Document:

Exhibit 10.2

                           TRADING ADVISOR AGREEMENT

          This trading advisor agreement ("Agreement"), is made and entered
into effective as of the 1st day of April 2005 by and among MAN-AHL
DIVERSIFIED I, L.P., a Delaware limited partnership (the "Fund"), MAN
INVESTMENTS (USA) CORP., a Delaware (USA) corporation (the "General Partner")
and MAN-AHL (USA) LIMITED, a United Kingdom corporation (the "Trading
Advisor"). Capitalized and other defined terms used in this Agreement and not
otherwise expressly defined herein shall have the same respective meanings as
are set forth in the current private placement memorandum of the Fund,
including all exhibits thereto, as the same may be amended or supplemented
from time to time (the "Memorandum").

                             W I T N E S S E T H:

          WHEREAS, the Fund seeks high medium term capital growth, independent
of the movement of the stock and bond markets, through the speculative
trading, directly and indirectly, in commodities, futures contracts, forward
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 interbank and over-the-counter
markets) (sometimes collectively referred to as "futures"), 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"); and

          WHEREAS, the Fund is pursuing its investment objective through an
investment in a limited partnership interest in Man-AHL Diversified Trading
Company L.P., a Delaware limited partnership formed in November 1997 ("Trading
Company"), of which the General Partner acts as the general partner and the
Trading Advisor acts as the trading advisor; and

          WHEREAS, the General Partner desires to appoint the Trading Advisor
as the trading advisor of the Fund, and the Trading Advisor desires to accept
such appointment as the trading advisor of the Fund; and

          WHEREAS, the Fund, the General Partner and the Trading Advisor wish
to enter into this Agreement in order to set forth the terms and conditions
upon which the Trading Advisor will implement its trading strategies on behalf
of the Fund.

          NOW, THEREFORE, in consideration of the premises and mutual promises
and agreements set forth herein, the parties hereto do hereby agree as
follows:

          1. Appointment; Duties of the Trading Advisor

          (a) The General Partner hereby appoints the Trading Advisor as the
trading advisor of the Fund, and the Trading Advisor accepts such appointment,
as the trading advisor of the Fund.

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          (b) For the period and on the terms and conditions set forth in this
Agreement, the Trading Advisor shall have sole authority and responsibility
for investing and reinvesting the Fund's assets using the Trading Advisor's
proprietary trading strategies as described in the Memorandum. In addition,
for the period and on the terms and conditions set forth in this Agreement,
the General Partner hereby constitutes, appoints and authorizes the Trading
Advisor as the Fund's true and lawful agent and attorney-in-fact, in the
Fund's name, place and stead to trade, buy, sell, spread, swap, exchange or
otherwise trade (including short sales), deal in, acquire, hold or dispose of
"futures" and "securities," on margin or otherwise, on U.S. and non-U.S.
exchanges and markets (including the interbank and over-the-counter markets),
in each case for the account and risk of the Fund.

          (c) The Trading Advisor agrees to make all material disclosures to
the Fund and the General Partner regarding itself and its members, managers,
partners, officers, directors, shareholders, employees, affiliates or any
person who controls any of the foregoing ("Principals and Affiliates"), their
investment performance and general investment methods, the investment
performance of their customer accounts (but not the identities of customers)
and otherwise as are required in the reasonable judgment of the Fund or the
General Partner to be made in any filings required by any governmental body or
by any applicable law, regulation, rule or order or as are deemed necessary by
the Fund or the General Partner to enable it to monitor the performance of the
Trading Advisor. Each party to this Agreement agrees to maintain in strict
confidence the terms of this Agreement and any and all information, materials
or other documents regarding the other parties which it obtains pursuant to or
in connection with this Agreement, and agrees that it shall not disclose any
such documents, material or other information to any person other than each
party's attorneys and accountants unless required to do so by law, regulation,
the request of any regulatory or self-regulatory authority or valid legal
process. The Fund and the General Partner acknowledge that the trading advice
provided by the Trading Advisor constitutes proprietary information of the
Trading Advisor, and the Fund and the General Partner shall not make use of
such advice in any manner or disclose such advice to any person or entity
unless required to do so by law, regulation, the request of any regulatory or
self-regulatory authority or valid legal process. Nothing contained in this
Agreement shall be construed or deemed to require the Trading Advisor to
disclose the confidential or proprietary details of its trading strategies.

          (d) The Trading Advisor may refuse any additional allocation of
assets from the General Partner for any reason. However, the Trading Advisor
understands and agrees that the General Partner may at my time remove all of
the assets of the Fund from the management of the Trading Advisor and may
require the Trading Advisor, to the extent possible, to liquidate existing
positions in an orderly manner as soon as practicable.

          2. Compensation

          (a) The Fund shall pay to the Trading Advisor such portion of the
management and incentive fees charged the Trading Company 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 l/6th of 1.0% of the Net Asset Value of the Fund whether or not the Fund is
profitable (approximately 2.0% annually). For purposes of calculating the
management fee, Net Asset Value of the Fund is determined before reduction

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for the Trading Managers management and incentive fees and the General
Partner's administrative 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 Fund is dissolved or
terminated as of any date other than the last business day of a calendar
month, the management fee shall be pro-rated based on fee 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.

          (b) Upon the close of business on the last business day of every
calendar month, the Fund shall pay the Trading Advisor an incentive fee equal
to 20.0% of the Net New Appreciation (as defined below), if any, achieved by
the Fund as of the end of such calendar month. The Trading Advisor shall be
entitled to retain all incentive fees previously paid to it even if subsequent
losses are 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 Fund.

