or any governmental body or administrative agency having
     jurisdiction over the Manager or a Company.

          (i) There is not pending, or, to the best of the Manager's
     knowledge, threatened, any action, suit or proceeding before or by any
     court or other governmental body to which the Manager or a Company is a
     party, or to which any of the assets of the Manager or a Company is
     subject, which is not referred to in the Memorandum and which might
     reasonably be expected to result in any material adverse change in the
     condition (financial or otherwise), business or prospects of the Manager
     or the Company.

          (j) The Manager has all federal and state governmental and
     regulatory approvals and licenses, and has effected all filings and
     registrations with federal and state governmental agencies required to
     conduct its business and to act as described in the Memorandum or
     required to perform its obligations as described under the Operating
     Agreements and this Agreement, 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.

                                      2
<PAGE>

                                                                    APPENDIX A

          (k) The Companies do not require any federal or state governmental
     or regulatory approvals or licenses, or need to effect any filings or
     registrations with any federal or state governmental agencies in order to
     conduct their business, to act as contemplated by the Memorandum and to
     issue and sell Units (other than filings relating solely to the offering
     of the Units).

          (l) Deloitte & Touche LLP are, with respect to the Manager and the
     Companies, independent public accountants within the meaning of the 1933
     Act and the regulations of the Securities and Exchange Commission
     ("SEC").

          (m) The offer and sale of the Units in the manner contemplated by
     this Agreement will be exempt from the registration requirements of the
     1933 Act by reason of Regulation D promulgated thereunder.

          Section 2. Offering and Sale of Units.

          (a) The Selling Agent is hereby granted the exclusive right to
     distribute Units. Subject to the performance by the Manager 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 Manager contained herein, the Selling Agent hereby
     accepts such agency and agrees on the terms and conditions herein set
     forth to use its best efforts to find acceptable subscribers for the
     Units as of the beginning of each calendar month.

          It is understood that the Selling Agent's agreement to use its best
     efforts to find acceptable subscribers for the Units shall not prevent it
     from acting as a selling agent or underwriter for the securities of other
     issuers which may be offered or sold during the term of this Agreement.
     The agency of the Selling Agent hereunder shall continue until this
     Agreement is terminated in accordance with the provisions of this Section
     or Section 9.

          (b) In the event insufficient subscriptions (as described in the
     Memorandum) are received prior to the intended close of the initial
     offering period, all funds received from subscribers shall be returned in
     full, with any interest payable thereon (irrespective of amount) and
     without deduction for any escrow or other fee or expense; and thereupon
     the Selling Agent's duties as agent and this Agreement shall terminate
     without further obligation hereunder on the part of the Selling Agent,
     the Manager or the Company.

          (c) The Manager shall notify the Selling Agent of the aggregate
     number of Units in each Company for which the Manager has received
     acceptable subscriptions, and payment of the purchase price for the Units
     of such Company may, if the Manager so elects, be made at the office of
     the Manager, Princeton Corporate Campus, 800 Scudders Mill Road, Section
     2G, Plainsboro, New Jersey 08536 or at such other place as shall be
     agreed upon between the Selling Agent and the Manager, at 10:00 A.M., New
     York time, on the fifth full business day after the day on which the
     Manager notifies the Selling Agent of the Units for

                                      3
<PAGE>

                                                                    APPENDIX A

     which subscriptions have been accepted or such other day and time as
     shall be agreed upon between the Selling Agent and the Manager (the
     "Initial Closing Time").

          At the Initial Closing Time, all interest earned on subscriptions
     while held in escrow will be credited to the relevant FuturesAccess Fund.

          (d) After the Initial Closing Time, the Manager shall notify the
     Selling Agent of the aggregate value of Units in each Company for which
     the Manager has accepted subscriptions for purchase as of the beginning
     of each month for which sufficient subscriptions (as described in the
     Memorandum) are received (each additional sale of Units hereinafter
     referred to as an "Additional Closing Time").

          (e) Initial sales commissions of 1.0% - 2.5% of the amount of each
     Company's Class A Unit subscription, and up to 0.50% of each Company's
     Class I and Class D Unit subscription, shall be deducted from the
     subscription amount. No initial sales commissions will be paid on a
     Company's Class C Units.

          MLAI will pay to the Selling Agent, at no additional cost to the
     Companies or their Members, ongoing compensation on the Units for as long
     as such Units remain outstanding. Such ongoing compensation will equal
     1.0%, 0.80%, 2.00% and 0.30% per annum of the average month-end Net Asset
     Value per Unit of each Company's Class A, Class I, Class C and Class D
     Units, respectively.

          Ongoing compensation in respect of each Company's Class A Units will
     begin in the thirteenth month, and in the case of all other Units,
     immediately after their issuance. Units are issued for such purposes when
     they begin to participate in the profits and losses of a Company (i.e.,
     when a Company begins to participate in the profits and losses of the
     applicable Company), not when the related Subscription Agreements are
     accepted.

          (f) The Selling Agent will use its best efforts to find eligible
     persons to purchase the Units as of the intended close of the initial
     offering period (as described in the Memorandum) and thereafter on the
     terms stated herein and in the Memorandum. It is understood that the
     Selling Agent has no commitment with regard to the sale of the Units
     other than to use its commercially reasonable efforts. In connection with
     the offer and sale of the Units, the Selling Agent represents that it
     will not knowingly violate applicable laws, and the rules of the National
     Association of Securities Dealers, Commodity Futures Trading Commission
     ("CFTC"), the National Futures Association ("NFA"), the SEC, state
     securities administrators and any other regulatory body. The Selling
     Agent further represents that it has not and will not offer and sell, or
     arrange any commitments to purchase, any Units by any form of general
     solicitation or general advertising (as those terms are used in
     Regulation D promulgated under the 1933 Act) or in any manner involving a
     public offering (within the meaning of

                                      4
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                                                                    APPENDIX A

     Section 4(2) of the Securities Act), or offer and sell or otherwise
     negotiate in respect of any security the offering which is or could be
     integrated with the sale of Units in a manner that would require
     registration of the Units under 1933 Act. The Selling Agent shall 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.

          The Selling Agent agrees not to recommend the purchase of Units to
     any subscriber unless the 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 a Company, including
     tax benefits described in the Memorandum; the subscriber has a
     fair-market net worth sufficient to sustain the risks inherent in
     participating in the Companies, including loss of investment and lack of
     liquidity; the Units are otherwise a suitable investment for the
     subscriber; and the subscriber is qualified to purchase Units as
     described in the Memorandum.

          (g) None of the Selling Agent, the Companies or the Manager 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.

          (h) All payments for subscriptions shall be made by debiting
     subscribers' customer securities accounts maintained with the Selling
     Agent as described in the Memorandum.

          (i) In connection with the offer and sale of the Units, the Manager
     will not knowingly violate applicable laws and the rules of the SEC, the
     CFTC, the NFA, state securities administrators and any other regulatory
     body.

          Section 3. Covenants of the Manager.

          (a) The Manager will notify the Selling Agent immediately and
     confirm such notification in writing of the issuance by the SEC or any
     other federal or state regulatory body of any order or decree enjoining
     the offering or the use of the then current Memorandum or of the
     institution, or notice of the intended institution, of any action or
     proceeding for that purpose.

          (b) Until termination of this Agreement, the Manager will take all
     necessary regulatory steps, make all necessary ongoing regulatory filings
     and obtain all necessary regulatory approvals to maintain the ongoing
     offering of the Units.

                                      5
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                                                                    APPENDIX A

          (c) If any event relating to or affecting the Manager or a Company
     shall occur as a result of which it is necessary to amend or supplement a
     Company's Memorandum in order to make the Memorandum not materially
     misleading in light of the circumstances existing at the time it is
     delivered to a subscriber, MLAI and the Company will forthwith prepare
     and furnish to the Selling Agent, at the expense of MLAI, a reasonable
     number of copies of an amendment or amendments of, or a supplement or
     supplements to, the Memorandum which will amend or supplement the
     Memorandum 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 Memorandum is delivered to a
     subscriber, not misleading.

          Section 4. Offering Materials. The Manager will ensure the printing
and delivery to the Selling Agent of copies of a reasonable number of copies
of the Memoranda and any supplements or amendments thereto, and of any
supplemental sales materials, as necessary from time to time.

          Section 5. Conditions of Closing. The obligations of each of the
parties hereunder are subject to the accuracy of the representations and
warranties of the other parties hereto, to the performance by such other
parties of their respective obligations hereunder and to the following further
conditions:

          (a) If requested by the Selling Agent, MLAI shall deliver a
     certificate to the effect that: (i) the representations and warranties of
     MLAI contained herein are true and correct with the same effect as though
     expressly made at the Initial Closing Time and in respect of the
     Memorandum as in effect at the Initial Closing Time; and (ii) MLAI has
     performed all covenants and agreements herein contained to be performed
     on its part as of or prior to the Initial Closing Time.

          (b) As of the Initial Closing Time, Sidley Austin Brown & Wood LLP,
     counsel to the Manager, shall deliver to all the parties hereto its
     opinion, in form and substance satisfactory to each of the parties
     hereto.

          (c) The parties hereto shall have been furnished with such
     additional information, opinions, certificates and documents, including
     supporting documents relating to parties described in the Memorandum and
     letters of representation signed by such parties with regard to
     information relating to them and included in the Memorandum as they may
     reasonably require for the purpose of enabling them to pass upon the sale
     of the Units as herein contemplated and related proceedings, in order to
     evidence the accuracy or completeness of any of the representations or
     warranties or the fulfillment of any of the conditions herein contained;
     and all actions taken by the parties hereto in connection with the sale
     of the Units as herein contemplated shall be reasonably satisfactory in
     form and substance to Sidley Austin Brown & Wood LLP.

                                      6
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                                                                    APPENDIX A

          (d) As of each Additional Closing Time, the parties hereto shall
     have been furnished with such information, opinions and certified
     documents as the Manager and the Selling Agent may deem to be necessary
     or appropriate.

          If any of the conditions specified in this Section 5 shall not have
been fulfilled when and as required by this Agreement to be fulfilled, this
Agreement and all obligations hereunder may be canceled by any party hereto by
notifying the other parties hereto of such cancellation in writing or by
telegram at any time at or prior to the Initial Closing Time, and any such
cancellation or termination shall be without liability of any party to any
other party except as otherwise provided in Section 6.

          Section 6. Indemnification and Exculpation.

          (a) Indemnification by the Manager. The Manager agrees to indemnify
     and hold harmless the Selling Agent and each person, if any, who controls
     the Selling Agent within the meaning of Section 15 of the 1933 Act, as
     follows:

          (i) against any and all loss, liability, claim, damage and expense
          whatsoever arising out of (A) any breach by the Manager of its
          representations and warranties or failure of the Manager to comply
          with any of its agreements contained herein or any act, omission,
          activity or conduct undertaken in connection with this Agreement by
          or on behalf of the Manager, except to the extent such loss results
          from the negligence or willful misconduct of the Selling Agent or
          (B) any untrue statement or alleged untrue statement of a material
          fact contained in the Memorandum (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
          Memorandum (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, unless such untrue statement
          or omission or alleged untrue statement or omission was made in
          reliance upon and in conformity with information relating to the
          Selling Agent or a Trading Advisor or furnished or approved by the
          Selling Agent or Trading Advisor as the case may be;

          (ii) against any and all loss, liability, claim, damage and expense
          whatsoever with respect to each Company 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 Manager);
          and

                                      7
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                                                                    APPENDIX A

          (iii) against any and all expense whatsoever with respect to each
          Company (including the fees and disbursements of counsel) 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.

     In no case shall the Manager be liable under this indemnity agreement
     with respect to any claim made against any indemnified party unless the
     Manager shall be notified in writing of the nature of the claim within a
     reasonable time after the assertion thereof, but failure to so notify the
     Manager shall not relieve the Manager from any liability which it may
     have otherwise than on account of this indemnity agreement. The Manager
     shall be entitled to participate at its own expense in the defense or, if
     it so elects within a reasonable time after receipt of such notice, to
     assume the defense of that portion of any suit so brought relating to the
     Manager's indemnification obligations hereunder, which defense shall be
     conducted by counsel chosen by it and satisfactory to the indemnified
     party or parties, defendant or defendants therein. In the event that the
     Manager elects to assume the defense of any such suit and retain such
     counsel, the indemnified party or parties, defendant or defendants in the
     suit, shall bear the fees and expenses of any additional counsel
     thereafter retained by it or them; provided, however, that the Manager
     may, upon the mutual agreement of the Manager and the indemnified party
     or parties, bear the fees and expenses of additional counsel retained by
     an indemnified party if the named parties in such suit include both the
     Manager and the indemnified party and representation of both the Manager
     and the indemnified party would be inappropriate due to actual or
     potential differing interests between them or there are defenses
     available to the indemnified party that are or would not be available to
     the Manager. In the event the Manager assumes the defense of the portion
     of a suit relating to the Manager's indemnification obligations
     hereunder, the Manager will not, without the prior written consent of the
     indemnified party, effect any settlement of such suit, unless such
     settlement includes a release of the indemnified party from all liability
     or claims that are the subject of such suit.

          The Manager agrees to notify the Selling Agent within a reasonable
     time of the assertion of any claim in connection with the sale of the
     Units against it or any of its officers or directors or any person who
     controls the Manager within the meaning of Section 15 of the 1933 Act.

