Document:

efc9-1069_emailex102.htm

    Exhibit
10.2

     

     

    INTRODUCING
BROKER CLEARING AGREEMENT

     

    THIS
AGREEMENT is made as of this 3rd day of May 2007, by and between Fimat USA LLC
(hereinafter referred to as “FIMAT”) a corporation, having its principal place
of business at 630 Fifth Avenue, Suite 500, New York, NY 10111 and Altegris
Investments, Inc. (“IB”), an Arkansas corporation having its principal place of
business at 1200 Prospect Street, Suite 400, La Jolla California
92037.

     

    WHEREAS,
IB desires to introduce certain customers to FIMAT in order for such customers
to obtain clearing, execution and other services relating to the purchase and
sale of cash commodities (including financial instruments), options on cash
commodities, commodity futures contracts, options on futures contracts, security
futures contracts, forward or leverage contracts, exchange of futures for
physical and committed overnight pricing transactions and any similar
instruments which may be purchased or sold by or through FIMAT (collectively
referred to as “Futures Contracts”); and,

     

    WHEREAS,
FIMAT desires to render the foregoing services such customers.

     

    NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereby agree as follows:

     

    1.           Services to be Performed by
FIMAT

     

    
      	
               
      

            	
              a.

            	
              FIMAT
      will accept introductions from IB for the creation of accounts in the
      records of FIMAT for customers introduced by IB (“Customers”) and FIMAT
      shall execute or cause to be executed orders for the accounts of such
      Customers, but only insofar as such orders are properly transmitted by
      Customers or third parties with discretion over Customer Accounts,
      including commodity trading advisors, to FIMAT.  Each customer,
      as introduced to FIMAT by IB, will only be regarded as a “Customer” of the
      purposes of this Agreement if (i) it is not an existing or pending
      customer of FIMAT; (ii) satisfactory due diligence is completed by
      FIMAT; and (iii) an internal credit authorization to open one or more
      accounts for such Customer is obtained by
FIMAT.

            

    

     

    
      	
               
      

            	
              b.

            	
              FIMAT
      shall prepare and transmit to Customers written reports of margin calls,
      confirmation, purchase-and-sale, and monthly statements, and such other
      documents as may be required by applicable law.  Such reports
      and other documents furnished by FIMAT to Customers shall indicate that
      the Accounts are introduced by IB to FIMAT.  FIMAT shall
      promptly also provide IB with (i) unless otherwise instructed by the
      Customer in writing, copies of all material communications, reports and
      documents, or summaries thereof, transmitted to Customers hereunder
      including, but not limited to electronic copies of all reports sent to
      Customers and daily electronic equity runs for all markets in which IB’s
      Customers’ trade, (ii) a daily electronic print image file and GMI
      data output for each account and (iii) each month, contemporaneous
      with the payment to IB of commissions and other amounts due to it under
      this Agreement, FIMAT will provide IB with a report containing the
      information in the IB template provided by FIMAT to IB as attached to this
      Agreement as Exhibit B and a breakdown of the calculation used to
      calculate the interest paid by FIMAT to IB.  IB shall treat all
      such information about Customer accounts as
      confidential.  FIMAT’S obligation to disclose any information to
      IB in relation to a Customer to this agreement shall be conditional upon
      Customer providing its prior written consent to the extent required by
      law.  FIMAT shall use its best efforts to obtain such
      consent.  IB shall ensure that Customers are aware that IB
      receives compensation in connection with their trading
      activity.

            

    

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -1-

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              c.

            	
              FIMAT
      shall conduct cashiering functions for Customers’ accounts.  In
      this regard, FIMAT will, pursuant to the instructions of Customers, or
      pursuant to the instructions of the commodity trading advisors they engage
      who have been given written discretionary authority to do so, accept and
      deliver cash and securities for Customer accounts; provided that FIMAT
      shall have no responsibility with respect to such cash or securities until
      such time as the cash or securities have been physically delivered to
      FIMAT.  FIMAT shall pay interest on such cash held for the
      accounts of Customers as described in Exhibit A, in respect of Winton
      Futures Fund, L.P. only, and as otherwise agreed between the parties in
      writing for each new Customer on a case by case
  basis.

            

    

     

    
      	
               
      

            	
              d.

            	
              FIMAT
      shall maintain books and records as required by applicable Federal, state
      and self-regulatory laws, rules and regulations of all transactions for
      Customers’ accounts executed or cleared through
  it.

            

    

     

    
      	
               
      

            	
              e.

            	
              FIMAT
      shall notify IB in writing, promptly upon receipt, or obtaining knowledge,
      of any material Customer complaint or pending or threatened action or
      proceeding by any Customer or if any Customer fails to deposit or maintain
      proper margin, or incurs a deficit in any Customer
  account.

            

    

     

    2.           Information to be Provided
by IB

     

    
      	
               
      

            	
              a.

            	
              IB
      shall promptly provide to FIMAT upon request, with basic data and other
      documents as requested and/or required by applicable federal, state,
      exchange and self-regulatory rules and regulations, as shall be necessary
      or appropriate to permit FIMAT to discharge its obligations
      hereunder.

            

    

     

    
      	
               
      

            	
              b.

            	
              IB
      shall furnish FIMAT with such information and documentation as requested
      by FIMAT for the opening and carrying of Customers’ accounts, including,
      but not limited to, account information and risk disclosure statements, on
      FIMAT’s account forms.

            

    

     

    
      	
               
      

            	
              c.

            	
              IB
      agrees to cause all Customers to execute appropriate customer documents
      (“Customer Agreements”) on such forms as shall be provided by FIMAT to IB
      or as shall otherwise be approved in writing by
  FIMAT.

            

    

     

    
      	
               
      

            	
              d.

            	
              IB
      shall provide FIMAT, upon its written request, with its yearly audited
      financial statements within ninety (90) days following the end of
      IB’s fiscal year and summaries of pending litigation within thirty
      (30) days following the end of each of IB’s fiscal quarters;
      provided, however, that IB shall provide FIMAT with a summary of each
      claim against IB within five (5) days of IB’s receipt of notice of
      such claims.

            

    

     

    
      	
               
      

            	
              e.

            	
              At
      the written request of FIMAT, lB shall provide access, for purposes of
      inspection and examination to its books of account and records to FIMAT in
      response to a request from any designated examining authority of FIMAT or
      any exchange, regulatory or self-regulatory
  authority.

            

    

     

    
      	
               
      

            	
              f.

            	
              IB
      shall provide to FIMAT corporate resolutions, partnership agreements or
      such other documentation as FIMAT may, in its discretion require, showing
      evidence that IB has full power and authority to enter into this
      Agreement.

            

    

     

    3.           Responsibility for
Employees

     

    IB and
FIMAT shall be totally responsible for their own employees and other persons
acting for them in all capacities.

     

    4.           Communications with
Customers

     

    Neither
party shall issue, publish or distribute any advertisement, market letter,
market research report or other sales literature which utilizes or makes
reference to the name or facilities of the other party or any of its affiliates,
without such party’s prior written consent.

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -2-

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.           Duties of IB with Respect to
Customers’ Accounts

     

    
      	
               
      

            	
              a.

            	
              IB
      shall assist FIMAT in obtaining all relevant account documentation,
      including, but not limited to, acknowledgments of receipt of disclosure
      documents and proper exemptive
notices.

            

    

     

    
      	
               
      

            	
              b.

            	
              IB
      shall assure its compliance, as well as that of its employees and
      associated persons, with all rules and regulations to which IB and such
      persons are subject, including but not limited to the requirements and
      regulations of all foreign governing bodies, rules and regulations of the
      Commodity Futures Trading Commission CFTC), exchanges and self-regulatory
      organizations.  IB shall notify FIMAT promptly if at any time
      IB’s registration with any of the foregoing is not in good standing or if
      lB is the subject of an investigation by any of the above mentioned
      agencies.

            

    

     

    
      	
               
      

            	
              c.

            	
              IB
      shall adhere to all reasonable procedures instituted by FIMAT, and
      communicated to IB in writing.

            

    

     

    
      	
               
      

            	
              d.

            	
              IB
      shall notify FIMAT in writing, immediately upon receipt, or obtaining
      knowledge, of any material Customer complaint or pending or threatened
      action or proceeding by any Customer.  FIMAT shall provide IB
      with any assistance IB may reasonably request in order to enable IB to
      handle such inquiries or complaints, however, subject to Section 10,
      FIMAT shall have the right to respond to, adjust, settle or reconcile any
      such Customer complaint which names FIMAT as a party, and any such
      remedial action taken by FIMAT shall be binding upon IB.  FIMAT
      shall notify IB if FIMAT receives a complaint from any Customer of
      IB.

            

    

     

    
      	
               
      

            	
              e.

            	
              IB
      shall not guarantee any Customer account against loss or a margin call in
      an account or in respect of any transaction effected with or for such
      Customer account.

            

    

     

    
      	
               
      

            	
              f.

            	
              IB
      shall make no report or statement (whether orally or in writing) to any
      Customer with respect to any transaction, position, or other matter
      relating to a Customer’s account that is not in conformity with
      statements, reports, and information furnished by FIMAT pursuant to this
      Agreement and any related agreements with
  Customers.

            

    

     

    
      	
               
      

            	
              g.

            	
              IB
      shall notify FIMAT immediately in the event that IB or any agent thereof
      shall become subject to suspension, restriction, disciplinary action,
      sanction, investigation or fine by any regulatory body having jurisdiction
      over IB, IB’s business or FIMAT.  IB authorizes FIMAT to take
      all such steps as may be necessary for FIMAT to maintain compliance with
      the laws, rules and regulations to which it is
  subject.

