Document:

EX-10.19

 EXHIBIT 10.19 

MANAGEMENT AGREEMENT 

AGREEMENT (this “Agreement”) made as of the 31st day of August, 2014 by and
among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), EMERGING CTA PORTFOLIO L.P., a New York limited partnership (the “Partnership”) and PERELLA WEINBERG PARTNERS CAPITAL MANAGEMENT LP, a Delaware
limited partnership (the “Advisor” or “Perella”). 
 W I T N E S S
E T H : 
 WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of
speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving capital appreciation, such trading to be conducted directly or through
investment in PGM Master Fund L.P., a Delaware limited partnership (the “Master Fund”) of which CMF is the general partner and Perella is the advisor; and 

WHEREAS, the Fourth Amended and Restated Limited Partnership Agreement of the Partnership dated as of May 1, 2012 (the “Partnership
Agreement”) permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience managing client funds; and 

WHEREAS, the Advisor is registered as an investment adviser with the Securities and Exchange Commission (“SEC”), is registered as a
commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”); and 

WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of NFA; and 

WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the terms and conditions upon which the
Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading activities during the term of this Agreement. 

NOW, THEREFORE, the parties agree as follows: 

1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole
authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF in commodity interests,
including commodity futures, options on futures, spot and forward contracts, including foreign exchange forwards, foreign exchange swaps and non-deliverable foreign exchange forwards. The Advisor may also engage in other swap and other derivative
transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth

 
in the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of October 31, 2013, as supplemented (the “Memorandum”), and as such trading
policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets as
described herein. CMF has initially selected a variation of the program traded by PWP Global Macro Master Fund L.P., a Cayman Islands exempted limited partnership (the “PWP Global Macro Fund”), as described in Appendix A attached hereto
(the “Program”), to manage the Partnership’s assets allocated to the Advisor. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed
policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no
representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not result in losses. The Advisor shall not be deemed to have custody of the Partnership’s assets. 

(b) CMF acknowledges receipt of the description of the Advisor’s Program, attached hereto as Appendix A. All trades made by the Advisor
for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or
supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor may direct any and all trades in commodity
futures and options to any futures commission merchant or independent floor broker listed on Appendix C or, with the prior written permission (by original, fax copy or email copy) of CMF, any other futures commission merchant or independent floor
broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by
CMF. The Advisor may enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with any swap dealer listed on Appendix C or, with the prior written permission (by original, fax copy or email copy) of CMF,
any other swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating
to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by original, fax copy or email copy). 

(c) The initial allocation of the Partnership’s assets to the Advisor shall be made to the Program, as described in Appendix A. In the
event the Advisor wishes to use a trading system or methodology which the Advisor deems materially different than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless
the Advisor gives CMF twenty days’ prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. The Advisor will notify CMF of any changes to the trading system or
methodology that would require a change in the description of the trading strategy or methods described in Appendix A or the Memorandum, as applicable, to be materially accurate. Further, the Advisor will provide the

  
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Partnership with a current list of all commodity interests to be traded for the Partnership’s account, which will be attached as Appendix B to this Agreement, and the Advisor will not trade
any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the
Advisor’s management in substantially the form attached hereto as Schedule 1 together with all other matters deemed by the Advisor to be material changes to its business. The Advisor further agrees that it will use its commercially reasonable
efforts to convert to U.S. dollars: (i) foreign currency balances (not required to margin positions denominated in a foreign currency) no less frequently than monthly and (ii) U.S. dollar equivalents in individual foreign currencies of
more than $250,000 within one business day after such funds are no longer needed to margin foreign positions. 
 (d) The Advisor agrees to
make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), its officers, directors, employees and partners, their trading performance and general
trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or
NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals, unless CMF reasonably determines that such
disclosure is required in order to fulfill its reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order (including CFTC Rule 4.25). The Partnership and CMF acknowledge that the trading advice to be provided
by the Advisor and the trading systems and the trading methodology of the Advisor are property rights belonging to the Advisor and that they shall not use, other than as contemplated under this Agreement, and shall keep all such advice, systems and
methodology confidential; provided, however, that CMF and the Partnership may include the description of the trading strategy in the Memorandum provided by the Advisor. 

(e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and, subject to the second, third and
last sentences of Section 1(f) below, apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute
discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any
regard the respective rights and obligations of the parties hereunder. 
 (f) The Advisor acknowledges and agrees that CMF may, from time to
time, in its absolute discretion, select additional trading advisors in respect of the assets of the Partnership and, subject to the second, third and last sentences of this Section 1(f), reapportion funds among the trading advisors for the
Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s
sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the
Advisor. CMF acknowledges and agrees, on behalf of itself and the Partnership, that any such instructions can have a detrimental effect on the performance of the Partnership. CMF will use its best efforts to give five business days’ prior
notice to the Advisor of any reallocations or liquidations. 

  
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 (g) The Advisor shall assume financial responsibility for any errors committed or caused by it in
transmitting orders for the purchase or sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges
incurred by the brokers on such trades. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the commodity brokers. The Advisor shall have an affirmative obligation
to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors with respect to the account, and the Advisor shall use its commercially reasonable efforts to identify and promptly notify CMF of any order or trade
which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute orders for the Partnership. 

2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless
otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor. The Advisor shall not
be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 

3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the
Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee (“Incentive Fee”) payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the
Partnership and (ii) a monthly fee for professional management services (“Management Fee”) equal to 1/12 of 1.5% (1.5% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying
the Net Assets of the Partnership allocated to the Advisor as of the last business day of each month by 1.5% and dividing the result thereof by 12). 