          Section 7. Status of Parties. In selling the Units for the
Companies, the Selling Agent is acting solely as an agent for the Companies
and not as a principal. The Selling Agent will use its best efforts to assist
the Companies in obtaining performance by each purchaser whose offer to
purchase Units from a Company has been accepted on behalf of a Company, but
the Selling Agent shall not have any liability to a Company in the event that
any such purchase is not consummated for any reason.

                                       8
<PAGE>

                                                                    APPENDIX A

          Section 8. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement or contained in certificates of any party hereto submitted pursuant
hereto shall remain operative and in full force and effect, regardless of any
investigation made by, or on behalf of, the Selling Agent, the Manager or any
person who controls any of the foregoing and shall survive the Initial and
each Additional Closing Time in the form restated and reaffirmed as of each
such closing time.

          Section 9. Termination. The Manager shall have the right to
terminate this Agreement at any time by giving notice to the Selling Agent,
and the Selling Agent to do so upon 30 calendar days' notice to the Manager.

          Section 10. Notices and Authority to Act. All communications
hereunder shall be in writing and, if sent to the Selling Agent, shall be
mailed, delivered or telegraphed and confirmed to it at: Merrill Lynch World
Headquarters, North Tower, World Financial Center, New York, New York,
10080-6106; if sent to the Manager or a Company shall be mailed, delivered or
telegraphed and confirmed to it at Princeton Corporate Campus, 800 Scudders
Mill Road, Section 2G, Plainsboro, New Jersey 08536, Attention: Mr. Steven B.
Olgin.

          Section 11. Parties. This Agreement shall inure to the benefit of
and be binding upon the Selling Agent, the Companies, the Manager and such
parties' respective successors to the extent provided herein. This Agreement
and the conditions and provisions hereof are intended to be and are for the
sole and exclusive benefit of the parties hereto and their respective
successors, assigns and controlling persons and parties indemnified hereunder,
and for the benefit of no other person, firm or corporation. No purchaser of a
Unit shall be considered to be a successor or assign solely on the basis of
such purchase.

          SECTION 12. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES CREATED HEREBY SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

          Section 13. Requirements of Law. Whenever in this Agreement it is
stated that a party will take or refrain from taking a particular action, such
party may nevertheless refrain from taking or take such action if advised by
counsel that doing so is required by law or advisable to ensure compliance
with law, and shall not be subject to any liability hereunder for doing so,
although such action shall permit termination of this Agreement by the other
parties hereto.

          If the foregoing is in accordance with each party's understanding of
its agreement, each party is requested to sign and return to the Manager a
counterpart hereof, whereupon this instrument along with all counterparts will
become a binding agreement among them in accordance with its terms effective
as of the date first above written.

                                    Very truly yours,

                              Signed for and on behalf of:
                              The FuturesAccess Funds

                                       9
<PAGE>

                                                                    APPENDIX A

                                By: Merrill Lynch Alternative Investments LLC
                                     Manager

                                By: /s/ Stephen M. M. Miller
                                    ------------------------
                                    Name:  Stephen M. M. Miller
                                    Title: Vice President

                                MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC

                                By: /s/ Stephen M. M. Miller
                                    ------------------------
                                    Name:  Stephen M. M. Miller
                                    Title: Vice President

Confirmed and accepted as of
the date first above written:

MERRILL LYNCH, PIERCE, FENNER &
SMITH INCORPORATED
      Selling Agent

By: /s/ Steven B. Olgin
    -----------------------------
    Name:  Steven B. Olgin
    Title: Authorized Signatory

                                      10
<PAGE>

                                                                      APPENDIX

                            SCHEDULE OF COMPANIES
                            ---------------------
                          (Dated as of April 1, 2007)

ML APPLETON FUTURESACCESS LLC

ML ASPECT FUTURESACCESS LLC

ML CORNERSTONE FUTURESACCESS LLC

ML WINTON FUTURESACCESS LLC

ML APM GLOBAL COMMODITY FUTURESACCESS LLC

ML ALTIS FUTURESACCESS LLC

ML ALPHASIMPLEX FUTURESACCESS LLC

ML CHESAPEAKE FUTURESACCESS LLC

ML GSA FUTURESACCESS LLC

ML JOHN LOCKE FUTURESACCESS LLC

ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC

Acknowledgement of Amended Schedule:

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<S>                                      <C>     <C>
---------------------------------------- ------- -----------------------------------------
MERRILL LYNCH ALTERNATIVE                        MERRILL LYNCH, PIERCE, FENNER &
INVESTMENTS LLC                                  SMITH INCORPORATED
---------------------------------------- ------- -----------------------------------------
Manager                                          Selling Agent
---------------------------------------- ------- -----------------------------------------

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

By: _____________________________                By: _______________________________
---------------------------------------- ------- -----------------------------------------
    Name:  Stephen M. M. Miller                  Name:  Steven B. Olgin

---------------------------------------- ------- -----------------------------------------
    Title: Vice President                        Title: Authorized Signatory
---------------------------------------- ------- -----------------------------------------

</TABLE>

Selling Agreement
Amended Schedule of Companies dated April 1, 2007Exhibit 4.1
                                                                   -----------

                 ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC

                           LIMITED LIABILITY COMPANY
                              OPERATING AGREEMENT

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

THE UNITS OF LIMITED LIABILITY COMPANY INTEREST CREATED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES ACT, AND
MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED
UNDER APPLICABLE SECURITIES LAWS AND WITH THE CONSENT OF THE SPONSOR.

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

                   Merrill Lynch Alternative Investments LLC

                                    Sponsor

                                 March 8, 2007

<PAGE>

ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
--------------------------------------------------------------------------------
<TABLE>
<S><C>

TABLE OF CONTENTS

ARTICLE I ORGANIZATION

   SECTION 1.01. OBJECTIVES AND PURPOSES................................................1

   SECTION 1.02. APPOINTMENT OF THE TRADING ADVISOR; INVESTMENT OF CASH RESERVES........2

   SECTION 1.03. FISCAL YEAR; ACCOUNTING PERIODS........................................3

   SECTION 1.04. REGISTERED AGENT AND OFFICE; PRINCIPAL OFFICE..........................3

   SECTION 1.05. DURATION OF THIS FUTURESACCESS FUND....................................3

   SECTION 1.06. NON-ASSIGNABILITY OF UNITS; SUBSTITUTED INVESTORS; LIMITED
         ASSIGNABILITY OF THE SPONSOR'S INTEREST........................................3

   SECTION 1.07. LIABILITY OF INVESTORS.................................................3

ARTICLE II CAPITAL AND TAX ALLOCATIONS

   SECTION 2.01. CAPITAL CONTRIBUTIONS..................................................4

   SECTION 2.02. OPENING CAPITAL ACCOUNTS...............................................6

   SECTION 2.03. FINANCIAL ALLOCATIONS AMONG THE UNITS..................................6

   SECTION 2.04. NET ASSET VALUE........................................................6

   SECTION 2.05. SPONSOR'S FEES; MANAGEMENT AND PERFORMANCE FEES; TRANSACTION COSTS;
         OPERATING EXPENSES.............................................................8

   SECTION 2.06. ALLOCATION OF PROFITS AND LOSSES FOR FINANCIAL PURPOSES................8

   SECTION 2.07. ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES...............9

   SECTION 2.08. CHARGEBACKS TO CURRENT OR FORMER INVESTORS............................11

   SECTION 2.09. PROCESSING OF SUBSCRIPTIONS...........................................11

   SECTION 2.10. VALUATION OF ASSETS...................................................11

   SECTION 2.11. USE OF ESTIMATES......................................................12

   SECTION 2.12. ACCOUNTING PRACTICES..................................................13

ARTICLE III PARTICIPATION IN FUTURESACCESS FUND PROPERTY; REDEMPTIONS AND
      DISTRIBUTIONS

   SECTION 3.01. NO UNDIVIDED INTERESTS IN FUTURESACCESS FUND PROPERTY.................13

   SECTION 3.02. REDEMPTIONS OF UNITS; EXCHANGES.......................................13

   SECTION 3.03. WITHDRAWALS OF CAPITAL BY THE SPONSOR.................................14

                                     A-i
<PAGE>

TABLE OF CONTENTS (cont.)

   SECTION 3.04. MANDATORY REDEMPTIONS.................................................14

   SECTION 3.05. MANDATORY REDEMPTIONS TO PAY TAXES....................................14

   SECTION 3.06. DISTRIBUTIONS.........................................................15

   SECTION 3.07. FORM OF DISTRIBUTION AND REDEMPTION PAYMENTS..........................15

   SECTION 3.08. REMOVAL OF THE SPONSOR................................................15

ARTICLE IV WITHDRAWAL OF THE SPONSOR AND INVESTORS

   SECTION 4.01. WITHDRAWAL OF THE SPONSOR.............................................15

   SECTION 4.02. WITHDRAWAL OF AN INVESTOR.............................................15

   SECTION 4.03. STATUS AFTER WITHDRAWAL...............................................15

ARTICLE V MANAGEMENT

   SECTION 5.01. AUTHORITY OF THE SPONSOR..............................................15

   SECTION 5.02. SERVICE PROVIDERS; INVESTMENTS; ACCOUNTS..............................16

   SECTION 5.03. ACTIVITIES OF THE SPONSOR PARTIES.....................................16

   SECTION 5.04. SERVICES TO THIS FUTURESACCESS FUND...................................16

   SECTION 5.05. INTERESTED PARTIES....................................................16

   SECTION 5.06. EXCULPATION...........................................................17

   SECTION 5.07. INDEMNIFICATION.......................................................17

   SECTION 5.08. INVESTORS' TRANSACTIONS...............................................17

   SECTION 5.09. RELIANCE BY THIRD PARTIES.............................................18

   SECTION 5.10. REGISTRATION OF ASSETS................................................18

   SECTION 5.11. LIMITATION ON AUTHORITY OF THE SPONSOR................................18

ARTICLE VI ADMISSION OF INVESTORS

   SECTION 6.01. PROCEDURE AS TO NEW INVESTORS.........................................18

   SECTION 6.02. PROCEDURE AS TO NEW MANAGERS..........................................18

ARTICLE VII BOOKS OF ACCOUNT; AUDITS; REPORTS TO INVESTORS

   SECTION 7.01. BOOKS OF ACCOUNT......................................................18

   SECTION 7.02. ANNUAL AUDIT..........................................................19

   SECTION 7.03. INTERIM REPORTS.......................................................19

ARTICLE VIII CONFLICTS OF INTEREST

   SECTION 8.01. INVESTORS' CONSENT....................................................19

ARTICLE IX DISSOLUTION AND WINDING UP OF THIS FUTURESACCESS FUND

                                     A-ii
<PAGE>

TABLE OF CONTENTS (cont.)

   SECTION 9.01. EVENTS OF DISSOLUTION.................................................20

   SECTION 9.02. DISSOLUTION...........................................................20

ARTICLE X MISCELLANEOUS PROVISIONS

   SECTION 10.01. INVESTORS NOT TO CONTROL.............................................20

   SECTION 10.02. POWER OF ATTORNEY....................................................21

   SECTION 10.03. AMENDMENTS; CONSENTS.................................................21

   SECTION 10.04. NOTICES..............................................................21

   SECTION 10.05. LEGAL EFFECT; MANNER OF EXECUTION....................................22

   SECTION 10.06. GOVERNING LAW........................................................22

   SECTION 10.07. CONSENT TO JURISDICTION..............................................22

   SECTION 10.08. "TAX MATTERS PARTNER"; TAX ELECTIONS.................................22

   SECTION 10.09. DETERMINATION OF MATTERS NOT PROVIDED FOR IN THIS AGREEMENT..........22

   SECTION 10.10. NO PUBLICITY.........................................................22

   SECTION 10.11. SURVIVAL.............................................................22

   SECTION 10.12. WAIVERS..............................................................22

   SECTION 10.13. VOTING RIGHTS........................................................22

   SECTION 10.14. ISSUANCE OF DIFFERENT CLASSES........................................23

   SECTION 10.15. COMPLIANCE WITH THE INVESTMENT ADVISERS ACT OF 1940; SECURITIES
         LAWS..........................................................................23

</TABLE>

------------------
TESTIMONIUM
SIGNATURES

                                     A-iii
<PAGE>

                 ML TRANSTREND DTP ENHANCED FUTURESACCESS LLC
                 LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                              as of March 8, 2007

THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT ("Agreement") dated March
8, 2007 of ML Transtrend DTP Enhanced FuturesAccess LLC (this "FuturesAccess
Fund") by and among Merrill Lynch Alternative Investments LLC, a Delaware
limited liability company (the "Sponsor"), and those persons who shall invest
in the units of limited liability company interest ("Units") created hereby --
Class A, Class C, Class D and Class I -- and shall execute this Agreement, by
power-of-attorney, as members (such members being hereinafter sometimes
referred to collectively as "Investors"; provided, that for purposes of
voting, Units held by the Sponsor shall not be considered to be held by an
Investor).

WHEREAS, the parties hereto desire to form or continue the FuturesAccess Fund,
a limited liability company under the provisions of the Delaware Limited
Liability Company Act (the "Act"), which shall be one of the funds included in
the Merrill Lynch FuturesAccessSM Program ("FuturesAccess"); such other funds
to be hereinafter sometimes referred to as "FuturesAccess Funds").

