EXHIBIT D
JOINT INSURED AGREEMENT
WHEREAS, Old Mutual 2100 Absolute Return Fund, L.L.C., Old Mutual 2100
Absolute Return Master Fund, L.L.C., Old Mutual 2100 Emerging Managers Fund,
L.L.C. and Old Mutual 2100 Emerging Managers Master Fund, L.L.C. (the "Funds")
are each non-diversified, closed-end management investment companies registered
as such under the Investment Company Act of 1940, as amended (the "1940 Act");
and
WHEREAS, the Funds are required to provide and maintain a fidelity bond
pursuant to Rule 17g-1 under the 1940 Act; and
WHEREAS, paragraph (b) of Rule 17g-1 provides that the fidelity bond
may be in the form of a joint insured bond covering the Funds; and
WHEREAS, the Board of Managers of each Fund (the "Managers"), including
a majority of those Managers who are not "interested persons" (as that term is
defined by the 0000 Xxx) of the Fund, have made the determinations required by
Rule 17g-1, including those provisions specifically applicable to a joint
insured bond;
NOW, THEREFORE, the Funds hereby agree as follows:
1. The Funds will each pay a portion of the premiums for the joint
insured fidelity bond which is allocated to each party pro rata according to the
percentage the party's net assets bears to the aggregate net assets of all the
insured parties.
2. In the event recovery is received under the joint insured bond as a
result of a loss sustained by more than one of the insured parties, each party
shall receive an equitable and proportionate share of the recovery, but such
recovery shall be in an amount at least equal to the amount which such party
would have received had it provided and maintained a single insured bond with
the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940
Act.
This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument.
Dated: October 13, 2006 OLD MUTUAL 2100 ABSOLUTE RETURN
FUND, L.L.C.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Principal Manager
OLD MUTUAL 2100 ABSOLUTE RETURN
MASTER FUND, L.L.C.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Principal Manager
OLD MUTUAL 2100 EMERGING MANAGERS
FUND, L.L.C.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Principal Manager
OLD MUTUAL 2100 EMERGING MANAGERS
MASTER FUND, L.L.C.
By: /s/ Xxxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Principal Manager
