Document:

efc9-1037_ex41.htm

    Exhibit
4.1

     

    MAN-AHL
DIVERSIFIED I L.P.

     

    SIXTH
AMENDED LIMITED PARTNERSHIP AGREEMENT

     

    

    DATED AS
OF OCTOBER 1, 2009

    

    

    

    

     

    

    

    THE
SECURITIES REPRESENTED BY AND ISSUED PURSUANT TO THIS LIMITED PARTNERSHIP
AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED
WITHOUT REGISTRATION UNDER SUCH LAWS OR THE AVAILABILITY OF AN EXEMPTION FROM
REGISTRATION UNDER SUCH LAWS.

     

    
      
        
        

      

      
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    Table of
Contents

     

    
      	
              ARTICLE
      I ORGANIZATION

            	
              4

            
	
              ARTICLE
      II GENERAL PARTNER

            	
              6

            
	
              ARTICLE
      III LIMITS OF LIABILITY OF GENERAL PARTNER

            	
              8

            
	
              ARTICLE
      IV LIMITED PARTNERS

            	
              8

            
	
              ARTICLE
      V ACCOUNTING

            	
              9

            
	
              ARTICLE
      VI PROFIT AND LOSS

            	
              10

            
	
              ARTICLE
      VII DISTRIBUTIONS OF PARTNERSHIP INCOME; REDEMPTIONS; WITHDRAWALS BY
      PARTNERS

            	
              12

            
	
              ARTICLE
      VIII INDEMNIFICATION

            	
              13

            
	
              ARTICLE
      IX TERMINATION

            	
              14

            
	
              ARTICLE
      X MISCELLANEOUS

            	
              15

            

    

     

     

    
      
        
        

      

      
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    MAN-AHL
DIVERSIFIED I L.P.

     

    

    SIXTH
AMENDED LIMITED PARTNERSHIP AGREEMENT

     

    

    THIS
SIXTH AMENDED LIMITED PARTNERSHIP AGREEMENT (the ‘Agreement’), is made and
entered into effective as of the 1st day
of October, 2009.  Each party who executes this Agreement as a general
partner is hereinafter referred to as a ‘General Partner,’ including Man
Investments (USA) Corp., a Delaware corporation and the general partner of the
Partnership (the ‘General Partner’); and all other parties which hereafter
execute this Agreement whether in counterpart, pursuant to power of attorney or
otherwise, or which otherwise agree to be bound hereto by separate instrument,
as limited partners are hereinafter referred to as ‘Limited Partners.’ The
General Partner and the Limited Partners are hereinafter sometimes collectively
referred to as ‘Partners.’

     

    ARTICLE
I 

    

    ORGANIZATION

    

    
      	
            	
              Section
      1.1  

            	
              Continuation and
      Name.  The parties hereto do hereby continue a limited
      partnership under the name Man-AHL Diversified I L.P. (the ‘Partnership’),
      under the provisions of the Delaware Revised Uniform Limited Partnership
      Act, as amended (the ‘Partnership
Act’).

            

    

    

    
      	
            	
              Section
      1.2  

            	
              Purpose.  The
      Partnership’s business and purpose is to seek capital appreciation through
      trading, directly and indirectly, in commodities, futures contracts,
      forward contracts, security futures contracts, swap transactions, options
      on the foregoing, other derivative instruments and hybrid instruments, and
      other instruments and investments, in each case of every kind and
      character, traded on United States and non-United States exchanges and
      markets (including the over-the-counter markets), and securities
      including, but not limited to, equity securities, limited partnership
      interests, general partnership interests, membership interests,
      fixed-income securities, notes, debentures, convertible securities,
      depositary receipts, options (including without limitation, listed and
      over-the-counter options and the writing of options, whether or not
      covered), rights, warrants, mutual fund shares and other securities
      (sometime collectively referred to as ‘securities’); to engage in such
      other futures and securities related activities or transactions as
      determined in good faith by the General Partner from time to time; to lend
      or borrow funds and securities (in each case, on a secured or unsecured
      basis and in such amounts and on such terms as determined in good faith by
      the General Partner from time to time); to establish subsidiaries and to
      invest in other investment vehicles, including investment vehicles
      affiliated with the General Partner, in each case as the General Partner
      may determine in its sole discretion; to open and close accounts with
      banks, brokers and dealers, including futures commission merchants,
      introducing brokers, floor brokers and executing brokers; and to conduct
      such other activities and retain such agents, independent contractors,
      attorneys, accountants and commodity trading advisors as determined by the
      General Partner to be necessary, in the best interests of the Partnership,
      advisable, desirable or incidental to carrying out the purposes of the
      Partnership. Without limitation of the foregoing, the General Partner
      initially has appointed Man-AHL (USA) Limited (the ‘Trading Advisor’) as
      the trading advisor to the
Partnership.

            

    

    

    
      	
            	
              Section
      1.3  

            	
              Term.  The
      Partnership came into existence on September 29, 1997, the date that the
      certificate of limited partnership of the Partnership (the ‘Certificate of
      Limited Partnership’) was filed as provided under the Partnership Act, and
      shall terminate on December 31, 2037, unless earlier terminated as
      hereinafter provided or by operation of
law.

            

    

    

    
      	
            	
              Section
      1.4  

            	
              Principal
      Office.  The principal place of business of the
      Partnership is located at 123 N. Wacker Drive, 28th
      Floor, Chicago, Illinois 60606, or at such other location as may from time
      to time be determined by the General
Partner.

            

    

    

    
      	
            	
              Section
      1.5  

            	
              Partnership Administrative
      Powers.  The General Partner is hereby authorized to
      admit additional limited partners and general partners to the Partnership,
      to file, prosecute, defend, settle or compromise any and all actions at
      law or suits in equity for or on behalf of the Partnership with respect to
      any claim, demand or liability asserted or threatened by or against the
      Partnership, and to execute, acknowledge, deliver, file and record on
      behalf of the Partnership in the appropriate public offices: (a) all
      statements, certificates and other instruments (including, without
      limitation, all counterparts of this Agreement, all amendments hereto, the
      Certificate of Limited Partnership and all amendments thereto) which the
      General Partner deems appropriate to qualify or continue the Partnership
      as a limited partnership in the jurisdictions in which the Partnership may
      conduct business or which

            

    

     

    
      
        
        

      

      
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    may be
required to be filed by the Partnership under the laws of any jurisdiction; (b)
all instruments which the General Partner deems appropriate to reflect a change
in or modification or amendment of the Partnership or this Agreement adopted or
effected in accordance with the terms of this Agreement; (c) all conveyances and
other instruments which the General Partner deems appropriate to reflect the
dissolution and termination of the Partnership; (d) certificates of assumed
name; and (e) any trading advisor, brokerage, administrative, selling, cash
management, custodial, advisory, subscription and other agreements which the
General Partner deems necessary or desirable in connection with the
Partnership’s business. Each Limited Partner hereby agrees to be bound by any
representation made by the General Partner and by any successor thereto acting
in good faith, and each Limited Partner hereby waives any and all defenses which
may be available to contest, negate or disaffirm the action of the General
Partner and any successor thereto taken in good faith.

     

    
      	
            	
              Section
      1.6  

            	
              Units.  As
      used in this Agreement, the term ‘Unit’ is defined as an interest in the
      Partnership acquired upon the making of a capital contribution by the
      General Partner or a Limited Partner. The General Partner’s capital
      contribution shall be represented by Units of General Partnership
      Interest, and a Limited Partner’s capital contributions shall be
      represented by Limited Partnership Units. The purchase price of each
      Limited Partnership Unit shall be the then prevailing Net Asset Value per
      Limited Partnership Unit (exclusive of upfront selling commissions, if
      any). When used in this Agreement without qualification, the term ‘Unit’
      shall include both Limited Partnership Units and General Partnership
      Units, pari passu. The Units may, but need not, be evidenced by
      certificates.

            

    

    

    
      	
            	
              Section
      1.7  

            	
              Offerings of Limited
      Partnership Units.  The General Partner shall have the
      authority to cause the Partnership from time to time, at the expense of
      the Partnership or otherwise, to offer Limited Partnership Units,
      including in separate series and classes, for sale by means of public or
      private offerings on a continuous basis or otherwise and, in connection
      therewith, to cause the Partnership to prepare and file such registration
      statements, disclosure documents, amendments, selling agreements and other
      documents and agreements as the General Partner shall deem advisable to
      offer and qualify the Limited Partnership Units for sale under the
      securities, commodities or other applicable laws of the United States and
      such states of the United States and such non-U.S. countries and
      jurisdictions as the General Partner shall deem appropriate. The General
      Partner, its affiliates or third parties may advance funds or incur
      expenses in connection with any such offering of Limited Partnership Units
      for which it, its affiliates and such other persons shall be reimbursed by
      the Partnership, subject to any restrictions to which they may agree or
      which may be imposed by any applicable law or administrative regulation.
      In connection with any offering of Limited Partnership Units, the General
      Partner shall have the unilateral right and the authority, exercisable in
      its sole discretion upon written notice to the Limited Partners, to amend
      the provisions of this Agreement in order to amend, modify, liberalize or
      restrict the terms and conditions upon which existing or additional
      Limited Partners may make additional capital contributions to the
      Partnership or may be admitted to the Partnership and the terms and
      conditions upon which Limited Partners may redeem Limited Partnership
      Units.

            

    

    

    
      	
            	
              Section
      1.8  

            	
              Net
      Asset Value.

            

    

    

    (a) The ‘Net
Asset Value’ of the Partnership shall mean the total assets of the Partnership
including all cash, cash equivalents and other securities (each valued at fair
market value), less the total liabilities of the Partnership, determined in
accordance with U.S. generally accepted accounting principles, consistently
applied under the accrual method of accounting. Unless generally accepted
accounting principles require otherwise: (i) Net Asset Value shall include any
unrealized profit or loss on open futures and securities positions; (ii) all
open futures and securities positions and options thereon shall be calculated at
their then-market value which means, with respect to open futures positions, the
settlement price as determined by the exchange on which the transaction is
effected or the most recent appropriate quotation as supplied by the Broker (as
hereinafter defined) through which the transaction is effected, except that any
United States treasury Bills (not futures contracts therefor) shall be carried
at cost plus accrued interest, and means with respect to option contracts the
liquidation value thereof. If there are no trades on the date of the calculation
due to the operation of the daily price fluctuation limits or due to a closing
of the exchange on which the transaction is executed, the contract will be
valued at fair market value as determined by the General Partner; (iii) in the
case of forward contracts and options thereon traded on the interbank market,
forward contracts shall be valued at their settlement price, which shall mean
the ‘bid’ price in the case of a long position and the ‘asked’ price in the case
of a short position at the close of business on the day on which the Net Asset
Value is determined as quoted by the Brokers through which such contracts were
acquired, or, otherwise, at fair value on the basis of prices provided by an
independent price reporting service, and option contracts shall be valued at
their liquidation value; (iv) swap agreements shall be valued at fair market
value as determined by the swap dealer counterparty; (v) any investment in
another investment fund or vehicle shall be valued as reported by such
investment fund or vehicle; (vi) all other investments, assets and liabilities
and those investments, assets and liabilities the fair market value of which the
General Partner determines can not be accurately determined pursuant to any
other provisions of this Section 1.8, shall be assigned such fair value as the
General Partner may determine in its sole discretion; (vii) brokerage
commissions shall be charged on a “half-turn” basis (that is, in part upon
opening a position and in part upon closing the position). Management fees,
incentive fees, profit allocations, other fees and expenses shall be accrued at
least monthly; (viii) the amount of any distribution made shall be a liability
of the Partnership from the day when the distribution is declared until

     

    
      
        
        

      

      
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    paid;
(ix) interest income shall be accrued at least monthly; and (x) any value
otherwise than in U.S. dollars shall be converted into U.S. dollars at a
prevailing rate (whether official or otherwise) which the General Partner shall
in good faith deem appropriate having regard to any premium or discount which it
considers may be relevant and to costs of exchange.

    

    (b) The Net
Asset Value per Limited Partnership Unit shall be equal to the Net Asset Value
of the Partnership attributable to Limited Partnership Units divided by the
number of Limited Partnership Units outstanding.

    

    ARTICLE
II 

    

    GENERAL
PARTNER

    

    
      	
            	
              Section
      2.1  

            	
              Management.

            

    

    

    (a) Subject
to the limitations of this Agreement, the General Partner shall have full,
exclusive and complete control of the management, operations and policies of the
Partnership and the Partnership’s affairs for the purposes herein stated, and
shall make all decisions affecting Partnership affairs including, without
limitation, the power to enter into contracts with third parties, including
‘affiliates’ (as defined in subsection 8.1(c), below) of the General Partner for
trading advisory, brokerage, cash management, custodial, banking, accounting,
legal, administrative, clearing and consulting services. Subject to the General
Partner’s fiduciary obligations, such services also may be performed by the
General Partner or its affiliates at rates which may exceed the lowest rates
that might otherwise be available to the Partnership. The General Partner may
take such other actions as it deems in the best interests of the Partnership or
necessary or desirable to manage or promote the business of the Partnership,
including, but not limited to, the following: (i) to purchase, repurchase, hold,
sell (including short selling), loan, possess, transfer, mortgage, borrow,
pledge, repledge, acquire, dispose of, and exercise all rights, powers,
privileges and other incidents of ownership or possession with respect to,
futures and securities; (ii) to enter into swap agreements on behalf of the
Partnership; (iii) to borrow money on a secured or unsecured basis from banks,
brokers, financial institutions and other persons and to loan cash, securities
and other property on a secured or unsecured basis; (iv) to conduct margin
accounts with brokers; (v) to open, maintain and close bank, brokerage and
custodial accounts; (vi) to sign checks; (vii) to pay or authorize the payment
of distributions to the Partners and of the liabilities of the Partnership
(including tax liabilities and withholdings); (viii) to apply for, maintain and
renew such registrations (governmental or otherwise) as the General Partner may
deem necessary or advisable in connection with the conduct of the Partnership’s
business including, without limitation, registrations under the Securities
Exchange Act of 1934, as amended (‘1934 Act’); (ix) generally, to act for the
Partnership in all matters incidental to the foregoing, including the
preparation and filing of all Partnership tax returns and the making of such tax
elections and determinations as appear to it appropriate; and (x) to select from
time to time one or more partnerships, limited liabilities companies or other
trading vehicles for the investment of the Partnership’s assets, to cause the
Partnership from time to time to become a partner in such partnerships, a member
in such limited liability companies or otherwise acquire an interest in such
other trading vehicles, and to purchase interests in such partnerships, limited
liability companies or other trading vehicles, including partnerships, limited
liability companies and other trading vehicles affiliated with the General
Partner, as the General Partner may deem necessary or advisable from time to
time, and to establish or invest from time to time in such affiliates for the
conduct of the business of the Partnership as the General Partner may deem
necessary or advisable from time to time. The General Partner shall be the ‘tax
matters partner’ of the Partnership as defined in Section 6231 of the U.S.
Internal Revenue Code of 1986, as amended (the ‘Code’). All Partners hereby
consent to such designation and agree to take any further action as may be
required by regulation or otherwise to effectuate such designation. The General
Partner, in its sole discretion, may cause the Partnership to make, refrain from
making and, once having made, revoke the election referred to in Section 754 of
the Code or any other election affecting the computation of partnership income
required to be made by the Partnership pursuant to Section 703(b) of the Code,
and any similar or different elections provided by U.S. federal, state or local
law or any similar provision enacted in lieu thereof.

    

    (b) To the
full extent permitted under the Partnership Act, the General Partner shall have
full power to delegate to agents and contracting parties any or all of its
management duties, rights and responsibilities with respect to the Partnership
under the terms of this Agreement on such terms and conditions as the General
Partner may determine in its sole discretion.

    

    
      	
            	
              Section
      2.2  

            	
              Other
      Business.

            

    

    

    (a) Nothing
contained in this Agreement shall be deemed to preclude the General Partner, its
principals, officers, directors, managers, members, shareholders and employees
or their respective affiliates, from directly or indirectly purchasing, selling
or holding futures and securities, whether as principal, agent, broker or
dealer, or engaging in any other futures or securities activities or
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    enterprise
or for its own account, regardless of whether the Partnership also has purchased
or sold such futures or securities or has engaged in similar transactions in
futures or securities. The Limited Partners shall not have the right, by reason
of their status as such, to participate in any manner in any profits or income
earned or derived by or accruing to the General Partner, its principals,
officers, directors, managers, members, shareholders and employees or their
respective affiliates, from any transaction effected by any such person or from
the conduct of any business other than that of the Partnership.

    

    (b) The
activities and services of the General Partner under this Agreement are not
exclusive, and nothing contained in this Agreement shall be deemed or construed
to preclude the General Partner or any of its principals, employees or
affiliates from engaging in any other business activities or in any way limit or
circumscribe their respective abilities to engage in such other business
activities, except as provided by the Partnership Act.

    

    
      	
            	
              Section
      2.3  

            	
              Sharing in Profits and
      Losses. The General Partner shall share in all Partnership income,
      gains, losses, deductions and credits to the extent of its
      Units.

            

    

    

    
      	
            	
              Section
      2.4  

            	
              General Partner’s Capital
      Contributions.  Unless the General Partner is otherwise
      notified by counsel to the Partnership, the General Partner shall make and
      maintain a capital contribution to the Partnership in an aggregate amount
      equal to the lesser of (a) 1.01% of the aggregate net capital
      contributions made to the Partnership by all Partners from time to time
      (including the General Partner’s capital contributions) or (b) $500,000.
      The General Partner may not make any transfer or withdrawal of its
      contribution to the Partnership or receive any distribution of any portion
      of its Units while it is a general partner which would reduce its Book
      Capital Account to less than its required interest. The General Partner
      may contribute any greater amount to the Partnership. The General Partner
      may redeem, or receive a distribution on, any Units which represent
      capital in excess of its required interest without notice to the Limited
      Partners.

            

    

    

    
      	
            	
              Section
      2.5  

            	
              No Personal Liability for
      Return of Capital.  The General Partner shall not be
      personally liable for the return or repayment of all or any portion of the
      capital contributions or profits of any Partner (or assignee), it being
      expressly agreed that any such return or repayment of capital or profits
      made pursuant to this Agreement shall be made solely from the assets of
      the Partnership (which shall not include any right of contribution from
      the General Partner).

            

    

    

    
      	
            	
              Section
      2.6  

            	
              Fees
      and Expenses.

