0000894189-10-002233 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 15th, 2010 • SCS Hedged Opportunities Fund, LLC • Delaware

AGREEMENT made as of this 4th day of June, 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”, and together with the Feeder Fund, the “Funds”) and SCS Capital Management, LLC, a Delaware limited liability company (the “Adviser”).

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SERVICES AGREEMENT
Services Agreement • June 15th, 2010 • SCS Hedged Opportunities Fund, LLC • Wisconsin

THIS AGREEMENT is made and entered into as of this ____ day of ________, 2010, by and among SCS Hedged Opportunities Fund, LLC, a Delaware limited liability company (the “Fund”), Quasar Distributors, LLC, a Delaware limited liability company (“Quasar”) and SCS Capital Management, LLC, a Delaware limited liability company that serves as the investment adviser to the Fund (the “Advisor”). The Advisor is a party hereto with respect to Section 5 only.

Expense Limitation Agreement
Expense Limitation Agreement • June 15th, 2010 • SCS Hedged Opportunities Fund, LLC • Delaware

EXPENSE LIMITATION AGREEMENT, made as of this 4th day of June, 2010, by and among SCS Capital Management, LLC, a Delaware limited liability company (the “Adviser”), SCS Hedged Opportunities Fund, LLC and SCS Hedged Opportunities Master Fund, LLC (each a “Fund” and together, the “Funds”).

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