Document:

Advisory Agreement among KMP Futures Fund I LLC

 Exhibit 10.1 
 ADVISORY AGREEMENT 
 ADVISORY AGREEMENT (the
“Agreement”) dated as of the 20th day of November, 2006, by and among WCM POOL LLC, a Delaware limited liability company (the “Company”), PREFERRED INVESTMENT SOLUTIONS CORP., a Delaware corporation
(the “Administrator”), and WINTON CAPITAL MANAGEMENT LIMITED, a company registered in England and Wales (the “Advisor”). 
 W I T N E S S E T H: 
 WHEREAS, the Company has been organized primarily for the purpose of trading, buying, selling, spreading or otherwise acquiring, holding or disposing of futures, forward and options contracts with
respect to commodities. Other transactions also may be effected from time to time, including among others, those as more fully identified in Exhibit A hereto; the foregoing commodities and other transactions are collectively referred to as
“Commodities”; and 
 WHEREAS, the Company is authorized and directed to utilize the services of the
Advisor in connection with the Commodities trading activities of the Company; and 
 WHEREAS, each of the members of the
Company (the “Members”) is a commodity pool of which the Administrator is the sole managing owner and/or general partners; and 
 WHEREAS, none of the Members currently is accepting additional investments; and 
 WHEREAS, each of the Members has acquired an interest in the Company; and 
 WHEREAS, the Advisor’s
present business includes the management of Commodities accounts for its clients; and 

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 WHEREAS, the Advisor is registered as a Commodity Trading Advisor under the
Commodity Exchange Act, as amended (the “CE Act”), and is a member of the National Futures Association (the “NFA”) as a Commodity Trading Advisor and will maintain such registration and membership for the term of
this Agreement; and 
 WHEREAS, the Company and the Advisor desire to enter into this Agreement in order to set forth the
terms and conditions upon which the Advisor will render and implement commodity advisory services on behalf of the Company during the term of this Agreement. 
 NOW, THEREFORE, the parties agree as follows: 
 1. Duties of the
Advisor. 
 (a) Appointment. The Company hereby appoints the Advisor, and the Advisor hereby accepts appointment,
as the Company’s limited attorney-in-fact to exercise discretion to invest and reinvest in Commodities during the term of this Agreement the assets of the Company (the “Allocated Assets”) on the terms and conditions and for the
purposes set forth herein. This limited power-of-attorney is a continuing power and shall continue in effect with respect to the Advisor until terminated hereunder. The Advisor shall have sole authority and responsibility for independently directing
the investment and reinvestment in Commodities of the Allocated Assets for the term of this Agreement pursuant to the trading programs, methods, systems and strategies described in Exhibit A hereto, which the Company has selected to be
utilized by the Advisor in trading the Allocated Assets (collectively referred to as the Advisor’s “Trading Approach”), subject to the trading policies and limitations as set forth in and attached hereto as Exhibit B
(the “Trading Policies and Limitations”), as the same may be modified from time to time and provided in writing to the Advisor. The portion of the Allocated Assets to be allocated by the Advisor at any point in time to one or more
of the various trading strategies

  

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comprising the Advisor’s Trading Approach will be determined as set forth in Exhibit A hereto, as it may be amended from time to time, with the consent of the parties, it being
understood that trading gains and losses automatically will alter the agreed upon allocations. Upon receipt of a new allocation, the Advisor will determine and, if required, adjust its trading in light of the new allocation. 
 (b) Allocation of Responsibilities. The Company will have the responsibility for the management of any portion of the Allocated
Assets that are not invested in Commodities. The Advisor will use its good faith and best efforts in determining the investment and reinvestment in Commodities of the Allocated Assets in compliance with the Trading Policies and Limitations, and in
accordance with the Advisor’s Trading Approach. In the event that the Company shall, in its sole discretion, determine in good faith, following consultation appropriate under the circumstances with the Advisor, that any trading instruction
issued by the Advisor violates the Company’s Trading Policies and Limitations, then the Company, following reasonable notice to the Advisor appropriate under the circumstances, may override such trading instruction and shall be responsible
therefor. Nothing herein shall be construed to prevent the Company from imposing any limitation(s) on the trading activities of the Company beyond those enumerated in Exhibit A if the Company determines that such limitation(s) are necessary
or in the best interests of the Company, in which case the Advisor will adhere to such limitations following written notification thereof. 
 (c) Gains From Trading Approach. The Advisor agrees that at least 90% of the annual gross income and gain, if any, generated by its Trading Approach for the Company will be “qualifying
income” within the meaning of Section 7704(d) of the Code (it being understood that such income largely will result from buying and selling Commodities and that

  

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the Trading Approach is not primarily intended to generate interest income). The Advisor also agrees that it will attempt to trade in such a manner as to allow non-U.S. Members (if any) to
qualify for the safe harbors found in Section 864(b)(2) of the Code and as interpreted in the regulations promulgated or proposed thereunder. 
 (d) Modification of Trading Approach. In the event the Advisor requests to use, or the Company requests the Advisor to use, a trading program, system, method or strategy other than or in addition
to the trading programs, systems, methods or strategies comprising the Trading Approach in connection with trading for the Company (including, without limitation, the deletion or addition of an agreed upon trading program, system, method or strategy
from or to the then agreed upon Trading Approach, or a modification in the leverage employed outside the parameters described in the Advisor’s Disclosure Document attached hereto as Exhibit C), either in whole or in part, the Advisor may
not do so and/or shall not be required to do so, as appropriate, unless both the Company and the Advisor consent thereto in writing. 
 (e) Notification of Material Changes. The Advisor also agrees to give the Company prior written notice of any proposed material change in its Trading Approach and agrees not to make any material change in such Trading Approach (as
applied to the Company) over the objection of the Company, it being understood that the Advisor shall be free to institute non-material changes in its Trading Approach (as applied to the Company) without prior written notification. Without limiting
the generality of the foregoing, refinements to the Advisor’s Trading Approach and the deletion (but not the addition) of Commodities (other than the addition of Commodities then being traded (i) on organized domestic commodities
exchanges, (ii) on foreign commodities exchanges recognized by the Commodity Futures Trading Commission (the “CFTC”) as providing customer protections comparable to those provided on

  

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domestic exchanges or (iii) in the interbank foreign currency market) to or from the Advisor’s Trading Approach, shall not be deemed a material change in the Advisor’s Trading
Approach, and prior approval of the Company shall not be required therefor. The utilization of forward markets in addition to those enumerated in the Advisor’s Disclosure Document attached hereto as Exhibit C would be deemed a material
change to the Advisor’s Trading Approach and prior approval shall be required therefor. 
 Subject to adequate assurances
of confidentiality, the Advisor agrees that it will discuss with the Company upon request any trading methods, programs, systems or strategies used by it for trading customer accounts which differ from the Trading Approach used for the Company,
provided that nothing contained in this Agreement shall require the Advisor to disclose what it deems to be proprietary or confidential information. 
 (f) Request for Information. The Advisor agrees to provide the Company with any reasonable information concerning the Advisor that the Company may reasonably request (other than the identity of its
customers or proprietary or confidential information concerning the Trading Approach), subject to receipt of adequate assurances of confidentiality by the Company, including, but not limited to, information regarding any change in control, key
personnel, Trading Approach and financial condition which the Company reasonably deems to be material to the Company; the Advisor also shall notify the Company of any such matters the Advisor, in its reasonable judgment, believes may be material to
the Company relating to the Advisor and its Trading Approach. During the term of this Agreement, the Advisor agrees to provide the Company with updated monthly information related to the Advisor’s performance results within a reasonable period
of time after the end of the month to which it relates. 
  

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 (g) Notice of Errors. The Advisor is responsible for promptly reviewing all oral
and written confirmations its receives to determine whether the Commodities trades were made in accordance with the Advisor’s instructions. If the Advisor determines that an error was made in connection with a trade or that a trade was made
other than in accordance with the Advisor’s instructions, the Advisor shall utilize its reasonable best efforts to cause the error or discrepancy to be corrected and where the error is deemed material promptly notify the Company of the material
error. 
 (h) Liability. Neither the Advisor nor any employee, director, officer or shareholder of the Advisor, nor any
person who controls the Advisor, shall be liable to the Company, the Members, the Administrator, or their respective officers, directors, shareholders, members or employees, or any person who controls any of them, or the owners of any units of
beneficial interest of any series of any Member on behalf of which series such Member has acquired an interest in the Company (“Limited Owners”), or any of their respective successors or assigns under this Agreement, except by
reason of acts or omissions in material breach of this Agreement or due to their willful misconduct or gross negligence or by reason of their not having acted in good faith in the reasonable belief that such actions or omissions were in the best
interests of the Company; it being understood that the Advisor makes no guarantee of profit nor offers any protection against loss, and that all purchases and sales of Commodities shall be solely for the account and risk of the Company, and the
Advisor shall incur no liability for trading profits or losses resulting therefrom, provided the Advisor would not otherwise be liable to the Company under the terms hereof. 
 (i) Initial Allocation. Initially, and continuing until the earlier of (i) such time as the Company designates and utilizes the
services of an Other Advisor (as such term is

  

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hereinafter defined) in connection with the Commodities trading activities of the Company, or (ii) such time as this Agreement is terminated in accordance with its terms, the Allocated
Assets will total an amount equal to substantially all of the assets of the Company, including all cash and cash equivalents held by the Company reduced by all liabilities of the Company. The Administrator and the Company shall ensure that the
trading asset level of the Company’s account managed by the Advisor is at all times fully funded, and is at no time notionally funded. Furthermore, at all times during the term of this Agreement, the Administrator shall ensure that each of the
Members commits to the Company for inclusion as Allocated Assets all or substantially all of the assets allocated to the Advisor within any series of such Member on behalf of which series such Member has acquired an interest in the Company.

 (j) Additional Allocations and Reallocations. Subject to Section 10(a) below, the Company may (i) allocate
additional Allocated Assets to the Advisor, (ii) reallocate Allocated Assets away from the Advisor to another commodity trading advisor (an “Other Advisor”), (iii) reallocate Allocated Assets to the Advisor from an Other
Advisor or (iv) allocate additional Allocated Assets to an Other Advisor. It is expressly acknowledged by the parties hereto that the Advisor currently is the sole commodity trading advisor to the Company and has been allocated 100% of the
Allocated Assets. In the event the Company designates and utilizes the services of an Other Advisor in connection with the Commodities trading activities of the Company, the Company shall remove any reference to the Advisor from the Company’s
name prior to any such allocation or reallocation of Allocated Assets to an Other Advisor. 
 (k) Delivery of Disclosure
Document. The Advisor agrees to provide the Company with any amendment or supplement to the Disclosure Document attached hereto as Exhibit C (an “Update”) as soon as such Update is available for distribution following
filing in final form with the CFTC and/or the NFA. 
  

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 2. Indemnification. 
 (a) The Advisor. Subject to the provisions of Section 3 of this Agreement, the Advisor and each officer, director, shareholder
and employee of the Advisor and each person who controls the Advisor, shall be indemnified, defended and held harmless by the Company and the Administrator, jointly and severally, from and against any and all claims, losses, judgments, liabilities,
damages, costs, expenses (including, without limitation, reasonable investigatory and attorneys’ fees and reasonable expenses) and amounts paid in settlement of any claims in compliance with the conditions specified below (collectively,
“Losses”) sustained by the Advisor (i) in connection with any acts or omissions of the Advisor or any of its officers, directors or employees relating to its management of the Allocated Assets, including in connection with this
Agreement or otherwise as a result of the Advisor’s performance of services on behalf of the Company or its role as trading advisor in respect of the Allocated Assets and/or (ii) as a result of a material breach of this Agreement by the
Company; provided, however, that (i) such Losses were not the result of the gross negligence, willful misconduct or material breach of this Agreement on the part of the Advisor, its officers, directors, shareholders and employees and
each person controlling the Advisor, (ii) the Advisor and its officers, directors, shareholders and employees and each person controlling the Advisor, acted in good faith and in a manner reasonably believed by it and them to be in or not
opposed to the best interests of the Company and (iii) any such indemnification will only be recoverable from the Allocated Assets and the assets of the Administrator; and provided further that no indemnification shall be permitted under
this Section 2 for amounts paid in settlement if either (A) the Advisor fails to notify the

  

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Company of the terms of any settlement proposed, at least fifteen (15) days before any amounts are paid or (B) the Company does not approve the amount of the settlement within fifteen
(15) days of any such notice (such approval not to be withheld unreasonably). Notwithstanding the foregoing, the Company shall at all times have the right to offer to settle any matter with the approval of the Advisor (which approval shall not
be withheld unreasonably), and if the Company successfully negotiates a settlement and tenders payment therefor to the party claiming indemnification (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 Company and the Administrator to the
Indemnitee shall be the amount of said proposed settlement. 
 (b) Default Judgments and Confessions of Judgment. None of
the foregoing provisions for indemnification shall be applicable with respect to default judgments or confessions of judgment entered into by the Indemnitee, with its knowledge, without the prior consent of the Company. 
 (c) Procedure. In the event that an Indemnitee under this Section 2 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 Indemnitee 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) Expenses. Expenses incurred in defending a
threatened or pending civil, administrative or criminal action, suit or proceeding against an Indemnitee shall be paid by the Company or the Administrator in advance of the final disposition of such action, suit or

  

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proceeding if (i) the legal action, suit or proceeding, if sustained, would entitle the Indemnitee to indemnification pursuant to the terms of this Section 2, and (ii) the Advisor
undertakes to repay the advanced funds to the Company or the Administrator in cases in which the Indemnitee is not entitled to indemnification pursuant to this Section 2. 
 3. Limits on Claims. The Advisor agrees that it will not take any of the following actions against the Company or any Member:
(i) seek a decree or order by a court having jurisdiction in the premises (A) for relief in respect of the Company or such Member in an involuntary case or proceeding under the U.S. Bankruptcy Code or any other federal or state bankruptcy,
insolvency, reorganization, rehabilitation, liquidation or similar law or (B) adjudging the Company or such Member a bankrupt or insolvent or seeking reorganization, rehabilitation, liquidation, arrangement, adjustment or composition of or in
respect of the Company or such Member under the U.S. Bankruptcy Code or any other applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or such
Member or of any substantial part of any of its properties, or ordering the winding up or liquidation of any of its affairs, (ii) seek a petition for relief, reorganization or to take advantage of any law referred to in the preceding clause or
(iii) file an involuntary petition for bankruptcy. 
 4. Representation Agreement. The parties agree to
execute a Representation Agreement substantially in the form of Exhibit D to this Agreement (the “Representation Agreement”) contemporaneously herewith. 
 5. Advisor Independence. 
 (a) Independent Contractor. The Advisor shall for all purposes herein be deemed to be an independent contractor with respect to the Company, the Administrator and

  

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each other commodity trading advisor that may in the future provide commodity trading advisory services to the Company and shall, unless otherwise expressly authorized, have no authority to act
for or to represent the Company, the Administrator, or any other commodity trading advisor in any way, or otherwise be deemed to be a general agent, joint venturer or partner of the Company, the Administrator, or any other commodity trading advisor
or in any way be responsible for the acts or omissions of the Company, the Administrator, or any other commodity trading advisor as long as it is acting independently of such persons. 
 (b) Unauthorized Activities. Without limiting the obligations of the Company or the Administrator set forth under this Agreement,
nothing herein contained shall be deemed to require the Company or the Administrator to take any action contrary to its organizational documents or any applicable statute, regulation or rule of any exchange or self-regulatory organization.

 (c) Purchase of Interests. Any of the Advisor, its principals and employees may, in its discretion, acquire interests
in the Members. 
 (d) Confidentiality. The Company and the Administrator acknowledge that the Trading Approach,
including methods, models and strategies of the Advisor, is the confidential property of the Advisor. Nothing in this Agreement shall require the Advisor to disclose the confidential or proprietary details of its Trading Approach. The Company and
the Administrator further agree that they will keep confidential and will not disseminate the Advisor’s trading advice to the Company, except as, and to the extent that, it may be determined by the Administrator to be (i) necessary for the
monitoring of the business of the Company or the Members, including the performance of brokerage services by the Company’s commodity broker(s), or (ii) expressly required by law or regulation. The Parties agree to execute a Non-Disclosure
Agreement substantially in the form of Exhibit E to this Agreement (the “NDA”) contemporaneously herewith. 
  