            

    

    

    (a) Except as
otherwise expressly agreed by the General Partner and subject to the provisions
of Section 1.6 and Section 1.7 of this Agreement, the Partnership shall be
responsible for all costs, liabilities and expenses incurred in connection with
the operation of its business, including, without limitation, expenses related
to general communication costs, security systems, recordkeeping, equipment and
research, management fees, incentive fees, cash management fees, brokerage
commissions, dealer spreads and related transaction fees and expenses,
continuing offering fees and expenses, computer time-sharing costs, the costs of
dedicated communication facilities, legal, accounting and auditing fees, tax
audit costs, tax filing preparation costs, taxes and assessments, costs related
to the preparation, reproduction and mailing of reports to Limited Partners,
expenses associated with compliance with applicable laws and regulations,
custodial fees and insurance costs. The Partnership also will be obligated to
pay all its extraordinary expenses, if any. To the extent that the Partnership
establishes or invests in an investment vehicle to implement the Trading
Advisor’s trading strategies, the Partnership also shall be obligated to pay its
pro-rata share of such investment vehicle’s organizational, operating and other
expenses.

    

    (b) Upon the
close of business on the last business day of every calendar month, the Trading
Advisor shall be paid a monthly management fee, payable in arrears, in an amount
equal to 1/6th of 1% of the Net Asset Value of the Partnership whether or not
the Partnership is profitable (approximately 2% annually). The General Partner
shall be paid a monthly administrative fee in an amount equal to 1/12th of 1% of
the month-end Net Asset Value of the Partnership whether or not the Partnership
is profitable (approximately 1% annually). For purposes of calculating the
management fee and the administrative fee, Net Asset Value of the Partnership is
determined before reduction for the management fee, administrative fee or
incentive fee accrued or paid as of such calendar month-end and before giving
effect to any subscriptions, distributions or redemptions accrued or paid as of
such calendar month-end. In the event that a Limited Partner redeems some or all
of its Units or the Partnership is dissolved or terminated as of any date other
than the last business day of a calendar month, the management fee and the
administrative fee shall be pro-rated based on the ratio that the number of days
in the calendar month through the date of such event bears to the total number
of days in the calendar month.

    

    (c) (i) Upon
the close of business on the last business day of every calendar month, the
Partnership shall pay the Trading Advisor an incentive fee equal to 20% of the
Net New Appreciation (as that term is defined in subsection 2.6(c)(ii), below),
if any, achieved by the Partnership as of the end of such calendar month. The
Trading Advisor shall be entitled to retain all incentive fees previously paid
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    incurred.
However, no subsequent incentive fees shall be paid to the Trading Advisor until
the Trading Advisor has again achieved Net New Appreciation for the
Partnership.

    

    (ii) Net
New Appreciation achieved during a calendar month shall mean the excess, if any,
of (A) the Net Asset Value of the Partnership as of the end of the calendar
month (without reduction for any incentive fees accrued or paid to the Trading
Advisor for the calendar month or for any redemptions or distributions effected
during or as of the end of such calendar month and without increase for any
additional capital contributions effected during or as of the end of such
calendar month) over (B) the Net Asset Value of the Partnership as of the end of
the most recent prior calendar month for which an incentive fee was accrued or
paid with clause (B) reduced by the amount of the incentive fees accrued or paid
for such prior calendar month and also reduced by any redemptions or
distributions, and increased by any contributions, effected as of or subsequent
to the end of such prior calendar month through the first day of the calendar
month referred to in clause (A), above. For purposes of calculating the first
incentive fee payable to the Trading Advisor, clause (B) means the initial Net
Asset Value of the Partnership on the day the Partnership commences trading
activities. For purposes of calculating Net New Appreciation, taxes and
extraordinary expenses shall be excluded.

    

    (iii) In
the event that a Limited Partner redeems some or all of its Units as of any date
other than the end of a calendar month, such Limited Partner shall pay an
incentive fee, if earned, to the Trading Advisor, on the amount of the
redemption as though the date of such redemption were the end of the then
current calendar month even though the Trading Advisor may not be entitled to an
incentive fee had the Units been held through the end of the calendar month on
account of losses incurred subsequent to the redemption. If for any reason the
Partnership is dissolved as of a date other than the last day of a calendar
month, the incentive fee shall be calculated and paid to the Trading Advisor as
if such date were the last day of the then current calendar month.

    

    
      	
            	
              Section
      2.7  

            	
              Appointment of
      Brokers.  Subject to applicable law, the General Partner
      may designate from time to time one or more banks, brokers, dealers,
      clearing associations, depositories, futures commission merchants,
      introducing brokers, executing brokers, floor brokers, swap dealers or
      other financial institutions or persons (each a ‘Broker’ and collectively
      the ‘Brokers’), including Brokers affiliated with the General Partner, to
      execute transactions with or on behalf of the Partnership and to perform
      such other services for the Partnership as such Broker and the General
      Partner may agree upon from time to
time.

            

    

    

    
      	
            	
              Section
      2.8  

            	
              Withdrawal.  Except
      as provided in Section 7.2, below, the General Partner may not withdraw
      from the Partnership except upon 30 days’ prior written notice to the
      Limited Partners.

            

    

    

    ARTICLE
III 

    

    LIMITS
OF LIABILITY OF GENERAL PARTNER

    

    
      	
            	
              Section
      3.1  

            	
              Limits of
      Liability.  Neither the General Partner nor the Trading
      Advisor shall be liable to the Partnership or to any of its Partners or
      their successors or assigns for any act or failure to act taken or omitted
      by it in good faith and in a manner reasonably believed to be in or not
      opposed to the best interests of the Partnership if such act or failure to
      act did not constitute negligence, willful misconduct or a breach of
      fiduciary obligations. Nothing herein shall in any way constitute a waiver
      or limitation of any rights which the Partnership or its Partners may have
      under U.S. Federal or state securities laws or other applicable
      law.

            

    

    

    ARTICLE
IV 

    

    LIMITED
PARTNERS

    

    
      	
            	
              Section
      4.1  

            	
              Rights and
      Obligations.  The rights and obligations of the Limited
      Partners are governed by the provisions of the Partnership Act and by this
      Agreement. Except as otherwise provided herein, no Limited Partner shall
      be personally liable for any of the debts of the Partnership or any losses
      thereof beyond the amount of its capital contribution and profits
      attributable thereto (if any), whether or not distributed, together with
      interest thereon, except to the extent expressly provided in the
      provisions of the Partnership Act. No Limited Partner shall take part in
      the management of the business of or transact any business for the
      Partnership, and no Limited Partner shall have power to sign for or to
      bind the Partnership. No Limited Partner shall be entitled to the return
      of its contribution except (a) to the extent, if any, that distributions
      made, or deemed to be made, pursuant to this Agreement, may be considered
      as such by law, (b) upon dissolution of the Partnership, or (c) upon
      withdrawal or redemption and then only to the extent provided for in this
      Agreement. No Limited Partner shall have priority over any other Limited
      Partner either as to the return of capital contributions or as to profits,
      losses or distributions.

            

    

    

    
      	
            	
              Section
      4.2  

            	
              Admission of Additional Limited
      Partners.  Subject to the rights reserved to the General
      Partner in Section 1.6 and Section 1.7, above, and compliance with
      applicable laws, the General Partner may, at its option, admit
      

            

    

     

    
      
        
        

      

      
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    additional
Limited Partners to the Partnership and permit additional capital contributions
to be made to the Partnership as of the last business day of any calendar month
or at such other times as the General Partner may determine.

     

    
      	
            	
              Section
      4.3  

            	
              Capital.  Subject
      to the rights reserved to the General Partner in Section 1.6 and Section
      1.7, above, and compliance with applicable laws, each Limited Partner
      shall be required to make a minimum initial capital contribution to the
      Partnership equal to $50,000 (exclusive of upfront selling commissions, if
      any). The General Partner shall have the right to refuse any initial or
      additional capital contribution in whole or in part for any reason and
      may, in its sole discretion, waive or increase the amount of such minimum
      initial capital contribution from time to
time.

            

    

    

    
      	
            	
              Section
      4.4  

            	
              Reinvestment of
      Profits.  The Partners recognize that the profitability
      of the Partnership depends upon long-term, uninterrupted investment of
      capital. It is agreed, therefore, that Partnership profits may be
      automatically reinvested and that distributions of capital and gains, if
      any, to the Partners will be on a limited basis. Nevertheless, the Limited
      Partners contemplate the possibility that one or more of their number may
      elect to realize and withdraw gain, if any, or may desire to withdraw
      capital, prior to the dissolution of the Partnership pursuant to the
      redemption provisions of this
Agreement.

            

    

    

    
      	
            	
              Section
      4.5  

            	
              No Transfer Without
      Notice.  Each Limited Partner expressly agrees that it
      will not assign, transfer or dispose of, by gift or otherwise, any of its
      Units or any part or all of its right, title and interest in the capital
      or profits of the Partnership in violation of any applicable federal or
      state securities laws or without giving written notice to the General
      Partner.  No assignment, transfer or disposition by an assignee
      of Units or of any part of its right, title and interest in the capital or
      profits of the Partnership shall be effective against the Partnership or
      the General Partner until the General Partner receives the written notice
      of the assignment; the General Partner shall not be required to give any
      assignee any rights hereunder prior to receipt of such
      notice.  The General Partner may, in its sole discretion, waive
      any such notice.  No such assignee, except with the consent of
      the General Partner, may become a substituted Limited Partner, nor will
      the estate or any beneficiary of a deceased Limited Partner or assignee
      have any right to redeem Units from the Partnership except by redemption
      as provided herein.  Each Limited Partner agrees that with the
      consent of the General Partner any assignee may become a substituted
      Limited Partner without need of the further act or approval of any Limited
      Partner. If the General Partner withholds consent, an assignee shall not
      become a substituted Limited Partner, and shall not have any of the rights
      of a Limited Partner, except that the assignee shall be entitled to
      receive that share of capital and profits and other economic benefits and
      shall have that right of redemption to which his or her assignor would
      otherwise have been entitled. No assignment, transfer or disposition of
      Units shall be effective against the Partnership or the General Partner
      until the first business day of the calendar month following the month in
      which the General Partner receives notice of such assignment, transfer or
      disposition. The General Partner will send written confirmation to both
      the transferors and transferees of Units that the transfers in question
      have been duly recorded on the Partnership’s books and records. The
      General Partner will not permit the assignment, transfer or disposition of
      Units where, after the assignment, transfer or disposition, either the
      Limited Partner or the assignee would hold less than the minimum number of
      Units equivalent to an initial minimum purchase for the relevant Class of
      Units (as stated in the then-current confidential private offering
      memorandum in respect of the Units), except for assignments, transfers or
      dispositions by gift, inheritance, intrafamily transfers, family
      dissolutions or transfers to affiliates of the Limited
      Partner.

            

    

    

    ARTICLE
V 

    

    ACCOUNTING

    

    
      	
            	
              Section
      5.1  

            	
              Books of Account; Fiscal
      Year.  Proper books of account shall be kept under the
      accrual method of accounting, and there shall be entered therein all
      transactions relating to the Partnership’s business in accordance with
      U.S. generally accepted accounting principles, except as otherwise
      expressly provided in this Agreement. Each Partner shall have access at
      reasonable times and at reasonable intervals to all books, records and
      accounts of the Partnership during normal business hours at the offices of
      the General Partner. The fiscal year of the Partnership shall end on
      December 31 of each year unless otherwise required by Section 706(s) of
      the Code and the Treasury Regulations promulgated
    thereunder.

            

    

    

    
      	
            	
              Section
      5.2  

            	
              Valuation.  Except
      as otherwise expressly provided in this Agreement, in determining the
      accounts of the Partnership for all purposes, the assets and liabilities
      of the Partnership shall be valued at fair market value in accordance with
      U.S. generally accepted accounting principles, consistently applied under
      the accrual method of accounting, and the Partnership may, but shall not
      be required to, set up reserves against doubtful accounts and contingent,
      undetermined and unliquidated
liabilities.

            

    

     

    
      
        
        

      

      
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              Section
      5.3  

            	
              Effect of Accounting
      Determination.  Except with respect to the distributive
      interest of Partners determined in accordance with the provisions of this
      Agreement, the accounts of the Partnership, as ascertained and determined
      at the end of each fiscal year, shall be conclusive upon each Limited
      Partner, unless it shall make objection to the same in writing, delivered
      to the Partnership within 20 days after receipt by the Limited Partner of
      a statement of its account as sent to each Limited Partner at the end of
      each fiscal year. In the absence of such written objection, the accuracy
      of each account shall not thereafter be questioned by any Limited Partner
      or by its legal representatives.

            

    

    

    
      	
            	
              Section
      5.4  

            	
              Annual Reports and Monthly
      Statements.  Each Limited Partner shall be furnished with
      unaudited monthly financial statements which are expected to be delivered
      not later than 30 days following the end of the calendar month, audited
      annual financial statements relating to the operations of the Partnership
      which are expected to be delivered not later than 90 days following the
      end of the Partnership’s fiscal year and such other reports as are
      required to be given to Limited Partners by any governmental authority
      which has jurisdiction over the activities of the Partnership. Limited
      Partners also may be furnished with any other reports or information which
      the General Partner, in its discretion, determines to be necessary or
      appropriate. Appropriate tax information adequate to enable each Limited
      Partner to complete and file its U.S. federal income tax return with
      respect to its Units, if applicable, is expected to be delivered to each
      Limited Partner no later than 90 days following the end of each fiscal
      year.

            

    

    

    ARTICLE
VI 

    

    PROFIT
AND LOSS

    

    
      	
            	
              Section
      6.1  

            	
              Capital Accounts. The
      Partnership shall establish for each Partner a capital account for income
      tax Purposes (‘Tax Capital Account’) and a capital account for financial
      accounting purposes (‘Book Capital Account’). The initial balance of the
      Tax Capital Account and the Book Capital Account for each Partner shall be
      the initial capital contribution made to the Partnership by such Partner
      and shall be adjusted as provided in this Article
  VI.

            

    

    

    
      	
            	
              Section
      6.2  

            	
              Adjustments to Tax Capital
      Accounts.  The initial balance of the Tax Capital Account
      of each Partner shall be:

            

    

    

    (a) increased
by: (i) any cash and the fair market value of other property contributed to the
Partnership by such Partner in addition to such Partner’s original capital
contribution; (ii) the distributive share of the Partnership’s taxable income of
such Partner; and (iii) the distributive share of the Partnership’s income of
such Partner exempt from U.S. federal income taxation; and

    

    (b) decreased
by: (i) the amount of cash and the adjusted basis of other property distributed
to such Partner by the Partnership; (ii) the distributive share of the
Partnership’s taxable losses of such Partner (including capital losses); and
(iii) the distributive share of the Partnership’s expenditures of such Partner
(including expenditures described in Section 705(a)(2)(B) of the
Code).

    

    
      	
            	
              Section
      6.3  

            	
              Adjustments to Book Capital
      Accounts.  The initial balance of the Book Capital
      Account of each Partner shall be:

            

    

    

    (a) increased
by: (i) any cash and the fair market value of other property contributed to the
Partnership by such Partner in addition to such Partner’s original capital
contribution; and (ii) positive adjustments made to such Partner’s Book Capital
Account in accordance with Section 6.4, below; and

    

    (b) decreased
by: (i) the amount of cash and the fair market value of other property
distributed to such Partner by the Partnership (net of liabilities recorded on
such property that such Partner is considered under Section 752 of the Code to
assume or take subject to); and (ii) negative adjustments made to such Partner’s
Book Capital Account in accordance with Section 6.4, below.

    

    
      	
            	
              Section
      6.4  

            	
              Additional Adjustments to Book
      Capital Accounts.  As of the close of business on (a) the
      last business day of each calendar month, (b) the first business day of
      each calendar month, (c) if other than the last business day of a calendar
      month, the day on which an actual or deemed distribution of any
      Partnership property is made in cash or in kind or by redemption of any
      Units or otherwise, and (d) if other than the first business day of a
      calendar month, the day on which any cash or other property is contributed
      to the Partnership, the Book Capital Account of each Partner shall be
      adjusted as follows:

            

    

    

    (i) the
Net Asset Value of the Partnership shall be determined in accordance with
Section 1.8, above; and

     

    
      
        
        

      

      
        E-10

        
          

        

      

      
        
        

      

    

    
 

    (ii) each
Partner’s pro rata share of any increase or decrease in the Net Asset Value of
the Partnership as compared to the last determination of the Net Asset Value of
the Partnership for purposes of this Section 6.4 shall be determined (after
adjusting the Partner’s Book Capital Account under Section 1.8, above);
and

    

    (iii)
each Partner’s pro rata share of such increase or decrease in the Net Asset
Value of the Partnership as determined under subsection 6.4(ii), above (less the
aggregate amount of the incentive fees charged against the Partner’s Book
Capital Account under Section 1.8, above), shall be charged or credited to the
Book Capital Account of such Partner.

    

    
      	
            	
              Section
      6.5  

            	
              Allocation of Tax Profit and
      Loss.  Subject to Sections 1.6 and 1.7, above, and
      Section 6.7, below, all items of income, gain, loss and deduction
      (including items of income or gain which are not subject to U.S. federal
      income taxation and expenditures described in Section 705(a)(2)(B) of the
      Code) shall be allocated among the Partners for each fiscal year of the
      Partnership as follows:

            

    

    

    (a) Ordinary
Income and Ordinary Expense (as defined in Section 6.6, below) which properly
relate to an Accounting Period (as defined in Section 6.6, below) under the
Partnership’s method of accounting shall be allocated among all Partners in
proportion to the balance in each Partner’s Book Capital Account as of the
beginning of the Accounting Period in which earned or incurred; and

    

    (b) after all
adjustments to Book Capital Accounts under Section 6.4, above, have been made
for the fiscal year of the Partnership and after all the allocations under
subsection 6.5(a), above, for the fiscal year of the Partnership have been made,
the extent to which a Partner’s Book Capital Account exceeds its Tax Capital
Account (‘Positive Disparity’) or the extent to which a Partner’s Tax Capital
Account exceeds its Book Capital Account (‘Negative Disparity’) shall be
determined. Capital Gain and Capital Loss (as defined in Section 6.6, below)
shall then be allocated as follows:

    

    (i)
Capital Gain shall be allocated to each Partner who redeemed all of its Units
during such fiscal year to the extent of the Positive Disparity of such Partner
in the ratio that such Positive Disparity bears to the total Positive Disparity
of all Partners who redeemed all of their Units during such fiscal year. Capital
Gain remaining after such allocation shall be allocated to all other Partners to
the extent of each such Partner’s Positive Disparity in the ratio that such
Positive Disparity bears to the total remaining Positive Disparity of all
Partners;

    

    (ii)
Capital Loss shall be allocated to each Partner who redeemed all of its Units
during such fiscal year to the extent of the Negative Disparity of such Partner
in the ratio that such Negative Disparity bears to the total Negative Disparity
of all Partners who redeemed all of their Units during such fiscal year. Capital
Loss remaining after such allocation shall be allocated to all other Partners to
the extent of such Partner’s Negative Disparity in the ratio that such Negative
Disparity bears to the total remaining Negative Disparity of all such Partners;
and

    

    (iii) if
after the foregoing allocations under subsections 6.5(b)(i) and 6.5(b)(ii),
above, there remains Capital Gain or Capital Loss to be allocated, all remaining
Net Capital Gain or Net Capital Loss, as the case may be, shall be allocated
among all Partners with Units remaining in the ratio that each such Partner’s
Book Capital Account balance bears to the balance of the Book Capital Accounts
of all Partners.