          (c) Net New Appreciation achieved during a calendar month shall mean
the excess, if any, of (A) the Net Asset Value of the Fund 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 Fund
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 Fund on the day the Fund commences
trading activities. For purposes of calculating Net New Appreciation, taxes
and extraordinary expenses shall be excluded.

          3. Term and Termination

          (a) Term. The term of this Agreement shall commence upon the
execution of this Agreement and shall terminate as hereinafter provided.

          (b) Termination.

          (i) This Agreement shall terminate automatically with respect to
     event that the Fund is dissolved or terminated.

          (ii) This Agreement may be terminated at any time in its entirety
     upon the consent of all the parties hereto.

          (iii) This Agreement may be terminated by the Trading Advisor upon
     90 days' prior notice to the Fund and the General Partner.

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<PAGE>

          (c) The rights of the Trading Advisor to receive fees earned through
the date of termination of this Agreement shall survive any such termination
of this Agreement until satisfied.

          4. Standard of Liability and Indemnity

          (a) Standard of Liability. The Trading Advisor shall not be liable
to the Fund, the General Partner or their respective Principals and Affiliates
or their successors or assigns for any act or failure to act taken or omitted
by the Trading Advisor in good faith in a manner reasonably believed to be in
or not opposed to the best interests of the Fund if such act or failure to act
did not constitute negligence, willful misconduct or a breach of this
Agreement.

          (b) Indemnity. (i) The Fund shall indemnify and hold harmless the
Trading Advisor and its Principals and Affiliates from and against any and all
losses, claims, damages, liabilities, costs and expenses (including, without
limitation, attorneys' and accountants' fees and disbursements), judgments and
amounts paid in settlement (collectively, "Losses"), to which an indemnified
person may become subject arising out of this Agreement, the transactions
contemplated hereby or the fact that the Trading Advisor is or was a trading
advisor to the Fund, unless any such Losses are the direct result of the
Trading Advisor's failure to meet the standard of liability applicable to it
under Section 4(a).

          (ii) The Trading Advisor shall indemnify and hold harmless the Fund
     and the General Partner from and against any and all Losses to which they
     may become subject, if any such Losses are the direct result of the
     Trading Advisor's failure to meet the standard of liability applicable to
     it under Section 4(a).

          (c) Promptly after receipt by any of the indemnified parties under
this Agreement of notice of any action, arbitration, claim, demand, dispute,
lawsuit or other proceeding (each a "Proceeding"), the party 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. To
the extent that the Indemnitor has actual knowledge of the commencement of
such Proceeding, the failure to notify the Indemnitor shall not relieve such
Indemnitor from any indemnification liability which it may have to such
Indemnitee pursuant to this Section 4, and the omission to notify the
Indemnitor shall not relieve the Indemnitor from any obligation or liability
which it may have to any such Indemnitee otherwise than under this Section 4.
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. In any such Proceeding, the
Indemnitee shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the Indemnitee's own expense unless (i)
otherwise agreed by the Indemnitor and Indemnitee or (ii) the named parties to
any such Proceeding (including any impleaded parties) include both the
Indemnitor and the Indemnitee, and representation of both parties by the same
counsel would 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
Indemnitees, which firm shall be designated in writing by such Indemnitees and
be reasonably acceptable to the Indemnitor). The Indemnitee will cooperate with
the

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<PAGE>

Indemnitor in connection with any such Proceeding and shall make all
personnel, books and records relevant to the Proceeding available to the
Indemnitor and grant such authorizations or powers of attorney to the agents,
representatives and counsel of the Indemnitor as the Indemnitor may reasonably
consider desirable in connection with the defense of any such Proceeding.

          (d) An Indemnitor shall not be liable under this Section 4 for any
settlement of any Proceeding effected without its consent with respect to
which indemnity may be sought hereunder.

          (e) Any dispute as to whether a person or entity is entitled to
indemnification under Section 4 of this Agreement shall be determined by
binding arbitration in accordance with Section 17 of this Agreement.

          (f) The provisions of this Section 4 shall survive the termination
of this Agreement.

          5. Representations, Warranties and Covenants

          (a) The Fund represents, warrants and covenants to the General
Partner and the Trading Advisor as follows:

          (i) it is duly organized and validly existing and in good standing
     under the laws of the jurisdiction of its formation, with full power and
     authority to enter into and perform its obligations under this Agreement
     and to conduct its business as described in this Agreement and in the
     Memorandum;

          (ii) this Agreement has been duly and validly authorized, executed
     and delivered by it and is a valid and binding agreement of it
     enforceable in accordance with its terms;

          (iii) the performance by it of its obligations under this Agreement
     will not conflict with or result in a breach of any of the terms or
     provisions of, or in the imposition of any lien, charge or encumbrance
     upon any of the property or assets of it pursuant to the terms of any
     indenture, mortgage, deed of trust, loan agreement or other agreement or
     instrument to which it is a party or by which it is bound or to which any
     of the property or assets of it is subject, nor will any such action or
     performance result in a violation of the provisions of its organizational
     documents or any law, statute, order, rule or regulation of any court or
     governmental authority or body having jurisdiction over it;

          (iv) it will comply in all material respects with all laws, rules,
     regulations and orders of any governmental agency or self-regulatory
     organization applicable to its business, this Agreement and the matters
     to be discharged by it with respect to the offering of the Shares; and

          (b) The Trading Advisor represents, warrants and covenants to the
Fund and the General Partner as follows:

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<PAGE>

          (i) it is duly organized and validly existing and in good standing
     under the laws of the jurisdiction of its formation, with full power and
     authority to enter into and perform its obligations under this Agreement
     and to conduct its business as described in this Agreement and in the
     Memorandum;

          (ii) 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;

          (iii) the performance by the Trading Advisor of its obligations
     under this Agreement will not conflict with or result in a breach of any
     of the terms or provisions of, or in the imposition of any lien, charge
     or encumbrance upon any of the property or assets of the Trading Advisor
     pursuant to the terms of, any indenture, mortgage, deed of trust, loan
     agreement or other agreement or instrument to which the Trading Advisor
     is a party or by which the Trading Advisor is bound or to which any of
     the property or assets of the Trading Advisor is subject, nor will any
     such action or performance result in a violation of the provisions of its
     organizational documents or any law, statute, order, rule or regulation
     of any court or governmental authority or body having jurisdiction over
     the Trading Advisor; and

          (iv) it will comply in all material respects with all laws, rules,
     regulations and orders of any governmental agency or self-regulatory
     organization applicable to its business and this Agreement.

          (c) The General Partner represents, warrants and covenants to the
Trading Advisor as follows:

          (i) it is duly organized and validly existing and in good standing
     under the laws of the jurisdiction of its formation, with full power and
     authority to enter into and perform its obligations under this Agreement
     and to conduct its business as described in this Agreement and in the
     Memorandum;

          (ii) this Agreement has been duly and validly authorized, executed
     and delivered by the General Partner and is a valid and binding agreement
     of the General Partner enforceable in accordance with its terms;

          (iii) the performance by the General Partner of its obligations
     under this Agreement will not conflict with or result in a breach of any
     of the terms or provisions of, or in the imposition of any lien, charge
     or encumbrance upon any of the property or assets of the General Partner
     pursuant to the terms of, any indenture, mortgage, deed of trust, loan
     agreement or other agreement or instrument to which the General Partner
     is a party or by which the General Partner is bound or to which my of the
     property or assets of the General Partner is subject, nor will any such
     action or performance result in a violation of the provisions of its
     organizational documents or any law, statute, order, rule or regulation
     of any court or governmental authority or body having jurisdiction over
     the General Partner; and

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<PAGE>

          (iv) it will comply in all material respects with all laws, rules,
     regulations and orders of any governmental agency or self-regulatory
     organization applicable to its business and this Agreement.

          (d) Each party hereto will promptly notify the other parties of the
commencement of any Proceeding involving it or its Principals and Affiliates,
whether or not any such Proceeding also involves any other party hereto.

          (e) 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. Each party 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, or tend to make, any of such
representations, warranties or covenants not true the affected party will use
its best efforts to 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 parties to whom it is addressed
and their respective heirs, executors, administrators, legal representatives,
successors and permitted assigns.

          6. Complete Agreement

          This Agreement constitutes the entire agreement among the parties
hereto pertaining to the subject matter hereof and no other agreement, verbal
or otherwise, shall be binding on the parties hereto.

          7. Assignment

          This Agreement may not be assigned by a party without the express
written consent of the other parties and any assignment without the consent of
all the parties hereto shall be null and void.

          8. Amendment

          This Agreement may not be amended or modified except by the written
consult of all of the parties hereto.

          9. Successors

          This Agreement shall be binding upon and inure to the benefit of the
parties hereto, their successors and permitted assigns, and except as
otherwise provided in Section 4 and Section 5, above, no other person shall
have any right or obligation under this Agreement.

          10. Notices

          Except as otherwise provided herein, all notices, demands or
requests required to be made or delivered under this Agreement shall be
effective only if in writing and delivered personally, by facsimile or by
mail, postage prepaid (airmail if the addressee is in another

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<PAGE>

country), to the respective addresses below or to such other addresses as may
be designated by the party entitled to receive the same by notice similarly
given 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:

          If to the Fund, to it at:

          c/o Man Investments (USA) Corp.
          123 North Wacker Drive
          Suite 2800
          Chicago, Illinois 60606 USA
          Attn:  Legal and Compliance
          Fax No.:  1-312-881-6678

          If to the General Partner, to it at:

          123 North Wacker Drive
          Suite 2800
          Chicago, Illinois 60606 USA
          Attn: Legal and Compliance
          Fax. No.:  1-312-881-6678

          If to the Trading Advisor, to it at:

          Sugar Quay
          Lower Thames Street
          London EC3R6DU
          England
          Attn: Managing Director
          Fax No.:  011-44-207-144-2001

          11. Parties Independent; Other Accounts and Activities

          (a) Each of the parties hereto shall for all purposes herein be
deemed to be an independent contractor and, except as otherwise expressly
provided herein, shall have no authority to act for or represent any other
party in any way or otherwise to be deemed an agent, joint venturer, partner
or sponsor of any other party.

          (b) The Trading Advisor's present business includes managing and
advising its assets, the assets of its Principals and Affiliates and
discretionary client accounts in the purchase and sale of futures and
securities and it will be managing and advising such accounts and assets for
other clients during the same period that it is managing and advising the
Fund's account. The services to be provided by the Trading Advisor hereunder
are not to be deeded exclusive. Subject to the terms of this Agreement, the
Trading Advisor and its Principals and Affiliates shall be free to trade for
their own accounts and to advise other persons and manage futures and
securities trading accounts for other persons during the term of this
Agreement and to use the same or different information and investment
methodologies which it obtains, produces

                                      8
<PAGE>

or utilizes in the performance of services for the Fund. The parties hereto
acknowledge that performance results obtained for the Fund's account may
differ from performance results obtained for other accounts under the Trading
Advisor's management and that the Trading Advisor may have an incentive to
favor certain accounts over the Fund's account.