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 6. Commodity Broker. 
 All Commodities traded for the account of the Company shall be made through such floor broker or brokers, commodity broker or brokers, or
counterparty or counterparties, as the Company directs, or otherwise in accordance with such order execution procedures as are agreed upon between the Advisor and the Company. Unless otherwise agreed upon between the Advisor and the Company, the
Advisor shall not have any authority or responsibility in selecting or supervising any floor broker or counterparty for execution of Commodities trades of the Company or for negotiating floor brokerage commission rates or other compensation to be
charged therefor. The Advisor shall not be responsible for determining that any such broker or counterparty used in connection with any Commodities transactions meets the financial requirements or standards imposed by the Trading Policies and
Limitations. 
 7. Fees. 
 In consideration of and in compensation for the performance of the Advisor’s services under this Agreement, the Advisor shall receive from the Company a monthly management fee (the
“Management Fee”) and a quarterly incentive fee (the “Incentive Fee”) based on the Allocated Assets, as follows: 
 (a) A Management Fee equal to  1/12 of 2% (0.16667%) per month of the Allocated Assets determined as of the close of business on the last day of each month (an annual rate of 2.0%). For purposes of determining the Management Fee, any
distributions, redemptions or reallocation of the Allocated Assets made as of the last day of the month shall be added back to the Allocated Assets, and there shall be no reduction for (i) any accrued but unpaid incentive 

  

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fees due the Advisor under paragraph (b) below for the quarter in which such fees are being computed or (ii) any accrued but unpaid extraordinary expenses unrelated to the Company. The
Management Fee determined for any month in which an Advisor manages the Allocated Assets for less than a full month shall be prorated, such proration to be calculated on the basis of the number of days in the month the Allocated Assets were under
the Advisor’s management as compared to the total number of days in such month, with such proration to include appropriate adjustments for any funds taken away from the Advisor’s management during the month for reasons other than
distributions or redemptions, including, but not limited to, the reduction of the Allocated Assets allocated to the Advisor’s management resulting from the payment of extraordinary expenses. Management Fees paid pursuant to this section are
non-refundable. 
 (b) An incentive fee of twenty percent (20%) (the “Incentive Fee”) of “New High
Net Trading Profits” (as hereinafter defined) generated on the Allocated Assets, including realized and unrealized gains and losses thereon, as of the close of business on the last day of each calendar quarter (the “Incentive
Measurement Date”). 
 New High Net Trading Profits (for purposes of calculating the Advisor’s Incentive Fee only)
will be computed as of the Incentive Measurement Date and will include such profits (as outlined below) since the Incentive Measurement Date of the most recent preceding calendar quarter for which an incentive fee was earned (or, with respect to the
first Incentive Fee, as of the commencement of operations) (the “Incentive Measurement Period”). 
 New High
Net Trading Profits for any Incentive Measurement Period will be the net profits, if any, from trading of the Allocated Assets during such period (including (i) realized trading profit (loss) plus or minus (ii) the change in unrealized
trading profit (loss) on open positions) and will be calculated after the determination of the Company’s fixed brokerage fee

  

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and other transaction costs attributable to the Allocated Assets, the Advisor’s Management Fee, the operating expenses for which the Company is responsible, and any extraordinary expenses
(e.g., litigation, costs or damages) paid during an Incentive Measurement Period which are specifically related to the Advisor, but before deduction of any Incentive Fees payable during the Incentive Measurement Period. New High Net
Trading Profits will not include interest earned or credited on the Allocated Assets. New High Net Trading Profits will be generated only to the extent that the Advisor’s cumulative New High Net Trading Profits exceed the highest level of
cumulative New High Net Trading Profits achieved by the Advisor as of a previous Incentive Measurement Date. Except as set forth below, net losses from prior quarters must be recouped before New High Net Trading Profits can again be generated. If a
withdrawal or distribution occurs or if this Agreement is terminated at any date that is not an Incentive Measurement Date, the date of the withdrawal or distribution or termination will be treated as if it were an Incentive Measurement Date, but
any Incentive Fee accrued in respect of the withdrawn assets on such date shall not be paid to the Advisor until the next scheduled Incentive Measurement Date. New High Net Trading Profits for an Incentive Measurement Period shall exclude capital
contributions to the Company in an Incentive Measurement Period, distributions or redemptions paid or payable by the Company during an Incentive Measurement Period, as well as losses, if any, associated with redemptions, distributions, and
reallocations of assets during the Incentive Measurement Period and prior to the Incentive Measurement Date (i.e., to the extent that assets are allocated away from the Advisor (through redemptions, distributions or allocations caused
by the Company), any loss carryforward attributable to the Advisor shall be reduced in the same proportion that the assets allocated away from the Advisor bears to the Allocated Assets prior to the re-allocation and New High Net Trading Profits
shall reflect this reduction in loss

  

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carryforward). In calculating New High Net Trading Profits, incentive fees paid for a previous Incentive Measurement Period will not reduce cumulative New High Net Trading Profits in subsequent
periods. 
 (c) Timing of Payment. Management Fees and Incentive Fees shall be paid generally within fifteen
(15) business days following the end of the period for which they are payable. The first incentive fee which may be due and owing to the Advisor in respect of any New Trading Profits will be due and owing as of the end of the first calendar
quarter during which the Trading Advisor managed the Allocated Assets for at least forty-five (45) days. If an Incentive Fee shall have been paid by the Company to the Advisor in respect of any calendar quarter and the Advisor shall incur
subsequent losses on the Allocated Assets, the Advisor shall nevertheless be entitled to retain amounts previously paid to it in respect of New High Net Trading Profits. 
 (d) Fee Data. The Company will provide the Advisor with the data used by the Company to compute the foregoing fees generally within ten (10) business days of the end of the relevant period.

 (e) Third Party Payments. Neither the Advisor nor any of its officers, directors, employees or stockholders shall
receive any commissions, compensation, remuneration or payments whatsoever from any broker with which the Company carries an account for transactions executed in the Company’s account. The parties acknowledge that a familial relationship of any
of the foregoing persons may receive floor brokerage commissions in respect of trades effected pursuant to the Advisor’s Trading Approach on behalf of the Company, which payment shall not violate the preceding sentence. 
  

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 8. Term and Termination. 
 (a) Term. This Agreement shall commence on the date hereof and, unless sooner terminated pursuant to paragraph (b), (c) or
(d) of this Section 8, shall continue in effect until the close of business on the last day of the month ending twelve (12) full months following the commencement of the Company’s trading activities. Thereafter, unless this
Agreement is terminated pursuant to paragraphs (b), (c) or (d) of this Section 8, this Agreement shall be renewed automatically on the same terms and conditions set forth herein for successive additional one-year terms, each of which
shall commence on the first day of the month subsequent to the conclusion of the preceding term. Subject to Section 8(d)(iv) hereof, the automatic renewal(s) set forth in the preceding sentence hereof shall not be affected by (i) any
allocation of the Allocated Assets away from the Advisor pursuant to this Agreement or (ii) the retention of Other Advisors following a reallocation or otherwise. 
 (b) Automatic Termination. This Agreement shall terminate automatically in the event that the Company is terminated or in the event that any Member commences an offering of units of beneficial
interest of such Member or any series thereof (if applicable). In addition, this Agreement shall terminate automatically in the event that the value of the Allocated Assets, as of the end of any business day, have declined by at least 40% from the
value of the Allocated Assets (i) as of the first day of this Agreement or (ii) as of the first day of any calendar year, as adjusted on an ongoing basis by (A) any decline(s) in the value of the Allocated Assets caused by
distributions, redemptions, reallocations and withdrawals and (B) additions to the value of the Allocated Assets caused by additional allocations. 
 (c) Optional Termination Right of Company. This Agreement may be terminated at any time at the election of the Company in its sole discretion upon at least thirty

  

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(30) days’ prior written notice to the Advisor. The Company will use its best efforts to cause any termination to occur as of a month-end. This Agreement also may be terminated upon prior
written notice, appropriate under the circumstances, to the Advisor in the event that (i) the Company determines in good faith, following consultation appropriate under the circumstances with the Advisor, that the Advisor is unable to use its
agreed upon Trading Approach to any material extent, as such Trading Approach may be refined or modified in the future in accordance with the terms of this Agreement for the benefit of the Company; (ii) the Advisor’s registration as a
commodity trading advisor under the CE Act or membership as a commodity trading advisor with the NFA is revoked, suspended, terminated or not renewed; (iii) the Company determines in good faith, following consultation appropriate under the
circumstances with the Advisor, that the Advisor has failed to conform, and after receipt of written notice, continues to fail to conform in any material respect, to (A) any of the Company’s Trading Policies and Limitations or (B) the
Advisor’s Trading Approach; (iv) there is an unauthorized assignment of this Agreement by the Advisor; (v) the Advisor dissolves, merges or consolidates with another entity or sells a substantial portion of its assets, any portion of
its Trading Approach utilized by the Company or its business goodwill, in each instance without the consent of the Company; (vi) the Advisor becomes bankrupt (admitted or decreed) or insolvent; (vii) for any other reason, the Company
determines in good faith that such termination is essential for the protection of the Company, including, without limitation, a good faith determination by the Company that the Advisor has breached a material obligation to the Company under this
Agreement relating to the trading of the Allocated Assets. 
 (d) Optional Termination Right of Advisor. This Agreement
may be terminated Advisor in its sole discretion at any time upon ninety (90) days written notice to the

  

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Company. This Agreement also may be terminated upon prior written notice, appropriate under the circumstances, to the Company in the event (i) of the receipt by the Advisor of an opinion of
qualified independent counsel satisfactory to the Advisor and the Company (which consent the Company will not withhold unreasonably) that by reason of the Advisor’s activities with respect to the Company it is required to register as an
investment adviser under the Investment Advisers Act of 1940 and it is not so registered; (ii) that the registration of the Administrator as a commodity pool operator under the CE Act or its NFA membership as a commodity pool operator is
revoked, suspended, terminated or not renewed; (iii) that the Company (A) imposes additional trading limitation(s) pursuant to Section 1 of this Agreement which the Advisor does not agree to follow in its management of the Allocated
Assets or (B) overrides trading instructions of the Advisor or does not consent to a material change to the Trading Approach requested by the Advisor; (iv) if the value of the Allocated Assets decreases to less than $5 million as the
result of redemptions, distribution, reallocation of Allocated Assets or deleveraging initiated by the Company but not trading losses, as of the close of business on any Friday; (v) the Company elects (pursuant to Section 1 of this
Agreement) to have the Advisor use a different Trading Approach in the Advisor’s management of the Allocated Assets from that which the Advisor is then using to manage such Allocated Assets and the Advisor objects to using such different
Trading Approach; (vi) there is an unauthorized assignment of this Agreement by the Company and/or the Administrator; (vii) there is a material breach of this Agreement by the Company and/or the Administrator and, after giving written
notice to the Company which identifies such breach, such material breach has not been cured within ten (10) days following receipt of such notice by the Company; (viii) the Advisor provides the Company with written notice, at least ninety
(90) days’ prior to the end of the then current term, of the

  

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Advisor’s desire and intention to terminate this Agreement as of the end of the then current term; or (ix) other good cause is shown and the written consent of the Company is obtained
(which shall not be withheld unreasonably). 
 (e) Termination Fees. In the event that this Agreement is terminated with
respect to, or by, the Advisor pursuant to this Section 8 or the Company allocates the Allocated Assets to Other Advisors, the Advisor shall be entitled to, and the Company shall pay, the Management Fee and the Incentive Fee, if any, which
shall be computed (i) with respect to the Management Fee, on a pro rata basis, based upon the portion of the month for which the Advisor had the Allocated Assets under management and (ii) with respect to the Incentive Fee, if any, as if
the effective date of termination was the last day of the then current calendar quarter. The rights of the Advisor to fees earned through the earlier to occur of the date of expiration or termination shall survive this Agreement until satisfied.

 (f) Termination and Open Positions. Once terminated, the Advisor shall have no responsibility for existing positions,
including delivery issues, if any, which may result from such positions. 
 9. Liquidation of Positions.

 The Advisor agrees to liquidate open positions in the amount that the Company informs the Advisor, in writing via facsimile
or other equivalent means, that the Company considers necessary or advisable to liquidate in order to (i) effect any termination or reallocation pursuant to Sections 1 or 8, respectively, or (ii) fund its pro rata share of any redemption,
distribution or Company expense. The Company shall not, however, have authority to instruct the Advisor as to which specific open positions to liquidate, except as provided in Section 1 hereof. The Company shall provide the Advisor with such
reasonable prior notice of such

  

 19 

 EXECUTION VERSION 
  

 
liquidation as is practicable under the circumstances and will endeavor to provide at least three (3) days prior notice. In the event that losses incurred as a result of such liquidation by
the Advisor exceed the amount of the Allocated Assets, any such losses or excess losses shall be the sole responsibility of the Company; the Advisor shall have no liability for any such losses or excess losses. 
 10. Other Accounts of the Advisor. 
 (a) Management of Other Accounts and Trading of Proprietary Capital. Subject to paragraph (b) of this Section 10, the Advisor shall be free to (i) manage and trade accounts for other
investors (including other public and private commodity pools) and (ii) trade for its own account and for the accounts of its affiliates, shareholders, directors, officers and employees, as applicable, using the same or other information and
Trading Approach utilized in the performance of services for the Company, so long as in the Advisor’s reasonable judgment the aggregate amount of capital being managed or traded by the Adviser does not (A) materially impair the
Advisor’s ability to carry out its obligations and duties to the Company pursuant to this Agreement or (B) create a reasonable likelihood of the Advisor having to modify materially its agreed upon Trading Approach being used for the
Company in a manner which might reasonably be expected to have a material adverse effect on the Company. 
 Without limiting the
generality of the foregoing, it is understood that this paragraph shall not prohibit routine adjustments to trading patterns in order to comply with speculative position limits or daily trading limits. The Advisor agrees to (i) notify the
Company promptly if the Advisor’s capacity is likely to be reached, and (ii) to provide the Company with reports each month concerning assets under management. 
  

 20 

 EXECUTION VERSION 
  

 (b) Equitable Treatment of Accounts. The Advisor agrees, in its management of
accounts other than the account of the Company, that it will not knowingly or deliberately favor any other account managed or controlled by it or any of its principals or affiliates (in whole or in part) over the Company. The preceding sentence
shall not be interpreted to preclude (i) the Advisor from charging another client fees which differ from the fees to be paid to it hereunder, or (ii) an adjustment by the Advisor in the implementation of any agreed upon Trading Approach in
accordance with the procedures set forth in Section 1 hereof which is undertaken by the Advisor in good faith in order to accommodate additional accounts. Notwithstanding the foregoing, the Advisor also shall not be deemed to be favoring
another commodity interest account over the Company’s account if the Advisor, in accordance with specific instructions of the owner of such account, shall trade such account at a degree of leverage or in accordance with trading policies which
shall be different from that which would normally be applied or if the Advisor, in accordance with the Advisor’s money management principles, shall not trade certain commodity interest contracts for an account based on the amount of equity in
such account. The Advisor, upon reasonable request and receipt of adequate assurances of confidentiality, shall provide the Company with an explanation of the differences, if any, in performance between the Company and any other similar account
pursuant to the same Trading Approach for which the Advisor or any of its principals or affiliates acts as a commodity trading advisor (in whole or in part), provided, however, that the Advisor may, in its discretion, withhold from any
such inspection the identity of the client for whom any such account is maintained. 
 (c) Best Execution: The Company
acknowledges that the Advisor will not be obliged to provide best execution, as that term is defined in the rules of the UK’s Financial Services Authority (“FSA”). The Advisor will use its best endeavours to obtain the best
possible

  

 21 

 EXECUTION VERSION 
  

 
price when executing orders but it manages a number of other accounts and when there are split price fills not all accounts can receive the best prices. The Adviser will use a proprietary
averaging algorithm which seeks to minimize the standard deviation of the average price achieved by each account and thus achieves the best price allocation mathematically possible, so that each account receives an average price as close as possible
to that of the entire order. 
 (d) Inspection of Records. Upon the reasonable request of and upon reasonable notice from
the Company, the Advisor shall permit the Company to review at the Advisor’s offices, in each case at its own expense, during normal business hours such trading records as it reasonably may request for the purpose of confirming that the Company
has been treated equitably with respect to advice rendered during the term of this Agreement by the Advisor for other accounts managed by the Advisor, which the parties acknowledge to mean that the Company may inspect, subject to such restrictions
as the Advisor may reasonably deem necessary or advisable so as to preserve the confidentiality of proprietary information and the identity of its clients, all trading records of the Advisor as it reasonably may request during normal business hours.
The Advisor may, in its discretion, withhold from any such report or inspection the identity of the client for whom any such account is maintained and in any event the Company shall keep all such information obtained by it from the Advisor
confidential, unless disclosure thereof legally is required or has been made public (provided that any such information may be shared with the Members). Such right will terminate one year after the termination of this Agreement, shall apply only to
those trading records which pertain to advice rendered or trades made during the term of this Agreement, and does not permit access to computer programs, records or other information used in determining trading decisions. 
  

