Common use of DUTIES OF THE ADVISOR Clause in Contracts

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership Agreement, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it it, whether directly or indirectly through a master fund, from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options options, spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap contracts. The Advisor may also engage in other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with subject to the trading policies of CMF expressly set forth in Paragraph 3(b) of Appendix B hereto (the Limited Partnership Agreement, and as such “CMF Trading Policies”). Such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Laplace Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Appendix B without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through a master fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or merchant, independent floor broker or swap dealer and any give-up or floor brokerage fees are approved in advance by CMF. Moreover, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with such swap dealer or swap dealers as it may choose for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A. The Partnership and the Advisor agree that the Advisor shall trade the initial allocation, either directly or indirectly through a master fund, as though 1.5 times the assets had been allocated to the Advisor. For example, if $40 million is allocated to the Advisor, the Advisor shall implement the Program as though $60 million in assets had been allocated to the Advisor. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five (5) days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in Appendix A or the Partnership’s current Private Placement Offering Memorandum and Disclosure DocumentDocument (the “Memorandum”), as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approvalapproval (“Permitted Contracts”). The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeespartners, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two (2) business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors Material Advisor Error (“Errors”as defined below) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount commodity brokers. In the event of any errors, failures or omissions by any broker used by the Advisor on behalf of the Commodity Brokers’ out-of-pocket costs in respect thereofPartnership’s account, the Advisor agrees to use best efforts to pursue an appropriate financial remedy on CMF’s and the Partnership’s behalf with the relevant broker. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Section 8(a)(iii) of any Material Advisor Errors (as defined below) with respect to the account Partnership’s account, and the Advisor shall use its best efforts to identify and promptly notify correct any errors with respect to the General Partner of Partnership’s account’s trading activities, including any order or trade which the Advisor reasonably believes was not executed in accordance with its instructionsinstructions to any broker utilized to execute orders for the Partnership that, either individually or collectively, have an adverse effect on the Partnership’s account. Any such liability A “Material Advisor Error” is an error committed or caused by the Advisor that is greater than 0.02% of 1.5 times the amount of assets allocated to the Advisor by the Partnership as of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsdate such error occurred.

DUTIES OF THE ADVISOR. (a) For Upon the commencement of trading by the Advisor on behalf of the Partnership and for the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading strategies set forth in the Advisor's Disclosure Document dated October 29, 1996 and in accordance with the trading policies set forth in Paragraph 3(b) the Partnership's Prospectus dated as of May 31, 1996 (as supplemented, the Limited Partnership Agreement, and "Prospectus"),and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s Discus (1.5x leverage) 's Select Investment Program (using the “Program”) as set forth in the Disclosure Document (defined below) Argo Trading System to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. SBFM and the Partnership each acknowledge that the Advisor may utilize exchange for physicals transactions in its trading for the Partnership. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s Disclosure Document dated October 29, 1996 as defined in CFTC Rule 4.7) dated September 1, 2010 (filed with the “Disclosure Document”)CFTC. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMFSBFM, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSBFM, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFSBFM. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy)) and the Advisor shall have no responsibility for such payment. SBFM will cause the Partnership's commodity brokers to provide the Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to SBFM. (c) The initial allocation of the Partnership’s 's assets to the Advisor will be approximately U. S. $6,000,000 (all of which shall be actual funds) made to the Advisor's Select Investment Program using the Argo Trading System (the "Program"). The Advisor will not be allocated any notional funds. The parties acknowledge that if assets of the Partnership under the Advisor's management fall below $1,000,000, the Advisor may not be able to trade the full Argo portfolio. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF SBFM of any change in the trading system or methodology Program to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology the Program or in markets traded to be material, the changed system or methodology Program or markets traded will not be utilized for the Partnership without the prior written consent of CMFSBFM. In addition, the Advisor will notify CMF SBFM of any changes to the trading system or methodology Program that would require a change in the description of the trading strategy or methods described in any prospectus of the Disclosure DocumentPartnership. Non-material changes in the trading systems utilized on behalf of the Partnership may be instituted without prior written approval. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing notice thereof to CMF SBFM and receiving CMF’s SBFM's written approval. The Advisor also agrees to provide CMFSBFM, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positionsSBFM. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customerscustomers or other information deemed by the Advisor to be proprietary or confidential) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SBFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF SBFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. SBFM and the Partnership shall not distribute any description of the Advisor, its principals, or its or their trading performance without the prior written consent of the Advisor. (e) The Advisor understands and agrees that CMF SBFM may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. The Advisor may terminate this Agreement immediately if the Net Assets of the Partnership managed by the Advisor fall below $180,000. (f) CMF SBFM may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF SBFM shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s SBFM's sole discretion so that CMF SBFM may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF SBFM will not require the liquidation of specific positions by the Advisor. CMF SBFM will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that (i) the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for to any broker on behalf of the purchase or sale of futures interests for Partnership and (ii) the Partnership’s account including payment Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by any executing broker (other than any SBFM affiliate) selected by the account and Advisor, (it also being understood that SBFM, with the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph Section 3(b) of the Limited Partnership Agreement, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. CMF shall, within a reasonable time, change the name of the Partnership in the event that the Advisor no longer acts as the sole advisor to the Partnership. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b7(d)(1) hereofof the Limited Partnership Agreement) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options options, forward contracts and forward contractsswaps. All such trading on behalf of the Partnership shall be in accordance with (i) the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 1, 2014, as supplemented from time to time (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program wPraxis Futures Trading Approach (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated [ ], as defined in CFTC Rule 4.7) dated September 1, 2010 filed with the NFA (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy)) and the Advisor shall have no responsibility for such payment. CMF will cause the Partnership’s commodity brokers to provide the Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to CMF. (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A attached hereto, provided that CMF, the Partnership and the Advisor agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of June 20, 2005, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program as outlined in the Memorandum in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentMemorandum or Appendix A to be materially inaccurate. Non-material changes in the trading systems utilized on behalf of the Partnership may be instituted without prior written approval. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. The parties acknowledge that if Net Assets of the Partnership (as defined in Section 3(b) hereof) under the Advisor’s management fall below $750,000, the Advisor may not be able to trade the Program in full. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customerscustomers or other information deemed by the Advisor to be proprietary and confidential) and anything otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. FurtherNeither CMF nor the Partnership shall distribute, except to officers, directors, employees, partners or affiliates of CMF agrees to treat as confidential or the Partnership, any results description of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor, its principals, or its or their trading performance without the prior written consent of the Advisor, which consent shall not be unreasonably withheld. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, and options on futures. The Advisor may also engage in swap and forward contractsother derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementAppendix B, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Aquantum Commodity Spread (1.5x leverageACS) Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through a master fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program. , as described in Appendix A. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits manager(s), directors, officers employees and employeesmember(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct the Advisor in transmitting orders for the purchase or sale of futures commodity interests for the PartnershipTrading Company’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereoftrades. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors with respect to Section 8(a)(iii) of any errors (as described above) and any failures, errors or omissions by any broker (“Broker Errors”) used by the Advisor on behalf of the account and that, either individually or collectively, have an adverse effect on the account. In the event of a Broker Error, the Advisor shall agrees to use its best efforts to identify pursue an appropriate financial remedy on CMF’s and promptly notify the General Partner of any trade which Partnership’s behalf with the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsrelevant broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents an agent and attorneysattorney-in-factfact for each Fund, for directing the investment and reinvestment of the assets and funds of the Partnership Funds allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options contracts and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of each Fund with the prior written approval of CMF. The Advisor shall engage in such trading for the CMF Feeder Funds through investment in the Master Fund. All such trading on behalf of the Partnership Funds shall be in accordance with the trading strategies and trading policies set forth in Schedule C for each Fund (the “Trading Restrictions”), as the same may be amended and supplemented from time to time as provided for in this Agreement. Subject to Paragraph 3(b5(c) of the Limited Partnership Agreementhereof, and as such trading policies may be changed from time to time upon receipt by the Advisor of 30 days’, or such shorter period as may be required by applicable law or regulation, prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetschange. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program Winton Diversified Pr▇▇▇▇▇ (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnershipeach Fund’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Trading Restrictions without the prior written consent of the Partnership respective Fund given by CMF. CMF and the Funds each acknowledge that the Advisor may utilize exchange for physicals transactions in its trading for the Funds. CMF may override the trading instructions of the Advisor for a Fund with prompt notice to the Advisor (i) to comply with the Trading Restrictions and with applicable speculative position limits as set by a regulatory authority with proper authority, (ii) to fund any distributions or redemptions, (iii) to pay a Fund’s expenses, (iv) to the extent CMF acting in good faith reasonably believes doing so is necessary for the protection of the applicable Fund and its investors, (v) to terminate the futures interest trading of the applicable Fund with the Advisor in accordance with a termination of this Agreement pursuant to Paragraph 5 hereof, or (vi) to comply with any applicable law or regulation. CMF agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Advisor fails to comply with a request of CMF to make the necessary amount of funds available to the applicable Fund within two trading days of such request. The Advisor makes no representation or warranty that the trading to shall not be directed by it liable for the Partnership will be profitable consequences of any decision by CMF to override instructions of the Advisor, except to the extent that such consequences result from CMF’s decision to override the instructions of the Advisor pursuant to clause (i) above and subject to the provisions of Paragraph 6 hereof. Upon the issuance of any override instructions with respect to a Fund, this Agreement shall immediately terminate with respect to such Fund with notice under Paragraph 5(c) hereof. Notwithstanding the authority granted to the Advisor in this Paragraph 1(a) to direct the investment and reinvestment of each of the CMF Feeder Fund’s assets, effective as of the date of this Agreement (or will not incur lossesthe date that such Fund becomes a CMF Feeder Fund to the Master Fund, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of the CMF Feeder Funds. (b) The Advisor shall promptly provide the following to CMF acknowledges receipt during the term of this Agreement: (i) the current copy of the Advisor’s disclosure Form ADV and any material amendments thereto (ii) a copy of any document for qualified eligible persons filed with a regulatory agency and available to the public to the extent such document is material to this Agreement; and (iii) upon reasonable request of CMF, such information as defined in CFTC Rule 4.7) dated September 1is required by applicable rules related to the preparation and update of any offering memorandum or prospectus, 2010 as applicable, of each Fund listed on Schedule A as the same may be amended or supplemented from time to time (the “Disclosure DocumentMemorandum”). All trades made by the Advisor for the account of a Fund, whether directly or indirectly through the Partnership Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership Funds or for the negotiation of brokerage rates charged therefor; provided that the Advisor shall not enter into any “soft” commission agreements with any such broker. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, Advisor may direct any and all trades in commodity futures futures, forwards and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid pro rata by the Partnership CMF Feeder Funds after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnershipeach Fund’s assets to the Advisor will be made to the ProgramProgram as described on Schedule C provided that CMF, each Fund and the Advisor agree that the amount of leverage initially applied to the assets of the respective Fund allocated to the Advisor by CMF (the “Trading Level”) shall be 1.5 times the Net Assets (as defined in paragraph 3(b) hereof) of such Fund allocated to the Advisor by CMF. The Trading Level for each Fund shall be determined by CMF in US Dollars and may be adjusted from time to time in accordance with Paragraph 1(g) hereof. The Advisor shall trade each Fund’s assets on the basis of the Trading Level. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnershipa Fund, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for any of the Partnership Funds which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership a Fund without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Documenton Schedule C to be materially accurate. Further, the Advisor will provide the Partnership each Fund with a current list of all commodity interests to be traded for the PartnershipFund’s account account, whether directly or indirectly. The addition of further commodity interests (each a “New Interest”) to such list shall require five (5) business days’ prior written notice to the Fund and CMF (including via email). If CMF objects to any changes, it shall so notify the Advisor (including via email) within the specified five (5) business day prior notice period and the Advisor shall use commercially reasonable efforts not to effect such addition of the New Interest for such Fund’s account. Notwithstanding anything to the contrary in the immediately preceding sentence, the Advisor will not trade any additional commodity interests for such account without providing notice be deemed to be in breach of this Agreement if it is unable to exclude the New Interest, after having made commercially reasonable efforts and after having notified CMF of its inability to comply, in which case (i) the Advisor shall have no liability as a result thereof to CMF and receiving (ii) a Fund’s and CMF’s written approvalsole recourse against the Advisor hereunder is to terminate this Agreement with notice under Paragraph 5(b) (a “New Instrument Event”). The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFmanagement. The Advisor further agrees that it will convert foreign use all reasonable efforts to minimize the non-US Dollar currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% exposure of the allocated assets including nominal assets Funds’ accounts consistent with its management of the currency exposure of other accounts managed in accordance with the Program. CMF will be converted change the name of any Fund with “Winton” in such Fund’▇ ▇▇▇▇ as promptly as practicable after the Advisor ceases to U.S. dollars within one business day after act as advisor to such funds are no longer needed to margin foreign positionsFund. (d) The Advisor agrees to make all material disclosures to the Partnership Funds regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections Paragraphs 1(d) and 4(d4(e) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership Funds or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership Funds and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidentialConfidential Information as defined in Paragraph 13 of this Agreement. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. Nothing contained in this Agreement shall be deemed or construed to require the Advisor to disclose any confidential or proprietary details of the Advisor’s trading strategies or the names or identities of the Advisor’s clients. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership a Fund and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) of such Fund as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of a Fund to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors for a Fund and reapportion funds among such other trading advisors for the Partnership such Fund as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnershipa Fund’s assets, meet margin calls on the Partnershipa Fund’s account, fund redemptions, or for any other reason, except that that, subject to Paragraph 1(a), CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) CMF shall notify the Advisor of the Trading Level for each Fund as of the effective date of this Agreement (the “Effective Date”) by email to fundflows@wintoncapit▇▇.▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇ter than 12:00 p.m. (London time) on the first business day prior to the Effective Date. Unless otherwise instructed by CMF, as of the last business day of each month (the “PnL Adjustment Date”) the Advisor will estimate the realized and unrealized profit and loss of each Fund since the previous PnL Adjustment Date and adjust the Trading Level for each Fund accordingly. After the Effective Date, CMF may amend the Trading Level for a Fund as of the last business day of each month (an “Adjustment Date”) by sending an email to fundflows@wintoncapit▇▇.▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇ter than 12:00 p.m. (London time) on the first business day prior to the Adjustment Date. Notwithstanding anything to the contrary in the immediate preceding sentence, the Trading Level for each Fund will be confirmed by CMF as of the first day of each month (the “Confirmation Date”), by CMF sending an email to fundflows@wintoncapit▇▇.▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇ter than 12:00 p.m. (London time) on the first business day prior to the Confirmation Date. As the Funds utilize “notional” funding, CMF will include details for each Fund of the actual funds that are deposited with the clearing brokers and the committed funds that are deposited with other counterparties of the respective Fund. If the Advisor does not receive any email in accordance with this Paragraph 1(g), the Trading Level for a Fund will remain unchanged regardless of any change in the level of actual funds deposited with the clearing brokers or committed funds that are deposited with any other counterparty of the Fund. Each Fund and CMF acknowledges that any change in the Trading Level may result in margin calls for a Fund by the clearing brokers and agrees that the respective Fund shall be solely responsible for meeting any such margin calls. Each Fund and CMF acknowledges that, subject to the Advisor’s fiduciary obligations to a Fund as a commodity trading advisor, in certain circumstances, including, but not limited to, ensuring that any such transactions do not in the opinion of the Advisor (i) adversely affect or impact the markets or (ii) otherwise prejudice the interests of any other accounts advised by the Advisor: (A) the Funds may not gain full exposure to the Trading Level on the Effective Date; (B) an amendment in the Trading Level may not be effected by the Advisor on the Adjustment Date; (C) the Advisor in its absolute discretion and at any time upon notice to CMF, may reject an increase in the Trading Level; and (D) the Advisor acting in good faith in a commercially reasonable manner, and upon notice to CMF, may delay a decrease in the Trading Level to a date other than the Adjustment Date. Notwithstanding anything to the contrary in this Paragraph 1(g), the Advisor will use its reasonable efforts to effect a reduction in the Trading Level by CMF promptly under (ii)(D) of this Paragraph 1(g) (a “Trading Level Reduction”) to comply with regulatory restrictions or with margin deposit requirements. The Advisor will not be deemed to be in breach of this Agreement if it is unable to effect a Trading Level Reduction for a Fund, after having made reasonable efforts and after having notified CMF of its inability to comply, in which case (A) the Advisor shall not be liable as a result thereof and (B) the Funds’ and CMF’s sole recourse against the Advisor hereunder is to terminate this Agreement with respect to the applicable Fund with notice under Paragraph 5(b) (a “Trading Level Reduction Event”). (h) Subject to Paragraph 6(a), the Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnershipa Fund’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades but only for the amount of the Commodity Brokers’ broker’s out-of-pocket costs in respect thereof. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner provisions of Paragraph 8(a)(iii) upon discovery of such Errors its own material errors with respect to the account an account, and the Advisor shall use its best commercially reasonable efforts to identify and promptly notify the General Partner CMF of any material order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability instructions to any broker utilized to execute orders for a Fund. (i) CMF acknowledges and agrees that the Advisor shall not be obligated to comply with the “best execution” requirement of Rule 11.2.1 of the Advisor in relation FCA with respect to Errors shall be limited to compensation received by orders placed on behalf of the Adviser from the Partnership during the previous 12 months.Fun

DUTIES OF THE ADVISOR. (a) For Upon the commencement of trading operations by the Company and for the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the PartnershipCompany’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership Company allocated to it from time to time by the General Partner SFM in commodity interests, including commodity futures contracts, options options, swaps contracts, forward contracts and forward contractsphysical commodities. The Advisor will not be allocated nominal funds. All such trading on behalf of the Partnership Company shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPrivate Placement Offering Memorandum and Disclosure Document dated September 1, 2011, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice from SFM of such change and pursuant to the trading strategy selected by CMF SFM to be utilized by the Advisor in managing the PartnershipCompany’s assets. CMF SFM has initially selected the Advisor’s Discus Energy Program — Futures and Swaps as described in the Memorandum and in the Advisor’s Disclosure Document (1.5x leveragedefined below) Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the PartnershipCompany’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMFSFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership Company will be profitable or will not incur result in losses. (b) CMF SFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons Disclosure Document dated January 31, 2011 as filed with the NFA (as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership Company, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF SFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership Company or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax or fax email copy) of CMFSFM, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSFM, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFSFM. All give-up or similar fees relating to the foregoing shall be paid by the Partnership Company after all parties have executed the relevant give-up agreements (by either original original, fax or fax email copy). (c) The initial allocation of the PartnershipCompany’s assets to the Advisor will be made to the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program system or methodology outlined in the Memorandum in connection with its trading for the PartnershipCompany, either in whole or in part, it may not do so unless the Advisor gives CMF SFM prior written notice of its intention to utilize such different trading system or methodology and CMF SFM consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF SFM of any change in the trading system or methodology to be utilized for the Partnership Company which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership Company without the prior written consent of CMFSFM. In addition, the Advisor will notify CMF SFM of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentMemorandum. Further, the Advisor will provide the Partnership Company with a current list of all commodity interests to be traded for the PartnershipCompany’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF SFM and receiving CMFSFM’s written approval. The Advisor also agrees to provide CMFSFM, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFSFM. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership Company regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholderspartners, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF SFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) the previous sentence and Paragraph 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership Company or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership Company and CMF SFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF SFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. Notwithstanding the foregoing, the Advisor agrees that SFM may disclose information related to the Advisor to any governmental authority, court or self regulatory organization as may be required by Federal or state law, court order or NFA rule or order and, further, SFM may provide descriptions of the Advisor and the Program to any affiliated or unaffiliated financial advisors and/or placement agents involved in the offering and sale of units of limited liability company interest in the Company (“Units”). (e) The Advisor understands and agrees that CMF may SFM may, from time to time, designate other trading advisors for the Partnership Company and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) ), or otherwise reduce the allocation to the Advisor, as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMFSFM’s sole discretion so that CMF SFM may reallocate the PartnershipCompany’s assets, meet margin calls on the PartnershipCompany’s account, fund redemptions, or for any other reason, except that CMF SFM will not require the liquidation of specific positions by the Advisor. CMF SFM will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (gf) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Company’s account, provided, however, that (i) the Advisor will be liable to the Company with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for to any broker on behalf of the purchase or sale of futures interests for Company and (ii) the Partnership’s account including payment Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Company with respect to the account and losses incurred due to errors committed or caused by any executing broker (other than any SFM affiliate) selected by the Advisor shall use its best efforts to identify and promptly notify (it also being understood that SFM, with the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPrivate Placement Memorandum and Disclosure Document dated April 27, 2001, as supplemented (the ‘‘Memorandum’’), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program 's Energy Program-Futures and Swaps (the “‘‘Program”) as set forth in the Disclosure Document (defined below’’) to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s draft Disclosure Document dated March 31, 2006, as defined in CFTC Rule 4.7) dated September 1, 2010 filed with the NFA (the “‘‘Disclosure Document”’’). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of Advisor currently trades the Partnership’s 's assets allocated to it pursuant to the Advisor will be made to Program as described in the ProgramDisclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program as described in the Disclosure Document in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. CMF shall, within a reasonable time, change the name of the Partnership in the event that the Advisor no longer acts as the sole advisor to the Partnership. In addition, the Advisor will provide five days’ ' prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s 's written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“‘‘principals”’’), partners, shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s 's sole discretion so that CMF may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that (i) the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for to any broker on behalf of the purchase or sale of futures interests for Partnership and (ii) the Partnership’s account including payment Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by any executing broker (other than any CMF affiliate) selected by the account and Advisor, (it also being understood that CMF, with the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective June 4, 2020, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it it, whether directly or indirectly through a master fund, from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options options, spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap contracts. The Advisor may also engage in other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s current Private Placement Offering Memorandum and Disclosure Document, as supplemented (the “Memorandum”), and as such subject to the trading policies of CMF expressly set forth in Appendix A hereto (the “CMF Trading Policies”). Such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Diversified Alpha Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix B attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Appendix A without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix B. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through a master fund shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or merchant, independent floor broker or swap dealer and any give-up or floor brokerage fees are approved in advance by CMF. Moreover, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with such swap dealer or swap dealers as it may choose for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix B. The Partnership and the Advisor agree that the Advisor shall trade the initial allocation, either directly or indirectly through a master fund, as though 2 times the amount of assets had been allocated to the Advisor. For example, if $40 million is allocated to the Advisor, the Advisor shall implement the Program as though $80 million in assets had been allocated to the Advisor. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five (5) days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix B, as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeespartners, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two (2) business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Prospectus and Disclosure Document dated November 25, and 1998, as supplemented (the “Prospectus”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Blackwater Global Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received executing broker (other than any CMF affiliate) selected by the Adviser from the Partnership during the previous 12 monthsAdvisor.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options on futures contracts, spot and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading policies strategies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s current Private Placement Offering Memorandum and Disclosure Document, as supplemented (the “Memorandum”), and as such subject to the trading policies of CMF expressly set forth in Appendix A hereto (the “CMF Trading Policies”). Such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetsassets allocated to it. CMF has initially selected the Advisor’s Discus (1.5x leverage) AE Systematic FX Fund Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix B attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix B. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or merchant, independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program. , as described in Appendix B. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in Appendix B or the Disclosure DocumentMemorandum, as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeesshareholder(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its CMF’s fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account account, to the extent such errors result from its negligence, bad faith, recklessness or intentional misconduct, including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount commodity brokers. In the event of an error by a broker or third party, the Commodity Brokers’ out-of-pocket costs in respect thereofAdvisor agrees to use commercially reasonable efforts to pursue an appropriate financial remedy on CMF’s and the Partnership’s behalf with the relevant broker or third party. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options options, spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap contracts. The Advisor may also engage in other swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementAppendix A and Appendix B attached hereto, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program Systematic Trend Programme (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Appendix B without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, shall be made cleared through such commodity clearing broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage clearing rates charged therefor. However, the The Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide has provided the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approvalapproval (“Permitted Contracts”). Notwithstanding any other provision in this Agreement, no warranty, assurance or undertaking is given by the Advisor as to the performance, returns, increase in or retention of value or profitability of the Partnership’s account or that the investment objectives of the Program shall be successfully achieved, whether in whole or in part. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, managers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. CMF acknowledges and agrees that, in the event that CMF does not give the Advisor one business day’s prior notice in relation to reallocations or liquidations, the Advisor may not be able to implement the relevant reallocations or liquidations in the requested time frame. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereoftrades. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors (as described above) with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructionsinstructions to any broker utilized to execute orders for the Partnership. (h) The Partnership is a Professional Client within the meaning of the FCA Rules and ISAM Europe provides its services hereunder on that basis. Nothing in this Agreement shall exclude or restrict any duty or liability to the Partnership which ISAM Europe may have under FSMA or FCA Rules. Although authorized and regulated by the FCA, ISAM Europe is entitled to and has opted out of the Financial Services Compensation Scheme (the “FSCS”). It is confirmed that in the event of ISAM Europe being wound up, no compensation is payable to the Partnership under the FSCS as the client is not an eligible claimant. (i) ISAM Europe has in operation a written procedure in accordance with the FCA Rules for the effective consideration and proper handling of complaints from customers, and will provide a copy of the same to the Partnership on request. Any such liability complaints should be referred to the Compliance Officer of ISAM Europe. The Partnership does not have a right of complaint to the Financial Services Ombudsman in respect of any action of ISAM Europe which is or is alleged to be in breach of the FCA Rules. (j) Subject to Section 8(a)(iii), the Advisor may aggregate transactions in relation to Errors shall be limited to compensation received by the Adviser from Permitted Contracts for the Partnership during with its own account transactions and/or those of other customers. Subject to Section 8(a)(iii), the previous 12 monthsAdvisor may also average the prices obtained so that all clients in the transaction pay or receive the same average price. Subject to Section 8(a)(iii), aggregation may on some occasions operate to the advantage of the Partnership and on other occasions to the disadvantage of the Partnership. (k) The Advisor shall not hold cash or other assets of the Partnership. (l) Subject to this Agreement, the Advisor may (i) arrange or effect transactions in Futures and/or Contracts for Differences (as defined for purposes of FSMA), debit the Partnership’s account with any sums required to pay or supplement any deposit or margin in support of any such transaction, and exercise its discretion in managing the Partnership’s account to settle or close outstanding obligations without reference to the Partnership or CMF. The Partnership and CMF acknowledge receipt of the Advisor’s risk disclosure with respect to the Program; and (ii) arrange or effect transactions in Permitted Contracts otherwise than through Recognised Investment Exchanges (as defined for the purposes of FSMA).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in listed exchange traded natural gas futures and options on futures contracts. The Advisor may also trade other commodity interests, including other commodity futures contracts, and options on futures contracts and spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies expressly set forth in Paragraph 3(b) of Appendix B hereto (the Limited Partnership Agreement“CMF Trading Policies”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant (ii)pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Energy Trading Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program. , as described in Appendix A. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which will be attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits members, directors, officers officers, and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contractsfutures, options on futures, spot and forward contracts, including foreign exchange forwards, foreign exchange swaps and non-deliverable foreign exchange forwards. The Advisor may also engage in other swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of October 31, 2013, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetsassets as described herein. CMF has initially selected a variation of the Advisor’s Discus program traded by PWP Global Macro Master Fund L.P., a Cayman Islands exempted limited partnership (1.5x leverage) Program the “PWP Global Macro Fund”), as described in Appendix A attached hereto (the “Program”) as set forth in the Disclosure Document (defined below) ), to manage the Partnership’s assets allocated to itthe Advisor. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. The Advisor shall not be deemed to have custody of the Partnership’s assets. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the AdvisorAdvisor may direct any and all trades in commodity futures and options to any futures commission merchant or independent floor broker listed on Appendix C or, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct all trades in commodity futures and options to a any other futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor may enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with any swap dealer listed on Appendix C or, with the prior written permission (by original, fax copy or email copy) of CMF, any other swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program. , as described in Appendix A. In the event the Advisor wishes to use a trading system or methodology other which the Advisor deems materially different than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF twenty days’ prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the The Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in Appendix A or the Disclosure DocumentMemorandum, as applicable, to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which will be attached as Appendix B to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management in substantially the form attached hereto as Schedule 1 together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFbusiness. The Advisor further agrees that it will use its commercially reasonable efforts to convert to U.S. dollars: (i) foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. monthly and (ii) U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars $250,000 within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeespartners, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals principals, unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or orderorder (including CFTC Rule 4.25). The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a and the trading systems and the trading methodology of the Advisor are property right rights belonging to the Advisor and that they will shall not use, other than as contemplated under this Agreement, and shall keep all such advice advice, systems and methodology confidential. Further; provided, however, that CMF agrees to treat as confidential any results and the Partnership may include the description of proprietary accounts and/or proprietary information with respect to the trading systems obtained from strategy in the Memorandum provided by the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and, subject to the second, third and last sentences of Section 1(f) below, apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) The Advisor acknowledges and agrees that CMF may, from time to time, in its absolute discretion, select additional trading advisors in respect of the assets of the Partnership and, subject to the second, third and last sentences of this Section 1(f), reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF acknowledges and agrees, on behalf of itself and the Partnership, that any such instructions can have a detrimental effect on the performance of the Partnership. CMF will use its best efforts to give two five business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best commercially reasonable efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in spot, swap and other derivative transactions with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of December 30, 2011, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) JEM Commodity Relative Value Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made traded by the Advisor in accordance with the Program, as described in Appendix A; provided that CMF and the Partnership agree that, for so long as the Partnership trades through the Master Fund, the amount of leverage applied to the Programassets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of October 1, 2012, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership in Appendix B to this Agreement, as may be amended from time to time, with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For During the period term and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of responsibility for managing the Partnership’s agents Fund's Commodity Interests trading account and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated Fund, except that if the Advisor if legally unable to it from perform its functions hereunder or if some emergency should arise as a result of which the Advisor is unable or becomes unwilling to perform under this Agreement, the Fund may procure the services of another trading advisor to manage the investment and reinvestment of such assets and funds until such time as the Advisor is able or willing to time by resume its management responsibilities hereunder. (b) The Advisor will determine the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. All such trading investments on behalf of the Partnership shall be Fund in accordance with the trading policies set forth in Paragraph 3(bthe Prospectus and the Statement of Additional Information under the caption "Trading Policies" (the "Trading Policies"). The Advisor will exercise its good faith (best efforts) judgment in determining the trades in Commodity Interests which are to be made on behalf of the Limited Partnership AgreementFund in accordance with such Trading Policies and, to the extent that the Advisor is notified in writing thereof, and as agrees in writing thereto, in accordance with revisions of such trading policies may be changed policies, from time to time upon receipt time, by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of tradingFund. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement without the prior written consent is not, however, obligated to trade any fixed portion of the Partnership given by CMF. The Advisor makes Fund's assets under the Advisor's management, and there may be times when, under the Advisor's trading system, no representation or warranty that the trading to be directed by it for the Partnership open positions will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy)maintained. (c) The initial allocation of Advisor also agrees to give the Partnership’s assets to the Advisor will be made to the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF Fund prior written notice of any proposed material change in its intention trading strategies, systems and methods as described in the Prospectus and Statement of Additional Information under the caption "Trading Philosophy and Methods of the Advisor" (the "Trading Strategies"), and agrees not to utilize make any material change in such different Trading Strategies (as they are applied to trading system or methodology and CMF consents thereto in writing. In additionfor the Fund) without the prior express written approval of the Fund, it being understood that the Advisor will provide five days’ shall be free to institute non-material changes in its Trading Strategies (as they are applied to trading for the Fund) without such prior written notice to CMF approval- Neither refinements of its Trading Strategies nor any change in the number or type of Commodity Interests traded in the Fund's portfolio within the limits imposed by the Fund's trading system or methodology to policies shall be utilized for the Partnership which the Advisor deems material. If the Advisor deems such deemed a material change in system or methodology or in markets traded to be materialTrading Strategies, and prior approval of the changed system or methodology or markets traded will Fund shall not be utilized for the Partnership without the prior written consent of CMF. In additionrequired therefor provided, however, that the Advisor will notify CMF of any changes not render advice to the Fund with respect to trading system in securities or methodology that in any futures contracts or options relating thereto if trading therein would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests Fund to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets register under the Advisor’s management together with all other matters deemed by Investment Company Act of 1940, as amended, and/or would require the Advisor to be material changes register under the Investment Advisers Act of 1940, as amended, unless counsel to its business the Fund has advised the Fund to the effect that such acts are not previously reported applicable to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positionstrading. (d) All purchases and sales of Commodity Interests shall be for the account of and at the risk of the Fund and neither the Advisor nor any of its directors, officers, shareholders, employees or affiliates shall in any way be personally liable in connection with any orders for such purchases and sales except as otherwise expressly set forth in this Agreement. All brokerage commissions arising from the trading of the Fund's account shall be charged to the Fund's account. (e) The Advisor agrees to make all material necessary disclosures to the Partnership regarding itself itself, its principals, employees and affiliates, its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methodsTrading Strategies, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF the Fund to be made in any the Registration Statement, Prospectus and Statement of Additional Information and such state applications and other filings as may be required by Federal federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunderstate law. (f) CMF may, from time Nothing herein contained shall be deemed to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation Fund to take any action contrary to its Certificate of specific positions by Limited Partnership, the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of Limited Partnership Agreement or any reallocations applicable statute, regulation or liquidationsexchange or self-regulatory organization rule. (g) The Advisor shall assume financial responsibility for any errors Notwithstanding the foregoing, the Fund (“Errors”) committed or caused by its negligence, fraud or willful misconduct in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery on its behalf) may withdraw the Registration Statement or terminate the registration of the Units at any time. Upon any such Errors withdrawal or termination, or if the Registration Statement shall not have become effective on or before __________, or if the minimum number of Units offered by the Prospectus and Statement of Additional Information, as amended or supplemented, is not sold and accepted by the General Partner during the initial offering period of up to sixty (60) days from the date of the Prospectus and Statement of Additional Information (subject to a possible extension for up to an additional sixty (60) days at the discretion of the General Partner), this Agreement shall terminate. In such event, the Fund shall not have any obligation to the Advisor with respect to the account and this Agreement; nor shall the Advisor shall use its best efforts have any obligation to identify the Fund with respect to this Agreement. (h) No assurance is given and promptly notify no representation is made that the General Partner of any trade which Advisor's trading advice will result in profitable trades or that losses will not be incurred or that the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsFund will achieve capital appreciation.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of April 23, 2010, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Energy Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to the Advisor’s trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it also being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership's Prospectus and Disclosure Document to be dated on or about November 1, 2003 (the "Prospectus"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s 's Discus (1.5x leverage) Program (the “"Program”) as set forth in the Disclosure Document (defined below") to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s Disclosure Document dated as defined in CFTC Rule 4.7) dated September 1of June 30, 2010 (2003, as filed with the “Disclosure Document”)NFA and CFTC. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s 's assets to the Advisor will be made to the Advisor's Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the system or methodology outlined in the description of the Program in the Prospectus in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentProspectus. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s 's written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s 's sole discretion so that CMF may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for the purchase or sale to any broker on behalf of futures interests for the Partnership’s account including payment to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document dated June 15, 2011, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Core Trading Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) ), to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated March 30, 2012, as defined in CFTC Rule 4.7) dated September 1, 2010 (filed with the “Disclosure Document”)NFA. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program system or methodology outlined in the Memorandum in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. CMF shall, within a reasonable time, change the name of the Partnership in the event that the Advisor no longer acts as the sole advisor to the Partnership. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentDocument or the Memorandum, as applicable. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections Paragraphs 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to the Advisor’s trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Paragraph 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Private Placement Offering Memorandum and Disclosure Document dated as of April 29, 2010, as may be amended and supplemented from time to time (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Diversified 2XL Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated as defined in CFTC Rule 4.7) dated September 1of July 26, 2010 (2010, as filed with the “Disclosure Document”)NFA and the CFTC. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax copyelectronic signature on the EGUS system). (c) The initial allocation of the Partnership’s assets allocated to the Advisor will be made to traded by the Advisor in accordance with the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the system or methodology outlined in the description of the Program in the Memorandum in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentMemorandum. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. The Advisor may terminate this Agreement immediately if the Net Assets of the Partnership managed by the Advisor fall below $500,000 (after adjustment for trading losses and redemptions). (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the floor brokerage commissions, exchange, NFA fees, Partnership and (ii) the Advisor will be liable to the Partnership with respect to losses incurred due to errors committed or caused by any executing broker (other transaction charges and give-up charges incurred than any CMF affiliate) selected by the Commodity Broker on such trades Advisor, but only for to the amount extent of the Commodity Brokers’ out-of-pocket costs in respect thereoffees which have been earned by the Advisor up until the point at which the error occurred plus any future fees which may be earned by the Advisor under this Agreement (it also being understood that CMF, with the assistance of the Advisor, will first attempt to recover such losses from the executing broker). The Advisor shall have an affirmative obligation to promptly notify will not be responsible for losses caused by circumstances outside the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsAdvisor’s control.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Memorandum dated June, and 2004, as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Managed Account Trading Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated ____________, 2004 as defined in CFTC Rule 4.7) dated September 1, 2010 filed with the NFA (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Advisor’s Managed Account Trading Program (the “Program”) on a fully funded basis. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options options, spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap contracts. The Advisor may also engage in other swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementAppendix A and Appendix B attached hereto, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program Systematic Trend Programme (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Appendix B without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, shall be made cleared through such commodity clearing broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage clearing rates charged therefor. However, the The Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide has provided the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approvalapproval (“Permitted Contracts”). Notwithstanding any other provision in this Agreement, no warranty, assurance or undertaking is given by the Advisor as to the performance, returns, increase in or retention of value or profitability of the Partnership’s account or that the investment objectives of the Program shall be successfully achieved, whether in whole or in part. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, managers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. CMF acknowledges and agrees that, in the event that CMF does not give the Advisor one business day’s prior notice in relation to reallocations or liquidations, the Advisor may not be able to implement the relevant reallocations or liquidations in the requested time frame. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereoftrades. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors (as described above) with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructionsinstructions to any broker utilized to execute orders for the Partnership. (h) The Partnership is a Professional Client within the meaning of the FCA Rules and ISAM Funds provides its services hereunder on that basis. Nothing in this Agreement shall exclude or restrict any duty or liability to the Partnership which ISAM Funds may have under FSMA or FCA Rules. Although authorized and regulated by the FCA, ISAM Funds is entitled to and has opted out of the Financial Services Compensation Scheme (the “FSCS”). It is confirmed that in the event of ISAM Funds being wound up, no compensation is payable to the Partnership under the FSCS as the client is not an eligible claimant. (i) ISAM Funds has in operation a written procedure in accordance with the FCA Rules for the effective consideration and proper handling of complaints from customers, and will provide a copy of the same to the Partnership on request. Any such liability complaints should be referred to the Compliance Officer of ISAM Funds. The Partnership does not have a right of complaint to the Financial Services Ombudsman in respect of any action of ISAM Funds which is or is alleged to be in breach of the FCA Rules. (j) Subject to Section 8(a)(iii), the Advisor may aggregate transactions in relation to Errors shall be limited to compensation received by the Adviser from Permitted Contracts for the Partnership during with its own account transactions and/or those of other customers. Subject to Section 8(a)(iii), the previous 12 monthsAdvisor may also average the prices obtained so that all clients in the transaction pay or receive the same average price. Subject to Section 8(a)(iii), aggregation may on some occasions operate to the advantage of the Partnership and on other occasions to the disadvantage of the Partnership. (k) The Advisor shall not hold cash or other assets of the Partnership. (l) Subject to this Agreement, the Advisor may (i) arrange or effect transactions in Futures and/or Contracts for Differences (as defined for purposes of FSMA), debit the Partnership’s account with any sums required to pay or supplement any deposit or margin in support of any such transaction, and exercise its discretion in managing the Partnership’s account to settle or close outstanding obligations without reference to the Partnership or CMF. The Partnership and CMF acknowledge receipt of the Advisor’s risk disclosure with respect to the Program; and (ii) arrange or effect transactions in Permitted Contracts otherwise than through Recognised Investment Exchanges (as defined for the purposes of FSMA).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in spot, swap and other derivative transactions with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of June 30, 2013, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) JEM Commodity Relative Value Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made traded by the Advisor in accordance with the Program, as described in Appendix A; provided that CMF and the Partnership agree that, for so long as the Partnership trades through the Master Fund, the amount of leverage applied to the Programassets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of August 1, 2013, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership in Appendix B to this Agreement, as may be amended from time to time, with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructionsinstructions to any broker utilized to execute orders for the Partnership. (i) The Advisor, CMF and the Partnership will keep confidential the terms hereof and each transaction hereunder, and all related agreements, business practices, financial data, procedures and policies hereunder or otherwise relating to either of them or their affiliates that are not publicly available (herein, “Confidential Information”). Any such liability Confidential Information shall also include, but not be limited to, each party’s respective proprietary or confidential (A) market and/or computerized investment approaches, strategies, systems or programs for trading, hedging, asset allocation or portfolio construction, (B) mathematical models, simulated results, simulation software, price or research databases, other research, algorithms, numerical techniques, analytical results, technical data, strategies and methodologies, (C) trading signals, trading orders or executed trades (including prices, quantities and times), asset allocation targets, position sizes and portfolio holdings, (D) business methods, trade secrets, internal marketing materials or memoranda, corporate policies, supervisory and risk control techniques and procedures, fee and compensation structures, client lists and contact lists, knowledge of facilities and any books and records made available to any party, (E) any other proprietary materials or information, (F) any synopses or descriptions of the Advisor in relation to Errors shall be limited to compensation received foregoing and (G) due diligence materials and other information provided by the Adviser from Advisor to CMF and the Partnership during or provided by CMF and the previous 12 monthsPartnership to the Advisor, whether prior to or after execution of this Agreement and whether or not marked confidential; but does not include information which (w) was or becomes generally available to the public other than as a result of a disclosure by the receiving party or its representatives in violation hereof, (x) was or becomes available to the receiving party on a non-confidential basis prior to its disclosure by the disclosing party or its representatives or agents to the receiving party or its representatives, (y) becomes available to the receiving party or its representatives on a non-confidential basis from a source other than the disclosing party or its representatives or agents, provided that such source is not known to the receiving party to be bound by a confidentiality agreement with the disclosing party or its representatives or agents or otherwise prohibited from transmitting the information to the receiving party or its representatives by a contractual, legal or fiduciary obligation, or (z) is independently developed by the receiving party or on its behalf, provided that such development was by the receiving party or on the receiving party’s behalf without the use of, or any reference to, the Confidential Information. (ii) Each party shall keep Confidential Information in strictest confidence except (A) to the extent necessary for purposes hereof to communicate it to the each such party’s officers, employees and counsel or to any broker or service provider, (B) to the extent necessary to comply with any requirement or demand of any self-regulatory, regulatory, judicial or taxing authority having jurisdiction over any of them, or (C) as otherwise required by applicable law or regulation, including the reporting and disclosure requirements of the CFTC, NFA and Securities and Exchange Commission. (iii) CMF and the Partnership shall not use the Advisor’s Confidential Information as a basis on which to (A) trade, on behalf of itself or its investors or clients, in accounts not managed by the Advisor, (B) to reverse-engineer, replicate or develop or to aid others to reverse-engineer, replicate or develop competing or similar strategies to those of the Advisor, or (C) to use the Advisor’s Confidential Information for purposes other than enabling, conducting and monitoring the trading advisory services specified in this Agreement. (iv) Each party will be permitted to disclose the track record of the Program, and may disclose the identity of the other party.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership's Private Placement Memorandum dated March 2006, and as supplemented (the "Memorandum"), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) 's Energy Program (the “"Program”) "), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons ('s Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s 's assets to the Advisor will be made to traded by the Advisor in accordance with the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s 's written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor's trading systems. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s 's sole discretion so that CMF may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that (i) the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for to any broker on behalf of the purchase or sale of futures interests for Partnership and (ii) the Partnership’s account including payment Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by any executing broker (other than any CMF affiliate) selected by the account and Advisor, it being understood that CMF, with the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options contracts and forward contractsoptions. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document dated January 31, 2013, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program Principle Commodity Futures trading program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated as defined in CFTC Rule 4.7) dated September of November 1, 2010 2012 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the ProgramProgram as described in the Memorandum, provided that CMF and the Partnership agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of March 1, 2013, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require cause a change in the description of the trading strategy or methods described in the Disclosure DocumentDocument or the Memorandum, as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, negligence fraud or willful misconduct in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereoftrades. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options on futures contracts and forward contracts, including foreign exchange forwards, foreign exchange swaps and non-deliverable foreign exchange forwards. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading policies strategies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s current Private Placement Offering Memorandum and Disclosure Document, as supplemented (the “Memorandum”), and as such subject to the trading policies of CMF expressly set forth in Appendix B hereto (the “CMF Trading Policies”). Such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected a variation of the Advisor’s Discus (1.5x leverage) Program program traded by ▇▇▇▇▇ Alpha Master Fund L.P. (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or merchant, independent floor broker or swap dealer and any give-up or floor brokerage fees are approved in advance by CMF. Moreover, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with such swap dealer or swap dealers as it may choose for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A attached hereto, provided that CMF, the Partnership and the Advisor agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of January 1, 2018 as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor Advisor, in its sole discretion, deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in Appendix A or the Disclosure DocumentMemorandum, as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its CMF’s fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and undertakes to handle such trading advice, and any data or information from the Advisor received in fulfillment of this Agreement in a confidential manner, including, but not limited to, the Advisor’s proprietary trading programs, trading data, trading instructions, trade execution, research data bases, computer software, systematic methodologies and the systematic trading approach (including positions established thereto, whether for the Partnership or other clients of the Advisor), and all other related information (the “Confidential Information”). Subject to CMF’s and the Partnership’s right to comply with any requirement or demand of any self-regulatory, regulatory, judicial or taxing authority having jurisdiction over either of them, the Partnership and CMF shall take all reasonable steps to protect the Confidential Information disclosed pursuant to the provisions of this Agreement, using the same standard of care that they will keep all the Partnership and CMF apply to safeguard their own respective proprietary, secret or confidential information and to store and handle the Confidential Information in such advice confidentiala way as to prevent any unauthorized disclosure thereof. FurtherThe Partnership shall notify the Advisor within a reasonable time upon discovery of any unauthorized use of, CMF access to, or disclosure of Confidential Information, and agrees to treat cooperate with reasonable requests by the Advisor to help regain possession of such Confidential Information and to prevent its further unauthorized use, disclosure or access. Notwithstanding the foregoing, each of the Partnership and CMF may provide the Confidential Information to its affiliates and each of their respective officers, directors, employees, counsel, auditors, consultants, administrators, agents and service providers who need to know such information in connection with their duties to the Partnership or CMF, as the case may be; provided, that such persons are informed of the confidential nature of such information and agree to keep it confidential as provided herein. The term “Confidential Information” does not include any results information which (i) is publicly available other than as a result of proprietary accounts and/or proprietary information with respect unauthorized disclosure by the Partnership, (ii) is available to trading systems obtained the Partnership on a non-confidential basis from a source other than the Advisor, (iii) is independently developed by the Partnership or on its behalf without any reference to the Confidential Information or (iv) is provided by the Advisor and is included in investor materials which have been reviewed and approved by the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options and forward contracts, excluding financial futures and forward contracts. The Advisor may also engage in swaps transactions and other derivatives transactions on behalf of the Partnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 31, 2011, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program trading program for Flintlock Commodity Opportunities Partners, LP (the “Program”) ), attached hereto as set forth in the Disclosure Document (defined below) Appendix A, to manage the Partnership’s assets allocated to it, provided that CMF and the Partnership acknowledge that Advisor intends to manage the assets of the Partnership utilizing two times the leverage utilized by Flintlock Commodity Opportunities Master Fund, LP. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall directdirect (the “Commodity Brokers”), and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy). CMF and the Partnership each acknowledges that the use of Commodity Brokers selected by CMF may result in trades being executed at prices that are less desirable than those that may be available if the Advisor were permitted to select a different executing broker. (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program or system or methodology outlined in the Memorandum, if any, in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. For the avoidance of doubt, in accordance with the provisions of Paragraph 7(a)(i), any references to the Advisor, its principals (as defined below), or the Program or the Advisor’s trading system or methodology must be reviewed and approved in writing by the Advisor prior to their use in the Memorandum. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in Appendix A or the Disclosure DocumentMemorandum, as applicable. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written (including email) approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written (including email) report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. To the extent commercially practicable, U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections Paragraphs 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice and all other information to be provided by the Advisor is a property right belonging pursuant to this Agreement constitutes proprietary and confidential information of the Advisor and that they will keep all such advice confidentialinformation confidential and not use such information for any purpose other than evaluating the performance of the Advisor and further agree not to use such information to guide their own trading or that of any other person. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisorsystems. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment to the Commodity Brokers (as defined above) of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify CMF and the General Partner Partnership upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify CMF and the General Partner Partnership of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any instructions to any Commodity Broker or such liability of other commodity broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents an agent and attorneysattorney-in-factfact for each Fund, for directing the investment and reinvestment of the assets and funds of the Partnership Funds allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options contracts and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of each Fund with the prior written approval of CMF. The Advisor shall engage in such trading for the CMF Feeder Funds through investment in the Master Fund. All such trading on behalf of the Partnership Funds shall be in accordance with the trading strategies and trading policies set forth in Schedule C for each Fund (the “Trading Restrictions”), as the same may be amended and supplemented from time to time as provided for in this Agreement. Subject to Paragraph 3(b5(c) of the Limited Partnership Agreementhereof, and as such trading policies may be changed from time to time upon receipt by the Advisor of 30 days’, or such shorter period as may be required by applicable law or regulation, prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetschange. CMF has initially selected the Advisor’s Discus (1.5x leverage) ▇▇▇▇▇▇ Diversified Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnershipeach Fund’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Trading Restrictions without the prior written consent of the Partnership respective Fund given by CMF. CMF and the Funds each acknowledge that the Advisor may utilize exchange for physicals transactions in its trading for the Funds. CMF may override the trading instructions of the Advisor for a Fund with prompt notice to the Advisor (i) to comply with the Trading Restrictions and with applicable speculative position limits as set by a regulatory authority with proper authority, (ii) to fund any distributions or redemptions, (iii) to pay a Fund’s expenses, (iv) to the extent CMF acting in good faith reasonably believes doing so is necessary for the protection of the applicable Fund and its investors, (v) to terminate the futures interest trading of the applicable Fund with the Advisor in accordance with a termination of this Agreement pursuant to Paragraph 5 hereof, or (vi) to comply with any applicable law or regulation. CMF agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Advisor fails to comply with a request of CMF to make the necessary amount of funds available to the applicable Fund within two trading days of such request. The Advisor makes no representation or warranty that the trading to shall not be directed by it liable for the Partnership will be profitable consequences of any decision by CMF to override instructions of the Advisor, except to the extent that such consequences result from CMF’s decision to override the instructions of the Advisor pursuant to clause (i) above and subject to the provisions of Paragraph 6 hereof. Upon the issuance of any override instructions with respect to a Fund, this Agreement shall immediately terminate with respect to such Fund with notice under Paragraph 5(c) hereof. Notwithstanding the authority granted to the Advisor in this Paragraph 1(a) to direct the investment and reinvestment of each of the CMF Feeder Fund’s assets, effective as of the date of this Agreement (or will not incur lossesthe date that such Fund becomes a CMF Feeder Fund to the Master Fund, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of the CMF Feeder Funds. (b) The Advisor shall promptly provide the following to CMF acknowledges receipt during the term of this Agreement: (i) the current copy of the Advisor’s disclosure Form ADV and any material amendments thereto (ii) a copy of any document for qualified eligible persons filed with a regulatory agency and available to the public to the extent such document is material to this Agreement; and (iii) upon reasonable request of CMF, such information as defined in CFTC Rule 4.7) dated September 1is required by applicable rules related to the preparation and update of any offering memorandum or prospectus, 2010 as applicable, of each Fund listed on Schedule A as the same may be amended or supplemented from time to time (the “Disclosure DocumentMemorandum”). All trades made by the Advisor for the account of a Fund, whether directly or indirectly through the Partnership Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership Funds or for the negotiation of brokerage rates charged therefor; provided that the Advisor shall not enter into any “soft” commission agreements with any such broker. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, Advisor may direct any and all trades in commodity futures futures, forwards and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid pro rata by the Partnership CMF Feeder Funds after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy).. 2 (c) The initial allocation of the Partnershipeach Fund’s assets to the Advisor will be made to the ProgramProgram as described on Schedule C provided that CMF, each Fund and the Advisor agree that the amount of leverage initially applied to the assets of the respective Fund allocated to the Advisor by CMF (the “Trading Level”) shall be 1.5 times the Net Assets (as defined in paragraph 3(b) hereof) of such Fund allocated to the Advisor by CMF. The Trading Level for each Fund shall be determined by CMF in US Dollars and may be adjusted from time to time in accordance with Paragraph 1(g) hereof. The Advisor shall trade each Fund’s assets on the basis of the Trading Level. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnershipa Fund, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for any of the Partnership Funds which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership a Fund without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Documenton Schedule C to be materially accurate. Further, the Advisor will provide the Partnership each Fund with a current list of all commodity interests to be traded for the PartnershipFund’s account account, whether directly or indirectly. The addition of further commodity interests (each a “New Interest”) to such list shall require five (5) business days’ prior written notice to the Fund and CMF (including via email). If CMF objects to any changes, it shall so notify the Advisor (including via email) within the specified five (5) business day prior notice period and the Advisor shall use commercially reasonable efforts not to effect such addition of the New Interest for such Fund’s account. Notwithstanding anything to the contrary in the immediately preceding sentence, the Advisor will not trade any additional commodity interests for such account without providing notice be deemed to be in breach of this Agreement if it is unable to exclude the New Interest, after having made commercially reasonable efforts and after having notified CMF of its inability to comply, in which case (i) the Advisor shall have no liability as a result thereof to CMF and receiving (ii) a Fund’s and CMF’s written approvalsole recourse against the Advisor hereunder is to terminate this Agreement with notice under Paragraph 5(b) (a “New Instrument Event”). The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFmanagement. The Advisor further agrees that it will convert foreign use all reasonable efforts to minimize the non-US Dollar currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% exposure of the allocated assets including nominal assets Funds’ accounts consistent with its management of the currency exposure of other accounts managed in accordance with the Program. CMF will be converted change the name of any Fund with “▇▇▇▇▇▇” in such Fund’s name as promptly as practicable after the Advisor ceases to U.S. dollars within one business day after act as advisor to such funds are no longer needed to margin foreign positionsFund. (d) The Advisor agrees to make all material disclosures to the Partnership Funds regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections Paragraphs 1(d) and 4(d4(e) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership Funds or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership Funds and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidentialConfidential Information as defined in Paragraph 13 of this Agreement. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor.. Nothing contained in this Agreement shall be deemed or construed to require the Advisor to disclose any confidential or proprietary details of the Advisor’s trading strategies or the names or identities of the Advisor’s clients. 3 (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership a Fund and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) of such Fund as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of a Fund to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. . (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors for a Fund and reapportion funds among such other trading advisors for the Partnership such Fund as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnershipa Fund’s assets, meet margin calls on the Partnershipa Fund’s account, fund redemptions, or for any other reason, except that that, subject to Paragraph 1(a), CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) CMF shall notify the Advisor of the Trading Level for each Fund as of the effective date of this Agreement (the “Effective Date”) by email to ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ to be received no later than 12:00 p.m. (London time) on the first business day prior to the Effective Date. Unless otherwise instructed by CMF, as of the last business day of each month (the “PnL Adjustment Date”) the Advisor will estimate the realized and unrealized profit and loss of each Fund since the previous PnL Adjustment Date and adjust the Trading Level for each Fund accordingly. After the Effective Date, CMF may amend the Trading Level for a Fund as of the last business day of each month (an “Adjustment Date”) by sending an email to ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ to be received no later than 12:00 p.m. (London time) on the first business day prior to the Adjustment Date. Notwithstanding anything to the contrary in the immediate preceding sentence, the Trading Level for each Fund will be confirmed by CMF as of the first day of each month (the “Confirmation Date”), by CMF sending an email to ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ to be received no later than 12:00 p.m. (London time) on the first business day prior to the Confirmation Date. As the Funds utilize “notional” funding, CMF will include details for each Fund of the actual funds that are deposited with the clearing brokers and the committed funds that are deposited with other counterparties of the respective Fund. If the Advisor does not receive any email in accordance with this Paragraph 1(g), the Trading Level for a Fund will remain unchanged regardless of any change in the level of actual funds deposited with the clearing brokers or committed funds that are deposited with any other counterparty of the Fund. Each Fund and CMF acknowledges that any change in the Trading Level may result in margin calls for a Fund by the clearing brokers and agrees that the respective Fund shall be solely responsible for meeting any such margin calls. Each Fund and CMF acknowledges that, subject to the Advisor’s fiduciary obligations to a Fund as a commodity trading advisor, in certain circumstances, including, but not limited to, ensuring that any such transactions do not in the opinion of the Advisor (i) adversely affect or impact the markets or (ii) otherwise prejudice the interests of any other accounts advised by the Advisor: (A) the Funds may not gain full exposure to the Trading Level on the Effective Date; (B) an amendment in the Trading Level may not be effected by the Advisor on the Adjustment Date; (C) the Advisor in its absolute discretion and at any time upon notice to CMF, may reject an increase in the Trading Level; and (D) the Advisor acting in good faith in a commercially reasonable manner, and upon notice to CMF, may delay a decrease in the Trading Level to a date other than the Adjustment Date. Notwithstanding anything to the contrary in this Paragraph 1(g), the Advisor will use its reasonable efforts to effect a reduction in the Trading Level by CMF promptly under (ii)(D) of this Paragraph 1(g) (a “Trading Level Reduction”) to comply with regulatory restrictions or with margin deposit requirements. The Advisor will not be deemed to be in breach of this Agreement if it is unable to effect a Trading Level Reduction for a Fund, after having made reasonable efforts and after having notified CMF of its inability to comply, in which case (A) the Advisor shall not be liable as a result thereof and (B) the Funds’ and CMF’s sole recourse against the Advisor hereunder is to terminate this Agreement with respect to the applicable Fund with notice under Paragraph 5(b) (a “Trading Level Reduction Event”). 4 (h) Subject to Paragraph 6(a), the Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnershipa Fund’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades but only for the amount of the Commodity Brokers’ broker’s out-of-pocket costs in respect thereof. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner provisions of Paragraph 8(a)(iii) upon discovery of such Errors its own material errors with respect to the account an account, and the Advisor shall use its best commercially reasonable efforts to identify and promptly notify the General Partner CMF of any material order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability instructions to any broker utilized to execute orders for a Fund. (i) CMF acknowledges and agrees that the Advisor shall not be obligated to comply with the “best execution” requirement of Rule 11.2.1 of the Advisor in relation FCA with respect to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.orders placed on behalf of t

