Common use of Speculative Trading Clause in Contracts

Speculative Trading. As of the date of this Agreement, the Trading Advisor shall act 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 its Crabel Diversified Futures Program (the “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 utilizing the Programs pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Crabel Memorandum, and as refined and modified from time to time in the future 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 Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary to comply with applicable law, including speculative position limits. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a different trading program in managing the Company only with the consent of the Manager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor shall act 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 its Crabel Diversified Futures Program the investment policy and strategy (the “Program”) as described as Class G Interests in the Trading Advisor’s Crabel Fund, L.P. Confidential Private Placement Memorandum for CCP Core Macro Fund dated November 30January 1, 2012 2013 (as amended or modified from time to time, the “Crabel MemorandumDisclosure Document”). The Trading Advisor shall provide the Company with 30 days’ prior notice of any material change to the trading strategy set forth in the Disclosure Document as of the date hereof. The Trading Advisor may trade a substantively different portfolio for 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 utilizing the Programs pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Crabel MemorandumDisclosure Document, and as refined and modified from time to time in the future 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 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 Company or the Manager may override the trading instructions of the Trading Advisor to the extent 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 Advisor’s trading instructions. For any trade where the Trading Advisor has received no 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 best execution policy, a summary of which is included in Appendix B. The Company and the Manager each acknowledge that they have read the Trading Advisor’s best execution policy as set forth in Appendix B. The Company and the Manager acknowledge that the aggregation of transactions may on occasion operate to the Company’s disadvantage. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a different trading program in managing the Company only with the consent of the Manager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor shall act acts as a the 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 commodity interests of the CompanyCompany held in the Clearing Broker Account (as defined below), the Trading Advisor shall utilize its Crabel Diversified Futures Program (the investment program(the “Program”) as described as Class G Interests in the Trading Advisor’s Crabel Fund, L.P. Confidential Private Placement Offering Memorandum for QMS Diversified Global Macro U.S. Fund LP dated November 30, 2012 January 2013 (the “Crabel MemorandumDisclosure Document”). The Trading Advisor may trade a different portfolio 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 Company’s assets Clearing Broker Account utilizing the Programs Program pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Crabel MemorandumDisclosure Document, and as refined and modified from time to time in the future 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 Advisor, listed in on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary to comply with applicable law, including speculative position limits. “Clearing Broker Account” means, collectively, one or more accounts of the Company held in the name of the Company and established at one or more Clearing Brokers (as defined below). The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and 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 Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section Section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a different trading program other than the Program in managing the Company only with the consent of the Manager.

Speculative Trading. As of the date of this Agreement, the Trading Advisor shall act acts as a the 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 commodity interests of the CompanyCompany held in the Clearing Broker Account (as defined below), the Trading Advisor shall utilize its Crabel Diversified Futures Program the investment program (the “Program”) as described as Class G Interests in the Trading Advisor’s Crabel Fund, L.P. Private Placement Confidential Memorandum dated November 30, 2012 for Xxxxxxxxx Quantitative Macro Fund Ltd. (the “Crabel MemorandumXxxxxxxxx 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 Xxxxxxxxx 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 that have not been approved for the Company as provided herein, (ii) position lot rounding and minimum position size determinations made by the Trading Advisor with respect to the 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 preceding sentence, 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 assets credited to the Company’s assets Clearing Broker Account utilizing the Programs Program pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Crabel MemorandumDisclosure Statement, and as refined and modified from time to time in the future 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 Advisor, listed in on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary to comply with applicable law, including speculative position limits. “Clearing Broker Account” means, collectively, one or more accounts of the Company held in the name of the Company and established at one or more Clearing Brokers (as defined below) upon prior written notice to the Trading Advisor. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or 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 Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and and, unless consented to in advance by the Company, shall not make any such proposed material change with respect to trading for the Company without having given Company. Notwithstanding the foregoing, the Company and the Manager at least 30 days’ prior written notice of such change. The acknowledge and agree that the Trading Advisor anticipates (i) designing and implementing new sub-strategies for the Master Fund and 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 Company’s portfolio managed by the Trading Advisor (provided that such commodity interests are set forth on Appendix B), and neither of the foregoing shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section Section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a different trading program other than the Program in managing the Company only with the consent of the Manager, subject to the first paragraph of this Section 2(a).