          12. Survival

          The provisions of this Agreement shall survive the termination of
this Agreement with respect to any matter arising while this Agreement was in
effect.

          13. 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.

          14. 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 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 transmission;
provided, that the failure to provide the original counterpart shall have no
effect on the validity or the binding nature of this Agreement.

          15. Waiver of Breach; Cure of Breach

          The waiver by a party of a breach of any provisions of this
Agreement shall not operate or be construed as a waiver of any subsequent
breach by a party. The failure of a party to insist upon a strict adherence to
any provision of this Agreement shall not constitute a waiver or thereafter
deprive such party of the right to insist upon a strict adherence. In the
event that a party becomes aware that it is in breach of any of its
representations, warranties, covenants or agreements set forth in this
Agreement, the affected party will use its best efforts to promptly take such
actions as it deems necessary, in its sole discretion, to cure such breach.

          16. Governing Law

          This Agreement shall be governed by and construed in accordance with
the laws of England without giving effect to the principles of conflicts of
laws.

          17. Arbitration

          The parties agree that all controversies which may arise in
connection with any transaction contemplated by this Agreement or the
construction, performance or breach of this Agreement shall be determined by
arbitration, to be held in the City of Chicago, State of Illinois, USA, unless
otherwise agreed to by the parties hereto, and in accordance with the rules
then obtaining of the National Futures Association, or if no such rule is in
effect or if jurisdiction is declined, then in accordance with the rules then
obtaining of the American Arbitration

                                      9
<PAGE>

Association; provided, however, that the arbitrator(s) shall be knowledgeable
in industry standards and practices and the matters giving rise to the
dispute, that the arbitrator(s) shall not have the power and authority to
award punitive damages, that the authority of the arbitrator(s) shall be
limited to construing and enforcing the terms and conditions of this Agreement
as expressly set forth herein and that the arbitrator(s) shall state their
reasons for their award and their legal and factual conclusions underlying the
award in a written opinion. The award of the arbitrator(s), or a majority of
them, shall be final, and judgment upon the award may be confirmed and entered
in any court, state or Federal, having jurisdiction.

          18. Consent to Jurisdiction

          Except as otherwise provided in Section 17, above, each party hereto
expressly and irrevocably agrees: (a) that it waives any objection, and
specifically consents, to venue in the courts located in London, England, so
that any action at law or in equity may be brought and maintained in any such
court; and (b) that service of process in any such action may be effected
against such party in any manner permitted by applicable rules of civil
procedure or rules of the courts of London, England. In addition each party
hereto expressly and irrevocably waives, in respect of any action brought in
any court located in London, England or any resulting judgment, any objection,
and hereby specifically consents, to the personal and subject matter
jurisdiction of any such court, and agrees not to seek to change the situs of
such action or to assert that any other court in any other jurisdiction is a
more suitable forum for the hearing and adjudication of any claim or dispute
raised in such action.

          19. Acknowledgment of Trading Advisor's Disclosure Document

          The General Partner on behalf of the Fund hereby acknowledges
receipt of the Trading Advisor's Disclosure Document, dated as of April 1,
2005.

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<PAGE>

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

MAN-AHL DIVERSIFIED I, L.P.

By:   Man Investments (USA) Corp.
      Its General Partner

By:
      ------------------------------------------
      Steven Zoric, Vice President and Secretary

MAN INVESTMENTS (USA) CORP.

By:
      ------------------------------------------
      Steven Zoric, Vice President and Secretary

MAN-AHL (USA) LIMITED

By:
      ------------------------------------------
      Michael V. Lozowski, Managing Director

                                      11
<PAGE>

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

MAN-AHL DIVERSIFIED I, L.P.

By:   Man Investments (USA) Corp.
      Its General Partner

By:
      ------------------------------------------
      Steven Zoric, Vice President and Secretary

MAN INVESTMENTS (USA) CORP.

By:
      ------------------------------------------
      Steven Zoric, Vice President and Secretary

MAN-AHL (USA) LIMITED

By:
      ------------------------------------------
      Michael V. Lozowski, Managing Director

                                      11Exhibit 10.3

                                SELLING AGREEMENT

            This  Selling  Agreement is made as of the 1st day of April,
2006,  by and between Man  Investments  (USA) Corp.  ("Man USA") and Man
Investments Inc. (the "Selling Agent").

                                   WITNESSETH:

            WHEREAS, Man USA acts as general partner and/or sponsor of several
collective investment vehicles organized or to be organized to trade and invest
in securities, commodities and other financial instruments, as listed in
Schedule A attached hereto, as such schedule may be amended by Man USA from time
to time (the "Funds");

            WHEREAS, each Fund offers, sells and issues beneficial ownership
interests in such Fund ("Interests") for sale in an offering exempt from
registration under the Securities Act of 1933, as amended, pursuant to Section
4(2) thereof and Regulation D promulgated thereunder (together, the "1933 Act");

            WHEREAS, the Selling Agent has agreed to assist, as non-exclusive
selling agent, in the offer and sale of Interests in the Funds on a reasonable
efforts basis without any firm underwriting commitment;

            NOW, THEREFORE, for and in consideration of the premises and the
mutual covenants and agreements hereinafter contained, the parties hereto hereby
agree as follows:

            Section 1. Representations and Warranties of Man USA. Man USA
represents and warrants to the Selling Agent as follows:

            (a) All action required to be taken by each Fund as a condition to
the sale of the Interests to qualified subscribers therefor has been, or prior
to each month-end or quarter-end closing, as the case may be, will have been,
taken; and, upon payment of the consideration therefor specified in all accepted
Subscription Agreements, the Interests will constitute valid equity interests in
the relevant Fund. The description of the Interests in the relevant Fund's
current private placement memorandum (as amended or supplemented from time to
time, the "Memorandum") is accurate and complete in all material respects.