 22 

 EXECUTION VERSION 
  

 11. Speculative Position Limits. 
 If, at any time during the term of this Agreement, it appears to the Advisor that it may be required to aggregate the Company’s
Commodities positions with the positions of any other accounts it owns or controls for purposes of applying the speculative position limits of the CFTC, any exchange, self-regulatory body or governmental authority, the Advisor promptly will notify
the Company if the Company’s positions under its management are included in an aggregate amount which equals or exceeds the applicable speculative limit. The Advisor agrees that if its trading recommendations pursuant to its agreed upon Trading
Approach are altered because of the potential application of speculative position limits, the Advisor will modify its trading instructions to the Company and its other accounts which trade pursuant to the Trading Approach in a good faith effort to
achieve an equitable treatment of all such accounts; to wit, the Advisor will liquidate Commodities positions and/or limit the taking of new positions in all accounts it manages pursuant to the Trading Approach, including the Company, as nearly as
possible in proportion to the assets available for trading of the respective accounts (including “notional” equity) to the extent necessary to comply with applicable speculative position limits. The Advisor presently believes that its
Trading Approach for the management of the Company’s account, assuming that the allocation is not more than $50 million, can be implemented for the benefit of the Company, notwithstanding the possibility that, from time to time, speculative
position limits may become applicable. 
 12. Redemptions, Distributions, Reallocations and Additional
Allocations. 
 (a) Notice. The Company agrees to give the Advisor at least one (1) business day prior
notice of any proposed redemptions, exchanges, proposed distributions, reallocations, additional allocations or withdrawals affecting the Allocated Assets. 
  

 23 

 EXECUTION VERSION 
  

 (b) Allocations. Redemptions, exchanges, withdrawals and distributions of Company
interests shall be charged against the Allocated Assets. 
 13. Brokerage Confirmations and Reports. 

The Company will instruct the Company’s brokers and counterparties to furnish the Advisor with copies of all trade confirmations,
daily equity runs and monthly trading statements relating to the Allocated Assets. The Advisor will maintain records and will monitor all open positions relating thereto; provided, however, that the Advisor shall not be responsible for
any errors by the Company’s floor brokers, commodity brokers or counterparties. The Company also will furnish the Advisor with a copy of the form of all reports including, but not limited to, monthly, quarterly and annual reports, sent to
either the Members or the Limited Owners and copies of all reports filed by the Company and/or the Members with the SEC, the CFTC and the NFA. The Advisor shall, at the Company’s request, make a good faith effort to provide the Company with
copies of all trade confirmations, daily equity runs, monthly trading reports or other reports sent to the Advisor by the Company’s commodity broker regarding the Company and in the Advisor’s possession or control as the Company deems
appropriate if the Company cannot obtain such copies on its own behalf. Upon request, the Company will provide the Advisor with accurate information with respect to the Allocated Assets. 
 14. The Advisor’s Representations and Warranties. 
 The Advisor represents and warrants that: 
 (a) it has full capacity and authority to enter into this Agreement and to provide the services required of it hereunder; 
 (b) it will not by entering into this Agreement and by acting as a commodity trading advisor to the Company (i) be required to take any action contrary to its incorporating or

  

 24 

 EXECUTION VERSION 
  

 
other formation documents or, to the best of its knowledge, any applicable statute, law or regulation of any jurisdiction or (ii) breach or cause to be breached, to the best of its
knowledge, any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which, in the case of (i) or (ii), would materially limit or materially adversely affect its ability to perform its
duties under this Agreement; 
 (c) it is duly registered as a commodity trading advisor under the CE Act and is a member of the
NFA as a commodity trading advisor, and it will maintain and renew such registration and membership during the term of this Agreement; 
 (d) a copy of its most recent Commodity Trading Advisor Disclosure Document, as required by Part 4 of the CFTC’s regulations, has been provided to the Company in the form of Exhibit C hereto (and the Company acknowledges receipt
of such Disclosure Document) and, except as disclosed in such Disclosure Document, all information in such Disclosure Document (including, but not limited to, background, performance, trading methods and trading systems) is true, complete and
accurate in all material respects and is in conformity in all material respects with the provisions of the CE Act, including the rules and regulations thereunder, as well as all rules and regulations of the National Futures Association; 

(e) assuming that the Allocated Assets equal not more than $50 million as of the commencement of trading, the amount of such assets
should not, in the reasonable judgment of the Advisor, result in the Advisor being required to manage funds in an amount which would be expected to have a material adverse effect on the Company; and 
 (f) neither the Advisor nor its stockholders, directors, officers, employees, agents, principals, affiliates nor any of its or their
respective successors or assigns (i) shall knowingly use or distribute for any purpose whatsoever any list containing the names and/or

  

 25 

 EXECUTION VERSION 
  

 
residence addresses of, and/or other information about, the Limited Owners of the Members nor (ii) shall solicit any person it or they know is a Limited Owner of any Member for the purpose
of soliciting commodity business from such Limited Owner, unless such Limited Owner shall have first contacted the Advisor or is already a client of the Advisor or a prospective client with which the Advisor has commenced discussions or is
introduced to or referred to the Advisor by an unaffiliated agent other than in violation of clause (i). 
 The foregoing
representations and warranties shall be continuing during the term of this Agreement, and if at any time any event has occurred which would make or tend to make any of the foregoing not true in any material respect with respect to the Advisor, the
Advisor promptly will notify the Company in writing thereof. 
 15. Representations and Warranties of the Company and the
Administrator. 
 Each of the Company and the Administrator represents and warrants only as to itself (and, further,
provided that only the Administrator is making the representations and the warranties in Section 15(a) and Section 15(e)(ii), and only the Company is making the representations and warranties in Section 15(e)(i)) that: 
 (a) each of the Company and the Administrator has the full capacity and authority to enter into this Agreement and to perform its obligations
hereunder; 
 (b) neither the Company nor the Administrator, by entering into this Agreement, will (i) be required to take
any action contrary to its incorporating or other formation documents or any applicable statute, law or regulation of any jurisdiction or (ii) breach or cause to be breached (A) any undertaking, agreement, contract, statute, rule or
regulation to which it is a party or by which it is bound or (B) any order of any court or governmental or regulatory agency having jurisdiction over it, which in the case of (i) or (ii) would materially limit or materially adversely
affect the performance of its duties under this Agreement; 
  

 26 

 EXECUTION VERSION 
  

 (c) the Administrator is registered as a commodity pool operator under the CE Act and is
a member of the NFA as a commodity pool operator, and it will maintain and renew such registration and membership during the term of this Agreement; 
 (d) this Agreement has been duly and validly authorized, executed and delivered and is a valid and binding agreement, enforceable against each of the Company and the Administrator, in accordance with its
terms; and 
 (e) on the date hereof and during the term of this Agreement, (i) the Company is and will be a duly formed
and validly existing Delaware limited liability company and (ii) the Administrator is and will be a duly formed and validly existing Delaware corporation, in each case in good standing under the laws of its jurisdiction of organization and in
good standing and qualified to do business in each jurisdiction in which the nature and conduct of its business requires such qualification and where the failure to be so qualified would materially adversely affect its ability to perform its
obligations under this Agreement. 
 The foregoing representations and warranties shall be continuing during the term of this
Agreement, and if at any time any event has occurred which would make or tend to make any of the foregoing not true in any material respect with respect to the Company and/or the Administrator, the Company and/or the Administrator promptly will
notify the Advisor in writing thereof. 
  

 27 

 EXECUTION VERSION 
  

 16. Assignment. 
 This Agreement may not be assigned by any of the parties hereto without the express prior written consent of the other parties hereto,
except that under no circumstances shall the Advisor be required to obtain the consent of any Other Advisor. 
 17.
Successors. 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and the successors
and permitted assigns of each of them, and no other person (except as otherwise provided herein) shall have any right or obligation under this Agreement. 
 18. Amendment or Modification or Waiver. 
 (a) Changes to
Agreement. This Agreement may not be amended or modified, nor may any of its provisions be waived, except upon the prior written consent of the parties hereto, except that under no circumstances shall an amendment to, a modification of or a
waiver of any provision of the Agreement as to the Advisor require the consent of any Other Advisor. 
 (b) No Waiver. No
failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given. 
 19. Notices. 
 Except as otherwise provided herein, all notices required to be delivered under this Agreement shall be effective only if in writing and shall be deemed given by the party required to provide notice when
received by the party to whom notice is required to be given and

  

 28 

 EXECUTION VERSION 
  

 
shall be delivered personally or by registered mail, postage prepaid, return receipt requested or by facsimile, as follows (or to such other address as the party entitled to notice shall
hereafter designate by written notice to the other parties): 
 If to the Company or the Administrator: 
 Preferred Investment Solutions Corp. 
 900 King Street, Suite 100 
 Rye Brook, New York 10573 
 Attention:        General Counsel 
 Facsimile:        (914) 307-7020 
 If to the Advisor: 
 Winton Capital Management Limited 
 1-5 St. Mary Abbot’s Place 
 London W8 6LS 
 England 
 Attention:        Martin Hunt/Andrew Bastow 
 Facsimile:        +44 20 7610 5301 
 20. Governing Law. 
 Each party agrees that this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflict of laws principles thereof. 
 21. Survival. 
 The provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. 
 22. Promotional Literature. 
 Each party agrees that prior to using any promotional literature in which reference to the other parties hereto is made, it shall furnish in advance a copy of such information to the other parties and
will not make use of any promotional literature containing references to such other parties to which such other parties object, except as otherwise required by law or regulation. 
  

 29 

 EXECUTION VERSION 
  

 23. No Liability of Members. 
 This Agreement has been made and executed by and on behalf of the Company and the Administrator, and the obligations of the Company and/or
the Administrator set forth herein are not binding upon any of the Members individually, but rather, are binding only upon the assets and property of the Company and, to the extent provided herein, upon the assets and property of the Administrator.

 24. Headings. 
 Headings to sections herein are for the convenience of the parties only and are not intended to be or to affect the meaning or interpretation of this Agreement. 
 25. Complete Agreement. 
 Except as otherwise provided herein, this Agreement, the Exhibits hereto and the Representation Agreement constitute the entire agreement between the parties with respect to the matters referred to
herein, and no other agreement, verbal or otherwise, shall be binding upon the parties hereto. 
 26.
Counterparts. 
 This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original and all of which, when taken together, shall constitute one original instrument. 
  

 30 

 EXECUTION VERSION 
  

 27. Arbitration, Remedies. 
 Each party hereto agrees that any dispute relating to the subject matter of this Agreement shall be settled and determined by arbitration in
the City of New York pursuant to the rules of the NFA or, if the NFA should refuse to accept the matter, the American Arbitration Association. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 31 

 EXECUTION VERSION 
  

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

											
	WCM POOL LLC
		
	By:	 	 DIVERSIFIED FUTURES FUND LP DIVERSIFIED FUTURES TRUST I
KENMAR GLOBAL TRUST
 Being all of the voting members thereof

			
		 	By:	 	Preferred Investment Solutions Corp., sole managing owner of Diversified Futures Trust I and Kenmar Global Trust and sole general partner of Diversified Futures Fund LP

			
		 	By:	 	 /s/ Esther E. Goodman

		 		 	Name:	 		 		 	Esther E. Goodman
		 		 	Title:	 		 		 	Senior Executive Vice President and Chief Operating Officer
	
	PREFERRED INVESTMENT SOLUTIONS CORP.
		
	By:	 	 /s/ Esther E. Goodman

		 	Name:	 	Esther E. Goodman
		 	Title:	 	Senior Executive Vice President and Chief Operating Officer
	
	WINTON CAPITAL MANAGEMENT LIMITED
		
	By:	 	 /s/ Martin Hunt

		 	Name:	 	Martin Hunt
		 	Title:	 	Director

  

 32 

 EXHIBIT A 
 TRADING APPROACH 
  

 A-1 

 EXHIBIT B 
 TRADING LIMITATIONS AND POLICIES 
  

 B-1 

 EXHIBIT C 
 DISCLOSURE DOCUMENT 
  

 C-1 

 EXHIBIT D 
 REPRESENTATION AGREEMENT 
 REPRESENTATION AGREEMENT
(“Agreement”) dated as of the 20th day of November, 2006, by and among WCM POOL LLC (the “Company”), a limited liability company formed under and pursuant to the Delaware Limited Liability Company Act (the
“Delaware Act”), PREFERRED INVESTMENT SOLUTIONS CORP., a Delaware corporation (the “Administrator”) and WINTON CAPITAL MANAGEMENT LIMITED, a company registered in England and Wales (the
“Advisor”). 
 W I T N E S S E T H:

 WHEREAS, the Company and the Administrator entered into an agreement with the Advisor, dated as of
November 20, 2006 (the “Advisory Agreement”), pursuant to which the Advisor has agreed to act as a commodity trading advisor to the Company with respect to its assets. 
 NOW, THEREFORE, the parties agree as follows: 
 1. Representations and Warranties of the Advisor. The Advisor hereby represents and warrants to the Company and the Administrator that: 
 a. This Agreement and the Advisory Agreement have been duly and validly authorized, executed and delivered on behalf of the Advisor and each
is a valid and binding agreement enforceable in accordance with its terms. The performance of the Advisor’s obligations under this Agreement and the consummation of the transactions set forth in this Agreement and in the Advisory Agreement are
not contrary to the provisions of the Advisor’s formation documents, or to the best of its knowledge, any applicable statute, law or regulation of any jurisdiction, and will not result in any violation, breach or default under any term or
provision of any undertaking, contract, agreement or order to which the Advisor is a party or by which the Advisor is bound. 
  

 D-1 

 EXECUTION VERSION 
  

 b. The Advisor has all governmental and regulatory licenses, registrations and approvals
required by law as may be necessary to perform its obligations under the Advisory Agreement and this Agreement including, without limitation, registration as a commodity trading advisor under the Commodity Exchange Act (the “CE
Act”) and membership as a commodity trading advisor with the National Futures Association (the “NFA”), and it will maintain and renew any required licenses, registrations, approvals or memberships during the term of the
Advisory Agreement. 
 c. On the date hereof, the Advisor is, and at all times during the term of this Agreement will be, a
corporation duly formed and validly existing and in good standing under the laws of its jurisdiction of incorporation and in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such
qualifications and the failure to be so qualified would materially adversely affect the Advisor’s ability to perform its obligations hereunder or under the Advisory Agreement. The Advisor has full capacity and authority to conduct its business
and to perform its obligations under this Agreement. 
 d. Subject to the NDA, and as requested of the Company, the Advisor has
supplied to or made available for review by the Company (and if requested by the Company to its designated auditor) all documents, statements, agreements and workpapers requested by them relating to all accounts covered by the Advisor’s Past
Performance History which are in the Advisor’s possession or to which it has access; provided, however, that the Advisor may, in its sole discretion withhold from any such inspection the identity of the clients for whom any such
accounts are maintained. 
  

 D-2 

 EXECUTION VERSION 
  

 e. The Advisor is not required to be registered as an investment adviser under the
Investment Advisers Act of 1940, as amended (the “Advisers Act”), but may so register in the future. 
 f. As
of the date hereof, there has been no material adverse change in the Advisor’s Past Performance History which has not been communicated in writing to and received by the Company. 
 g. Except for subsequent performance, as to which no representation is made, since the date of the Advisory Agreement, there has not been
any material adverse change in the condition, financial or otherwise, of the Advisor or in the earnings, affairs or business prospects of the Advisor, whether or not arising in the ordinary course of business. 
 h. There is no pending, or to the best of the Advisor’s knowledge, threatened or contemplated action, suit or proceeding before or by
any court, governmental, administrative or self-regulatory body or arbitration panel to which the Advisor or its principals is a party, or to which any of the assets of the Advisor is subject which reasonably might be expected to result in any
material adverse change in the condition (financial or otherwise), business or prospects of the Advisor or which reasonably might be expected to materially adversely affect any of the material assets of the Advisor or which reasonably might be
expected to impair materially the Advisor’s ability to discharge its obligations to the Company; furthermore, the Advisor has not received any notice of an investigation by the NFA regarding non-compliance with its rules or the CE Act, the
Commodity Futures Trading Commission (the “CFTC”) regarding non-compliance with the CE Act or the rules and regulations thereunder or any exchange regarding non-compliance with the rules of such exchange which investigation
reasonably might be expected to materially impair the Advisor’s ability to discharge its obligations under this Agreement or the Advisory Agreement. 
  