WHEREAS, units of limited liability company interest issued by the
FuturesAccess Funds in general shall hereinafter be referred to as "Units."

WHEREAS, the Sponsor is the sponsor of the FuturesAccess Fund and the manager
of the FuturesAccess Fund for purposes of the Act.

WHEREAS, in addition to FuturesAccess, the Sponsor also sponsors the
HedgeAccessSM Program ("HedgeAccess") of private investment funds
concentrating on securities, rather than futures and forward, trading (such
funds being hereinafter referred to as "HedgeAccess Funds").

WHEREAS, the parties hereby desire to set forth the terms pursuant to which
the FuturesAccess Fund shall be governed.

NOW, THEREFORE, in consideration of the premises, the mutual agreements herein
contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                  ARTICLE I
                                 ORGANIZATION

SECTION 1.01.     OBJECTIVES AND PURPOSES.

      (a)   This FuturesAccess Fund shall have the following objectives and
            purposes:

            (i)   to retain a professional trading advisor (the "Trading
                  Advisor") to manage this FuturesAccess Fund's speculative
                  trading in the futures, forward, options and other markets
                  as described in the Part One (A) Confidential Program
                  Disclosure Document: FuturesAccessSM Program General
                  Information, the Part One (B): Confidential Program
                  Disclosure Document Trading Advisor Information and the Part
                  Two Confidential Program Disclosure Document: Statement of
                  Additional Information, as they may be amended from time to
                  time (collectively, the "Confidential Program Disclosure
                  Document");

            (ii)  to maintain such futures brokerage, forward dealing and
                  other counterparty accounts, as well as such cash reserves
                  as the Sponsor may from time to time deem to be appropriate
                  and to invest and manage all such cash reserves; and

                                     A-1

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

<PAGE>

            (iii) to engage in any other lawful act or activity within and
                  without the United States for which limited liability
                  companies may be organized under the laws of the State of
                  Delaware.

      (b)   This FuturesAccess Fund, and the Sponsor on behalf of this
            FuturesAccess Fund, shall have the power to enter into, make and
            perform all contracts and other undertakings, and engage in all
            activities and transactions as may be necessary or advisable to
            the carrying out of the foregoing purposes, including, without
            limitation, the power:

            (i)   to trade futures, forwards, options and other instruments,
                  on margin and otherwise;

            (ii)  to borrow money from banks or brokers, and to secure the
                  payment of any obligations of this FuturesAccess Fund by
                  hypothecation or pledge of all or part of the assets of this
                  FuturesAccess Fund;

            (iii) to exercise, as applicable, all rights, powers, privileges
                  and other incidents of ownership or possession with respect
                  to the assets of this FuturesAccess Fund;

            (iv)  to open, maintain and close bank, brokerage and other
                  accounts;

            (v)   to prepare and file all tax returns required of this
                  FuturesAccess Fund and make any election or determination on
                  behalf of this FuturesAccess Fund in connection therewith or
                  as otherwise required or permitted by applicable tax laws;

            (vi)  to bring, defend, compromise and settle legal actions or
                  other claims on behalf of this FuturesAccess Fund;

            (vii) to maintain insurance on behalf of this FuturesAccess Fund,
                  including indemnification insurance; or

           (viii) to take any and all such actions as the Sponsor may deem to
                  be necessary or advisable in connection with the foregoing.

SECTION 1.02.     APPOINTMENT OF THE TRADING ADVISOR; INVESTMENT OF CASH
RESERVES. The Sponsor shall appoint the Trading Advisor to have discretionary
authority over this FuturesAccess Fund's trading and investing as described in
the Confidential Program Disclosure Document. This FuturesAccess Fund may
execute transactions in commodity interests, currency interests, swap
agreements, and any other manner of instruments, on either a principal or an
agency basis, with or through affiliates of the Sponsor (the Sponsor and such
affiliates being hereafter referred to as "Merrill Lynch") or third parties.
The sole clearing broker and the principal forward trading counterparty for
this FuturesAccess Fund shall be Merrill Lynch unless the Sponsor otherwise
determines.

This FuturesAccess Fund shall deposit all or substantially all of this
FuturesAccess Fund's capital with Merrill Lynch or any other clearing brokers
selected by the Sponsor pursuant to the arrangements described in the
Confidential Program Disclosure Document, all Investors acknowledging that
Merrill Lynch will not only receive futures brokerage commissions and bid-ask
spreads from this FuturesAccess Fund but also will retain significant economic
benefits from the possession of this FuturesAccess Fund's assets (in addition
to the interest which Merrill Lynch will credit to this FuturesAccess Fund's
account). In addition, the Sponsor may maintain this FuturesAccess Fund's
assets in deposit or similar accounts with one or more affiliates of the
Sponsor, which affiliates may benefit from the possession of such assets, as
well as with unaffiliated entities. The interest paid by such affiliated and
unaffiliated entities on this FuturesAccess Fund's cash so invested will be
paid to this FuturesAccess Fund. However, neither the Sponsor nor any of its
affiliates (or any third parties) will be obligated to account to this
FuturesAccess Fund or any Investor for any additional economic benefits which
the Sponsor or any such affiliate may derive from possession of this
FuturesAccess Fund's assets.

                                     A-2

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

<PAGE>

SECTION 1.03.     FISCAL YEAR; ACCOUNTING PERIODS. The fiscal year of this
FuturesAccess Fund shall end on each December 31. This FuturesAccess Fund's
accounting periods ("Accounting Periods"), as of the end of each of which
increases and decreases in this FuturesAccess Fund's "Net Assets" (as defined
in Section 2.04) shall be calculated and reflected in the Net Asset Value of
the Units issued by this FuturesAccess Fund, shall begin: (i) as of the day
that this FuturesAccess Fund first begins operations; (ii) as of the day that
any Unit is issued; (iii) as of the day immediately following any redemption
of Units or withdrawal from an Investor's Capital Account; (iv) as of the
beginning of each calendar month; and (v) as of such other day as the Sponsor
may determine. An Accounting Period shall end on the day immediately preceding
the beginning of the next Accounting Period.

SECTION 1.04.     REGISTERED AGENT AND OFFICE; PRINCIPAL OFFICE. This
FuturesAccess Fund shall maintain in the State of Delaware a registered agent
and office. The identity and location of said registered agent and office
shall be determined by the Sponsor, and may be changed from time to time by
the Sponsor.

The initial registered office of this FuturesAccess Fund in the State of
Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209
Orange Street, Wilmington, New Castle County, Delaware 19801.

The principal office of this FuturesAccess Fund shall be located at the
offices of the Sponsor, Princeton Corporate Campus, 800 Scudders Mill Road,
Section 2G, Plainsboro, New Jersey 08536, or such other place as the Sponsor
may designate from time to time.

SECTION 1.05.     DURATION OF THIS FUTURESACCESS FUND. The term of this
FuturesAccess Fund commenced as of the date its Certificate of Formation was
filed with the Secretary of State of the State of Delaware, and shall continue
until terminated by the dissolution and winding up of this FuturesAccess Fund
as hereinafter provided.

SECTION 1.06.     NON-ASSIGNABILITY OF UNITS; SUBSTITUTED INVESTORS; LIMITED
ASSIGNABILITY OF THE SPONSOR'S INTEREST.

      (a)   No Investor shall assign, encumber, pledge, hypothecate or
            otherwise transfer any of such Investor's Units without the
            consent of the Sponsor, and any assignment, encumbrance, pledge,
            hypothecation or transfer of Units, whether voluntary, involuntary
            or by operation of law, to which the Sponsor does not consent
            shall result in the Units so assigned, encumbered, pledged,
            hypothecated or otherwise transferred being mandatorily redeemed
            as of the end of the month during which such purported assignment,
            encumbrance, pledge, hypothecation or transfer occurred. Any
            assignment, encumbrance, pledge, hypothecation or transfer which
            shall result in the termination of this FuturesAccess Fund for
            federal income tax purposes shall be null and void ab initio and
            of no legal force or effect whatsoever. An assigning Investor
            shall remain liable to this FuturesAccess Fund as provided in the
            Act, regardless of whether his or her assignee becomes a
            substituted Investor.

      (b)   The Sponsor may not assign, encumber, pledge, hypothecate or
            otherwise transfer all or any portion of its manager's interest in
            this FuturesAccess Fund; provided, that the Sponsor may assign
            such interest to an affiliate of the Sponsor upon notice (which
            need not be prior notice) to the Investors or in connection with
            the sale or transfer of all or a material portion of the Sponsor's
            equity or assets. See Sections 4.01 and 6.02.

SECTION 1.07.     LIABILITY OF INVESTORS.

      (a)   Nothing herein shall require the Sponsor to maintain any minimum
            net worth or shall make any person associated with the Sponsor
            individually liable for any debt, liability or obligation of this
            FuturesAccess Fund or of the Sponsor.

      (b)   No Investor shall have any obligation to restore any negative
            balance in such Investor's Capital Account.

      (c)   The Sponsor shall have no obligation to restore any negative
            balance in any Investor's or in the Sponsor's Capital Account.

                                     A-3

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

<PAGE>

      (d)   Except as provided in Section 2.08 (providing for chargebacks to
            current or former Investors), the Sponsor and the Investors shall
            be liable for the repayment, satisfaction and discharge of debts,
            liabilities and obligations of this FuturesAccess Fund only to the
            extent of the Sponsor's or such Investor's investment in this
            FuturesAccess Fund and not in excess thereof.

                                  ARTICLE II
                          CAPITAL AND TAX ALLOCATIONS

SECTION 2.01.     CAPITAL CONTRIBUTIONS. All Capital Contributions to this
FuturesAccess Fund shall be made in cash. Capital Contributions may be made in
such amounts, and at such times, as the Sponsor may determine. The Sponsor may
permit certain Investors to make smaller initial or subsequent Capital
Contributions than is otherwise generally required by the Sponsor without
entitling any other Investor to make smaller initial or subsequent Capital
Contributions.

Investors will receive Units in return for their Capital Contributions. Each
Class of Units shall initially be issued at $1.00 per Unit, and thereafter at
Net Asset Value.

The Sponsor (and/or any other Merrill Lynch entity) may, but need not, make
Capital Contributions as of any date that any Units are issued. Merrill Lynch
may provide initial ("seed") capital to enable the Fund to begin trading
before sufficient client capital has been raised to meet the Fund's minimum
capitalization. Seed capital (if any) will be invested in Class D Units.
However, neither the Sponsor nor any other Merrill Lynch entity has any
obligation to "seed" the Fund (or any other FuturesAccess Fund). The Units
shall be issued in four Classes -- Class A Units, Class C Units, Class D Units
and Class I Units. Units of a new Class or Series may be issued in the
Sponsor's sole discretion.

Sales commissions will be deducted from Class A, Class D and Class I
subscriptions as described in the Confidential Program Disclosure Document,
and the net amount of such subscriptions (after deducting applicable sales
commissions) will be invested in the Units. The Sponsor may waive or reduce
sales commissions for certain Investors without entitling any other Investor
to any such waiver or reduction.

Fractional Units shall not be issued to Investors (but may be issued to the
Sponsor or any other Merrill Lynch entity). Investors' subscriptions shall be
used to purchase the largest whole number of Units of the appropriate Class
possible. Any subscription amount which cannot be used to purchase whole Units
will be credited (in cash) to Investors' Merrill Lynch customer securities
accounts.

Provided the FuturesAccess Fund's overall minimum capitalization is met, there
is no minimum number of Units of a particular Class that must be sold in order
for Units of that particular Class to be issued.

Once the FuturesAccess Fund has begun operations, there is no minimum dollar
amount of subscriptions that must be received as of the beginning of any
calendar quarter in order for additional Units of any Class to be issued. All
Units will be issued only as the Sponsor may determine, irrespective of how
many subscriptions are received.

Class eligibility shall be determined on the basis of an Investor's total
"FuturesAccess Investment" (defined below) in FuturesAccess overall as well
as, in the case of Class D Units, in a particular FuturesAccess Fund. An
Investor's "FuturesAccess Investment," determined as of the beginning of each
month, equals the greater of:

            (i) the market value of all of an Investor's outstanding Units (or
      in a particular FuturesAccess Fund, as applicable) based on the most
      recently available Net Asset Values, plus pending subscriptions; or

            (ii) an Investor's net subscriptions to FuturesAccess overall (or
      to a particular FuturesAccess Fund, as applicable). Net subscriptions
      means an Investor's aggregate subscriptions less aggregate redemptions
      (not including pending redemptions).

Class A and Class C Units shall be assigned for FuturesAccess Investments up
to $5,000,000; Class I Units are assigned for FuturesAccess Investments of
$5,000,000 or more; and Class D Units are assigned for FuturesAccess
Investments in

                                     A-4

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

<PAGE>

an individual FuturesAccess Fund of $5,000,000 or more or aggregate
FuturesAccess Investments of $15,000,000 or more.

Except for purposes of determining Class D eligibility in a particular
FuturesAccess Fund, the purchase and sale of Units in an exchange shall offset
each other and shall have no effect on the amount of an Investor's net
subscriptions to FuturesAccess overall.