            (b) Each Fund is duly organized pursuant to and validly existing
under the laws of the state in which it was formed or organized, with full power
and authority to engage in the trading described in its respective Memorandum.

            (c) Man USA is duly organized, validly existing and in good standing
under the laws of the State of Illinois.

            (d) Man USA has full power and authority under applicable law to
perform its obligations under this Agreement.

<PAGE>

            (e) As of the date of each Memorandum, the Memorandum complies in
all material respects with the Commodity Exchange Act ("CEA"), the 1933 Act and
the disclosure regulations issued under the CEA and does not contain any
material misstatement or omission.

            (f) Man USA has duly and validly authorized, executed and delivered
this Agreement, and this Agreement shall constitute binding and enforceable
obligations of Man USA in accordance with its terms.

            (g) The execution and delivery of this Agreement, the incurrence of
the obligations set forth in this Agreement and the consummation of the
transactions contemplated herein and in the Memorandum will not constitute a
breach of or default under any instrument by which Man USA is bound or any
order, rule or regulation applicable to Man USA of any court or any governmental
body or administrative agency having jurisdiction over Man USA.

            (h) Man USA has all Federal and state governmental, regulatory and
exchange approvals and licenses, and has effected all filings and registrations
with Federal and state governmental agencies required to conduct its business
and to act as described in this Agreement or required to perform its obligations
as described under this Agreement (including, without limitation, registration
as a commodity pool operator and commodity trading advisor with the Commodity
Futures Trading Commission and membership in the National Futures Association
("NFA") in that capacity).

            (i) None of the Funds requires any Federal or state governmental,
regulatory or exchange approvals or licenses, nor does any Fund need to effect
any filings or registrations with any Federal or state governmental agencies in
order to conduct its business and to act as contemplated by the relevant
Memorandum and to issue and sell the Interests (other than filings relating
solely to the offering of the Interests).

            (j) None of Man USA nor any of the members, directors, officers or
beneficial owners of ten percent or more of any class of equity securities of
Man USA is subject to any statutory disqualification relating to the offer or
sale of private placements of securities.

            Section 2. Offering and Sale of Interests; Representations,
Warranties and Covenants of the Selling Agent.

            (a) The Selling Agent hereby is appointed as a non-exclusive selling
agent of the Funds listed on Schedule A hereto, as such Schedule may be amended
by Man USA at any time and from time to time, during the term herein specified
for the purpose of finding acceptable subscribers for Interests through a
private placement. Subject to the performance by Man USA of its obligations to
be performed hereunder and to the completeness and accuracy in all material
respects of all the representations and warranties of Man USA contained herein,
the Selling Agent hereby accepts such agency and agrees on the terms and
conditions set forth herein and in each relevant Memorandum to use reasonable
efforts during the term hereof to find acceptable selling agents and subscribers
for the Interests, to introduce such subscribers to the Funds and to provide or
cause acceptable selling agents to provide ongoing services ("Ongoing Services")
to such investors for the duration of their investments in the Funds, including,
without limitation, advising investors of the respective net asset values of
their Interests and the relevant

                                        2
<PAGE>

Funds, advising investors with respect to making additional capital
contributions to the Funds or redemptions of Interests, providing information to
investors regarding general market conditions, and such other matters as agreed
upon by Man USA and Selling Agent from time to time. It is understood that the
Selling Agent has no commitment with regard to the sale of the Interests other
than to use reasonable efforts. It is understood that the Selling Agent's
agreement to use reasonable efforts to find acceptable subscribers for the
Interests shall not prevent it from acting as a selling agent or underwriter for
the securities of other issuers which may be offered or sold during the term
hereof. The agency of the Selling Agent hereunder shall continue until the
termination of this Agreement. Any sales of Interests made prior to the date
hereof by the Selling Agent shall be deemed made pursuant to this Agreement.

            (b) As compensation for the Selling Agent's services hereunder, the
Selling Agent shall receive from Man USA commissions with respect to Interests
sold by the Selling Agent or by sub-agents engaged by the Selling Agent and
outstanding with respect to which Man USA receives management fees ("Eligible
Interests") in the amounts set forth next to each relevant Fund's name on
Schedule A hereto, as such Schedule may be amended by Man USA at any time and
from time to time. Such compensation will be calculated monthly and paid in
respect of Eligible Interests outstanding at the end of each quarter as soon as
practicable after Man USA has received its compensation at the end of such
quarter. Man USA may discontinue paying compensation to the Selling Agent if, at
any time, (i) the Selling Agent is not appropriately registered in all
capacities necessary to receive such compensation, (ii) the Selling Agent
breaches any representation, warranty or covenant contained in this Agreement,
as determined by Man USA in its sole discretion, or (iii) with respect to any
Fund that is principal protected, such Fund is in principal protection mode and
is no longer actively trading.

            All subscriptions are subject to acceptance or rejection, in whole
or in part, in Man USA's sole discretion, and no compensation shall be due in
respect of rejected subscriptions.