    

    (c) Notwithstanding
the foregoing provisions of this Article VI, if any allocation would produce a
deficit in the Book Capital Account or Tax Capital Account of any Limited
Partner, the portion of such allocation which would create such deficit shall
instead be allocated to the Book Capital Account or Tax Capital Account, as
applicable, of the General Partner.

    

    
      	
            	
              Section
      6.6  

            	
              Definitions.  For
      purposes of this Agreement, the following terms shall have the following
      meanings:

            

    

     

    (a) Accounting
Period shall mean a calendar month or any period of shorter duration from the
last preceding Accounting Period until any of the dates specified in Section
6.4, above.

    

    (b) Capital
Gain or Capital Loss shall mean the gain or loss which would be recognizable by
the Partnership under U.S. federal income tax principles attributable to a
capital asset, including the gain or loss attributable to a ‘section 1256
contract,’ as defined by Section 1256 of the Code, and any other asset the
recognition of gain or loss of which, under U.S. federal income tax principles,
is not dependent upon the sale or other disposition thereof.

    

    (c) Net
Capital Gain shall mean the excess of Capital Gain over Capital
Loss.

    

    (d) Net
Capital Loss shall mean the excess of Capital Loss over Capital
Gain.

     

    
      
        
        

      

      
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    (e) Ordinary
Income shall mean all items of Partnership income or gain other than Capital
Gain.

    

    (f) Ordinary
Expense shall mean all items of Partnership loss or expense other than Capital
Loss.

    

    
      	
            	
              Section
      6.7  

            	
              Equitable
      Allocations.  The General Partner may make such other or
      additional allocations of income, gain, loss and deduction among the Units
      or the Partners as are, in the General Partner’s reasonable discretion,
      equitable in order to eliminate, to the extent possible, any disparities
      existing between the Book Capital Accounts and Tax Capital Accounts of the
      Partners and to allocate income, gain, loss and deduction in conformity
      with U.S. federal income tax principles among the Partners in accordance
      with their respective interests in the
  Partnership.

            

    

    

    ARTICLE
VII 

    

    DISTRIBUTIONS
OF PARTNERSHIP INCOME; REDEMPTIONS; WITHDRAWALS BY PARTNERS

    

    
      	
            	
              Section
      7.1  

            	
              Distributions to
      Partners.  The General Partner shall have sole discretion
      in determining the amount and frequency of distributions (other than
      withdrawals or redemptions by Limited Partners) which the Partnership
      shall make. All distributions shall be made in cash pro rata to the
      respective Book Capital Accounts of the Partners which hold Units as of
      the last day of the Accounting Period to which the distribution
      relates.

            

    

    

    
      	
            	
              Section
      7.2  

            	
              Redemptions.

            

    

    

    (a) Subject
to the provisions of this Section 7.2, the rights reserved to the General
Partner in Sections 1.6 and 1.7, above, and compliance with applicable laws, a
Limited Partner may redeem some or all of its Units as of the last business day
of each calendar month. The General Partner must receive ten days’ prior written
notice (including by facsimile) of a request for redemption. A Limited Partner’s
redemption will become effective on the last business day of the calendar month
during which such Limited Partner shall have given timely notice of redemption.
The General Partner may, in its discretion, waive any or all of the foregoing
restrictions. The right to redeem Units is contingent upon the Partnership
having assets sufficient in the view of the General Partner to discharge its
liabilities on the relevant redemption date.

    

    (b) If there
are any assets which cannot be properly valued on the redemption date, then each
Partner’s allocable share of any such assets may be retained in the Partnership
until such time when the assets can be properly valued. If there is any pending
transaction or claim by or against the Partnership involving or which may affect
the Book Capital Account of a redeeming Partner or the obligations of a
redeeming Partner which cannot, in the sole judgment and discretion of the
General Partner, be then ascertained, the proportionate amount thereof or the
proportionate probable loss therefrom may be retained in the Partnership until
the same can be resolved or ascertained or until the liquidation of the
Partnership, whichever occurs first. In this situation, no amount shall be paid
or charged to any such Partner or its legal representatives on account of any
transaction or claim until its final liquidation or at such other time as the
General Partner shall determine. In the meantime, however, the Partnership may
retain from other sums due such Partner or its legal representative an amount
which the General Partner reasonably estimates may be sufficient to cover the
share of such Partner in any probable loss or liability on account of such
transaction or claim.

    

    (c) The
Limited Partners hereby acknowledge that the net assets of the Partnership may
increase or decrease during the period from the date a Limited Partner gives
notice of its intention to redeem and the date on which such redemption is
effective and that any such increase or decrease in net assets during such
period may affect the balance of the Partners’ Book Capital
Accounts.

    

    (d) Subject
to the provisions of this Article VII, each redeeming Limited Partner shall be
paid the amount of its redemption as soon as practicable following the effective
date of redemption; provided, however, that the General Partner shall have the
right, exercisable from time to time, to postpone the payment and effective date
of any redemption for up to three months if the General Partner determines in
good faith that the liquidation of Partnership assets or investments required to
fund the redemption would adversely affect the Partnership or the value of the
Partners’ Units in the Partnership.

    

    (e) The
General Partner, acting in its sole discretion, may suspend redemptions of Units
if the Partnership’s investments are illiquid or if the Partnership’s ability to
withdraw its capital from any investment vehicle in which it has invested some
or all of its assets is restricted due to the conditions of its investment in
such vehicle or as necessary to comply with any applicable statute or rule of
any governmental authority or self-regulatory organization.

     

    
      
        
        

      

      
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              Section
      7.3  

            	
              Withdrawal of a Limited
      Partner.  The withdrawal of a Limited Partner shall occur
      in the event of the death, expulsion, dissolution, legal incapacity or
      bankruptcy of the Limited Partner or upon its request for redemption of
      all of its Units or if for any other reason it ceases to be a Limited
      Partner (other than the termination of the
  Partnership).

            

    

    

    
      	
            	
              Section
      7.4  

            	
              Timing of
      Withdrawal.  The withdrawal of a Limited Partner shall
      not occur for purposes of computing the withdrawing Limited Partner’s
      distributive interest pursuant to this Agreement until the last business
      day of the calendar month in which both (a) such event has taken place and
      (b) the General Partner has been appropriately informed in writing of such
      event. For all other purposes of this Agreement, such withdrawal shall be
      deemed to have occurred on the date upon which notice or knowledge thereof
      is received at the principal place of business of the
      Partnership.

            

    

    

    
      	
            	
              Section
      7.5  

            	
              Distribution on
      Withdrawal.  Upon the withdrawal of a Limited Partner or
      upon the termination of the Partnership, all in accordance with the terms
      of this Agreement, each withdrawing Limited Partner, or each Partner, as
      the case may be, shall be paid its respective distributive interest in
      cash pro rata in accordance with the respective Book Capital Accounts of
      the withdrawing Partners.

            

    

    

    
      	
            	
              Section
      7.6  

            	
              Time and Method of
      Payment.  The distributive interest of any Partner
      withdrawing pursuant to this Agreement shall be paid by sending a check
      for the amount to the address specified by the Limited Partner. Subject to
      certain restrictions, one hundred percent (100%) of the redemption amounts
      payable will be paid to the redeeming Limited Partner within 30 business
      days of the redemption date. At the option and expense of the redeeming
      Limited Partner, such redemption proceeds may be paid by wire transfer to
      an account designated by the Limited Partner in its request for
      redemption.

            

    

    

    
      	
            	
              Section
      7.7  

            	
              Continuance of
      Partnership.  Neither the complete withdrawal nor the
      partial withdrawal of a Limited Partner, in and of itself, shall terminate
      or dissolve the Partnership.

            

    

    

    
      	
            	
              Section
      7.8  

            	
              Rights and Obligations Upon
      Withdrawal.  Upon the complete withdrawal of a Limited
      Partner, all of its rights in specific Partnership property of every kind
      whatsoever, including, all books of account, records, and papers of the
      Partnership, shall immediately and without further assignment, pass to and
      become vested in the remaining or surviving Partners. The withdrawing
      Limited Partner and its legal representatives shall have only the right to
      receive the distributions to withdrawn Limited Partners provided for under
      this Agreement. A withdrawn Limited Partner or its legal representatives
      shall have such access to the books and other data of the Partnership to
      the extent necessary to obtain full information with respect to its
      distributive interest, but this right continues only until its
      distributive interest has been determined as provided in this
      Agreement.

            

    

    

    
      	
            	
              Section
      7.9  

            	
              Successor Obligations Upon
      Death or Legal Disability of a Limited Partner.  Upon the
      death or legal disability of a Limited Partner, its interest in the
      Partnership shall pass to its heirs or legal representatives. Each Limited
      Partner expressly agrees that in the event of its death it waives on
      behalf of itself and its estate, and it directs the legal representative
      of its estate and any person interested therein to waive, the furnishing
      of any inventory, accounting or appraisal of the assets of the Partnership
      and any right to an audit or examination of the books of the
      Partnership.

            

    

    

    
      	
            	
              Section
      7.10  

            	
              Directed
      Withdrawal.  The General Partner, at any time and for any
      reason in its sole discretion, may give notice in writing to any Limited
      Partner requiring that such Limited Partner shall withdraw, in full or in
      such part as specified in such notice, from the Partnership upon the date
      specified in the notice. Upon the date specified as the withdrawal date in
      such notice, the Limited Partner designated in the notice, if required to
      withdraw in full, shall be deemed to have withdrawn from the Partnership
      without any further action either on the part of such Limited Partner or
      on the part of any other Partner. Thereafter, the interest of the Limited
      Partner so designated in the notice shall be treated in the same manner as
      the interest of a withdrawn Limited Partner, and it shall have only the
      rights of a withdrawn Limited Partner, as provided in this
      Agreement.

            

    

    ARTICLE
VIII 

    

    INDEMNIFICATION

    

    
      	
            	
              Section
      8.1  

            	
              Indemnification of the General
      Partner, the Trading Advisor and their Affiliates.

            

    

    

    (a) In any
threatened, pending or completed action, arbitration, claim, demand, lawsuit or
proceeding (each a ‘Proceeding’), to which the General Partner, the Trading
Advisor or any of their affiliates was or is a party or is threatened to be made
a party by reason of the fact that it is or was the general partner of the
Partnership, or is or was the trading advisor of the Partnership, or is or was
affiliated with the General Partner or the Trading Advisor, the Partnership
shall indemnify, defend and hold harmless the General Partner, the Trading
Advisor and their 

     

    
      
        
        

      

      
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    affiliates
from and against any loss, liability, damage, cost, expense (including, without
limitation, attorneys’ and accountants’ fees and expenses), judgments and
amounts paid in settlement (collectively, ‘Losses’), incurred by them if the
party claiming indemnification acted in good faith and in a manner it reasonably
believed to be in, or not opposed to, the best interests of the Partnership and
provided that the omission, act or conduct that was the basis for such Losses
did not constitute willful misconduct, negligence or a breach of fiduciary
obligations on the part of the General Partner or the Trading Advisor. The
termination of any Proceeding by judgment, order or settlement, in and of
itself, shall not create a presumption that the General Partner, the Trading
Advisor or their affiliates did not act in good faith and in a manner which they
reasonably believed to be in or not opposed to the best interests of the
Partnership.

    

    (b) The
Partnership shall make advances to the General Partner, the Trading Advisor and
their affiliates hereunder in connection with a Proceeding only if (i) the
Proceeding relates to the performance of duties or services by such persons to
the Partnership and (ii) if the person receiving such advance agrees to repay
the advance if such person ultimately is found by arbitration pursuant to
Section 10.10, below of this Agreement not to be entitled to indemnification
hereunder.

    

    (c) As used
in this Agreement, the term ‘affiliate’ of the General Partner or the Trading
Advisor shall mean the following: (i) any natural person, partnership,
corporation, limited liability company, association or other legal entity
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities of the General Partner or the Trading
Advisor; (ii) any partnership, corporation, limited liability company,
association or other legal entity 10% or more of whose outstanding voting
securities are directly or indirectly owned, controlled or held with power to
vote by the General Partner or the Trading Advisor; (iii) any natural person,
partnership, corporation, limited liability company, association or other legal
entity directly or indirectly controlling, controlled by, or under common
control with, the General Partner or the Trading Advisor; or (iv) any officer,
director, manager or member of the General Partner or the Trading
Advisor.

    

    
      	
            	
              Section
      8.2  

            	
              Indemnification by
      Partners.  In the event that the Partnership, the General
      Partner, the Trading Advisor or any of their affiliates is made a party to
      any Proceeding or otherwise incurs any Losses as a result of, or in
      connection with (a) any Partner’s (or its assignee’s) activities,
      obligations or liabilities unrelated to the Partnership’s business or (b)
      any failure or alleged failure on the part of the Partnership or the
      General Partner to withhold from income or gains allocated or deemed to be
      allocated to any Partner (or its assignees), whether or not distributed,
      any amount with respect to which U.S. federal income tax withholding was
      required or alleged to have been required, such Partner (or its assignees
      cumulatively) shall indemnify, defend, hold harmless and reimburse the
      Partnership, the General Partner, the Trading Advisor and their affiliates
      for such Losses to which they shall become
  subject.

            

    

     

    ARTICLE
IX 

    

    TERMINATION

    

    
      	
            	
              Section
      9.1  

            	
              Dissolution.  The
      Partnership shall terminate and shall immediately be dissolved on December
      31, 2037, or earlier: (a) upon the insolvency or bankruptcy of the
      Partnership; (b) upon the dissolution or other cessation to exist as a
      legal entity of the General Partner or upon the retirement, removal,
      adjudication of bankruptcy or insolvency, dissolution or withdrawal of the
      General Partner unless a successor general partner has been elected by the
      Limited Partners or admitted by the General Partner or an additional
      general partner or additional general partners have been admitted by the
      General Partner prior to the date of any such event and such additional
      general partner(s) or successor general partner elects to continue the
      business of the Partnership; (c) at the election of the General Partner,
      or of all general partners, if there is more than one, upon 60 days’
      notice to the Limited Partner; or (d) upon the vote of Limited Partners
      holding a majority-in interest of all outstanding Limited Partnership
      Units (not including any Limited Partnership Units held by the General
      Partner). The death, legal disability, incapacity, insolvency, bankruptcy,
      dissolution or withdrawal of any Limited Partner shall not result in the
      dissolution or termination of the
Partnership.

            

    

    

    
      	
            	
              Section
      9.2  

            	
              Final
      Accounting.  Upon the dissolution of and failure to
      reconstitute the Partnership, an accounting shall be made of the accounts
      of the Partnership and of the Book Capital Account of each Partner, and of
      the Partnership’s assets, liabilities and changes in financial condition
      from the date of the last previous accounting to the date of such
      dissolution. The General Partner, or such person or persons designated by
      it, shall act as liquidating trustee or trustees and immediately proceed
      to wind up and terminate the business and affairs of the Partnership and
      liquidate the property and assets of the Partnership. In the event the
      dissolution is caused by the death, legal disability, incapacity,
      dissolution, insolvency or bankruptcy of the sole remaining General
      Partner, the liquidating trustee or trustees shall be designated in
      accordance with the majority-in-interest of the Limited
      Partners.

            

    

    

    
      	
            	
              Section
      9.3  

            	
              Distribution.  Upon
      the winding-up and termination of the business and affairs of the
      Partnership, its liabilities and obligations to creditors and all expenses
      incurred in liquidation shall be paid, and its remaining assets shall be
      distributed pro rata to the Partners in accordance with their respective
      Book Capital Accounts as determined under

            

    

     

    
      
        
        

      

      
        E-14

        
          

        

      

      
        
        

      

    

     

    Article VI;
provided, however, that, in the event of the dissolution or liquidation of the
Partnership prior to such time as the Partnership’s organizational expenses have
been completely amortized, these amounts will be deducted from the Net Asset
Value of the Partnership prior to the distribution of each Limited Partner’s
distributive interest.

     

    
      	
            	
              Section
      9.4  

            	
              Use of Firm Name Upon
      Dissolution.  At no time during the operation of the
      Partnership or upon the termination and dissolution of the Partnership
      shall any value be placed upon the firm name, or the right to its use, or
      to the goodwill, if any, attached thereto, either between the Partners or
      for the purpose of determining any distributive interest of any Partner in
      accordance with this Agreement. The legal representatives of any deceased
      Partner shall not have any right to claim such
  value.

            

    

    

    
      	
            	
              Section
      9.5  

            	
              Balance Owed by the General
      Partner.  In the event that there is a negative balance
      in the Book Capital Account of the General Partner upon liquidation after
      all adjustments to Book Capital Accounts have been made hereunder, whether
      by reason of losses in liquidating Partnership assets or otherwise, the
      negative balance shall represent an obligation from the General Partner to
      the Partnership to be paid in cash by the close of the taxable year in
      which such liquidation occurs or, if later, within 90 days after such
      liquidation, and the amount thereof shall be distributed to creditors of
      the Partnership or to the Partners with a positive balance in their Book
      Capital Accounts in accordance with Section 9.3,
  above.

            

    

    ARTICLE
X 

    

    MISCELLANEOUS

    

    
      	
            	
              Section
      10.1  

            	
              Notices.  All
      notices or other communications required or permitted to be given pursuant
      to this Agreement shall be effective only if in writing and shall be
      considered as properly given or made, if sent by facsimile, if personally
      delivered, if mailed, postage prepaid, or if telegraphed, by prepaid
      telegram, and addressed, if to the General Partner, to it at the address
      of the Partnership, and if to a Limited Partner, to the address of such
      Limited Partner as reflected in the books and records of the Partnership
      from time to time. Any Limited Partner may change its address by giving
      notice in writing to the General Partner stating its new address, and the
      General Partner may change its address by giving such notice to all
      Partners. Commencing on the tenth day after the giving of such notice,
      such newly designated address shall be such Partner’s address for the
      purpose of all notices or other communications required or permitted to be
      given pursuant to this Agreement.

            

    

    

    
      	
            	
              Section
      10.2  

            	
              Amendments;
      Meetings.

            

    

    

    (a) The
General Partner may amend this Agreement at any time, in its sole discretion,
provided amendment does not, in the opinion of the General Partner, adversely
affect the Limited Partners. The General Partner also may amend this Agreement
as to any other matters with the negative consent of the holders of a
majority-in-interest of all outstanding Units (not including any Units held by
the General Partner). For purposes of obtaining a negative consent, the General
Partner may require responses to be made within a specified time; provided,
however, that no amendment shall cause the Partnership to become a general
partnership, change the liability of the General Partner or the Limited Partners
so as to materially, adversely affect any Partner, directly reduce the Book
Capital Account of any Partner, extend the duration of the Partnership or change
the provisions of this sentence.