FuturesAccess Investments attributable to certain related accounts may be
combined for purposes of determining an Investor's Class I and Class D
eligibility. In addition, Investors who participate in HedgeAccess (private
investment funds which primarily trade securities) shall be permitted to
aggregate their Investments in FuturesAccess and HedgeAccess for purposes of
determining such Investors' Class I and Class D eligibility.

There shall be no minimum FuturesAccess Investment required to invest in Class
A or Class C Units (other than the minimum subscription amounts required to
invest in a particular FuturesAccess Fund or FuturesAccess overall).

New Investors whose initial subscription equals or exceeds $5,000,000 shall be
issued Class I Units in each FuturesAccess Fund in which they invest. If an
existing Investor, whose FuturesAccess Investment is less than $5,000,000,
makes an additional subscription which causes such Investor's FuturesAccess
Investment to equal or exceed $5,000,000 (including the new subscription), the
entire new subscription shall be invested in Class I Units. The Investor's
existing Units shall not be converted from Class A or Class C (as the case may
be) to Class I Units, but all subsequent subscriptions and exchanges made by
such Investor shall be for Class I Units.

Class D eligibility is determined on both an individual FuturesAccess Fund and
an overall FuturesAccess basis.

Investors whose initial subscription to any one FuturesAccess Fund equals or
exceeds $5,000,000 shall be issued Class D Units in that FuturesAccess Fund.
If an Investor, whose FuturesAccess Investment in a particular FuturesAccess
Fund is less than $5,000,000, makes an additional subscription or exchange
into that FuturesAccess Fund which causes such Investor's FuturesAccess
Investment to equal or exceed $5,000,000 (including the new subscription or
exchange), the entire new subscription or exchange into that FuturesAccess
Fund shall be invested in Class D Units. The Investor's existing Units in that
FuturesAccess Fund shall not be converted to Class D Units, but all subsequent
subscriptions or exchanges made by such Investor into the same FuturesAccess
Fund shall be for Class D Units. However, notwithstanding the fact that an
Investor's FuturesAccess Investment in a particular FuturesAccess Fund equals
or exceeds $5,000,000, if that Investor invests or exchanges into another
FuturesAccess Fund in which such Investor's FuturesAccess Investment is less
than $5,000,000, such Investor shall not receive Class D Units in such other
FuturesAccess Fund (except as described immediately below).

New Investors whose initial subscription equals or exceeds $15,000,000 shall
be issued Class D Units in each FuturesAccess Fund in which they invest,
irrespective of whether such Investor's FuturesAccess Investments in any one
FuturesAccess Fund equals or exceeds $5,000,000. If an existing Investor,
whose FuturesAccess Investment is less than $15,000,000, makes an additional
subscription immediately after which such Investor's FuturesAccess Investment
equals or exceeds $15,000,000 (including the new subscription), the entire new
subscription shall be invested in Class D Units. The Investor's existing Units
shall not be converted to Class D Units, but all subsequent subscriptions and
exchanges made by such Investor will be for Class D Units.

Subscriptions made to all FuturesAccess Funds shall be aggregated for purposes
of determining whether an Investor is eligible to invest in Class D or Class I
Units.

Once an Investor is issued Class I or Class D Units, such Investor shall
continue to be issued Class I or Class D Units (as applicable) irrespective of
subsequent redemptions or Unit value depreciation; provided that, if an
Investor withdraws entirely from FuturesAccess or a particular FuturesAccess
Fund and subsequently reinvests, such Investor's Class I and/or Class D Unit
eligibility shall be determined from the date of such reinvestment as if such
Investor had never previously participated in FuturesAccess or such
FuturesAccess Fund.

                                     A-5

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

<PAGE>

Merrill Lynch officers and employees invest in Class I Units without regard to
the $5,000,000 minimum "Program Investment" requirement. Such exemption from
the minimum FuturesAccess Investment requirement shall not be generally
available to other Investors.

Certain Merrill Lynch clients may invest in Class I or a customized Class of
Units on different terms than those described herein, depending on the type of
Merrill Lynch Account held by such clients. In addition, FuturesAccess Funds
may from time to time offer to certain Merrill Lynch clients a customized
Class of Units having different financial terms than those described herein or
the Confidential Program Disclosure Document, provided that doing so does not
have a material adverse effect on existing Investors. Such customized Classes
will generally be designed for Investors who are subject to additional fees on
their investments in the FuturesAccess Funds depending on the type of Merrill
Lynch Account held by such Investors or other reasons, and shall not be
generally available to other Investors.

The amount of each Investor's Capital Contribution shall be set forth in such
Investor's FuturesAccess Program Subscription and Exchange Agreement Signature
Page. A FuturesAccess Program Subscription and Exchange Agreement (including
the FuturesAccess Program Subscription and Exchange Agreement Signature Page)
must be completed and accepted by the Sponsor prior to an Investor's initial
Capital Contribution if such Investor is not already an investor in
FuturesAccess. A new Program Subscription and Exchange Agreement Signature
Page must be submitted each time an existing Investor makes a Capital
Contribution or exchange.

The aggregate of all Capital Contributions shall be available to this
FuturesAccess Fund to carry out its objectives and purposes.

No Investor shall be obligated to make any additional Capital Contributions,
except as provided in Section 2.08.

No provision of this Agreement shall be construed as guaranteeing the return,
by any Sponsor Party or this FuturesAccess Fund, of all or any part of the
Capital Contribution(s) of any Investor.

SECTION 2.02.     OPENING CAPITAL ACCOUNTS.

      (a)   There shall be established for each Unit of each Class on the
            books of this FuturesAccess Fund, as of the first day of each
            Accounting Period, an Opening Capital Account which, for the
            Accounting Period as of the beginning of which such Unit is
            issued, shall be the Capital Contribution made in respect of such
            Unit and which, for each Accounting Period thereafter, shall be an
            amount equal to the Closing Capital Account (determined as set
            forth in Section 2.06) attributable to such Unit for the
            immediately preceding Accounting Period.

      (b)   The Sponsor may, but shall not be required to, make Capital
            Contributions to this FuturesAccess Fund from time to time as new
            Units are issued, which shall be accounted for on a
            Unit-equivalent basis and shall participate in the profits and
            losses of the Units on the same basis as the Capital Accounts of
            the Class D Units.

      (c)   For all purposes of this Agreement, references to Units shall be
            deemed to include the Sponsor's Capital Account on a
            Unit-equivalent basis (unless the context otherwise requires or
            the reference is made explicit for greater certainty).

SECTION 2.03.     FINANCIAL ALLOCATIONS AMONG THE UNITS. The net profits and
losses are allocated to each Class as provided in Section 2.06 and shall be
allocated equally among the Units of such Class. All Units of the same Class
shall have the same Net Asset Value.

SECTION 2.04.     NET ASSET VALUE. For the purposes of this Agreement, unless
the context otherwise requires, "Net Assets" and "Net Asset Value" shall mean
assets less liabilities. For purposes of determining Opening Capital Accounts,
Net Asset Value shall be determined as of the beginning of, and for purposes
of determining Closing Capital Accounts, Net Asset Value will be determined as
of the close of, business on the relevant valuation date.

      (a)   The assets of this FuturesAccess Fund shall include:

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            (i)   all cash on hand or on deposit in bank or other
                  interest-bearing accounts, including any interest accrued
                  thereon;

            (ii)  any accrued gains on open positions which have not been
                  settled by crediting this FuturesAccess Fund's account, as
                  valued pursuant to Section 2.10;

            (iii) all bills, demand notes and accounts receivable;

            (iv)  all securities (including, without limitation, money-market
                  funds, Treasury bills and other short-term, interest-bearing
                  instruments), commodity interests, currency interests, swap
                  agreements and all other instruments owned or contracted for
                  by this FuturesAccess Fund;

            (v)   all interest accrued on any interest-bearing securities
                  owned by this FuturesAccess Fund except to the extent that
                  the same is included or reflected in the valuation of such
                  securities; and

            (vi)  all other assets of every kind and nature, including prepaid
                  expenses.

      (b)   The liabilities of this FuturesAccess Fund shall be deemed to
            include the following (provided, however, that in determining the
            amount of such liabilities, this FuturesAccess Fund may calculate
            expenses of a regular or recurring nature for any given period on
            an estimated basis in advance, and may accrue the same in such
            manner as the Sponsor may deem appropriate over such period):

            (i)   any accrued losses on open positions which have not been
                  settled by debiting this FuturesAccess Fund's account, as
                  valued pursuant to Section 2.10;

            (ii)  all bills and accounts payable;

            (iii) all expenses accrued, reimbursable or payable; and

            (iv)  all other liabilities, present or future, including such
                  reserves as the Sponsor may (as contemplated by Section
                  2.04(g)), deem advisable.

      (c)   The Management, Performance and Sponsor's Fees shall be
            determined, and Units' Capital Accounts correspondingly reduced,
            after the allocation of the other components of Net Asset Value,
            as described above.

      (d)   Operating expenses shall be allocated among the Units pro rata
            based on their respective Net Asset Values as of the beginning of
            the month.

      (e)   Extraordinary costs, if any, shall be allocated as incurred in
            such manner as the Sponsor may deem to be fair and equitable.

      (f)   Organizational and initial offering costs shall be deducted from
            Net Asset Value in installments as of the end of each of the first
            60 calendar months after the initial issuance of the Units, as
            contemplated by Section 2.05(b) (for financial and performance
            reporting purposes, all such costs must be deducted from Net Asset
            Value as of the date of such initial issuance).

      (g)   All Investors, by becoming party to this Agreement, hereby agree
            and consent to the Sponsor's authority to establish whatever
            reserves the Sponsor may determine to be appropriate in order to
            cover losses, contingencies, liabilities, uncertain valuations and
            other factors. Any such reserves shall, unless the Sponsor
            determines that such reserves are properly attributable to certain
            but less than all outstanding Units, reduce the Net Asset Value of
            the Units of each Class pro rata based on their respective Net
            Asset Values, after reduction for accrued Sponsor's Fees,
            operating expenses and extraordinary expenses until such time, if
            any, as such reserves are reversed. Reserves, when reversed, shall
            be similarly allocated

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            among the Units then outstanding pro rata based on their
            respective Net Asset Value (irrespective of whether such Units
            were outstanding when the reserves were established).

      (h)   The Sponsor may suspend the calculation of Net Asset Value during
            any period for which the Sponsor is unable to value a material
            portion of this FuturesAccess Funds' positions. The Sponsor will
            give notice of any such suspension to all Investors.

SECTION 2.05.    SPONSOR'S FEES; MANAGEMENT AND PERFORMANCE FEES; TRANSACTION
COSTS; OPERATING EXPENSES.

      (a)   The Sponsor shall receive monthly Sponsor's Fees, payable in
            arrears of 1/12 of 1.50%, 2.50%, 0% and 1.10%, respectively, of
            the aggregate Net Asset Value of the Class A, Class C, Class D and
            Class I Units, in each case as of the close of business (as
            determined by the Sponsor) on the last business day of each
            calendar month (Net Asset Value for purposes of calculating the
            Sponsor's Fees shall not be reduced by the accrued Sponsor's Fees
            being calculated). The Sponsor's Fees shall be accrued monthly.
            The Sponsor may waive or reduce Sponsor's Fees for certain
            Investors without entitling any other Investor to any such waiver
            or reduction.

      (b)   This FuturesAccess Fund shall reimburse the Sponsor for the
            organizational and initial offering costs incurred by this
            FuturesAccess Fund in respect of the initial offering of the Units
            (of all Classes combined) in installments as of the end of each of
            the first 60 calendar months of this FuturesAccess Fund's
            operation, beginning with the end of the first calendar month
            after the initial issuance of the Units. This FuturesAccess Fund
            shall expense such costs over the same 60-month schedule. If this
            FuturesAccess Fund dissolves prior to the end of such 60
            calendar-month period, any remaining reimbursement obligation with
            respect to organizational and initial offering costs shall be
            eliminated.

      (c)   The Sponsor's Fees, as well as operating expenses due to the
            Sponsor (including: organizational and initial offering costs;
            ongoing offering costs; administrative, custody, transfer,
            exchange and redemption processing, legal, regulatory, filing,
            tax, audit, escrow, accounting and printing costs; and
            extraordinary expenses), shall be debited by the Sponsor directly
            from this FuturesAccess Fund's account and paid to the Sponsor,
            where appropriate, as if to a third party, not credited to the
            Sponsor's Capital Account.

      (d)   This FuturesAccess Fund shall pay all transaction costs (including
            futures brokerage commissions and bid-ask spreads as well as
            interest on foreign currency borrowings), as well as all
            Management and Performance Fees, as incurred.

      (e)   The Sponsor's Fees, but not reimbursement payments for
            organizational and initial offering costs, shall be appropriately
            pro rated in the case of partial calendar months.

      (f)   This FuturesAccess Fund shall pay all expenses, including
            administrative and ongoing offering costs, as well as any
            extraordinary expenses, incurred in its operations (including the
            expenses of any services provided by the Sponsor, other than in
            its capacity as Sponsor, or its affiliates); provided, that this
            FuturesAccess Fund shall not pay any allocable Sponsor overhead.

      (g)   The Sponsor retains outside service providers to supply tax
            reporting, custody and accounting services to FuturesAccess. This
            FuturesAccess Fund's operating costs will include this
            FuturesAccess Fund's allocable share of the fees and expenses of
            such service providers, as well as the fees and expenses of any
            Merrill Lynch entity which may provide such (or other) services in
            the future.