            Notwithstanding the foregoing, the Selling Agent shall not be
entitled to any compensation in respect of a sale to any investor if Man USA
determines that another authorized selling agent of the Fund is primarily
responsible for or should otherwise be credited with such sale. In making this
determination, Man USA will endeavor to act fairly. Any dispute regarding
compensation shall be conclusively resolved by Man USA.

            (c) In connection with the offer and sale of Interests and the
provision of Ongoing Services to investors in the Funds, the Selling Agent
represents to Man USA that (i) it and all of its personnel involved in the
activities contemplated hereunder have complied and will comply fully with the
instructions of Man USA and all applicable laws (including, but not limited to,
the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the 1933
Act, the CEA, the Securities Exchange Act of 1934, as amended) and the rules of
the NASD, SEC, CFTC, NFA, state securities administrators and any other
regulatory or self-regulatory body, (ii) it and all of its personnel involved in
the activities contemplated hereunder have all governmental, regulatory and
self-regulatory registrations, approvals, memberships and licenses required to
perform its obligations under this Agreement and to receive compensation
therefor (including registration as a broker-dealer with the SEC and with the
relevant regulatory authority in each state in which it will solicit investors
and appropriate registration with the CFTC) and it

                                        3
<PAGE>

will maintain all such registrations, approvals, memberships and licenses during
the term of this Agreement and for such time as the Selling Agent shall receive
compensation hereunder, (iii) it is validly existing in the state in which it
was organized and has full power and authority to perform its obligations under
this Agreement, (iv) this Agreement has been duly and validly authorized,
executed and delivered on its behalf and constitutes its binding and enforceable
obligation in accordance with its terms, (v) the execution and delivery of this
Agreement, the incurrence of the obligations herein set forth and the
consummation of the transactions contemplated herein and in each Memorandum will
not constitute a breach of, or default under, its organizational or charter
documents, under any instrument by which it is bound or under any order, rule or
regulation applicable to it or any court or any governmental body or
administrative agency having jurisdiction over it, and (vi) neither the Selling
Agent nor any of its officers, directors or principals is a person who (1) is
subject to an SEC order issued under Section 203(f) of the Advisers Act, (2) has
been convicted within the previous 10 years of any felony or misdemeanor
involving conduct described in Section 203(e)(2)(A)-(D) of the Advisers Act, (3)
has been found by the SEC to have engaged, or has been convicted of engaging in
any of the conduct specified above, (4) is subject to any order, judgement or
decree issued by the SEC pursuant to Section 203(e)(3) of the Advisers Act, or
(5) is disqualified by statute from being involved, directly or indirectly, in
the private placement of securities. The Selling Agent agrees to notify Man USA
promptly if any change occurs which would make the any of the above
representations inaccurate or incomplete.

            In respect of prospective subscribers directly solicited by the
Selling Agent, the Selling Agent agrees not to solicit investment from or
recommend the purchase of interests to any prospective subscriber unless the
Selling Agent has reasonable grounds to believe, on the basis of information
obtained from the prospective subscriber concerning, among other things, the
prospective subscriber's investment objectives, other investments, financial
situation and needs, that (i) the prospective subscriber can afford to bear the
risk of a total loss of the subscriber's investment in the Fund, (ii)the
prospective subscriber has sufficient financial knowledge and experience to be
capable of evaluating the risks and merits of an investment in the Fund (either
alone or together with such subscriber's financial adviser(s), other than the
Selling Agent), (iii) the prospective subscriber qualifies as an acceptable
subscriber on the basis set forth in the relevant Memorandum and Subscription
Agreement relating to that Fund, is not on the List of Specially Designated
Nationals and Blocked Persons published by the Office of Foreign Assets Control
of the United States Department of Treasury and does not reside or have a
business in any jurisdiction identified by the Office of Foreign Assets Control,
and (iv) an investment in Interests is suitable for the subscriber. The Selling
Agent shall certify in writing that it has made all such determinations in each
Subscription Agreement it submits in respect of a direct prospective subscriber;
provided, however, that such determinations shall not be binding on Man USA.

            (d) The Selling Agent agrees that in connection with its
solicitation of prospective subscribers, it will provide each prospective
subscriber with: (i) a current copy of each relevant Memorandum, including all
exhibits, attachments and appendices thereto and the most recent audited
financial statements of the Fund (if any); and (ii) if Man USA is registered as
an investment adviser under the Advisers Act, the most recent copy of Man USA's
Form ADV, Part II, as required by Rule 204-3 under the Advisers Act, or such
other written disclosure statement that satisfies Rule 204-3, as provided by Man
USA to the Selling Agent. Man USA

                                        4
<PAGE>

agrees to provide the Selling Agent, at each relevant Fund's expense, such
number of the foregoing documents as the Selling Agent may require to fulfill
its obligations to distribute such documents to prospective subscribers.

            (e) Neither the Selling Agent nor Man USA shall, directly or
indirectly, pay or award any finder's fees, commissions or other compensation to
any person engaged by a potential investor for investment advice as an
inducement to such advisor to advise or recommend the purchase of Interests;
provided, however, the normal sales commissions payable to a registered
broker-dealer or other properly licensed person for selling Interests shall not
be prohibited hereby.

            (f) The Selling Agent shall not accept compensation from any person
or entity other than Man USA, the relevant Fund or the relevant Fund's futures
or securities broker in respect of the sale of Interests.