            

    

     

    6.           IB’s Anti-Money Laundering
Responsibilities

     

    
      	
               
      

            	
              a.

            	
              IB
      hereby agrees and acknowledges that it is obligated to, and will, comply
      with anti-money laundering laws and regulations, including any future
      obligations that may be imposed on IB by law or regulation to know its
      Customers, their source and use of funds, and to monitor for and identify
      suspicious activity.  These obligations include, but are not
      limited to:  (a) currency and foreign transaction
      reporting; (b) suspicious activity reporting; (c) customer
      identification and verification (USA PATRIOT Act § 326); applying
      enhanced due diligence to private banking accounts (USA PATRIOT Act
      § 312); (e) applying those special measures as maybe directed by
      the Secretary of the Treasury (USA PATRIOT Act § 311);
      (f) observing the prohibition on doing business with foreign shell
      banks (USA PATRIOT Act § 313); (g) collecting (and providing to
      FIMAT) certain information as it relates to foreign banks (USA PATRIOT Act
      § 319); and otherwise complying with all applicable laws and
      regulations relating to money laundering
  prevention.

            

    

     

    
      	
               
      

            	
              b.

            	
              IB
      has established and maintains an anti-money laundering program, consisting
      of at a minimum, written internal policies, procedures and controls
      including a means for monitoring and identifying suspicious activity, the
      designation of an anti-money laundering compliance officer, an ongoing
      employee training program, an independent audit function to test such
      programs, and any additional

            

    

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -3-

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
        	
                 
      

              	
                 

              	
                requirements
      set forth in the rules of any self-regulatory organization of which IB is
      a member.

              

      

       

    

    
      	
               
      

            	
              c.

            	
              As
      indicated above, IB is responsible for filing currency transaction reports
      and suspicious activity reports, including form
  SAR.

            

    

     

    
      	
               
      

            	
              d.

            	
              IB
      shall, as soon as practical after identifying a suspicious activity and in
      any event prior to filing a suspicious activity report on SAR, notify
      FIMAT and shall communicate with FIMAT about the transaction for purposes
      of sharing information about the transaction and determining whether IB or
      FIMAT shall file the SAR, unless such sharing of information is prohibited
      by law.  IB will provide FIMAT with copies of all SARs and other
      communications it files with respect to Customer accounts held at FIMAT,
      unless prohibited by law.

            

    

     

    
      	
               
      

            	
              e.

            	
              Prior
      to filing any report with the Treasury Department, the IRS, the U.S.
      Customs Service or any regulatory body or organization relating to the
      reporting of currency transactions IB shall notify FIMAT and cooperate
      with FIMAT as FIMAT may deem appropriate, unless prohibited by law from
      doing so.

            

    

     

    
      	
               
      

            	
              f.

            	
              FIMAT
      reserves the right to make and file such suspicious activity or other
      reports as listed in above when it deems it necessary or appropriate; and
      IB recognizes that when FIMAT does so, FIMAT does not thereby assume any
      responsibility for making and filing reports on behalf of IB and/or
      relieve IB of its own responsibility for making and filing reports as
      necessary under U.S. or other laws and regulations.  FIMAT will
      provide IB a copy of any such report that relates to a Customer account,
      unless prohibited by law from doing
so.

            

    

     

    
      	
               
      

            	
              g.

            	
              At
      the time of the opening of any new Customer account, IB must obtain
      sufficient information from its Customer to satisfy itself as to the
      identity of its Customer and the source of the Customer’s
      funds.  IB also must satisfy itself that opening the Customer
      account would not violate the provisions of various Executive Orders and
      regulations administered by the U.S. Treasury Department’s Office of
      Foreign Assets Control (“OFAC”).  IB will immediately inform
      FIMAT of the existence of any Customer account subject to an OFAC
      restriction.  As detailed below, FIMAT uses software that may
      assist IB to detect possible OFAC
violations.

            

    

     

    
      	
               
      

            	
              h.

            	
              For
      any Customer accounts opened for a non-resident alien, IB will comply with
      FIMAT’s written AML guidelines as provided to IB by FIMAT from time to
      time.

            

    

     

    
      	
               
      

            	
              i.

            	
              IB
      will not establish or maintain specially coded or numbered Customer
      accounts.

            

    

     

    
      	
               
      

            	
              j.

            	
              IB
      shall undertake reasonable efforts to ascertain that the Customer is not
      engaged in unlawful activities, the assets being invested have been
      legitimately obtained, and any disbursements to a Customer or third party
      are for legitimate purposes.

            

    

     

    7.           FIMAT’s Anti-Money
Laundering Responsibilities

     

    
      	
               
      

            	
              a.

            	
              FIMAT
      hereby agrees and acknowledges that it is obligated to comply with
      anti-money laundering laws and regulations, including any future
      obligations that may be imposed on FIMAT.  Notwithstanding the
      foregoing, FIMAT shall be primarily responsible for supervision of ongoing
      account activity in accordance with the USA PATRIOT Act and the
      regulations promulgated pursuant thereto, or any similar laws or
      regulations enacted or adopted hereafter (including, without limitation,
      NFA Compliance Rule 2-9(c).  In the event FIMAT has
      electronic tools for detecting possible money laundering and terrorist
      financing, FIMAT shall make those tools available to
  IB.

            

    

     

    
      	
               
      

            	
              b.

            	
              For
      each new Customer account opened by IB, FIMAT shall submit the name and
      address as provided by the IB to a service company which will determine if
      the Customer is on an OFAC list or is located in a country which is not
      considered a cooperative country by the U.S.
  government.

            

    

     

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -4-

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              c.

            	
              In
      the normal course of providing clearing and custody services, FIMAT may
      detect apparent suspicious activity.  In such circumstances,
      FIMAT will contact IB about the transaction for purposes of sharing
      information about the transaction, unless FIMAT believes that IB itself
      may be engaged in suspicious activity and/or FIMAT would be prohibited by
      law from sharing with IB information about the suspicious
      transaction.  Nothing in this Section is to be read to prohibit
      FIMAT from filing its own suspicious activity and other reports, as it
      believes necessary or appropriate.

            

    

     

    
      	
               
      

            	
              d.

            	
              For
      all incoming wires, FIMAT shall scan relevant information, including the
      remitter’s name and address and the originating bank’s name and address,
      (to the extent provided on an incoming wire) to detect possible OFAC
      restrictions.

            

    

     

    
      	
               
      

            	
              e.

            	
              Requests
      for third party wires are processed by FIMAT on an exception basis
      only.  When allowed, for outgoing wires ordered to the delivery
      of a person or entity other than the account holder, FIMAT requires
      relevant information, including the payee’s name and address and the
      recipient bank’s name and address, to allow FIMAT’s processing to detect
      possible violations of OFAC
restrictions.

            

    

     

    8.           Margins and Margin
Calls

     

    FIMAT, in
its reasonable discretion, shall determine the amount of margin required for
each commodity futures trading account.  FIMAT, from time to time, may
establish margin requirements that exceed the minimum requirements established
by various contract markets, exchanges or the clearing organizations affiliated
therewith.  Margin requirements may be changed by FIMAT without prior
notice; however, FIMAT will promptly notify IB of such
changes.  Should FIMAT determine that a Customer account is under
margined, it shall promptly notify the IB.

     

    9.           Commission
Payments

     

    Customer
shall pay FIMAT clearing and other charges, and FIMAT shall compensate IB for
Customer business, as is provided for in Exhibit A (in respect of Winton Futures
Fund, L.P. only, and as otherwise agreed between the parties in writing for each
new Customer on a case by case basis) after deducting any amounts owing to FIMAT
or any of its affiliates under this Agreement or otherwise, including, but not
limited to IB’s share of Bad Debts.

     

    10.           Indemnification

     

    (a)           IB
shall fully indemnify, protect and hold harmless FIMAT and its directors,
officers, shareholders, employees, agents, affiliates, and each person, if any,
controlling FIMAT from and against any and all manner of claims, demands,
proceedings, suits or actions (whether in law or in equity) and losses,
liabilities, damages, expenses and costs (including attorneys’ fees, but
excluding any consequential loss or loss of profit) (collectively, “Losses”)
suffered by FIMAT resulting from or relating to:

     

    
      	
               
      

            	
              (i)

            	
              Any
      breach by IB of IB’s duties or obligations under this
      Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Any
      inaccuracy or misrepresentation in, or breach of, any of the warranties,
      representations, covenants or agreements made by IB
  herein;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Any
      Customer instituting a claim, suit, action, or other proceeding (whether
      in law or in equity) against FIMAT or any of its affiliates, or any
      exchange or any U.S. or non-U.S. governmental agency or self-regulatory
      organization institutes a claim, suit, action, or other proceeding against
      FIMAT or any of its affiliates relating to this Agreement or any Customer
      that are caused by any action or inaction of
IB;

            

    

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -5-

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (iv)

            	
              Any
      debts, liabilities or obligations arising from the failure of IB to comply
      with the Commodity Exchange Act (the “Act”), the Gramm-Leach-Blily Act,
      the rules and regulations of the CFTC, Federal Trade Commission (“FTC”),
      NFA and any Exchange or with any other applicable law of any jurisdiction
      or agency thereof.

            

    

     

    (b)           FIMAT
shall fully indemnify, protect and hold harmless IB and its directors, officers,
shareholders, employees, agents, affiliates, and each person, if any,
controlling lB from and against any and all Losses suffered by IB resulting from
or relating to:

     

    
      	
               
      

            	
              (i)

            	
              Any
      breach by FIMAT of its duties or obligations under this
      Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Any
      inaccuracy or misrepresentation in, or breach of, any of the warranties,
      representations, covenants or agreements made by FIMAT
    herein;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Any
      claims, liabilities or demands of IB in respect of any Customer or any
      other third party that are caused by any action or inaction of FIMAT
      including any breach by FIMAT of its obligations under its Customer
      Agreement; or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      liabilities or obligations arising from the failure of FIMAT to comply
      with the Act, the Gramm-Leach-Bliley Act, the rules and regulations of the
      CFTC, Federal Trade Commission, NFA and any Exchange or with any other
      applicable law of any jurisdiction or agency
  thereof.

