Document:

Supplemental Indenture, dated as of November 7, 2012

 Exhibit 4.1 
 EXECUTION COPY 
 SUPPLEMENTAL INDENTURE 

dated as of November 7, 2012 
 among 
 AETNA INC., 

and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 1.50% Senior
Notes due November 15, 2017 
 2.75% Senior Notes due November 15, 2022 

4.125% Senior Notes due November 15, 2042 

 TABLE OF CONTENTS 

 
  

 

					
	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
		
	 Section 1.01. Definitions
	  	 	2	  
	 Section 1.02. Section References
	  	 	7	  
	
	ARTICLE 2	  
	THE NOTES	  
		
	 Section 2.01. Issue of Notes
	  	 	7	  
	 Section 2.02. Stated Maturity
	  	 	8	  
	 Section 2.03. Notes Issuable as Global Securities
	  	 	8	  
	 Section 2.04. Interest and Payment
	  	 	8	  
	 Section 2.05. Payment of Interest
	  	 	8	  
	 Section 2.06. Optional Redemption
	  	 	9	  
	 Section 2.07. Special Mandatory Redemption
	  	 	10	  
	 Section 2.08. Change of Control Offer to Purchase
	  	 	11	  
	 Section 2.09. Applicability of Certain Provisions of the Base Indenture in Respect of the Notes
	  	 	12	  
	 Section 2.10. Registrar and Paying Agent
	  	 	12	  
	 Section 2.11. No Sinking Fund
	  	 	12	  
	 Section 2.12. Minimum Denominations
	  	 	13	  
	
	ARTICLE 3	  
	MISCELLANEOUS	  
		
	 Section 3.01. Relation to Indenture
	  	 	13	  
	 Section 3.02. Continued Effect
	  	 	13	  
	 Section 3.03. Provisions Binding on Company’s Successors
	  	 	13	  
	 Section 3.04. Certain Trustee Matters
	  	 	13	  
	 Section 3.05. Governing Law
	  	 	13	  
	 Section 3.06. Counterparts
	  	 	13	  
		
	 Exhibit A – Form of Security
	  			

  
 i 

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
November 7, 2012, between AETNA INC., a corporation duly organized and validly existing under the laws of the Commonwealth of Pennsylvania (the “Company”), having its principal office at 151 Farmington Avenue, Hartford,
Connecticut 06156 and U.S. BANK NATIONAL ASSOCIATION, as successor-in-interest to State Street Bank and Trust Company, as trustee (the “Trustee”). 
 RECITALS 
 WHEREAS, the Company and the Trustee entered into a Senior
Indenture dated as of March 2, 2001 (the “Base Indenture”, and as supplemented by this Supplemental Indenture, the “Indenture”) providing for the issuance from time to time of the Company’s debentures,
notes or other evidences of indebtedness (the “Securities”), to be issued in one more series as in the Base Indenture provided; 
 WHEREAS, Sections 201 and 301 of the Base Indenture provide that the Company and the Trustee may establish the terms of a new series of Securities in an indenture supplemental to the Base Indenture;

 WHEREAS, Section 901 of the Base Indenture provides that the Company and the Trustee may enter into an indenture
supplemental to the Base Indenture, without the consent of any Holders, to eliminate any of the provisions of the Base Indenture in respect of a new series of Securities so established pursuant to Section 301 of the Base Indenture; 

WHEREAS, pursuant to resolutions adopted by the Board of Directors of the Company on September 23, 2011 and the Delegation of
Authority of Mark T. Bertolini, Chairman, Chief Executive Officer and President of the Company, dated October 25, 2012 (collectively, the “Company Resolutions”), the Company has approved to be established three new series of
Securities, designated as its 1.50% Senior Notes due November 15, 2017 (the “2017 Notes”), its 2.75% Senior Notes due November 15, 2022 (the “2022 Notes”) and its 4.125% Senior Notes due November 15,
2042 (the “2042 Notes” and together with the 2017 Notes and the 2022 Notes, the “Notes”) as in this Supplemental Indenture provided; and 
 WHEREAS, all requirements necessary to make this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms and to make the Notes, when executed, authenticated and
delivered by the Company, the valid, binding and enforceable obligations of the Company have been done and performed. 

  
 1 

 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and
intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.01. Definitions. 
 (a) Capitalized terms used herein and not
otherwise defined herein have the respective meanings assigned to them in the Base Indenture. 
 (b) The following terms shall
have the meanings assigned to them in this Section 1.01(b): 
 “2017 Notes” has the meaning stated in the
fourth recital of this Supplemental Indenture. 
 “2022 Notes” has the meaning stated in the fourth recital of
this Supplemental Indenture. 
 “2042 Notes” has the meaning stated in the fourth recital of this Supplemental
Indenture. 
 “Base Indenture” has the meaning stated in the first recital of this Supplemental Indenture.

 “Below Investment Grade Rating Event” means the Notes of a series are rated below an Investment Grade Rating
by each of the Rating Agencies on any date from the earlier of (1) the occurrence of a Change of Control and (2) public notice of the Company’s intention to effect a Change of Control, in each case until the end of the 60-day period
following the earlier of (1) the occurrence of a Change of Control and (2) public notice of the Company’s intention to effect a Change of Control; provided, however, that if (i) during such 60-day period one or more Rating
Agencies has publicly announced that it is considering the possible downgrade of the Notes of such series, and (ii) a downgrade by each of the Rating Agencies that has made such an announcement would result in a Below Investment Grade Rating
Event, then such 60-day period shall be extended for such time as the rating of the Notes of such series by any such Rating Agency remains under publicly announced consideration for possible downgrade to a rating below an Investment Grade Rating and
a downgrade by such Rating Agency to a rating below an Investment Grade Rating could cause a Below Investment Grade Rating Event. Notwithstanding the foregoing, a rating event otherwise arising by virtue of a particular reduction in rating will not
be deemed 

  
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to have occurred in respect of a particular Change of Control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering
Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s or the Trustee’s request that the reduction
was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the rating
event). 
 “Change of Control” means the occurrence of any of the following: (1) direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries becomes the beneficial owner, directly or indirectly, of more than 50% of the
then outstanding number of shares of the Company’s voting stock; or (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; provided, however, that a transaction
will not be deemed to involve a Change of Control if (A) the Company becomes a wholly owned subsidiary of a holding company and (B)(x) the holders of the voting stock of such holding company immediately following that transaction are
substantially the same as the holders of the Company’s voting stock immediately prior to that transaction or (y) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of the Exchange
Act) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company. For purposes of this definition, “voting stock” means capital stock of any class or kind the holders of which are
ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of the Company, even if the right to vote has been suspended by the happening of such a contingency. 

“Change of Control Offer” has the meaning stated in Section 2.08(a) of this Supplemental Indenture. 