            (g) The Selling Agent will engage sub-agents to assist it in the
sale of Interests. The Selling Agent, and not Man USA or any Fund, shall be
responsible for all actions and omissions of and all compensation for any
sub-agent. The Selling Agent shall be solely and exclusively responsible for
satisfaction of its duties hereunder and for compliance with all legal and
regulatory requirements applicable to its activities and the supervision of the
activities of its agents, servants, employees, partners and principals,
including, without limitation, registration of all persons required to be
registered and sub-agent compliance with the AML Laws, Regulations and Policies
defined in (j) below.

            (h) The Selling Agent shall not utilize any solicitation material
regarding any Fund except solicitation material approved in writing in advance
or prepared by Man USA and shall not make any oral or written representations to
investors or prospective investors not contained in such solicitation material,
in each case unless approved in writing in advance by Man USA. The Selling Agent
shall not employ any general means of solicitation (e.g., no cold calls, large
group meetings, seminars or advertisements). In performing its services
hereunder, the Selling Agent shall have no authority to bind Man USA or any Fund
in any way, unless consented to in writing in advance by the person to be so
bound.

            (i) The Selling Agent shall maintain the confidentiality of all
information regarding any investor disclosed to the Selling Agent by Man USA or
a Fund and shall not use or disclose any such information other than to carry
out the purposes for which the information is disclosed, including, without
limitation, for the Selling Agent to provide Ongoing Services to such investors
and for the Selling Agent to carry out its obligations hereunder in the ordinary
course of its business.

            (j) Notwithstanding anything to the contrary in this Selling
Agreement, the Selling Agent: (i) maintains anti-money laundering policies that
comply with the USA Patriot Act and applicable Federal anti-money laundering
regulations, including steps to verify the identity of prospective subscribers
("AML Laws, Regulations and Policies"); (ii) complies with AML Laws, Regulations
and Policies; (iii) will promptly deliver to Man USA's Money Laundering
Reporting Officer notice of any AML Laws, Regulations and Policies violation,
suspicious activity, suspicious activity investigation or filed Suspicious
Activity Report that

                                        5
<PAGE>

relates to any prospective subscriber for, or purchaser of, Fund Interests; and
(iv) will cooperate with Man USA and deliver information reasonably requested by
Man USA concerning subscribers that purchased Interests sold by Selling Agent
necessary for Man USA or its affiliates to comply with AML Laws, Regulations and
Policies.

            Section 3.  Covenants of Man USA.

            (a) Man USA will notify the Selling Agent of any material criminal,
civil or administrative proceedings against or involving Man USA or any Fund or
of the issuance by any Federal or state regulatory body of any order suspending
the effectiveness of the registration or NFA membership of Man USA.

            (b) Man USA will furnish to the Selling Agent a copy of each
amendment or supplement to any Memorandum, as from time to time is necessary, in
Man USA's opinion, to comply with the 1933 Act or the CEA.

            Section 4.  Indemnification.

            Man USA shall indemnify, hold harmless and defend the Selling Agent
and its employees, principals, stockholders, directors, officers, and agents and
their respective successors and assigns, from and against any loss, liability,
claim, demand, damage, cost, and expense, joint or several (including reasonable
attorneys' and accountants' fees and expenses and including any investigatory,
legal and other expenses incurred in connection with, and any amounts paid in,
any settlement provided that in the case of a settlement Man USA shall have
approved such settlement), resulting from a demand, claim, lawsuit, action or
proceeding arising out of this Agreement, any selling agreement entered into by
the Selling Agent with sub-agents, or the offer and sale of Interests, including
any untrue statement or alleged untrue statement of a material fact contained in
a Memorandum, or the omission or alleged omission therefrom of a material fact
necessary to make the statements therein, in light of the circumstances under
which they are made, not misleading; provided that Man USA shall not indemnify
and hold harmless the Selling Agent, or its employees, principals, stockholders,
directors, officers, or agents for any such loss, claim, damage, liability, cost
or expense relating to, based upon, or arising out of an act or omission by the
Selling Agent, its employees, principals, stockholders, directors, officers, or
agents constituting negligence, misconduct, a violation of law or a material
breach of a representation or covenant contained in this Agreement.

            The Selling Agent shall indemnify, hold harmless, and defend Man USA
and each Fund and their respective affiliates, employees, principals, members,
stockholders, directors, officers, and agents, and their respective successors
and assigns, from and against any loss, liability, claim, demand, damage, cost,
and expense, joint or several (including reasonable attorneys' and accountants'
fees and expenses and including any investigatory, legal and other expenses
incurred in connection with, and any amounts paid in, any settlement provided in
the case of a settlement the Selling Agent shall have approved such settlement),
resulting from a demand, claim, lawsuit, action or proceeding arising out of an
act or omission by the Selling Agent, its employees, principals, stockholders,
directors, officers or agents constituting negligence, misconduct, a violation
of law or a material breach of a representation or covenant contained in this
Agreement.

                                        6
<PAGE>

            In no case shall an indemnifying party be liable under this
Agreement with respect to any claim made against any indemnified party unless
such indemnifying party shall be notified in writing of the nature of the claim
within a reasonable time after the assertion thereof, but failure so to notify
such indemnifying party shall not relieve such indemnifying party from any
liability which it may have otherwise than on account of this Agreement. Such
indemnifying party shall be entitled to participate at its own expense in the
defense or, if it so elects within a reasonable time after receipt of such
notice, to assume the defense of any suit so brought, which defense shall be
conducted by counsel chosen by it and satisfactory to the indemnified party or
parties, defendant or defendants therein. In the event that such indemnifying
party elects to assume the defense of any such suit and retain such counsel, the
indemnifying party or parties, defendant or defendants in the suit, shall bear
the fees and expenses of any additional counsel thereafter retained by it or
them.