            

    

     

    (c)           None
of the foregoing provisions for indemnification shall be applicable with respect
to default judgments, confessions of judgment or settlements entered into by the
party claiming indemnification (“Indemnitee”) without the prior consent of the
party obligated to indemnify the other party (“Indemnitor”); provided, however,
that should the Indemnitor refuse to consent to a settlement approved by the
Indemnitee, the Indemnitee may effect such settlement, pay the amount in
settlement as it shall deem reasonable and seek a judicial or regulatory
determination with respect to reimbursement by the Indemnitor of any loss,
liability, damage, cost or expense (including reasonable attorneys’ and
accountants’ fees) incurred by the Indemnitee in connection with the settlement
to the extent the loss, liability, damage, cost or expense (including reasonable
attorneys’ and accountants’ fees) was caused by or based upon violation of this
Agreement by the Indemnitor or violation of the standard of conduct set forth
herein.  Notwithstanding the foregoing, the Indemnitor shall, at all
times, have the right to offer to settle any matters and if the Indemnitor
successfully negotiates a settlement with the third party claimant and tenders
payment therefore to the Indemnitee, the Indemnitee must either use its best
efforts to dispose of the matter in accordance with the terms and conditions of
the proposed settlement or the Indemnitee may refuse to settle the matter and
continue its defense in which latter event the maximum liability of the
Indemnitor to the Indemnitee shall be the amount of said proposed
settlement.

     

    (e)           Promptly
after receipt by any of the indemnified parties under this agreement of notice
of any proceeding, the Indemnitee shall notify the Indemnitor in writing of the
commencement thereof, if a claim with respect thereof is to be made under this
Agreement.  If the Indemnitee has actual knowledge of the commencement
of such Proceeding, the failure to notify the Indemnitor shall not relieve such
Indemnitor from any indemnification liability which it may have to such
Indemnitee pursuant to this Section 10, and the omission to notify the
Indemnitor shall not relieve the Indemnitor from any obligation or liability
which it may have to any such Indemnitee otherwise than under the provisions of
Section 10 except to the extent such failure to so notify causes judgment
to be entered.  The Indemnitor will be entitled to participate in the
defense of any such Proceeding and to assume the defense thereof with the
assistance of counsel reasonably satisfactory to the Indemnitee.  In
any such Proceeding, the Indemnitee shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the Indemnitee’s
own expense unless (i) otherwise agreed by the Indemnitor and Indemnitee,
or (ii) the named parties to any such proceeding (including any impleaded
parties) include both the Indemnitor and the Indemnitee, and representation of
both parties by the same counsel would 

     

     

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -6-

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      be
inappropriate due to actual or potential differing interests between them or the
existence of different or additional defenses (it being understood, however,
that the Indemnitor shall not be liable for legal fees or other expenses of more
than one separate film of attorneys for all such Indemnitees, which firm shall
be designated in writing by such Indemnitees and be reasonably acceptable to the
Indemnitor).  The Indemnitee will cooperate with the Indemnitor in
connection with any such Proceeding and shall make all personnel, books and
records relevant to the Proceeding available to the Indemnitor and grant such
authorizations or powers of attorney to the agents, representatives and counsel
of the Indemnitor as the Indemnitor may reasonably consider desirable in
connection with the defense of any such Proceeding.

    

     

    (f)           Any
dispute as to whether a person or entity is entitled to indemnification under
this Section 10 shall be determined by binding arbitration in accordance
with Section 21.

     

    11.           Representations and
Warranties

     

    The
parties represent and warrant as follows:

     

    
      	
               
      

            	
              (a)

            	
              IB
      and FIMAT have obtained and will maintain, during the term hereof, all
      licenses and registrations necessary for the conduct of its business,
      including, without limitation, registration with the CFTC, the NFA and
      such other regulatory or self-regulatory organizations as may be necessary
      for the proper conduct of the parties
business;

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      parties have all requisite authority, whether arising under applicable
      Federal, state, exchange or self-regulatory organization laws, rules and
      regulations or otherwise to enter into this
  Agreement;

            

    

     

    
      	
               
      

            	
              (c)

            	
              All
      employees, agents and associated persons of both parties have been and
      will continue to be duly registered and licensed as necessary and to the
      extent required by law, to participate in the transactions contemplated by
      this Agreement; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              Both
      parties are currently and shall remain in compliance with all financial
      and regulatory requirements as set forth by the CFTC, NFA, FTC, exchanges
      or any other self-regulatory organization, including, without limitation,
      the minimum capital requirements set forth in CFTC Regulation
      1.17.  IB shall promptly notify FIMAT, in writing, if IB’s net
      capital falls below the requirements of the NFA and the
    CFTC.

            

    

     

    12.           Security Interest and Right
of Set Off

     

    IB hereby
grants to FIMAT a security interest and lien in all monies, securities, futures
contracts or other property which FIMAT may at any time be carrying for IB for
any reason to offset and discharge IB’s liability to FIMAT pursuant to this
Agreement.

     

    13.           Requests for
Information

     

    Each of
the parties shall have the right to disclose any information regarding the other
or the Customers as required by any Federal, state, exchange or self-regulatory
authority or pursuant to any subpoenas properly served upon such disclosing
party.

     

    14.           Advertising

     

    Any and
all advertising, sales literature or other promotional material of the IB shall
be at its expense and no such
advertising, sales literature or promotional material shall use the name of
FIMAT, its employees or affiliates, in any manner, unless IB has obtained
FIMAT’s prior reasonable written consent.

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -7-

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    15.           Relationship of the
Parties

     

    IB is an
introducing broker, registered as such with the CFTC and is a member of the
NFA.  As such, the parties acknowledge that IB is a separate and
distinct entity completely independent from FIMAT.  Nothing contained
herein shall be construed by the parties, or by any third party, as creating a
relationship of agency, partnership, joint venture or employer-employee between
FIMAT and IB.  FIMAT shall have no responsibility or liability,
whether real, contingent or otherwise, for the acts or omissions of IB to third
parties.

     

    16.           FIMAT Right to Limit
Accounts

     

    FIMAT, in
its sole and absolute discretion, may refuse to accept any Customer of IB and
may refuse an order for Futures Contracts for a Customer, and, on prior notice
to IB, if possible, may terminate any Customer account previously
accepted.  FIMAT may liquidate any position in any Customer account,
if, in FIMAT’s reasonable discretion, FIMAT deems it necessary for its
protection.  IB agrees that FIMAT is not a fiduciary or advisor to IB
or to its Customers.  Anything in this Agreement to the contrary
notwithstanding, FIMAT shall have the same rights and remedies in dealing with
the Customers as are set forth in each customer agreement between FIMAT and such
Customer.

     

    17.           Termination

     

    
      	
               
      

            	
              (a)

            	
              The
      term of this Agreement shall be indefinite.  Either party upon
      ten (10) days written notice may terminate this
      Agreement.  If IB is terminating this Agreement, it shall give
      FIMAT reasonable prior notice of the transferee futures commission
      merchant and evidence of Customer’s intent to transfer.  Within
      thirty (30) days of termination of this Agreement by either party for
      any reason, IB agrees to provide FIMAT instructions regarding the transfer
      of Customer accounts.  Upon receipt of written instructions from
      Customer (or its designee who has been given written authority to do so)
      to FIMAT, and proof of sufficient notice to Customer from IB to FIMAT,
      FIMAT shall assign all Customer Accounts to an FCM selected by Customer
      (or such designee) and shall transfer all Customer balances and open
      positions in such accounts via a tape-to-tape transfer to the extent the
      receiving FCM will accept a tape-to-tape transfer.  Except for
      the 1⁄2 turn commission in connection with the establishment of any open
      positions at FIMAT any fee or commission levied by an exchange and/or any
      outstanding balance owed by any client to FIMAT neither IB nor such
      Customer accounts will be charged any other fees, commissions or charges
      with respect to such transfer.  Furthermore FIMAT shall provide
      IB with copies of the Customer account documentation including account
      opening documentation.  FIMAT agrees that in the event that the
      FCM to which the accounts have been assigned refuses any account in
      writing within 48 hours of assignment or FIMAT does not receive transfer
      instructions from IB within 30 days of the date of termination, FIMAT
      shall maintain Customer accounts and will notify Customers that they must
      elect an FCM within thirty (30) days; provided however, that if FIMAT
      is prohibited by applicable law or regulation from continuing to provide
      services to any client, it may immediately close any such client account
      and notify IB and Client It is for the Customers to decide whether and
      whom to transfer their accounts to.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Upon
      termination of this Agreement, each party shall continue to indemnify,
      protect and hold harmless the other party, its subsidiaries, its
      affiliates and all of the persons controlling any of them for any
      liabilities, losses, expenses and costs incurred by either party as a
      result of any event the occurrence of which would have required
      indemnification if the Agreement were in
effect.

            

    

     

    
      	
               
      

            	
              (c)

            	
              FIMAT
      and IB specifically agree that any and all obligations owing to the other
      shall survive the termination of this Agreement and shall remain in full
      force and effect despite the termination of this Agreement to any
      occurrence or transmission undertaken during the life of this
      Agreement.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Continuing
      Payments:

            

    

     

    (i)           If
this Agreement is terminated for any reason and Customers introduced to FIMAT by
lB remain Customers of FIMAT thereafter, FIMAT shall continue to make Continuing

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -8-

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Payments (as defined below) to IB as long as such Customers remain
Customers of FIMAT or any affiliate thereof.