(b) “Net Assets of the Partnership” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement and without
regard to further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions, management fees, administrative fees, ongoing selling agent fees
or Incentive Fees payable as of the date of such determination. 
 (c) “New Trading Profits” shall mean the excess, if any, of Net
Assets of the Partnership managed by the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Assets of the Partnership allocated to the Advisor at
the date trading commences by the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets of the Partnership resulting from new capital contributions, redemptions, reallocations or capital

  
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distributions, if any, made during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal
period, whether the assets are held separately or in margin accounts. Ongoing expenses shall be attributed to the Advisor based on the Advisor’s proportionate share of Net Assets of the Partnership. Ongoing expenses shall not include expenses
of litigation not involving the activities of the Advisor on behalf of the Partnership. Ongoing expenses include offering and organizational expenses of the Partnership. No Incentive Fee shall be paid to the Advisor until the end of the first full
calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first full
calendar quarter of such trading. Interest income earned, if any, shall not be taken into account in computing New Trading Profits earned by the Advisor. If Net Assets of the Partnership allocated to the Advisor are reduced due to redemptions,
distributions or reallocations (net of additions), there shall be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee. 

(d) Quarterly Incentive Fees and monthly Management Fees shall be paid within twenty (20) business days following the end of the period
for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or a calendar month, as the case may be, the quarterly Incentive Fee shall be computed as if the
effective date of termination were the last day of the then current quarter and the monthly Management Fee shall be prorated to the effective date of termination. If, during any month, the Partnership does not conduct business operations or the
Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which the number of business days during which CMF conducted the Partnership’s
business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 
 (e) The
Advisor shall bear its own expenses (including without limitation expenses related to the Advisor’s office space and utilities, and secretarial, clerical and other personnel). The Partnership shall bear all of the expenses incurred in
connection with its trading activities in accordance with Section 7(e) of the Partnership Agreement. 
 (f) The provisions of this
Section 3 shall survive the termination of this Agreement. 
 4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services
provided by the Advisor hereunder are not to be deemed exclusive. CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and partners may
render advisory, consulting and management services to other clients and accounts. The Advisor and its officers, directors, employees and partners shall be free to trade for their own accounts and to advise other investors and manage other commodity
accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the
Advisor represents, warrants and agrees that it believes the rendering of such consulting, 

  
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advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies for the Partnership and will not affect the
capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 

(b) If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the
positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in
writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of any
speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts.
The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership other than the strategies or methods customarily employed by it for
similarly situated clients or accounts and that it will not knowingly or deliberately favor any client or account managed by it over the Partnership in any manner, it being acknowledged, however, that different trading programs, strategies or
methods may be utilized for differing sizes of accounts, accounts with different trading policies or risk parameters, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times, accounts that
have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results. 

(c) CMF on its own behalf and on behalf of the Partnership acknowledges that the Advisor and/or its officers, directors, employees and partners
presently act, and it is agreed that they may continue to act, as advisor for other clients and accounts managed by them, and may continue to receive compensation with respect to services for such clients and accounts in amounts which may be more or
less than the amounts received from the Partnership. 
 (d) The Advisor agrees that it shall make such information available to CMF
respecting the performance of the Partnership’s account as compared to the performance of the PWP Global Macro Fund as shall be reasonably requested by CMF in writing. CMF, on behalf of itself and the Partnership, acknowledges and agrees that
the Program is a variation of the program traded by the PWP Global Macro Fund and that, as a result, the performance of such portion of the Partnership that is managed by the Advisor may differ from that of the PWP Global Macro Fund in any
particular month, and it is likely to underperform or outperform the PWP Global Macro Fund in medium to long-term horizons. The Advisor presently believes and represents that existing speculative position limits will not materially adversely affect
its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they have contracted to act as
trading advisor. 

  
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 5. TERM. (a) This Agreement shall continue in effect until June 30, 2015. CMF
may, in its sole discretion, renew this Agreement for additional one-year periods upon written notice to the Advisor not less than 30 days prior to the expiration of the previous period. At any time during the
term of this Agreement, CMF may terminate this Agreement upon 5 days’ written notice to the Advisor. At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement if (i) the Net Asset Value per Unit
shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 25% or more as of
the end of a trading day from such Net Assets of the Partnership’s previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership shall vote to require CMF to terminate this Agreement;
(iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate
this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; (vii) the Advisor fails to conform to the trading policies set forth in the
Partnership Agreement or the Memorandum, as they may be changed from time to time, upon prior written notice to the Advisor; (viii) the Advisor merges, consolidates with an unaffiliated person, sells a substantial portion of its assets, or
becomes bankrupt or insolvent; (ix) Maria Vassalou dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control or is otherwise not managing the Program; (x) subject to Section 7(a)(iii) hereof, the Advisor’s
registration with the SEC, its registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory authority, is terminated or suspended; or (xi) CMF reasonably believes that the Advisor has contributed or
may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to
dissolution. 
 (b) The Advisor may terminate this Agreement by giving not less than 30 days’ written notice to CMF: (i) at any
time after June 30, 2015 or (ii) if either CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may terminate this Agreement by giving not less than 10 days’ written notice to CMF if: (i) the
Advisor reasonably believes that CMF or the Partnership has contributed or may contribute to any material operational, business or reputational risk to the Advisor or the Advisor’s affiliates; (ii) there is a change to the Partnership
Agreement (including without limitation Section 16 of the Partnership Agreement) or to the trading policies described in either the Partnership Agreement or the Memorandum that materially affects the Advisor’s rights or obligations under
this Agreement or (iii) the PWP Global Macro Fund and other accounts pursuing the Program are being terminated. The Advisor may elect to immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its
membership in NFA is terminated or suspended. CMF agrees to notify the Advisor if either CMF or the Partnership agrees to merge or consolidate with an unaffiliated person, agrees to sell a substantial portion of their respective assets, or becomes
bankrupt or insolvent. 
 (c) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this
Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 

  
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 6. INDEMNIFICATION. (a)(i) In any threatened, pending or completed action, suit, or
proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the
Partnership, CMF shall, subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense (including, without limitation, attorneys’ and
accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding (collectively, the
“Losses”) if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith, recklessness,
intentional misconduct or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon
application that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and
further provided that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement. CMF and the Partnership agree to promptly notify the Advisor of any amendment to
Section 16 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably
believed to be in or not opposed to the best interests of the Partnership. 
 (ii) Without limiting subsection (i) above, to the extent
that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor against the
Losses actually and reasonably incurred by it in connection therewith. 
 (iii) Any indemnification under subsection (i) above, unless
ordered by a court or administrative forum, shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because
the Advisor has met the applicable standard of conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be
unreasonably withheld. The Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that
the Advisor does not approve the selection. 
 (iv) In the event the Advisor is made a party to any claim, dispute or litigation or otherwise
incurs any Losses as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any Losses incurred in
connection therewith. 

