0000894189-10-001417 Sample Contracts

SCS Hedged Opportunities Master Fund, LLC LIMITED LIABILITY COMPANY AGREEMENT April [ ], 2010
Limited Liability Company Agreement • April 12th, 2010 • SCS Hedged Opportunities Master Fund, LLC • Delaware

THIS LIMITED LIABILITY COMPANY AGREEMENT of SCS Hedged Opportunities Master Fund (the “Fund”) is dated and effective as of April [___], 2010 by and among the Organizational Member, SCS Capital Management, LLC, as Adviser, and each person hereinafter admitted to the Fund in accordance with this Agreement and reflected on the books of the Fund as a Member.

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SERVICING AGREEMENT
Servicing Agreement • April 12th, 2010 • SCS Hedged Opportunities Master Fund, LLC • Delaware

THIS AGREEMENT is made and entered into as of this ____ day of April 2010, by and among SCS HEDGED OPPORTUNITIES FUND, LLC, a Delaware limited liability company (the “Feeder Fund”), SCS HEDGED OPPORTUNITIES MASTER FUND, LLC, a Delaware limited liability company (the “Master Fund”), SCS CAPITAL MANAGEMENT, LLC, a Delaware limited liability company (the “Adviser”) and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”). The Feeder Fund and the Master Fund are sometimes referred to herein individually as a “Fund” and collectively as the “Funds”.

PRIVATE INVESTMENT COMPANY CUSTODIAN AGREEMENT
Private Investment Company • April 12th, 2010 • SCS Hedged Opportunities Master Fund, LLC • Delaware
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