     

    (ii)           If,
during the term of this Agreement, any Customer of IB introduced to FIMAT by IB
chooses to terminate its relationship with IB and enter into a direct
relationship with FIMAT, FIMAT shall continue to make Continuing Payments to IB
for as long as such Customer remains a Customer of FIMAT or any affiliate
thereof.

     

    
      	
               
      

            	
              (e)

            	
              FIMAT’s
      obligation to make Continuing Payments are contingent
      upon:  (x) the Customers maintaining their accounts on the
      books of FIMAT or its affiliates and (y) IB maintaining the necessary
      regulatory licenses to receive such
amounts.

            

    

     

    
      	
               
      

            	
              (f)

            	
              For
      purposes of this Agreement “Continuing Payments” means the amounts
      described in Paragraph 9 as though this Agreement were still in
      effect.  During the period in which FIMAT makes Continuing
      Payments it shall continue to provide IB with the reports described in
      paragraph 1(b).

            

    

     

    18.           Non-Solicitation

     

    FIMAT,
its affiliates and their respective employees (the “FIMAT Parties”) shall not
solicit any Customer during or after the term of this Agreement

     

    19.           Assignment

     

    This
Agreement may be assigned only by mutual written agreement between the parties
(which agreement shall not be unreasonably withheld) and upon receipt of any
required regulatory notice by the appropriate party.

     

    20.           Governing
Law

     

    This
Agreement, and the rights and obligations of the parties hereto, shall be
governed by, construed and enforced in all respects by the Laws of the State of
New York, without regard to its conflict of laws principles.

     

    21.           Arbitration and Consent to
Jurisdiction and Venue

     

    As to
disputes between FIMAT and IB, except with respect to injunctive relief brought
by either party, which shall be brought exclusively in a state or federal Court
located in New York County, New York, all controversies that arise in connection
with any transaction contemplated by this Agreement or the construction,
performance or breach of this Agreement, shall be determined by arbitration to
be held in New York County, New York, in accordance with the rules then
obtaining of the NFA or in accordance with the rules then obtaining of the
American Arbitration Association in the event the NFA declines jurisdiction;
provided however,  that (i) the arbitrator(s) shall be
knowledgeable in industry standards and practices and the matters giving rise to
the dispute; (ii) the arbitrator(s) shall not have the power and authority
to award punitive damages; (iii) the authority of the arbitrators(s) shall
be limited to construing and enforcing the terms and conditions of this
Agreement as expressly set forth herein; and (iv) the arbitrator(s), if
allowed by the rules, shall state the reasons for their award and their legal
and factual conclusions underlying the award in a written
opinion.  The award of the arbitrator(s), or a majority of them, shall
be final, and judgment upon the award may be confirmed and entered in any court,
state or federal, having jurisdiction.

     

    22.           Miscellaneous

     

    
      	
               
      

            	
              (a)

            	
              If
      any part, term or provision of this Agreement is held to be illegal or in
      conflict with the law of any state or any other law, the validity of the
      remaining portions or provisions shall not be affected, and the rights and
      obligations of the parties shall be construed and enforced as if this
      Agreement did not contain the particular part, term or provision held to
      be invalid.  The section headings in this
  

            

    

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -9-

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
       

      
        	
                 
      

              	
                 

              	
                Agreement
      are inserted for convenience of reference only and are not intended to
      limit the applicability or affect the meaning of any of its
      provisions.

              

      

       

    

    
      	
               
      

            	
              (b)

            	
              This
      Agreement shall inure to the benefit of, and be binding on each of the
      parties and their successors and
assigns.

            

    

     

    
      	
               
      

            	
              (c)

            	
              At
      all times during the term of this Agreement and following the termination
      thereof (i) each of the IB and FIMAT will keep confidential any
      information acquired in respect of the other as a result of this Agreement
      regarding the business, affairs and customers of each other, and shall not
      disclose this information to third parties except as may be required by
      law.

            

    

     

    
      	
               
      

            	
              (d)

            	
              FIMAT
      has established a Business Continuity Plan in accordance with applicable
      rules.  lB may obtain a copy of FIMAT’s Business Continuity
      Plan, upon IB’s request.

            

    

     

    23.           Notices

     

    If to
FIMAT:

    630 Fifth
Avenue,

    Suite
500

    New York,
NY 10111

    Attention,
General Counsel

     

    
      	
               
      

            	
              If
      to IB:

            	
              Altegris
      Investments, Inc.

            

    

    
      	
               
      

            	
              1200
      Prospect Street

            

    

    
      	
               
      

            	
              Suite
      400

            

    

    
      	
               
      

            	
              La
      Jolla CA 92037

            

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written.

     

    
      
        	FIMAT
      USA, LLC	 	 	ALTEGRIS
      INVESTMENTS, INC.	 
	
                 

                 

                /s/
      Frank Perry

              	 	 	
                 

                 

                /s/
      Robert J. Amedeo

              	 
	
                Signature

              	 	 	
                Signature

              	 
	 	 	 	 	 
	     Frank
      Perry	 	 	Robert
      J. Amedeo	 
	     Deputy
      General Manager	 	 	 	 
	
                Print
      Name and Title 

              	 	 	
                Print
      Name and Title

              	 

      

    

     

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -10-

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Exhibit
A

    Sharing
of Net Revenues

    Winton
Futures Fund, L.P.

     

     

     

     

    
      Introducing Broker Clearing Agreement
-FIMAT – Altegris  -11-

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

     

     

     

     

    Global Listed Futures Term Sheet:
[Redacted]efc8-1069_emailex103.htm

    Exhibit 10.3

    
 

    WINTON
FUTURES FUND, L.P. (US)

     

    A
Colorado Limited Partnership

     

    Limited
Partnership Interests

    

    

    SELLING
AGENCY AGREEMENT

    

    

    Dated as
of ______________, 2008

    

    ___________________________

    ___________________________

    ___________________________

    ___________________________

    

    Ladies
and Gentlemen:

     

    Winton
Futures Fund, L.P. (US) (the “Fund”), a Colorado limited
partnership, is offering its Class A, Class B and Institutional class of limited
partnership interests (the “Interests) to qualified
investors.  The offering of Interests (the “Offering”) is exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to
Section 4(2) thereof and Regulation D promulgated thereunder and is being
conducted pursuant to the terms of the Private Placement Memorandum dated June
2, 2008 supplied to you by the Fund (references to which shall be deemed to
include any and all supplements and amendments thereto and all financial
statements, if any, and exhibits that are included therein, referred to
collectively herein as the “Memorandum”).  All
capitalized terms used herein, unless otherwise indicated, shall have the
meanings attributed to them in the Memorandum.  Altegris Portfolio
Management, Inc., d/b/a APM Funds, (the “General Partner”) is the
Fund’s general partner.

    

    Section
1.                                Appointment
of Selling Agent and Terms of Offering.

    

    1.1           Appointment of Selling
Agent.  __________________ (“you” or “Selling Agent”) is hereby
appointed a selling agent to sell the Interests of the Fund on a non-exclusive
basis for the purpose of finding acceptable investors in the
Fund.  Subject to the performance by the Fund of its obligations and
to the completeness and accuracy of the representations and warranties set forth
herein, you hereby accept such appointment and agree, upon the terms and
conditions set forth in this Agreement, to use your best efforts during the term
of this Agreement to find suitable subscribers for the Interests, provided that
the Fund and the General Partner acknowledge that you as the Selling Agent (i)
do not provide any representation or warranty that you will be able to raise any
funds, and (ii) have no liability hereunder for failure to raise funds,
notwithstanding anything else set forth herein (other than as specifically set
forth herein).  You will only solicit the investors that you believe
are suitable for the Fund (each, a “Suitable
Investor”).  Suitable Investors found and referred to the Fund
by you that are approved 

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                                           1

        
          

        

      

      
        
        

      

    

     

    
      by the
Fund and that subscribe for Interests and become limited partners of the Fund
during the term of this Agreement are referred to herein as “Selling Agent
Investors.”  The Fund is not obligated to accept the
subscription of any Suitable Investor and may reject any Suitable Investor in
its sole and absolute discretion.  Nothing contained herein shall
limit or waive the right of the Fund to require withdrawal or redemption of a
Selling Agent Investor from the Fund.  You agree that you will not
appoint any selling agents to perform under this Agreement without the express
written consent of the Fund.

    

    

    1.2    Solicitation of Subscriptions and
Performance of Investor Relations Services.  You hereby agree
to solicit, as an independent contractor and not as an agent of the Fund,
Suitable Investors in accordance with the terms of the Memorandum and this
Agreement, provided that you reserve the right not to submit any potential
investors to the Fund.  You agree to assist the Fund in making
presentations to Suitable Investors and Selling Agent Investors. Once a Suitable
Investor becomes a Selling Agent Investor, and for as long as it remains a
limited partner, you further agree to provide to the Fund such investor
relations services as the Fund may from time to time reasonably request,
including, but not limited to, the following (such services, the “Investor Relations
Services”):

    

    1.2.1    promptly
deliver any and all oral or written instructions received  directly
received from Selling Agent Investors, to the Fund.

    

    1.2.2            reporting
to Selling Agent Investors the Fund’s net asset value per Interest;

    

    1.2.3            responding
on the Fund’s behalf to Selling Agent Investors’ questions relating to account
statements, annual reports and K-1’s furnished by the Fund;

    

    1.2.4.    assisting
the Fund in processing redemption requests from Selling Agent Investors;
and

    

    1.2.5.    performing
such additional investor services as may for time to time arise with Selling
Agent Investors.