      (h)   The Capital Account of the Sponsor (if any) shall not be subject
            to Sponsor's Fees.

SECTION 2.06.     ALLOCATION OF PROFITS AND LOSSES FOR FINANCIAL PURPOSES. As
of the end of each Accounting Period and before giving effect to any
redemptions then being made, the Closing Capital Account of each

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Class shall be determined by adjusting the Opening Capital Account of each
such Class as of the beginning of such Accounting Period in the following
manner:

      (a)   Any increase or decrease in the Net Asset Value of this
            FuturesAccess Fund, after deduction of all Management and
            Performance Fees, transaction costs and operating expenses, but
            prior to accrual of the Sponsor's Fees, during such Accounting
            Period shall be credited pro rata, without any order or priority,
            among: (i) each Class of Units; and (ii) the Sponsor's Capital
            Account, if any, based in each case on the aggregate Opening
            Capital Accounts attributable to each such Class of Units and the
            Sponsor's Capital Account; provided that any amounts received by
            this FuturesAccess Fund from the Trading Advisor for payment to
            the Sponsor shall be allocated to the Capital Account of the
            Sponsor. Extraordinary expenses shall be allocated as the Sponsor
            may determine.

      (b)   If the Closing Capital Account per Unit of any Class is reduced to
            zero, any further decrease in the Net Asset Value per Unit shall
            be allocated to the Sponsor's Capital Account, if any.

      (c)   The Sponsor's Fee shall be debited from each Class, in each case
            after the Section 2.06(a) and (b) allocations are made.

      (d)   The Net Assets of each Class shall be divided equally among all
            Units of such Class.

SECTION 2.07.     ALLOCATION OF PROFITS AND LOSSES FOR INCOME TAX PURPOSES.

      (a)   A Tax Account shall be established for each Unit of each Class.
            The Tax Accounts of all outstanding Units shall initially be equal
            to each Unit's net purchase price (i.e., the subscription price
            for such Unit reduced by any sales commissions) and shall
            subsequently be increased by such Unit's share of the taxable and
            tax-exempt income of this FuturesAccess Fund and decreased by such
            Unit's share of the items of loss or expense and nondeductible
            items of loss or expense of this FuturesAccess Fund, as well as by
            any distributions.

      (b)   For federal income tax purposes, items of ordinary income and
            loss, capital gain and capital loss shall, unless the Sponsor
            believes that doing so would not equitably reflect the economic
            experience of the Units, be allocated as of December 31 of each
            year among the Units, in the following order and priority:

            (i)   Items of ordinary income and deduction generated by this
                  FuturesAccess Fund shall be allocated pro rata among the
                  Units which were outstanding during the months in such year
                  when such items of ordinary income and deductions accrued.

            (ii)  Gains will be allocated FIRST, to Investors who have
                  redeemed Units during such year (including as of December
                  31), to the extent of the positive difference (if any)
                  between the amounts received or receivable upon redemption
                  and the respective Tax Account balances of the redeemed
                  Units. SECOND, gains will be allocated to Investors to the
                  extent of the positive difference (if any) between the
                  Capital Account balance and the Tax Account balance
                  attributable to their remaining Units. THIRD, gains will be
                  allocated among all outstanding Units based on their
                  respective Net Asset Values.

            (iii) Losses shall be allocated FIRST, to Investors who have
                  redeemed Units during such year (including as of December
                  31), to the extent of the negative difference (if any)
                  between the amounts received or receivable upon redemption
                  and the respective Tax Account balances of the redeemed
                  Units. SECOND, losses shall be allocated to Investors to the
                  extent of the negative difference (if any) between the
                  Capital Account balance and Tax Account balance attributable
                  to their remaining Units. THIRD, losses shall be allocated
                  among all outstanding Units based on their respective Net
                  Asset Values.

            (iv)  In the case of each of the FIRST and SECOND allocation
                  levels set forth in Sections 2.07(b)(ii) and (iii), if there
                  is insufficient gain or loss to make the complete allocation
                  required at such level,

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                  such allocation will be made pro rata among all Units which
                  are subject to an allocation at such level in accordance
                  with the respective amounts which would have been allocated
                  had a complete allocation been possible.

            (v)   Management, Performance and Sponsor's Fees, as well as the
                  operating expenses (in each case as adjusted to reflect the
                  non-deductibility of all or a portion of such Sponsor's Fees
                  and operating expenses) and extraordinary expenses, shall be
                  allocated, for tax purposes, to the Tax Accounts of the
                  Units based on the amount of the foregoing actually debited
                  from the Units' respective Capital Accounts.

            (vi)  Items of ordinary income and/or gain attributable to amounts
                  received by this FuturesAccess Fund from the Trading Advisor
                  for payment to the Sponsor shall be specially allocated to
                  the Sponsor.

      (c)   The character of items of income, gain, loss or deduction
            (ordinary, short-term and long-term) and of the items required to
            be separately stated by Section 702(a) of the Code shall be
            allocated to the Investors pursuant to this Section 2.07 so as
            equitably to reflect, without discrimination or preference among
            Investors, the amounts credited or debited to the Units'
            respective Capital Accounts pursuant to Section 2.06. Furthermore,
            to the extent that the FuturesAccess Fund has a net long-term
            capital gain or loss that may be subject to more than one maximum
            federal income tax rate, allocations of such gain or loss shall be
            made pro rata from among the amounts subject to each maximum tax
            rate.

      (d)   In the case of Units which are transferred during a fiscal year,
            the tax allocations shall be made to such Units as provided above.
            The Tax Items so allocated will then be divided among the
            transferor(s) and the transferee(s) based on the number of months
            during such year that each held such Units, or in such other
            manner as the Sponsor may deem equitable.

      (e)   Having in mind the principles of the allocations set forth above
            in this Section 2.07 (to which all Investors consent by becoming
            Investors), the Sponsor may nevertheless make such allocations of
            items of ordinary income and gain, ordinary deduction and loss and
            any items required to be separately stated by Section 702(a) of
            the Code, as the Sponsor may deem fair and equitable -- even if
            not consistent with the foregoing allocations -- in order to cause
            the Tax Items allocated to the Investors, respectively, better to
            take into account (as determined by the Sponsor) the Units'
            respective Opening Capital Accounts and distributive shares of net
            profit and net loss, any entry of new Investors, any redemptions,
            any differences between income for tax purposes and for Net Asset
            Value purposes, the differences between the Classes of Units and
            any other special circumstances which may arise; provided,
            however, that no such allocation by the Sponsor shall discriminate
            unfairly against any Investor; and provided further, that the
            Sponsor shall be under no obligation whatsoever to deviate from
            the allocations set forth above.

      (f)   This FuturesAccess Fund may, to the extent practicable, allocate
            Tax Items on a gross rather than a net basis.

      (g)   Allocations pursuant to this Section 2.07 are solely for purposes
            of federal, state and local taxes and shall not affect, or in any
            way be taken into account in computing, any Units' Capital Account
            or share of net profits, net losses, other items or distributions.

      (h)   The tax allocations set forth in this Section 2.07 are intended to
            allocate items of this FuturesAccess Fund's income, gains, losses
            and deductions (ordinary, short-term and long-term) in accordance
            with Sections 704(b) and 704(c) of the Code, and the regulations
            thereunder, including, without limitation, the requirements set
            forth therein regarding a "qualified income offset."

      (i)   The Sponsor may make such modifications to this Agreement as the
            Sponsor believes may be required to comply with Section 704(c) of
            the Code and the regulations thereunder.

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      (j)   In the event that the Sponsor determines to issue a new Class of
            Units, the foregoing tax allocations shall be adjusted so as
            equitably to allocate tax items between or among the different
            Classes.

SECTION 2.08.    CHARGEBACKS TO CURRENT OR FORMER INVESTORS. Each Investor, by
subscribing for Units, agrees to repay, despite the fact that such Investor no
longer remains an Investor, to this FuturesAccess Fund any amount (including
interest at the rate set by the Sponsor in good faith from the date of any
payment of redemption or distribution proceeds to such Investor by this
FuturesAccess Fund) which the Sponsor may reasonably determine to be due to
this FuturesAccess Fund from such Investor as a result, for example, of any
claims arising (prior or subsequent to such Investor's withdrawal from this
FuturesAccess Fund) relating to events or circumstances (whether known or
unknown at the time of such Investor's withdrawal) in existence while such
Investor was an Investor or, subject to the following paragraph, in the event
that the Net Asset Value per Unit (of any Class) at which such Investor was
permitted to redeem is later determined to have been overstated or otherwise
miscalculated due to circumstances (whether known or unknown at the time of
such Investor's redemption) in existence as of the date of redemption. In no
event shall any provision of this Section 2.08 require an Investor to repay to
this FuturesAccess Fund any amounts in excess of the redemption proceeds
received by such Investor from, or the amounts distributed to such Investor
by, this FuturesAccess Fund, plus interest thereon as provided above.

In the event that the Sponsor determines that an amount paid by this
FuturesAccess Fund to a withdrawn or continuing Investor was less or more than
the amount which such Investor was, in fact, entitled to receive, the Sponsor
shall not (unless the Sponsor otherwise determines) attempt to make
appropriate adjusting payments to, or formally request appropriate adjusting
payments from, such withdrawn Investor or make retroactive adjustments to such
continuing Investor's Units in order to reflect such discrepancy, but rather
shall reflect such adjustments in the Accounting Period in which they become
known.

SECTION 2.09.     PROCESSING OF SUBSCRIPTIONS.

      (a)   The Sponsor may admit new Investors to this FuturesAccess Fund at
            such times and upon such notice (if any) as the Sponsor may
            determine. Investors' Merrill Lynch Accounts will be debited on or
            about the issuance date of such Units, and the amount so debited,
            less any applicable sales commission, will be invested directly in
            the FuturesAccess Fund. No interest will be payable in respect of
            any such subscriptions.

      (b)   Pursuant to Securities and Exchange Commission Rule 15c2-4, all
            subscriptions while held in escrow during the initial offering
            period pending release to this FuturesAccess Fund shall be held by
            a bank independent of the Sponsor, its affiliates, and their
            respective officers, employees, representatives and agents (each,
            a "Sponsor Party" and, collectively, the "Sponsor Parties").

SECTION 2.10.     VALUATION OF ASSETS. For all purposes of this Agreement,
including, without limitation, the determination of the Net Asset Value per
Unit of each Class, the assets of this FuturesAccess Fund shall be valued
according to the following principles:

      (a)   Net Assets of this FuturesAccess Fund are its assets less its
            liabilities determined in accordance with generally accepted
            accounting principles and as described below. Accrued Performance
            Fees (as described in the Confidential Program Disclosure
            Document) shall reduce Net Asset Value, even though such
            Performance Fees may never, in fact, be paid.

      (b)   For the avoidance of doubt, the Sponsor shall, in general, apply
            the following principles in valuing this FuturesAccess Fund's
            assets:

            (i)   commodity interests and currency interests which are traded
                  on a United States exchange shall be valued at their
                  settlement on the date as of which the values are being
                  determined;

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            (ii)  commodity interests and currency interests not traded on a
                  United States exchange shall be valued based upon policies
                  established by the Sponsor, generally based on prices as
                  reported by any reliable source selected by the Sponsor,
                  consistently applied for each variety of interest;

            (iii) swap agreements shall be valued in the good faith discretion
                  of the Sponsor based on quotations received from dealers
                  deemed appropriate by the Sponsor;

            (iv)  bank and other interest-bearing accounts, Treasury bills and
                  other short-term, interest-bearing instruments shall be
                  valued at cost plus accrued interest;

            (v)   securities which are traded on a national securities
                  exchange shall be valued at their closing price on the date
                  as of which their value is being determined on the national
                  securities exchange on which such securities are principally
                  traded or on a consolidated tape which includes such
                  exchange, whichever shall be selected by the Sponsor, or, if
                  there is no closing price on such date on such exchange or
                  consolidated tape, at the prior day's closing price;

            (vi)  securities not traded on a national securities exchange but
                  traded over-the-counter shall be valued based on prices as
                  reported by any reliable source selected by the Sponsor;

            (vii) money-market funds shall be valued at their net asset value
                  on the date as of which their value is being determined;

           (viii) if on the date as of which any valuation is being made, the
                  exchange or market herein designated for the valuation of
                  any given assets is not open for business, the basis for
                  valuing such assets shall be such value as the Sponsor may
                  deem fair and reasonable;

            (ix)  all other assets, including securities traded on foreign
                  exchanges, and liabilities shall be valued in good faith by
                  the Sponsor, including assets and liabilities for which
                  there is no readily identifiable market value;

            (x)   the foregoing valuations may be modified by the Sponsor if
                  and to the extent that it shall determine that modifications
                  are advisable in order better to reflect the true value of
                  any asset; and

            (xi)  the Sponsor may reduce the valuation of any asset (or of the
                  FuturesAccess Fund) by reserves established, as contemplated
                  by Section 2.04(g), to reflect losses, contingencies,
                  liabilities, uncertain valuations or other factors, which
                  the Sponsor determines reduce, or might reduce, the value of
                  such asset (or of this FuturesAccess Fund as a whole in the
                  case of reserves not specifically attributable to any
                  particular asset).