  
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 (v) As used in this Section 6(a), the term “Advisor” shall include the Advisor,
its affiliates, principals, officers, directors, employees and partners and the term “CMF” shall include the Partnership. 
 (b)
(i) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any Losses actually and reasonably incurred by them (A) as a result of the material breach of any representations and warranties or
covenants made by the Advisor in this Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if (x) there has been a final judicial or regulatory determination or a written opinion of an arbitrator
pursuant to Section 14 hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except
as otherwise provided in Section 1(g)), or (y) there has been a settlement of any action or proceeding with the Advisor’s prior written consent. 

(ii) In the event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs any
Losses as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors, employees and partners unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify,
defend and hold harmless CMF, the Partnership or any of their affiliates against any Losses incurred in connection therewith. 
 (c) In the
event that a person entitled to indemnification under this Section 6 is made a party to an action, suit or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made
hereunder, such person shall be indemnified only for that portion of the Losses incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made. 

(d) None of the indemnifications contained in this Section 6 shall be applicable with respect to default judgments, confessions of
judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld or delayed, of the party obligated to indemnify such party. 

(e) The provisions of this Section 6 shall survive the termination of this Agreement. 

7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a) The Advisor represents and warrants that: 

(i) All information with respect to the Advisor and its principals and the trading performance of any of them that has been provided to CMF by
authorized persons of the Advisor, including, without limitation, the description of the Program contained in Appendix A, is complete and accurate in all material respects and such information does not contain any untrue statement of a material fact
or omit to state a material fact that is necessary to make such statements and information therein not misleading. All references to the Advisor and its principals, if any, in the Memorandum, or a supplement thereto will, after review and approval
of 

  
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such references by the Advisor prior to the use of such Memorandum in connection with the offering of Partnership units, be accurate in all material respects, except that with respect to pro
forma or hypothetical performance information in such Memorandum, if any, this representation and warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma
adjustments. 
 (ii) The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is
based on all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein, and such tables have been prepared by the
Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25. The Advisor’s performance tables have been examined by an independent certified public accountant and the report
thereon has been provided to CMF. The Advisor will have its performance tables so examined no less frequently than annually during the term of this Agreement. 

(iii) The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment adviser and
is duly registered with the CFTC as a commodity trading advisor, is a member of NFA, is registered as an investment adviser with the SEC, and is in compliance with any such other registration and licensing requirements as shall be necessary to
enable it to perform its obligations hereunder. The Advisor agrees to maintain and renew such registrations and licenses during the term of this Agreement. The Advisor may de-register as a commodity trading advisor if an exemption from CFTC,
exchange and swap execution facility position limit aggregation rules is available which would not require the Advisor to be registered as a commodity trading advisor, provided that the Advisor has obtained CMF’s prior written consent to such
deregistration. 
 (iv) The Advisor is a limited partnership duly organized, validly existing and in good standing under the laws of the
State of Delaware and has full limited partnership power and authority to enter into this Agreement and to provide the services required of it hereunder. 

(v) The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be breached any undertaking,
agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 
 (vi) This Agreement has been duly and
validly authorized, executed and delivered by the Advisor and is a valid and binding agreement enforceable in accordance with its terms. 

(vii) At any time during the term of this Agreement that an offering memorandum or a prospectus relating to the Partnership units is required
to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the reasonable request of CMF to promptly provide CMF with such information as shall be necessary so that, as to the Advisor and its principals, such offering
memorandum or prospectus is accurate in all material respects. 

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

(i) CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has
full limited liability company power and authority to perform its obligations under this Agreement. 
 (ii) CMF and the Partnership have the
capacity and authority to enter into this Agreement on behalf of the Partnership. 
 (iii) This Agreement has been duly and validly
authorized, executed and delivered on CMF’s and the Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 

(iv) By entering into or performing this Agreement, CMF and the Partnership will not breach or cause to be breached any undertaking, agreement,
contract, statute, rule or regulation to which either is a party or by which either is bound. 
 (v) CMF is registered as a commodity pool
operator and is a member of NFA, and it will maintain and renew such registration and membership during the term of this Agreement. 
 (vi)
The Partnership is a limited partnership duly organized and validly existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this
Agreement. 
 (vii) The Partnership is a qualified eligible person as defined in CFTC Rule 4.7. 

(viii) The Partnership is not a Benefit Plan Investor, as defined below. For these purposes, a “Benefit Plan Investor”, as defined
under Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and any regulations promulgated thereunder, includes (a) an “employee benefit plan” that is subject to the provisions of
Title I of ERISA; (b) a “plan” that is not subject to the provisions of Title I of ERISA, but that is subject to the prohibited transaction provisions of Section 4975 of the Internal Revenue Code, such as individual retirement
accounts and certain retirement plans for self-employed individuals; and (c) a pooled investment fund whose assets are treated as “plan assets” under Section 3(42) of ERISA and any regulations promulgated thereunder because
“employee benefit plans” or “plans” hold 25% or more of any class of equity interest in such pooled investment fund. The Partnership agrees to notify the Advisor promptly in writing if there is any change in the percentage of the
Partnership’s assets that are treated as “plan assets” for the purpose of Section 3(42) of ERISA and any regulations promulgated thereunder. 