    

    Your
obligation to provide the ongoing Investor Relations Services described herein
shall (i) during the term of this Agreement extend only to Suitable Investors
and Selling Agent Investors solicited by you pursuant to this Agreement (and not
to any other persons) and (ii) upon termination of this Agreement, shall
continue only with respect to Selling Agent Investors for so long as any of them
remain limited partners of the Fund.

     

    1.3.    Subscriptions.

     

    1.3.1.    Solicitation
Procedures.  You or a person acting on your behalf shall
furnish to each offeree, concurrently with making an offer to such offeree (and
its purchaser representative, if such a representative has been selected), a
numbered copy of the Memorandum, and shall maintain adequate records of each
person to whom a Memorandum has been delivered.  At the end of each
calendar month, you will send a 

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    2

        
          

        

      

      
        
        

      

    

    report to
the General Partner, which will include such information as the Suitable
Investors’ names, Memorandum numbers and states to which the Memorandum was
delivered. Each person desiring to purchase an Interest in the Offering shall be
required to execute and deliver to the Fund a completed and executed
subscription document, and pay the full amount of the subscription in accordance
with the instructions in the subscription documents.  You shall
transmit a copy of each Selling Agent Investor’s (or Suitable Investor’s, as
appropriate) original subscription document received by you to the Fund at the
address listed in the subscription documents as soon as received.

     

     

    1.3.2.    Acceptance Standards and
Procedures.  The Fund will not consider any proposed
subscription by a Suitable Investor or a Selling Agent Investor (as appropriate)
until its or his subscription documents have been completed, signed and
delivered.  After receipt of the subscription documents, the Fund will
determine whether it wishes to accept the offered subscription.  The
date on which an investor is accepted in to the Fund as a limited partner being
the “Investment
Date.”  Subscriptions for Interests will be accepted only from
subscribers that meet the investor suitability standards set forth in the
Memorandum.  The minimum initial required purchase by any subscriber
shall be $25,000 for Class A Interests and Class B, and $1,500,000 for
Institutional Interests unless the Suitable Investor otherwise meets the
criteria set forth in the Memorandum, plus any applicable selling commission. If
there is a conflict regarding a Suitable Investor due to a prior solicitation by
another selling agent, the General Partner shall promptly notify the Selling
Agent and use reasonable business efforts to reconcile the conflict. The General
Partner shall determine in its sole but reasonable discretion whether the
Selling Agent’s efforts resulted in the investment into the Fund being made and
therefore whether a prospective or existing limited partner is a Selling Agent
Investor pursuant to this Agreement, or is attributable to a selling agent other
than the Selling Agent.

     

    1.3.3.    Rejection.  Any
subscription may be rejected in whole or in part by the Fund, provided that the
Fund must notify the Selling Agent of its rejection of any subscription within
five (5) days of receipt of completed subscription documents.  Should
the Fund determine to reject a subscription, the Fund will promptly return the
subscription documents and the funds previously received from the person whose
subscription was rejected directly to the prospective purchaser.

     

    1.4.   Due Diligence.  You
agree to conduct your own investigation and not to recommend any prospective
investors to the Fund unless you determine that all material facts upon which
each Suitable Investor or Selling Agent Investor (as appropriate) might rely in
making his or its investment decision have been accurately and adequately
disclosed in the Memorandum to the extent you deem necessary and that each
Suitable Investor meets the suitability requirements set forth in the
Memorandum. You further acknowledge receipt of the Memorandum and will use the
Memorandum and other documents provided to you by the Fund only for solicitation
purposes in soliciting investors in the Fund.  You have read the
Memorandum and will not make any representations not set forth in the
Memorandum, or other materials regarding the Fund that are approved by the
General Partner for your use in soliciting Suitable Investors or Selling Agent
Investors (as appropriate).  You will return any undistributed copies
of the 

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    3

        
          

        

      

      
        
        

      

    

     

    Memorandum
to the Fund at the end of the term of this Agreement or as sooner requested by
the Fund.  This Section 1.4 does not relieve the Fund of its
independent obligation to ascertain the suitability of Selling Agent
Investors.  You will not alter any Fund documents without our consent
and will not prepare any other materials concerning the Fund without first
sending them to us for our review and approval.

     

    1.5.    Compensation to the Selling
Agent.

     

    1.5.1.    Fees and
Expenses.  In full compensation for your services described
herein, with respect to each Selling Agent Investor introduced and procured by
your efforts hereunder, the Fund and/or the General Partner, as applicable,
shall pay you the fees as set forth in Exhibit A (the “Fees”) attached
hereto.  The Fund will pay all costs and expenses of the Fund relating
to counsel, accountants for the Fund and the costs of preparing the
Memorandum.  You shall not be responsible for any expense of the Fund
or others for any charges or claims related to the Offering, but you shall be
responsible for all expenses incurred by you in connection with your performance
of your duties under this Agreement and neither the Fund nor the General Partner
shall have an obligation to reimburse you for any such expenses.

     

    1.5.2.    Payment of the
Fees.  Payment of the Fees to you is subject to the following
conditions:

     

    (a)           
Amounts will be payable to you only with respect to Interests owned by Selling
Agent Investors.

     

    (b)           The
General Partner shall determine in its sole but reasonable discretion whether
your efforts resulted in the investment into the Fund being made and therefore
whether a limited partner is a Selling Agent Investor.

     

    (c)           
No selling commissions will be paid from the proceeds of sales of Interests and
no Fees or any other payments shall be due to you for introductions or purchases
other than those specifically described herein.  You agree that with
respect to the services you will perform for the Fund hereunder you shall have
no right to seek and will not seek payment of any fee (including, but not
limited to, consulting, management, incentive or advisory) from any person or
entity other than the Fund or the General Partner.

     

    (d)    If any
registered representative of the Selling Agent becomes employed by another
appropriately registered firm (the “Transferee Firm”), and the
Selling Agent Investors introduced to the Fund by the registered
representative  (“Registered Representative
Investors”) become clients of the Transferee Firm, the Selling Agent
assigns, without the need for further documentation, its right to receive the
Fees attributable to Registered Representative Investors to the Transferee
Firm.

     

    
      	
              Section
      2.  

            	
              Representations
      and Warranties of the Fund and the General
  Partner.

            

    

     

    (a)           The
Fund and/or the General Partner, as applicable, represent and warrant to you, as
specifically set out below, the following:

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    4

        
          

        

      

      
        
        

      

    

     

    2.1.           Power and Authority of the
Fund.  The Fund has been duly organized and is validly existing
and in good standing under the laws of the state of its formation, with full
power and authority to conduct business as described in the
Memorandum.  The Fund has, and on each Investment Date will have, full
power and authority to conduct its business as described in the Memorandum. The
Fund is, and at each Investment Date will be, duly licensed or qualified to do
business and in good standing in the state of its formation.  Except
as disclosed in the Memorandum, the Fund has, and on each Investment Date will
have: (i) all governmental licenses, permits, consents, orders, approvals and
other authorizations necessary to carry on its business as contemplated in the
Memorandum the absence of which would have a material adverse effect on the
business, prospects or financial condition of the Fund; (ii) complied in all
material respects with all laws, regulations and orders applicable to it or its
business; and (iii) performed all of its material obligations required to be
performed by it, and is not, and on each Investment Date will not be, in
default, under any indenture, mortgage, deed of trust, voting trust agreement,
loan agreement, bond, debenture, note, agreement, lease contract, loan
agreement, lease, contract or other agreement or instrument (collectively, a
“Contract or Other
Agreement”) to which it is a party or by which its property is bound or
affected.

     

    2.1.1.    Validity of Issuance of
Securities.  The outstanding Interests have been, and the
Interests to be issued and sold by the Fund pursuant to the Offering, upon such
issuance will be, when paid for as provided herein and in the Memorandum, duly
authorized, validly issued, fully paid and non-assessable, and will not be
subject to any preemptive or similar rights.  The description of the
Interests in the Memorandum is, and on each Investment Date will be, complete
and accurate in all material respects. Subscribers for the Interests shall have
no liability in excess of their respective capital contributions other than as
required or permitted by applicable law.

     

    2.1.2.    Adequacy of the
Memorandum.  The Fund has or will have prepared and delivered
to you the Memorandum.  The Memorandum and any other written materials
provided to the Selling Agent by the Fund or the General Partner do not, to the
best of the General Partner’s knowledge, and on any Investment Date will not,
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading.  There are no material Contracts or Other agreements
to which the Fund is a party which have not been described in the
Memorandum.  All such
Contracts or Other Agreements to which the Fund is a party have been duly
authorized, executed and delivered by the Fund, constitute valid and binding
agreements of the Fund and are enforceable against the Fund in accordance with
the terms thereof.

     

    2.2.   Power and Authority of General
Partner.  The General Partner has been duly organized and is
validly existing and in good standing under the laws of the state of its
formation, with full power and authority to conduct business and enter into this
Agreement.  The General Partner has obtained and filed any necessary
consent, approval, authorization or order necessary, under any “Laws,” which is
required for the performance of the General Partner’s obligations or business in
relation to this Agreement other than with respect to the consents, approvals,
authorizations or orders the 

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    5

        
          

        

      

      
        
        

      

    

     

    absence
of which would not cause a material adverse effect on the business, prospects or
financial condition of the General Partner.  All such required
consents, authorizations, approvals or orders shall, to the extent necessary,
remain in full force and effect during the term of this
Agreement.  “Laws” when used as a defined
term in this Agreement shall mean all statutes, laws, rules, regulations,
requirements, ordinances, injunctions, writs, decrees and court orders of any
governmental authority, including but not limited to any U.S. federal or state
law related to securities or investment advice, or fraudulent or felonious
conduct, or any rule or regulation promulgated pursuant to such
Laws.