 D-3 

 EXECUTION VERSION 
  

 2. Covenants of the Advisor. If, at any time during the term of the Advisory
Agreement, the Advisor discovers any fact, omission or event, or that a change of circumstances has occurred, which would make the Advisor’s representations and warranties in Section 1 of this Agreement inaccurate or incomplete in any
material respect, the Advisor will provide prompt written notification to the Company of any such fact, omission, event or change of circumstance, and the facts related thereto, and it is agreed that the failure to provide such notification or the
failure to continue to be in compliance with the foregoing representations and warranties during the term of the Advisory Agreement as soon as practicable following such notification shall be cause for the Company to terminate the Advisory Agreement
with the Advisor on prior written notice to the Advisor. 
 3. Representations and Warranties of the Company. The Company
hereby represents and warrants to the Advisor and the Administrator that: 
 a. On the date hereof, the Company is, and at all
times during the term of this Agreement and/or the Advisory Agreement will be, a formed and validly existing limited liability company in good standing under the laws of the State of Delaware and at all times during the term of this Agreement and
the Advisory Agreement will be in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualifications and the failure to be so qualified materially adversely would affect its
ability to perform its obligations under this Agreement and/or the Advisory Agreement. 
 b. Each of this Agreement and the
Advisory Agreement has been validly authorized, executed and delivered on behalf of the Company, is a valid and binding agreement

  

 D-4 

 EXECUTION VERSION 
  

 
of the Company, and is enforceable in accordance with its terms. The performance of the Company’s respective obligations under this Agreement and under the Advisory Agreement, and the
consummation of the transactions set forth in this Agreement and the Advisory Agreement, are not contrary to the provisions of their respective organizational documents, any applicable statute, law or regulation of any jurisdiction and will not
result in any violation, breach or default under any term or provision of any undertaking, contract, agreement or order, to which the Company, is a party or by which the Company is bound. 
 c. The Company has obtained all required governmental and regulatory licenses, registrations and approvals required by law as may be
necessary to perform their obligations under this Agreement and/or under the Advisory Agreement including, without limitation and will maintain and renew any required licenses, registrations, approvals or memberships during the term of this
Agreement and/or the Advisory Agreement. 
 d. The Company is not required to be registered as an investment company under the
Investment Company Act of 1940, as amended (the “Investment Company Act”). 
 e. There is no pending, or to the
best of its knowledge, threatened or contemplated action, suit or proceeding before or by any court or arbitration panel or before or by any governmental, administrative or self-regulatory body to which the Company or the principals of either is a
party, or to which any of the assets of any of the foregoing persons is subject, which might reasonably be expected to result in any material adverse change in their condition (financial or otherwise), business or prospects or reasonably might be
expected to affect adversely in any material respect any of their assets or which reasonably might be expected to materially impair their ability to discharge their obligations under this Agreement or under the Advisory Agreement; and the Company
has not received any notice of an investigation

  

 D-5 

 EXECUTION VERSION 
  

 
by (i) the NFA regarding non-compliance with NFA rules or the CE Act, (ii) the CFTC regarding non-compliance with the CE Act or the rules and regulations thereunder or (iii) any
exchange regarding non-compliance with the rules of such exchange which investigation reasonably might be expected to materially impair the ability of the Company to discharge their respective obligations under this Agreement or under the Advisory
Agreement. 
 f. The Members of the Company are bound contractually to keep confidential any information proprietary to the
Advisor provided to the Company and shared with the Members, as contemplated by Section 10(c) of the Advisory Agreement, to the same extent as the Company is so bound pursuant to the Advisory Agreement and the Company will cause the Members to
remain so bound for so long as the Company is so bound. 
 4. Representations and Warranties of the Administrator. The
Company hereby represents and warrants to the Advisor and the Administrator that: 
 a. The Administrator is, and at all times
during the term of this Agreement and/or the Advisory Agreement will be, a formed and validly existing corporation in good standing under the laws of the State of Delaware and is, and at all times during the term of this Agreement and/or the
Advisory Agreement will be, in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualifications and in which the failure to be so qualified materially adversely would affect
its ability to act as Administrator of the Company and to perform its obligations hereunder and/or under the Advisory Agreement, and each has full capacity and authority to conduct its business and to perform its obligations under this Agreement
and/or the Advisory Agreement. 
 b. Each of this Agreement and the Advisory Agreement has been validly authorized, executed and
delivered on behalf of the Administrator, is a valid and binding

  

 D-6 

 EXECUTION VERSION 
  

 
agreement of the Administrator, and is enforceable in accordance with its terms. The performance of the Administrator’s respective obligations under this Agreement and under the Advisory
Agreement, and the consummation of the transactions set forth in this Agreement and the Advisory Agreement, are not contrary to the provisions of their respective organizational documents, any applicable statute, law or regulation of any
jurisdiction and will not result in any violation, breach or default under any term or provision of any undertaking, contract, agreement or order, to which the Administrator, is a party or by which the Administrator is bound. 
 c. The Administrator has obtained all required governmental and regulatory licenses, registrations and approvals required by law as may be
necessary to perform their obligations under this Agreement and/or under the Advisory Agreement including, without limitation, the Administrator’s registration as a commodity pool operator under the CE Act and membership as a commodity pool
operator with the NFA, and will maintain and renew any required licenses, registrations, approvals or memberships during the term of this Agreement and/or the Advisory Agreement. 
 d. There is no pending, or to the best of its knowledge, threatened or contemplated action, suit or proceeding before or by any court or
arbitration panel or before or by any governmental, administrative or self-regulatory body to which the Administrator or the principals of either is a party, or to which any of the assets of any of the foregoing persons is subject, which might
reasonably be expected to result in any material adverse change in their condition (financial or otherwise), business or prospects or reasonably might be expected to affect adversely in any material respect any of their assets or which reasonably
might be expected to materially impair their ability to discharge their obligations under this Agreement or under the Advisory Agreement; and the Administrator has not received any notice of an

  

 D-7 

 EXECUTION VERSION 
  

 
investigation by (i) the NFA regarding non-compliance with NFA rules or the CE Act, (ii) the CFTC regarding non-compliance with the CE Act or the rules and regulations thereunder or
(iii) any exchange regarding non-compliance with the rules of such exchange which investigation reasonably might be expected to materially impair the ability of the Administrator to discharge their respective obligations under this Agreement or
under the Advisory Agreement. 
 e. The Members of the Company are bound contractually to keep confidential any information
proprietary to the Advisor provided to the Company and shared with the Members, as contemplated by Section 10(c) of the Advisory Agreement, to the same extent as the Company is so bound pursuant to the Advisory Agreement and the Administrator
will cause the Members of the Company to remain bound for so long as the Company is so bound. 
 5. Covenants of the
Administrator and the Company. If, at any time during the term of the Advisory Agreement, the Administrator or the Company discovers any fact, omission or event, or that a change of circumstance has occurred, which would make the
Administrator’s or the Company’s representations and warranties in Section 3 or 4 (as applicable) of this Agreement inaccurate or incomplete in any material respect, the Company or the Administrator, as appropriate, promptly will
provide written notification to the Advisor of such fact, omission, event or change of circumstance and the facts related thereto, and it is hereby agreed that the failure to provide such notification, or the failure to continue to be in compliance
with the foregoing representations and warranties during the term of the Advisory Agreement as soon as practicable following such notification, shall be cause for the Advisor to terminate the Advisory Agreement with the Company and the Administrator
on prior written notice to both. 
  

 D-8 

 EXECUTION VERSION 
  

 6. Indemnification. 
 a. In any action in which the Company or the Administrator, or controlling persons, shareholders, partners, directors, officers and/or
employees of any of the foregoing (the “Indemnified Parties”) are parties, the Advisor agrees to indemnify and hold harmless the foregoing persons against any loss, claim, damage, charge, liability or expense (including, without
limitation, reasonable attorneys’ and accountants’ fees) (“Losses”) to which such persons may become subject, insofar as such Losses arise out of or are based exclusively upon any misrepresentation or material breach of
any warranty, covenant or agreement of the Advisor contained in this Agreement, and to reimburse each of the foregoing persons for any legal or other fees or expenses reasonably incurred in connection with investigating or defending any action or
claim arising out of or based upon any of the foregoing. 
 b. In any action in which the Advisor, or any of its controlling
persons, shareholders, partners, directors, officers and/or employees (the “Advisor Indemnified Parties”) are parties, the Company and the Administrator, jointly and severally, agree to indemnify and hold harmless the Advisor
Indemnified Parties against any Losses, insofar as such Losses arise out of or are based exclusively upon any misrepresentation or material breach of any warranty, covenant or agreement of the Company or the Administrator contained in this
Agreement, and to reimburse the Advisor Indemnified Parties for any legal or other fees or expenses reasonably incurred in connection with investigating or defending any action or claim arising out of or based upon any of the foregoing. 

c. None of the indemnifications contained in this Section 6 shall be applicable with respect to default judgments or confessions of
judgment, or to settlements entered into by an indemnified party claiming indemnification without the prior written consent of the indemnifying party. 
  

 D-9 

 EXECUTION VERSION 
  

 d. Promptly after receipt by an indemnified party under this Section 6 of notice of
any claim or dispute or commencement of any action or litigation, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 6, notify the indemnifying party of the commencement
thereof; but the omission 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 except to the extent, if any, that such failure or delay prejudiced
the indemnifying party in defending against the claim. In case any such claim, dispute, action or litigation is brought or asserted against any indemnified party, and it timely notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate in the defense therein, and to the extent that it may wish, to assume such defense thereof, with counsel specifically approved in writing by such indemnified party, such approval not to be
unreasonably withheld, following notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof; in which event, 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, but shall continue to be liable to the indemnified party in all other respects as heretofore set forth in this
Section 6. Notwithstanding any other provisions of this Section 6, if, in any claim, dispute, action or litigation as to which indemnity is or may be available, any indemnified party reasonably determines that its interests are or may be,
in whole or in part, adverse to the interests of the indemnifying party, the indemnified party may retain its own counsel in connection with such claim, dispute, action or litigation and shall continue to be indemnified by the indemnifying party for
any legal or any other expenses reasonably incurred in connection with investigating or defending such claim, dispute, action or litigation. 
  

 D-10 

 EXECUTION VERSION 
  

 e. Expenses incurred by an indemnified party in defending a threatened or asserted claim
or a threatened or pending action shall be paid by the indemnifying party in advance of final disposition or settlement of such matter, if and to the extent that the person on whose behalf such expenses are paid shall agree in writing to reimburse
the indemnifying party in the event indemnification is not permitted under this Section 6 upon final disposition or settlement. 
 f. The parties hereto acknowledge and agree on their own behalf that the indemnities provided in this Agreement shall be inapplicable in the event of any Losses arising out of or based upon, but limited to the extent caused by, any
misrepresentation or breach of any warranty, covenant or agreement of any indemnified party to any indemnifying party contained in this Agreement. 
 7. Limits on Claims. The Advisor agrees that it will not take any of the following actions against the Company or any Member: (i) seek a decree or order by a court having jurisdiction in the
premises (A) for relief in respect of the Company or such Member in an involuntary case or proceeding under the U.S. Bankruptcy Code or any other federal or state bankruptcy, insolvency, reorganization, rehabilitation, liquidation or similar
law or (B) adjudging the Company or such Member a bankrupt or insolvent or seeking reorganization, rehabilitation, liquidation, arrangement, adjustment or composition of or in respect of the Company or such Member under the U.S. Bankruptcy Code
or any other applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or such Member or of any substantial part of any of their respective

  

 D-11 

 EXECUTION VERSION 
  

 
properties, or ordering the winding up or liquidation of any of their respective affairs, (ii) seek a petition for relief, reorganization or to take advantage of any law referred to in the
preceding clause or (iii) file an involuntary petition for bankruptcy (collectively “Bankruptcy or Insolvency Action”). In addition, the Advisor agrees that for any obligations due and owing to it by the Company, the Advisor
will look solely and exclusively to the assets of the Company or the Administrator, if it has liability in its capacity as Administrator, to satisfy its claims and will not seek to attach or otherwise assert a claim against the assets of any Member,
whether there is a Bankruptcy or Insolvency Action taken. The parties agree that this provision will survive the termination of this Agreement, whether terminated in a Bankruptcy or Insolvency Action or otherwise. 
 8. Notices. Any notices under this Agreement required to be given shall be effective only if given or confirmed in writing, shall be
deemed given by the party providing notice when received by the party to whom notice is being given and shall be sent certified mail, postage prepaid, or hand delivered, to the following address, or to such other address as a party may specify by
written notice to each of the other parties hereto: 
 If to the Company or the Administrator: 
 Preferred Investment Solutions Corp. 
 900 King Street, Suite 100 
 Rye Brook, New York 10573 
 Attention:        General Counsel 
 Facsimile:        (914) 307-7020 
 If to the Advisor: 
 Winton Capital Management Limited 
 1-5 St. Mary Abbot’s Place 
 London W8 6LS 
 England 
 Attention:        Martin Hunt/Andrew Bastow 
 Facsimile:        +44 20 7610 5301 
  

 D-12 

 EXECUTION VERSION 
  

 9. Governing Law. This Agreement shall be deemed to be made under the laws of the
State of Delaware applicable to contracts made and to be performed in that State and shall be governed by and construed in accordance with the laws of that State, without regard to the conflict of laws principles. 
 10. Arbitration, Remedies. Each party hereto agrees that any dispute relating to the subject matter of this Agreement shall be
settled and determined by arbitration in the City of New York pursuant to the rules of NFA or, if NFA should refuse to accept the matter, the American Arbitration Association. The parties also agree that the award of the arbitrators shall be final
and may be enforced in the courts of Delaware and in any other courts having jurisdiction over the parties. 
 11.
Assignment. This Agreement may not be assigned by any party without the express prior written consent of each of the other parties hereto. 
 12. Amendment or Modification or Waiver. This Agreement may not be amended or modified except by the written consent of each of the parties hereto. 
 13. Successors. Except as set forth in Section 6 of this Agreement, this Agreement is made solely for the benefit of and shall
be binding upon the Company, the Administrator, the Advisor and the respective successors and permitted assigns of each of them, and no other person shall have any right or obligation under this Agreement. 
 14. Survival. The provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising
while this Agreement was in effect. 
 15. No Waiver. No failure or delay on the part of any party hereto in exercising
any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given. 
  

 D-13 

 EXECUTION VERSION 
  

 16. No Liability of Members. This Agreement has been made and executed by and on
behalf of the Company and the Administrator, and the obligations of the Company and/or the Administrator set forth in this Agreement are not binding upon any of the Members individually, but rather are binding only upon the assets and property of
the Company and, to the extent provided herein, upon the assets and property of the Administrator. 
 17. Headings.
Headings to the Sections in this Agreement are for the convenience of the parties only and are not intended to be or to affect the meaning or interpretation of this Agreement. 
 18. Complete Agreement. Except as otherwise provided herein, this Agreement and the Advisory Agreement constitute the entire
agreement among the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding upon the parties hereto. 
 19. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which, when taken together, shall be deemed to constitute one
original instrument. 
 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 
  

 D-14 

 EXECUTION VERSION 
  

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

							
	WCM POOL LLC
		
	By:	 	 DIVERSIFIED FUTURES FUND LP DIVERSIFIED FUTURES TRUST I KENMAR GLOBAL TRUST
 Being all of the voting members thereof

			
		 	By:	 	 Preferred Investment Solutions Corp.,
 sole managing owner of Diversified Futures Trust I and Kenmar Global Trust and sole general partner of Diversified Futures Fund LP

			
		 	By:	 	 /s/ Esther E. Goodman

		 		 	Name:	 	Esther E. Goodman
		 		 	Title:	 	Senior Executive Vice President and Chief Operating Officer
	
	PREFERRED INVESTMENT SOLUTIONS CORP.
		