“Change of Control Payment” has the meaning stated in Section 2.08(a) of this Supplemental Indenture. 

“Change of Control Payment Date” has the meaning stated in Section 2.08(a) of this Supplemental Indenture.

  
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 “Change of Control Triggering Event” means the occurrence of both a Change
of Control and a Below Investment Grade Rating Event. 
 “Company” means the Person named as the
“Company” in the first paragraph of this Supplemental Indenture until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Company” shall mean such successor Person.

 “Company Resolutions” has the meaning stated in the fourth recital of this Supplemental Indenture.

 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term of the Notes of the series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes of such series to be redeemed. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date for any Notes of a series, the average of all Reference Treasury Dealer Quotations obtained. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (1) was a member of the Board of Directors of the Company on
the date of the issuance of the Notes; or (2) was nominated for election or elected to the Board of Directors of the Company with the approval of a majority of the Continuing Directors who were members of such Board of Directors of the Company
at the time of such nomination or election (either by specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director). 

“Coventry” means Coventry Health Care, Inc., a Delaware corporation. 

“DTC” means The Depository Trust Company. 
 “End Date” has the meaning ascribed to such term in the Merger Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute thereto. 

“Fitch” means Fitch Ratings Inc. 
 “Indenture” has the meaning stated in the first recital of this Supplemental Indenture. 

  
 4 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Trustee after consultation with the Company. 
 “Investment Grade Rating” means a rating by
Moody’s equal to or higher than Baa3 (or the equivalent under any successor rating category of Moody’s), a rating by S&P equal to or higher than BBB- (or the equivalent under any successor rating category of S&P), a rating by Fitch
equal to or higher than BBB- (or the equivalent under any successor rating category of Fitch), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances
permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agencies”. 

“Merger” means the acquisition of Coventry by the Company on the terms and subject to the conditions set forth in the
Merger Agreement. 
 “Merger Agreement” means the Agreement and Plan of Merger, dated August 19, 2012,
among the Company, Jaguar Merger Subsidiary, Inc. and Coventry, as amended from time to time. 
 “Moody’s”
means Moody’s Investors Service, Inc. 
 “Notes” has the meaning stated in the fourth recital of this
Supplemental Indenture. 
 “Primary Treasury Dealer” has the meaning stated in the definition of
“Reference Treasury Dealer” in this Section 1.01(b). 
 “Rating Agencies” means
(1) Moody’s, S&P and Fitch; and (2) if any or all of Moody’s, S&P or Fitch ceases to rate the Notes of a series or fails to make a rating of the Notes of such series publicly available for reasons outside of the
Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, that the Company selects (pursuant to a resolution of the Company’s Board of
Directors) as a replacement agency for any of Moody’s, S&P or Fitch, or all of them, as the case may be, with respect to such series of Notes. 
 “Reference Treasury Dealer” means each of Goldman, Sachs & Co. and UBS Securities LLC. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer
in the United States (a “Primary Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

  
 5 

 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Trustee by that Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

“Securities” has the meaning stated in the first recital of this Supplemental Indenture and more particularly means any
Securities authenticated and delivered under the Indenture, including, without limitation, the Notes. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

 “Special Mandatory Redemption Date” means the 30th day (or if such day is not a Business Day, the first
Business Day thereafter) following the transmission of a notice of special mandatory redemption. 
 “Supplemental
Indenture” has the meaning stated in the first paragraph of this instrument. 
 “Treasury Rate” means,
with respect to any Redemption Date for any portion of the Notes of a series, 
  

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical
release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the date of Maturity for the Notes of such series,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest
month), or 

  

	 	•	 	 if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does
not contain the yields referred to above, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for that Redemption Date. 

  
 6 

 The Treasury Rate will be calculated on the third Business Day preceding the Redemption
Date. 
 “Trustee” means the Person named as the “Trustee” in respect of the Notes in the first
paragraph of this Supplemental Indenture until a successor Trustee in respect of the Notes shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean or include such Person who is
then a Trustee in respect of the Notes. 
 Section 1.02. Section References. Each reference to a particular section
set forth in this Supplemental Indenture shall, unless the context otherwise requires, refer to this Supplemental Indenture. Each reference to a particular section of the Base Indenture shall refer to that particular section of the Base Indenture.

 ARTICLE 2 
 THE NOTES 
 Section 2.01. Issue of Notes.
The Notes shall be issued as three series of Securities under the Base Indenture as supplemented by this Supplemental Indenture, which such series shall be known and designated as the “1.50% Senior Notes due November 15, 2017”,
the “2.75% Senior Notes due November 15, 2022” and the “4.125% Senior Notes due November 15, 2042” of the Company. Each series of Notes shall constitute a separate series of Securities for all purposes under the
Indenture. The Notes shall be unsecured. The Notes shall be executed, authenticated and delivered in accordance with the provisions of the Indenture. The aggregate principal amount of the 2017 Notes which may be authenticated and delivered under the
Indenture is initially limited to $500,000,000, the aggregate principal amount of the 2022 Notes which may be authenticated and delivered under the Indenture is initially limited to $1,000,000,000 and the aggregate principal amount of the 2042 Notes
which may be authenticated and delivered under the Indenture is initially limited to $500,000,000 (except, in each case, for such Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of
the same series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered thereunder).
Additional Notes of a series may be authenticated and delivered from time to time as contemplated in Section 301 of the Base Indenture; provided that if the additional Notes of a series are not fungible with the Notes of such series for
United States Federal income tax purposes, the additional Notes of the series will have a separate CUSIP number. 

  
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The entire amount of Notes of each series may immediately be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered to or upon the order of
the Company pursuant to Section 303 of the Base Indenture. 
 Section 2.02. Stated Maturity. The Stated
Maturity of the principal of the 2017 Notes shall be November 15, 2017, the Stated Maturity of the principal of the 2022 Notes shall be November 15, 2022 and the Stated Maturity of the principal of the 2042 Notes shall be November 15,
2042. 
 Section 2.03. Notes Issuable as Global Securities. 

