Document:

Administrative Services Agreement dated November 3, 2004

 ADMINISTRATIVE SERVICES AGREEMENT 
 THIS AGREEMENT dated as of November 3, 2004 by and between WMT Campbell Pool L.L.C. (the “Company”) and Preferred Investment
Solutions Corp. (“Preferred”). 
 WHEREAS, the Company has been formed in order to permit certain “commodity
pools” to consolidate their trading pursuant to the Financial, Metal & Energy Large Portfolio of Campbell & Company, Inc. (“Campbell”) by investing as Members in the Company, which will open a single WMT Campbell
Pool L.L.C. Account which will trade pursuant to the Financial, Metal & Energy Large Portfolio, rather than each Member maintaining individual trading accounts with Campbell in each such Member’s name; and 
 WHEREAS, the Company and Preferred desire to set forth and memorialize their agreement with respect to the administrative services to be provided
by Preferred to the Company and the consideration to be paid to Preferred by the Company therefor. 
 NOW, THEREFORE, the parties
hereto agree as follows: 
 1. Administrative Services; Delegation, Limitation of Liability. Preferred agrees to provide to the Company
the administrative services set forth on Exhibit A hereto. Preferred may delegate its duties hereunder to its affiliates or to third-party service providers (each an “Additional Service Provider”). Preferred shall incur no liability with
respect to administrative services provided to the Company by any Additional Service Provider, provided Preferred has exercised reasonable care in selecting such Additional Service Provider. 
 2. Fee. In consideration of the administrative services to be provided hereunder by Preferred to the Company, the Company shall pay to Preferred,
in arrears, as of the end of each month, an administrative services fee in an amount to be agreed from time to time between the Company and Preferred to be equal to the aggregate amount of any and all out-of-pocket costs incurred by Preferred in
connection with the performance of its obligations hereunder and the costs to Preferred associated with making its personnel available from time to time to perform such services, including salary and other overhead costs and expenses. 
 3. Limitation of Authority. This Agreement shall in no respect extend Preferred’s authority to act on behalf of or manage the Company beyond
the authority to do so granted to Preferred in the Organization Agreement of the Company dated as of November 3, 2004. 
 4. Possible
Role as “Commodity Pool Operator”. If required by the Commodity Futures Trading Commission, Preferred shall identify itself as and assume the role of “commodity pool operator” of the Company and shall assume full
responsibility for all reporting and record-keeping compliance with respect thereto. 
 5. Liability of Covered Persons. Preferred and
its affiliates and any officer, director, employee or agent of any of them (collectively, the “Covered Persons”) shall have no liability to the Company for any loss suffered by the Company which arises out of any action or inaction of such
Covered Person in connection with the performance by Preferred of its 

 
obligations and duties under this agreement undertaken in good faith in the reasonable belief that such course of conduct was in the best interests of the
Company and such course of conduct did not constitute negligence or misconduct of such Covered Person. 
 6. Indemnification.

 (a) Each Covered Person shall be indemnified by the Company against any losses, judgments, liabilities, expenses and amounts paid in
settlement of any claims sustained by it in connection with such Covered Person’s services to the Company hereunder, provided that (i) such Covered Person was acting in good faith in the reasonable belief that such course of conduct was in
the best interests of the Company and such liability or loss was not the result of negligence, misconduct or a breach of this Agreement on the part of such Covered Person and (ii) any such indemnification will only be recoverable from the
assets of the Company. 
 (b) Expenses incurred in defending a threatened or pending civil, administrative or criminal action, suit or
proceeding against any Covered Person shall be paid by the Company in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance of duties or services by such Covered Person hereunder;
(ii) the legal action is initiated by a third party who is not a member of the Company or the legal action is initiated by the Company and a court of competent jurisdiction specifically approves such advance; and (iii) such Covered Person
undertakes to repay the advanced funds with interest to the Company in cases in which it is determined not to be entitled to indemnification under this Section 6. 
 7. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LOCAL, INTERNAL LAWS OF THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT CAUSES OF ACTION FOR VIOLATION OF THE FEDERAL OR
STATE SECURITIES LAWS SHALL NOT BE GOVERNED BY THIS SECTION 5. IN PARTICULAR, THIS AGREEMENT IS INTENDED TO COMPLY WITH THE REQUIREMENTS OF THE DELAWARE LIMITED LIABILITY COMPANY ACT, 6 DEL. C. §18-101 ET SEQ. (THE “ACT”) AND THE
CERTIFICATE OF FORMATION. IN THE EVENT OF A DIRECT CONFLICT BETWEEN THE PROVISIONS OF THIS AGREEMENT AND THE MANDATORY PROVISIONS OF THE ACT OR ANY PROVISION OF THE CERTIFICATE OF FORMATION, THE ACT AND THE CERTIFICATE OF FORMATION, IN THAT ORDER OF
PRIORITY, WILL CONTROL 
  

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 IN WITNESS WHEREOF, the undersigned have hereto duly set forth their hand. 
  

					
	PREFERRED INVESTMENT SOLUTIONS CORP.
			