     

    2.3.   Due Authorization and Enforceability
of this Agreement.  This Agreement has been duly and validly
authorized, executed and delivered by or on behalf of the Fund and the General
Partner and constitutes the valid, binding and enforceable agreement of the Fund
and the General Partner, except to the extent that (i) the enforceability of
this Agreement may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the rights of creditors generally or by
general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law), and (ii) the indemnification
provisions of this Agreement may be held to violate public policy (under either
state or federal law) in the context of the offer or sale of
securities.

     

    2.4.   No Material Adverse
Change.  Except as may be disclosed in the Memorandum (as
supplemented from time to time), or as the Fund or the General Partner may
otherwise disclose to you from time to time after the date of this Agreement,
(i) there has not been any material adverse change in the capitalization of the
Fund or the General Partner, or in the business, properties, business prospects,
condition (financial or otherwise) or results of operations of the Fund or
General Partner, arising for any reason whatsoever other than in the ordinary
course of business and (ii) the Fund and the General Partner have not incurred
any material liabilities or obligations, direct or contingent.

     

    2.5.   Absence of Legal or Contractual
Conflicts.  The execution, delivery and performance of this
Agreement, and the consummation of the transactions contemplated hereby, will
not result in: (a) the creation or imposition of any lien, charge or encumbrance
upon any of the assets of the Fund or the General Partner pursuant to the terms
or provisions of any Contract or Other Agreement; (b) a breach, violation or
default under (or the triggering of any termination or acceleration rights
under) any of the terms or provisions of the organizational documents of the
Fund or General Partner, or of any Contract or Other Agreement to which the Fund
or General Partner is a party or by which the Fund, the General Partner or any
of their respective properties is bound or affected; or  (c) a
violation of any Laws applicable to the business or properties of the Fund or
General Partner.

     

    2.6.   Governmental
Consents.  No consent, approval, authorization or order of any
court or governmental agency or body has been obtained or is required for the
performance of this Agreement and the consummation of the transactions
contemplated in this Agreement by the Fund or the General Partner, except for
any such approvals or 

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    6

        
          

        

      

      
        
        

      

    

     

    authorizations
disclosed in the Memorandum or which have or in the future will be obtained as
required under any applicable state securities laws (“Blue
Sky” laws).

     

    2.7.   Pending
or Threatened Claims.  Except as may be described in the
Memorandum or that has otherwise been disclosed to you in writing, and to the
best of the General Partner’s and Fund’s knowledge, there is not pending,
threatened or contemplated any actions, suits or proceedings (i) before or by
any federal, state or local court, commission, regulatory body, administrative
agency or other governmental body against the Fund, the General Partner, or
their respective officers or other principals in their capacities as such, or
(ii) as a result of any default in the due performance and observance of any
material obligation, term, covenant or condition of any Contract or Other
Agreement to which the Fund or General Partner is a party or by which the Fund,
the General Partner or any of their respective properties is bound or affected,
that might result in any material adverse change in the condition (financial or
otherwise), earnings, affairs assets or business or prospects of the Fund or the
General Partner.

     

    Section
3. Covenants
of the General Partner and the Fund.

     

    The
Fund and/or the General Partner, as applicable, covenant with you as
follows:

     

    3.1.   Amendment
of Memorandum.  Upon the occurrence of any event that would
cause the Memorandum, during the Offering, to include an untrue statement of a
material fact or to omit to state a material fact necessary to make the
statements therein not misleading, the Fund and/or General Partner will promptly
notify you of the event and promptly prepare and furnish to you such number of
copies as you may request of an amended or supplemented Memorandum that shall
not contain any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein not
misleading.

     

    3.2.   Compliance
with Securities Laws.  The Fund will cause the sale of the
Interests to take place in a manner that will permit reliance upon Regulation D
promulgated under the Securities Act and will file the required Form D in a
timely fashion.  The Fund will cause its counsel to file on its behalf
such notices and consents to service of process as are necessary to conduct the
Offering under the securities or Blue Sky laws of states in which the Fund is
offered.

     

    3.3.   Reports
and Other Information.  The Fund will, as long as any Interests
may remain outstanding, furnish directly to you, upon request, one copy of each
report furnished to Selling Agent Investors.

     

    3.4    Limited
Liability and Fund Status.  The Fund will take all steps
necessary to preserve, to the extent possible, the limited liability of the
Selling Agent Investors and the Fund’s status as a limited
partnership.

     

    3.5           
Notification of
Changes.  The General Partner and/or the Fund will
notify you promptly of any material change to any of the representations,
warranties, covenants 

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                                           7

        
          

        

      

      
        
        

      

    

     

    or
agreements of the Fund or the General Partner contained herein during the term
of this Agreement.

     

    3.6            General
Covenants.    The General Partner covenants that it
will at all times be in compliance with all Laws (as defined above) the
non-compliance with which will result in a material adverse effect on the
General Partner’s business, financial conditions or operations.  The
General Partner covenants that it will manage the Fund’s business in accordance
with the terms of the Memorandum.  The General Partner shall inform
the Selling Agent of the initiation of any investigation, claim or inquiry of
any governmental or self-regulatory organization related to the Fund, the
General Partner or their affiliates, or of any lawsuit of any party against the
Fund, the General Partner or their affiliates, promptly upon the General Partner
having notice of such a matter. The term “affiliate” shall mean the broadest
definition of affiliate contained in federal or state securities
laws.

     

    3.7           Confidentiality.  Except
as required by applicable Laws or legal process or pursuant to any legal,
regulatory or self-regulatory requests for information or documents, the General
Partner and the Fund agree to comply with all applicable Laws relating to the
privacy of personal financial information of Suitable Investors and Selling
Agents Investors under this Agreement (e.g., as imposed by the
Gramm-Leach-Bliley Act of 1999 and enforced by various federal regulatory
agencies, or under applicable state personal financial privacy
regulations).

     

    Section
4. Representations
and Warranties of the Selling Agent.

     

    You
hereby represent, warrant and agree with the Fund and the General Partner for
their benefit that:

     

        4.1.   Entity Power and
Authority.  You have been duly organized and validly existing
as an entity under the laws of your state of organization, with all requisite
power and authority to conduct your business and to perform the obligations
contemplated herein.

     

    4.2.   Due Authorization and Enforceability
of This Agreement.  This Agreement has been duly and validly
authorized, executed and delivered by you or on your behalf and constitutes your
valid, binding and enforceable agreement, except to the extent that (i) the
enforceability of this Agreement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the rights of creditors
generally or by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law), and (ii) the
indemnification provisions of this Agreement may be held to violate public
policy (under either state or federal law) in the context of the offer or sale
of securities.

     

    4.3.   Absence of Legal or Contractual
Conflicts.  Your execution and delivery of this Agreement, and
the performance of your obligations hereunder, will not result in a violation
of, be in conflict with or constitute a default under any agreement or
instrument to which you are a party or by which you or your properties are
bound, or any 

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    8

        
          

        

      

      
        
        

      

    

     

    judgment,
decree, order or, to your knowledge, any statute, rule or regulation applicable
to you.  Except as it has otherwise been disclosed to the Fund, there
are no actions, suits or proceedings pending or, to your knowledge, threatened
against or affecting you or your officers or directors in their capacity as
such, before or by any court, commission, regulatory body, administrative agency
or other governmental body, domestic or foreign, wherein an unfavorable ruling,
decision or finding might materially and adversely affect you or your business,
properties, business prospects, condition (financial or otherwise) or results of
operations taken as a whole.

     

    4.4.   Broker-Dealer and Other
Qualifications.  You are (and will continue to be at all times
during the term of this Agreement) registered as a broker-dealer in good
standing with the SEC and a member in good standing of FINRA and agree to abide
by the Rules of Fair Practice of such association.  You are properly
registered or licensed in good standing as a broker or dealer under applicable
laws and regulations, including applicable state “Blue Sky”
laws.  You, your affiliates, and your or their officers and directors
(or any other person serving in a similar capacity) have not taken or failed to
take any act, and are not subject to any order or proceedings, that would make
unavailable any limited offering exemption from registration or qualification
requirements of state securities laws.  You are, and at each
Investment Date will be, duly licensed or qualified to do business and in good
standing as a foreign business enterprise in all jurisdictions in which the
nature of the activities conducted by it or the character of the assets owned or
leased by it makes such licensing or qualification necessary, except to the
extent that the failure to be so licensed or qualified does or will not have a
material adverse effect on the business or operations of you or the
Fund.

     

    4.5.   Statutory
Disqualifications.  You hereby represent that you are not in
violation of any “Bad Boy” provisions of any state, and no other issuer of
privately placed securities has declined or refused to accept the you as a
selling agent of such issuer's securities in connection with any conviction,
order, judgment or decree.  Specifically, that you (i) within the last
five years, have not filed a registration statement that is subject to a
currently effective registration stop order entered by any state securities
administrator or the SEC, (ii) within the last five years, have not been
convicted of any criminal offense in connection with the offer, purchase or sale
of any security, or involving fraud or deceit, (iii) are not currently subject
to any state or federal administrative enforcement order or judgment, entered
within the last five years, finding fraud or deceit in connection with the
purchase or sale of any security, or (iv) are not currently subject to any
order, judgment or decree of any court of competent jurisdiction, entered within
the last five years, temporarily, preliminarily or permanently restraining or
enjoining you from engaging in or continuing to engage in any conduct or
practice involving fraud or deceit in connection with the purchase or sale of
any security.

     

    Section
5. Covenants
of the Selling Agent.