(a) The Notes shall be issued in the form of one or more Global Securities registered in the name of DTC or its nominee, to be deposited
with, or on behalf of, DTC, New York, New York. 
 (b) The Notes shall be in such form or forms as may be approved by the
officers of the Company as provided in the Company Resolutions, such approval to be evidenced by any such officer’s manual or facsimile signature on the Notes, provided that such form or forms of the Notes are not inconsistent with the
requirements of the Indenture or the Company Resolutions and are substantially in the form or forms attached hereto as Exhibit A. 
 Section 2.04. Interest and Payment. The 2017 Notes shall bear interest at the rate of 1.50% per annum, the 2022 Notes shall bear interest at a rate of 2.75% per annum and the 2042
Notes shall bear interest at the rate of 4.125% per annum, which in each case will accrue from November 7, 2012, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be,
payable semi-annually on May 15 and November 15 in each year, commencing May 15, 2013, to the Person in whose name such Notes (or one or more predecessor Notes) are registered at the close of business on the Regular Record Date next
preceding the Interest Payment Date. Each May 15 and November 15 shall be an “Interest Payment Date” for such Notes, and the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding
an Interest Payment Date shall be the “Regular Record Date” for the interest payable on such Interest Payment Date. In any case where any Interest Payment Date is not a Business Day, then payment of interest may be made on the next
succeeding Business Day without any additional amount being payable in respect of any delay. 
 Section 2.05. Payment of
Interest. Payment of the principal of and premium, if any, and interest on the Notes will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New York; provided, however,
that at any time that the Notes are not represented by Global Securities, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register. 

  
 8 

 Section 2.06. Optional Redemption 

(a) At any time prior to October 15, 2017, the 2017 Notes will be redeemable upon not less than 30 calendar days’ nor more than
60 calendar days’ notice by mail, in whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: 
 (i) 100% of the principal amount of the 2017 Notes being redeemed, or 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2017 Notes being redeemed from the Redemption Date to the date of Maturity for the 2017 Notes
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points, 
 plus, in each case, any interest accrued but not paid to the Redemption Date. 
 (b) At any time on or after October 15, 2017, the 2017 Notes will be redeemable upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, in whole or in part, at
the election of the Company, at a Redemption Price equal to 100% of the principal amount of the 2017 Notes being redeemed plus any interest accrued but not paid to the Redemption Date. 

(c) At any time prior to August 15, 2022, the 2022 Notes will be redeemable upon not less than 30 calendar days’ nor more than
60 calendar days’ notice by mail, in whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: 
 (i) 100% of the principal amount of the 2022 Notes being redeemed, or 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2022 Notes being redeemed from the Redemption Date to the date of Maturity for the 2022 Notes
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, 
 plus, in each case, any interest accrued but not paid to the Redemption Date. 

  
 9 

 (d) At any time on or after August 15, 2022, the 2022 Notes will be redeemable upon not
less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, in whole or in part, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of the 2022 Notes being redeemed plus any interest
accrued but not paid to the Redemption Date. 
 (e) At any time prior to May 15, 2042, the 2042 Notes will be redeemable
upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, in whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the 2042 Notes being redeemed, or 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2042 Notes being
redeemed from the Redemption Date to the date of Maturity for the 2042 Notes discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, 

plus, in each case, any interest accrued but not paid to the Redemption Date. 

(f) At any time on or after May 15, 2042, the 2042 Notes will be redeemable upon not less than 30 calendar days’ nor more than
60 calendar days’ notice by mail, in whole or in part, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of the 2042 Notes being redeemed plus any interest accrued but not paid to the Redemption Date.

 (g) Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption
Date to each holder of the Notes of the series to be redeemed. 
 (h) Unless the Company defaults in payment of the Redemption
Price, interest will cease to accrue on the Notes of the series or the portions of the Notes of the series called for redemption on and after the Redemption Date. 
 Section 2.07. Special Mandatory Redemption.  
 (a) If the Merger has
not been completed by November 19, 2013 (or such later date to which the End Date may be extended by agreement between the Company and Coventry pursuant to the terms of the Merger Agreement) or if, prior to such date, the Merger Agreement is
terminated, then the Company must redeem all of the Notes on the Special Mandatory Redemption Date at a special 

  
 10 

 
mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which
interest has been paid or provided for, whichever is later, to, but excluding, the Special Mandatory Redemption Date. 
 (b) The
Company shall cause notice of a special mandatory redemption to be transmitted to each Holder of Notes at its registered address, with a copy to the Trustee, no later than 60 days after the occurrence of the event triggering redemption. If funds
sufficient to pay the special mandatory redemption price of the Notes on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to the Special Mandatory Redemption Date) are deposited with the Trustee on or before such
Special Mandatory Redemption Date, the Notes will cease to bear interest on and after the Special Mandatory Redemption Date. 

Section 2.08. Change of Control Offer to Purchase. 
 (a) If a Change of Control Triggering Event occurs with respect to the Notes of a series, unless the Company has exercised its right to redeem the Notes of such series in full pursuant to
Section 2.06, the Company will make an offer to each Holder of Notes of such series (the “Change of Control Offer”) to repurchase any and all (equal to $2,000 or an integral multiple of $1,000) of such Holder’s Notes of
such series at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes of such series to be repurchased plus accrued and unpaid interest, if any, thereon, to the date of repurchase (the “Change of Control
Payment”). Within 30 days following any Change of Control Triggering Event with respect to the Notes of a series, the Company will mail a notice to Holders of Notes of such series describing the transaction or transactions that constitute
the Change of Control Triggering Event and offering to repurchase the Notes of such series on the date specified in the notice (the “Change of Control Payment Date”), which date will be no less than 30 days and no more than 60 days
from the date such notice is mailed, pursuant to the procedures required by the Notes of such series and described in such notice. 
 (b) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes of a series as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control repurchase provisions of the
Notes of a series, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control repurchase provisions of the Notes by virtue of such conflicts.

  
 11 

 (c) The Company will not be required to offer to repurchase the Notes of a series upon the
occurrence of a Change of Control Triggering Event with respect to the Notes of such series if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the
third party repurchases on the applicable date all Notes of such series properly tendered and not withdrawn under its offer; provided that for all purposes of the Notes of such series and the Indenture, a failure by such third party to comply
with the requirements of such offer and to complete such offer shall be treated as a failure by the Company to comply with its obligations to offer to purchase the Notes of such series unless the Company promptly makes an offer to repurchase the
Notes of such series at 101% of the outstanding principal amount thereof plus accrued and unpaid interest, if any, thereon, to the date of repurchase, which shall be no later than 30 days after the third party’s scheduled Change of Control
Payment Date. 
 (d) On the Change of Control Payment Date for Notes of a series to be repurchased, the Company will, to the
extent lawful: 
 (i) accept or cause a third party to accept for payment all Notes of such series or portions of
Notes of such series properly tendered pursuant to the Change of Control Offer; 
 (ii) deposit or cause a third
party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of such series or portions of Notes of such series properly tendered; and 

(iii) deliver or cause to be delivered to the Trustee the Notes of such series properly accepted, together with an
officer’s certificate stating the aggregate principal amount of Notes of such series or portions of Notes of such series being purchased. 
 Section 2.09. Applicability of Certain Provisions of the Base Indenture in Respect of the Notes. 
 (a) The Event of Default specified in Section 501(5) of the Base Indenture shall not apply to the Notes. 
 (b) Section 1005 of the Base Indenture shall not apply to the Notes. 