All determinations of value by the Sponsor shall be final and conclusive as to
all Investors, in the absence of manifest error, and the Sponsor shall be
absolutely protected in relying upon valuations furnished to the Sponsor by
third parties, provided that such reliance is in good faith.

The Sponsor may suspend the calculation of Net Asset Value during any period
in which the Sponsor believes that it is reasonably impracticable to value a
material portion of this FuturesAccess Fund's assets.

SECTION 2.11.    USE OF ESTIMATES. The Sponsor is authorized to make all Net
Asset Value determinations (including, without limitation, for purposes of
determining redemption payments and calculating Sponsor's Fees) on the basis
of estimated numbers. The Sponsor shall not (unless the Sponsor otherwise
determines) attempt to make any retroactive adjustments in order to reflect
the differences between such estimated and the final numbers, but rather shall
reflect such differences in the Accounting Period in which final numbers
become available. The Sponsor also shall not (unless the

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Sponsor otherwise determines) revise Sponsor's Fee calculations to reflect
differences between estimated and final numbers (including differences which
have resulted in economic benefit to a Sponsor Party).

If, after payment of redemption proceeds, the Sponsor determines that
adjustment to the Net Asset Value of the redeemed Units is necessary, the
redeeming Investor (if the Net Asset Value is adjusted upwards) or the
remaining Investors (if the Net Asset Value is adjusted downwards) will bear
the risk of such adjustment. The redeeming Investor will neither receive
further distributions from, nor will it be required to reimburse, this
FuturesAccess Fund in such circumstances.

SECTION 2.12.    ACCOUNTING PRACTICES. All matters concerning FuturesAccess
Fund accounting practices shall be determined by the Sponsor on a fair and
equitable basis, and all such determinations shall be final and conclusive as
to all Investors. However, the Sponsor shall be under no obligation whatsoever
to make any deviations from the allocations set forth in this Article II.

In reporting Net Asset Values to Investors and third parties on an interim
basis, the Sponsor shall be entitled to accrue fees and payments due at the
end of a period as if such fees or payments were due (on a pro rata basis, if
appropriate) as of the end of an interim period within such period.

                                 ARTICLE III
  PARTICIPATION IN FUTURESACCESS FUND PROPERTY; REDEMPTIONS AND DISTRIBUTIONS

SECTION 3.01.     NO UNDIVIDED INTERESTS IN FUTURESACCESS FUND PROPERTY. Each
Unit shall represent an interest in this FuturesAccess Fund, not an undivided
interest in any property of this FuturesAccess Fund. The Units shall
constitute personal property for all purposes.

SECTION 3.02.     REDEMPTIONS OF UNITS; EXCHANGES.

      (a)   Timing and Amount of Redemptions. Subject to this Section 3.02, an
            Investor shall be entitled to redeem as of the end of any calendar
            month all or part of such Investor's Units, upon giving at least
            10 days' written or oral notice. Investors who have Merrill Lynch
            customer securities accounts may give such notice by contacting
            their Merrill Lynch Financial Advisor, orally or in writing;
            Investors who no longer have a Merrill Lynch customer securities
            account must submit written notice of redemption, with the
            signature guaranteed by a United States bank or broker-dealer, to
            the Sponsor.

      (b)   No Redemption Fees. This FuturesAccess Fund shall not charge a
            redemption fee.

      (c)   Payment of Redemptions. The Sponsor shall cause this FuturesAccess
            Fund to distribute to redeeming Investors the estimated Net Asset
            Value of the Units redeemed by them, generally approximately 10
            business days after the effective date of redemption, although
            there can be no assurance of the timing of such payment.

Units which have been redeemed, but the proceeds of which have not yet been
paid, shall nevertheless be deemed to have ceased to be outstanding from the
effective date of redemption for all other purposes hereunder.

No interest shall be paid to Investors on redemption proceeds held pending
distribution. This FuturesAccess Fund shall retain any such interest.

      (d)   Suspension of Redemptions. In the event that this FuturesAccess
            Fund suspends the calculation of Net Asset Value, the Sponsor
            shall, upon written notice to all affected Investors, suspend any
            or all redemption requests (as well as any request to exchange
            Units for units of other funds included in FuturesAccess). Any
            unsatisfied redemption requests shall be suspended until such time
            as this FuturesAccess Fund is able to determine Net Asset Value.
            All Units subject to suspended redemption requests shall continue
            to be treated as outstanding for all purposes hereunder, as if no
            redemption requests relating thereto had been submitted, until the
            effective date of their suspended redemption. During any period in
            which this FuturesAccess Fund is suspending redemptions, Investors
            will not be able

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            to exchange Units for units of other FuturesAccess Funds. The
            Sponsor shall suspend redemptions during any period when the
            calculation of Net Asset Value has been suspended.

If the Sponsor determines that a portion, but not all, of pending redemption
requests can be processed in due course, the requests of all Investors
submitting timely redemption requests with respect to any given redemption
date shall be satisfied pro rata (based on the aggregate Net Asset Value of
the Units requested to be redeemed by all Investors) from such funds as the
Sponsor determines are available for distribution.

In addition to the foregoing provisions of this Section 3.02(d), the Sponsor
may delay or suspend both the payment of redemption proceeds and the effective
date of redemptions if the Sponsor determines that not doing so would have
adverse consequences for the non-redeeming Investors.

      (e)   Exchanges. Investors may generally exchange Units for Units in
            other FuturesAccess Funds as described in the FuturesAccess
            Program Subscription and Exchange Agreement and Signature Pages
            thereto, as supplemented and amended from time to time. Any
            circumstance leading to a delay or suspension of either redemption
            dates or the receipt of the proceeds of redemptions from this
            FuturesAccess Fund shall have a corresponding effect on Investors'
            exercise of their Exchange Privileges relating to this
            FuturesAccess Fund.

SECTION 3.03.     WITHDRAWALS OF CAPITAL BY THE SPONSOR.

      (a)   The Sponsor may withdraw capital from its Capital Account(s), if
            any, without notice to the Investors.

      (b)   To the extent Merrill Lynch has provided any "seed" capital to the
            Fund, Merrill Lynch will redeem $50,000 of its Units (by aggregate
            Net Asset Value) for each $50,000 in net client investments (i.e.,
            subscriptions minus client redemptions and exchanges) received by
            the Fund after it begins operation. Notwithstanding the foregoing,
            Merrill Lynch may vary the foregoing redemption schedule upon
            advance agreement with the Trading Advisor (e.g., Merrill Lynch
            may agree not to begin withdrawing all or a portion of its initial
            seed capital for a specified period of time) and may withdraw seed
            capital at different times and on different terms than are
            available to Investors.

SECTION 3.04.     MANDATORY REDEMPTIONS.

      (a)   The Sponsor may mandatorily redeem part or all of the Units held
            by a particular Investor if the Sponsor determines that (i) such
            Investor's continued holding of Units could result in adverse
            consequences to this FuturesAccess Fund, (ii) such Investor has a
            history of excessive exchanges between different FuturesAccess
            Funds and/or HedgeAccess Funds that is contrary to the purpose
            and/or efficient management of the Programs, (iii) such Investor's
            investment in the Units, or aggregate investment in FuturesAccess,
            is below the minimum level established by the Sponsor (including
            any increase in such minimum level that the Sponsor may implement
            in the future), or (iv) for any other reason.

      (b)   The Sponsor will mandatorily redeem all of a FuturesAccess Fund's
            outstanding Units in the event that the Sponsor concludes that it
            is no longer advisable to place client capital with the Trading
            Advisor or if the amount of assets invested in this FuturesAccess
            Fund declines to a level that the Sponsor believes makes the
            continued operation of such FuturesAccess Fund impracticable or
            uneconomical.

      (c)   Units mandatorily redeemed shall be redeemed as of the specified
            month-end without any further action on the part of the affected
            Investor, and the provisions of Sections 3.02 and 3.07 shall
            apply. In the event that the Sponsor mandatorily redeems any of an
            Investor's Units, such Investor shall have the option to redeem
            all of such Investor's Units as of the date fixed for redemption.

SECTION 3.05.    MANDATORY REDEMPTIONS TO PAY TAXES. In the event that this
FuturesAccess Fund is required to pay or withhold state, local or other taxes
with respect to a particular Investor or Investors, this FuturesAccess Fund
may redeem an appropriate number of such Investor's or Investors' Units as of
the end of the Accounting Period

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immediately following such payment in order to reimburse this FuturesAccess
Fund for the amount of such payment, together with interest on the amounts so
paid at the 91-day Treasury bill rate as in effect as of the beginning of each
calendar month, starting with the calendar month in which such payment is
made, through the end of such Accounting Period.

SECTION 3.06.    DISTRIBUTIONS. FuturesAccess Fund distributions shall be made
in the sole discretion of the Sponsor. No distributions are required.

SECTION 3.07.    FORM OF DISTRIBUTION AND REDEMPTION PAYMENTS. No Investor
shall have the right to demand or receive any property other than cash upon
redemption. Distributions or payouts made to Investors shall be made in cash.

SECTION 3.08.    REMOVAL OF THE SPONSOR. Upon at least 60 days written notice
to the Sponsor and all Investors in this FuturesAccess Fund, the Sponsor may
be required to withdraw as manager of this FuturesAccess Fund by a vote of
Investors owning not less than 50% of the Units of this FuturesAccess Fund.
Any such removal shall be effective as of the end of the calendar quarter in
which such vote occurs.

                                  ARTICLE IV
                    WITHDRAWAL OF THE SPONSOR AND INVESTORS

SECTION 4.01.     WITHDRAWAL OF THE SPONSOR.

      (a)   The Sponsor may withdraw from this FuturesAccess Fund at any time,
            without any breach of this Agreement, upon 90 calendar days'
            written notice to the Investors. Withdrawal of the Sponsor shall
            not dissolve this FuturesAccess Fund if at the time there is at
            least one other manager remaining; however, all Investors shall be
            entitled to redeem their Units, in total and not in part, as of
            the effective date of any such withdrawal by the Sponsor, unless
            an entity affiliated with the Sponsor remains as a manager of this
            FuturesAccess Fund. Nothing in this Section 4.01(a) shall,
            however, restrict the Sponsor from assigning and delegating its
            rights and obligations under this Agreement to an affiliate of the
            Sponsor upon notice (which need not be prior notice) to the
            Investors or in connection with the sale of all or a material
            portion of the Sponsor's equity or assets.

      (b)   Withdrawal of the last remaining manager shall dissolve this
            FuturesAccess Fund.

SECTION 4.02.    WITHDRAWAL OF AN INVESTOR. An Investor shall withdraw from
this FuturesAccess Fund upon redemption of all of such Investor's outstanding
Units. Withdrawal of an Investor shall not be a cause for dissolution of this
FuturesAccess Fund.

SECTION 4.03.    STATUS AFTER WITHDRAWAL. Except to the extent provided in
Section 2.08 or Section 7.02, each Investor upon redemption of the last of
such Investor's Units shall cease to have any rights under this Agreement.

                                  ARTICLE V
                                  MANAGEMENT

SECTION 5.01.     AUTHORITY OF THE SPONSOR.

      (a)   The management and operation of this FuturesAccess Fund and the
            determination of its policies shall be vested exclusively in the
            Sponsor. The Sponsor shall have the authority and power on behalf
            and in the name of this FuturesAccess Fund to carry out any and
            all of the objectives and purposes of this FuturesAccess Fund set
            forth in Section 1.01, and to perform all acts and enter into and
            perform all contracts and other undertakings which the Sponsor may
            deem necessary or advisable in connection with such objectives and
            purposes or incidental thereto; provided, that the Trading Advisor
            shall at all times have discretionary authority over the trading
            and investing of this FuturesAccess Fund. All actions and
            determinations to be made by the Sponsor hereunder shall, unless
            otherwise expressly provided, be made in the Sponsor's sole and
            absolute discretion.

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      (b)   The Sponsor is specifically authorized to manage this
            FuturesAccess Fund's cash flow, pay costs by bank or other
            borrowings.

SECTION 5.02.    SERVICE PROVIDERS; INVESTMENTS; ACCOUNTS. The Sponsor is
hereby authorized and empowered to carry out and implement any and all of the
objectives and purposes of this FuturesAccess Fund, including and without
limiting the generality of the foregoing:

      (a)   to place capital under the management of, and withdraw capital
            from, the discretionary control of the Trading Advisor; provided,
            that this FuturesAccess Fund shall not retain any other Trading
            Advisor (although the Sponsor may dissolve this FuturesAccess Fund
            at any time).

      (b)   to engage attorneys, accountants, agents and other persons as the
            Sponsor may deem necessary or advisable;

      (c)   to open, maintain and close accounts, including margin,
            discretionary and cash management accounts, with brokers, dealers,
            counterparties or other persons (in each case, including
            affiliates of the Sponsor) and to pay the customary fees and
            charges applicable to transactions in, or the maintenance of, all
            such accounts;

      (d)   to invest in money-market funds (including funds sponsored by
            affiliates of the Sponsor), Treasury bills or other short-term,
            interest-bearing instruments;

      (e)   to open, maintain and close bank and other interest-bearing and
            non-interest-bearing accounts; and

      (f)   to enter into, make and perform such contracts, agreements and
            other undertakings as the Sponsor may deem necessary, advisable or
            incidental to the conduct of the business of this FuturesAccess
            Fund.