            The foregoing agreements of indemnity shall be in addition to, and
shall in no respect limit or restrict, any other remedies which may be available
to an indemnified party. The foregoing indemnity provisions shall not increase
the liability of any investor to a Fund beyond the amount of such investor's
capital and profits (exclusive of distributions or other returns of capital,
including redemptions).

            Section 5. Payment of Expenses and Fees. Man USA and the Selling
Agent shall bear their own expenses relating hereto (except as provided in
Section 4).

            Section 6. Conditions of Closing. The obligations of each of the
parties hereunder at each closing date for the sale of Interests are subject to
the accuracy of the representations and warranties of the other parties hereto
(which shall be deemed to be repeated at each closing date), to the performance
by such other parties of their respective obligations hereunder and to the
delivery of such certificates and other documents as any party shall reasonably
request.

            Section 7. Status of Parties. In selling Interests in each Fund, the
Selling Agent is acting solely as independent agent for Man USA and the Fund and
not as principal.

            Section 8. Representations, Warranties and Agreements to Survive
Closing. All representations, warranties, indemnities, and agreements contained
in this Agreement or contained in certificates of any party hereto submitted
pursuant hereto shall remain operative and in full force and effect, regardless
of any investigation made by, or on behalf of, the Selling Agent or Man USA, or
any person who controls any of the foregoing, and shall survive each closing
date in the form restated and reaffirmed as of such closing date.

            Section 9. Term and Termination. This Agreement may be terminated by
Man USA or the Selling Agent at any time by such party giving ten days notice to
the other party hereto to such effect. The indemnity provisions of this
Agreement shall survive the termination of this Agreement with respect to any
matter covered by such indemnification. Subject to the provisions of Section
2(b) hereof, the termination of this Agreement shall not affect any obligations
of Man USA to compensate Selling Agent hereunder with respect to Interests sold
prior to such termination.

                                        7
<PAGE>

            Section 10. Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the matters referred to
herein, and no other agreement, verbal or otherwise, shall be binding as between
the parties unless it shall be in writing and signed by the party against whom
enforcement is sought.

            Section 11. Headings. Headings to sections and subsections in this
Agreement are for the convenience of the parties only and are not intended to be
a part of or to affect the meaning of interpretation hereof.

            Section 12. Amendment; Waiver. This Agreement shall not be amended
except by a writing signed by the parties hereto. No waiver of any provision of
this Agreement shall be implied from any course of dealing between the parties
hereto or from any failure by any party hereto to assert its rights hereunder on
any occasion or series of occasions.

            Section 13. Notices. Any notice required or desired to be delivered
under this Agreement shall be in writing and shall be delivered by courier
service, postage prepaid mail, telecopy, telex, telegram or other similar means
and shall be effective upon actual receipt by the party to which such notice
shall be directed, addressed as set forth below (or to such other address as the
party entitled to notice shall hereafter designate in accordance with the terms
hereof):

            if to Man USA:

                  MAN INVESTMENTS (USA) Corp.
                  123 N. Wacker Drive
                  28th Floor
                  Chicago, Illinois  60606
                  Attention:  Legal and Compliance
                  Fax:  312/881-6678

            if to the Selling Agent:

                  MAN INVESTMENTS INC.
                  123 N. Wacker Drive
                  28th Floor
                  Chicago, Illinois  60606
                  Attention: Legal and Compliance
                  Fax:  312/881-6678

            Section 14. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois, without regard
to principles of conflicts of law.

            Section 15. Consent to Jurisdiction. The parties hereto agree that
any action or proceeding arising directly, indirectly, or otherwise in
connection with, out of, related to, or from this Agreement, any breach hereof,
or any transaction covered hereby, shall be resolved, whether by arbitration or
otherwise, within the City of Chicago and State of Illinois. Accordingly, the
parties consent and submit to the jurisdiction of the federal and state courts
and any applicable

                                        8
<PAGE>

arbitral body located  within the City of Chicago and State of Illinois.
 The parties  further agree that any such action or  proceeding  brought
by either party to enforce any right, assert any claim, or obtain any relief
whatsoever in connection with this Agreement shall be brought by such party
exclusively in the federal or state courts, or if appropriate before any
applicable arbitral body, located within the City of Chicago and State of
Illinois.

            Section 16. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

            Section 17. Parties. This Agreement shall inure to the benefit of
and be binding upon the Selling Agent, Man USA and each Fund and such parties'
respective successors to the extent provided herein. This Agreement and the
conditions and provisions hereof are intended to be and are for the sole and
exclusive benefit of the parties hereto and their respective successors, assigns
and controlling persons and parties indemnified hereunder, and for the benefit
of no other person, firm or entity. Notwithstanding the foregoing, this
Agreement may not be assigned or delegated by a party without the prior written
consent of the other party. No purchaser of an Interest shall be considered to
be a successor or assign solely on the basis of such purchase.

            Section 18. Defined Terms. Capitalized terms used herein, unless
otherwise indicated, shall have the meanings attributed to them in the relevant
Memorandum.

                                        9
<PAGE>

                                       10
            IN WITNESS WHEREOF, this Agreement has been executed for and on
behalf of the undersigned as of the day and year first written above.

                               MAN INVESTMENTS (USA) CORP.

                               By:
                                       -----------------------------------
                                       Name:  Steven Zoric
                                       Title: Vice President and Secretary

                               MAN INVESTMENTS INC.

                               By:
                                       -----------------------------------
                                       Name:  John M. Kelly
                                       Title: President and CEO

                                       10

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