    

    (b) Notwithstanding
any provision to the contrary contained in this Agreement, this Agreement also
may be amended by the General Partner at any time, in its sole discretion, as to
the following matters: (i) to add to the representations, duties or obligations
of the General Partner or surrender any right or power granted to the General
Partner herein for the benefit of the Limited Partners; (ii) to cure any
ambiguity or to correct or supplement any provision in this Agreement which may
be inconsistent with any other provision; (iii) to delete from or add any
provision to this Agreement required or deemed necessary to be so deleted or
added by representatives of the U.S. Securities and Exchange Commission, the
Commodity Futures Trading Commission, any state securities commission or any
other governmental authority, exchange or self-regulatory organization for the
benefit or protection of the Limited Partners; (iv) to effect any amendment
authorized by the provisions of Sections 1.6 and 1.7, above; and (v) to amend
the provisions of Article VI of this Agreement regarding the allocations of
profits and losses for U.S. federal income tax purposes for any tax year ending
after the date of any such amendment or for which a Partnership tax return has
not been filed in any manner which the General Partner, in its sole discretion,
deems necessary or advisable to comply with the Code and to promote an equitable
treatment of all Partners. However, no such amendment shall cause the
Partnership to become a general partnership, change the liability of the General
Partner or the Limited Partners so as to materially and adversely affect any
Partner, change any Partner’s share of the profits or losses of the Partnership
without the consent of such Partner or extend the duration of the
Partnership.

     

    
      
        
        

      

      
        E-15

        
          

        

      

      
        
        

      

    

    
 

    (c) Upon any
amendment of this Agreement, the Certificate of Limited Partnership also shall
be amended if necessary to reflect such amendment.

    

    (d) Meetings
of the Partnership for purposes of taking any action permitted to be taken by
the Limited Partners under this Agreement may be called by the General Partner
or by the Limited Partners holding more than 10% of the then outstanding Units
(not including any Units held by the General Partner) for any matters for which
the Limited Partners may vote as set forth in this Agreement. Any such call
shall state the nature of the business to be transacted at the meeting, and no
other business shall be conducted at the meeting. The Limited Partners may vote
in person or by proxy at any such meeting. In the event that the Partnership is
required to comply with Regulation 14A under the 1934 Act or any successor
regulation, the foregoing time periods may be altered.

    

    
      	
            	
              Section
      10.3  

            	
              Sale or Pledge of Assets;
      Termination of the Partnership.  All or substantially all
      of the Partnership’s assets may be sold or pledged or the Partnership may
      be dissolved by the affirmative vote of a majority-in-interest of all
      outstanding Units with the consent of the General Partner at a meeting
      called and conducted in accordance with Section 10.2, above. However,
      nothing contained in this Section 10.3, Sections 1.6 and 1.7, above,
      Section 10.4, below, or in any other section of this Agreement shall imply
      that the Limited Partners have any rights of management or control over
      the operations of the Partnership.

            

    

    

    
      	
            	
              Section
      10.4  

            	
              Election or Removal of the
      General Partner.  The General Partner or any successor
      may be elected or removed from office by the affirmative vote of the
      holders of one hundred percent (100%) in interest of all outstanding
      Limited Partnership Units at a meeting called and conducted in accordance
      with Section 10.2, above. Subject to the rights reserved to the General
      Partner in Sections 1.6 and 1.7, above, and compliance with all applicable
      laws, the General Partner, in its sole and absolute discretion, may admit,
      at its option, one or more additional or substitute (for itself) general
      partners to the Partnership as of the last business day of any calendar
      month upon their execution of a counterpart of this Agreement upon 30
      days’ prior written notice to the
Partners.

            

    

    

    
      	
            	
              Section
      10.5  

            	
              Execution.  This
      Agreement may be executed in more than one counterpart with the same
      effect as if the Partners executing the several counterparts had all
      executed the same counterpart.

            

    

    

    
      	
            	
              Section
      10.6  

            	
              Successors in
      Interest.

            

    

    

    (a) Each of
the Partners covenants for it, its heirs, executors, administrators, successors,
assigns and legal representatives that it will, at any time on demand after its
withdrawal from the Partnership, contribute to any of its former Partners its
proportionate share of any liability, judgment or cost of any kind (including
the reasonable cost of the defense of any suit or action and any sums which may
be paid in settlement thereof) that may be incurred by any former Partners on
account of any matters or transactions occurring during the time it was a
Partner. The amount of such contribution shall not, in the case of a former
Limited Partner, exceed the then balance of its Book Capital Account at the time
it ceased to be a Limited Partner plus the amount of distributions theretofore
made to it, if any, plus interest thereon. Such proportionate share of
liability, judgment or cost of any kind shall be determined from this Agreement
as it existed at the time such matter or transaction occurred.

    

    (b) This
Agreement and all of its terms and provisions shall be binding upon and shall
inure to the benefit of the Partners and their respective legal representatives,
heirs, successors and assigns. Any person subsequently admitted to the
Partnership as a General Partner or Limited Partner shall be subject to all of
the provisions of this Agreement as if an original signatory
hereto.

    

    
      	
            	
              Section
      10.7  

            	
              Governance.  Each
      of the Partners agrees that if any action shall be taken pursuant to this
      Agreement by the required percentage-in-interest of the Limited
      Partnership Units, it will execute any such writing or instrument as may
      be necessary to carry out and perfect such action notwithstanding that
      said party may not have assented thereto or may have objected thereto.
      Partnership action covered within the scope of this clause includes, but
      is not limited to, the adoption of any Certificate of Limited Partnership
      or any amendment thereto, any instrument effecting or evidencing the
      withdrawal of a Partner and any amendment or supplement to this
      Agreement.

            

    

    

    
      	
            	
              Section
      10.8  

            	
              Ownership of Partnership
      Assets.  Any assets owned by the Partnership may be
      registered in the Partnership’s name, or in the name of a nominee, or in a
      ‘street name.’ Any corporation, Broker, custodian, clearing association,
      depository or transfer agent called upon to transfer any assets to or from
      the name of the Partnership shall be entitled to rely upon instructions or
      assignments signed by the General Partner without inquiry as to the
      authority of the person signing such instructions or assignments or as to
      the validity of any transfer to or from the name of the Partnership;
      provided, however, that any corporation, Broker, custodian, clearing
      association, depository or transfer agent holding cash or assets of the
      Partnership shall be expected to comply with any special instructions
      concerning payment and delivery given to it in writing by the General
      Partner.

            

    

     

    
      
        
        

      

      
        E-16

        
          

        

      

      
        
        

      

    

    
 

    
      	
            	
              Section
      10.9  

            	
              Rights of
      Creditors.  A creditor who makes a nonrecourse loan to
      the Partnership shall not have or acquire at any time, solely as a result
      of making the loan, any direct or indirect interest in the profits,
      capital or property of the Partnership, other than as a creditor or
      secured creditor, as the case may
be.

            

    

    

    
      	
            	
              Section
      10.10  

            	
              Arbitration.  All
      controversies arising in connection with the Partnership’s business and
      between or among the Partners, shall be settled by arbitration, to be held
      in the City of New York, State of New York, under the then prevailing
      rules of the National Futures Association, or if no such rules are then
      obtaining or if jurisdiction is declined, then in accordance with the
      rules then obtaining of the American Arbitration Association. In any such
      arbitration, each of the parties hereto agrees to request from the
      arbitrators that: (a) the authority of the arbitrators shall be limited to
      construing and enforcing the terms and conditions of the Agreement as
      expressly set forth herein; (b) the arbitrators shall state the reasons
      for their award in a written opinion; (c) the arbitrators shall not make
      any award which shall alter, change, cancel or rescind any provision of
      this Agreement; and (d) the arbitrators’ award shall be consistent with
      the provisions of this Agreement. The award of the arbitrators shall be
      final and binding, and judgment may be confirmed and entered thereon in
      any court of competent
jurisdiction.

            

    

    

    
      	
            	
              Section
      10.11  

            	
              Investment
      Representations.  By executing this Agreement, each
      Limited Partner hereby represents and warrants to the General Partner as
      follows:

            

    

    

    (a) it
understands that its investment in the Partnership is a ‘security’ as defined in
Section 2(1) of the Securities Act of 1933, as amended (the ‘1933 Act’) which
has not been registered under the 1933 Act or any securities law of any state of
the United States and that its investment is being made in reliance upon the
exemption contained in Section 4(2) of the 1933 Act;

    

    (b) its
participation in the Partnership is being made for its own account for
investment purposes and with no present intention of reselling or distributing
its interest in the Partnership;

    

    (c) it is
familiar with the types of transactions and activities in which the Partnership
intends to engage and is fully aware that such transactions and activities
involve volatility and risk of loss; and

    

    (d) it is
fully capable of evaluating the merits and risks associated with an investment
in the Partnership, and its net worth is such that it can bear the economic risk
of loss of its investment in the Partnership.

    

    
      	
            	
              Section
      10.12  

            	
              Assignment.  The
      General Partner shall not assign this Agreement without the consent of
      each Limited Partner.

            

    

    

    
      	
            	
              Section
      10.13  

            	
              Compliance with the Investment
      Advisers Act of 1940.  To the extent that any provision
      hereof may be construed in a manner inconsistent with the Investment
      Advisers Act of 1940, it is the express intent of the General Partner and
      the Limited Partners that such provision be interpreted and applied ab
      initio so as to comply with the Investment Advisers Act of 1940 in all
      respects (even if doing so effectively amends the terms of this
      Agreement).

            

    

    

    

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

     

    Man
Investments (USA) Corp.

     

    By: /s/
Andrew Stewart

    Andrew
Stewart, President

     

     

     

     

     

     

      E-17efc9-1043_ex101.htm

    ALPHAMETRIX
MANAGED FUTURES PLATFORMS

     

    AMENDED
AND RESTATED

     

    ADVISORY
AGREEMENT

     

    Dated
as of October 13, 2009

     

    __________________________________________

     

    among

     

    ALPHAMETRIX
ASPECT FUND – MT0001

     

    ALPHAMETRIX
MANAGED FUTURES LLC (ASPECT SERIES)

     

    ALPHAMETRIX
MANAGED FUTURES II LLC (ASPECT CS SERIES)

     

    ALPHAMETRIX,
LLC

     

    and

     

    ASPECT
CAPITAL LIMITED

     

    __________________________________________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ALPHAMETRIX
MANAGED FUTURES PLATFORMS

     

    AMENDED
AND RESTATED ADVISORY AGREEMENT

     

    __________________________________________

     

    TABLE
OF CONTENTS

     

    

     

    Section                                                                                                                                              Page

     

    
      
        	
                1.

              	
                Duties
      of the Trading Advisor

              	
                2

              
	
                2.

              	
                Standard
      of Liability; Indemnification

              	
                4

              
	
                3.

              	
                Limits
      on Claims

              	
                5

              
	
                4.

              	
                Trading
      Advisor’s Closing Obligations

              	
                6

              
	
                5.

              	
                Independent
      Contractor Status

              	
                7

              
	
                6.

              	
                Confidentiality

              	
                7

              
	
                7.

              	
                Clearing
      Broker; Executing Broker

              	
                8

              
	
                8.

              	
                Brokerage
      Confirmations and Reports

              	
                8

              
	
                9.

              	
                Fees

              	
                8

              
	
                10.

              	
                Term
      and Termination; Removal of the Sponsor

              	
                9

              
	
                11.

              	
                Liquidation
      of Positions

              	
                10

              
	
                12.

              	
                Other
      Accounts of the Trading Advisor; Exclusivity

              	
                11

              
	
                13.

              	
                Speculative
      Position Limits

              	
                12

              
	
                14.

              	
                Redemptions,
      Exchanges, Distributions, Subscriptions

              	
                12

              
	
                15.

              	
                The
      Trading Advisor’s Representations and Warranties

              	
                12

              
	
                16.

              	
                The
      Sponsor’s Representations and Warranties

              	
                14

              
	
                17.

              	
                Assignment

              	
                16

              
	
                18.

              	
                Successors

              	
                17

              
	
                19.

              	
                Amendment
      or Modification or Waiver; Amendment and Restatement

              	
                17

              
	
                20.

              	
                Notices

              	
                17

              
	
                21.

              	
                Governing
      Law

              	
                18

              
	
                22.

              	
                Survival

              	
                18

              
	
                23.

              	
                Disclosure
      Document Modifications

              	
                18

              
	
                24.

              	
                Promotional
      Literature

              	
                18

              
	
                25.

              	
                No
      Waiver

              	
                19

              
	
                26.

              	
                No
      Liability of Members

              	
                19

              
	
                27.

              	
                Third-Party
      Beneficiaries

              	
                19

              
	
                28.

              	
                Headings

              	
                19

              
	
                29.

              	
                Complete
      Agreement

              	
                19

              
	
                30.

              	
                Counterparts

              	
                19

              
	
                31.

              	
                Miscellaneous

              	
                19

              

      

    

    
_______________

     

    

      
        	
                Appendix
      A — Fee Schedule

              	
                A-11

              
	
                Appendix
      B — Trading Policies

              	
                B-11

              
	
                Appendix
      C — List of Futures Interests

              	
                C-11

              
	
                Appendix
      D — Determination of Net Asset Value

              	
                D-11

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ALPHAMETRIX
MANAGED FUTURES PLATFORMS

     

    AMENDED
AND RESTATED ADVISORY AGREEMENT

     

    __________________________________________

     

    This
Amended and Restated Advisory Agreement (the “Agreement”), made as of this
13th day of October, 2009, among ALPHAMETRIX ASPECT FUND – MT0001, a Cayman
Islands company (the “Trading
Fund”), ALPHAMETRIX MANAGED FUTURES LLC (ASPECT SERIES), a series of
AlphaMetrix Managed Futures LLC, a Delaware limited liability company,
ALPHAMETRIX MANAGED FUTURES II LLC (ASPECT CS SERIES), a series of AlphaMetrix
Managed Futures II LLC, a Delaware limited liability company, ALPHAMETRIX, LLC,
a Delaware limited liability company (the “Sponsor”) and ASPECT CAPITAL
LIMITED (the “Trading
Advisor”), a limited liability company registered in England and
Wales;

     

    WHEREAS,
the Trading Fund, the Sponsor and the Trading Advisor entered into an advisory
agreement dated as of November 1, 2008 (the “Original Agreement”) with
respect to the direction of investment and reinvestment of the Trading Fund’s
assets by the Trading Advisor upon the terms and conditions set forth
therein;

     

    WHEREAS,
the parties hereto wish to amend and restate in its entirety the Original
Agreement (and the appendices attached thereto) to make certain changes desired
by the parties;

     

    WHEREAS,
the Trading Fund has been organized to trade, buy, sell or otherwise acquire,
hold or dispose of forward contracts (including, for the avoidance of doubt,
London Metal Exchange and foreign exchange forwards), futures contracts for
commodities, financial instruments and currencies, rights pertaining thereto and
options thereon or on physical commodities (collectively, “Futures Interests”) and engage
in all activities incident thereto;

     

    WHEREAS,
ALPHAMETRIX MANAGED FUTURES LLC (ASPECT SERIES), a series of a Delaware limited
liability company (the “Aspect
Series”) previously invested substantially all of the proceeds of the
sale of its units of limited liability company interest (“Aspect Series Units”) in
ALPHAMETRIX MANAGED FUTURES (ASPECT) LLC, a Delaware limited liability company
(the “Intermediate
Fund”), which in turn invested substantially all of the proceeds it
received from the Aspect Series in the Trading Fund;

     

    WHEREAS,
as of August 31, 2009 the Intermediate Fund was dissolved and as of such date
the Aspect Series invests substantially all of the proceeds of the Aspect Series
Units in the Trading Fund;

     

    WHEREAS,
ALPHAMETRIX MANAGED FUTURES II LLC (ASPECT CS SERIES), a series of a Delaware
limited liability company (the “Aspect CS Series” and together
with the Aspect Series, each a “Series”) will invest
substantially all of the proceeds of the sale of its units of limited liability
company interest (together with the Aspect Series Units, “Units”) in the Trading
Fund;

     

    WHEREAS,
the Aspect Series is a “protected cell” of AlphaMetrix Managed Futures LLC, a
series limited liability company established under the law of the State of
Delaware (the “Original  Platform”);

     

    WHEREAS,
the Aspect CS Series is a “protected cell” of AlphaMetrix Managed Futures II
LLC, a series limited liability company established under the law of the State
of Delaware (together with the Original Platform, the “Platforms”);

     

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
the Sponsor will act as sponsor of the Trading Fund;

     

    WHEREAS,
the Sponsor has selected the Trading Advisor to have authority over the Trading
Fund’s trading of Futures Interests;

     

    WHEREAS,
the Trading Advisor is willing to manage the Trading Fund’s Futures Interest
trading;

     

    WHEREAS,
the Trading Fund’s trading of Futures Interests is described in the Platforms’
Confidential Disclosure Documents, as supplemented and amended from time to time
(collectively, the “Memorandum”), which will be
filed with the National Futures Association (the “NFA”) pursuant to the
Commodity Exchange Act, as amended (the “CEA”), the commodity pool
operator and commodity trading advisor regulations promulgated under the CEA
(the “Commodity
Regulations”) by the Commodity Futures Trading Commission (“CFTC”), and NFA rules
promulgated under the CEA (the “NFA Rules”);

     

    WHEREAS,
the Sponsor may in the future form commodity pools that will, or cause existing
pools to, invest the proceeds of their sale of shares, units or other equity
interests (such shares, units or interests, collectively with the Units, “Equity Interests”) directly
or indirectly in the Trading Fund; and

     

    WHEREAS,
the Trading Advisor’s current Disclosure Document delivered to the Sponsor (the
“Disclosure Document”)
has been filed with the NFA pursuant to the CEA.

     

    NOW,
THEREFORE, the parties hereto do hereby agree as follows, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and
in entering into this Agreement the parties intend to be legally
bound:

     

    1.   Duties of the Trading
Advisor.

     

    (a) (i)           The
Sponsor shall appoint the Trading Advisor to have discretionary authority and
responsibility for independently directing the Futures Interest trading pursuant
to the trading program and strategy agreed upon by the Sponsor and the Trading
Advisor and disclosed in the Memorandum (the “Program”), as the same may be
modified from time to time by the Trading Advisor as a result of its ongoing
commitment to research and development.  Any such change will not be
deemed to constitute a material change to the Investment Objective or Investment
Policy (each term as defined in the Disclosure Document) and may be made without
prior notification to the Sponsor.  However, any material change to
the Investment Objective or Investment Policy (each term as defined in the
Disclosure Document) (such change to be determined as material in the Trading
Advisor’s reasonable discretion) will only be made upon giving the Sponsor at
least twenty Business Days’ prior written notice (a “Business Day” means any day on
which banks in New York City are not required or authorized to
close).  The Trading Advisor may, on behalf of the Trading Fund and
subject to Section 1(a)(iii) and Section 7, execute transactions in Futures
Interests on either a principal or an agency basis, with or through such
clearing brokers as approved by the Sponsor and executing brokers selected by
the Trading Advisor, provided that the Trading Fund shall be a party to all
“give-up” agreements, from time to time.  This limited authority
granted to the Trading Advisor is a continuing power and shall continue in
effect with respect to the Trading Advisor until terminated
hereunder.