Section 2.10. Registrar and Paying Agent. U.S. Bank National Association shall act as Paying Agent and registrar with respect
to the Notes. 
 Section 2.11. No Sinking Fund. The Company shall not be obligated to redeem or purchase the Notes
of either series pursuant to any sinking fund or analogous provision, or at the option of any Holder thereof, except as provided in Sections 2.07 or 2.08 of this Supplemental Indenture. 

  
 12 

 Section 2.12. Minimum Denominations. The Notes shall be issuable only in
registered form without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. 
 ARTICLE 3 

MISCELLANEOUS 
 Section 3.01. Relation to Indenture. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated and
delivered under the Indenture shall be bound hereby. 
 Section 3.02. Continued Effect. Except as expressly
supplemented and amended by this Supplemental Indenture, the Base Indenture shall continue in full force and effect in accordance with the provisions thereof, and the Base Indenture is in all respects hereby ratified and confirmed. This Supplemental
Indenture and all its provisions shall be deemed a part of the Indenture in the manner and to the extent herein and therein provided. 
 Section 3.03. Provisions Binding on Company’s Successors. All of the covenants, stipulations, promises and agreements in this Supplemental Indenture by the Company shall bind its
successors and assigns whether so expressed or not. 
 Section 3.04. Certain Trustee Matters. 

(a) The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their
correctness. 
 (b) The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or the
Notes or the proper authorization or the due execution hereof or thereof by the Company. 
 Section 3.05. Governing Law.
This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the internal laws of the State of New York. 
 Section 3.06. Counterparts. This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument. 

[signatures follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the
date first above written. 
  

					
	AETNA INC., as the Company
		
	By:	 	 /s/ Alfred P. Quirk

		 	Name:	 	Alfred P. Quirk
		 	Title:	 	Vice President, Finance and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Earl W. Dennison Jr.

		 	Name:	 	Earl W. Dennison Jr.
		 	Title:	 	Vice President

 Exhibit A 
 Form of Security 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A
NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY
SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Aetna Inc. or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 AETNA INC. 
 [—]% SENIOR NOTE DUE
20[—] 
 CUSIP: [—] 

ISIN: [—] 
  

			
	No. 20[—]-1	  	$[—]

 AETNA INC., a Pennsylvania corporation (herein called the “Company”), which term
includes any successor Person under the Indenture hereinafter referred to, for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[            ] Dollars ($[—]) upon presentation and surrender of this Security on November 15, 20[—], and to pay interest thereon from November 7, 2012 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on May 15

  
 A-1

 
and November 15 in each year, commencing May 15, 2013, at the rate of [—]% per annum until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not
so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. In any case where any Interest Payment Date is not a Business Day, then payment of interest may be made on the next succeeding Business Day without any additional amount being payable in respect of any delay. 

Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. Such provisions include, without limitation, provisions relating to redemption of this Security by the Company. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: November 7, 2012 

 

					
	AETNA INC.
		
	By:	 	  

		 	Name:	 	Alfred P. Quirk, Jr.
		 	Title:	 	Vice President, Finance and Treasurer

  

	
	[SEAL]
	
	Attest:
	
	  

	Judith H. Jones

  
 A-3

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated under, and referred to in, the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Officer

  
 A-4

 (Back of Security) 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Indenture,
dated as of March 2, 2001 (herein called the “Base Indenture”), between the Company, as issuer, and U.S. Bank National Association (as successor in interest to State Street Bank and Trust Company), as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), as supplemented by the Supplemental Indenture dated as of November 7, 2012, between the Company and the Trustee (together with the Base Indenture, the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $[—], subject to future issuances of additional Securities pursuant to Section 301 of the Base Indenture. 
  

	1.	Optional Redemption. 

 At
any time prior to [—], 20[—], the Securities of this series are subject to redemption upon not less than 30 calendar days’ nor more than 60
calendar days’ notice by mail, in whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: 
  

	 	•	 	 100% of the principal amount of the Securities being redeemed, or 

 

	 	•	 	 the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed from the Redemption Date
to the date of Maturity for such Securities discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus [—] basis
points, 

 plus, in each case, any interest accrued but not paid to the Redemption Date. 

At any time on or after [—], 20[—],
the Securities of this series are subject to redemption upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, in whole or in part, at the election of the Company, at a Redemption Price equal to 100% of the
principal amount of the Securities being redeemed plus any interest accrued but not paid to the Redemption Date. 

  
 A-5

 “Treasury Rate” means, with respect to any Redemption Date for any portion
of the Securities of this series, 
  

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical
release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the date of Maturity for the Securities of this
series to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month), or 

  

	 	•	 	 if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does
not contain the yields referred to above, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for that Redemption Date. 

 The Treasury Rate will
be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities of this series to be redeemed. 

“Comparable Treasury Price” means, with respect to any Redemption Date for any Securities of this series, the average of
all Reference Treasury Dealer Quotations obtained. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 

  
 A-6

 “Reference Treasury Dealer” means each of Goldman, Sachs & Co. and
UBS Securities LLC. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that
dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 
 Notice of any redemption will be mailed at least
30 calendar days but no more than 60 calendar days before the Redemption Date to each Holder of the Securities of this series to be redeemed. 
 Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the Securities of this series or the portions of the Securities of this series called for redemption on and
after the Redemption Date. 
 If this Security is redeemed in part only, a new Security or Securities of this series and of like
tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
  

	2.	Special Mandatory Redemption. 

 If the Merger has not been completed by November 19, 2013 (or such later date to which the End Date may be extended by agreement between the Company and Coventry pursuant to the terms of the Merger
Agreement) or if, prior to such date, the Merger Agreement is terminated, then the Company must redeem all of the Securities of this series on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the
aggregate principal amount of the Securities of this series, plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or provided for, whichever is later, to, but excluding, the
Special Mandatory Redemption Date. 
 The Company shall cause notice of a special mandatory redemption to be transmitted to each
Holder of the Securities of this series at its registered address, with a copy to the Trustee, no later than 60 days after the occurrence of the event triggering redemption. If funds sufficient to pay the special mandatory redemption price of the
Securities of this series on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to the Special Mandatory Redemption Date) are deposited with the Trustee on or before such Special Mandatory Redemption Date, the
Securities of this series will cease to bear interest on and after the Special Mandatory Redemption Date. 

  
 A-7

 “Coventry” means Coventry Health Care, Inc., a Delaware corporation.

 “End Date” has the meaning ascribed to such term in the Merger Agreement. 

