0001193125-08-146450 Sample Contracts

DISTRIBUTION AGREEMENT
Distribution Agreement • July 3rd, 2008 • PNC Alternative Strategies TEDI Fund LLC • New York

AGREEMENT made as of September 28, 2007 among Mercantile Absolute Return Fund LLC; Mercantile Absolute Return Master Fund LLC; Mercantile Alternative Strategies Fund LLC; Mercantile Alternative Strategies Master Fund LLC; Mercantile Long-Short Manager Fund LLC; Mercantile Long-Short Manager Fund for Tax Exempt/Deferred Investors LLC; Mercantile Alternative Strategies Fund for Tax Exempt/Deferred Investors LLC; Mercantile Absolute Return Fund for Tax Exempt/Deferred Investors LLC, each a Delaware limited liability company, having an office at Two Hopkins Plaza, Baltimore, Maryland 21201 (each, a “Fund”), and PNC Fund Distributor, Inc., a Delaware corporation, having an office at 100 Summer Street, Suite 1500, Boston, Massachusetts 02110 (the Distributor”).

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PNC ALTERNATIVE STRATEGIES TEDI FUND LLC LIMITED LIABILITY COMPANY AGREEMENT August 4, 2005
Limited Liability Company Agreement • July 3rd, 2008 • PNC Alternative Strategies TEDI Fund LLC • Delaware

THIS LIMITED LIABILITY COMPANY AGREEMENT of PNC Alternative Strategies TEDI Fund LLC (the “Company”) is dated as of August 4, 2005 by and among PNC Capital Advisors, Inc. as the manager (“MCA” or the “Manager”), and Mercantile Bankshares Corporation as Organizational Member and those persons hereinafter admitted as Members.

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