     

    (ii)           In
the event the Trading Advisor proposes to make any material changes to the
Program, the Trading Advisor will so inform the Sponsor and will not make any
such change — with respect to the Trading Fund, not the Trading Advisor’s other
accounts — to which the Sponsor objects (in which case 

     

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

     

    the
Trading Advisor will be free to terminate this Agreement pursuant to Section
10).  “Material
changes” for such purposes shall not include simply adding or removing a
Futures Interest to or from the group of Futures Interests traded on behalf of
the Trading Fund (subject to Sections 1(b) and 1(c)).

     

    (iii)           The
management and operation of the Trading Fund and the determination of its
policies shall be vested exclusively in the Sponsor by the Board of Directors of
the Trading Fund.  The Sponsor shall have the authority and power on
behalf and in the name of the Trading Fund to carry out any and all of the
objectives and purposes of the Trading Fund set forth in the Trading Fund’s
Articles of Association and Trading Management Agreement, and to perform all
acts and enter into and perform all contracts and other undertakings which the
Sponsor may deem necessary or advisable in connection with such objectives and
purposes or incidental thereto; provided that the Trading Advisor shall at all
times have discretionary authority and responsibility for independently
directing the Futures Interest trading pursuant to Section
1(a)(i).  For the avoidance of doubt, notwithstanding the fact that
the Trading Advisor is not authorized to enter into any agreements or
undertakings on behalf of the Trading Fund and may trade Futures Interests for
the Trading Fund only pursuant to the Program, it may enter into such give-up
agreements with the executing brokers as the Trading Advisor considers necessary
or appropriate in its reasonable discretion;  provided, however, that
the Trading Fund shall be a signatory to such give-up agreements, unless the
Sponsor and the Trading Advisor otherwise mutually agree.

     

    (iv)           All
actions and determinations to be made by the Sponsor hereunder shall, unless
otherwise expressly provided, be made in the Sponsor’s sole and absolute
discretion.

     

    (b)   The
Trading Advisor is aware that certain futures and options on futures — generally
certain stock index futures and options (for the avoidance of doubt, including,
but not limited to, all non-CFTC-approved contracts) — may not be traded on
behalf of United States persons and agrees not to trade such Futures Interests
for the account of the Trading Fund.

     

    (c)   The
Trading Advisor agrees to the terms set forth in “Appendix B — Trading
Policies.”

     

    (d)   Subject
to adequate assurances of confidentiality, the Trading Advisor agrees that it
will discuss with the Sponsor upon request any trading methods, programs,
systems or strategies used by it for trading customer accounts which differ from
the Program, provided, that nothing contained in this Agreement shall require
the Trading Advisor to disclose with respect to such accounts that it deems to
be proprietary or confidential information.

     

    (e)   The
Trading Advisor agrees to provide the Sponsor with such information concerning
the Trading Advisor as the Sponsor may reasonably request (other than the
identity of the Trading Advisor’s other customers or proprietary or confidential
information concerning the Program and/or details of any other trading methods,
programs, systems or strategies used by it for trading other customers’
accounts, except as may be required under Section 12(d) or (e)), subject to
receipt of adequate assurances of confidentiality, including, but not limited
to, information regarding any actual or prospective change in control, key
personnel, the Program or financial condition, provided, that nothing contained
in this Agreement shall require the Trading Advisor to disclose with respect to
itself what it deems to be proprietary or confidential information.

     

    (f)   During
the term of this Agreement, the Trading Advisor agrees to provide the Sponsor
with updated information related to the Program’s performance results (which
information shall be kept confidential as provided in Section (e)) within a
reasonable period of time after the end of each month or at other times as may
be agreed from time to time between the Trading Advisor and the
Sponsor.

     

     

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    (g)   The
Trading Advisor shall be responsible for promptly reviewing all oral and written
confirmations it receives to determine that the trades made for the Trading Fund
were made in accordance with the Trading Advisor’s instructions.  If
the Trading Advisor determines that an error was made in connection with a trade
or that a trade was made other than in accordance with the Trading Advisor’s
instructions, the Trading Advisor shall promptly notify the Sponsor of this fact
where such error is not corrected within three Business Days of the Trading
Advisor’s making such determination, and shall consult with the Sponsor with
regard to the best course of action for the Trading Fund.  All risks
relating to transactions ordered by the Trading Advisor on behalf of the Trading
Fund (including any trading or system error that has occurred in good faith)
shall be borne by the Trading Fund as principal and, accordingly, all gains or
losses accruing shall belong to or be borne by the Trading Fund; provided that,
if a trading error resulting in losses is due to an action or omission of the
Trading Advisor not meeting the applicable standard of conduct set forth in
Section 2(a), such loss shall be borne by the Trading Advisor.

     

    (h)   The
Sponsor and the Trading Fund agree that the Trading Advisor shall be the sole
trading advisor to the Trading Fund absent the Trading Advisor’s prior written
consent.

     

    2.   Standard of Liability;
Indemnification.

     

    (a)   The
Trading Advisor and its affiliates and each of their officers, employees,
directors, shareholders and controlling persons (the “Trading Advisor Parties”)
shall have no liability to the Sponsor, the Aspect Series, the Aspect CS Series,
any other entity that now or in the future invests in the Trading Fund, the
Trading Fund or to any owners of Equity Interests (the “Members”), and shall be
indemnified by the Trading Fund against any loss, liability, claim, damage or
expense (including the reasonable cost of investigating or defending any alleged
loss, liability, claim, damage or expense and reasonable counsel fees incurred
in connection therewith) (“Losses”), for conduct
undertaken as a trading advisor to the Trading Fund or otherwise relating to any
action or omission of the Trading Advisor Parties (or alleged action or
omission) in connection with this Agreement; provided that, such action or
omission (or alleged action or omission) does not constitute gross negligence,
willful misconduct or breach of this Agreement or any fiduciary duty owed by the
Trading Advisor to the Trading Fund and was done in a manner reasonably believed
to be in, or not opposed to, the best interests of the Trading
Fund.  The indemnity provision contained in this Section 2(a) shall
not increase the liability of each of the Aspect Series and the Aspect CS Series
beyond the amount of its capital and profits (exclusive of distributions or
other returns of capital, including redemptions), if any, in the Trading
Fund.

     

    (b)   In the
event the Sponsor, the Aspect Series, the Aspect CS Series, any other entity
that now or in the future invests in the Trading Fund, or the Trading Fund or
their respective principals, affiliates, officers, employees and controlling
persons (collectively, the “Sponsor Parties”) is made a
party to any threatened, pending or completed action, arbitration, claim,
demand, dispute, lawsuit or other proceeding (each a, “Proceeding”) or otherwise
incurs any Losses as a result of, or in connection with, the activities or
claimed activities of any Trading Advisor Party unrelated to the Trading Fund’s
business, the Trading Advisor shall indemnify, defend and hold harmless such
Sponsor Parties against any direct Losses incurred in connection therewith,
except in circumstances where such Proceeding arises either solely or partly as
a result of the gross negligence, willful misconduct or breach of this Agreement
or any fiduciary obligation owed by the relevant Sponsor Parties.

     

    (c)   The
Trading Advisor Parties shall not be liable to the Sponsor Parties (to the
extent permitted by any applicable laws, statutes, rules, regulations or orders
and so far as not inconsistent with the provisions of this Agreement) including
but not limited to any liability arising from the act or omission of any
Clearing Broker (as defined in Section 7), Executing Broker (as defined in
Section 7) or other counterparty, except that the Trading Advisor Parties shall
be liable to the Sponsor Parties for acts 

     

     

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    by the
Trading Advisor Parties with respect to the provision of services hereunder
which constitute gross negligence, willful misconduct or breach of this
Agreement by a Trading Advisor Party.

     

    (d) (i)           Promptly
after receipt by any of the indemnified parties under this Agreement of notice
of any Proceeding, the party or parties seeking indemnification (the “Indemnitee”) shall notify the
party from which indemnification is sought (the “Indemnitor”) in writing of the
commencement thereof if a claim with respect thereof is to be made under this
Agreement.  Failure to notify an Indemnitor on a timely basis shall
only qualify the right to indemnity hereunder to the extent that such failure is
prejudicial to the Indemnitor.

     

    (ii)           The
Indemnitor shall be entitled to participate in the defense of any such
Proceeding and to assume the defense thereof with the assistance of counsel
reasonably satisfactory to the Indemnitee(s).  In any such Proceeding,
the Indemnitee(s) shall have the right to retain its or their own counsel, but
the fees and expenses of such counsel shall be at such Indemnitee’s own expense
unless (A) otherwise agreed by the Indemnitor and such Indemnitee or (B) the
named parties to any such Proceeding (including any impleaded parties) include
both the Indemnitor and the Indemnitee(s), and representation of the foregoing
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them or the existence of different or additional
defenses (it being understood, however, that the Indemnitor shall not be liable
for legal fees or other expenses of more than one separate firm of attorneys for
all such Indemnitee(s), which firm shall be designated in writing by such
Indemnitees and be reasonably acceptable to the Indemnitor).  The
Indemnitee(s) shall cooperate with the Indemnitor in connection with any such
Proceeding and, subject to the Indemnitor’s ongoing obligation of
confidentiality with regard to such information, shall make all personnel, books
and records relevant to the Proceeding available to the Indemnitor and grant
such authorizations or powers of attorney to the agents, representatives and
counsel of the Indemnitor as the Indemnitor may reasonably consider desirable in
connection with the defense of any such Proceeding.

     

    (e)   None of
the indemnifications contained in this Section 2 shall be applicable with
respect to default judgments, confessions of judgment or settlements entered
into by the party or parties claiming indemnification without the prior written
consent, which shall not be unreasonably withheld, of the party obligated to
indemnify such party.

     

    (f)   The
Sponsor may not redeem or otherwise distribute or withdraw assets from the
Trading Fund for the purpose of eliminating or reducing assets available to
satisfy a claim for indemnification of the Trading Advisor pursuant to this
Agreement.  For the avoidance of doubt, the preceding sentence shall
not be construed as restricting the right of the Sponsor to make redemptions
from the Trading Fund for the purpose of satisfying redemption or withdrawal
requests of holders of Equity Interests.

     

    (g)   The
provisions of this Section 2 shall survive the termination of this
Agreement.

     

    3.   Limits on
Claims.

     

    (a)   The
Trading Advisor agrees that it will not take any of the following actions
against the Aspect Series, Aspect CS Series or the Platforms: (i) seek a decree
or order by a court having jurisdiction in the premises (A) for relief in
respect of the Aspect Series, Aspect CS Series or the Platforms in an
involuntary case or proceeding under the Federal Bankruptcy Code or any other
federal or state bankruptcy, insolvency, reorganization, rehabilitation,
liquidation or similar law or (B) adjudging the Aspect Series, Aspect CS Series
or the Platforms bankrupt or insolvent, or seeking reorganization,
rehabilitation, liquidation, arrangement, adjustment or composition of or in
respect of the Aspect Series, Aspect CS Series or the Platforms under the
Federal Bankruptcy Code or any other applicable federal or state law, or
appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
(or other similar 

     

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    official)
of the Aspect Series, Aspect CS Series or the Platforms or of any substantial
part of any of their properties, or ordering the winding up or liquidation of
any of their 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”).

     

    (b)   In
addition, the Trading Advisor agrees that for any obligations due and owing to
it by the Trading Fund, the Trading Advisor will look solely and exclusively to
the assets of the Trading Fund to satisfy its claims and will not seek to attach
or otherwise assert a claim against the assets of the Aspect Series, the Aspect
CS Series, the Platforms, the Sponsor or any of their affiliates, whether there
is a Bankruptcy or Insolvency Action taken or otherwise, except that the Aspect
Series and the Trading Fund agree to be held jointly and severally liable for
any Management Fees or Performance Fees due on the Aspect Series’ interest in
the Trading Fund, and the Trading Fund and the Aspect CS Series agree to be held
jointly and severally liable for any Management Fees or Performance Fees due on
the Aspect CS Series’ interest in the Trading Fund.  For the avoidance
of doubt, the Aspect CS Series and the Aspect Series shall in no way be liable
for Management Fees or Performance Fees due on the each other’s interests in the
Trading Fund.  The parties agree that this provision will survive the
termination of this Agreement, whether terminated in a Bankruptcy or Insolvency
Action or otherwise.

     

    (c)   This
Agreement has been made and executed by and on behalf of the Trading Fund and
the Sponsor, and the obligations of the Trading Fund and/or the Sponsor set
forth herein are not binding upon any of the Members of the Aspect CS Series or
the Aspect Series individually but are binding only upon the assets and property
of the Trading Fund and no resort shall be had to the Members’ personal property
for the satisfaction of any obligation or claim hereunder.  In
addition, no resort shall be had to the assets of the Aspect CS Series or the
Aspect Series, except with regard to Management Fees and Performance Fees as
described in Section 3(b), for the satisfaction of any obligation or claim
hereunder. Subject to Appendix A, for the avoidance of doubt, the parties hereto
acknowledge and agree that the Platforms are organized in series pursuant to
Section 18-215(b) of the Delaware Limited Liability Company Act.  As
such, the debts, liabilities, obligations and expenses incurred, contracted for
or otherwise existing with respect to each Series shall be enforceable against
the assets of such Series only, and not against the assets of the Platforms
generally or the assets of any other Series.

     

    4.   Trading Advisor’s Closing
Obligations.

     

    If
requested by the Sponsor, on or prior to each closing date during the continuous
offering of the Aspect Series (each a “Closing Date”), the Trading
Advisor shall deliver or cause to be delivered, at the expense of the Trading
Advisor, to the Selling Agents (as defined in the Memorandum, “Selling Agents”), the Aspect
Series, the Trading Fund and the Sponsor, the reports, certificates and
documents described below addressed to them and, except as may be set forth
below, dated as of the Closing Date.

     

    (a)   a report
from the Trading Advisor which shall present, for the period from the date after
the last day covered by the Trading Advisor’s performance information as set
forth in the Part Two:  Series Information of the Memorandum to the
latest practicable month–end before the Closing Date, figures which shall show
the actual past performance of the Program (or, if such actual past performance
information is unavailable, then the estimated past performance) for such period
as well as any pro forma performance information for such period reasonably
requested by the Sponsor, and which shall certify that, to the best of its
knowledge, such figures are complete and accurate in all material
respects;

     

    (b)   a
certificate of the Trading Advisor in the form proposed prior to the Closing
Date by counsel to the Sponsor, with such changes in such form as are proposed
by the Trading Advisor or its counsel and are acceptable to the Sponsor and its
counsel so as to make such form mutually acceptable to the Sponsor, the Trading
Advisor and their respective counsel, to the effect that:

     

     

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    (1)   the
representations and warranties of the Trading Advisor contained in this
Agreement are true and correct in all material respects on the date of the
certificate as though made on such date;

     

    (2)   nothing
has come to the Trading Advisor’s attention which would cause the Trading
Advisor to believe that, at any time from: (A) the time the forms required to
register the Units under the Securities Exchange Act of 1934, as amended (such
forms, collectively, the “Form
10”), initially became effective to (B) the Closing Date, the Form 10, as
amended from time to time, or the Memorandum, as supplemented or amended from
time to time, with respect to the Trading Advisor Parties, or with respect to
the Program or performance information, contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading; and

     

    (3)   the
Trading Advisor has performed all covenants and agreements herein contained to
be performed on its part at or prior to the Closing Date.

     

    5.   Independent Contractor
Status.

     

    The
Trading Advisor shall for all purposes herein be deemed to be an independent
contractor with respect to the Sponsor and the Trading Fund, and shall, unless
otherwise expressly authorized, have no authority to act for or to represent the
Trading Fund, the Sponsor, any other commodity trading advisor of the Platforms
or the Selling Agents in any way or otherwise be deemed to be a general agent,
joint venturer or partner of the Trading Fund, the Sponsor, any other commodity
trading advisor of the Platforms or the Selling Agents, or in any way be
responsible for the acts or omissions of the Trading Fund, the Sponsor, any
other commodity trading advisor of the Platforms or the Selling Agents as long
as it is acting independently of such persons.

     

    6.   Confidentiality.

     

    The
Sponsor acknowledges that the Program is the confidential property of the
Trading Advisor.  Nothing in this Agreement shall require the Trading
Advisor to disclose the confidential or proprietary details of the Program
and/or the Trading Advisor’s trading programs generally, its systems,
methodologies, trading techniques, research, strategies, models and other
commercial information, except only to the extent that such disclosure may be
legally compelled under applicable law or may be required under Section 12(d) or
(e).  The Sponsor further agrees that it will keep confidential and
will not disclose to any third party (including any Members) or to its own
employees other than on a “need to know” basis the Trading Advisor’s trading
advice to the Trading Fund, except as, and to the extent that, it may be
determined by the Sponsor to be expressly required by: (i) any law or statute;
(ii) governmental, regulatory or self-regulatory agency or organization, rule,
regulation or order; (iii) the request of any governmental, regulatory or
self-regulatory agency or organization; (iv) valid legal process; or (v) as
otherwise authorized by the Trading Advisor from time to time.  The
Trading Fund and the Sponsor further agree that they shall not copy, disclose,
misuse, misappropriate or reverse engineer or otherwise appropriate or make use
of in any manner the investment and trading strategies, systems, algorithms,
models, techniques, methods, policies, programs and analyses previously,
currently or hereafter used by the Trading Advisor in the conduct of its
business including all data, details, components, specifications, codes,
formulae, know-how (technical or otherwise), electronic data processing systems,
computer software programs and computer hardware systems relating to the
foregoing, and all embodiments, articulations, applications, expressions and
reproductions of any of the foregoing including, without limitation, documents,
notes, print-outs, work papers, charts, diskettes, tapes and
manuals.  For the avoidance of doubt, all performance information
relating to the Program, the Trading Fund, the Aspect 

     

     

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    Series
and the Aspect CS Series that is provided on an intra-month basis, and all
exposure reports, shall be deemed confidential information and not distributed
to Members or any other party, except as otherwise indicated in clauses (i)
through (v) above.

     

    7.   Clearing Broker; Executing
Broker.

     

    (a)   All
Futures Interest trades, including foreign exchange trades, for the accounts of
the Trading Fund shall be cleared through such commodity clearing broker or
brokers as the Sponsor directs.  The Trading Fund will clear Futures
Interest trades through Credit Suisse Securities (USA) LLC (“Credit Suisse Securities” or
the “Clearing
Broker”).