“Merger” means the acquisition of Coventry by the Company on the terms and subject to the conditions set forth in the
Merger Agreement. 
 “Merger Agreement” means the Agreement and Plan of Merger, dated August 19, 2012,
among the Company, Jaguar Merger Subsidiary, Inc. and Coventry, as amended from time to time. 
 “Special Mandatory
Redemption Date” means the 30th day (or if such day is not a Business Day, the first Business Day thereafter) following the transmission of a notice of special mandatory redemption. 

 

	3.	Change of Control. 

 If a
Change of Control Triggering Event occurs with respect to the Securities of this series, unless the Company has exercised its right to redeem the Securities of this series in full, as described under “Optional Redemption” above, the
Company will make an offer to each Holder of the Securities of this series (the “Change of Control Offer”) to repurchase any and all (equal to $2,000 or an integral multiple of $1,000) of such Holder’s Securities of this series
at a repurchase price in cash equal to 101% of the aggregate principal amount of the Securities of this series to be repurchased plus accrued and unpaid interest, if any, thereon, to the date of repurchase (the “Change of Control
Payment”). Within 30 days following any Change of Control Triggering Event with respect to the Securities of this series, the Company will mail a notice to Holders of the Securities of this series describing the transaction or transactions
that constitute the Change of Control Triggering Event and offering to repurchase the Securities of this series on the date specified in the notice (the “Change of Control Payment Date”), which date will be no less than 30 days and
no more than 60 days from the date such notice is mailed, pursuant to the procedures required hereby and described in such notice. 
 The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended from time to time, and any successor statute thereto (the “Exchange
Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Triggering Event.
To the extent that the provisions of any 

  
 A-8

 
securities laws or regulations conflict with the Change of Control repurchase provisions of the Securities of this series, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control repurchase provisions of the Securities of this series by virtue of such conflicts. 

The Company will not be required to offer to repurchase the Securities of this series upon the occurrence of a Change of Control
Triggering Event with respect to the Securities of this series if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases on the
applicable date all Securities of this series properly tendered and not withdrawn under its offer; provided that for all purposes of the Securities of this series and the Indenture, a failure by such third party to comply with the
requirements of such offer and to complete such offer shall be treated as a failure by the Company to comply with its obligations to offer to purchase the Securities of this series unless the Company promptly makes an offer to repurchase the
Securities of this series at 101% of the outstanding principal amount thereof plus accrued and unpaid interest, if any, thereon, to the date of repurchase, which shall be no later than 30 days after the third party’s scheduled Change of Control
Payment Date. 
 On the Change of Control Payment Date for the Securities of this series to be repurchased, the Company will, to
the extent lawful: 
  

	 	•	 	 accept or cause a third party to accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant
to the Change of Control Offer; 

  

	 	•	 	 deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities of this
series or portions of Securities of this series properly tendered; and 

  

	 	•	 	 deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with an officer’s certificate stating
the aggregate principal amount of Securities of this series or portions of Securities being purchased. 

“Below Investment Grade Rating Event” means the Securities of this series are rated below an Investment Grade Rating by
each of the Rating Agencies on any date from the earlier of (1) the occurrence of a Change of Control and (2) public notice of the Company’s intention to effect a Change of Control, in each case until the end of the 60-day period
following the earlier of (1) the occurrence of a Change of Control and (2) public notice of the Company’s intention to effect a Change of Control; provided, however, that if (i) during such 60-day period one

  
 A-9

 
or more Rating Agencies has publicly announced that it is considering the possible downgrade of the Securities of this series, and (ii) a downgrade by each of the Rating Agencies that has
made such an announcement would result in a Below Investment Grade Rating Event, then such 60-day period shall be extended for such time as the rating of the Securities of this series by any such Rating Agency remains under publicly announced
consideration for possible downgrade to a rating below an Investment Grade Rating and a downgrade by such Rating Agency to a rating below an Investment Grade Rating could cause a Below Investment Grade Rating Event. Notwithstanding the foregoing, a
rating event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s or the
Trustee’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
has occurred at the time of the rating event). 
 “Change of Control” means the occurrence of any of the
following: (1) direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company
and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries; (2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries becomes the beneficial owner,
directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s voting stock; or (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors;
provided, however, that a transaction will not be deemed to involve a Change of Control if (A) the Company becomes a wholly owned subsidiary of a holding company and (B)(x) the holders of the voting stock of such holding company
immediately following that transaction are substantially the same as the holders of the Company’s voting stock immediately prior to that transaction or (y) immediately following that transaction no “person” (as that term is used
in Section 13(d)(3) of the Exchange Act) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company. For purposes of this definition, “voting stock” means capital stock of any
class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of the Company, even if the right to vote has been suspended by the
happening of such a contingency. 

  
 A-10

 “Change of Control Triggering Event” means the occurrence of both a Change
of Control and a Below Investment Grade Rating Event. 
 “Continuing Directors” means, as of any date of
determination, any member of the Board of Directors of the Company who (1) was a member of the Board of Directors of the Company on the date of the issuance of the Securities; or (2) was nominated for election or elected to the Board of
Directors of the Company with the approval of a majority of the Continuing Directors who were members of such Board of Directors of the Company at the time of such nomination or election (either by specific vote or by approval of the Company’s
proxy statement in which such member was named as a nominee for election as a director). 
 “Fitch” means Fitch
Ratings Inc. 
 “Investment Grade Rating” means a rating by Moody’s equal to or higher than Baa3 (or the
equivalent under any successor rating category of Moody’s), a rating by S&P equal to or higher than BBB- (or the equivalent under any successor rating category of S&P), a rating by Fitch equal to or higher than BBB- (or the equivalent
under any successor rating category of Fitch), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement
agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agencies”. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agencies” means (1) Moody’s, S&P and Fitch; and (2) if any or all of Moody’s, S&P or
Fitch ceases to rate the Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization”
within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, that the Company selects (pursuant to a resolution of the Company’s Board of Directors) as a replacement agency for any of Moody’s, S&P or Fitch, or all of them, as
the case may be, with respect to the Securities of this series. 
 “S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

  
 A-11

	4.	Certain Covenants. 

 The
Indenture contains certain covenants that, among other things, limit the ability of the Company to consolidate, merge or sell all or substantially all of its assets. These covenants are subject to a number of important qualifications and exceptions.
Section 1005 of the Base Indenture, including, without limitation, the limitation on liens on the Common Stock of Principal Subsidiaries set forth therein, does not apply to the Securities of this series. 

 

	5.	Events of Default. 

 If an
Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. The Event of
Default set forth in Section 501(5) of the Base Indenture, including, without limitation, the cross-acceleration provisions thereof, does not apply to the Securities of this series. 

 

	6.	Amendment, Modification and Waiver. 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

 

	7.	Other Matters. 

 No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security
at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 A-12

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security
are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any multiple of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange
of Securities, other than exchanges pursuant to Section 304, 906 or 1107 of the Base Indenture not involving any transfer. 