	By:	 	 /s/ Esther E. Goodman

		 	Name:	 	Esther E. Goodman
		 	Title:	 	Senior Executive Vice President and Chief Operating Officer
	
	WINTON CAPITAL MANAGEMENT LIMITED
		
	By:	 	 /s/ Martin Hunt

		 	Name:	 	Martin Hunt
		 	Title:	 	Director

  

 D-15Services Agreement between Spectrum Global Fund Administration, L.L.C

 Exhibit 10.2 
 SERVICES AGREEMENT 
 This Services Agreement (this
“Agreement”), dated as of May 23, 2007 (“Effective Date”), is entered into by and between SPECTRUM GLOBAL FUND ADMINISTRATION, L.L.C., a Delaware limited liability company (the “Company”), and
WCM POOL LLC, a Delaware limited liability company (the “Client”), under the following circumstances: 
 RECITALS: 
 A. WHEREAS, the Company provides certain financial, accounting, valuation and
administrative services, including the implementation of its Virtual Back Office (VBOTM) outsourcing service. 
 B.
WHEREAS, the Client wishes to engage the Company to provide certain financial, accounting, valuation and administrative (including registrar and transfer agent) services, as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises set forth herein and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 “Additional Services” has the meaning set forth in Section 2.3. 
 “Administrative
Services” has the meaning set forth in Section 2.2. 
 “Advisers Act” means the United
States Investment Advisers Act of 1940, as amended. 
 “Affiliate” means, with respect to a Party, any Person
that controls, is under common control with or is controlled by such Party. For these purposes, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management of any Person,
whether through the ownership of voting securities, by contract, or otherwise. 
 “AML Laws, Regulations and
Policies” has the meaning set forth in Section 12.2(a). 
 “Business Day” means any day on
which (a) banks are open for domestic and foreign exchange business in New York, New York, United States of America or (b) the New York Stock Exchange is scheduled to be open for trading. 
 “CEA” means the United States Commodity Exchange Act, as amended. 
 “CFTC” means the United States Commodity Futures Trading Commission. 
 “Change in Control” means (i) the acquisition by a Person of more than one-half of the voting rights or equity
interests in the Company; or (ii) the sale, conveyance or other disposition

 
of all or substantially all of the assets, property or business of the Company in one transaction or a series of related transactions or the merger into or consolidation with any other Person
(other than a wholly-owned subsidiary) or effectuation of any transaction or series of related transactions where holders of the Company’s voting securities prior to such transaction or series of transactions fail to continue to hold at least
fifty percent (50%) of the voting power of the Company, or (iii) any Person not in control of the Company before the Effective Date acquires, after the Effective Date, the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of the Company, whether through the ownership of voting securities, by contract or otherwise. 
 “Claims” has the meaning set forth in Section 8.1. 
 “Client” has the
meaning set forth in the preamble to this Agreement. 
 “Client Data” means all data of the Client provided to
the Company by the Client or any service provider thereof (including its administrator immediately prior to the Commencement Date) including, but not limited to, data related to securities trades and other transaction data, investment returns, issue
descriptive data, market data and the like, and all output and derivatives thereof. For purposes of clarification, “Client Data” shall include any information received by the Company from (1) the Client’s clearing broker
or Manager, (2) any Investment Fund or Managed Account in which the Client invests, (3) any Manager of any such Investment Fund or Managed Account, or (4) any administrator or clearing broker for any such Investment Fund or Managed
Account.  
 “Client Directions” has the meaning set forth in Section 2.6. 
 “Client Employee” shall mean any person then employed by the Client or any agent of the Client retained to provide services
to the Client or who has been employed by the Client or served as an agent to the Client during the 180 days immediately prior thereto. 
 “Client Indemnified Person” has the meaning set forth in Section 8.6. 
 “Commencement Date” means September 1, 2007, or such other date on which the Company begins to perform the Administrative Services following the completion of the Implementation
Services. 
 “Company” has the meaning set forth in the preamble to this Agreement. 
 “Company Employee” shall mean any person then employed by the Company or any agent of the Company retained to provide
services to the Company in connection with Company’s obligations hereunder at any time or who has been employed by the Company or served as an agent to the Company during the 180 days immediately prior thereto. 
 “Company Indemnified Person” has the meaning set forth in Section 8.6. 
 “Company System” means the hardware, software, database applications and other systems used by or on behalf of the Company
to perform the Services. 
  

 -2- 

 “Confidential Information” means, with respect to a Party, all information
disclosed by, on behalf of, or at the direction of such Party to the other Party in connection with or related to such Party’s responsibilities under this Agreement, in any form or medium, and regardless of whether marked or otherwise
identified as confidential, including, but not limited to, Client Data. Confidential Information does not include information that the Receiving Party can establish: (i) has become generally available to the public or commonly known in either
Party’s business other than as a result of a breach by the Receiving Party of any obligation to the Disclosing Party; (ii) was known to the Receiving Party prior to disclosure to the Receiving Party by the Disclosing Party by reason other
than having been previously disclosed in confidence to the Receiving Party; (iii) was disclosed to the Receiving Party on a non-confidential basis by a third party who did not owe an obligation of confidence to the Disclosing Party with respect
to the disclosed information; (iv) was independently developed by the Receiving Party without any reference to, or use of, any part of the Confidential Information; or (v) is required to be disclosed by law, regulation, or court order
(provided that the Party subject to such law, regulation or court order shall, where possible to do so without breaching applicable law, notify the other Party of any such use or requirement prior to disclosure in order to afford such other Party an
opportunity to seek a protective order to prevent or limit disclosure of the information to third parties). “Confidential Information” also includes the part of any tangible media upon or within which any part of the Confidential
Information is recorded or reproduced in any form, excluding any storage device that forms a part of computer hardware. 
 “Disclosing Party” means the Party disclosing Confidential Information. 
 “Effective
Date” has the meaning set forth in the preamble to this Agreement. 
 “Extraordinary Fees” has the
meaning set forth in Section 4.5. 
 “Gramm-Leach-Bliley Act” means Title V of the
Gramm-Leach-Bliley Act, 15 U.S.C. §§ 6801, et seq., and its implementing regulations. 
 “Implementation Fee” has the meaning set forth in Section 3.1. 
 “Implementation
Plan” has the meaning set forth in Section 2.1. 
 “Implementation Services” has the
meaning set forth in Section 2.1. 
 “Indemnified Party” has the meaning set forth in
Section 8.3. 
 “Indemnifying Party” has the meaning set forth in Section 8.3.

 “Investment Fund” means any partnership, limited liability company, corporation, trust or other collective
investment entity engaged in the business of trading and/or investing in Investment Interests that is managed by a Manager. 
 “Investment Interests” means any financial instruments traded by the Client or an Investment Fund or a Managed Account in which the Client is invested or any Manager for any of the foregoing, including but not limited to
securities, indices, commodities, futures contracts, forward contracts, foreign exchange commitments, swap contracts, spot (cash) commodities and other items, options on any of the foregoing, and any rights pertaining to the foregoing contracts,
instruments or investments throughout the world. 
  

 -3- 

 “Losses” has the meaning set forth in Section 8.1. 

“Managed Account” means a separately managed account managed on behalf of the Client by a Manager. 
 “Manager” means any person or entity engaged in the business of investing, trading and/or speculating in Investment
Interests (whether registered, exempt from registration or not subject to registration) retained by or for the Client or an Investment Fund or Managed Account in which the Client is invested. 
 “NASD” means the United States National Association of Securities Dealers Inc. 
 “NFA” means the United States National Futures Association. 
 “OFAC List” means the List of Specially Designated Nationals and Blocked Persons (the “SDN List”)
and the List of Embargoed Regions (the “Embargoed Regions List”), both of which are maintained by the United States Office of Foreign Assets Control. 
 “Party” means either the Company or the Client, as applicable. “Parties” means both the Company and the
Client. 
 “Person” means any individual or other legal entity, including a corporation, limited liability
company or partnership. 
 “Personal Information” means customer personal information provided to, and
maintained by, the Company in confidence, including but not limited to: personally identifiable financial information as defined by the Gramm-Leach-Bliley Act. “Personal Information” shall not include any personal information not
required by law to be kept confidential. 
 “Preferred” means Preferred Investment Solutions Corp., the entity
that has been delegated administrative management over the Client and which serves as the managing owner/general partner of each member of the Client, and its Affiliates, and each of its or their shareholders, members, partners, directors, officers,
employees, agents, attorneys and representatives. 
 “Preferred Employee” shall mean any person then employed
by Preferred or any agent of Preferred retained to provide services to Preferred or who has been employed by Preferred or served as an agent to Preferred during the 180 days immediately prior thereto. 
 “Preferred Indemnified Person” has the meaning set forth in Section 8.6. 
 “Receiving Party” means the Party receiving Confidential Information disclosed by the Disclosing Party. 
 “SEC” means the United States Securities and Exchange Commission. 
  

 -4- 

 “Services” means any services performed or to be performed by the Company
hereunder, including the Implementation Services, the Administrative Services, any Additional Services and any Transfer Services. 
 “Term” means the initial term of this Agreement, together with all renewal terms, each as set forth in Section 4.1. 
 “Transfer Services” has the meaning set forth in Section 4.5. 
 “United States Patriot Act of 2001” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. 
 ARTICLE II 
 SERVICES 
  

	2.1)	Implementation Services. The Company and the Client have developed a plan for implementing the services to be provided hereunder, including with respect
to the transition of responsibility for such services from the Client and its current administrator to the Company, which plan attached hereto as Schedule I (the “Implementation Plan”). The Company shall perform the services
required to complete the Implementation Plan, as set forth therein (the “Implementation Services”). The Company and the Client shall comply with any applicable requirements agreed in the Implementation Plan.

  

	2.2)	Administrative Services. Beginning on the Commencement Date, the Company shall perform the administrative services set forth in Schedule II (the
“Administrative Services”). The provision of Administrative Services is subject to the assumptions set forth in Exhibit A; as such assumptions may be revised in accordance with the Implementation Plan. If there are any
material changes to these assumptions during the Term or if the assumptions are materially incorrect, the Company and the Client agree to negotiate in good faith any adjustment in the fees and payments set forth in Section 3.2 below to
compensate for any increase or decrease in effort, resources or costs required to deliver the Services to the Client, provided that such adjustment in the fees and payments is agreed upon in writing by the Client in advance.

  

	2.3)	Additional Services. The Company may, at its option and in its sole discretion, provide such additional services as requested by the Client from time to
time, including the services enumerated in Schedule III (the “Additional Services”). In the event the Client shall request services (including any Additional Services) or the preparation of any document or report outside the
scope or timing of the Services, the Company shall charge and the Client shall pay an additional fee to be agreed upon by both parties in writing in advance as provided in Schedule III. 

  

	2.4)	 Performance. The Company shall perform the Services (a) in a reasonable manner, (b) consistent with applicable industry
standards and the terms of this Agreement and (c) timely and in accordance with the delivery schedule(s) set forth in this Agreement and the Schedules and Exhibits thereto. In addition to any other remedies provided under this Agreement, the
Client’s primary remedy in the event that (i) the Company fails to perform the Services as required hereunder, or (ii) the Company’s performance of any

  

 -5- 

	 	 
such Services results in any errors, shall be, at the Client’s election, for the Company to promptly re-perform the applicable Services and correct the error within a reasonable time period
after the Client notifies the Company in writing of such failure or error. The Client shall immediately notify the Company in writing of any such failures or errors of which the Client becomes aware and fully cooperate with the Company in its
re-performing the applicable Services or correcting such error. Notwithstanding the foregoing, the Company shall not be responsible or liable for any such failure or error for which the Company did not receive written notice from the Client within
sixty (60) days after the Client first knew or should have known of such failure or error. Nothing contained in this Section 2.4 shall limit the Client’s rights and/or remedies as set forth in any other provision of this
Agreement. 

  

	2.5)	Subcontractors; Outside Services. The Client acknowledges and agrees that the Company may use subcontractors, including but not limited to attorneys,
bankers, accountants or stockbrokers, for the performance of the Services; provided that the Company remains responsible for all of its obligations hereunder and for the payment of such subcontractors. The Company shall provide the Client with
written notice prior to the use of any subcontractors and shall obtain the Client’s prior written consent prior to the use of any subcontractors that represent a material change from the Company’s operations, which consent shall not be
unreasonably withheld, delayed or conditioned. 

  

	2.6)	Client Directions. In the course of performing the Services, the Company may receive written or oral instructions or directions from the Client or its
employees, agents or representatives with respect to the Services (collectively, the “Client Directions”). The Company may rely upon and comply with any Client Direction in performing its obligations under this Agreement. If and to
the extent that the Company acts or fails to act as a result of its reliance upon any Client Direction, the Company shall be relieved of any liability arising therefrom, and such act or failure to act shall not constitute a breach or non-performance
of any warranty or obligation of the Company hereunder; provided that this Section 2.6 shall not relieve the Company from any liability resulting from its gross negligence, intentional unlawful conduct or material departure from
applicable industry standards. If any Client Direction is inconsistent with or conflicts with any provision of this Agreement, the Company may disregard such Client Direction or require that such Client Direction be confirmed in a written amendment
to this Agreement. 

 ARTICLE III 
 FEES AND PAYMENT 
  

	3.1)	Implementation Fee. The Client shall pay the Company the agreed upon implementation fee for performing the Implementation Services, as set forth or
referred to in Exhibit B (the “Implementation Fee”). If it is determined that the actual Implementation Fee differs from the estimated Implementation Fee, the Company and the Client shall negotiate in good faith any
adjustment to the Implementation Fee. Such estimates are subject to revision based upon future findings. In the event that the estimated or actual costs of implementation are revised, the Company and Client may agree on the revised costs or the
Client may terminate this Agreement as provided in Section 4.3, subject to the Client’s payment for Implementation Services actually rendered prior to such termination. 

  

 -6- 

	3.2)	Administrative Services Fees. The Client shall pay the fees set forth or referred to in Exhibit B for the Administrative Services. All fixed
recurring fees shall be payable monthly in arrears based upon Client’s beginning-of-month net assets. Any increases or decreases in the Administrative Services Fees shall be agreed upon in advance in writing by the Company and the Client.
Notwithstanding the foregoing, the Company agrees that (a) it shall not increase the Administrative Services Fees for a period of 12 (twelve) months following the Commencement Date and (b) it shall provide the Client with three
(3) months prior written notice of its intent to increase the Administrative Services Fees. 

  

	3.3)	Additional Service Fees. Unless otherwise agreed in writing by the Company, all Additional Services, including the Additional Services described in
Schedule III, shall be subject to additional fees determined by the Company in accordance with its standard practices and fees, provided that such additional fees are agreed to in advance in writing by Client. Any increases or decreases in
the Additional Services Fees shall be agreed upon in advance in writing by the Company and the Client. Notwithstanding the foregoing, the Company agrees that (a) it shall not increase the Additional Service Fees for a period of 12 (twelve)
months following the Commencement Date and (b) it shall provide the Client with three (3) months prior written notice of its intent to increase the Additional Service Fees. 

  

	3.4)	Expenses. In addition to the fees set forth in Sections 3.1 through 3.3 above, the Client shall be responsible for all pre-approved
direct costs and expenses, including travel and lodging expenses, incurred by the Company in performing the Services hereunder. Such costs and expenses must be approved by the Client in advance in writing. The Company shall pass-through such costs
and expenses to the Client without any mark-up or premium. 

  

	3.5)	 Invoices. Except as otherwise set forth or referred to in Exhibit B, the Company shall invoice the Client for all fees, costs and
expenses on a monthly basis. All invoices are payable within thirty (30) days of receipt. All invoices shall be paid in U.S. dollars by bank check or wire transfer in accordance with the payment instructions provided on the applicable invoice.
All invoiced amounts not paid within such time period shall be subject to a late fee equal to the lesser of (a) 1 1/2% per month or (b) the maximum rate permitted by applicable law. 

 ARTICLE IV 
 TERM AND TERMINATION

  

	4.1)	Term. 

  

	 	a)	 The initial term of this Agreement shall begin on the Effective Date and continue for a period of eighteen (18) months following the Commencement
Date. Thereafter, this Agreement shall continue in effect in accordance with its provisions from year to year after its initial term unless (i) terminated (A) by

  

 -7- 

	 	 
Client or Preferred upon not less than two (2) months’ prior written notice to the Company or (B) by the Company upon not less than four (4) months’ prior written notice
to the Client, or (ii) there is an early termination of this Agreement pursuant to Sections 4.2 or 4.3. The Client shall have up to two (2) months from the effective date on the written notice of termination to complete the
Transfer as described in Section 4.5. 

  

	 	b)	Without limiting the generality of the foregoing, the Company, the Client or Preferred may terminate this Agreement in accordance with the notice provisions of
Section 4.1(a) for any reason in their sole and absolute discretion. 

  

	4.2)	Termination by the Company. The Company may terminate this Agreement at any time by notice to the Client, if: 

  

	 	a)	the Commencement Date does not occur within ninety (90) days after the completion of Implementation Services; 

  

	 	b)	(i) any invoice hereunder remains unpaid for more than sixty (60) Business Days after the Client’s receipt (unless such invoice or portion thereof is subject
to dispute by Client) and (ii) the Company notifies the Client in writing that any invoice hereunder is unpaid for more than sixty (60) Business Days after Client’s receipt thereof and (iii) the Client has not paid any undisputed
amount within two (2) Business Days following Client’s receipt of the written notice provided in (ii) above; 

  

	 	c)	the Client materially breaches this Agreement, including by its failure to provide the Company with the necessary data in the format prescribed by the Company, and does
not cure such breach within thirty (30) days after its receipt of notice thereof; 

  

	 	d)	the Client (i) goes into liquidation (other than a voluntary liquidation commenced by the Client or Preferred in connection with the closing of the Client),
(ii) becomes bankrupt, (iii) has a receiver appointed over its assets (other than a voluntary liquidation commenced by the Client or Preferred in connection with the closing of the Client), (iv) is unable to pay its debts as they fall
due, (v) commences negotiations with its creditors with a view toward adjustments or rescheduling of its indebtedness or (vi) makes a general assignment of its assets for the benefit of its creditors; or 

  

	 	e)	the Client takes any corporate action or legal proceedings are instituted for the winding-up or dissolution of the Client, other than a voluntary liquidation instituted
by Client in which Client agrees to pay the Company in advance for its services pursuant to a written invoice submitted by the Company to the Client. 