     

    (b)   All
foreign exchange trades for the accounts of the Trading Fund shall be executed
through such commodity broker or brokers and banks (or other forward dealers) as
the Trading Advisor may consider necessary or appropriate in its reasonable
discretion and which are pre-approved by the Sponsor, which approval shall not
be unreasonably withheld.

     

    (c)   All
Futures Interest trades, other than foreign exchange trades, for the accounts of
the Trading Fund shall be executed through such commodity broker or brokers and
banks (the “Executing
Brokers”) as the Trading Advisor may consider necessary or appropriate in
its reasonable discretion if such broker(s) agree to “give up” all transactions
to the Clearing Broker for clearance subject to Section 1(a)(iii).  If
the Trading Fund is not a signatory to the resulting give-up agreements pursuant
to Section 1(a)(iii), the Trading Advisor shall notify the Sponsor and the
Trading Fund from time to time in writing of the Executing Brokers selected by
the Trading Advisor.

     

     (d)           The
Sponsor has retained UBS Financial Services Inc. as a selling agent for the
Aspect Series and will retain Credit Suisse Securities as a selling agent for
the Aspect CS Series; provided however that the Sponsor shall obtain the Trading
Advisor’s prior written consent prior to appointing any other selling agents for
the Aspect Series or the Aspect CS Series.

     

    8.   Brokerage Confirmations and
Reports.

     

    The
Sponsor will instruct the Clearing Broker to furnish the Trading Advisor with
copies of all trade confirmations, daily equity runs and monthly trading
statements relating to the Trading Fund.  The Trading Advisor will
maintain records and will monitor all open positions relating thereto; provided,
however, that the Trading Advisor shall not be responsible for any errors by the
Clearing Broker or any other brokers appointed pursuant to Section 7 as long as
the Trading Advisor’s actions or omissions, if any, relating to such error are
consistent with the standard set forth in Section 2(a).  The Sponsor
will also furnish the Trading Advisor with a copy of the form of all reports,
including but not limited to, monthly, quarterly and annual reports, sent to the
Members, and copies of all reports filed with the Securities and Exchange
Commission, the CFTC or the NFA.  The Trading Advisor shall, at the
Sponsor’s request, make a good faith effort to provide the Sponsor with copies
of all trade confirmations, daily equity runs, monthly trading reports or other
reports sent to the Trading Advisor by the Clearing Broker regarding the Trading
Fund, provided that such confirmations and reports are actually in the Trading
Advisor’s possession or control, as the Sponsor deems appropriate and in
circumstances where the Sponsor cannot obtain copies of these confirmations and
reports on its own behalf.  Upon request, the Sponsor will provide the
Trading Advisor with accurate information with respect to the Trading
Fund.

     

    9.   Fees.

     

    (a)   In
consideration of and in compensation for the performance of the Trading
Advisor’s services under this Agreement, the Trading Advisor shall receive from
the Trading Fund a management

     

     

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

     fee
(the “Management Fee”)
and a performance fee (the “Performance Fee”) as set forth
in the “Appendix A — Fee Schedule” hereto.

     

    (b)   Management
Fees and Performance Fees (including, if applicable, any United Kingdom value
added tax or any analogous taxation thereon) shall be paid within twenty
Business Days following the end of the period for which they are payable, unless
the Sponsor is unable to value a material portion of the Trading Fund’s
positions, in which case the Management Fees and Performance Fees will be paid
as soon as reasonably possible after such positions have been
valued.  For the avoidance of doubt, all fees and expenses payable
under this Agreement shall be stated exclusive of any United Kingdom value added
tax or any analogous taxation payable or chargeable thereon and, if applicable,
the Trading Fund shall pay to the Trading Advisor an amount equal to any United
Kingdom value added tax or any analogous taxation so chargeable against
production by the Trading Advisor of an appropriate tax invoice addressed to the
Trading Fund.  If a Performance Fee shall have been paid by the
Trading Fund to the Trading Advisor in respect of any calendar quarter and the
Trading Advisor shall incur subsequent losses in trading on behalf of the
Trading Fund, the Trading Advisor shall nevertheless be entitled to retain
amounts previously paid to it in respect of New Net Trading Profits (as defined
in Appendix A).

     

    (c)   The
Trading Advisor will be provided by the Sponsor with the data used by the
Sponsor to compute the foregoing fees within twenty Business Days of the end of
the relevant period.

     

    (d)   For
purposes of allocating fees hereunder, the Trading Fund shall issue a separate
series of shares with respect to, or otherwise separately account for, the
Aspect Series, the Aspect CS Series, and any series of the AlphaMosaic
Platform.  Additional series may be issued to new investors with the
prior written consent of the Trading Advisor.

     

    10.   Term and Termination;
Removal of the Sponsor.

     

    (a)   This
Agreement shall commence on the date hereof and, unless sooner terminated
pursuant to sections (b), (c), (e) or (f) of this Section 10, shall continue in
effect until the close of business on March 31, 2010 (the “Initial
Term”).  After the expiration of the Initial Term, unless
sooner terminated, 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 then-current term.  Notice of any such termination
shall require thirty (30) days’ prior written notice.

     

    (b)   This
Agreement may be terminated at any time at the election of the Sponsor in its
sole discretion upon at least one Business Day’s prior written notice to the
Trading Advisor.  The Sponsor will use its reasonable best efforts to
cause any termination to occur as of a month-end.

     

    (c)   The
Trading Advisor shall have the right to terminate this Agreement at any time
upon ten (10) days’ written notice to the Trading Fund and the Sponsor in the
event (i) of the receipt by the Trading Advisor of an opinion of independent
counsel satisfactory to the Trading Advisor and the Trading Fund that by reason
of the Trading Advisor’s activities with respect to the Trading Fund, it is
required to register as an investment adviser under the Investment Advisers Act
of 1940, as amended, or under the laws of any state and it is not so registered;
(ii) that the registration of the Sponsor as a commodity pool operator under the
CEA, or its NFA membership in such capacity, is revoked, suspended, terminated
or not renewed; (iii) the Sponsor imposes additional trading limitation(s)
pursuant to Section 1 of this Agreement which the Trading Advisor does not agree
to follow in its management of the Trading Fund, or the Sponsor overrides
trading instructions of the Trading Advisor or does not consent to a material
change to the Program requested by the Trading Advisor; (iv) the Sponsor elects
(pursuant to Section 1 of this Agreement) to have the Trading Advisor use a
different program in the 

     

     

     

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    Trading
Advisor’s management of the Trading Fund’s assets from that which the Trading
Advisor is then using to manage such assets and the Trading Advisor objects to
using such different program; (v) there is an unauthorized assignment of this
Agreement by the Trading Fund or the Sponsor; (vi) there is a material breach of
this Agreement by the Trading Fund and/or the Sponsor after giving written
notice to the Sponsor which identifies such breach and such material breach has
not been cured within ten Business Days following receipt of such notice by the
Sponsor; or (vii) other good cause is shown and the written consent of the
Sponsor is obtained (which shall not be unreasonably withheld or
delayed).  In the event that the Trading Advisor terminates the
Agreement in accordance with this clause 10(c), the Trading Advisor shall use
reasonable endeavours to liquidate the assets of the Account in an orderly and
mutually agreed upon fashion given the market conditions at the time and the
nature of the positions held in the Account with due regard for the best
interests of the Trading Fund.

     

    (d)   Notwithstanding
any other provisions to the contrary, the Trading Advisor or the Trading Fund
may terminate this Agreement upon thirty (30) days’ prior written
notice.  In the event that the Trading Advisor terminates the
Agreement in accordance with this clause 10(d), the Trading Advisor shall use
reasonable endeavours to liquidate the assets of the Account in an orderly and
mutually agreed upon fashion given the market conditions at the time and the
nature of the positions held in the Account with due regard for the best
interests of the Trading Fund.

     

    (e)   In the
event that this Agreement is terminated pursuant to this Section 10 the Trading
Advisor shall be entitled to, and the Trading Fund shall pay, the Management Fee
and the Performance 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 Trading
Advisor had such assets under management, and (ii) with respect to the
Performance Fee, if any, as if the effective date of termination was the last
day of the then current calendar quarter.  The rights of the Trading
Advisor to fees earned through the earlier to occur of the date of expiration or
termination shall survive this Agreement until satisfied.

     

    (f)   This
Agreement shall terminate:

     

     

    (1)           immediately
if the performance of this Agreement shall become illegal under the laws of
England; or

     

    (2)           immediately
if the Trading Advisor ceases to hold the appropriate authorization under Part
IV of the United Kingdom’s Financial Services and Markets Act 2000 enabling the
Trading Advisor to carry out its duties under this Agreement; or

     

    (3)           immediately
in the event that the Trading Advisor, the Sponsor or the Trading Fund has
become insolvent, a valid and binding petition is presented for the winding up
of any of them (other than a voluntary liquidation for the purpose of
reconstruction or amalgamation forthwith to be carried into effect) or seeks to
enter into a formal arrangement with its creditors.

    

    (g)   Notwithstanding
anything to the contrary (implied or explicit) in this Agreement, a majority by
the Units of the Aspect Series or the Aspect CS Series can vote (in a meeting or
by written consent) to remove the Sponsor with respect to the Aspect Series or
the Aspect CS Series, respectively, and replace the Sponsor with a third party
of their choice.  If the Sponsor is so removed for both the Aspect
Series and the Aspect CS Series, this Agreement, the Aspect Series, the Aspect
CS Series and the Trading Fund shall be terminated.

     

     

     

    
      
        
        

      

      
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    11.   Liquidation of
Positions.

     

    The
Trading Advisor agrees to liquidate open positions in the amount that the
Sponsor informs the Trading Advisor, in writing via facsimile or email, that the
Sponsor considers necessary or advisable to liquidate in order to (i) effect any
termination or reallocation pursuant to this Agreement, (ii) fund its pro rata share of any
redemption, exchange, distribution or Trading Fund expense or (iii) comply with
any other provision herein.  The Sponsor shall not, however, have
authority to instruct the Trading Advisor as to which specific open positions to
liquidate, except as otherwise provided herein.  The Sponsor shall
provide the Trading Advisor with such reasonable prior notice of such
liquidation as is practicable under the circumstances and will endeavor to
provide at least one Business Days’ prior notice.  The Trading Fund
and the Sponsor hereby acknowledge that any such liquidation of positions in the
circumstances contemplated in this Section 11 may reduce the value of such
positions relative to the amount that may have been realized if the same had
remained subject to the normal course of application of the Program, and that
the Trading Advisor shall have no liability for any such reduction in value if
such liquidation is made in a manner consistent with the standard set forth in
Section 2(a).

     

    12.   Other Accounts of the
Trading Advisor; Exclusivity.

     

    (a)   The
Trading Advisor shall be free to manage and trade accounts for other investors
(including other public and private commodity pools) during the term of this
Agreement and to use the same or other information and trading approach utilized
in the performance of services for the Trading Fund for such other accounts so
long as the Trading Advisor’s ability to carry out its obligations and duties to
the Trading Fund pursuant to this Agreement is not materially impaired
thereby.  In addition, the Trading Advisor Parties also will be
permitted to trade in Futures Interests using the Program or otherwise for their
own accounts, so long as the Trading Advisor’s ability to carry out its
obligations and duties to the Trading Fund pursuant to this Agreement is not
materially impaired thereby.  Neither the Trading Advisor nor the
Trading Advisor Parties shall be liable to account to the Sponsor or the Trading
Fund for any profit, commission or remuneration made or received from or by
reason of such transactions or any connected transactions and the Trading
Advisor’s fees shall not, unless otherwise provided, be abated
thereby.

     

    (b)   The
Trading Fund and the Sponsor each agree that the Trading Advisor may (but only
in accordance with the rules set out in the Financial Services Authority (“FSA”) Handbooks (the “FSA Rules”)) combine orders
for the Trading Fund with the Trading Advisor’s own orders or orders of any
Trading Advisor Party, or with the orders of any other client of the Trading
Advisor and that such combination of orders may, on some occasions, produce a
more favorable price and, on others, a less favorable price than that which the
Trading Fund would have obtained had the Trading Fund’s order been executed
separately.

     

    (c)   The
Trading Advisor agrees, in its management of accounts other than the account of
the Trading Fund, that it will not knowingly or deliberately favor on an overall
basis any other account managed or controlled by it or any of the Trading
Advisor Parties (in whole or in part) over the Trading Fund.  The
preceding sentence shall not be interpreted to preclude (i) the Trading Advisor
from charging another client fees which differ from the fees to be paid to it
hereunder or otherwise establishing business terms for an account that are
different than (and superior to) the business terms of the Trading Fund or the
Series; (ii) the use of a different trading approach for another account,
including a trading approach that is more profitable and/or less volatile than
the Program; or (iii) an adjustment by the Trading Advisor in the implementation
of the Program which is undertaken by the Trading Advisor in good faith in order
to accommodate additional accounts.  The Trading Advisor, upon
reasonable request and receipt of adequate assurances of confidentiality, shall
provide the Sponsor with an explanation of the differences, if any, in
performance between the Trading Fund and any other similar account traded
pursuant to the Program for which the Trading Advisor acts as a commodity
trading advisor (in whole or in part).

     

     

     

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

     

    (d)   Upon the
reasonable request of, and upon reasonable notice of not less than three
Business Days from, the Sponsor, the Trading Advisor shall permit the Sponsor to
review at the Trading Advisor’s offices during normal business hours such
trading records as it reasonably may request for the purpose of confirming that
the Trading Fund has been treated equitably on an overall basis with respect to
advice rendered during the term of this Agreement by the Trading Advisor in
relation to other accounts managed by the Trading Advisor pursuant to the
Program (for the avoidance of doubt, the parties acknowledge that the Sponsor
may inspect, subject to such restrictions as the Trading Advisor may reasonably
deem necessary or advisable so as to preserve the confidentiality of proprietary
information and the identity of its clients:  (i) such trading records
of the accounts managed by the Trading Advisor pursuant to the Program and (ii)
certain performance information of other accounts traded pursuant to the
Program, during normal business hours as the Sponsor reasonably may request; in
each case provided, however, that the Trading Advisor shall not be required by
the foregoing to reveal any information the disclosure of which would cause the
Trading Advisor to breach any other contractual confidentiality obligations to
which the Trading Advisor is subject).  The Trading 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 Sponsor
shall keep confidential all such information obtained by it from the Trading
Advisor.

     

    13.   Speculative Position
Limits.

     

    If, at
any time during the term of this Agreement, it appears to the Trading Advisor
that it may be required to aggregate the Trading Fund’s positions with the
positions of any other accounts the Trading Advisor or any other Trading Advisor
Party owns or controls for purposes of applying the speculative position limits
of the CFTC, any exchange, self-regulatory body or governmental authority, the
Trading Advisor will notify the Sponsor as promptly as reasonably practicable
under the circumstances if the Trading Fund’s positions under the Trading
Advisor’s management are included in an aggregate amount which equals or exceeds
the applicable speculative limit.  The Trading Advisor agrees that, if
its trading recommendations pursuant to the Program are altered because of the
potential application of speculative position limits, the Trading Advisor will
modify its trading instructions to the Trading Fund and its other accounts in a
good faith effort to achieve an equitable treatment of all accounts (for the
avoidance of doubt, the Trading Advisor will liquidate Futures Interest
positions and/or limit the taking of new positions in all accounts it manages,
including the Trading Fund, as nearly as possible in proportion to the assets
available for trading of the respective accounts to the extent necessary to
comply with applicable speculative position limits).  The Trading
Advisor presently believes that the Program can be implemented for the benefit
of the Trading Fund notwithstanding the possibility that, from time to time,
speculative position limits may become applicable.

     

    14.   Redemptions, Exchanges,
Distributions, Subscriptions.

     

    The
Sponsor will use its reasonable efforts to give the Trading Advisor at least
three Business Days’ prior written notice of any proposed redemptions, exchanges
or distributions as well as of any pending subscriptions.

     

    15.   The Trading Advisor’s
Representations and Warranties.

     

    The
Trading Advisor represents and warrants to the Sponsor and the Trading Fund
that:

     

    (a)   All
references to the Trading Advisor, its principals and the Program in the
Memorandum are complete and accurate in all material respects as of the date of
such Memorandum and the Memorandum does not contain any untrue statement of a
material fact regarding the Trading Advisor, its principals or the Program or
omit to state a material fact regarding the Trading Advisor, its 

     

     

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    principals
or the Program which is necessary to make the statements therein not
misleading.

     

    (b)   The
information with respect to the Trading Advisor set forth in the actual
performance tables in the Memorandum complies in all material respects with the
CFTC rules.  The Disclosure Document complies in all material respects
with the applicable regulations promulgated under the CEA by the CFTC and the
NFA Rules.

     

    (c)   The
Trading Advisor is duly registered under the CEA as a commodity trading advisor,
is a member of the NFA in such capacity, is in compliance with such other
registration and licensing requirements as shall be necessary to enable it to
perform its obligations hereunder and agrees to maintain and renew such
registrations and licenses during the term of this Agreement.

     

    (d)   The
Trading Advisor has complied, and will continue to comply, in all material
respects with all laws, statutes, rules, regulations and orders having
application to its business, properties and assets, the violation of which might
reasonably be expected, in the Trading Advisor’s best knowledge and belief, to
materially and adversely affect its ability to comply with and perform its
obligations under this Agreement.  As of the date hereof, there are no
threatened, pending or completed actions, arbitrations, claims, demands,
disputes, lawsuits or other proceedings, notices of investigation or
investigations pending or, to the best knowledge and belief of the Trading
Advisor, threatened against any Trading Advisor Party regarding noncompliance
with any applicable laws, statutes, rules, regulations or orders, or at law or
in equity, or before or by any court, any foreign, federal, state, municipal or
other governmental department, commission, board, bureau, agency or
instrumentality, or any governmental, regulatory or self-regulatory agency,
organization, exchange or other body, in each case in which an adverse decision
might reasonably be expected, in the Trading Advisor’s best knowledge and
belief, to materially and adversely affect its ability to comply with or perform
its obligations under this Agreement or result in a material adverse change in
the condition, financial or otherwise, business or prospects of the Trading
Advisor.

     

    (e)   The
Trading Advisor is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its formation and has full power and authority
to enter into this Agreement and to provide the services required of it
hereunder.  The Trading Advisor is qualified to conduct business and
is in good standing in every jurisdiction in which the nature or conduct of its
business requires such qualification and the failure to qualify might reasonably
be expected to have a materially adverse effect on its ability to comply with or
perform its obligations under this Agreement (it being understood that any
decision as to the jurisdiction or jurisdictions in which the Trading Advisor
shall conduct its business is within the sole discretion of the Trading
Advisor).

     

    (f)   The
execution and delivery of this Agreement and the incurrence and performance of
the obligations contemplated in this Agreement by the Trading Advisor will not
conflict with, violate, breach or constitute a default under any term or
provision of its certificate of incorporation, by-laws or other charter or
governing documents, or any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Trading Advisor is a party, or by
which it is bound, or to which any of the property or assets of the Trading
Advisor is subject, or any laws, statutes, rules, regulations, orders or other
legal requirement applicable to the Trading Advisor or to the property or assets
of the Trading Advisor of any court or any regulatory authority having
jurisdiction over the Trading Advisor.