(ix) The Partnership is an “accredited investor” under Regulation D promulgated under the Securities Act of 1933, as amended. 

(x) CMF and the Partnership are aware of the highly speculative nature of and risk of loss inherent in the transactions contemplated by this
Agreement. CMF and the Partnership have consulted with their own advisors and understand the legal and tax requirements regarding the transactions to be made pursuant to this Agreement. 

  
 - 11 - 

 8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 

(a) The Advisor agrees as follows: 

(i) In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and
regulations of the CFTC, NFA, swap execution facility and/or the commodity exchange on which any particular transaction is executed. 
 (ii)
The Advisor will promptly notify CMF of the commencement of any material suit, action or proceeding involving the Advisor or any of its principals, officers or senior employees, regardless of whether such suit, action or proceeding also involves
CMF. The Advisor will also promptly notify CMF of the commencement of any material investigation (other than routine audits, inquiries, examinations and sweeps) by any U.S. or non-U.S. federal, state or local governmental agency or authority
(including, but not limited to, the SEC, the CFTC or any state commission) or self-regulatory organization (each, a “Governmental Authority”) which involves the Advisor or any of its principals, officers or senior employees (including, but
not limited to, any investigation or notice concerning the violation, or potential violation, of position limits), regardless of whether such investigation also involves CMF, in each case in which an adverse decision could (i) adversely affect
the Advisor’s ability to comply with or perform the Advisor’s obligations under the Agreement and/or (ii) result in a material adverse change in the Advisor’s condition, financial or otherwise, business or prospects and/or
(iii) have a materially adverse impact on the reputation of the Advisor and/or any of its affiliates, CMF, the Partnership, Morgan Stanley Investment Management Inc., Morgan Stanley Smith Barney Holdings LLC, Morgan Stanley Smith Barney LLC,
Morgan Stanley & Co. LLC and/or Morgan Stanley. 
 (iii) In the placement of orders for the Partnership’s account and for the
accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor.
When engaging any service providers to the Partnership, CMF shall request such service provider to cooperate with the Advisor in its performance of its duties under this Agreement. The Advisor acknowledges its obligation to review and reconcile the
Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the broker and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or
its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in
the account) between its records and the information reported on the account’s daily and monthly broker statements. 

  
 - 12 - 

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

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

9. COMPLETE AGREEMENT. This Agreement (and its Appendices) constitutes the entire agreement between the parties pertaining to the
subject matter hereof. 
 10. ASSIGNMENT. This Agreement may not be assigned by any party without the express written consent of the
other parties. 
 11. AMENDMENT. This Agreement may not be amended except by the written consent of the parties. 

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

If to CMF or to the Partnership: 

Ceres Managed Futures LLC 
 522
Fifth Avenue, 14th Floor 
 New York, New York 10036 

Attention: Patrick Egan 
 Email:
patrick.egan@morganstanley.com 

  
 - 13 - 

 If to the Advisor: 

Perella Weinberg Partners Capital Management LP 

767 Fifth Avenue 
 New York, New
York 10153 
 Attention: General Counsel 

Email: compliance@pwpartners.com 

13. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

14. ARBITRATION. The parties agree that any dispute or controversy arising out of or relating to this Agreement or the interpretation
thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction, then in accordance with the rules, then in effect, of the American Arbitration Association; provided,
however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award, and further provided, that any such arbitration shall occur within the
Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction. 

15. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain persons not party to
this Agreement may have rights under Section 6 hereof. 
 16. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 - 14 - 

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

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED
OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE
ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. 

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

 

			
	 CERES MANAGED FUTURES LLC

		
	By	 	/s/ Alper Daglioglu
		 	  

		 	 Alper Daglioglu
 President and
Director

	
	EMERGING CTA PORTFOLIO L.P.
		
	By:	 	Ceres Managed Futures LLC
		 	(General Partner)
		
	By	 	/s/ Alper Daglioglu
		 	  

		 	 Alper Daglioglu
 President and
Director

	
	PERELLA WEINBERG PARTNERS CAPITAL MANAGEMENT LP
		
	By	 	/s/ Aaron Hood
		 	  

		 	Name: Aaron Hood
		 	Title: Authorized Person

 Appendix A 

The principal investment objective of this strategy is to achieve attractive absolute returns across diverse market environments by investing in a global
diversified portfolio of derivatives on broad-based equity indices, currencies, sovereign debt and commodities. The strategy generally seeks to accomplish its objective by investing primarily in major equity index futures (including, but not
restricted to, futures on equity indices across Europe, Asia Pacific and North America), major liquid currencies (through forward foreign currency contracts), major commodity futures, highly rated sovereign debt futures (including, but not
restricted to, U.S. Treasuries, German Bunds and Canadian bonds) and short-term deposit futures (including, but not restricted to, futures on Eurodollar, Euribor, Sterling and Euroyen). 

The strategy is based on fundamental predictive relationships of asset returns and macroeconomic factors and implemented in a systematic investment framework.
The strategy has been developed over 20 years of research and implementation experience. The Advisor focuses on developed markets and expects that the instruments described above will be liquid. 

The strategy seeks to target a 10% annualized volatility over the long-term. In the short-term, the strategy’s realized volatility may fluctuate due to
market conditions and risk level of the portfolio. The target volatility of the strategy is intended as a measure of risk taken by the portfolio and reflects the degree to which the strategy’s returns will move. Volatility is defined
as the standard deviation of returns over a certain period. The strategy seeks to achieve this by estimating the volatility of the portfolio and adjusting the portfolio exposures and position sizing accordingly to target 10%
volatility. For the Partnership’s account that is traded by the Advisor, the Advisor will generally target a 15% annualized volatility over the long-term. To achieve the 15% target volatility for the Partnership’s account, the
Advisor will adjust the parameters to reflect the modified target volatility and the portfolio construction process will adjust accordingly to achieve the 15% volatility level. It is also at the discretion of the Advisor to manage the
Partnership’s account at a lower volatility level over short time periods if warranted by market conditions or other discretionary considerations. If the Advisor manages the Partnership’s account at lower volatility level for a period of
time, the average annualized volatility realized may result in a level lower than the 15% target. 

