Common use of Speculative Trading Clause in Contracts

Speculative Trading. The Trading Advisor shall act as a Commodity Trading Advisor for the Fund implementing the Trading Program with the assets in the Account as described is the Disclosure Document provided by the Trading Advisor to MLIP, as the same may be developed and modified over time (the "Disclosure Document"). The Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the assets of the Account, utilizing the Trading Program as refined and modified from time to time in the future, for the period and on the terms and conditions set forth herein. Notwithstanding the foregoing, the Fund may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iii) to pay the Fund's expenses; (iv) to effect any allocation or reallocation of the Fund's assets in accordance with this Agreement; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to permit the Trading Advisor three (3) full business days in which to liquidate positions prior to exercising the Fund's override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the Trading Advisor prior notice and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each specifically acknowledge that in agreeing to manage the Account the Trading Advisor is in no respects making any guarantee of profits or protection against loss. The Trading Advisor shall give the Fund and MLIP prompt written notice of any proposed material change in the Trading Advisor's trading approach or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, and shall not make any such proposed material change with respect to trading the Account without having given the Fund and MLIP at least 30 days' prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in the trading leverage employed, shall not be deemed a change in the Trading Advisor's trading approach, and prior written notice to the Fund or MLIP shall not be required therefor (except as set forth in Section 2(b) below); provided, that the Trading Advisor may only utilize a trading program other than the Trading Program with the consent of the Fund and MLIP, and may only use one trading program at any one time for the Account.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Discretionary Global Macro Program (the "Disclosure Document"“Program”) as described in the Confidential Offering Memorandum for the Pia Macro Fund Ltd. (the “Confidential Offering Memorandum”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Confidential Offering Memorandum, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity and the Company agree that in managing the assets of the Company, the Trading Advisor for shall utilize its Diversified Program (the Fund implementing “Program”) as described in the Trading Program with the assets in the Account as described is the Advisor’s Disclosure Document provided dated 30 September 2001, as may be amended from time to time by the Trading Advisor to MLIPAdvisor, as the same may be developed and modified over time (the "“Disclosure Document"”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(iii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, Program and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act and the Company agree that in acting as a Commodity Trading Advisor trading advisor for the Fund implementing the Trading Program with the assets in the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Combined Futures Portfolio (2x) Program (the "“Program”) as described in the Trading Advisor’s Disclosure Document dated September 30, 2009 (the “Disclosure Document"”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Programs pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals employed by the Trading Advisor and listed in Appendix A, as amended from time to time, are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage direct the Account investment and reinvestment of the Company’s assets, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in directing the Trading Program investment and reinvestment of the Company’s assets only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Fund. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as shall utilize the same may be developed investment policy and modified over time strategy (the "“Program”) as described in the Confidential Private Placement Memorandum for CCP Quantitative Fund LP dated September 24, 2009 (the “Disclosure Document"”). The Trading Advisor may trade a substantively different portfolio in managing the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Programs pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals employed by the Trading Advisor and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. A current list of these individuals is included Appendix A. At the Manager’s request, the Trading Advisor shall provide a quarterly update to the Company and the Manager regarding any individuals who have (x) had their authority to implement trades for the Company revoked or (y) been added during the quarter as permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (There are currently i)-(ii), above. For any trade where the Trading Advisor has received no relevant Fund trading policies applicable to specific instructions from the Company or the Manager, the Trading Advisor shall arrange for the execution of such trade in accordance with the terms of this Agreement and the Trading Advisor's account’s best execution policy, a summary of which is included in Appendix D. The Company and MLIP shall give the Manager each acknowledge that they have read the Trading Advisor prior notice Advisor’s best execution policy as set forth in Appendix D. The Company and a reasonable period within which the Manager acknowledge that the aggregation of transactions may on occasion operate to terminate this Agreement should MLIP determine to impose any such policies.) the Company’s disadvantage. The Fund Company and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIPshall utilize its Discretionary Global Macro Program (the “Program”) as described in the Trading Advisor’s Confidential Private Offering Memorandum dated November, 2010 (the “Offering Memorandum”) as well as the same may be developed guidelines identified in Exhibit B and modified over time C attached hereto, (the "Disclosure Document"“Portfolio Guidelines”). The Trading Advisor may trade outside of the Portfolio Guidelines for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Program