     

    (g)   This
Agreement has been duly and validly authorized, executed and delivered by the
Trading Advisor and is a valid and binding agreement of the Trading Advisor
enforceable in accordance with its terms.

     

     

     

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

     

    (h)   At any
time during the term of this Agreement that a disclosure document relating to
any Equity Interests is required to be delivered in connection with the offer
and sale thereof, the Trading Advisor agrees upon the request of the Sponsor to
provide the Sponsor with such information as shall be necessary so that, as to
the Trading Advisor Parties, such disclosure document is complete and accurate
in all material respects.

     

    (i)   The
Trading Advisor is not bankrupt or insolvent.

     

    (j)   The
Trading Advisor will use its reasonable best efforts to implement a fair and
consistent allocation policy which seeks to ensure that all clients are treated
equitably and positions allocated as nearly as possible in proportion to the
assets available for trading of the accounts managed or controlled by
it.

     

    All
representations, warranties and covenants contained in this Agreement shall be
continuing during the term of this Agreement and shall survive the termination
of this Agreement with respect to any matter arising while this Agreement was in
effect.  The Trading Advisor hereby agrees that as of the date of this
Agreement it is, and during its term shall be, in compliance with its
representations, warranties and covenants herein contained.  In
addition, if at any time any event occurs which would make such representations,
warranties or covenants not true, the Trading Advisor will promptly notify the
other parties of such facts in the manner provided below.  All
representations, warranties and covenants herein contained shall inure to the
benefit of the party to whom it is addressed and its respective heirs,
executors, administrators, legal representatives, successors and permitted
assigns.

     

    16.   The Sponsor’s
Representations and Warranties.

     

    The
Sponsor represents and warrants to the Trading Advisor for itself and the
Trading Fund, Aspect Series and Aspect CS Series that:

     

    (a)   The
Memorandum and marketing materials relating to the Equity Interests as
supplemented and amended from time to time are complete and accurate in all
material respects and do not contain any untrue statement of a material fact or
omit to state a material fact which is necessary to make the statements therein
not misleading, except that the foregoing representation does not apply to any
statement or omission concerning any Trading Advisor Party in the Memorandum,
made in reliance upon, and in conformity with, information furnished to the
Sponsor by or on behalf of any Trading Advisor Party expressly for use in the
Memorandum.

     

    (b)   The
Sponsor is a limited liability company duly organized, validly existing and in
good standing under the laws of the State of Delaware and has full power and
authority to perform its obligations under this Agreement.  The
Sponsor will be qualified to conduct business and will be in good standing in
every jurisdiction in which the nature or conduct of its business requires such
qualification and the failure to qualify might reasonably be expected to have a
materially adverse effect on its ability to comply with or perform its
obligations under this Agreement (it being understood that any decision as to
the jurisdiction or jurisdictions in which the Sponsor shall conduct its
business is within the sole discretion of the Sponsor).

     

    (c)   The
Sponsor, Trading Fund, Aspect Series and Aspect CS Series have the capacity and
authority to enter into this Agreement.

     

    (d)   This
Agreement has been duly and validly authorized, executed and delivered on behalf
of the Sponsor, Trading Fund, Aspect Series and Aspect CS Series and is a valid
and binding agreement

     

     

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

     of
the Sponsor, Trading Fund, Aspect Series and Aspect CS Series enforceable in
accordance with its terms.

     

    (e)   The
execution and delivery of this Agreement and the incurrence and performance of
the obligations contemplated in this Agreement by the Sponsor, Trading Fund,
Aspect Series and Aspect CS Series, respectively, will not conflict with,
violate, breach or constitute a default under any term or provision of the
certificates of incorporation, by-laws or other charter or governing documents
of the Sponsor, Trading Fund, Aspect Series or Aspect CS Series, or any
indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Sponsor, Trading Fund, Aspect Series or Aspect CS Series
is a party, or by which either the Sponsor, Trading Fund, Aspect Series or
Aspect CS Series is bound, or to which any of the property or assets of the
Sponsor, Trading Fund, Aspect Series or Aspect CS Series, as the case may be, is
subject, or any law, statute, rule, regulation, order or other legal requirement
applicable to the Sponsor, Trading Fund, Aspect Series or Aspect CS Series or to
the property or assets of the Sponsor, Trading Fund, Aspect Series or Aspect CS
Series of any court or any regulatory authority having jurisdiction over the
Sponsor, Trading Fund, Aspect Series or Aspect CS Series.

     

    (f)   The
Sponsor is registered as a commodity pool operator and is a member of the NFA,
and it will maintain and renew such registration and membership during the term
of this Agreement.

     

    (g)   The
Trading Fund is a company organized and validly existing under the laws of the
Cayman Islands and has full power and authority to enter into this Agreement and
to perform its obligations under this Agreement.  The Aspect Series
and the Aspect CS Series are validly existing series of AlphaMetrix Managed
Futures LLC and AlphaMetrix Managed Futures II LLC, respectively, each of which,
is a limited liability company organized and validly existing under the laws of
the State of Delaware, respectively, and the Aspect Series and the Aspect CS
Series each has full power and authority to enter into this Agreement and to
perform its obligations under this Agreement  The Trading Fund, Aspect
Series and Aspect CS Series will be qualified to conduct business and will be in
good standing in every jurisdiction in which the nature or conduct of their
business requires such qualification and the failure to qualify might reasonably
be expected to have a materially adverse effect on their ability to comply with
or perform their obligations under this Agreement (it being understood that any
decision as to the jurisdiction or jurisdictions in which the Trading Fund,
Aspect Series or Aspect CS Series shall conduct its business is within the sole
discretion of the Trading Fund, Aspect Series or Aspect CS Series,
respectively).

     

    (h)   The
Sponsor, Trading Fund, Aspect Series and Aspect CS Series have each complied,
and will continue to comply in all material respects with all laws, statutes,
rules, regulations and orders having application to its business, properties and
assets, the violation of which might reasonably be expected, in the Sponsor’s or
the Trading Fund’s, Aspect Series’ or Aspect CS Series’ best knowledge and
belief, to materially and adversely affect its ability to comply with and
perform its obligations under this Agreement and in connection with the offering
of any Equity Interests.  As of the date hereof, there are no
threatened, pending or completed actions, arbitrations, claims, demands,
disputes, lawsuits or other proceedings, notices of investigation or
investigations pending or, to the best knowledge and belief of the Sponsor,
Trading Fund, Aspect Series or Aspect CS Series threatened against the Sponsor,
Trading Fund, Aspect Series or Aspect CS Series, as the case may be, regarding
noncompliance with any applicable laws, statutes, rules, regulations or orders,
or at law or in equity, or before or by any court, any foreign, federal, state,
municipal or other governmental department, commission, board, bureau, agency or
instrumentality, or any governmental, regulatory or self-regulatory agency,
organization, exchange or other body, in which an adverse decision might
reasonably be expected, in the Sponsor’s or the Trading Fund’s, Aspect Series’
or Aspect CS Series’ best knowledge and belief, to materially and adversely
affect its ability to comply with or perform its obligations under this
Agreement or result in a material adverse 

     

     

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    change in
the condition, financial or otherwise, business or prospects of the Sponsor,
Trading Fund, Aspect Series or Aspect CS Series.

     

    (i)   None of
the Sponsor, the Trading Fund, the Aspect Series or the Aspect CS Series is
bankrupt or insolvent.

     

    (j)   Each of
the Sponsor, Trading Fund, Aspect Series and Aspect CS Series have read and
understood the Disclosure Document (including the Risk Disclosure Statement
contained therein) and they are aware of the risks inherent in the Program
(including, without limitation, the risks inherent in trading in the Futures
Interests envisaged by the Program).

     

    (k)   The
Trading Fund shall be exclusively owned by the Aspect Series, the Aspect CS
Series and (directly or indirectly) the AlphaMosaic Platform.  As of
August 31, 2009, the Intermediate Fund was dissolved and no longer invests in
the Trading Fund.  Additional entities may invest in the Trading Fund
with the prior written consent of the Trading Advisor.

     

    (l)   Subject
to the other provisions contained herein, the Sponsor shall provide the Trading
Advisor with advance written notice of at least one week regarding any
structural changes to the Trading Fund, the Aspect Series or the Aspect CS
Series.  The parties agree that any such restructuring shall not have
any adverse affect on the Trading Advisor or its ability to provide investment
management services to the Trading Fund.

     

    (m)   The
Trading Fund is not a “benefit plan investor” (as defined below) and the Trading
Fund and Sponsor agree to notify the Trading Advisor immediately if the Trading
Fund becomes a benefit plan investor.  As used herein, “benefit plan
investor” means (a) any “employee benefit plan” as defined in, and subject to
the fiduciary responsibility provisions of, the U.S. Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), (b) any “plan” as defined in and
subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended
(the “Code”), and (c) any entity deemed for any purpose of ERISA or Section 4975
of the Code to hold "plan assets" of any such employee benefit plan or plan due
to investments made in such entity by already described benefit plan investors
(as determined under Section 3(42) of ERISA).

     

    (n)   The
Trading Fund is a “qualified eligible person” as that term is defined in CFTC
Regulation 4.7.

     

    All
representations, warranties and covenants contained in this Agreement shall be
continuing during the term of this Agreement and shall survive the termination
of this Agreement with respect to any matter arising while this Agreement was in
effect.  The Sponsor, Trading Fund, Aspect Series and Aspect CS Series
hereby each agree that as of the date of this Agreement each of them is, and
during its term shall be, in compliance with its respective representations,
warranties and covenants herein contained.  In addition, if at any
time any event occurs which would make such representations, warranties or
covenants not true, the Sponsor, Trading Fund, Aspect Series and Aspect CS
Series will each promptly notify the other parties of such facts in the manner
provided below.  All representations, warranties and covenants herein
contained shall inure to the benefit of the party to whom it is addressed and
its respective heirs, executors, administrators, legal representatives,
successors and permitted assigns.

     

    17.   Assignment.

     

    This
Agreement may not be assigned by any of the parties hereto without the express
prior written consent of the other parties hereto.  Notwithstanding
the above, the Sponsor and the Trading Advisor may assign its respective
interest in this Agreement (a) to an affiliate of the Sponsor or the

     

     

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    Trading
Advisor, as the case may be, upon notice only (which need not be prior notice)
to the other parties hereto, or (b) in connection with the sale or transfer of
all or a material portion of the Sponsor’s or the Trading Advisor’s respective
equity or assets.

     

    18.   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.  The terms “successors” and “assigns” shall not
include any Members.

     

    19.   Amendment or Modification or
Waiver; Amendment and Restatement.

     

    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.  This Agreement amends and restates the Original Agreement in
its entirety and supersedes that certain letter agreement between the Sponsor
and the Trading Advisor dated December 1, 2008.

     

    20.   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 shall be delivered personally or by registered mail,
postage prepaid, return receipt requested, or by facsimile or email, 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 Sponsor:

               

              ALPHAMETRIX,
      LLC

              181
      West Madison

              Suite
      3825

              Chicago,
      Illinois  60602

              Attn:  Legal
      Department

              Facsimile:  312.267.8484

              Email:
      ltamburini@alphametrix.com

            	
              If
      to the Trading Fund:

               

              ALPHAMETRIX
      ASPECT FUND – MT001

              c/o
      AlphaMetrix, LLC

              181
      West Madison

              Suite
      3825

              Chicago,
      Illinois  60602

              Attn:  Legal
      Department

              Facsimile:  312.267.8484

              Email:
      ltamburini@alphametrix.com

            
	
              If
      to the Aspect Series:

               

              ALPHAMETRIX
      MANAGED FUTURES LLC (ASPECT SERIES)

              c/o
      AlphaMetrix, LLC

              181
      West Madison

              Suite
      3825

              Chicago,
      Illinois  60602

              Attn:  Legal
      Department

              Facsimile:  312.267.8484

              Email:
      ltamburini@alphametrix.com

            	
              If
      to the Aspect CS Series:

              
ALPHAMETRIX
      MANAGED FUTURES II LLC (ASPECT CS SERIES)

              c/o
      AlphaMetrix, LLC

              181
      West Madison

              Suite
      3825

              Chicago,
      Illinois  60602

              Attn:  Legal
      Department

              Facsimile:  312.267.8484

              Email:
      ltamburini @alphametrix.com

            

    

     

     

     

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    
 

    
      	
              If
      to the Trading Advisor:

              
ASPECT
      CAPITAL LIMITED

              Nations
      House

              103
      Wigmore Street

              London,
      W1U 1QS

              England

              Attn:  Legal
      Department

              Facsimile:  +44
      (20) 7170-9680

              Email:
      legal@aspectcapital.com

            	 
      

    

    

    21.   Governing
Law.

     

    Each
party agrees that this Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to
conflict of laws principles, and all parties consent to the exclusive
jurisdiction of the federal or state courts located in Chicago, Illinois,
U.S.A.

     

    22.   Survival.

     

    All
representations, warranties and covenants in this Agreement, or contained in
certificates required to be delivered hereunder shall survive the termination of
this Agreement, with respect to any matter arising while this Agreement was in
effect.  Furthermore, all representations, warranties and covenants
hereunder shall inure to the benefit of each of the parties to this Agreement
and their respective successors and permitted assigns.

     

    23.   Disclosure Document
Modifications.

     

    The
Trading Advisor shall promptly furnish the Sponsor with a copy of all
modifications to the Disclosure Document when available for
distribution.  Upon receipt of any modified Disclosure Document by the
Sponsor, the Sponsor will provide the Trading Advisor with an acknowledgement of
receipt thereof.

     

    24.   Promotional
Literature.

     

    (a)   Each
party agrees that prior to using any promotional literature (including but not
limited to pitchbooks, summary sheets or databases) in which reference to the
other parties hereto is made, they shall: (i) furnish a copy of such information
to each of the other parties for their consideration and approval prior to the
use of such information; (ii) provide such other parties with a reasonable
period within which to review and approve such promotional literature, such
approval not to be unreasonably withheld or delayed; and (iii) 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.

     

    (b)           The
parties hereby agree that the Trading Advisor shall not be responsible for
compliance with applicable law for marketing pages relating to the Aspect
Series, the Aspect CS Series or the Platforms; provided however that the Trading
Advisor shall be responsible for compliance with applicable law with respect to
the accuracy of performance and other information with respect to the Trading
Advisor and its trading strategy provided to the Sponsor by the Trading Advisor
in writing for inclusion in such marketing pages.

     

     

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

     

    25.   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.

     

    26.   No Liability of
Members.

     

    This
Agreement has been made and executed by and on behalf of the Trading Fund, the
Aspect Series and the Aspect CS Series and the obligations of the Trading Fund,
the Aspect Series, the Aspect CS Series and/or the Sponsor set forth herein are
not binding upon any of the Members individually, but rather, are binding only
upon the assets and property of the Trading Fund, the Aspect Series, the Aspect
CS Series and, to the extent provided herein, upon the assets and property of
the Sponsor.

     

    27.   Third-Party
Beneficiaries.

     

    The
Trading Advisor Parties and the Sponsor Parties shall be third-party
beneficiaries of the applicable provisions of this Agreement.

     

    28.   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.

     

    29.   Complete
Agreement.

     

    This
Agreement and the representation letter dated as of November 1, 2008 together
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.

     

    30.   Counterparts.

     

    This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.  Signatures on this Agreement may be communicated by
facsimile or electronic mail transmission and shall be binding upon the parties
so transmitting their signatures.  Counterparts with original
signatures shall be provided to the other parties following the applicable
facsimile or electronic mail transmission; provided that, the failure to provide
the original counterpart shall have no effect on the validity or the binding
nature of this Agreement.

     

    31.   Miscellaneous.

     

    (a)   The
Trading Advisor is authorized and regulated by the FSA.

     

    (b)   The
Sponsor and the Trading Fund each acknowledge and agree that:

     

    (1)   no
assurance, representation, warranty or guarantee has been given to the Sponsor
or the Trading Fund by the Trading Advisor or any other person that the
provision of 

     

     

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

     
services by the Trading Advisor hereunder or the Program will generate profits
(or not generate losses) or that past results are indicative of future
performance; and

     

    (2)   the
Trading Advisor has classified the Trading Fund as an “Intermediate Customer” as
that term is defined in the FSA Rules.

     

    (c)   If any
provision hereof is, or at any time becomes, illegal, invalid or unenforceable
in any respect under any applicable law, such provision shall be deemed
rescinded or modified to conform with such applicable law and neither the
legality, validity or enforceability of the remaining provisions hereof nor the
legality, validity or enforceability of such provision be affected or impaired
thereby.

     

    (d)   Neither
the Trading Fund nor the Sponsor will be an eligible claimant under the
Financial Services Compensation Scheme (as defined in the FSA Rules) in the
event of default by the Trading Advisor.

     

    (e)   Termination
of this Agreement shall be without prejudice to the completion of transactions
already initiated and shall not affect the rights and obligations of the parties
hereto which came into existence prior to the termination.  Such
transactions shall be completed by the Trading Advisor as soon as
practicable.

     

    (f)   Save as
contemplated in this Agreement, unless otherwise agreed by the parties, the
Trading Advisor will not borrow on behalf of the Trading Fund or bring about
transactions for the Trading Fund, such that the Trading Fund (or the Sponsor)
incurs obligations as an underwriter or sub-underwriter.

     

    (g)   The
Trading Advisor shall not enter into soft commission agreements.

     

    (h)   The
Trading Advisor shall endeavor to enter into transactions on behalf of the
Trading Fund at a price and in circumstances that it considers to be the best it
can reasonably obtain in the circumstances.  However, the Trading
Advisor shall not owe the Trading Fund a duty of best execution under the FSA
Rules.

     

    (i)   Regulation
4.7(c) Legend.