		 	By:	 	 /s/ Esther E. Goodman

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

  
  

			
	 WMT CAMPBELL POOL L.L.C.
 BY ITS
VOTING MEMBERS:
  
 WORLD MONITOR TRUST II SERIES F
 WORLD MONITOR TRUST SERIES A

		
	By:	 	 Preferred Investment Solutions Corp.,
 as sole
Managing Owner of each of them

  

					
		 	By:	 	 /s/ Esther E. Goodman

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

  

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 EXHIBIT A 
 ADMINISTRATIVE SERVICES TO BE PROVIDED BY PREFERRED 
  

	•	 	 Tax and financial accounting services. 

  

	•	 	 Such other administrative services as the Company may from time to time request.Amendment No. 1 to Organization Agreement dated August 25, 2006

 AMENDMENT NO. 1 
 TO 
 OPERATING AGREEMENT 
 OF 
 WMT CAMPBELL POOL L.L.C. 
 AMENDMENT NO. 1 (this “Amendment”) dated as of August 25, 2006 by and WORLD MONITOR TRUST SERIES A (“Series
A”), WORLD MONITOR TRUST II SERIES F (“Series F”) and WORLD MONITOR TRUST II SERIES D (“Series D”) to the Organization Agreement of WMT Campbell Pool L.L.C. dated as of November 3,
2004 (the “Agreement”). 
 WHEREAS, Series A and Series F are the sole members of WMT Campbell Pool L.L.C.
(the “Company”), which was formed as a means of consolidating the commodity interest trading of Series A and Series F; and 
 WHEREAS, Series A desires to redeem in full its Voting Membership Interest in the Company and withdraw as a Voting Member of the Company; and 
 WHEREAS, Series D is no longer engaged in the distribution of its units of beneficial interest (or equivalent common equity securities); and 
 WHEREAS, Series D will be managed pursuant to the Campbell Financial, Metal & Energy Large Portfolio; and 
 WHEREAS, Series D desires to acquire a Voting Membership Interest in the Company and become a Voting Member of the Company; and 
 WHEREAS, Preferred Investment Solutions Corp. (“Preferred”), a “commodity pool operator” registered with the
Commodity Futures Trading Commission is the sole managing owner of each of Series A, Series F and Series D and pursuant to Section 18-407 of the Delaware Limited Liability Company Act, 6 Del. C. §18-101 et seq. (the
“Act”), Preferred has been delegated administrative authority over the operations of the Company; and 
 WHEREAS, World Monitor Trust (“WMT”) is designated as the Tax Matters Member of the Company and, because of the withdrawal of Series A from the Company, desires to withdraw as the Tax Matters Member of the Company;
and 
 WHEREAS, World Monitor Trust II (“WMT-II”) desires to assume the role as Tax Matters Member of the Company.

 NOW, THEREFORE, in consideration of the premises and of the mutual promises and agreements made herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that the Agreement shall be amended as follows. 
  

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 1. Effective close of business on August 25, 2006, Series A shall redeem in full its Voting
Membership Interest in the Company and shall withdraw as a Voting Member of the Company. 
 2. Effective close of business on August 25,
2006, Series D shall acquire a Voting Membership Interest in the Company and shall become a Voting Member of the Company. 
 3. Effective
close of business on August 25, 2006 (a) WMT withdraws as the Tax Matters Member of the Company and (b) WMT-II is designated the Tax Matters Member of the Company. 
 4. All other provisions of the Agreement shall remain in full force and effect. 
 5. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LOCAL, INTERNAL LAWS OF THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT CAUSES
OF ACTION FOR VIOLATION OF THE FEDERAL OR STATE SECURITIES LAWS SHALL NOT BE GOVERNED BY THIS SECTION. IN PARTICULAR, THIS AMENDMENT IS INTENDED TO COMPLY WITH THE REQUIREMENTS OF THE ACT AND THE CERTIFICATE OF FORMATION OF THE COMPANY. IN THE EVENT
OF A DIRECT CONFLICT BETWEEN THE PROVISIONS OF THIS AMENDMENT AND THE MANDATORY PROVISIONS OF THE ACT OR ANY PROVISION OF THE CERTIFICATE OF FORMATION, THE ACT AND THE CERTIFICATE OF FORMATION, IN THAT ORDER OF PRIORITY, WILL CONTROL. 
 6. This Amendment may be executed in several counterparts, each of which will be deemed an original but all of which will constitute one and the same.

 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the year and date first
above written, to be effective on the date first above written. 
  

					
	WORLD MONITOR TRUST SERIES A
		
	By:	 	 Preferred Investment Solutions Corp.,
 its
Managing Owner

			
		 	By:	 	 /s/ Esther E. Goodman

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

	
	WORLD MONITOR TRUST II SERIES F
		
	By:	 	 Preferred Investment Solutions Corp.,
 its
Managing Owner

			
		 	By:	 	 /s/ Esther E. Goodman

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

	
	WORLD MONITOR TRUST II SERIES D
		
	By:	 	Preferred Investment Solutions Corp., its Managing Owner
			
		 	By:	 	 /s/ Esther E. Goodman

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

  

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