and Portfolio Guidelines pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Offering Memorandum, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoingforegoing and subject to the limitations in Section 7 below, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation comply with speculative position limits imposed by applicable laws, rules or reallocation of the Fund's assets in accordance with this Agreementregulations; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. The Trading Advisor shall agrees to act as a Commodity the sole trading advisor for the Company. The Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIPshall utilize its Systematic Program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus (the “Prospectus”) of Solaise Systematic Fund Limited, as the same may be developed and modified over amended from time to time (the "Disclosure Document"“Investment Objective”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize a different program to the Program in respect of the Company only with the prior written consent of the Company. Except as provided otherwise in this Section 3, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program in accordance with the “Investment Objective and Approach” section of the Account, utilizing the Trading Program Propsectus and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading Advisor. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(iii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 7 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section 2(bsection 3(b) below); providedprovided that with respect to the Company, that the Trading Advisor may trade a different program to the Program in managing the Company only utilize a trading program other than the Trading Program with the prior written consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as the trading advisor for the Company. The Trading Advisor shall act and the Company agree that in managing the commodity interests of the Company held in the Clearing Broker Account (as a Commodity defined below), the Trading Advisor shall utilize the investment program (the “Program”) as described in the Confidential Memorandum for ▇▇▇▇▇▇▇▇▇ Quantitative Macro Fund Ltd. (the “▇▇▇▇▇▇▇▇▇ Fund”) dated November 2013, as may be amended or restated from time to time (the “Disclosure Statement”). The Trading Advisor agrees to invest the Company’s assets on a pari passu basis with ▇▇▇▇▇▇▇▇▇ Quantitative Macro Master Fund Ltd., the master fund in which the Fund invests all of its assets (the “Master Fund”); provided, however, that the Company and the Manager acknowledge that the portfolio of the Company and its investment performance may differ from that of the Master Fund due to (i) changes in the investment program for the Master Fund implementing that have not been approved for the Trading Program with the assets in the Account Company as described is the Disclosure Document provided herein, (ii) position lot rounding and minimum position size determinations made by the Trading Advisor with respect to MLIPthe Company or the Master Fund, (iii) any investment restrictions applicable to the Company, (iv) the frequency of capital contributions and withdrawals from the Master Fund and the Company, (v) different fees and expenses, including, without limitation, trading counterparty fees and expenses, applicable to the Master Fund and the Company, and (vi) the allocation of certain new trading strategies solely to the Master Fund during the first week of implementation. Except as permitted by the same preceding sentence, the Trading Advisor may be developed and modified over time (trade a different portfolio for the "Disclosure Document")Company only with the consent of the Manager. The Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of assets credited to the assets of the Account, Clearing Broker Account utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Statement, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals employed by the Trading Advisor, listed on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) necessary to comply with the Trading Policies; (ii) to fund any distributions applicable law, including speculative position limits. “Clearing Broker Account” means, collectively, one or redemptions of Units to be made by the Fund; (iii) to pay the Fund's expenses; (iv) to effect any allocation or reallocation more accounts of the Fund's assets Company held in accordance with this Agreement; the name of the Company and established at one or more Clearing Brokers (vas defined below) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to permit the Trading Advisor three (3) full business days in which to liquidate positions upon prior to exercising the Fund's override authority. (There are currently no relevant Fund trading policies applicable written notice to the Trading Advisor's account, . The Company and MLIP shall give the Trading Advisor prior notice and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Company and the Manager hereby consent to the treatment of the Company as an exempt account under Rule 4.7 of the CEA. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implementedimplemented and, and unless consented to in advance by the Company, shall not make any such proposed material change with respect to trading for the Account without having given Company. Notwithstanding the foregoing, the Company and the Manager acknowledge and agree that the Trading Advisor anticipates (i) designing and implementing new sub-strategies for the Master Fund and MLIP at least 30 days' prior written notice of such change. The Company from time-to-time consistent with the investment strategies set forth in the Disclosure Statement that only contemplate investment in commodity interests that are set forth on Appendix B, and (ii) the addition and/or the deletion of commodity interests from the Fund's portfolioCompany’s portfolio managed by the Trading Advisor (provided that such commodity interests are set forth on Appendix B), or change in and neither of the trading leverage employed, foregoing shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a trading program other than the Trading Program in managing the Company only with the consent of the Fund and MLIPManager, and may only use one trading program at any one time for subject to the Accountfirst paragraph of this Section 2(a).