     

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

    

     

    [Remainder
of page intentionally left blank]

    

     

    
      
         

      

      
        -20- 

        
          

        

      

      
         

      

    

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

     

    
      	
              ALPHAMETRIX
      ASPECT FUND – MT0001

               

              By:           ALPHAMETRIX,
      LLC

              Its:           Sponsor

               

               

              By:          ___________________

              Name:

              Title:

              Date:
      October __, 2009

               

            	
              ALPHAMETRIX
      MANAGED FUTURES LLC (ASPECT SERIES)

              A
      series of ALPHAMETRIX MANAGED FUTURES LLC

               

                   By:           ALPHAMETRIX,
      LLC

              Its:    Sponsor

               

               

              By:   ___________________

                      
      Name:

                      
      Title:

              Date:
      October __, 2009

            
	
              ALPHAMETRIX
      MANAGED FUTURES II LLC (ASPECT CS SERIES), a series of ALPHAMETRIX MANAGED
      FUTURES II LLC

               

                   By:           ALPHAMETRIX,
      LLC

              Its:           
      Sponsor

               

               

              By:           ___________________

                      
      Name:

                      
      Title:

              Date:
      October __, 2009

            	
              ALPHAMETRIX,
      LLC

              By:           ___________________

              Name:

              Title:

              Date:
      October __, 2009

               

            
	
              ASPECT
      CAPITAL LIMITED

               

               

              By:           ___________________

              Name:

              Title:

              Date:
      October __, 2009

            	 
      

    

    

     

    

     

     

    
      
         

      

      
        -21- 

        
          

        

      

      
         

      

    

    APPENDIX
A

     

    FEE
SCHEDULE

     

    This Appendix A shall be effective for
each Series that invests in the Trading Fund.  The parties shall agree
on Management and Performance Fees, and appropriate revisions to this Appendix
A, in the event of investments in the Trading Fund by the AlphaMosaic Platform
(directly or indirectly) or such other entities as may invest in accordance with
Section 16(k) of the Agreement.  All capitalized terms not otherwise
defined herein shall have the meanings given them in the Memorandum as of the
date hereof.

    

    (a)           The
Trading Fund shall pay brokerage commissions and related expenses at the rates
described in the Memorandum as of the date hereof, to which the Trading Advisor
consents.

     

    (b)           (1)           The
Trading Fund shall pay to the Trading Advisor a monthly Management Fee equal to
the aggregate of 1/12th of 2% percent of the Net Asset Value (as hereinafter
defined) of each Series that invests in the Trading Fund (approximately 2%
annually), as accrued and calculated separately for each Series.  Each
Series shall be jointly and severally liable together with the Trading Fund with
respect to that portion of the Trading Fund’s assets attributable to such Series
for such Series’ pro rata
portion of the Management Fee, but no Series shall be liable for the
Management Fee of any other Series.  For purposes of calculating the
Management Fee payable to the Trading Advisor, the Net Asset Value (as
hereinafter defined) of each Series shall be determined before reduction for any
Management Fees, Performance Fees, Sponsor’s Fees, ongoing Sales Commissions or
extraordinary fees accrued by such Series as of such month-end and before giving
effect to any capital contributions made as of the beginning of the month
immediately following such month-end and before any distributions or redemptions
accrued during or as of such month-end, but after all other expenses as of such
month-end.  In the event that a Member redeems some or all of its
Equity Interests or exchanges some or all of its Equity Interests for Equity
Interests in another Series, the Trading Fund is dissolved or terminated or this
Agreement is terminated as of any date other than the last day of a calendar
month, the Management Fee for such month shall be paid on a pro-rated basis
based on the ratio that the number of days in the calendar month through the
date of such event bears to the total number of days in the calendar
month.

     

    (2)           “Net Asset Value” of the
Trading Fund and each Series shall mean its net asset value calculated pursuant
to the method outlined in Appendix D, attached hereto.

     

    (c)           (1)           The
Trading Fund shall pay to the Trading Advisor a Performance Fee, which shall be
accrued and calculated separately for each Series, of 20% of the aggregate “New
Net Trading Profits” (as hereinafter defined) for each Series generated by the
Trading Advisor, as including realized and unrealized gains and losses thereon,
as of the close of business on the last day of each calendar quarter, which for
the avoidance of doubt shall be each of March 31, June 30, September 30 and
December 31 in every calendar year (the “Performance Fee Measurement
Date”).  Each Series shall be jointly and severally liable
together with the Trading Fund with respect to that portion of the Trading
Fund’s assets attributable to such Series for such Series’ pro rata portion of the
Performance Fee, but no Series shall be liable for the Performance Fee of any
other Series.

     

    (2)           “New Net Trading Profits” for a
Series during each quarter shall mean the excess, if any, of the cumulative
level of Net Trading Profits (as hereinafter defined) attributable to such
Series as of the Performance Fee Measurement Date over the highest level of such
Series’ cumulative Net Trading Profit as of the end of any preceding Performance
Fee Measurement Date, subject to (c)(4) below, or $0, in the case of the first
Performance Fee Measurement Date resulting in a positive New Net 

     

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    Trading
Profits (for each Series, the “High Water Mark”), provided
that for purposes of this Appendix A, the first Performance Fee Measurement Date
resulting in a positive New Net Trading Profits shall be determined from the
date the Trading Advisor began trading for the Series, i.e., the High-Water Mark
shall not be reset in connection with the execution of the Agreement of which
this Appendix A forms a part.

     

    (3)           (a)           “Net Trading Profits” shall be
computed as of each Performance Fee Measurement Date and shall include such
profits attributable to each Series (as outlined below) since the Trading
Advisor began trading for such Series (the “Performance Fee Measurement
Period”).  Net Trading Profits for any Performance Fee
Measurement Period shall be the net profits attributable to each Series, if any,
from the Trading Advisor’s trading (including (i) cumulative gross realized
trading profit (or loss) plus or minus (ii) the change in unrealized trading
profit (or loss) on open positions, minus such Series’ pro rata portion of (iii)
transaction-related fees and expenses including brokerage commission, exchange
fees, NFA fees and give-up fees, minus (iv) such Series’ share of the Management
Fee.  Performance Fees do not reduce cumulative Net Trading
Profits.  In addition, with respect to the Aspect CS Series,
organizational and initial offering costs, Placement Fees, ongoing Sales
Commissions, Service Provider Fees , operating expenses of the Aspect CS Series
not covered by the Service Provider Fees and Sponsor’s Fees do not reduce
cumulative Net Trading Profits.  With respect to the Aspect Series,
organizational and initial offering costs, Placement Fees, Administration Fees,
ongoing Sales Commissions and operating expenses of the Aspect Series do not
reduce cumulative Net Trading Profits.  Interest income or expense is
not taken into account in calculating Net Trading Profits for the Aspect
Series.

     

    (b)           For
the avoidance of doubt, Net Trading Profits shall exclude capital contributions
to the Series, distributions or redemptions.

     

    (4)           The
High Water Mark for each Series shall be proportionately reduced to reflect
redemptions from such Series by being multiplied by the fraction, the numerator
of which is such Series’ assets immediately after such reduction and the
denominator of which is such Series’ assets immediately prior to such
reduction.

     

    (5)           If
a withdrawal or distribution occurs at any date that is not a Performance Fee
Measurement Date, the date of the withdrawal or distribution shall be treated as
if it were a Performance Fee Measurement Date for purposes of calculating the
Performance Fee, if any, due with respect to the withdrawal or
distribution.  The High Water Mark shall be reduced as provided in
(4), but no new High Water Mark shall be set except as of a Performance Fee
Measurement Date.  The amount of the Performance Fee due shall be
equal to the Performance Fee that would have been due had the date of the
withdrawal or distribution been a Performance Fee Measurement Date multiplied by
the fraction the numerator of which is the amount withdrawn or distributed, and
the denominator of which is the Net Asset Value of such Series immediately
before such withdrawal or distribution (in each case prior to reduction of the
accrued Performance Fee).  The amount of the Performance Fee shall be
added to the amount of the withdrawal or distribution (and included as part
thereof) for purposes of the foregoing calculations, and the fraction calculated
prior to reduction for any accrued Performance Fee.

     

    (6)           For
the avoidance of doubt, if the Sponsor determines to waive or reduce the
Management Fee or Performance Fee with respect to any investor in a Series or
the AlphaMosaic Platform, then the Trading Advisor shall still be paid the full
amounts described herein and the Sponsor shall reimburse the Trading Fund for
any such waivers or reductions.

     

    

     

    
      
        
           

        

         

      

      
         
A-2

        
          

        

      

      
         

      

    

    APPENDIX
B

     

    TRADING
POLICIES

     

    (a)   The
Trading Advisor shall provide the Sponsor as of the date of this Agreement with
a list set forth under “Appendix C — List of Futures Interests,” as may be
changed or updated from time to time by agreement of the Sponsor and the Trading
Advisor (the “List”) of
all types of Futures Interests traded by the Trading Advisor on behalf of the
Trading Fund (“Products”) and the exchanges
on which such Futures Interests are traded (“Exchanges”).  The
Trading Advisor shall provide the Sponsor with prior written notice of any
Product or Exchange to be included on the List and following such notification
and the Sponsor’s approval (which shall not be unreasonably withheld), such
Product or Exchange shall be added to the List.

     

    (b)   If as of
any month-end while this Agreement is in effect, the Trading Fund has
experienced a peak-to-valley drawdown of 35% of the Net Asset Value of the
Trading Fund as of a prior month-end, the Trading Advisor shall give written
notice to the Sponsor within two Business Days after such peak-to-valley
drawdown.

     

    (c) If at any
time while this Agreement is in effect, the percentage of the Trading Fund’s
capital committed as margin (the “Margin Percentage”) is equal
to or greater than 25%, the Sponsor shall give written notice to the Trading
Advisor within two Business Days after the Margin Percentage reaches 25% and,
where appropriate, shall have the right to instruct the Trading Advisor, within
a reasonable amount of time, to decrease the Margin Percentage to such Margin
Percentage as deemed appropriate by the Sponsor in its sole
discretion.  The Trading Advisor shall comply with such instruction,
and notify the Sponsor of the Trading Advisor’s compliance, within five Business
Days of receiving the instruction, or such other longer period as may be
necessary under the prevailing circumstances.

     

    
      
        
           

        

         

      

      
        B-1 

        
          

        

      

      
         

      

    

    APPENDIX
C

     

    LIST
OF FUTURES INTERESTS

     

    Regardless
of the information below, the Trading Advisor shall not trade any non-CFTC
approved Futures Interests.

     

    
      	
              Agriculturals

            
	
              Canola
      (ICE Canada)

            
	
              Cattle
      Feeder (CME)

            
	
              Cocoa
      (ICE)

            
	
              Coffee
      'C' (ICE)

            
	
              Corn
      (CBT)

            
	
              Cotton
      No. 2 (ICE)

            
	
              Frozen
      Orange Juice (FCOJ-A) (ICE)

            
	
              Lean
      Hogs (CME)

            
	
              Live
      Cattle (CME)

            
	
              No.
      7 Cocoa (LIFFE)

            
	
              Oats
      (CBT)

            
	
              Robusta
      Coffee (LIFFE)

            
	
              Soy
      Bean Oil (CBT)

            
	
              Soya
      Beans (CBT)

            
	
              Soybean
      Meal (CBT)

            
	
              Sugar
      (ICE)

            
	
              Wheat
      (CBT)

            
	
              White
      Sugar (LIFFE)

            
	
              Crude
      Palm Oil (BUMA)

            
	
              Kansas
      City Wheat (KCBT)

            
	
              Lumber
      (CME)

            
	
              Milk
      (CME)

            
	
              Milling
      Wheat No. 2 (ENEXTP)

            
	
              Minneapolis
      Wheat (MGE)

            
	
              Rough
      Rice (CBOT)

            
	
              Rubber
      (TOCOM)

            
	 
      
	
              Bonds

            
	
              Australian
      10 Year Government Bond (SFE)

            
	
              Australian
      3 Year Government Bond (SFE)

            
	
              British
      Long Gilt (LIFFE)

            
	
              Canadian
      10 Year Government Bond (Montreal Exchange)

            
	
              Euro
      Bobl (EUREX)

            
	
              Euro
      Bund (EUREX)

            
	
              Euro
      Schatz (EUREX)

            
	
              Japanese
      10 Year Government Bond (TSE)

            
	
              Japanese
      10 Year Government Bond Mini (Singapore
  Exchange)

            

       

       

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

       

      	
              US
      10 Year Treasury Note (CBT)

            
	
              US
      2 Year Treasury Note (CBT)

            
	
              US
      30 Year Treasury Bond (CBT)

            
	
              US
      5 Year Treasury Note (CBT)

            
	
              Euro
      2 Year Swapnote (LIFFE)

            
	
              Euro
      Buxl (EUREX)

            
	
              Swiss
      Confederation Bond (EUREX)

            
	
              US
      10 Year Interest Swapnote (CBOT)

            
	
              US
      5 Year Interest Swapnote (CBOT)

            
	 
      
	
              Currencies

            
	
              Australian
      Dollar

            
	
              British
      Sterling

            
	
              Canadian
      Dollar

            
	
              Czech
      Koruna

            
	
              Euro

            
	
              Hungarian
      Forint

            
	
              Japanese
      Yen

            
	
              Mexican
      Peso

            
	
              New
      Zealand Dollar

            
	
              Norwegian
      Krone

            
	
              Polish
      Zloty

            
	
              Singapore
      Dollar

            
	
              South
      African Rand

            
	
              Swedish
      Krona

            
	
              Swiss
      Franc

            
	
              US
      Dollar

            
	
              Australian
      Dollar Currency Future (CME)

            
	
              Canadian
      Dollar Currency Future (CME)

            
	
              Swiss
      Franc Currency Future (CME)

            
	
              Euro
      Currency Future (CME)

            
	
              British
      Pound Currency Future (CME)

            
	
              Japanese
      Yen Currency Future (CME)

            
	
              Mexican
      Peso Currency Future (CME)

            
	 
      
	
              Energies

            
	
              Brent
      Crude Oil (ICE London)

            
	
              Crude
      Oil (NYMEX)

            
	
              Gas
      Oil (ICE London)

            
	
              Heating
      Oil (NYMEX)

            
	
              Natural
      Gas (NYMEX)

            
	
              Reformulated
      Gasoline Blendstock for Oxygen Blending (RBOB) (NYMEX)

            
	
              Goldman
      Sachs Commodity Index (CME)

            
	 
      
	
              Interest
      Rates

            
	
              90
      Day Sterling Libor (LIFFE)

            
	
              Australian
      90 Day Bank Bills (SFE)

            
	
              Canadian
      Bankers Acceptance (Montreal Exchange)

            

       

       

       

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

       

       

      	
              Euribor
      (LIFFE)

            
	
              Eurodollar
      (CME)

            
	
              Euroswiss
      (LIFFE)

            
	
              Euroyen
      (3 Month) (Tokyo Financial Exchange)

            
	
              1
      Month LIBOR (CME)

            
	
              30
      Day Fed Funds (CBOT)

            
	
              New
      Zealand 90 Day Bank Bills (SFE)

            
	 
      
	
              Metals

            
	
              Aluminium
      (High Grade) (LME)

            
	
              Copper
      (LME)

            
	
              Copper
      (High Grade) (COMEX)

            
	
              Gold
      (100 Oz) (COMEX)

            
	
              Lead
      (High Grade) (LME)

            
	
              Nickel
      (High Grade) (LME)

            
	
              Platinum
      (NYMEX)

            
	
              Silver
      (COMEX)

            
	
              Zinc
      (High Grade) (LME)

            
	
              Palladium
      (NYMEX)

            
	
              Palladium
      (TOCOM)

            
	
              Platinum
      (TOCOM)

            
	
              Tin
      (LME)

            
	 
      
	
              Stock
      Indices

            
	
              Australian
      SPI-200 Index (SFE)

            
	
              Canadian
      S&P/TSE 60 Index (Montreal Exchange)

            
	
              DJ
      Euro Stoxx 50 (EUREX)

            
	
              Dow
      Jones Industrial Average E-Mini (CBT)

            
	
              French
      CAC 40 Index (EURONEXT Paris)

            
	
              FTSE
      100 Index (LIFFE)

            
	
              German
      DAX Index (EUREX)

            
	
              Hong
      Kong Hang Seng Index (HKFE)

            
	
              Italian
      MIB/S&P 40 Index (Borsa Italiana IDEM)

            
	
              Japanese
      NIKKEI Index (Singapore Exchange)

            
	
              Japanese
      TOPIX Index (TSE)

            
	
              NASDAQ
      100 E-Mini (CME)

            
	
              S&P
      500 E-Mini (CME)

            
	
              Spanish
      IBEX 35 Index (MEFF)

            
	
              Swedish
      OMX Index (Stockholm Exchange)

            
	
              Taiwanese
      MSCI Index (Singapore Exchange)

            
	
              Dutch
      AEX Index (ENEXTA)

            
	
              German
      DAX Midcap Index (EUREX)

            
	
              Russell
      2000 E-Mini (CME)

            
	
              S&P
      400 Midcap E-Mini (CME)

            
	
              South
      African FTSE/JSE Top 40 Index (SAFEX)

            
	
              Chinese
      H-Shares Index (HKEX)

            
	
              MSCI
      Pan-Euro Index (LIFFE)

            
	
              MSCI
      Singapore Index (SGX)

            

       

       

       

      
        
          
          

        

        
          C-3

          
            

          

        

        
          
          

        

      

       

       

      	
              Japanese
      Nikkei 225 Index (CME)

            
	
              S&P
      500 Volatility Index (CBOE)

            
	
              Indian
      S&P CNX Nifty Index (SGX)

            
	
              German
      TECDAX Index (EUREX)

            
	
              Korean
      Kospi 200 Index (CME)

            

    

    

     

    
      
        
           

        

         

      

      
        C-4 

        
          

        

      

      
         

      

    

    APPENDIX
D

    

    Determination
of Net Asset Value.

     

    (1)   The
Sponsor, or such party as may be duly appointed by the Sponsor, shall determine
the net asset value using the following principles as communicated to the
Trading Advisor.

     

    (2)   For each
Series, the net asset value of such Series will equal the value of such Series’
pro rata portion of the
Trading Fund’s assets under the management of the Trading Advisor, including
open positions, plus any other assets held by the Series and such Series’ pro rata portion of any other
assets held by the Trading Fund, minus accrued brokerage commissions and
fees.

     

    (3)   The
liquidating value of a commodity futures contract or option traded on a U.S.
commodity exchange shall be based upon the settlement price on the commodity
exchange on which the particular commodity futures contract or option is traded;
provided that, if a contract or option cannot be liquidated on the day with
respect to which net asset value is being determined, the basis for determining
the liquidating value of such contract or option shall be such value as the
Sponsor or its appointee may deem fair and reasonable.

     

        (i)    The
liquidating value of a futures, forward or options contract not traded on a U.S.
exchange shall be its liquidating value, determined based upon policies
established by the Sponsor or its appointee, on a basis consistently applied for
each different variety of contract.  The net asset value of the Series
is determined in U.S. dollars, and any positions denominated in other currencies
are translated at prevailing exchange rates as determined by the
Sponsor.

     

     (ii)    No value
shall be ascribed to goodwill or any other intangible asset.

     

    (4)   Any other
assets are valued in such manner as the Sponsor may determine to reflect fair
market value and the accrual of interest.

     

    (5)   Solely
for purposes of calculating the Management Fee payable to the Trading Advisor,
the Net Asset Value of each Series shall be determined before reduction for any
Management Fees, Performance Fees, Sponsor’s Fees, ongoing Sales Commissions or
extraordinary fees accrued by such Series as of such month-end and before giving
effect to any capital contributions made as of the beginning of the month
immediately following such month-end and before any distributions or redemptions
accrued during or as of such month-end, but after all other expenses as of such
month-end.

     

     

     

    D-1

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