Common use of Borrowing Clause in Contracts

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.: Xxxxxx Xxxxxxx Managed Futures Kaiser I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Wxxxxx Capital Management Limited: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser WCM I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER WCM I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx [Name of CTA]: [Name of Trading Group Pty. Ltd.: Xxxxxx Xxxxxxx Managed Futures Kaiser I, LLC Company] (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER I, LLC [NAME OF TRADING COMPANY] by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Kxxxxx Trading Group Pty. Ltd.: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Aspect Capital Limited: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser Aspect I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER ASPECT I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Chesapeake Capital Corporation: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser Chesapeake I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER CHESAPEAKE I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. Partner A-5 EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Grinham Managed Futures Pty. Ltd.Ltd: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser GMF I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ 1st day of _________April, 20072008, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER GMF I, LLC by by: Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx By: Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General PartnerPartner and/or Trading Manager. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Man-AHL (USA) Ltd.: Xxxxxx Xxxxxxx Managed Futures Kaiser Mxxxxx Sxxxxxx Xxxxx Bxxxxx XXX I, LLC (the “Trading Company”) and Demeter Management CorporationCeres Managed Futures LLC, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ 2nd day of _________May, 20072011, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER Mxxxxx Sxxxxxx Xxxxx Bxxxxx XXX I, LLC by Demeter Management Corporation Ceres Managed Futures LLC Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION CERES MANAGED FUTURES LLC By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADEDPresident

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Altis Partners ( Jersey) Limited: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser Altis I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER ALTIS I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Altis Partners ( Jersey) Limited: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser Altis I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER ALTIS I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C [FUTURES INTERESTS INTERSTS TRADED]

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General PartnerTrading Manager. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Dear: Xxxxxx Xxxxxxx Rxxxxxx Capital Management, Inc. MSSB Managed Futures Kaiser Rxxxxxx I, LLC (the “Trading Company”) and Demeter Management CorporationLLC, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ 1st day of _________July, 20072009, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MSSB MANAGED FUTURES KAISER RXXXXXX I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION LLC By Xxxxxx Wxxxxx Xxxxx Chairman and President B- EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Capital Management Limited: Xxxxxx Xxxxxxx Managed Futures Kaiser WCM I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger Manager and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER WCM I, LLC by Demeter Management Corporation Trading Manager By By: Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By By: Xxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADEDC

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.: Xxxxxx Xxxxxxx Managed Futures Kaiser I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADEDC

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. Partner EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Grinham Managed Futures Pty. Ltd.Ltd: Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser GMF I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ 1st day of _________April, 20072008, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER GMF I, LLC by by: Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx By: Wxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADED

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.DKR Fusion Management L.P. : Xxxxxx Xxxxxxx Mxxxxx Sxxxxxx Managed Futures Kaiser DKR I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MXXXXX SXXXXXX MANAGED FUTURES KAISER DKR I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Wxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Wxxxxx Xxxxx Chairman and President EXHIBIT C [FUTURES INTERESTS INTERSTS TRADED]

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General PartnerTrading Manager. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Dear: Xxxxxx Xxxxxxx Capital Management, Inc. MSSB Managed Futures Kaiser Xxxxxxx I, LLC (the “?Trading Company”?) and Demeter Management CorporationLLC, the Trading Company’s Company?s Trading Manager (the “?Trading Manager”?) do hereby make, constitute and appoint you as the Trading Company’s Company?s attorney-in-in- fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ 1st day of _________July, 20072009, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MSSB MANAGED FUTURES KAISER XXXXXXX I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION LLC By Xxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADEDTRADED Confidential material redacted and filed separately with the Commission. Confidential material redacted and filed separately with the Commission. Confidential material redacted and filed separately with the Commission.

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Chesapeake Capital Corporation: Xxxxxx Xxxxxxx Managed Futures Kaiser Chesapeake I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER CHESAPEAKE I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADEDC

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Aspect Capital Limited: Xxxxxx Xxxxxxx Managed Futures Kaiser Aspect I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger Manager and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER ASPECT I, LLC by Demeter Management Corporation Trading Manager By By: Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By By: Xxxxxx Xxxxx Chairman and President EXHIBIT C [FUTURES INTERESTS TRADED]

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Capital Management Limited: Xxxxxx Xxxxxxx Managed Futures Kaiser WCM I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER WCM I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Xxxxx Chairman and President EXHIBIT C [FUTURES INTERESTS TRADED]

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.DKR Fusion Management L.P.: Xxxxxx Xxxxxxx Managed Futures Kaiser DKR I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER DKR I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADEDC

Borrowing. The CTA shall not use borrowed money to leverage any trades, unless otherwise approved by the General Partner. EXHIBIT B COMMODITY TRADING AUTHORITY Dear Xxxxxx Trading Group Pty. Ltd.Altis Partners ( Jersey) Limited: Xxxxxx Xxxxxxx Managed Futures Kaiser Altis I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger Manager and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. Very truly yours, XXXXXX XXXXXXX MANAGED FUTURES KAISER ALTIS I, LLC by Demeter Management Corporation Trading Manager By Xxxxxx Xxxxx Chairman and President DEMETER MANAGEMENT CORPORATION By Xxxxxx Xxxxx Chairman and President EXHIBIT C FUTURES INTERESTS TRADEDC