  

	4.3)	Termination by the Client. The Client may terminate this Agreement at any time by notice to the Company, if: 

  

	 	a)	the Commencement Date does not occur within ninety (90) days after the completion of Implementation Services; 

  

 -8- 

	 	b)	the Company materially breaches this Agreement and does not cure such breach within thirty (30) days after its receipt of notice thereof; 

 

	 	c)	the Company (i) goes into liquidation, (ii) becomes bankrupt, (iii) has a receiver appointed over its assets, (iv) is unable to pay its debts as
they fall due, (v) commences negotiations with its creditors with a view toward adjustments or rescheduling of its indebtedness or (vi) makes a general assignment of its assets for the benefit of its creditors; 

  

	 	d)	the Company takes any corporate action or legal proceedings are instituted for the winding-up or dissolution of the Company; 

  

	 	e)	the Client terminates, closes or dissolves, or the management of the Client is transferred to an unaffiliated manager, provided that in any such case the Client shall
use its reasonable best efforts to provide the Company with as much prior notice as is possible under the circumstances; or 

  

	 	f)	a Change in Control occurs. 

  

	4.4)	Extension of Cure Period. The cure periods provided for in Section 4.2(c) and 4.3(b) shall be extended for up to one hundred twenty
(120) days (or for such longer period as the Parties may agree in writing) if (a) the breaching Party is making reasonable efforts to cure the breach as promptly as practicable, (b) a cure cannot practicably be achieved within the
initial cure period, and (c) prior to the end of the initial cure period, the breaching Party gives the non-breaching Party notice of the need for an extension, which notice will describe the actions being taken by the breaching Party to cure
the breach. 

  

	4.5)	Cooperation with Transfer. Upon expiration or termination of this Agreement, the Company shall use its best efforts to cooperate with the Client in the
transfer of the Company’s obligations hereunder to the Client or its designee. Unless otherwise agreed upon in writing, the Client shall continue to pay its Administrative Service Fees during the course of the Transfer and shall pay the Company
for any non-routine, unusual or extraordinary fees and expenses (“Extraordinary Fees”) for any services performed by the Company in connection with such cooperation (“Transfer Services”). Any such Extraordinary Fees
shall be billed to the Client by the Company at cost. The Company may, at its option and in its discretion, require that Client pay such fees, or a deposit towards such fees, prior to the Company’s performance of any Transfer Services. Provided
that the Company fulfills its obligations and responsibilities in all respects by delivering to the Client or its designee all necessary information to the new service provider, the Company shall not be obligated to provide Transfer Services for
more than six (6) months following the expiration of this Agreement or the effective date as stated in any notice of termination, as provided in Section 4.1(a). The Company agrees not to increase the Client’s Administrative
Service Fee during the period in which it is providing Transfer Services to the Client. 

  

 -9- 

	4.6)	Effect of Termination. The expiration or termination of this Agreement shall not excuse the Client from the payment of any fees, costs or expenses
incurred prior to such expiration or termination. The following provisions shall survive the expiration or termination of this Agreement for any reason: Articles V, VI, VII, VIII and Sections 4.5,
14.2, 14.4, 14.8 and 14.15. 

 ARTICLE V 
 CONFIDENTIALITY; NON-SOLICITATION; NON-EXCLUSIVITY 
  

	5.1)	Confidentiality. 

  

	 	a)	Each Party shall protect the confidentiality of the other Party’s Confidential Information in the same manner that it protects its own confidential information of
a similar nature, but in no less than a reasonable manner. The Company shall only use the Client’s Confidential Information in connection with the performance of the Company’s obligations hereunder. The Client shall only use the
Company’s Confidential Information in connection with the Client’s use and enjoyment of the Services. During the Term, the Receiving Party may: (i) disclose Confidential Information received from the Disclosing Party only to its
subcontractors, agents, representatives, advisors, employees, officers and directors and affiliates who have a need to know such information exclusively for the purpose of executing its obligations or exercising its rights under this Agreement,
provided that in no event shall the Company disclose any Confidential Information to any such person unless such person is subject to a confidentiality agreement with the Company that prohibits such person from disclosing any Confidentiality
Information to any person not a party to, or otherwise bound by the terms of, this Agreement; or (ii) reproduce the Confidential Information received from the Disclosing Party only as required to execute its obligations or exercise its rights
under this Agreement. 

  

	 	b)	In the event that either Party is required under applicable law to disclose any of the other Party’s Confidential Information, the Party subject to such
requirement shall promptly notify the other Party of such requirement so that the other Party may challenge such requirement or seek an appropriate protective order or other similar protection. Unless advised by legal counsel that such a course of
action would expose the Party subject to such requirement to civil or criminal liability, the Party subject to such requirement shall fully cooperate with the other Party in connection with the foregoing; provided that the other Party shall
reimburse the Party subject to such requirement for all reasonable out-of-pocket expenses incurred by it with respect to such cooperation. 

  

	 	c)	Except as otherwise specifically provided in this Agreement, the Receiving Party shall not during the Term, and after expiration or earlier termination hereof:
(i) disclose, in whole or in part, any Confidential Information received directly or indirectly from the Disclosing Party; or (ii) sell, rent, lease, transfer, encumber, pledge, reproduce, publish, transmit, translate, modify, reverse
engineer, compile, disassemble or otherwise use such Confidential Information in whole or in part. 

  

 -10- 

	 	d)	The Receiving Party acknowledges that: (i) the Disclosing Party possesses and will continue to possess Confidential Information that has been created, discovered
or developed by or on behalf of the Disclosing Party, or otherwise provided to the Disclosing Party by third parties, which information has commercial value and is not in the public domain; (ii) unauthorized use or disclosure of Confidential
Information is likely to cause injury not readily measurable in monetary damages, and therefore irreparable; (iii) in the event of an unauthorized use or disclosure of Confidential Information, the Disclosing Party shall be entitled, without
waiving any other rights or remedies, to such injunctive or equitable relief as may be deemed proper by a court of competent jurisdiction; (iv) subject to the rights expressly granted to the Receiving Party in this Agreement, the Disclosing
Party and its licensors retain all right, title and interest in and to the Confidential Information, including without limiting the generality of the foregoing, title to all Confidential Information regardless of whether provided by or on behalf of
the Disclosing Party or created by the Receiving Party; and (v) any disclosure by the directors, officers, employees, and agents of the Receiving Party shall be deemed to be disclosure by the Receiving Party and the Receiving Party shall be
liable for any such disclosure as if the Receiving Party had disclosed the Confidential Information. 

  

	 	e)	All Confidential Information disclosed by the Disclosing Party shall be and shall remain the property of the Disclosing Party. Within five (5) days after being so
requested by the Disclosing Party, except to the extent the Receiving Party is advised in writing by counsel such destruction is prohibited by law, it shall return or destroy all documents thereof furnished to it by the Disclosing Party and it shall
also destroy all written material, memoranda, notes, copies, excerpts and other writings or recordings whatsoever prepared by it or its employees based upon, containing or otherwise reflecting any Confidential Information. Any destruction of
materials shall be confirmed by the Receiving Party in writing; provided, however, that any party may retain (i) one copy of the Confidential Information that it deems necessary to comply with any obligations under all applicable
laws, rules, regulations and (ii) any Confidential Information it believes cannot reasonably be destroyed (such as oral communications reflecting Confidential Information, firm electronic mail back-up records, back-up server tapes and any
similar such automated record-keeping or other retention systems), which shall remain in perpetuity subject to the confidentiality terms of this Agreement. Any Confidential Information that is not returned or destroyed, including without limitation
any oral Confidential Information shall remain in perpetuity subject to the confidentiality obligations set forth in this Agreement. 

  

	 	f)	Notwithstanding anything herein to the contrary, in this Article V or in Article XI, the Company shall have the right to mine, utilize, distribute, sell,
share or market aggregated, amalgamated or compiled statistical information obtained or developed by the Company in the performance of the Services provided hereunder, so long as the Company does so in a manner that does not reveal or disclose any
information which is identifiable with, or specific, traceable or attributable to, the Client or its investors. For purposes of clarification, the only specific information relating to or associated with the Client that the Company may disclose is
the name of the Client and the Client’s assets under management. 

  

 -11- 

	5.2)	Non-Solicitation. 

  

	 	a)	The Client shall neither hire nor solicit for employment any Company Employee with whom the Client has had contact during the Term without the prior written
authorization of the Company. If the Client hires any such Company Employee, without such authorization, the Client shall pay Company an amount equal to such Company Employee’s total first year compensation at the Client.

  

	 	b)	The Company shall neither hire nor solicit for employment any Client Employee or Preferred Employee with whom the Company has had contact during the Term without the
prior written authorization of the Client or Preferred, as applicable. If the Company hires any such Client Employee or Preferred Employee, without such authorization, the Company shall pay the Client or Preferred, as applicable, an amount equal to
such Client Employee’s or Preferred Employee’s total first year compensation at the Company. 

  

	5.3)	Non-Exclusivity. Neither this Agreement nor the nature of the services provided to the Client shall preclude the Company from acting as administrator or
for providing services of any nature to any other Person. 

  

	5.4)	Publicity. 

  

	 	a)	Neither the Company nor the Client shall distribute any publicity, including press releases, regarding the nature of this Agreement without receiving the prior written
approval of the other. Unless directed otherwise in writing, the Company shall be permitted to refer to the Client as a current or past client, provided that neither the Company nor any Affiliate or Company Employee shall be permitted to disclose or
refer to the Client or Preferred as a current client until such time as the Implementation Plan has been completed in full as to Client and all investment funds managed by Preferred or its Affiliates, or Preferred has otherwise agreed to in writing.

  

	 	b)	Notwithstanding the foregoing, the Company acknowledges and agrees that the Client and Preferred are subject to various laws, rules and regulations. The Company agrees
that the Client and Preferred may make disclosures required by such laws, rules and regulations as it deems appropriate under the circumstances. 

 ARTICLE VI 
 EXCLUSION OF CONSEQUENTIAL DAMAGES 
 In no event shall the Company be liable for any punitive, exemplary or other special damages, or for any indirect, incidental or consequential damages
(including lost profits or lost business opportunity), in each case arising under or in relation to this Agreement (including with respect to the performance or non-performance of any Services), whether arising under breach of contract, tort or any
other legal theory, and regardless of whether the Company has been advised of, knew of, or should have known of the possibility of such damages. In no event shall this Article VI be deemed to have failed of its essential purpose.

  

 -12- 

 ARTICLE VII 
 WARRANTY DISCLAIMER 
 Other than with respect to Article
XII, the Company hereby specifically disclaims any and all representations or warranties, express or implied, arising by law or otherwise, arising under or relating to this Agreement or the subject matter hereof (including with respect to the
Services and the Company System), including any implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. Without limiting the foregoing, the Company makes no representations or warranties that the
Services will be uninterrupted or error-free. 
 ARTICLE VIII 
 INDEMNIFICATION 
  

	8.1)	Company Indemnity. The Client shall be responsible for any and all liabilities, claims, damages, judgments, costs and expenses (including court costs and
reasonable attorneys’ fees) (collectively, “Losses”) incurred by Company Indemnified Persons (as defined below) as a result of, and shall defend, indemnify, and hold Company Indemnified Persons harmless from and against, any
and all third-party claims, actions, suits or proceedings (collectively, “Claims”) to the extent arising from: (a) the Company’s performance or non-performance of the Services (except to the extent a Claim arises from the
Company’s gross negligence or intentional unlawful conduct); (b) Client Directions, or (c) the Client’s gross negligence or intentional unlawful conduct. 

  

	8.2)	Client Indemnity. The Company shall be responsible for any and all Losses incurred by Client Indemnified Persons and Preferred Indemnified Persons (each
as defined below) as a result of, and shall defend, indemnify, and hold Client Indemnified Persons and Preferred Indemnified Persons harmless from and against, any and all third-party Claims to the extent arising from the Company’s gross
negligence or intentional unlawful conduct in the performance of the Services. 

  

	8.3)	Notice. Neither Party will be liable for any claim for indemnification under this Article VIII unless notice of such claim is delivered by the
Party seeking indemnification (the “Indemnified Party”) to the Party from whom indemnification is sought (the “Indemnifying Party”). If any third party notifies the Indemnified Party with respect to any matter which
may give rise to a claim for indemnification against the Indemnifying Party under this Article VIII, then the Indemnified Party shall notify the Indemnifying Party promptly thereof in writing and in any event within thirty (30) days
after receiving such notice from the third party; provided that no delay on the part of the Indemnified Party in notifying the Indemnifying Party will relieve the Indemnifying Party from any obligation hereunder unless the Indemnifying Party is
materially prejudiced thereby. All notices given pursuant to this Section 8.3 will describe with reasonable specificity the third-party claim and the basis of the Indemnified Party’s claim for indemnification.

  

 -13- 

	8.4)	Participation and Control. Once the Indemnified Party has given notice of a claim or potential claim under Section 8.3, the Indemnifying Party
will be entitled to participate therein and, to the extent desired, to assume the defense thereof with counsel of its choice, provided that the Indemnified Party may participate in (but not control) such defense. If the Indemnifying Party
does not assume the defense of any claim, the Indemnified Party will have the right to undertake the defense of such claim, by counsel or other representatives of its own choosing, on behalf of and for the account and risk of the Indemnifying Party
(subject to the right of the Indemnifying Party to assume the defense of such claim at any time prior to settlement, compromise or final determination thereof). 

  

	8.5)	Consent. Neither the Indemnified Party nor the Indemnifying Party will consent to the entry of any judgment or enter into any settlement of any claim that
might give rise to liability of the other Party without such other Party’s written consent, which will not be unreasonably withheld, delayed or conditioned. If the Indemnifying Party elects to settle any such claim solely by the payment of
monetary damages, and the Indemnified Party refuses to consent to such compromise or settlement, then the liability of the Indemnifying Party to the Indemnified Party will be limited to the amount offered as monetary damages by the Indemnifying
Party in such compromise or settlement. 

  

	8.6)	Indemnified Persons. In this Article VIII, references to “Client Indemnified Persons”, “Preferred Indemnified Persons”
and “Company Indemnified Persons” shall mean the Client, Preferred or the Company, respectively, and its or their respective partners, members, shareholders, directors, officers, employees, attorneys, agents, representatives and
Affiliates. 

 ARTICLE IX 
 COMPLIANCE WITH REGULATORY RECORDKEEPING REQUIREMENTS 
  

	9.1)	Recordkeeping Requirements. The Company shall make and keep the following books and records of the Client: 

  

	 	a)	An itemized daily record of each Investment Interest transaction of the Client, showing the transaction date, quantity, Investment Interest, and, as applicable, price
or premium, delivery month or expiration date, whether a put or a call, strike price, underlying contract for future delivery or underlying physical, the futures commission merchant carrying the account and the introducing broker, if any, whether
the commodity interest was purchased, sold, exercised, or expired, the gain or loss realized, and any commission or give-up fee. 

  

	 	b)	A journal of original entry or other equivalent record showing all receipts and disbursements of money, securities and other property. 

  

	 	c)	A subsidiary ledger or other equivalent record for each member or shareholder of the Client showing the member’s or shareholder’s name and address and all
funds, securities and other property that the Client received from or distributed to the member or shareholder. 

  

 -14- 

	 	d)	Adjusting entries and any other records of original entry or their equivalent forming the basis of entries in any ledger. 

  

	 	e)	A general ledger or other equivalent record containing details of all asset, liability, capital, income and expense accounts. 

  

	 	f)	Cancelled checks, bank statements, journals, ledgers, invoices, computer generated records, and all other records, data and memoranda prepared or received in connection
with the operation of the Client. 

  

	9.2)	Location of Books and Records. 

  

	 	a)	The Company shall maintain the books and records set forth in Section 9.1 above at one of the following business addresses: 

  

	 	i)	200 North LaSalle Street, Chicago, IL 60601; 

  

	 	ii)	8415 Pulsar Place Suite 400, Columbus, Ohio 43240; 

  

	 	iii)	Anderson Square - 4th Floor P.O. Box 10243, Grand Cayman, Cayman Islands KY1-1003; and 

  

	 	vi)	44P Electronic City Phase II East, Hosur Road, Bangalore 560 100 Karnataka, India. 

  

	 	b)	The Company shall notify Preferred immediately if it changes the location at which any of the books and records set forth in Section 9.1 above are
maintained. 

  

	9.3)	Production and Availability of Books and Records. 