Prior to due and proper presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all
obligations in respect of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or
(b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits, in trust, with the Trustee money or U.S. Government Obligations which through the payment of interest thereon and principal thereof
in accordance with their terms will provide money, in an amount sufficient to pay all the principal of and premium, if any, and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities, and
certain other conditions are satisfied. 

  
 A-13

 No recourse shall be had for the payment of the principal of and premium, if any, or
interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, employee, agent or director,
as such, past, present or future, of the Company or of any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the
acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 All terms used in
this Security which are defined in the Indenture shall have the respective meanings assigned to them in the Indenture. 

  
 A-14Amended and Restated Management Agreement

 EXHIBIT 10.1 
 AMENDED AND RESTATED MANAGEMENT AGREEMENT 
 This AMENDED AND RESTATED
MANAGEMENT AGREEMENT made as of the 1st day of October, 2012, is by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), COMMODITY ADVISORS FUND L.P., a Delaware limited partnership (the
“Partnership”) and J E MOODY & COMPANY LLC, a Delaware limited liability company (the “Advisor,” together with CMF and the Partnership, the “Parties”). This Agreement amends and restates the Management
Agreement dated as of April 21, 2011 (the “Existing Agreement”) by and among the Parties. 
 W I
T N E S S E T H : 
 WHEREAS, CMF is the general partner of the
Partnership, a limited partnership organized for the purpose of speculative trading of commodity interests, including futures contracts, options, swaps, forward contracts and other over-the-counter instruments and derivatives on U.S. and non-U.S.
markets with the objective of achieving capital appreciation, such trading is to be conducted directly or through an investment in JEM Master Fund L.P., a Delaware limited partnership (the “Master Fund”) of which CMF is the general partner
and J E Moody & Company LLC is the advisor; and 
 WHEREAS, the Second Amended and Restated Limited Partnership
Agreement dated as of May 1, 2011 (the “Partnership Agreement”) permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is
a member of the National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a commodity trading advisor
and a commodity pool operator with the CFTC and is a member of the NFA; and 
 WHEREAS, this Agreement is being amended to,
among other things, increase the amount of leverage used to manage the Partnership’s assets and to make other appropriate changes; and 
 WHEREAS, the Parties have entered into the Existing Agreement and now wish to amend and restate the Existing Agreement as set out in this Agreement; and 

WHEREAS, the Parties wish to enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render
and implement advisory services in connection with the conduct by the Partnership of its commodity trading activities during the term of this Agreement. 
 NOW, THEREFORE, the parties agree as follows: 
 1. DUTIES OF THE ADVISOR.
(a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the
assets and funds of the Partnership allocated to it from time to time by CMF in commodity interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in spot, swap and other derivative transactions
with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies set forth in the Partnership’s Private Placement Offering Memorandum and Disclosure Document
dated as of December 30, 2011, as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change, and (ii) pursuant to the trading
strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s JEM Commodity Relative Value Program (the “Program”), as described in Appendix A attached
hereto, to 

 
manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate
the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes
no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. 
 (b) CMF acknowledges receipt of the description of the Advisor’s Program, attached hereto as Appendix A. All trades made by the Advisor for the account of the Partnership, whether directly or
indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution,
clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may direct any and all
trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or
independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements
(via EGUS or by original, fax copy or email copy). 
 (c) The allocation of the Partnership’s assets to the Advisor will be
traded by the Advisor in accordance with the Program, as described in Appendix A; provided that CMF and the Partnership agree that, for so long as the Partnership trades through the Master Fund, the amount of leverage applied to the assets of the
Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of October 1, 2012, as such agreement may be amended from time to time. In the event
the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of
its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be
utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the
Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in
Appendix A to be materially accurate. Further, the Advisor will provide the Partnership in Appendix B to this Agreement, as may be amended from time to time, with a current list of all commodity interests to be traded for the Partnership’s
account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written
report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency
balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within
one business day after such funds are no longer needed to margin foreign positions. 
 (d) The Advisor agrees to make all
material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), members, directors, officers and employees, their trading performance and general trading
methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA
rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that

  
 - 2 -

 
such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or
order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. 

(e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to
such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of
Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. 

(f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading
advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in
CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific
positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. 
 (g) The Advisor will not be liable for trading losses in the Partnership’s account including losses caused by errors; provided, however, that (i) the Advisor will be liable to the Partnership
with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the Partnership and (ii) the Advisor will be
liable to the Partnership with respect to losses incurred due to errors committed or caused by any executing broker (other than any CMF affiliate) selected by the Advisor, it being understood that CMF, with the assistance of the Advisor, will first
attempt to recover such losses from the executing broker. 
 2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the
Advisor shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the
Partnership, CMF, or any other trading advisor. The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 

3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the
Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly
fee for professional management services equal to 1/12 of 2% (2% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Partnership’s Net Assets allocated to the Advisor as of the
last business day of each month by 2% and dividing the result thereof by 12). For the avoidance of doubt, the leverage employed by the Program will have no impact on fee calculations. 

(b) “Net Assets” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement and without regard to
further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions or incentive fees payable as of the date of such determination. 

(c) “New Trading Profits” shall mean the excess, if any, of Net Assets managed by the Advisor at the end of the fiscal quarter
over Net Assets managed by the Advisor at the end of the highest previous fiscal quarter or Net Assets allocated to the Advisor at the date trading commences by the Advisor for the Partnership,

  
 - 3 -

 
whichever is higher, and as further adjusted to eliminate the effect on Net Assets resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made
during the fiscal quarter decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal quarter, whether the assets are held separately or in margin accounts. Ongoing
expenses will be attributed to the Advisor based on the Advisor’s proportionate share of Net Assets. Ongoing expenses will not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. Ongoing
expenses include offering and organizational expenses of the Partnership. No incentive fee shall be paid until the end of the first full calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading
Profits earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first full calendar quarter. Interest income earned, if any, will not be taken into account in computing New Trading Profits earned by
the Advisor. If Net Assets allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped
before the Advisor is eligible to receive another incentive fee. 
 (d) Quarterly incentive fees and monthly management fees
shall be paid within twenty (20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or month, as the
case may be, the quarterly incentive fee shall be computed as if the effective date of termination were the last day of the then current quarter and the monthly management fee shall be prorated to the effective date of termination. If, during any
month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly management fee shall be prorated by the ratio which the number
of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 

(e) The provisions of this Section 3 shall survive the termination of this Agreement. 