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Blackwater Global Program (the "“Programs”) as described in the Trading Advisor’s Disclosure Document dated February 10, 2010 (the “Disclosure Document"”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Programs pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as the trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing Company agree that in managing the Trading Program with commodity interests of the assets Company held in the Clearing Broker Account (as described is the Disclosure Document provided by defined below), the Trading Advisor to MLIP, shall utilize the investment program(the “Program”) as described in the same may be developed and modified over time Confidential Private Offering Memorandum for QMS Diversified Global Macro U.S. Fund LP dated January 2013 (the "“Disclosure Document"”). The Trading Advisor may trade a different trading program for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of assets credited to the assets of the Account, Clearing Broker Account utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals employed by the Trading Advisor, listed on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) necessary to comply with the Trading Policies; (ii) to fund any distributions applicable law, including speculative position limits. “Clearing Broker Account” means, collectively, one or redemptions of Units to be made by the Fund; (iii) to pay the Fund's expenses; (iv) to effect any allocation or reallocation more accounts of the Fund's assets Company held in accordance with this Agreement; the name of the Company and established at one or more Clearing Brokers (v) as required by law, provided that defined below). The Company and the Fund shall, unless otherwise required by law, use best efforts to permit the Trading Advisor three (3) full business days in which to liquidate positions prior to exercising the Fund's override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the Trading Advisor prior notice and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition of or revision to a model or suite of models in the Program, or the deletion of a model or suite of models from the Program, shall not be considered a material change for purposes of this paragraph, in each case, if made in the ordinary course of business. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a trading program other than the Trading Program in managing the Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Diversified Program (the "Disclosure Document")“Program”) as described in Appendix D. The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. The Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described at Appendix D, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company’s assets, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company’s assets only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor shall act as a Commodity trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Fund. The Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Crabel Two Plus Program (the "Disclosure Document"“Program”) as described in the Trading Advisor’s Crabel Fund, L.P. Private Placement Memorandum dated January 1, 2010 (the “Crabel Memorandum”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Programs pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Crabel Memorandum, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Company’s or the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Discretionary Commodity Trading Program (the "Disclosure Document")“Program”) as described in Appendix D hereto, provided however that the Trading Advisor will at all times manage the assets of the Company in accordance with the investment restrictions and guidelines set forth in Appendix E hereto. The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in Appendices D and E, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Diversified Program (the "“Program”) as described in the ▇▇▇▇▇▇▇ Trading Co. Disclosure Document dated October 31, 2009 (the “Disclosure Document"”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor shall act as a Commodity trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Global Horizons Fund. The Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor to MLIP, as the same may be developed and modified over time shall utilize its Crabel Diversified Futures Program (the "Disclosure Document"“Program”) as described as Class G Interests in the Trading Advisor’s Crabel Fund, L.P. Private Placement Memorandum dated November 30, 2012 (the “Crabel Memorandum”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Programs pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Crabel Memorandum, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) necessary to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iii) to pay the Fund's expenses; (iv) to effect any allocation or reallocation of the Fund's assets in accordance with this Agreement; or (v) as required by applicable law, provided that including speculative position limits. The Company and the Fund shall, unless otherwise required by law, use best efforts to permit the Trading Advisor three (3) full business days in which to liquidate positions prior to exercising the Fund's override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the Trading Advisor prior notice and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as the trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing Company agree that in managing the Trading Program with commodity interests of the assets Company held in the Clearing Broker Account (as described is the Disclosure Document provided by defined below), the Trading Advisor to MLIP, as shall utilize the same may be developed and modified over time investment program (the "“Program”) as described in the Confidential Explanatory Memorandum for the Hedge Fund dated July 2012 (the “Disclosure Document"Statement”). The Trading Advisor may trade a different trading program for the Company than the Program only with the consent of the Manager, it being understood that the Trading Advisor may change the Hedge Fund’s investment program (and therefore the Program) subject to compliance with the notice provisions below. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of assets credited to the assets of the Account, Clearing Broker Account utilizing the Program pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals employed by the Trading Advisor, listed on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) necessary to comply with the Trading Policies; (ii) to fund any distributions applicable law. “Clearing Broker Account” means, collectively, one or redemptions of Units to be made by the Fund; (iii) to pay the Fund's expenses; (iv) to effect any allocation or reallocation more accounts of the Fund's assets Company held in accordance with this Agreement; the name of the Company and established at one or more Clearing Brokers (v) as required by law, provided that defined below). The Company and the Fund shall, unless otherwise required by law, use best efforts to permit the Trading Advisor three (3) full business days in which to liquidate positions prior to exercising the Fund's override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the Trading Advisor prior notice and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach investment program of the Hedge Fund or in the manner in which the Trading Advisor's trading decisions of the Hedge Fund are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. In the event of such material change, the Company and the Manager will have the right to terminate this Agreement without being subject to the Withdrawal Penalty set forth in Section 6(a) or any other penalty. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a trading program other than the Trading Program in managing the Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor shall act as a Commodity Trading Advisor for and the Fund implementing the Trading Program with Company agree that in managing the assets in of the Account as described is the Disclosure Document provided by Company, the Trading Advisor shall utilize similar currency programs as it utilizes to MLIP, as the same may be developed and modified over time manage Ortus Fund (Cayman) Limited (the "Disclosure Document"“Ortus Fund”) as described in the confidential Private Placing Memorandum (the “PPM”) of the Ortus Fund (the “Program”). The Trading Advisor has previously provided to the Manager a copy of the PPM, and each time that the PPM is supplemented, revised, or updated, the Trading Advisor will within five business days provide the Manager with such supplement, revision, or update (together with the PPM, the “Disclosure Document”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Programs pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s or the Fund's ’s expenses; and/or (iviii) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Company and the Manager shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the The Trading Advisor prior notice will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. The Company and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.

Speculative Trading. The Trading Advisor shall act as a Commodity Trading Advisor trading ------------------- advisor for the Fund implementing Trading Partnership, acting independently from any other advisors or managers selected to direct accounts on behalf of the Trading Program with Partnership, and pursuant to the assets trading strategies described in the Account as described is the Disclosure Document provided by the Trading Advisor to MLIP, the General Partner as the same may be developed and modified over time (the "Disclosure Document"). The Trading Advisor may trade a different portfolio in managing the Trading Partnership's account only with the consent of the General Partner. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Trading Partnership's assets of allocated to the Account, Trading Advisor utilizing the designated trading program pursuant to and in accordance with the Trading Program Advisor's best judgment and its approach as described in the Disclosure Document and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth hereinherein and as described in the Prospec- tus and the Third Amended and Restated Limited Partnership Agreement of the Trading Partnership (the "Limited Partnership Agreement"). Notwithstanding the foregoing, the Fund Trading Partnership or the General Partner may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the FundParent; (ii) to pay any Parent or Trading Partnership expenses; (iii) to pay deleverage the FundTrading Partnership's expensestrading in order to provide the "principal protection" feature of the Trading Partnership without requiring ▇▇▇▇▇▇▇ ▇▇▇▇▇ & Co., Inc. to make any payments under its Guarantee, as described in the Prospectus; and/or (iv) to effect any allocation or reallocation of the Fund's assets in accordance comply with this Agreementspeculative position limits; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to Parent and the General Partner shall permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising the Fund's its override authority. The Trading Advisor will have no liability for the results of any of the General Partner's interventions in (There are currently no relevant Fund trading policies applicable to i)-(iv), above. The Parent, the Trading Advisor's account, Partnership and MLIP shall give the Trading Advisor prior notice and a reasonable period within which to terminate this Agreement should MLIP determine to impose any such policies.) The Fund and MLIP General Partner each specifically acknowledge that in agreeing to manage an account for the Account Trading Partnership the Trading Advisor is in no respects making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund and MLIP Parent prompt written notice of any proposed material change in the Trading Advisor's trading approach or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Trading Partnership without having given the Fund Parent and MLIP the General Partner at least 30 days' prior written notice of such change. The addition and/or deletion of commodity interests from the FundTrading Partnership's portfolio, or change in portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's trading approach, approach and prior written notice to the Fund Trading Partnership or MLIP the General Partner shall not be required therefor (therefor, except as set forth in Section section 2(b) below); providedprovided that, that with respect to the Trading Partnership, the Trading Advisor may only utilize a trading program other than that described in the Disclosure Document (or Prospectus) as traded on behalf of the Trading Program Partnership with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountGeneral Partner.

Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Global Horizons Fund. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize the investment policy and strategy (the “Program”) as described in the Confidential Private Placement Memorandum for CCP Core Macro Fund dated January 1, 2013 (as amended or modified from time to time, the “Disclosure Document”). The Trading Advisor shall act as a Commodity Trading Advisor for provide the Fund implementing Company with 30 days’ prior notice of any material change to the Trading Program with the assets trading strategy set forth in the Account as described is the Disclosure Document provided by as of the date hereof. The Trading Advisor to MLIPmay trade a substantively different portfolio in managing the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, as the same may be developed and modified over time (the "Disclosure Document"). The Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Programs pursuant to and in accordance with the Trading Program Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the futurefuture in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals employed by the Trading Advisor and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. The most recent list of these individuals will be found on the Financial Services Authority (and/or its successor’s) website. Notwithstanding the foregoing, the Fund Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) necessary to comply with applicable law, including speculative position limits. The Trading Advisor will have no liability for the results of the Company’s or the Manager’s decision to override the Trading Policies; (ii) to fund Advisor’s trading instructions. For any distributions trade where the Trading Advisor has received no specific instructions from the Company or redemptions the Manager, the Trading Advisor shall arrange for the execution of Units to be made by the Fund; (iii) to pay the Fund's expenses; (iv) to effect any allocation or reallocation of the Fund's assets such trade in accordance with the terms of this Agreement; or (v) as required by law, provided that the Fund shall, unless otherwise required by law, use best efforts to permit the Trading Advisor three (3) full business days in which to liquidate positions prior to exercising the Fund's override authority. (There are currently no relevant Fund trading policies applicable to Agreement and the Trading Advisor's account’s best execution policy, a summary of which is included in Appendix B. The Company and MLIP shall give the Manager each acknowledge that they have read the Trading Advisor prior notice Advisor’s best execution policy as set forth in Appendix B. The Company and a reasonable period within which the Manager acknowledge that the aggregation of transactions may on occasion operate to terminate this Agreement should MLIP determine to impose any such policies.) the Company’s disadvantage. The Fund Company and MLIP each the Manager both specifically acknowledge that in agreeing to manage the Account Company, the Trading Advisor is in no respects not making any guarantee of profits or protection of protections against loss. The Trading Advisor shall give the Fund Company and MLIP the Manager prompt written notice of any proposed material change in the Trading Advisor's trading approach Program or in the manner in which the Trading Advisor's trading decisions are to be made or implemented, implemented and shall not make any such proposed material change with respect to trading for the Account Company without having given the Fund Company and MLIP the Manager at least 30 days' ’ prior written notice of such change. The addition and/or deletion of commodity interests from the Fund's portfolio, or change in Company’s portfolio managed by the trading leverage employed, Trading Advisor shall not be deemed a change in the Trading Advisor's ’s trading approach, approach and prior written notice to the Fund Company or MLIP the Manager shall not be required therefor (except as set forth in Section 2(b) below); providedtherefor, that provided that, with respect to the Company, the Trading Advisor may only utilize trade a different trading program other than in managing the Trading Program Company only with the consent of the Fund and MLIP, and may only use one trading program at any one time for the AccountManager.