SECTION 5.03.     ACTIVITIES OF THE SPONSOR PARTIES.

      (a)   The respective Sponsor Parties will not devote their full business
            time, or any material portion of their business time, to this
            FuturesAccess Fund, as each is involved in the management of
            numerous other client and proprietary accounts. However, the
            Sponsor hereby agrees to devote to the objectives and purposes of
            this FuturesAccess Fund such amount of the business time of its
            officers and employees as the Sponsor shall deem necessary for the
            management of the affairs of this FuturesAccess Fund; provided,
            however, that nothing contained in this Section 5.03(a) shall
            preclude any Sponsor Party from acting as a director, stockholder,
            officer or employee of any corporation, a trustee of any trust, a
            partner of any partnership, a manager or member of any other
            limited liability company or an administrative official of any
            other business or governmental entity, or from receiving
            compensation for services rendered thereto, from participating in
            profits derived from investments in any such entity or from
            investing in any securities or other property for such person's
            own account.

      (b)   As contemplated by Section 2.05(g), the Sponsor retains outside
            service providers to supply certain services to FuturesAccess,
            including, but not limited to: tax reporting, custody, accounting
            and escrow services to FuturesAccess. Operating costs include this
            FuturesAccess Fund's allocable share of the fees and expenses of
            such (or other) service providers, as well as the fees and
            expenses of any Sponsor Party which may provide such (or other)
            services in the futures.

SECTION 5.04.    SERVICES TO THIS FUTURESACCESS FUND. Any Sponsor Party may
perform administrative services for this FuturesAccess Fund, without such
Sponsor Party waiving its fees for such services.

SECTION 5.05.    INTERESTED PARTIES. The fact that a Sponsor Party or an
Investor is directly or indirectly interested in or connected with this
FuturesAccess Fund or a related party with which or with whom this
FuturesAccess Fund has dealings, including but not limited to the Sponsor's
sharing in the Management Fees paid and Performance Fee paid by this
FuturesAccess Fund to the Trading Advisor (such sharing to be effected either
by the Trading Advisor making a direct

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payment to the Sponsor or by the Trading Advisor making payments to this
FuturesAccess Fund which are specially allocated solely to the Sponsor), the
receipt or rebate of other advisory and/or management fees, brokerage
commissions, "bid-ask" spreads, mark-ups or other expenses, shall not preclude
such dealings or make them void or voidable; and neither this FuturesAccess
Fund nor any of the Investors shall have any rights in or to any such dealings
or in or to any profits derived therefrom.

SECTION 5.06.    EXCULPATION. The Sponsor Parties shall not be liable to this
FuturesAccess Fund or any Investor for any claims, costs, expenses, damages or
losses arising out of or in connection with this Agreement, the Sponsor acting
as manager of this FuturesAccess Fund, this FuturesAccess Fund in general or
the offering of the Units, for any conduct undertaken or omitted in good
faith, and in the belief that such conduct or omission was in, or not opposed
to, the best interests of this FuturesAccess Fund; provided, that such conduct
or omission did not constitute gross negligence or intentional misconduct on
the part of such Sponsor Party.

No Sponsor Party shall be liable to the FuturesAccess Fund or any Investor for
failure to obtain for the FuturesAccess Fund, or to require the FuturesAccess
Fund to obtain, the lowest negotiated brokerage commission rates, or to
combine or arrange trading orders so as to obtain the lowest brokerage
commission rates with respect to any transaction on behalf of the
FuturesAccess Fund, or for the failure to recapture, directly or indirectly,
any brokerage commissions for the benefit of the FuturesAccess Fund.

No Sponsor Party shall be liable to this FuturesAccess Fund or any Investor
for claims, costs, expenses, damages or losses due to circumstances beyond any
Sponsor Party's control, or due to the negligence, dishonesty, bad faith or
misfeasance of any third party chosen by a Sponsor Party in good faith.

In no respect by way of limiting the foregoing exculpatory provisions but
rather by way of greater certainty, no Sponsor Party shall be liable to this
FuturesAccess Fund or any Investor for any actions or omissions of: (i) the
Trading Advisor; (ii) any broker, dealer or counterparty unaffiliated with
Merrill Lynch chosen by a Sponsor Party in good faith; or (iii) any broker,
dealer or counterparty chosen by the Trading Advisor.

Affiliates of the Sponsor will provide this FuturesAccess Funds with futures
brokerage, forward dealing and other counterparty and dealer services, and
shall receive compensation in connection therewith.

SECTION 5.07.     INDEMNIFICATION. This FuturesAccess Fund shall indemnify and
hold harmless the Sponsor Parties from and against any claims, costs,
expenses, damages or losses (including, without limitation, from and against
any judgment, settlement, attorneys' fees and other costs or expenses incurred
in connection with the defense of any actual or threatened action or
proceeding) suffered or sustained by any of them by reason of the fact that a
Sponsor Party is or was connected in any respect with this FuturesAccess Fund;
provided, that the conduct or omission which led to such claim, cost, expense,
damage or loss met the standard of exculpation set forth in Section 5.06
above.

This FuturesAccess Fund shall advance payments asserted by a Sponsor Party to
be due under the preceding paragraph pending a final determination of whether
such indemnification is, in fact, due; provided, that such Sponsor Party
agrees in writing to return any amounts so advanced (without interest) in the
event such indemnification is finally determined not to be due.

Whether or not a Sponsor Party is entitled to indemnification hereunder shall
be determined by the judgment of independent counsel as to whether such
Sponsor Party has reasonable grounds for asserting that indemnification is so
due, unless otherwise determined by a court, arbitral tribunal or
administrative forum.

In the event this FuturesAccess Fund is made a party to any claim, dispute or
litigation, or otherwise incurs any loss or expense, as a result of or in
connection with any Investor's activities, obligations or liabilities
unrelated to this FuturesAccess Fund's business, such Investor shall indemnify
and reimburse this FuturesAccess Fund for all loss and expense incurred,
including attorneys' fees.

SECTION 5.08.    INVESTORS' TRANSACTIONS. Nothing in this Agreement is
intended to prohibit any Investor from buying, selling or otherwise
transacting in securities, commodity interests, currency interests, swap
agreements or other
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instruments for such Investor's own account, including commodity interests,
currency interests, swap agreements, securities or other instruments which are
the same as those held by this FuturesAccess Fund.

SECTION 5.09.    RELIANCE BY THIRD PARTIES. In dealing with the Sponsor acting
on behalf of this FuturesAccess Fund, no person shall be required to inquire
into the authority of the Sponsor to bind this FuturesAccess Fund. Persons
dealing with this FuturesAccess Fund shall also be entitled to rely on a
certification by the Sponsor with regard to the authority of other persons to
act on behalf of this FuturesAccess Fund in any matter.

SECTION 5.10.    REGISTRATION OF ASSETS. Any assets owned by this
FuturesAccess Fund may be registered in this FuturesAccess Fund's name, in the
name of a nominee or in "street name."

SECTION 5.11.    LIMITATION ON AUTHORITY OF THE SPONSOR. The Sponsor shall not
have the authority without the consent of Investors holding more than 50% of
the outstanding Units (by Net Asset Value) then held by Investors to:

      (a)   do any act in contravention of this Agreement (other than pursuant
            to the Sponsor's authority to unilaterally amend this Agreement,
            as provided in Section 10.03);

      (b)   confess a judgment against this FuturesAccess Fund; or

      (c)   possess FuturesAccess Fund property or assign rights to specific
            FuturesAccess Fund property for other than a FuturesAccess Fund
            purpose.

                                  ARTICLE VI
                            ADMISSION OF INVESTORS

SECTION 6.01.    PROCEDURE AS TO NEW INVESTORS. The Sponsor may, as of the
beginning of any calendar month (or as of such other times as the Sponsor may
deem appropriate), admit one or more new Investors by issuing to such
Investor(s) Units of the appropriate Class. Each new Investor to FuturesAccess
shall execute and deliver an appropriate FuturesAccess Program Subscription
and Exchange Agreement, and each additional Capital Contribution (whether a
new subscription or an exchange) shall be accompanied by a new FuturesAccess
Program Subscription and Exchange Agreement Signature Page. This FuturesAccess
Fund may charge an Investor such amount as may be deemed appropriate by the
Sponsor to compensate this FuturesAccess Fund in the case of any Capital
Contribution received by this FuturesAccess Fund after the day as of which the
new Investor making such Capital Contribution is admitted to this
FuturesAccess Fund and such Investor's Units are deemed to have been issued.

Admission of a new Investor shall not result in a dissolution of this
FuturesAccess Fund.

SECTION 6.02.    PROCEDURE AS TO NEW MANAGERS. One or more additional managers
may be admitted to this FuturesAccess Fund by the Sponsor, without the consent
of any Investor, if, but only if, the additional manager or managers are
affiliates of the Sponsor or successors to all or a material portion of the
Sponsor's equity or assets. The Sponsor shall promptly notify the Investors of
the admission of any such affiliated manager or managers (such notice need
not, however, be prior notice). No manager or managers which is not or are not
affiliated with the Sponsor may be admitted to this FuturesAccess Fund without
the consent of Investors holding more than 50% of the outstanding Units (by
Net Asset Value) then held by Investors; provided, that the foregoing
restriction shall not apply in the case of a sale of all or a material portion
of the Sponsor's equity or assets.

                                 ARTICLE VII
                BOOKS OF ACCOUNT; AUDITS; REPORTS TO INVESTORS

SECTION 7.01.    BOOKS OF ACCOUNT. The books of account of this FuturesAccess
Fund shall be maintained in accordance with generally accepted accounting
principles under the accrual basis of accounting by or under the supervision
of the Sponsor and shall be open to inspection by any Investor or such
Investor's representative during regular business hours; provided, however,
that such books and records shall only be available for inspection pursuant to

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a valid, non-commercial purpose related to an Investor's status as an
Investor. This FuturesAccess Fund's books of account shall not, however, for
such purpose include any record of the particular transactions entered into by
this FuturesAccess Fund.

SECTION 7.02.    ANNUAL AUDIT. The accounts of this FuturesAccess Fund shall
be audited as of the close of each fiscal year by an independent public
accounting firm (the "Accountant") selected by the Sponsor and in accordance
with the applicable Commodity Futures Trading Commission regulations.

The Sponsor or its agents shall cause to be prepared and mailed to each
Investor, including Investors who have redeemed all of their Units and
withdrawn but who were Investors at any time during a fiscal year, audited
financial statements and a report prepared by the Accountant, setting forth as
of the end of such fiscal year:

      (a)   the assets and liabilities of this FuturesAccess Fund;

      (b)   the net capital appreciation or depreciation of this FuturesAccess
            Fund for such fiscal year;

      (c)   the Net Asset Value of this FuturesAccess Fund as of the end of
            such fiscal year; and

      (d)   the Net Asset Value per Unit of each Class as of the end of such
            fiscal year.

The Sponsor shall not be required to provide Investors with an annual audit in
respect of any given year by any particular date in the following year, nor
shall the Net Asset Value of the Units be audited as of any date other than
the end of a fiscal year.

The Sponsor or its agents shall cause each Investor, including former
Investors who were Investors at any time during such fiscal year, to be
furnished with all information relating to this FuturesAccess Fund necessary
to enable such Investor to prepare such Investor's federal income tax return;
provided, that all Investors acknowledge and agree that such information may
initially be provided in the form of estimates pending completion of this
FuturesAccess Fund's audit for such fiscal year, and that Investors may be
required to obtain extensions of the date by which their federal and state
income tax returns must be filed. The Sponsor will have no liability to any
Investor as a result of such Investor being required to obtain any such
extensions.

SECTION 7.03.     INTERIM REPORTS. From time to time, but no less frequently
than monthly, the Sponsor shall cause to be prepared and delivered (at the
expense of this FuturesAccess Fund), to each Investor interim reports
indicating this FuturesAccess Fund's estimated results of operations and
presenting such other matters concerning this FuturesAccess Fund's operations
as the Sponsor may deem appropriate as well as those required by the
applicable Commodity Futures Trading Commission regulations. The estimated
performance of this FuturesAccess Fund will be available upon request to the
Sponsor by any Investor.

                                 ARTICLE VIII
                             CONFLICTS OF INTEREST

SECTION 8.01.    INVESTORS' CONSENT. Each Investor, by subscribing for Units,
gives full and informed consent to the conflicts of interest to which the
Sponsor Parties are subject in their operation of this FuturesAccess Fund, as
disclosed in the Confidential Program Disclosure Document and as contemplated
herein (including without limitation Merrill Lynch acting as exclusive
clearing broker and principal forward contract and swap dealer at rates and
dealer spreads which have not been negotiated at arm's-length as well as the
Sponsor sharing in the Management and Performance Fees paid to the Trading
Advisor by this FuturesAccess Fund) and covenants not to object to or bring
any proceedings against any Sponsor Party relating to any such conflict of
interest; provided, that such Sponsor Party complies with the standard of
exculpation set forth in Section 5.06.