  
 A-1 

 Appendix B 

Commodity Interests to be Traded by Perella Weinberg Partners Capital Management LP 

on Behalf of Emerging CTA Portfolio L.P. 
  

					
	 Trader Market Code
	  	 Exchange
	  	Market Description
	JPY Curncy	  	#N/A	  	JAPANESE YEN
	AUD Curncy	  	#N/A	  	AUSTRALIAN DOLLAR
	ZAR Curncy	  	#N/A	  	S. AFRICAN RAND
	GBP Curncy	  	#N/A	  	BRITISH POUND
	CHF Curncy	  	#N/A	  	SWISS FRANC
	EUR Curncy	  	#N/A	  	EURO
	MXN Curncy	  	#N/A	  	MEXICAN PESO
	CAD Curncy	  	#N/A	  	CANADIAN DOLLAR
	CFA Index	  	Euronext Derivatives Paris	  	CAC40 10 EURO FUT (40 Euronext Paris)
	STA Index	  	Borsa Italiana (IDEM)	  	S&P/MIB IDX FUT (Broad Italian)
	Z A Index	  	LIFFE	  	FTSE 100 IDX FUT (100 LSE)
	GXA Index	  	Eurex	  	DAX INDEX FUTURE (30 German)
	QCA Index	  	OMX Nordic Exchange Stockholm	  	OMXS30 IND FUTURE (30 Swedish)
	EOA Index	  	Euronext Derivatives Amsterdam	  	AMSTERDAM IDX FUT (leading Dutch)
	XPA Index	  	ASX Trade24	  	SPI 200 FUTURES (200 Australia)
	NKA Index	  	Osaka Exchange	  	NIKKEI 225 (OSE) (225 Japanese)
	TPA Index	  	Osaka Exchange	  	TOPIX INDX FUTR (Tokyo Stock Exchange)
	HIA Index	  	Hong Kong Futures Exchange	  	HANG SENG IDX FUT (Hong Kong)
	ESA Index	  	Chicago Mercantile Exchange	  	S&P500 EMINI FUT
	NQA Index	  	Chicago Mercantile Exchange	  	NASDAQ 100 E-MINI
	FAA Index	  	Chicago Mercantile Exchange	  	S&P MID 400 EMINI
	RTAA Index	  	ICE Futures US Indices	  	Russell 2000 Mini

  
 B-1 

					
	 Trader Market Code
	  	 Exchange
	  	 Market Description

	EDA Comdty	  	Chicago Mercantile Exchange	  	90DAY EURO$ FUTR
	ERA Comdty	  	LIFFE	  	3MO EURO EURIBOR
	L A Comdty	  	LIFFE	  	90DAY STERLING FUTR
	YEA Comdty	  	Tokyo Financial Exchange	  	3MO EUROYEN TFX FUTR
	GCA Comdty	  	Commodity Exchange, Inc.	  	GOLD 100 OZ FUTR
	CLA Comdty	  	New York Mercantile Exchange	  	WTI CRUDE FUTURE
	HGA Comdty	  	Commodity Exchange, Inc.	  	COPPER FUTURE
	C A Comdty	  	Chicago Board of Trade	  	CORN FUTURE
	DUA Comdty	  	Eurex	  	German 2yr futures
	OEA Comdty	  	Eurex	  	German 5yr futures
	RXA Comdty	  	Eurex	  	German 10yr futures
	CNA Comdty	  	Montreal Exchange	  	Canada 10yr futures
	TUA Comdty	  	Chicago Board of Trade	  	US 2yr futures
	FVA Comdty	  	Chicago Board of Trade	  	US 5yr futures
	TYA Comdty	  	Chicago Board of Trade	  	US 10yr futures

  
 B-2 

 Appendix C 

Morgan Stanley & Co. 
 Merrill Lynch, Pierce,
Fenner & Smith Incorporated 
 Barclays Capital Inc 

Citibank N.A. 
 Nomura Securities International Inc 

Scotia Capital Inc. 

  
 C-1 

 Schedule 1 
  

	 	•	 	Monthly reports for investors in the PWP Global Macro Fund 

  

	 	•	 	Monthly gross RoR for the Partnership 

 (Please see attached) 

  
 S-1 

  
 

 
 Manager Factsheet 

Kindly provide answers to the following questions: 
  

			
	 Firm Information

		
	 1)      Please state the complete name of your firm.
	  	Perella Weinberg Partners Capital Management
		
	 2)      Please state the year in which the firm was founded.
	  	2006
		
	 3)      Please identify the jurisdiction in which the firm was formed.
	  	
		
	 4)      Please state the location of your firm’s primary office.
	  	New York
		
	 5)      Please state the location of any secondary offices, and their purpose.
	  	London, San Francisco, Denver, Abu Dhabi, Dubai
		
	 6)      Please state the current headcount of your firm.
	  	403 employees
		
	 7)      Please state the current Assets Under Management (“AUM”) of your firm.
	  	$11.7 billion as of June 1, 2014
		
	 8)      Please state the breakdown between Hedge Fund and other AUM (stating the types of funds
represented by other AUM, if applicable).
	  	 Hedge funds: $2.2 billion
 Private equity: $3.9
billion
 Outsourced CIO: $5.6 billion

		
	 9)      Please identify the owners of the firm, and their respective ownership percentages.
	  	 Perella Weinberg Partners Group LP (“Perella Weinberg Partners” or “PWP”) is an independent, privately-owned financial
services firm founded in 2006. PWP’s partners (“Partners”) have significant experience and tenure in the financial services industry and collectively own approximately 80% of PWP. The Partners share a common vision based on integrity,
professionalism and trust, along with a commitment to serving clients’ interests first.
  