     

    You
covenant with the Fund as follows:

    

    5.1           Conduct of
Solicitation.  You or a person acting on your behalf will cause
each Suitable Investor to complete and execute subscription documents in order
to 

     

     

    
      
        
        

      

      
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Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    9

        
          

        

      

      
        
        

      

    

     

    enable
the Fund to determine whether such person is qualified to acquire
Interests.  You will not execute any subscription documents for any
person and will not invest in the Interests through any person’s discretionary
trading account without the written approval of such person.  You will
abide by, and take reasonable precautions to insure compliance with, all
provisions contained in the Memorandum and this Agreement regulating the terms
and manner of conducting the Offering.  You further agree to the
following; (i) you will use no materials except the Memorandum and other
documents approved in writing by General Partner, (ii) you will not make any
representations to prospective investors not set forth in the Memorandum, and
(iii) you will inform all Suitable Investors of all pertinent facts relating to
the Fund risks, liquidity and marketability of their investment as set forth in
the Memorandum.

     

    5.2           Compliance with Federal and State
Securities Laws and Other Applicable Laws.  With respect to all
persons solicited by you under this Agreement, you will comply with all
applicable laws of the jurisdiction in which any offer or sale is
made.  You will offer the Interests in a private manner in compliance
with all applicable requirements of the Securities Act and the rules and
regulations promulgated thereunder, including Regulation D.  You and
any person acting on your behalf will make offers of the Interests only to
persons whom you and your employees have reasonable grounds to believe and do
believe (i) have such knowledge and experience in business and financial matters
(either alone or together with a purchaser representative) that they are capable
of evaluating the merits and risks of the prospective investment and of
protecting their own interests in connection with the transaction and (ii) meet
the investor suitability requirements contained in the
Memorandum.  You and any person acting on your behalf will cooperate
with the Fund so that the Interests are sold only to “accredited investors” as
such term is defined in Rule 501 of Regulation D and you employees will exercise
reasonable care to ensure that a purchaser is not an underwriter within the
meaning of Section 2(11) of the Securities Act.  You will comply with
all applicable requirements of any “Blue Sky” laws or rules or regulations
promulgated by states thereunder and will not offer or sell any of the Interests
except in compliance with such laws, or as preempted under Section 18(b)(4)(D)
of the Securities Act, added by the National Securities Markets Improvement Act
of 1996.  With respect to any state that limits the number of offers
and sales that may be made, you shall limit the number of offers and sales of
Interests as the Fund or the General Partner may advise you from time to
time.

     

    

    5.3           Confidentiality.  Except
as required by applicable Laws or legal process or pursuant to any legal,
regulatory or self-regulatory requests for information or documents, you agree
to comply with all applicable Laws relating to the privacy of personal financial
information of Suitable Investors and Selling Agents Investors under this
Agreement (e.g., Regulation S-P, other applicable regulations imposed by the
Gramm-Leach-Bliley Act of 1999 and enforced by various federal regulatory
agencies, or applicable state personal financial privacy regulations). You will
obtain each Selling Agent Investor’s prior written consent to have statements,
reports and other documentation on their Interests in the Fund submitted to
you.

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    10

        
          

        

      

      
        
        

      

    

    

    5.4           Notification of
Changes.  You will notify the Fund promptly of any change
having or which is likely to have a material adverse effect relating to any of
your representations, warranties, covenants or agreements contained herein that
occurs at any time during the term of this Agreement.

    

    5.5           Anti-Money Laundering
(AML).  You hereby certify that: (i) you are required to establish
an anti-money laundering program, which satisfies the requirements of Title III
of the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (the “USA Patriot Act”) (ii) you
have developed, implemented, and will maintain such an anti-money laundering
program, including a customer identification program consistent with the rules
under sec. 326 of the USA Patriot Act, and will comply with all applicable laws
and regulations designed to guard against money laundering activities set out in
such program (iii) you will cooperate with the General Partner and deliver
information reasonably requested by the General Partner concerning Selling Agent
Investors as necessary for the General Partner or the Fund to comply with the
USA Patriot Act or any applicable federal and regulatory obligations; and (iv)
you will notify the General Partner, in writing, if it is found, by its
Compliance Officer, independent anti-money laundering auditor, or any Federal,
state, or self-regulatory agencies, to be in violation of the USA Patriot Act or
any applicable federal and regulatory obligations, or your anti-money laundering
program. You further represent that the covenants and certifications of this
Section 5.5 will apply equally with respect to each Selling Agent Investor found
and referred to the Fund pursuant to this Agreement, whether directly referred
to the Fund by you or indirectly referred to the Fund by you through an
affiliated registered investment adviser, or a non-affiliated registered
investment adviser with which a registered representative of yours is an
associated person.

    

    5.6           Recordkeeping and Business
Continuity.  You will maintain copies of all records relating
to Selling Agent Investors including, but not limited to, copies of subscription
documents, AML documentation and all Know Your Client (KYC)
records.  In the event that the General Partner or Fund experiences a
business disruption and/or loss of records, you also agree to assist the General
Partner and the Fund in servicing Selling Agent Investors during the disruption,
and in the duplication of records.

     

    Section
6. Indemnification.

     

       
6.1.   By the Fund.  The
Fund agrees to indemnify and hold harmless you and each person, if any, who
controls you within the meaning of the Securities Act, against any losses,
claims, damages or liabilities, joint or several, to which you or such
controlling person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon facts which would constitute a breach by
the Fund of any warranty, representation, covenant or agreement in this
Agreement.

     

    6.2.   By the Selling
Agent.  You will indemnify and hold harmless the Fund and the
General Partner and each other person who controls the Fund or the General
Partner within the meaning of the Securities Act, against any losses, claims,
damages or 

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    11

        
          

        

      

      
        
        

      

    

     

    liabilities,
joint or several, to which the Fund, the General Partner or such other
controlling person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon facts which would constitute a breach by
you of any warranty, representation, covenant or agreement in this
Agreement.

     

    6.3.   Notification.  Promptly
after receipt by an indemnified party under this Section 6 of notice of the
commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under this Section 6,
notify the indemnifying party of the commencement thereof; but the omission so
to notify the indemnifying party will not relieve it from any liability which it
may have to any indemnified party otherwise than under this Section
6.  In case any such action is brought against any indemnified party
and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent
that it may wish, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel satisfactory to such indemnified
party, and after notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof, the indemnifying party will not
be liable to such indemnified party under this Section 6 for any legal or other
expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation.

     

    Section
7. Termination
of This Agreement.

    

    7.1           Termination.  This
Agreement shall terminate upon written notice by the General Partner, the Fund
or the Selling Agent, provided that any Fees earned through the date of
termination shall be paid promptly following the date of termination (unless
such payment violates any applicable law).  Subsequent to termination
of this Agreement: (i) the Selling Agent’s obligation to perform the Investor
Relations Services described in Section 1.2 hereof shall survive such
termination of this Agreement for so long as any Selling Agent Investor remains
a limited partner of the Fund; and (ii) the obligation of the Fund and/or
General Partner, as applicable, to pay Fees shall survive termination and the
Selling Agent will continue to be paid Fees with respect to each Selling Agent
Investor that remains a limited partner of the Fund, but only if (a) the
termination is not based on the Selling Agent’s breach of its obligations under
this Agreement and (b) there is no entry of any order or decree by any court or
self regulatory body effectively prohibiting or enjoining the payment of Fees to
the Selling Agent for the performance of its obligations under this
Agreement.

     

    7.2.   Liability of
Parties.  All representations, warranties and indemnification
agreements contained in this Agreement shall remain operative and in full force
and effect to the extent applicable, regardless of any termination pursuant to
Section 7.1, and shall survive the final Investment Date, as shall all
restrictions concerning the confidentiality of client and Fund-related
information set forth in Section 5.5 hereof.

     

    Section
8. Miscellaneous
Provisions.

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    12

        
          

        

      

      
        
        

      

    

     

     

    8.1.    Notices.  All
notices provided for by this Agreement shall be made in writing to the parties
thereunto entitled either (i) by personal or in-hand delivery of the notice or
(ii) by e-mail with electronic confirmation of delivery or (iii) by United
States mail (certified or registered mail, return receipt requested) or
overnight courier delivery (with authorized signature required upon delivery) of
the notice to the address as stated above for you, or as stated in the
Memorandum for the Fund or the General Partner (or at such other address as may
have been designated by written notice).  The notice shall be deemed
to have been received:  (a) if by personal or in-hand delivery, on the
date of its actual receipt by the party entitled thereto; (b) by e-mail, on the
date the e-mail was sent; (c) if by United States mail, two (2) days after the
date of deposit in the United States mail; or (d) if by overnight courier
delivery, one (1) day after the date of deposit with the courier
service.

     

     

    8.2.    Parties.  This
Agreement shall inure to the benefit of and be binding upon you, the Fund, the
General Partner and each of your, the Fund’s and the General Partner’s
respective successors and legal representatives.  Except as otherwise
set forth in this Section, nothing expressed or mentioned in this Agreement is
intended or shall be construed to give any other person any legal or equitable
right, remedy or claim under or in respect of this Agreement, or any provision
herein contained.  No purchaser of Interests will be deemed a
successor because of such purchase.  You may not assign any benefit
nor delegate any duty under this Agreement without the prior written consent of
the General Partner.

     

    8.3.    Governing Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of California without regard to its conflicts of laws
provisions.