The Sponsor is hereby specifically authorized by all Investors to cause this
FuturesAccess Fund to use Merrill Lynch as this FuturesAccess Fund's exclusive
clearing broker and primary forward contract and swap counterparty, and all

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Investors acknowledge and agree that the brokerage rates and dealer spreads
charged by Merrill Lynch to this FuturesAccess Fund are higher than those
charged to other Merrill Lynch clients; in addition, Merrill Lynch will retain
significant additional economic benefit from possession of this FuturesAccess
Fund's assets.

                                  ARTICLE IX
             DISSOLUTION AND WINDING UP OF THIS FUTURESACCESS FUND

SECTION 9.01.    EVENTS OF DISSOLUTION. This FuturesAccess Fund will be
dissolved, the affairs of this FuturesAccess Fund will be wound up and this
FuturesAccess Fund will be liquidated upon the occurrence of any of the
following events:

      (a)   bankruptcy, dissolution, withdrawal or other termination of the
            last remaining manager of this FuturesAccess Fund;

      (b)   any event which would make unlawful the continued existence of
            this FuturesAccess Fund;

      (c)   withdrawal of the Sponsor unless at such time there is at least
            one remaining manager; or

      (d)   the determination by the Sponsor to liquidate the FuturesAccess
            Fund and wind up its affairs.

Nothing in this Section 9.01 shall impair the right of Investors holding more
than 50% of the outstanding Units then held by Investors to vote within 90
calendar days of any of the foregoing events of dissolution to continue this
FuturesAccess Fund on the terms set forth herein (if it is lawful to do so),
and to appoint one or more managers for this FuturesAccess Fund.

SECTION 9.02.    DISSOLUTION. Upon the dissolution of this FuturesAccess Fund,
the Sponsor (or, if the Sponsor has withdrawn, such other liquidator as the
Investors may, by vote of more than 50% of the outstanding Units, by Net Asset
Value, then held by Investors, select) shall wind up this FuturesAccess Fund's
affairs and, in connection therewith, shall distribute this FuturesAccess
Fund's assets in the following manner and order:

      (a)   FIRST, to the payment and discharge of all claims of creditors of
            this FuturesAccess Fund (including creditors who are Investors);

      (b)   SECOND, to the establishment of such reserves as the Sponsor (or
            such other liquidator) may consider reasonably necessary or
            appropriate for any losses, contingencies, liabilities or other
            matters of or relating to this FuturesAccess Fund; provided,
            however, that if and when the Sponsor (or such other liquidator)
            determines that the causes for such reserves have ceased to exist,
            the monies, if any, then held in reserve shall be distributed in
            the manner hereinafter provided; and

      (c)   THIRD, after making all final allocations contemplated by Article
            II (and for such purposes treating the date of dissolution as if
            it were a December 31), to the distribution in cash of the
            remaining assets of this FuturesAccess Fund among the Investors in
            accordance with the positive balance in each such Investor's
            Closing Capital Account as of the last day of the Accounting
            Period in which this FuturesAccess Fund's dissolution occurs. Any
            assets distributed in kind in the liquidation shall be valued, for
            purposes of such distribution, in accordance with Section 2.11 as
            of the date of distribution, and any difference between such value
            and the carrying value of such assets shall, to the extent not
            otherwise taken into account in determining Net Asset Value, be
            deemed to constitute income or loss to this FuturesAccess Fund.

                                  ARTICLE X
                           MISCELLANEOUS PROVISIONS

SECTION 10.01.    INVESTORS NOT TO CONTROL. The Investors shall take no part in
the conduct or control of this FuturesAccess Fund's business and shall have no
authority or power to act for or to bind this FuturesAccess Fund.

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SECTION 10.02.    POWER OF ATTORNEY. Each Investor, by subscribing for Units,
does hereby constitute and appoint the Sponsor, as such Investor's true and
lawful representative and attorney-in-fact, with authority in such Investor's
name, place and stead to make, execute, sign and file a Certificate of
Formation of this FuturesAccess Fund, any amendments thereto authorized
herein, any amendments to this Agreement authorized herein, and all such other
instruments, documents and certificates which may, from time to time, be
required by, or deemed advisable by the Sponsor under, the laws of the United
States of America, the State of Delaware, the State of New Jersey, the State
of New York or any other state or political subdivision in which the Sponsor
shall determine that this FuturesAccess Fund shall do business, to effectuate,
implement and continue the valid existence of this FuturesAccess Fund.

SECTION 10.03.    AMENDMENTS; CONSENTS. This Agreement may not be modified or
amended without the written consent of the Sponsor.

This Agreement may be modified or amended at any time with the consent of the
Sponsor and by Investors holding more than 50% of the outstanding Units (by
Net Asset Value) then held by Investors.

For all purposes of this Agreement, except as provided in the last paragraph
of this Section 10.03, when the consent of Investors is required, the
affirmative consent of Investors is not required; "negative consent" by
failure to object in writing after reasonable notice of a proposed
modification or amendment is sufficient -- 30 calendar days to be conclusively
presumed to constitute "reasonable notice" for such purposes.

The Sponsor may, without the consent of the Investors, modify or amend any
provision of this Agreement for any of the following purposes:

      (a)   to add to this Agreement any further covenants, restrictions,
            undertakings or other provisions for the protection or benefit of
            Investors;

      (b)   to cure any ambiguity or to correct or supplement any provision
            contained herein which may be defective or inconsistent with any
            other provisions contained herein or in the Confidential Program
            Disclosure Document;

      (c)   to cause the allocations contained in Article II to comply with
            Section 704 of the Code or any other statutory provisions or
            regulations relating to such allocations;

      (d)   to provide for the issuance of new Classes of Units, or to amend
            the manner in which Units may be exchanged among funds in
            FuturesAccess or between different Classes of Units, provided that
            doing so is not adverse to outstanding Units (as contemplated by
            Section 10.14); or

      (e)   to make any other change not materially adverse to the interests
            of the Investors.

Notwithstanding anything in this Section 10.03 to the contrary, without the
affirmative written consent of each Investor affected thereby, no such
modification or amendment shall: reduce the liabilities, obligations or
responsibilities of the Sponsor (except that the Sponsor may take action to
admit any person or entity which is an affiliate of the Sponsor as a
substitute manager, and to provide for the Sponsor subsequently to withdraw
from this FuturesAccess Fund or to provide for the Sponsor to withdraw from
this FuturesAccess Fund without admitting any such substitute manager to this
FuturesAccess Fund); increase the liabilities of Investors; or reduce the
participation of Investors in the profits and losses of this FuturesAccess
Fund or in any distributions made by this FuturesAccess Fund as set forth
herein.

SECTION 10.04.    NOTICES. Any notice to this FuturesAccess Fund or the Sponsor
relating to this Agreement shall be in writing and delivered in person or by
registered or certified mail and addressed to the Sponsor at the principal
office of this FuturesAccess Fund. All notices and reports sent to the
Investors shall be addressed to each Investor at the address set forth in such
Investor's FuturesAccess Program Subscription and Exchange Agreement
(including the FuturesAccess Program Subscription and Exchange Agreement
Signature Page). Any Investor may designate a new address by written notice to
the Sponsor. Unless otherwise specifically provided in this Agreement, a
notice shall be deemed to have been

                                     A-21

<PAGE>

given to this FuturesAccess Fund or the Sponsor when actually received by the
Sponsor, and to have been given to an Investor three business days after being
deposited in a post office or regularly maintained mailbox or when delivered
in person. The Sponsor may waive any notice requirement relating to notice to
this FuturesAccess Fund or to itself, but no such waiver shall constitute a
continuing waiver.

SECTION 10.05.    LEGAL EFFECT; MANNER OF EXECUTION. This Agreement shall be
binding upon the Investors, the Sponsor and their respective permitted
successors and assigns. This Agreement shall inure to the benefit of the
foregoing parties as well as to the benefit of the Sponsor Parties.

This Agreement may be executed by power-of-attorney embodied in a
FuturesAccess Program Subscription and Exchange Agreement (including the
FuturesAccess Program Subscription and Exchange Agreement Signature Page) or
similar instrument with the same effect as if the parties executing the
FuturesAccess Program Subscription and Exchange Agreement (including the
FuturesAccess Program Subscription and Exchange Agreement Signature Page) or
similar instrument had all executed one counterpart of this Agreement;
provided, that this Agreement may also be executed in separate counterparts.

SECTION 10.06.    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAWS. THE RIGHTS AND LIABILITIES OF THE
INVESTORS SHALL BE AS PROVIDED IN THE ACT, EXCEPT AS HEREIN OTHERWISE
EXPRESSLY PROVIDED.

SECTION 10.07.    CONSENT TO JURISDICTION. All controversies arising hereunder
or in connection with the affairs of this FuturesAccess Fund shall be brought
in the state or federal courts located in New York, New York, and all
Investors hereby irrevocably consent to such jurisdiction and venue.

SECTION 10.08.    "TAX MATTERS PARTNER"; TAX ELECTIONS. The Sponsor is
designated as the "Tax Matters Partner" for this FuturesAccess Fund and shall
be empowered to make or revoke any elections now or hereafter required or
permitted to be made by the Code or any state or local tax law.

Unless the Sponsor otherwise consents, each Investor, by subscribing for
Units, agrees not to treat any tax item on such Investor's individual tax
return in a manner inconsistent with the treatment of such item by this
FuturesAccess Fund, as reflected on the Schedule K-1 or other information
statement furnished by this FuturesAccess Fund to such Investor, or to file
any claim for refund relating to any such Tax Item which would result in such
inconsistent treatment.

SECTION 10.09.    DETERMINATION OF MATTERS NOT PROVIDED FOR IN THIS AGREEMENT.
The Sponsor shall be empowered to decide, in its good faith judgment, any
questions arising with respect to this FuturesAccess Fund or to this
Agreement, and to provide for matters arising hereunder but which are not
specifically set forth herein, as the Sponsor may deem to be in, or not
opposed to, the best interests of this FuturesAccess Fund.

SECTION 10.10.    NO PUBLICITY. Each Investor agrees that such Investor will in
no event provide information concerning this FuturesAccess Fund to any third
party, knowing that such third party may use such information in any form of
publication, newsletter or circular, whether publicly or privately
distributed. Each Investor's investment in this FuturesAccess Fund, as well as
the performance of such investment, shall be maintained on a strictly
confidential basis; provided, that the Sponsor may make use of this
FuturesAccess Fund's performance record in the ordinary course of the
Sponsor's business activities.

SECTION 10.11.    SURVIVAL. The indemnity and exculpation provisions hereof, as
well as the obligations to settle accounts, shall survive the withdrawal of
any Investor as well as the dissolution of this FuturesAccess Fund.

SECTION 10.12.    WAIVERS. The Sponsor may waive any provision of this
Agreement restricting the actions of Investors in respect of certain but not
all Investors provided that doing so will have no adverse effect on other
Investors.

SECTION 10.13.    VOTING RIGHTS. The voting rights of the Units shall be
determined by their respective Net Asset Values. In determining the number of
Units entitled to vote or consent and the number of votes or consents needed
for

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

                                     A-22
<PAGE>

approval of any matter for which such a vote or consent is provided for
herein, Units held by any Sponsor Party (including, without limitation, the
Sponsor's Capital Account, if any, on a Unit-equivalent basis) shall not be
counted.

SECTION 10.14.     ISSUANCE OF DIFFERENT CLASSES.

      (a)   The Sponsor may, at any time and from time to time, issue
            different Classes of Units, and may adjust the allocation, voting
            and other provisions of this Agreement so as equitably to reflect
            the issuance of such additional Classes. The Sponsor may also
            alter the terms on which Units of any Class are sold, provided
            that doing so does not adversely affect existing Investors.

      (b)   The fact that, for purposes of convenience, Units issued by this
            FuturesAccess Fund shall be designated as being Units of different
            "Classes" shall in no respect imply that these Units constitute
            different classes of equity interests as opposed to simply being
            subject to different fees.

SECTION 10.15.    COMPLIANCE WITH THE INVESTMENT ADVISERS ACT OF 1940;
SECURITIES LAWS.

      (a)   This FuturesAccess Fund is not an "advisory client" of the Sponsor
            for purposes of the Investment Advisers Act of 1940 (the "Advisers
            Act") due to this FuturesAccess Fund trading futures, forward and
            options contracts other than securities. Nevertheless, to the
            extent that any provision hereof may be construed in a manner
            inconsistent with the Advisers Act, it is the express intent of
            the Sponsor and the Investors that such provision be interpreted
            and applied ab initio so as to comply with the Advisers Act in all
            respects (even if doing so effectively amends the terms of this
            Agreement).

      (b)   Nothing in this Agreement shall be deemed to constitute a waiver
            by any Investor of such Investor's rights under any federal or
            state securities laws.

                                 * * * * * * *

                                     A-23

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

<PAGE>

IN WITNESS WHEREOF, the undersigned have executed this Agreement by their
respective representatives thereunto duly authorized.

INVESTORS:                                    SPONSOR:

By:   Merrill Lynch Alternative Investments   Merrill Lynch Alternative
      LLC                                     Investments LLC
      Attorney-in-Fact

By:   /s/ Paul Tartanella                     By:  /s/ Paul Tartanella
      -------------------------                    -------------------------
      Paul Tartanella                              Paul Tartanella
      Vice President and Manager                   Vice President and Manager

                                     A-24

ML Transtrend DTP Enhanced FuturesAccess LLC
Limited Liability Company Operating Agreement Dated as of March 8, 2007

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