Perella Weinberg Partners raised $1.2 billion from a group of global strategic investors (the “Strategic Investors”) to establish its operations and
form an investment fund (the “Investment Fund”) that invests in the various investment strategies established by PWP in its Asset Management business, Perella Weinberg Partners Capital Management LP (“PWPCM” or the
“Firm”). The Strategic Investors own the remaining ~20% of PWP.

  
 1 

			
		
	 10)   Please identify any family relationships amongst the firm’s employees (as well as between firm employees, and
non-employees providing services to the firm or its funds).
	  	N/A
		
	 11)   Please state any regulatory registrations held by your firm (e.g. SEC, CFTC, NFA, FINRA, FCA (United Kingdom), SFC
(Hong Kong), MAS (Singapore)).
	  	 PWPCM has been registered under file number 801-67735 as an “investment adviser” with the U.S. Securities and Exchange Commission
(“SEC”) under the U.S. Investment Advisers Act of 1940 since April 2007.
  

PWPCM is not registered as a broker-dealer with the Financial Industry Regulatory Authority (“FINRA”); however, Perella Weinberg Partners provides
investment banking services in the United States and Europe through a wholly-owned subsidiary, Perella Weinberg Partners LP (“PWPLP”), a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of FINRA and
Securities Investor Protection Corporation. Additionally, Perella Weinberg Partners provides investment banking services in the United Kingdom and Europe through subsidiaries, including, among others, Perella Weinberg Partners UK LLP
(“PWP-UK”), an entity authorized and regulated in the United Kingdom by the Financial Conduct Authority.
  

Both PWPLP and PWP-UK: (1) operate primarily to facilitate the activities of Perella Weinberg Partners’ corporate advisory business; (2) generally do not
engage directly in the sale of securities; and (3) do not have custody or clearing operations.

		
	 12)   Please identify any civil, criminal or regulatory proceedings or lawsuits to which your firm or its officers has
been a party or which are pending (as either plaintiff or defendant).
	  	To the best knowledge of the Firm, as of the date of this Due Diligence Request, there have been no regulatory, administrative, civil or criminal suits or proceeding pending, on appeal or concluded against any member of the Firm
relating to investment advisory services within the last six years that (i) are in the opinion of the Manager acting reasonably and in good faith, material to the operation of the Fund or the Manager or (ii) that allege fraud or securities law
violations of a material nature by the Firm or its officers.
	
	 Strategy Information (Only Applicable if PWP is tracking an existing strategy where the Manager has
a comingled vehicle)

		
	 13)   Please state the complete name of the Fund.
	  	N/A
		
	 14)   Please state the year in which the Fund was founded.
	  	N/A
		
	 15)   Please identify the jurisdiction in which the Fund was formed.
	  	N/A
		
	 16)   Please state the current AUM of the Fund.
	  	N/A

  
 2 

			
		
	 17)   Please state the frequency with which redemptions are permitted from the Fund.
	  	N/A
		
	 18)   Please state the fees to which investors in the Fund are subject.
	  	N/A
		
	 19)   Please state the frequency with which the Fund’s Net Asset Value (“NAV”) is calculated.
	  	N/A
		
	 20)   Please state the name of the Fund’s custodians, prime brokers, any ISDA counterparties and FCMs
	  	N/A
	
	 Firm and Strategies/Fund Operations Information

		
	 21)   Please identify who at the firm is responsible for overseeing back- office operations (COO, CFO etc).
	  	Aaron Hood is the Chief Financial Officer. Prior to serving as Perella Weinberg Partners’ Chief Financial Officer, Mr. Hood was the Chief Operating Officer of the Firm’s Asset Management business. Prior to joining Perella
Weinberg Partners, Mr. Hood was a Vice President in Morgan Stanley’s Leveraged Finance Group where he covered energy, power and transportation clients and a former Associate in Morgan Stanley’s Investment Banking Group.
		
	 22)   Please state the current headcount devoted to back-office operations.
	  	 Fund Accounting & Operations: 25
 Finance
& Administration: 15

		
	 23)   Please identify key trade operations and fund accounting systems.
	  	Trades are directed through the Firm’s centralized trading desk with the guidance of Chip Krotee, the Firm’s Head Trader. Trades are initiated by the Portfolio Manager and are sent via email to our centralized trading
desk, which confirms receipt by return email. Trades are then entered into the Eze Castle/Pulse Order Management System (“OMS”) by our traders, and where possible, sent via FIX to a broker for execution. Reports are returned electronically
from the broker until the order is filled. We require each broker to confirm all final executions (or outstanding orders as the case may be) on trade date. Omgeo’s Oasys and CTM pre-matching and allocation tool is used to confirm and allocate
U.S. and international equity executions, respectively, on trade date. The OMS creates trade files which are sent daily to the Fund’s Prime Brokers and Administrator.

  
 3 

			
		
	 24) Please describe cash transfers controls and procedures.
	  	 Cash relating to investor transactions is managed via an account controlled by the Administrator. Following documentation and KYC/AML
approval by the Administrator, the CFO and Product Controller direct the Administrator to move monies to the appropriate prime broker account or to pay redemptions. The prime broker account instructions are set up with the Administrator as standing
instructions. Wires from the Administrator require three individuals to enter, approve and release using JPMorgan ACCESS, a web-based treasury application. Cash movements for operating expenses or relating to trades are generally processed via
web-based applications offered by the Fund’s Prime Brokers. Where possible, standard instructions are maintained within those applications. For wires in excess of $100,000, the Prime Broker applications require three individuals to enter and
release wires; two individuals are required for wires below the threshold. Individuals with authority to release wires include the Chief Financial Officer, Chief Accounting Officer, a Director of Fund Accounting and a Director of Operations.