     

    8.4.    Arbitration. The parties waive
their right to seek remedies in court, including the right to jury
trial.  Any dispute arising out of, or relating to, this Agreement or
the breach thereof (other than Sections 3.7 and 5.5 hereof), or regarding the
interpretation thereof, shall be resolved exclusively by arbitration conducted
in the state of California and the city of San Diego in accordance with the
rules of JAMS/The Resolution Experts (“JAMS”) applying the laws of
California.  Other than as stated below with respect to a breach of
Sections 3.7 and 5.5 hereof, disputes shall not be resolved in any other forum
or venue.  The parties agree that such arbitration shall be conducted
by a retired judge who is experienced in resolving disputes regarding the
securities business, that discovery shall not be permitted except as required by
the rules of JAMS, that the arbitration award shall not include factual findings
or conclusions of law and that no punitive damages shall be
awarded.  The parties understand that any party’s right to appeal or
to seek modification of any ruling or award of the arbitrator is severely
limited.  Any award rendered by the arbitrator shall be final and
binding, and judgment may be entered on it in any court of competent
jurisdiction.  The parties agree that money damages would be an
inadequate remedy for a breach of Sections 3.7 or 5.5 hereof and in the event of
a breach or threatened breach of Sections 3.7 or 5.5 hereof, the parties or
their successors or assigns may, in addition to other rights and remedies
existing in their favor, apply for specific performance and/or injunctive or
other relief in 

     

     

    
      
        
        

      

      
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    order to
enforce, or prevent any violations of, such provisions, without posting a bond
or other security.

     

    8.5.    Multiple
Counterparts.  This Agreement may be executed in a number of
identical counterparts, each of which shall be deemed to be an original, but all
of which constitute, collectively, one and the same Agreement; but in making
proof of this Agreement, it shall not be necessary to produce or account for
more than one such counterpart.

     

    8.6.    Modification or
Amendment.  This Agreement may not be modified or amended
except by written agreement executed by the parties hereto.

     

    8.7.    Other
Instruments.  The parties hereto covenant and agree that they
will execute such other and further instruments and documents as are or may
become necessary or convenient to effectuate and carry out this
Agreement.

     

    8.8.    Validity.  Should
any portion of this Agreement be declared invalid and unenforceable, then such
portion shall be deemed to be severable from this Agreement and shall not affect
the remainder of this Agreement.

     

    8.9.    Captions.  The
captions used in this Agreement are for convenience only and shall not be
construed in interpreting this Agreement.

     

    8.10.   Entire
Agreement.  This Agreement contains the entire understanding
between the parties and supersedes any prior understandings or written or oral
agreements between them respecting the subject matter hereof.

     

    8.11.    Facsimile.  Any
facsimile signature of this Agreement or any other document by any person or
entity relating to this Agreement will constitute the legal, valid, and binding
execution of this Agreement or such other document by such person or
entity.

    

    
      
        
           

        

        
          Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    14

          
            

          

        

        
           

        

      

    

    

    If the
foregoing is in accordance with our agreement, please sign and return to us a
counterpart hereof, whereupon this instrument along with all counterparts will
become a binding agreement among you and the Fund in accordance with its
terms.

     

    Very
truly yours,

     

    
      
        	 	WINTON FUTURES FUND, L.P. (US)
      

                By:
      its
      General
      Partner,
      Altegris
      Portfolio
Management,
      Inc.

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	 	 
	 	 Name:	 	 
	 	 	 	 
	 	 Title:	 	 

      

    

     

    
       

      
        
          	 	
                  ALTEGRIS
      PORTFOLIO MANAGEMENT, INC.

                	 
	 	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	 	 
	 	 Name:	 	 
	 	 	 	 
	 	 Title:	 	 

        

      

       

      
        
           

          
            
              	 	
                       

                    	 
	 	 	 	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	 	 
	 	 	 	 
	 	 Name:	 	 
	 	 	 	 
	 	 Title:	 	 

            

          

        

      

    

    

    
      
        
           

        

        
          Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    15

          
            

          

        

        
           

        

      

    

    

    Exhibit
A

    

    

    In
consideration of the Selling Agent and its employees performing the obligations
under this Agreement, and within 30 days after receipt by the Fund or the
General Partner, the Selling Agent shall be paid the following
compensation:

    

    
      [Redacted]

    

     

    

    
      
        
           

        

        
          Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    16

          
            

          

        

        
           

        

      

    

    

    Exhibit
B

     

    Anti-Money
Laundering

     

    

     

    
      	
              1.  

            	
              The
      Selling Agent has established and implemented policies, procedures and
      internal controls reasonably designed to achieve compliance with the USA
      Patriot Act and the U.S. Bank Secrecy Act the (BSA) and applicable
      regulations adopted to implement the provisions of such laws, including
      policies and procedures that can be reasonably expected to detect and
      cause the reporting of transactions under Section 5318 of the BSA,
      including:

            

    

     

    
      	
              a.  

            	
              Customer
      identification program (CIP), including identification and verification of
      the identity of any person seeking to open a client account, to the extent
      reasonably practicable

            

    

     

    
      	
              b.  

            	
              The
      identification of, and execution of enhanced due diligence on, any unusual
      or suspicious activity or “red flags”, including but not limited to
      unusual or suspicious account activity, unusual concern, hesitancy or
      avoidance in complying with the Selling Agent’s AML procures, questionable
      background including when the customer is from, or has accounts in, a
      country identified as a non-cooperative country or territory by the
      FATF.

            

    

     

    
      	
              c.  

            	
              Maintaining
      records of the information used to verify a person’s identity, including
      name, address and other identifying
information

            

    

     

    
      	
              d.  

            	
              Consulting
      lists maintained by the U.S. Government of sanctioned individuals or
      organizations known or suspected to be associated with drug-trafficking,
      terrorism and other illegal activities, in order to determine whether
      persons seeking to open client accounts appear on any such
      list

            

    

     

    
      	
              e.  

            	
              Designating
      the individual or individuals to be responsible for implementing and
      monitoring those policies, procedures and internal
  controls

            

    

     

    
      	
              f.  

            	
              Provide
      for testing of those policies, procedures and internal control by
      independent personnel or by a qualified outside
  party.

            

    

     

    
      	
              2.  

            	
              To
      best of its knowledge, the Selling Agent’s AML program is compliant with
      all anti-money laundering laws and regulations applicable to the Selling
      Agent based upon the location and scope of its current business
      operations.

            

    

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    17

        
          

        

      

      
        
        

      

    

     

     

    
      	
              3.  

            	
              The
      Selling Agent complies with all “Know Your Customer” requirements of
      applicable self-regulatory organizations, as well as the U.S. Department
      of the Treasury’s Office of Foreign Assets Control (OFAC) list of
      specially designated nationals, blocked persons and sanctioned
      governments.

            

    

     

    
      	
              4.  

            	
              The
      Selling Agent will adhere to the policies and procedures in its AML
      program, and will notify the General Partner if we are no longer able to
      abide by such policies or
procedures.

            

    

     

    
      	
              5.  

            	
              The
      Selling Agent agrees to provide information and records related to its
      anti-money laundering policies, procedures and controls and it’s
      compliance with such procedures.

            

    

     

    
      	
              6.  

            	
              The
      Selling Agent will notify the General Partner if you suspect any unusual,
      suspicious, illegal activity or “red flags” associated with a Selling
      Agent Investor, or if it cannot form a reasonable belief as to the true
      identity of an introduced investor (or any beneficial owner thereof), and
      file a suspicious activity report with appropriate regulatory authorities
      if in the General Partner’s sole discretion it determines that suspicious
      circumstances warrant such a
filing.

            

    

     

    
      	
              7.  

            	
              The
      Selling Agent will take every measure possible to ensure the subscription
      moneys paid to the Fund by Selling Agent Investors have been paid from
      accounts of which such Selling Agent Investors are the beneficial owners,
      are not from a bank with no physical place of business (commonly referred
      to as a shell bank) and such subscription moneys are not from a country or
      territory named on the list of high-risk or non-cooperating countries or
      jurisdictions published by the Financial Action Task Force
      (“FATF”).

            

    

     

    
      	
              8.  

            	
              The
      Selling Agent will not, to the best of your knowledge and belief, after
      due inquiry of each Selling Agent Investor, including beneficial owners of
      entities, introduce Selling Agent Investors that are Prohibited Investors
      as outlined in Exhibit H of the Fund’s subscription documents. Prohibited
      Investors include Senior Political Figures, shell banks, specifically
      designated national and blocked persons as identified on the list
      maintained by the Office of Foreign Assets Control, entities organized or
      chartered under the laws of, a jurisdiction that has been identified by
      the US Treasury Department's Financial Crimes Enforcement Network (FinCen)
      under Section 311 or 312 of the USA Patriot Act as warranting special
      measures due to money laundering
concerns.

            

    

     

    
      	
              9.  

            	
              The
      Selling Agent will re-certify annually to the General Partner that it has
      implemented an AML program and will perform (or its agent will perform)
      the specified requirements of the Selling Agent’s CIP and AML
      policies.

            

    

     

     

    
      
        
        

      

      
        Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    18

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              10.  

            	
              The
      Selling Agent represents that it is a financial institution regulated by a
      Federal Functional Regulator (as defined in 103.120(a)(2) of the BSA). The
      Selling Agent acknowledges and understands that the General Partner will
      rely on such representations and warranties in connection with its
      compliance with the USA Patriot Act and The BSA.  The Selling
      Agent agrees to notify the General Partner promptly if any of the above
      representations and warranties ever ceases to be true and correct in any
      respect.

            

    

     

    
      
        	
                11.  

              	
                
                  If the
      Selling Agent has engaged the services of another financial institution in
      connection with fulfilling its duties and obligations which are the
      subject of its representations and warranties set forth herein, the
      Selling Agent hereby represents and warrants that it has obtained
      adequate assurances from such financial institution that enable it to make
      such representations and
      warranties.

                

              

      

       

       

    

    
      Selling
Agency Agreement ________________/Winton Futures Fund, L.P. (US)                                    19

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