4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not to be deemed exclusive.
CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and members, may render advisory, consulting and management services to other
clients and accounts. The Advisor and its officers, directors, employees and members shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the
same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes
the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies and will not affect the capacity of the Advisor to continue to
render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 
 (b) If, at any time
during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor
agrees that it will promptly notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered
because of the application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with
the Advisor’s other accounts. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or
methods employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that different trading
programs, strategies or methods may be utilized for differing sizes of accounts, 

  
 - 4 -

 
accounts with different trading policies, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times, accounts that have different portfolios
or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results. 
 (c) It is acknowledged that the Advisor and/or its officers, employees, directors and members presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them,
and may continue to receive compensation with respect to services for such accounts. 
 (d) Subject to the Advisor’s duties
of confidentiality to its other clients or as imposed on the Advisor by applicable rules or regulations, the Advisor agrees that it shall make such information available to CMF respecting the performance of the Partnership’s account as compared
to the performance of other accounts managed by the Advisor or its principals, if any, as shall be reasonably requested by CMF. The Advisor presently believes and represents that existing speculative position limits will not materially adversely
affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they have contracted to act
as trading advisor. 
 5. TERM. (a) This Agreement shall continue in effect until June 30, 2013. CMF may, in
its sole discretion, renew this Agreement for additional one-year periods upon notice to the Advisor not less than 30 days prior to the expiration of the previous period. At any time during the term of this Agreement, CMF may terminate this
Agreement at any month-end upon 30 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement upon 5 days’ notice to the Advisor if (i) the Net Asset Value per
Unit shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 20% or more as of the end of a
trading day from such Net Assets’ previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply
with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF
reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; or (vii) the Advisor fails to conform to the trading policies set forth in the Partnership Agreement or the
Memorandum, as they may be changed from time to time. At any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement if (i) the Advisor merges, consolidates with another entity, sells a substantial portion
of its assets, or becomes bankrupt or insolvent, (ii) John E. Moody dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the Advisor,
(iii) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership in the NFA or any other regulatory authority, is terminated or suspended, or (iv) CMF reasonably believes that the Advisor has or may
contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to
dissolution. 
 (b) The Advisor may terminate this Agreement at any month-end upon 30 days’ written notice to CMF. The
Advisor may immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its membership in the NFA is terminated or suspended. 
 (c) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to
the Advisor pursuant to Section 3 hereof. 
 6. INDEMNIFICATION. (a)(i) In any threatened, pending or completed
action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of
units in the 

  
 - 5 -

 
Partnership, CMF shall, subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost,
expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with
such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, intentional
misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided
that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of
itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership. 
 (ii) To the extent that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue
or matter therein, CMF shall indemnify it against the expenses (including, without limitation, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 

(iii) Any indemnification under subsection (i) above, unless ordered by a court or administrative forum, shall be made by CMF only
as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of conduct set forth in
subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be unreasonably withheld. The Advisor will be deemed to have approved CMF’s
selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection. 

(iv) In the event the Advisor 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, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost
or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses) judgments, awards and amounts including amounts paid in settlement incurred in connection therewith.

 (v) As used in this Section 6(a), the term “Advisor” shall include the Advisor, its principals, officers,
directors, members and employees and the term “CMF” shall include the Partnership. 
 (b)(i) The Advisor agrees to
indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection
fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement reasonably incurred by them (A) as a result of the material breach of any material representations and warranties made by the Advisor in this
Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination or a written opinion of an arbitrator pursuant to Section 14
hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in
Section 1(g)), or (ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent. 
 (ii) In the event CMF, the Partnership or any of their affiliates 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, the
activities or 

  
 - 6 -

 
claimed activities of the Advisor or its principals, officers, directors, members or employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and
hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs
and other legal expenses) judgments, awards and amounts including amounts paid in settlement incurred in connection therewith. 

(c) In the event that a person entitled to indemnification under this Section 6 is made a party to an action, suit or proceeding
alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or expense incurred in
such action, suit or proceeding which relates to the matters for which indemnification can be made. 
 (d) None of the
indemnifications contained in this Section 6 shall be applicable with respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be
unreasonably withheld, of the party obligated to indemnify such party. 
 (e) The provisions of this Section 6 shall
survive the termination of this Agreement. 
 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a) The Advisor represents and warrants that: 
 (i) All information with respect to the Advisor and its principals and the trading performance of any of them that has been provided to CMF, including, without limitation, the description of the Program
contained in Appendix A, is complete and accurate in all material respects and such information does not contain any untrue statement of a material fact or omit to state a material fact that is necessary to make such statements and information
therein not misleading. All references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of such references by the Advisor prior to the use of such Memorandum in connection with the
offering of Partnership units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such Memorandum, if any, this representation and warranty extends only to any underlying data made
available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. 
 (ii) The Advisor
will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment adviser and is duly registered as a commodity trading advisor with the CFTC and is a member of the NFA, and is in compliance with such
other registration and licensing requirements as shall be necessary to enable it to perform its obligations hereunder. The Advisor agrees to maintain and renew such registrations and licenses during the term of this Agreement, including, without
limitation, registration as a commodity trading advisor with the CFTC and membership in the NFA. 
 (iii) The Advisor is a
limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power and authority to enter into this Agreement and to provide the services required of
it hereunder. 
 (iv) The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be
breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 

(v) This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and binding agreement
enforceable in accordance with its terms. 
 (vi) At any time during the term of this Agreement that an offering memorandum or
a prospectus relating to the Partnership units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such information as shall be necessary so
that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 

  
 - 7 -

 (b) CMF represents and warrants for itself and the Partnership that: 

(i) The Memorandum (as from time to time amended or supplemented, which amendment or supplement shall be approved by the Advisor as to
descriptions, if any, of itself and its actual performance) does not contain any untrue statement of a material fact or omit to state a material fact which is necessary to make the statements therein not misleading, except that the foregoing
representation does not apply to any statement or omission concerning the Advisor, if any, in the Memorandum, made in reliance upon, and in conformity with, information furnished to CMF by or on behalf of the Advisor expressly for use in the
Memorandum (it being understood that any hypothetical and pro forma adjustments will not be furnished by the Advisor). 
 (ii)
CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power and authority to perform its obligations under this Agreement. 

(iii) CMF and the Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership. 