  

	 	a)	In the event of a request to Preferred by the CFTC, NFA, United States Department of Justice, SEC, NASD or any other agency authorized to review any of the books and
records specified in Section 9.1 above in accordance with the CEA, the Advisers Act, and CFTC and SEC regulations, the Company shall, within 24 hours following receipt of a written request from Preferred, provide the originals of any of
the books and records set forth in Section 9.1 above to Preferred at Preferred’s main office. 

  

	 	b)	The Company shall make available the books and records set forth in Section 9.1 above to: 

  

	 	i)	representatives of the CFTC, NFA, United States Department of Justice, SEC, NASD or any other agency authorized to review any such books and records in accordance with
the CEA, the Advisers Act, and CFTC and SEC regulations for inspection and copying during normal business hours and, upon request of any of the foregoing, copies must be sent by mail within one (1) Business Day; and 

  

 -15- 

	 	ii)	members or shareholders in the Client for inspection and copying during normal business hours and, upon request, copies must be sent by mail to any participant within
five (5) Business Days if reasonable reproduction and distribution costs are paid by the participant, provided that participants in the Company shall only provide a participant in the Client with information as to the Client, and not to any
information relating to any other participant in the Client. 

  

	 	c)	The Company shall notify Client and Preferred immediately in writing in the event that the Company receives a request pursuant to Sections 9.1 (a) and
(b) above, and shall provide Client and Preferred with (i) a written description of the books and records reviewed and (ii) copies of all documents reviewed or provided to such persons. 

  

	9.4)	Retention Period. The Company shall maintain all of the books and records set forth in Section 9.1(a) above for a minimum period of five
(5) years from the date that this Agreement terminates, and all such books and records shall be readily accessible during the first two (2) years of such period. Alternatively, following termination of this Agreement, the Company shall
provide all of the books and records set forth in Section 9.1(a) above to the Company, Preferred or its or their designee. 

 ARTICLE X 
 PERSONAL INFORMATION 
  

	10.1)	From time to time, the Company may obtain access to certain Personal Information from the Client. To the extent applicable, the Company shall comply with the provisions
of the Gramm-Leach-Bliley Act regarding the restrictions on the use, disclosure and safeguarding of Personal Information. 

 ARTICLE XI 
 CLIENT DATA; SECURITY 
  

	11.1)	The Client shall provide the Company with the Client Data to enable the Company to provide the Services. The Company shall not be responsible or liable for the
accuracy, completeness, integrity or timeliness of any Client Data provided to the Company by the Client. 

  

	11.2)	All Client Data shall remain the property of the Client. The Client Data shall not be (i) used by the Company other than in connection with providing the Services,
(ii) disclosed, sold, assigned, leased or otherwise provided to third parties by the Company, or (iii) commercially exploited by or on behalf of the Company, its employees or agents. 

  

	11.3)	At the Client’s expense, the Company shall upon written request, promptly return to the Client, in the format and on the media in use as of the date of request,
all, or any requested portion of, the Client Data. If the Client expressly consent or requests, the Company may maintain archival tapes containing any Client Data, which shall be used by the Company solely for back-up purposes.

  

 -16- 

	11.4)	The Company will provide data backup in accordance with industry standards during the term of this Agreement and will not delete or destroy any the Client Data during
such period. 

  

	11.5)	The Company shall not disclose or use any Client Data except for the purpose of carrying out its obligations under this Agreement. The Company shall not disclose the
Client Data to its third party service providers without the consent of the Client. The Company shall ensure that each person or entity to whom or to which the Company may disclose the Client Data in connection with the Company’s performance of
its obligations under this Agreement shall, prior to any such disclosure of information, agree to use or disclose such Client Data only for the purpose of carrying out the Company’s obligations under this Agreement. The Company shall maintain
effective information security measures to protect the Client Data from unauthorized disclosure or use. 

  

	11.6)	The Company shall maintain and enforce at all of its locations where the Client Data is received, accessed, stored, processed, or transmitted, security procedures that
provide reasonable and necessary security designed to prevent infiltration of or unauthorized access to any and all systems, databases and networks which receive, access, store, process or transmit the Client Data, including firewall-based
protections, Virus testing and scanning, intrusion protection and access control with appropriate password and other authentication protections. 

 ARTICLE XII 
 REPRESENTATIONS, WARRANTIES AND COVENANTS

  

	12.1)	Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date and covenants that at all times
during the Term, it will ensure that: 

  

	 	a)	It is a legal entity duly created, validly existing and is in good standing under the laws of the jurisdiction in which it is created, and is in good standing in each
other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement; 

  

	 	b)	It has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted
pursuant to this Agreement; 

  

	 	c)	It has all necessary legal power and authority to enter into this Agreement and to perform its obligations hereunder, and the execution and delivery of this Agreement
and the consummation of the transactions contemplated thereby have been duly authorized by all necessary actions on its part; 

  

	 	d)	This Agreement constitutes a legal, valid and binding obligation of such Party, enforceable against it in accordance with its terms; 

  

 -17- 

	 	e)	It is not a party to, and is not bound or affected by or subject to, any instrument, agreement, charter or by-law provision, law, rule, regulation, judgment or order
which would be contravened or breached as a result of the execution of this Agreement or the consummation of the transactions contemplated hereunder; 

  

	 	f)	It is not the subject of any pending or threatened litigation (including claims subject to arbitration) that would prevent such Party from performing its obligations
under this Agreement; and 

  

	 	g)	It is in compliance with all applicable laws, rules, orders, regulations and other legal requirements in effect as the same may relate in a material way to each of its
respective businesses and provision or use of the Services. 

 All such representations, warranties and covenants
shall continue during the Term of this Agreement and if, at any time, any event has occurred that would make any of the foregoing representations or warranties not true, such Party shall promptly notify the other in writing. 
  

	12.2)	Company Representations and Warranties. The Company represents, warrants and covenants to the Client and Preferred that, as of the Effective Date, it:

  

	 	a)	(i) maintains anti-money laundering policies and procedures that comply with the United States Bank Secrecy Act of 1970, as amended, the United States Patriot Act of
2001, and applicable federal anti-money laundering regulations, including policies and procedures to verify the identity of prospective subscribers, as well as the applicable anti-money laundering laws, rules and regulations where the Client’s
units are listed, offered or sold (“AML Laws, Regulations and Policies”); 

  

	 	b)	maintains privacy policies and procedures that comply with the Gramm-Leach-Bliley Act, and other applicable laws, rules and regulations; and 

 

	 	c)	maintains a business continuity/disaster plan that is designed to permit the Company to provide the Services in the event of any full or partial disaster.

 All such representations, warranties and covenants shall continue during the Term of this Agreement and if, at
any time, any event has occurred that would make any of the foregoing representations or warranties not true, the Company shall promptly notify the Client and Preferred in writing. 
  

	12.3)	The Company shall provide to the Client and Preferred its most recent business continuity/disaster recovery plan, anti-money laundering policies and procedures, and
privacy policies and procedures, and shall provide the Client and Preferred any updates or amendments thereto. 

  

	12.4)	 The Company shall during the Term continue to comply with the AML Laws, Regulations and Policies and the Company’s anti-money laundering, privacy
and business continuity/disaster recovery policies and procedures and shall, upon the Client’s

  

 -18- 

	 	 
request provide to the Client and Preferred annual certifications regarding its anti-money laundering, privacy and business continuity/disaster recovery policies and procedures and the
Company’s compliance therewith. 

 ARTICLE XIII 
 ANTI-MONEY LAUNDERING COMPLIANCE 
  

	13.1)	Spectrum shall perform anti-money laundering compliance review in accordance with the AML Laws, Regulations and Policies, including without limitation, ensuring that
subscriptions are paid from the account of the beneficial owner and that the investor is not a designated national and blocked person by comparing to the OFAC List. 

  

	13.2)	Without limiting the generality of the foregoing, the Company shall: 

  

	 	a)	comply with the AML Laws, Regulations and Policies; 

  

	 	b)	provide to the Client, upon request, written evidence of its suitability to perform the relevant functions on behalf of the Client; 

  

	 	c)	provide information obtained and held with respect to the investors to appropriate regulatory authorities, in accordance with relevant procedures;

  

	 	d)	provide the Client or its authorised agents with reasonable access to information which they may require to satisfy themselves of the reliability of the Company’s
systems and procedures to ensure compliance by the Client with the AML Laws, Regulations and Policies; 

  

	 	e)	comply with its own anti-money laundering obligations regarding identification of clients, training employees, record keeping and suspicious activity reporting and
maintain all such procedures in accordance with applicable law; 

  

	 	f)	promptly deliver to Client and Preferred, to the extent permitted by applicable law, notice of any AML Laws, Regulations and Policies violation, suspicious activity,
suspicious activity investigation or filed suspicious activity report that relates to any prospective investor in Client; and 

  

	 	g)	cooperate with Client and Preferred and deliver information reasonably requested by them concerning investors that purchased interests in, or shares of, Client
necessary for the Client and Preferred to comply with AML Laws, Regulations and Policies. 

 ARTICLE XIV 

 GENERAL 
  

	14.1)	Assignment and Delegation. 

 Except as expressly provided in this Section 14.1, neither Party may assign or delegate (whether by operation of law or otherwise) this Agreement (or any of its rights or

  

 -19- 

 
obligations hereunder) without the prior written consent of the other Party, and any such attempted assignment shall be void. Upon notice to the Client, the Company may assign this Agreement in
its entirety, together with all of its rights and obligations hereunder, to an Affiliate or in connection with a Change in Control, provided that nothing in this Section 14.1 shall alter the Client’s rights under
Section 4.3(f). If a permitted assignee agrees in writing to be bound by this Agreement, then the assigning Party shall have no further liabilities or obligations hereunder. In addition, the Company may use subcontractors in the
performance of its obligations hereunder as permitted by, Section 2.5. Subject to the foregoing limitations, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted
assigns. 
  

	14.2)	Ownership. As between the Company and the Client, the Company owns all right, title and interest in and to the Company System, and to any and all
intellectual property rights therein (including patents, copyrights and trade secrets). 

  

	14.3)	Amendment. This Agreement may be amended only by a written instrument executed and delivered by both Parties. 

  

	14.4)	Notices. 

  

	 	a)	Any notice required to be given hereunder shall be sent in writing and delivered personally by hand, sent by reputable, overnight courier service (charges prepaid),
sent by registered or certified mail (postage prepaid, return receipt requested) or by facsimile, to the address set forth below, or to such other address specified by the applicable Party by prior notice in accordance with this
Section 14.4. Such notices shall be deemed given: (a) if personally delivered, at the time of delivery; (b) if sent by overnight courier service, at the time such courier service records as the time of delivery; (c) if
sent by registered or certified mail, at the time of delivery; and (d) if sent by facsimile, at the time when confirmation of successful transmission is received by the sending facsimile machine. Notices sent by any other means (including
email) shall not constitute notice hereunder unless it is acknowledged by the receiving Party pursuant to a means set forth in this Section 14.4. 

 If to the Company: 
 Spectrum Global Fund Administration, L.L.C.

 200 North LaSalle Street - Suite 2420 
 Chicago, Illinois 60601 
 Attention: Carol A. Burke 
 Facsimile: (312) 697-9715 
  

 -20- 

 If to the Client: 
 WCM Pool LLC 
 c/o
Preferred Investment Solutions Corp. 
 900 King Street, Suite 100 
 Rye Brook, New York 10573 
 Attention: General Counsel 
 Email: lblock@kenmar-us.com 
 Facsimile: (914) 307-4045 
 With a copy to: 
 Preferred Investment Solutions Corp. 

900 King Street, Suite 100 
 Rye Brook, New York 10573 
 Attention: General Counsel 
 Email: lblock@kenmar-us.com 
 Facsimile: (914) 307-4045 
  

	 	b)	Notwithstanding the foregoing, (a) Client Directions may be sent by the Client or Preferred to the Company and its employees by e-mail, provided that such e-mail
is from an authorized person of Client or Preferred and (b) any such notices sent by the Client, Preferred or the Company pursuant to Sections 2.4 and 2.6 may be sent by e-mail, provided that such e-mail is from an authorized
person of the Client, Preferred or the Company. 

  

	14.5)	Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party, it being understood that all Parties need not sign the same counterpart. Counterparts delivered by facsimile or other electronic means
shall be deemed to be an original. 

  

	14.6)	Captions; Recitals. The captions and numbers of the various sections hereof are included for convenience of reference only and do not in any way affect
the meaning or interpretation of the substantive provisions hereof. The recitals set forth above are hereby incorporated in and made a part of this Agreement by this reference. 

  

	14.7)	Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction
to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application of such provision to other persons or circumstances will be interpreted so as reasonably to give effect to the intent of
the Parties hereto. The Parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the maximum extent possible, the economic, business and other purposes of
such void or unenforceable provision. 

  

 -21- 

	14.8)	Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws, and not the laws of
conflict, of the State of Illinois. Each Party hereby consents to the exclusive personal jurisdiction of any state or federal court sitting in the State of Illinois or State of New York, in any action or proceeding arising out of or relating to this
Agreement, agrees that all claims in respect of the action or proceeding may be heard and determined in any such court and agrees not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each Party
agrees not to assert in any action or proceeding arising out of or relating to this Agreement that the venue is improper, and waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought, and waives any bond,
surety or other security that might be required of any other Party with respect thereto. 

  

	14.9)	Waiver of Breach. No waiver of a breach of any provision of this Agreement by either Party shall be effective unless made expressly in writing and no such
waiver shall constitute or be construed as a waiver by such Party of any future breach of the same or any other provisions of this Agreement. Failure, neglect, or delay by a Party to enforce the provisions of this Agreement or its rights or remedies
at any time, will not be construed and will not be deemed to be a waiver of such Party’s rights under this Agreement and will not in any way affect the validity of the whole or any part of this Agreement or prejudice such Party’s right to
take subsequent action. 

  

	14.10)	Entire Agreement. This Agreement (including the Exhibits and Schedules attached hereto) constitute the entire agreement between the Parties and supersedes
any prior or contemporaneous understandings, agreements or representations by or between the Parties, written or oral, related in any way to the subject matter hereof. 

  

	14.11)	Costs and Expenses. Except as specifically set forth in this Agreement, each Party shall bear its own costs and expenses incurred in connection
with the performance of its obligations hereunder. 

  

	14.12)	Force Majeure. Except for any payment obligations, neither Party shall be responsible for or liable for failure to perform any part of this Agreement or
for any delay in the performance of any part of this Agreement that directly or indirectly results in whole or in part from any event or contingency beyond the Party’s control, including foreign or domestic embargoes, interference by civil or
military authorities, acts of God, acts of war or terrorism, or threats of same, or failure of common carriers or telecommunications systems, subject to the implementation of the Company’s business continuity/disaster plan.

  

	14.13)	 Interpretation. The descriptive headings of the Agreement are inserted for convenience only and shall not constitute a part of this
Agreement. The words “include” and “including” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.” Except as otherwise
indicated, all references in this Agreement to “Articles,” “Sections,” “Schedules” or “Exhibits” are intended to refer to Articles, Sections, Schedules and Exhibits to this
Agreement. The terms “hereof”, “hereunder”, “herein” and words of

  

 -22- 

	 	 
similar import shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise expressly indicated, all references to days, months or years are
references to calendar days, months and years, respectively. Each Party has participated in the drafting of this Agreement, and has reviewed and adopted the language in this Agreement as a correct expression of the Parties’ intent, and
consequently this Agreement shall be interpreted without reference to any rule or precept of law to the effect that any ambiguity in a document be construed against the drafter. 

  

	14.14)	Irreparable Harm. Each Party acknowledges and agrees that the other Party will be irreparably harmed in the event that such Party breaches Article
V and that monetary damages alone cannot fully compensate the non-breaching Party for such harm. Accordingly, each Party hereby agrees that the non-breaching Party shall be entitled to injunctive relief to prevent or stop breaches of such
provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof, without the requirement of posting any bond. 

  

	14.15)	Third-Party Beneficiaries. Preferred, Company Indemnified Parties, Client Indemnified Parties and Preferred Indemnified Parties are third-party
beneficiaries under this Agreement and shall be entitled to enforce any of the terms hereunder that relate to them. Other than Preferred, the Company Indemnified Parties, the Client Indemnified Parties and the Preferred Indemnified Parties, this
Agreement shall not confer any rights or remedies upon any person or entity other than the Parties, their respective successors and permitted assigns. 

  

	14.16)	Independent Contractors. The relationship of the Company and the Client established by this Agreement is that of independent contractors. Nothing in this
Agreement shall be construed to create any agency or employment relationship between the Company or any of its employees and the Client or any of its employees. Neither Party shall have any right, power or authority to assume, create or incur any
expense, liability or obligation, express or implied, on behalf of the other. 