 
 Management company expenses are generally paid using JPMorgan ACCESS and require two
individuals to enter and release transactions. Individuals with authority to release transactions include the CFO and the Controller of Perella Weinberg Partners Group LP

		
	 25)   Please state the percentage of non-exchange-listed or illiquid assets currently in the Fund’s portfolio, and
how these assets are priced (if applicable, please state the name of any external valuation agents involved in valuing the Fund’s portfolio, and describe their role in the process).
	  	N/A
		
	 26)   Have there been any NAV restatements in the Firm’s history? If so, please explain the circumstances.
	  	No.
		
	 27)   Please state whether any of the firm’s Funds audited annual financial statements have ever received a
qualified opinion (explaining the circumstances, if applicable).
	  	No.
		
	 28)   Please state whether the firm maintains a Business Continuity and Disaster Recovery Plan, and if so, whether the
plan is periodically tested.
	  	The Firm maintains a Business Continuity and Disaster Recovery Plan.
		
	 29)   Do you have a program to periodically review the cybersecurity risks of your business applications and
systems?
	  	Yes.
	
	 Form Completion

		
	 30)   Please identify the person at your firm responsible for completion of this form.
	  	Jody Shechtman
		
	 31)   Please state the date on which this form was completed.
	  	July 30, 2014

  
 4Form of DTC Note for the Company's 5.130% Notes due November 12, 2019

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no
transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited
circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CITIGROUP INC. 
 5.130%
Notes due November 12, 2019 
  

			
	REGISTERED	  	REGISTERED
		
		  	 CUSIP: 172967 JA0   

ISIN: XS1135556378   

Common Code: 113555637   

		
	No. R-0001-DTC-A	  	NZ$0   

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of NZ$0 on November 12, 2019 and to pay interest thereon from and including November 12, 2014 or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, on May 12 and November 12 of each year, commencing May 12, 2015 at the rate of 5.130% per annum, until the principal hereof is
paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of
business on the Record Date for such interest, which shall be the London business day immediately preceding such Interest Payment Date. For these purposes, “London business day” means any day on which commercial banks settle payments and
are open for general business in the City of London. 

 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the holder on such Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than five days prior to the date of payment
of such defaulted interest, notice whereof shall be given to holders of Notes of this series not less than 15 days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Interest hereon will be calculated on the basis of the actual number of days elapsed and the actual number of days in the year. 

If either an Interest Payment Date or the maturity of the Notes falls on a day that is not a Business Day, such Interest Payment Date or
maturity will be the next succeeding Business Day. If a date for payment of interest or principal on the Notes falls on a day that is not a Business Day in the place of payment, such payment will be made on the next succeeding Business Day in such
place of payment as if made on the date the payment was due. No interest will accrue on any amounts payable for the period from and after the due date for payment of such principal or interest. For these purposes, “Business Day” means any
day which is a day on which commercial banks settle payments and are open for general business in The City of New York, London, Auckland and Wellington. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in
London in New Zealand dollars, including holders of interests in this Note through The Depository Trust Company unless they make an election to receive payment in United States dollars in accordance with the procedures of The Depository Trust
Company and the Fiscal Agency Agreement dated as of November 12, 2014 (the “Fiscal Agency Agreement”), in which case the exchange agent under the Fiscal Agency Agreement will convert the New Zealand dollars paid by the Company into
United States dollars in accordance with the Fiscal Agency Agreement. 
 Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless
the certificate of authentication hereon has been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: November 12, 2014 
  

			
	CITIGROUP INC.
		
	By:	 	  

	Title:	 	Deputy Treasurer

  

			
	ATTEST:
		
	By:	 	  

	Title:	 	Assistant Secretary

  
 3 

 This is one of the Notes of the series issued under the within-mentioned Indenture. 

Dated: November 12, 2014 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	-or-
	
	CITIBANK, N.A., LONDON OFFICE,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 4 

 This Note is one of a duly authorized issue of Securities of the Company (the “Notes”),
issued and to be issued in one or more series under the Indenture, dated as of November 13, 2013 (as amended and supplemented to date, the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in
aggregate principal to NZ$300,000,000. 
 So long as the Notes of this series are in the form of Global Securities only, all Notes of this
series will collectively be evidenced (a) by this Global Note (the “DTC Global Note”) and (b) by the Global Security of this series registered in the name of Citivic Nominees Limited (the “International Global Note”).
The DTC Global Note and the International Global Note will at all times collectively represent the aggregate principal amount of this series outstanding from time to time. If at any time a portion of the International Global Note is exchanged for an
interest in the DTC Global Note, the principal amount of the DTC Global Note shall be increased by the amount of such portion, and the DTC Global Note shall be endorsed on the Schedule of Exchanges of Interests thereto to reflect such principal
increase, subject to the limitation that in no event may the principal amount of the DTC Global Note be greater than the equivalent in U.S. dollars of NZ$300,000,000. If at any time a portion of the DTC Global Note is exchanged for an interest in
the International Global Note, the principal amount of the DTC Global Note shall be decreased by the amount of such portion, and the DTC Global Note shall be endorsed on the Schedule of Exchanges of Interests thereto to reflect such principal
decrease. To ascertain the U.S. dollar equivalent of the principal amount endorsed on the Schedule of Exchanges of Interests attached to the DTC Global Note, inquiry shall be made of the exchange agent under the Fiscal Agency Agreement, and the U.S.
dollar equivalent quoted by such exchange agent (and the date of such quote) shall be noted on such Schedule of Exchanges of Interests next to the corresponding New Zealand dollar amount. 

If an event of default (as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the
Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth in Sections 12.02 and 12.03 thereof, which provisions apply to this Note. 

The Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish,
among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities at the time outstanding
which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities,
reduce the rate or extend the time 

  
 R-1 

 
of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date,
change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce
the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such modification without the consent of the holders of all Securities of such series then outstanding, or (iii) modify, without the
written consent of the Trustee, the rights, duties or immunities of the Trustee. 
 No reference herein to the Indenture and no provision of
this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 This Note is a Global Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in
the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred
except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

The Notes represented by this Global Security are exchangeable for definitive Notes in certificated form of like tenor as such Notes in
denominations of NZ$1,000 and integral multiples of NZ$1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the DTC Global Note or (ii) the Depository ceases
to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) both the Euroclear System and Clearstream Banking, société anonyme, notify the Company that they are unwilling or unable to
continue as a clearing system for the International Global Note or (iv) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive Notes in registered form. Any Notes that are exchangeable pursuant to the
preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon surrender of the definitive Note for registration of transfer at the office or agency of the
registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the holder thereof or his attorney duly authorized in writing, and thereupon one or more new
Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global
Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 

  
 R-2 

 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary. 
 The Company will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note
that is a non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a
“net payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge of the United States. These
Additional Amounts will constitute additional interest on the Note. 
 The Company will not be required to pay Additional Amounts, however,
in any of the circumstances described in items (1) through (14) below. 
  

	 	(1)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:

  

	 	(a)	having a relationship with the United States as a citizen, resident or otherwise; 

  

	 	(b)	having had such a relationship in the past or 

  

	 	(c)	being considered as having had such a relationship. 

  

	 	(2)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:

  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

  

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past or 

  

	 	(c)	having or having had a permanent establishment in the United States. 

  

	 	(3)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld in whole or in part by reason of the beneficial owner
being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

  

	 	(a)	personal holding company; 

  

	 	(b)	foreign personal holding company; 

  

	 	(c)	foreign private foundation or other foreign tax-exempt organization; 

  

	 	(d)	passive foreign investment company; 

  
 R-3 

	 	(e)	controlled foreign corporation or 

  

	 	(f)	corporation which has accumulated earnings to avoid United States federal income tax. 

  

	 	(4)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner owning or
having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason of the beneficial owner being a bank that has invested in a Note as an extension of
credit in the ordinary course of its trade or business. 

 For purposes of items (1) through (4) above, “beneficial owner”
means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate or trust administered by
a fiduciary holder. 
  

	 	(5)	Additional Amounts will not be payable to any beneficial owner of a Note that is a: 

  

	 	(a)	fiduciary; 

  

	 	(b)	partnership; 

  

	 	(c)	limited liability company or 

  

	 	(d)	other fiscally transparent entity 

 or that is not the sole beneficial owner of the Note, or any
portion of the Note. However, this exception to the obligation to pay Additional Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability
company or other fiscally transparent entity, would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

 

	 	(6)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the failure of the beneficial
owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the obligation to pay Additional Amounts will only apply if compliance with such
reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge.

  

	 	(7)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding from a
payment on a Note by the Company or a paying agent. 

  
 R-4 

	 	(8)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of a change in law, regulation, or
administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

  

	 	(9)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner
of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

  

	 	(10)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

  

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax or 

  

	 	(i)	any similar tax, assessment, withholding, deduction or other governmental charge. 

  

	 	(11)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent from a payment of principal or
interest on a Note if such payment can be made without such withholding by any other paying agent. 

  

	 	(12)	Additional amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is required to be made pursuant to any European Union directive on the
taxation of savings income or any law implementing or complying with, or introduced to conform to, any such directive. 

  

	 	(13)	 Additional amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment or other
governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the Note is
made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that
jurisdiction and the United States) 

  
 R-5 

	 	
or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any
such financial institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 

  

	 	(14)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (14) above. 

Except as specifically provided herein, the Company will not be required to make any payment of any tax, assessment or other governmental
charge imposed by any government or a political subdivision or taxing authority of such government. 
 As used in this Note, “United
States person” means: 
  

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership or other entity created or organized in or under the laws of the United States; 

  

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income and 

 

	 	(d)	any trust if a United States court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the substantial decisions of the trust.

 Additionally, “non-United States person” means a person who is not a
United States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

 

	 	Except	as provided below, the Notes may not be redeemed prior to maturity. 

  

	 	(1)	The Company may, at its option, redeem the Notes if: 

  

	 	(a)	the Company becomes or will become obligated to pay Additional Amounts as described above; 

  

	 	(b)	the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official position regarding the application or interpretation of such laws,
regulations or rulings, which change is announced or becomes effective on or after November 4, 2014 and 

  

	 	(c)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Notes or taking any action that would entail a material cost to the Company. 

  
 R-6 

	 	(2)	The Company may also redeem the Notes, at its option, if: 

  

	 	(a)	any act is taken by a taxing authority of the United States on or after November 4, 2014, whether or not such act is taken in relation to the Company or any affiliate, that results in a substantial probability that
the Company will or may be required to pay Additional Amounts as described above; 

  

	 	(b)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Notes or taking any action that would entail a material cost to the Company and 

  

	 	(c)	the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that the Company will or may be required to pay the
Additional Amounts described under above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Notes pursuant to their terms. 

Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in whole, and not in part, and will be made at a redemption price
equal to 100% of the principal amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30 days nor more than 60 days prior notice by the Trustee of the date fixed for such
redemption. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The
Notes are governed by the laws of the State of New York. 

  
 R-7 

 SCHEDULE OF EXCHANGES OF INTERESTS 

The following exchanges of a part of this Note for an interest in another Global Security or for a certificated Note, or exchanges of a part
of another Global Security or certificated Note for an interest in this Note, have been made: 
  

											
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Note	  	Amount of increase
in Principal Amount
of this Note	  	Principal Amount of
this Note following
such decrease (or
increase)	 	  	 Signature of

Authorized
 Officer of

Trustee or

Fiscal Agent

					
	November 12, 2014 (original issuance)	  		  		  	NZ$	0	  	  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	
		  		  		  				  	

  

	*	This Schedule may be used by the Trustee, Paying Agent, Fiscal Agent or other agent of the Company in respect of this Note, and, if so used, shall be deemed a part thereof for all purposes. 

  
 R-8

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