(iv) This Agreement has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is
a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 
 (v) CMF will not, by
acting as the general partner to the Partnership and the Partnership will not, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially
limit or affect the performance of its duties under this Agreement. 
 (vi) CMF is registered as a commodity trading advisor
and a commodity pool operator and is a member of the NFA, and it will maintain and renew such registrations and membership during the term of this Agreement. 
 (vii) The Partnership is a limited partnership duly organized and validly existing under the laws of the State of Delaware and has full limited partnership power and authority to enter into this Agreement
and to perform its obligations under this Agreement. 
 (viii) The Partnership is a qualified eligible person as defined in
CFTC Rule 4.7. 
 8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 

(a) The Advisor agrees as follows: 
 (i) In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or the commodity exchange on
which any particular transaction is executed. 
 (ii) The Advisor will promptly notify CMF of the commencement of any
investigation, suit, action or proceeding involving the Advisor or any of its affiliates, officers, directors, member(s), employees, agents or representatives; regardless of whether such investigation, suit, action or proceeding also involves CMF.
The Advisor will provide CMF with copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation or potential violation of position limits) from or to the CFTC, NFA or any commodity exchange in
connection with an investigation or audit of the Advisor’s business activities. 
 (iii) In the placement of orders for
the Partnership’s account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, 

  
 - 8 -

 
on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor. The Advisor acknowledges its obligation to review and reconcile the
Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the broker and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or
its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in
the account) between its records and the information reported on the account’s daily and monthly broker statements. 

(iv) The Advisor will maintain a net worth of not less than $100,000 during the term of this Agreement. 

(v) The Advisor will use its best efforts to close out all futures positions prior to any applicable delivery period, and will use its
best efforts to avoid causing the Partnership to take delivery of any commodity. 
 (b) CMF agrees for itself and the
Partnership that: 
 (i) CMF and the Partnership will comply with all applicable laws, including rules and regulations of the
CFTC, NFA and/or the commodity exchange on which any particular transaction is executed. 
 (ii) CMF will promptly notify the
Advisor of the commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor. 

(iii) CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are reasonably
designed to comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA PATRIOT Act. CMF or the selling agents for the Partnership have Customer Identification Programs (“CIP”),
which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the Partnership also have policies, procedures, and internal controls in place that
are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control. 
 9. COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof. 

10. ASSIGNMENT. This Agreement may not be assigned by any party without the express written consent of the other parties.

 11. AMENDMENT. This Agreement may not be amended except by the written consent of the parties. 

  
 - 9 -

 12. NOTICES. All notices, demands or requests required to be made or delivered under
this Agreement shall be effective upon actual receipt and shall be made either by electronic (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested, postage prepaid, to
the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 
 If to CMF or to the Partnership: 
 Ceres Managed Futures LLC 

522 Fifth Avenue—14th Floor 
 New York, New York 10036 
 Attention: Walter Davis 

email: walter.davis@ms.com 
 If to the Advisor: 
 J E Moody & Company LLC 

245 SW Birds Hill Road 
 Portland, Oregon 97219 
 Attention: John E. Moody 

email: john@jemoody.com; biz@jemoody.com 
 13. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law. 

14. ARBITRATION. The parties agree that any dispute or controversy arising out of or relating to this Agreement or the
interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of the NFA or, if the NFA shall refuse jurisdiction, then in accordance with the rules, then in effect, of the American Arbitration Association;
provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award, and further provided, that any such arbitration shall
occur within the Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction. 
 15. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain persons not party to this Agreement may have rights under Section 6 hereof.

 16. COUNTERPARTS. This Agreement may be executed in any number of counterparts, including via facsimile or email, each
of which is an original and all of which when taken together evidence the same agreement. 
 [THE REMAINDER OF THIS PAGE HAS
BEEN INTENTIONALLY LEFT BLANK.] 

  
 - 10 -

 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH
ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING
PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. 

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

  

			
	CERES MANAGED FUTURES LLC
		
	 By 
	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	COMMODITY ADVISORS FUND L.P.
		
	 By: 
	 	 Ceres Managed Futures LLC

		 	(General Partner)
		
	 By 
	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	J E MOODY & COMPANY LLC
		
	 By 
	 	 /s/ John E. Moody

		 	 John E. Moody

		 	 Principal

  
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 Appendix A 

JEM Commodity Relative Value Program 
 The JEM CRV Program uses quantitative models to detect and exploit price shifts and mispricings between related instruments in the energy, metal and agricultural markets, while employing hedging methods
to maintain approximate market or sector neutrality. The strategies do not make un-hedged directional bets. Most trades are implemented using offsetting long and short positions in futures and futures options, thus reducing exposure to sudden
changes in market direction. As examples, such offsetting positions may be in different delivery months of the same commodity market (e.g., calendar or butterfly spreads), in different but related markets (e.g., crude oil and unleaded
gasoline) or between contracts traded on different exchanges (e.g., New York and London copper). 
 Market coverage for
the CRV portfolio includes crude oil and petroleum distillates, natural gas, industrial metals, precious metals, grains, livestock, foodstuffs, fibers, and potentially other commodities. The Advisor utilizes primarily exchange-traded futures and
futures options to implement its relative value trades, although trades may also be made using other instruments, such as commodity swaps or over-the-counter derivatives contracts. 

The trading opportunities captured by the CRV models are believed to arise due to various factors, including: changes in relative supply
and demand of different commodity contracts, the idiosyncratic actions of market participants, external events that may disrupt production (e.g., droughts, hurricanes, labor unrest or geopolitics), and risk premia associated with general
uncertainties in future supply or demand. By virtue of their relative value nature, CRV trades may be interpreted as providing market liquidity to directional traders who need it, and earning a risk premium by doing so. 

Relative value strategies are frequently employed by hedge funds in the equity, fixed income, convertible bond and option markets, but
are relatively uncommon in the commodity or managed futures arenas. Over extended time periods, relative value strategies have been observed to produce more consistent returns and higher Sharpe ratios than un-hedged, directional trading strategies.
With the high leverage often used, however, some relative value managers have experienced significant losses, particularly when extreme market events have occurred. 
 The Advisor attempts to manage the risk of large losses by limiting the overall portfolio leverage and the degree of exposure to any single commodity market or sector. The CRV portfolio typically includes
about 18 to 24 active relative value trades, with the number of open positions depending on the arbitrage opportunities available. The CRV trades have low mutual correlation, cover multiple markets and sectors and thus enable meaningful
diversification within the CRV portfolio. 
 When few favorable relative value trading opportunities arise in the commodity
markets, or as the Advisor may determine, the Advisor may choose to make relative value trades in the financial futures, options, swap or derivatives markets. At times when many or few trading opportunities are available, the Advisor may increase or
reduce overall CRV portfolio exposure. 
 To hedge offsetting long and short positions, the Advisor may use techniques such as
static hedging, dynamic hedging and option overlays. Moreover, hedging may seek to achieve market or sector neutrality via various benchmarks, such as by being “contract neutral”, “dollar neutral” or “delta neutral”. No
hedging strategy is perfect, but each has its costs, risks, advantages and limitations. Even with well-hedged positions, there is usually some residual exposure to directional market movements. The Advisor seeks to balance the advantages of the
hedging strategy used in a particular relative value trade versus the costs and risks of implementing the trade. 

  
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 Appendix B 
  

  
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