  

	14.17)	Most Favored Nation Provision. The Company covenants and agrees that, with respect to Section 2.4 and Articles VI and VII, if it
grants more favorable terms to any client from the effective date of this Agreement forward, the Company shall give notice of such terms to the Client and Preferred and such terms shall be incorporated into this Agreement from the effective date of
the Company’s agreement with such other client unless the Client and Preferred notify the Company in writing or unless the Company, the Client and Preferred agree otherwise in writing. 

 ARTICLE XV 
 SAS 70 
  

	15.1)	Definitions. 

 For
purposes of this Article XV, the following terms shall have the following meanings: 
 “SAS 70” means
Statement on Auditing Standards No. 70. 
  

 -23- 

 “SAS 70 Review” means a review of the Company’s internal controls by
an independent auditing firm retained by the Company in order to prepare a Type II SAS 70 Report. 
 “SAS 70 Review
Firm” means the independent auditing firm retained by the Company to prepare a Type II SAS 70 Report on the Company’s internal controls. 
 “Type II SAS 70 Report” shall mean a report issued by the SAS 70 Review Firm pursuant to a Type II service auditor’s examination for the Company in accordance with the American
Institute of Certified Public Accountants’ Statement on Auditing Standards No. 70 as of November 30, 2007 (and for 2008, as of September 30; and for each subsequent year during the Term as of September 30) which report
includes the following: (i) whether the Company’s description of its internal controls presents fairly, in all material respects, the relevant aspects of the Company’s controls that had been placed in operation as of a specific date;
(ii) whether the controls were suitably designed to achieve specified control objectives; (iii) whether the controls that were tested were operating with sufficient effectiveness to provide reasonable assurance that the control objectives
were achieved during the specified period; and (iv) any other information as required by SAS 70. 
  

	15.2)	SAS 70 Review; Type II SAS 70 Report. 

  

	 	a)	By no later than June 30, 2007 (and by June 30 of each subsequent year during the Term), the Company shall notify the Client and Preferred in writing of the
controls that the SAS 70 Review Firm intends to test as part of the SAS 70 review. The Company and Preferred shall review the controls that the SAS 70 Review Firm intends to test and shall notify the Company by July 31, 2007 (and July 31
of each subsequent year during the Term) if they have any suggestions, comments or recommendations as to the controls to be tested. The Company, the Client and Preferred shall work together in good faith to resolve any differences.

  

	 	b)	By no later than January 31, 2008 (and by November 30 of each subsequent year during the Term), the Company shall obtain and deliver to Client and Preferred a
Type II SAS 70 Report expressing the SAS 70 Review Firm’s opinion on: 

  

	 	•	 	 Whether the Company’s description of controls and applications present fairly, in all material respects, the relevant aspects of the
Company’s controls that had been placed in operation as of November 30, 2007 (and as of September 30 of each subsequent year); 

  

	 	•	 	 Whether those controls are suitably designed to provide reasonable assurance that the specified control objectives would be achieved if the described
controls were complied with satisfactorily and the Company’s clients applied those aspects of internal control contemplated in the design of the Company’s controls; 

  

 -24- 

	 	•	 	 Whether the controls that were tested were operating with sufficient effectiveness to provide reasonable, but not absolute, assurance that the control
objectives specified in the SAS 70 Review Firms’ description of those tests were achieved during the period specified. 

  

	 	c)	By no later than November 30, 2007, the Company shall direct the SAS 70 Review Firm retained by the Company to communicate with the Client and/or Preferred
regarding a summary of the Type II SAS 70 Report. 

  

	 	d)	The Company shall deliver to the Client and Preferred any updates or amendments to the Type II SAS 70 Report within five (5) Business Days following the
Company’s receipt thereof. 

  

	 	e)	The Company shall promptly inform the Client and Preferred of any material issues that may arise during the SAS 70 Review that could delay the Type II SAS 70 Report.

  

	 	f)	The Company shall permit the Client or Preferred or either or both of their auditors to communicate with an authorized representative of the Company on a periodic basis
as to the status of the SAS 70 Review and the Type II SAS 70 Report. 

  

	 	g)	By no later than January 15, 2008 (and by January 15 of each subsequent year during the Term), the Company shall deliver to the Company and Preferred a
representation letter, signed by the Company’s President and Chief Executive Officer (or person or persons with similar functions) that there have been no material changes in the Company’s key controls for the period December 1, 2007
through December 31, 2007 (and for the period October 1 through December 31 for each subsequent year during the Term). 

  

	 	h)	The Company shall promptly (and in any event within five (5) Business Days) notify the Company and Preferred in writing of any material changes to its key
controls. 

  

	 	i)	The Client and Preferred shall be permitted to use and rely on the Type II SAS 70 Report in connection with each of their obligations under applicable law, including
but not limited to Section 404 of the Sarbanes Oxley Act. 

  

	15.3)	Time is of the Essence. The Company acknowledges and agrees that time is of the essence for each date specified in Section 15.2.

  

	15.4)	 Remedies for failure of Section 15.2(b). Should the Company fail to deliver the Type II SAS 70 Report specified in
Section 15.2(b) in the time period specified therein, the Company shall have ten (10) Business Days to cure such failure. The Company, the Client and Preferred shall work together in good faith to resolve any such failure and shall,
at their own cost and expense, take all steps necessary to assist the Client and/or Preferred in complying with its or their obligations under applicable laws, including but not limited to Section 404 of the Sarbanes Oxley Act. Notwithstanding
the foregoing, the

  

 -25- 

	 	 
Company shall be responsible for any direct, measurable and out-of-pocket costs incurred by the Client and/or Preferred to cure any such failure by the Company up $10,000. The Client and/or
Preferred shall invoice the Company for all such fees, costs and expenses on a monthly basis. All invoices are payable within thirty (30) days of receipt. All invoices shall be paid in U.S. dollars by bank check or wire transfer in accordance
with the payment instructions provided on the applicable invoice. All invoiced amounts not paid within such time period shall be subject to a late fee equal to the lesser of (a) 1 1/2% per month or (b) the maximum rate permitted by
applicable law. 

 [Signature Page Follows] 
  

 -26- 

 IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have
executed this Agreement to be effective as of the Effective Date. 
  

									
	COMPANY:	 		 	CLIENT:
			
	Spectrum Global Fund Administration, L.L.C.	 		 	WCM Pool LLC
					
		 		 		 	By:	 	Diversified Futures Trust I,
		 		 		 		 	a member
					
		 		 		 	By:	 	Preferred Investment Solutions Corp.,
	 /s/ Carol A. Burke
	 		 		 	its managing owner
	Name:	 	Carol A. Burke	 		 		 	
	Title:	 	CEO	 		 	 /s/ Esther E. Goodman

		 		 		 	Name:	 	Esther E. Goodman
		 		 		 	Title:	 	Senior Executive Vice President and Chief Operating Officer
					
		 		 		 	By:	 	Diversified Futures Fund, L.P.,
		 		 		 		 	a member
					
		 		 		 	By:	 	Preferred Investment Solutions Corp.,
		 		 		 		 	its general partner
				
		 		 		 	 /s/ Esther E. Goodman

		 		 		 	Name:	 	Esther E. Goodman
		 		 		 	Title:	 	Senior Executive Vice President and Chief Operating Officer
					
		 		 		 	By:	 	Futures Strategic Trust,
		 		 		 		 	a member
					
		 		 		 	By:	 	Preferred Investment Solutions Corp.,
		 		 		 		 	its managing owner
				
		 		 		 	 /s/ Esther E. Goodman

		 		 		 	Name:	 	Esther E. Goodman
		 		 		 	Title:	 	Senior Executive Vice President and Chief Operating Officer
					
		 		 		 	By:	 	Kenmar Global Trust,
		 		 		 		 	a member
					
		 		 		 	By:	 	Preferred Investment Solutions Corp.,
		 		 		 		 	its managing owner
				
		 		 		 	 /s/ Esther E. Goodman

		 		 		 	Name:	 	Esther E. Goodman
		 		 		 	Title:	 	Senior Executive Vice President and Chief Operating Officer

  

 -27- 

 EXHIBIT A: ASSUMPTIONS 
 Client Activity: 
  

	 	1.	The Client trades in futures and forward contracts through one commodity trading account clearing at UBS Securities LLC The recent average daily volume and the number
of positions held is approximately 40 and 80, respectively. 

 Reporting: 
  

	 	1.	The Company will include performance of the Client in a daily report to be prepared by the Company that will summarize performance across all Preferred managed funds
that are administered by the Company. 

  

	 	2.	The Company will prepare estimated performance reports daily and will target an issuance date that is 1 business day after the trading day. 

  

	 	3.	The Company will reconcile daily the trades received from the managed account advisor against the Futures Commission Merchant’s and / or Prime Broker’s
records. 

  

	 	4.	The Company will prepare final net asset value calculations monthly for the Client supported by a trial balance and cash and position reconciliations and will target an
issuance date that is 7 business days after the last day of the month. 

  

	 	5.	The Company will calculate and record the unit net asset value based on the number of shares from fund level registrar and transfer agent (“RTA”) records
provided by Preferred, the registered RTA. 

  

	 	6.	Preferred will prepare the Client’s annual financial statements subject to audit based on the books and records maintained by the Company.

  

	 	7.	The Company will prepare reports required to determine the nature of the gains and losses for U.S. tax reporting purposes, including those required as a result of the
Client’s mixed straddle election, on a daily basis. 

  

	 	8.	The Company will use the closing foreign exchange rates from the Futures Commission Merchant and / or Prime Broker for the net asset value calculations.

 Implementation: 
  

	 	1.	None of the Client’s transactions prior to the Commencement Date will be entered into the Company System used to keep the books and records of the Client.

  

	 	2.	The Client’s general ledger accounts balances as of the day before the Commencement Date, including year-to-date income statement account balances, will be
recorded in the Company System with an effective date which is the day before the Commencement Date. 

  

 -28- 

 EXHIBIT B: SERVICE FEES AND PAYMENT 
 Implementation Fee: 
 None

 Administrative Services Fee: 
 0.17% per annum of net assets of the Client 
  

 -29- 

 SCHEDULE I: IMPLEMENTATION PLAN 
  

	 	•	 	 Company to develop a thorough understanding of Client 

  

	 	•	 	 Company and Preferred to establish format of all Client reports 

  

	 	•	 	 Company to build databases for Client books and records on Company System 

  

	 	•	 	 Company and Preferred to build general ledger chart of accounts and Company to establish it in Company System 

  

	 	•	 	 Company and Preferred to build and document process to gather information required to perform Administrative Services 

  

	 	•	 	 Company and Preferred to build and document process to record all transactions in Company System 

  

	 	•	 	 Company to record Client’s opening portfolio and general ledger balances as of 1 day before the Commencement Date in Company System

  

	 	•	 	 Company to establish read-only access for Preferred to certain Company System reports 

  

 -30- 

 (FULL DAILY) 
 SCHEDULE II 
 ADMINISTRATIVE SERVICES

 The Company shall, in its capacity as administrator of the Client, perform the following services: 
  

	 	a)	Maintain database of all of Client’s transactions, open positions, portfolio and account/fund information (the “Portfolio Transaction and Position
Maintenance”). The Company will prepare and disseminate upon request to the Client, a summary reflecting all purchases and sales during the preceding month, as well as a summary of all securities held by Client at the end of the relevant
month 

  

	 	b)	Prepare and maintain portfolio valuation reports and records based upon daily activity reflecting cost and market valuations, realized gains and losses, and unrealized
gains and losses on open positions. For purposes of reporting, the Company shall obtain portfolio pricing daily and maintain a historical pricing database. 

  

	 	c)	On a daily basis coordinate the receipt of account statements (cash, securities, futures and other financial instruments) from all custodians (such as brokers, banks,
other clearing firms /organizations) and administrators, and reconcile portfolio positions and cash balances in all such accounts. The Company shall research discrepancies, notify the Client of the discrepancy and assist in the resolution of the
discrepancy. 

  

	 	d)	With respect to Over-the-Counter (“OTC”) Derivatives Services, defined as any trade subject to an ISDA Master Agreement, including all Bank Debt
products, the Company will perform and provide the following: 

  

	 	(i)	ISDA confirmation processing (incl. T+1 verbal confirming). The Company will verbally confirm trades on a T+1 basis, plus track all of the outstanding OTC documentation
and verify all economic terms of the transaction. Confirmations will be passed to the Client for final review and signature for execution of document. The Company will store executed document. 

  

	 	(ii)	Counterparty position reconciliations, providing lead role of break resolution. 

  

	 	(iii)	The Company will reconcile all open positions with trading counterparties and escalate any differences to the Client. The Company will assume leading role of break
resolution with assistance where required by the Client. 

  

	 	(iv)	Settlements, confirming all OTC trade settlements with counterparties. 

  

	 	(v)	The Company will confirm all settlements for open OTC positions against counterparties, agree amounts to be paid or received. The Company will assume leading role of
break resolution with assistance where required by the Client. 

  

 -31- 

	 	(vi)	Collateral management, recording margin movements and reconciling cash balances, verifying interest to be paid/received at month-end. 

  

	 	(vii)	The Company will track daily the movement of collateral as instructed by the Client and reconcile all balances at month-end with each counterparty and agree interest to
be paid or received on a month-end basis 

  

	 	(viii)	Valuation pricing support and verification. The Company is not acting as the valuation agent, but will perform reconciliations between the provided third party
valuations and obtained counterparty valuations and provide pricing support where applicable. Where a difference occurs in valuation, the Company will investigate if the pricing difference falls outside of agreed basis point tolerance.

  

	 	e)	Prepare and provide to the Client a daily estimate of the profit or losses for each trading portfolio for the current trading day priced in accordance with
Client’s valuation policy. 

  

	 	f)	Provide final net asset value calculations for Client supported by a trial balance and cash and position reconciliations. 

  

	 	g)	Prepare monthly financial statements, including: 

  

	 	(i)	Statement of Financial Condition; 

  

	 	(ii)	Statement of Operations; 

  

	 	(iii)	Statement of Changes in Partners’ Capital or Shareholders’ Equity; and 

  

	 	(iv)	Schedule of Investments 

  

	 	h)	The Company shall provide Client and accounting professionals the following reports which shall be prepared in accordance with the Client’s valuation policy to
support annual financial audits: 

  

	 	(i)	Full trial balance for the year; 

  

	 	(ii)	Statement of realized / unrealized gain/loss for the year; 

  

	 	(iii)	Investor level book allocations; and 

  

	 	(iv)	Expense accruals and payments. 

  

 -32- 

 Should the Company’s support for the annual financial audit exceed 50 hours, the
Company shall have the right to bill for those hours exceeding the initial 50 hours of audit support work. The Company shall notify the client prior to billing that the client’s audit support work has exceeded 50 hours. 
  

 -33- 

 SCHEDULE III 
 ADDITIONAL SERVICES 
 The Company shall, in its capacity as
administrator of the Client, perform the following additional services: 
  

			
	 ̈	  	 Income tax Support ($XX,XXX per US Limited Partnership per annum)
  
 •     Determine
Schedule M-1 timing adjustments as required for US income tax reporting.
  
 •     Prepare tax basis income and capital allocation reports by investor.

		
	 ̈	  	Preparation of year-end financial statements with full disclosures in compliance with Generally Accepted Accounting Principles ($X,XXX per legal entity per annum)
		
	 ̈	  	Perform processing parallel with the Client or another administrator engaged by the Client ($X,XXX per traditional master feeder fund structure or stand-alone legal entity per
month)
		
	 ̈	  	Account for the Client’s investor side pocket agreements within the process of completing investor allocations ($X,XXX per side pocket agreement)
		
	 ̈	  	Prepare and distribute all confirmations with respect to the Client’s audits ($X,XXX per traditional master feeder fund structure or stand-alone legal entity per
annum)
		
	 ̈	  	Manually distribute monthly hard-copies of investor statements (X,XXX per traditional master feeder fund structure or stand-alone legal entity per month)
		
	 ̈	  	Manually distribute audited financial statements, investor statements and U.S. tax schedules K-1 to the Client’s investors ($X,XXX per traditional master feeder fund structure
or stand-alone legal entity per annum)
		
	  ̈
	  	Facilitate wire transfers with respect to capital activities and serve as authorized signatory on designated accounts ($X,XXX per traditional master feeder fund structure of
stand-alone entity per annum)
		
	  ̈
	  	Monitor the aggregate percentage of interests in Client designated by the Client in writing to the Company to be held by employee plans or by entities (such as a fund-of-funds)
whose assets constitute “plan assets” of any employee plan under the U.S. Department of Labor’s “plan asset” regulations at 29 C.F.R. 2510.3-101, and notify the Client prior to accepting any subscription or paying any
redemption request if such action would cause that percentage to equal or exceed 25%.

  

 -34- 

			
	 ̈	  	Compliance services through Company’s affiliate, Spectrum Global Solutions, LLC

  

 -35-

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