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) the Partnership's Prospectus and Disclosure Document dated as of June 30, 2005, as supplemented (the Limited Partnership Agreement‘‘Prospectus’’), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program 's Energy Program-Futures and Swaps (the “"Program”) as set forth in the Disclosure Document (defined below’’) to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership Table of Contents given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s draft Disclosure Document dated March 31, 2006, as defined in CFTC Rule 4.7) dated September 1, 2010 filed with the NFA (the “‘‘Disclosure Document”’’). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s 's assets to the Advisor will be made to the ProgramProgram as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program system or methodology outlined in the Disclosure Document in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“‘‘principals”’’), partners, shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder.. Table of Contents (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, (it also being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contractsfutures, options on futures, spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 21, 2016, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) AE Systematic FX Fund Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program. , as described in Appendix A. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeesshareholder(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account account, to the extent such errors result from its negligence, bad faith, recklessness or intentional misconduct, including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount commodity brokers. In the event of an error by a broker or third party, the Commodity Brokers’ out-of-pocket costs in respect thereofAdvisor agrees to use commercially reasonable efforts to pursue an appropriate financial remedy on CMF’s and the Partnership’s behalf with the relevant broker or third party. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementProspectus and Disclosure Document dated April 30, 1998, as supplemented (the "Prospectus"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s Discus (1.5x leverage) 's Financial Program (the “"Program”) as set forth in the Disclosure Document (defined below") to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not materially deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. SBFM acknowledges that the Advisor may utilize exchange for physical transactions in its trading for the Partnership. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s Disclosure Document dated October 9, 1998 as defined in filed with the NFA and CFTC Rule 4.7) dated September 1, 2010 (the “"Disclosure Document”"). All trades made by the Advisor for the account of the Partnership shall be made cleared through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMFSBFM, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSBFM, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFSBFM. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). SBFM will cause the Partnership's commodity brokers to provide the Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to SBFM. (c) The initial allocation of the Partnership’s 's assets (all actual, no notional, funds) to the Advisor will be made to the Program. The parties acknowledge that if assets of the Fund under the Advisor's management fall below U.S. $1 million, the Advisor may not be able to trade all of the Program's portfolio for the Fund. In the event the Advisor wishes to use a trading system or methodology materially different from, other than or in addition to the Program as outlined in the Disclosure Document in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF SBFM of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMFSBFM. In addition, the Advisor will notify CMF SBFM of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document, if applicable. Immaterial changes may be instituted without prior written approval of SBFM. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval's account. The Advisor also agrees to provide CMFSBFM, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFSBFM. The Advisor further agrees that it will use its best efforts to convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than approximately monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any disclosure documents and amendments thereto or filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SBFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidentialconfidential and will not make use of such advice in any manner or disclose such advice to third parties. Further, CMF SBFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF SBFM may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. The Advisor may terminate this Agreement immediately if the Net Assets of the Partnership managed by the Advisor fall below $1,000,000 (after adjustment for trading losses and redemptions). (f) CMF SBFM may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF SBFM shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s SBFM's sole discretion so that CMF SBFM may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF SBFM will not require the liquidation of specific positions by the Advisor. CMF SBFM and the Partnership acknowledge that any such request to liquidate positions by SBFM may result in the Partnership incurring losses which it might otherwise not have incurred. SBFM will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. The Advisor may refuse any increase in the amount of the allocated assets in its sole discretion. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that the Advisor will be liable to the Partnership with respect to losses incurred due to negligent errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for the purchase or sale to any broker on behalf of futures interests for the Partnership’s account including payment to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.

DUTIES OF THE ADVISOR. (a) For Upon the commencement of trading operations by the Partnership and for the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options options, exchange-for-physicals, physical commodities, and spot and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementProspectus and Disclosure Document to be dated on or about September 1, 1999, as supplemented (the "Prospectus"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) 's Disclosure Document dated September August 1, 2010 (1999 as filed with the “Disclosure Document”)NFA and CFTC. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation or payment of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, Advisor may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSBFM. Upon request, provided the Advisor will provide SBFM with a list of all independent brokers it utilizes, including those that the futures commission merchant or independent floor broker and any are paid give-up or floor brokerage fees are approved (which the Advisor expects will only be independent brokers operating on markets located in advance by CMFChicago). SBFM and the Partnership agree to maintain such list in strict confidence and not disclose the name of any independent broker to any third party. The Advisor agrees to consult with SBFM regarding its utilization of any such independent broker in the event SBFM objects thereto. All give-up or similar fees relating to the foregoing (which the Advisor does not expect will exceed $1 per side) shall be paid by the Partnership after all parties Partnership. The Advisor will cooperate with SBFM and use its best efforts to have executed the relevant its independent brokers execute give-up agreements (by either original or fax copyfax). (c) The initial allocation of the Partnership’s 's assets to the Advisor will be made to the ProgramAdvisor's trading system as described in its disclosure document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program system or methodology outlined in the Prospectus in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF SBFM of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMFSBFM. In addition, the Advisor will notify CMF SBFM of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentProspectus. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing written notice thereof to CMF SBFM and receiving CMF’s SBFM's written approval. However, if SBFM does not give its approval within 5 days, it will be deemed to have approved of such additional commodity interests. The Advisor also agrees to provide CMFSBFM, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFSBFM. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SBFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.advice

DUTIES OF THE ADVISOR. (a) For Upon the commencement of trading operations by the Partnership and for the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner SBFM in commodity interests, including commodity futures contracts, options and forward contractscontracts and physicals. The Advisor will not be allocated notional funds. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership's Prospectus dated as of ____________ , 1997 (as supplemented, the Limited Partnership Agreement"Prospectus"), and as 2 such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to itchange. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) 's Disclosure Document dated September 1___________, 2010 199__ (the “"Disclosure Document”"). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, SBFM shall also direct the Advisor, with the prior written permission Advisor in writing on Appendix A to this Agreement (which may be revised by either original or fax copySBFM from time to time) of CMF, may to direct all trades in commodity futures and options to a futures commission merchant or such independent floor broker it chooses brokers as SBFM may determine as agent for Smit▇ ▇▇▇▇▇▇ ▇▇▇. for execution with instructions to give-up the trades to the broker designated by CMF, provided that the SBFM. The Partnership's initial futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFwill be Smit▇ ▇▇▇▇▇▇ ▇▇▇. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy)agreement. The terms of this Section 1(b) shall supersede any inconsistent terms in the give-up agreement. The Partnership's futures commission merchant will provide copies of all brokerage statements to the Advisor. (c) The initial allocation of the Partnership’s 's assets to the Advisor will be made to the following programs in the percentages indicated: Original Investment Program, 35%; Financial and Metals Portfolio, 25%; Global Financial Portfolio, 25%; and Global Diversified Portfolio, 15%. The allocation may be changed only upon agreement between the Advisor and SBFM. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program systems or methodologies outlined in the Prospectus in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing. SBFM may add or delete programs only upon agreement with the Advisor. In addition, the Advisor will provide five days’ ' prior written notice to CMF SBFM of any change in the a trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMFSBFM. In addition, the Advisor will notify CMF of any changes to the trading system Changes in contracts traded or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions.the (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably SBFM determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF SBFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. Nothing contained in this Agreement shall be deemed or construed to require the Advisor to disclose any confidential or proprietary details of the Advisor's trading strategies or the names or identities of the Advisor's clients. (e) The Advisor understands and agrees that CMF SBFM may designate other trading advisors (although SBFM has no present intention to do so) for the Partnership and to apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion, provided that the Partnership's Net Assets will initially be allocated as provided in the Prospectus. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. In the event SBFM appoints an additional advisor for the Partnership, SBFM will change the Partnership's name to another name which will not include the term "Westport." (f) CMF SBFM may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriateappropriate (although SBFM has no present intention to do so). CMF SBFM shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations., (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for the purchase or sale to any broker on behalf of futures interests for the Partnership’s account including payment to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Memorandum dated September 2011, and as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program wPraxis Futures Trading Approach (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it, and CMF and the Partnership agree that the Advisor will manage the assets of the Partnership utilizing 2 times the leverage normally applied to the Program, unless otherwise agreed to by the parties hereto in writing. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated May 23, 2011 as defined in CFTC Rule 4.7) dated September 1, 2010 filed with the NFA (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefortherefore. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy)) and the Advisor shall have no responsibility for such payment. CMF will cause the Partnership’s commodity brokers to provide the Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to CMF. (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Advisor’s Program, as described in the attached Appendix A attached hereto, provided that CMF and the Partnership agree that the Advisor will manage the assets of the Partnership utilizing 2 times the leverage normally applied to the Program, unless otherwise agreed to by the parties hereto in writing. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, or wishes to change the amount of leverage applied to the Program, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentDocument to be materially inaccurate. Non-material changes in the trading systems utilized on behalf of the Partnership may be instituted without prior written approval. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. The parties acknowledge that if Net Assets (as defined in Section 3(b) hereof) of the Partnership under the Advisor’s management fall below $750,000 the Advisor may not be able to trade the Program in full. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customerscustomers or other information deemed by the Advisor to be proprietary and confidential) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. FurtherNeither CMF nor the Partnership shall distribute, except to officers, directors, employees, partners or affiliates of CMF agrees to treat as confidential or the Partnership, any results description of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor, its principals, or its or their trading performance without the prior written consent of the Advisor, which consent shall not be unreasonably withheld. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Memorandum dated August 2009, and as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) PGR Mayfair Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the ProgramProgram as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholderspartners, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to the account and the Advisor shall use losses incurred due to errors committed or caused by it or any of its best efforts principals or employees in communicating improper trading instructions or orders to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability broker on behalf of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options options, spot and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document dated May 1, 2012, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program Asian Markets Alpha Programme (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in the Memorandum provided that CMF and the Partnership agree that, for so long as the Partnership trades through the Master Fund, the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of September 1, 2012, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF, which shall not be unreasonably withheld or delayed. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in Appendix A or the Disclosure DocumentMemorandum, as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF in good faith to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines in good faith that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat confidential and they agree that in the event of a breach of such confidentiality by either one of them damages might not be a sufficient remedy and that as confidential a result injunctive or other equitable relief may be obtained in respect of any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisorsuch breach or anticipated breach. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. For the avoidance of doubt, the Advisor will not be liable for any losses incurred in the Partnership’s account in respect of any such liquidation required by CMF pursuant to this Section 1(f). (g) The Except for the losses referred to in Section 1(f), the Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contractsfutures, options spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of October 31, 2013, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of 10 days prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Short Term Systematic Strategy Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A; provided that CMF, the Partnership and the Advisor agree that the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall not exceed 1.5 times the assets of the Partnership allocated to the Advisor by CMF. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which will be attached as Appendix B to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directorsmanager(s), officers employees and employeesmember(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For Upon the commencement of trading operations by the Partnership and for the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contractscontracts and, with the prior approval of the General Partner, swaps. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementProspectus and Disclosure Document to be dated on or about December 31, 2002, as supplemented from time to time (the “Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s assets. CMF SBFM has initially selected the Advisor’s Discus (1.5x leverage) Diversified Trend-Following Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated December 16, 2002, as defined in CFTC Rule 4.7) dated September 1, 2010 (filed with the “Disclosure Document”)NFA and the CFTC. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMFSBFM, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSBFM, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFSBFM. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Advisor’s Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the system or methodology outlined in the description of the Program in the Prospectus in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing, which consent shall not be unreasonably withheld. In addition, the Advisor will provide five days’ prior written notice to CMF SBFM of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMFSBFM, which consent shall not be unreasonably withheld. In addition, the Advisor will notify CMF SBFM of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentProspectus. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF SBFM and receiving CMFSBFM’s written approval. The Advisor also agrees to provide CMFSBFM, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFSBFM. The Advisor further agrees that it will enter a standing order with the Partnership’s commodity broker to convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents , although the Advisor may also convert such balances more frequently, in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positionsits sole and absolute discretion. (d) The Advisor Advisor, at the request of SBFM or as required by this Agreement, agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SBFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF SBFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF SBFM may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF SBFM may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF SBFM shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMFSBFM’s sole discretion so that CMF SBFM may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF SBFM will not require the liquidation of specific positions by the Advisor. CMF SBFM will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any SBFM affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it also being understood that SBFM, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) PGR Mayfair Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program as described in Appendix A attached hereto, provided that CMF and the Partnership agree that the Advisor will manage the assets of the Partnership utilizing up to 1.5 times the leverage normally applied to the Program, unless otherwise agreed to by the parties hereto in writing. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholderspartners, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to the account and the Advisor shall use losses incurred due to errors committed or caused by it or any of its best efforts principals or employees in communicating improper trading instructions or orders to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability broker on behalf of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contractsfutures, options on futures, spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of May 1, 2017, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program Liquid Commodity Strategy (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A that CMF and the Partnership agree that the amount of assets of the Partnership allocated to the Advisor (“Allocated Amount”) will have a trading level of up to 2.0 times the Allocated Amount, unless otherwise agreed to in writing by CMF and the Advisor. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeesshareholder(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Memorandum dated August 2009, and as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) JEM Commodity Relative Value Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide Appendix B to this Agreement provides the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options on futures contracts and forward contracts, including foreign exchange forwards, foreign exchange swaps and non-deliverable foreign exchange forwards. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document dated January 31, 2013, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected a variation of the Advisor’s Discus (1.5x leverage) Program program traded by ▇▇▇▇▇ Alpha Master Fund L.P. (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or merchant, independent floor broker or swap dealer and any give-up or floor brokerage fees are approved in advance by CMF. Moreover, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with such swap dealer or swap dealers as it may choose for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A attached hereto, provided that CMF, the Partnership and the Advisor agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of August 1, 2013, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor Advisor, in its sole discretion, deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in Appendix A or the Disclosure DocumentMemorandum, as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its CMF’s fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and undertakes to handle such trading advice, and any data or information from the Advisor received in fulfillment of this Agreement in a confidential manner, including, but not limited to, the Advisor’s proprietary trading programs, trading data, trading instructions, trade execution, research data bases, computer software, systematic methodologies and the systematic trading approach (including positions established thereto, whether for the Partnership or other clients of the Advisor), and all other related information (the “Confidential Information”). Subject to CMF’s and the Partnership’s right to comply with any requirement or demand of any self-regulatory, regulatory, judicial or taxing authority having jurisdiction over either of them, the Partnership and CMF shall take all reasonable steps to protect the Confidential Information disclosed pursuant to the provisions of this Agreement, using the same standard of care that they will keep all the Partnership and CMF apply to safeguard their own respective proprietary, secret or confidential information and to store and handle the Confidential Information in such advice confidentiala way as to prevent any unauthorized disclosure thereof. FurtherThe Partnership shall notify the Advisor within a reasonable time upon discovery of any unauthorized use of, CMF access to, or disclosure of Confidential Information, and agrees to treat cooperate with reasonable requests by the Advisor to help regain possession of such Confidential Information and to prevent its further unauthorized use, disclosure or access. Notwithstanding the foregoing, each of the Partnership and CMF may provide the Confidential Information to its affiliates and each of their respective officers, directors, employees, counsel, auditors, consultants, administrators, agents and service providers who need to know such information in connection with their duties to the Partnership or CMF, as the case may be; provided, that such persons are informed of the confidential nature of such information and agree to keep it confidential as provided herein. The term “Confidential Information” does not include any results information which (i) is publicly available other than as a result of proprietary accounts and/or proprietary information with respect unauthorized disclosure by the Partnership, (ii) is available to trading systems obtained the Partnership on a non-confidential basis from a source other than the Advisor, (iii) is independently developed by the Partnership or on its behalf without any reference to the Confidential Information or (iv) is provided by the Advisor and is included in investor materials which have been reviewed and approved by the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner SBFM in commodity interests, including commodity futures contracts, options and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) the Partnership's Private Placement Offering Memorandum and Disclosure Document dated as of December 31, 2000, as supplemented (the Limited Partnership Agreement"Memorandum"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s Discus (1.5x leverage) 's Select Investment Program (using the “Program”) as set forth in the Disclosure Document (defined below) Vulcan Trading System to manage 50% of the Partnership’s 's assets allocated to itthe Advisor, and the Advisor's Argo Trading System to manage 50% of the Partnership's assets allocated to the Advisor. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. SFG, SBFM and the Partnership each acknowledge that the Advisor may utilize exchange for physicals transactions in its trading for the Partnership. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s Disclosure Document dated October 27, 2000, as defined in CFTC Rule 4.7) dated September 1, 2010 (filed with the “Disclosure Document”)NFA and the CFTC. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMFSBFM, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSBFM, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFSBFM. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy)) and the Advisor shall have no responsibility for such payment. SBFM will cause the Partnership's commodity brokers to provide the Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to SBFM. (c) The initial allocation of the Partnership’s 's assets to the Advisor will be approximately U.S. $2,600,000 (all of which shall be actual funds) made to the Advisor's Select Investment Program, 50% of such funds to be traded using the Vulcan Trading System and 50% of such funds to be traded using the Argo Trading System (each, a "Trading System" and collectively, the "Program"). The Advisor will not be allocated any notional funds. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program as outlined in the Memorandum in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF SBFM of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMFSBFM. In addition, the Advisor will notify CMF SBFM of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentMemorandum. Non-material changes in the trading systems utilized on behalf of the Partnership may be instituted without prior written approval. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing notice thereof to CMF SBFM and receiving CMF’s SBFM's written approval. The Advisor also agrees to provide CMFSBFM, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFSBFM. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customerscustomers or other information deemed by the Advisor to be proprietary and confidential) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SBFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF SBFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. SBFM and the Partnership shall not distribute any description of the Advisor, its principals, or its or their trading performance without the prior written consent of the Advisor. (e) The Advisor understands and agrees that CMF SBFM may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. If assets of the Partnership under the Advisor's management in either Trading System fall below $750,000, the Advisor may terminate this Agreement immediately with respect such Trading System. (f) CMF SBFM may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF SBFM shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s SBFM's sole discretion so that CMF SBFM may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF SBFM will not require the liquidation of specific positions by the Advisor. CMF SBFM will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for trading losses in the Partnership's account including losses caused by errors committed by any commodity broker/dealer selected by SBFM or SFG; provided, however, that (i) the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for to any broker on behalf of the purchase or sale of futures interests for Partnership and (ii) the Partnership’s account including payment Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to the account and losses incurred due to errors committed or caused by any executing broker (other than Salomon Smith Barney Inc. or an▇ ▇▇ ▇▇▇ ▇▇▇▇l▇▇▇▇▇) selected by the Advisor shall use its best efforts to identify and promptly notify (it also being understood that SBFM, with the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options on futures contracts, spot and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies expressly set forth in Paragraph 3(b) of Appendix B hereto (the Limited Partnership Agreement“CMF Trading Policies”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetsassets allocated to it. CMF has initially selected a variation of the Advisor’s Discus (1.5x leverage) Program program traded by ▇▇▇▇▇ Alpha Master Fund L.P. (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or merchant, independent floor broker or swap dealer and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership Partnership, directly or indirectly through the Master Fund, after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A, attached hereto, provided that CMF, the Partnership and the Advisor agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of January 1, 2018 as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits members, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and undertakes to handle such trading advice, and any data or information from the Advisor received in fulfillment of this Agreement in a confidential manner, including, but not limited to, the Advisor’s proprietary trading programs, trading data, trading instructions, trade execution, research databases, computer software, systematic methodologies and the systematic trading approach (including positions established thereto, whether for the Partnership or other clients of the Advisor), and all other related information (the “Confidential Information”). Subject to CMF’s and the Partnership’s right to comply with any requirement or demand of any self-regulatory, regulatory, judicial or taxing authority having jurisdiction over either of them, the Partnership and CMF shall take all reasonable steps to protect the Confidential Information disclosed pursuant to the provisions of this Agreement, using the same standard of care that they will keep all the Partnership and CMF apply to safeguard their own respective proprietary, secret or confidential information and to store and handle the Confidential Information in such advice confidentiala way as to prevent any unauthorized disclosure thereof. FurtherThe Partnership shall notify the Advisor within a reasonable time upon discovery of any unauthorized use of, CMF access to, or disclosure of Confidential Information, and agrees to treat cooperate with reasonable requests by the Advisor to help regain possession of such Confidential Information and to prevent its further unauthorized use, disclosure or access. Notwithstanding the foregoing, each of the Partnership and CMF may provide the Confidential Information to its affiliates and each of their respective officers, directors, employees, counsel, auditors, consultants, administrators, agents and service providers who need to know such information in connection with their duties to the Partnership or CMF, as the case may be; provided, that such persons are informed of the confidential nature of such information and agree to keep it confidential as provided herein. The term “Confidential Information” does not include any results information which (i) is publicly available other than as a result of proprietary accounts and/or proprietary information with respect unauthorized disclosure by the Partnership, (ii) is available to trading systems obtained the Partnership on a non-confidential basis from a source other than the Advisor, (iii) is independently developed by the Partnership or on its behalf without any reference to the Confidential Information or (iv) is provided by the Advisor and is included in investor materials which have been reviewed and approved by the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets Asset Value of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets Asset Value of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner SBFM in commodity interests, including commodity futures contracts, options and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) the Partnership's Prospectus dated as of July 12, 1995 (as supplemented, the Limited Partnership Agreement"Prospectus"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s Discus (1.5x leverage) 's AlphaQuest CTA Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s 's assets allocated to itthe Advisor. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. The Advisor will have no responsibility for the management of the Partnership's assets invested in Zero Coupon U.S. Treasury obligations. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s Disclosure Document dated [__________ __, _____], as defined in filed with the NFA and the CFTC Rule 4.7) dated September 1, 2010 (the “"Disclosure Document”"). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMFSBFM, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSBFM, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFSBFM. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s 's assets to the Advisor will be made to the Advisor's AlphaQuest CTA Program (the "Program"). In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing. In addition, the Advisor will provide five [five] days’ ' prior written notice to CMF SBFM of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for on behalf of the Partnership without the prior written consent of CMFSBFM. In addition, the Advisor will notify CMF SBFM of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with Schedule A to this Agreement provides a current list of all commodity interests to that may be traded for the Partnership’s 's account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF SBFM and receiving CMF’s SBFM's written approval. The Advisor also agrees to provide CMFSBFM, on a monthly basis, with a written report of the assets under the Advisor’s 's management (including notional and committed funds) together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFSBFM. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one [twenty] business day day[s] after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SBFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF SBFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF SBFM may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF SBFM may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF SBFM shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s SBFM's sole discretion so that CMF SBFM may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF SBFM will not require the liquidation of specific positions by the Advisor. CMF SBFM will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account, including losses caused by errors; provided however that the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by the Advisor or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for the purchase or sale to any broker on behalf of futures interests for the Partnership’s account including payment . (h) SBFM and the Partnership agree that the Advisor may disclose to third parties that the Commodity Brokers Advisor manages assets of SBFM and the floor brokerage commissionsPartnership and the general level of such assets; provided, exchangehowever, NFA feesthat no written description of SBFM, and other transaction charges and give-up charges incurred the Partnership or any of their affiliates may be distributed by the Commodity Broker on such trades but only for Advisor without the amount prior written consent of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsSBFM.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPrivate Placement Memorandum and Disclosure Document dated April 27, 2001, as supplemented (the "Memorandum"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) 's Energy Program (Futures and Swaps) (the “"Program”) as set forth in the Disclosure Document (defined below") to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) 's Disclosure Document dated September 115, 2010 2005 as filed with the NFA (the “"Disclosure Document”"). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of Advisor currently trades the Partnership’s 's assets allocated to it pursuant to the Advisor will be made to Program as described in the ProgramDisclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program as described in the Disclosure Document in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. CMF shall, within a reasonable time, change the name of the Partnership in the event that the Advisor no longer acts as the sole advisor to the Partnership. In addition, the Advisor will provide five days’ ' prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s 's written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s 's sole discretion so that CMF may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that (i) the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for to any broker on behalf of the purchase or sale of futures interests for Partnership and (ii) the Partnership’s account including payment Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by any executing broker (other than any CMF affiliate) selected by the account and Advisor, (it also being understood that CMF, with the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interestsfutures contracts on U.S. and non-U.S. exchanges, options on futures, forward contracts on commodities and currencies, cash currencies and transactions in physical commodities, including commodity exchange of physicals for futures contracts, options and forward contractstransactions (“EFP”) (in addition to EFPs on currencies). All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies set forth in the Advisor’s disclosure document dated March 11, 2008 (the “Disclosure Document”) and in accordance with the trading policies set forth in Paragraph 3(b) the Partnership’s Prospectus dated as of May 31, 1996, as supplemented (the Limited Partnership Agreement“Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program Standard Program—Higher Leveraged (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF, which consent shall not be unreasonably withheld or delayed and may be provided by CMF by email. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF, which approval shall not be unreasonably withheld or delayed and may be provided by CMF by email. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). CMF will cause the Partnership’s commodity brokers to provide the Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to CMF. (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the ProgramProgram as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing, which consent shall not be unreasonably withheld or delayed and may be provided by CMF by email. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing five days’ prior written notice thereof to CMF and receiving CMF’s written approval, which approval shall not be unreasonably withheld or delayed and may be provided by CMF by email. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will use commercially reasonable efforts to convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections Paragraphs 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidentialconfidential and will not make use of such advice in any manner or disclose such advice to third parties. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. Nothing contained in this Agreement shall require the Advisor to disclose the details of its trading methodologies, programs or systems. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, withdrawals or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF and the Partnership acknowledge that any such request to liquidate positions by CMF may result in the Partnership incurring losses which it might otherwise not have incurred. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that the Advisor will be liable to the Commodity Brokers Partnership with respect to losses incurred due to negligent errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofPartnership. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors with respect to the account CMF and the Advisor shall use its best efforts to identify and promptly notify the General Partner Partnership of any errors committed by it and of any order or trade which the Advisor reasonably it believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 months.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contractsfutures, options on futures, spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be i) in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 21, 2016, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) IV Quantitative Futures Fund Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A provided that CMF, the Partnership and the Advisor agree that the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be no more than 1.5 times the assets of the Partnership allocated to the Advisor by CMF, and, provided further, that CMF, the Partnership and the Advisor may agree in writing to change the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeesshareholder(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account in an amount equal to or greater than .03% of the Partnership’s assets allocated to the Advisor, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) the Partnership’s Prospectus and Disclosure Document dated as of June 30, 2005, as supplemented (the Limited Partnership Agreement‘‘Prospectus’’), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Energy Program (the “‘‘Program”) as set forth in the Disclosure Document (defined below’’) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (as defined in CFTC Rule 4.7) Disclosure Document dated September 115, 2010 2005, as filed with the NFA (the “‘‘Disclosure Document”’’). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the ProgramProgram as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program system or methodology outlined in the Disclosure Document in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“‘‘principals”’’), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, (it also being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Prospectus and Disclosure Document dated November 25, and 1998, as supplemented (the “Prospectus”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Diversified Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons Qualified Eligible Persons (as defined in CFTC Rule 4.7) dated September 1, 2010 2008 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Advisor’s Diversified Program (the “Program”), as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance (it also being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in swaps transactions and other derivatives transactions on behalf of the Partnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document dated January 7, 2011, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Global Futures Portfolio Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) ), to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons Qualified Eligible Persons (as defined in CFTC Rule 4.7) dated September 1January, 2010 2011 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentDocument or the Memorandum, as applicable. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections Paragraphs 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to the Advisor’s trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance (it also being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Memorandum dated August 2009, and as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Blackwater Global Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of the Advisor in relation to Errors shall be limited to compensation received executing broker (other than any CMF affiliate) selected by the Adviser from the Partnership during the previous 12 monthsAdvisor.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s 's agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contracts. All such trading on behalf of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be in accordance with the trading policies set forth in Paragraph 3(b) the Partnership's Prospectus dated as of February 17, 1994, as supplemented from time to time (the Limited Partnership Agreement"Prospectus"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) 's Energy Program (the “"Program”) as set forth in the Disclosure Document (defined below") to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons ('s Disclosure Document dated March 20, 2009, as defined in CFTC Rule 4.7) dated September 1, 2010 filed with the NFA (the “"Disclosure Document”"). All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s 's assets to the Advisor will be made to the ProgramProgram as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program system or methodology outlined in the Disclosure Document in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ ' prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s 's account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s 's written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s 's management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s 's regulations (“"principals”"), partners, shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as such term is defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s 's sole discretion so that CMF may reallocate the Partnership’s 's assets, meet margin calls on the Partnership’s 's account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ ' prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any trading losses in the Partnership's account including losses caused by errors; provided, however, that (i) the Advisor will be liable to the Partnership with respect to losses incurred due to errors (“Errors”) committed or caused by it or any of its negligence, fraud principals or willful misconduct employees in transmitting communicating improper trading instructions or orders for to any broker on behalf of the purchase or sale of futures interests for Partnership and (ii) the Partnership’s account including payment Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by any executing broker (other than any CMF affiliate) selected by the account and Advisor, (it also being understood that CMF, with the Advisor shall use its best efforts to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker).

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective April 1, 2019, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by the General Partner CMF in commodity interests, including cleared commodity futures, cleared options on futures contracts, options and forward contractsexchange cleared swap transactions. All such trading on behalf of the Partnership shall be i) in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership Agreement, and Appendix B attached hereto as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (the “CMF Trading Policies”), and ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Northlander Commodity Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy CMF Trading Policy shall not be deemed to violate the changed policy CMF Trading Policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program. , as described in Appendix A. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor shall provide periodic statements setting out certain details in relation to the activities undertaken and of the performance of the Partnership during the reporting period. The periodic statement shall include all information required by Directive 2014/65/EU on markets in financial instruments, Regulation (EU) No 600/2014 on markets in financial instruments, and any secondary legislation, rules, regulations and procedures made pursuant thereto (“MiFID”) to be provided in such statements, including a statement of the contents and the valuation of the Partnership, on a periodic basis which shall be at such frequency permitted by applicable regulation and agreed with CMF. The basis of all valuations will be as stated in the first periodic statement unless otherwise notified. Unless otherwise agreed, the Advisor will not provide information about executed transactions on a transaction-by-transaction basis. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign non-U.S. dollar based positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits manager(s), directors, officers employees and employeesmember(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. FurtherThe Partnership and CMF further acknowledge that the Advisor may disclose any confidential information to a competent regulatory authority as may be required in order to assist the Partnership and CMF in complying with its obligations under applicable law in connection with the services provided under this Agreement; provided that the Advisor will (i) promptly, but at least within 48 hours, notify the Partnership and CMF agrees of the intent to treat as confidential disclose such information, (ii) seek and obtain the Partnership’s and CMF’s consent to such disclosure and (iii) provide the Partnership and CMF with an opportunity to review the information to be disclosed and coordinate with the Advisor in drafting any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisorrelated disclosure. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereoftrades. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors (as described above) with respect to the account account, and the Advisor shall use its best commercially reasonable efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability instructions to any broker utilized to execute orders for the Partnership. (h) For the purposes of the rules and guidance contained in the Handbook issued by the FCA (“FCA Rules”) and based on information obtained in respect of CMF, the Advisor has categorized CMF, acting as agent for the Partnership, as a professional client in relation to Errors the services provided under this Agreement. It is CMF’s sole responsibility to keep the Advisor informed about any change to CMF’s circumstances which could affect the Advisor’s categorization of CMF as a professional client. CMF acknowledges that it may request that the Advisor considers its re-categorization as a retail client, but it is not the Advisor’s policy to accept requests to be treated as a retail client for any service under this Agreement. (i) Based on information provided by CMF, in providing the services, the Advisor shall be limited to compensation received responsible for assessing the suitability of investments for CMF as required by the Adviser from FCA Rules. The reason for assessing suitability is to enable the Partnership during Advisor to act in CMF’s best interests. As CMF is a professional client, the previous 12 monthsAdvisor is entitled to assume that CMF has the necessary level of experience and knowledge in order to understand the risks involved in the relevant transaction. CMF shall be responsible for ensuring that information provided to the Advisor is kept accurate, complete and up to date so as to enable the Advisor to assess suitability for CMF.

DUTIES OF THE ADVISOR. (a) For Upon the commencement of trading operations by the Partnership and for the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and forward contractscontracts and, with the prior approval of the General Partner, swaps. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementProspectus and Disclosure Document to be dated on or about December 31, 2002, as supplemented from time to time (the “Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s assets. CMF SBFM has initially selected the Advisor’s Discus (1.5x leverage) Diversified Trend-Following Program (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF SBFM acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated , 200 , as defined in CFTC Rule 4.7) dated September 1, 2010 (filed with the “Disclosure Document”)NFA and the CFTC. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF SBFM shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMFSBFM, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMFSBFM, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMFSBFM. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Advisor’s Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the system or methodology outlined in the description of the Program in the Prospectus in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF SBFM prior written notice of its intention to utilize such different trading system or methodology and CMF SBFM consents thereto in writing, which consent shall not be unreasonably withheld. In addition, the Advisor will provide five days’ prior written notice to CMF SBFM of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMFSBFM, which consent shall not be unreasonably withheld. In addition, the Advisor will notify CMF SBFM of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentProspectus. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF SBFM and receiving CMFSBFM’s written approval. The Advisor also agrees to provide CMFSBFM, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMFSBFM. The Advisor further agrees that it will enter a standing order with the Partnership’s commodity broker to convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents , although the Advisor may also convert such balances more frequently, in individual foreign currencies of more than 2% of the allocated assets including nominal assets will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positionsits sole and absolute discretion. (d) The Advisor Advisor, at the request of SBFM or as required by this Agreement, agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF SBFM to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF SBFM reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF SBFM acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF SBFM agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF SBFM may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF SBFM may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF SBFM shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMFSBFM’s sole discretion so that CMF SBFM may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF SBFM will not require the liquidation of specific positions by the Advisor. CMF SBFM will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any SBFM affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it also being understood that SBFM, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Memorandum dated October 2010, and as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) JEM Commodity Relative Value Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program, as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership in Appendix B to this Agreement, as may be amended from time to time, with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that (i) the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to losses incurred due to errors committed or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the account Partnership and (ii) the Advisor shall use its best efforts will be liable to identify and promptly notify the General Partner of Partnership with respect to losses incurred due to errors committed or caused by any trade which executing broker (other than any CMF affiliate) selected by the Advisor reasonably believes was not executed in accordance Advisor, it being understood that CMF, with its instructions. Any such liability the assistance of the Advisor in relation Advisor, will first attempt to Errors shall be limited to compensation received by the Adviser recover such losses from the Partnership during the previous 12 monthsexecuting broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective February 1, 2019, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it it, whether directly or indirectly through a master fund, from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options options, spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with subject to the trading policies of CMF expressly set forth in Paragraph 3(b) of Appendix B hereto (the Limited Partnership Agreement, and as such “CMF Trading Policies”). Such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) ▇▇▇▇ Street Systematic Strategy Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the description of the Advisor’s disclosure document for qualified eligible persons (Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through a master fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or merchant, independent floor broker or swap dealer and any give-up or floor brokerage fees are approved in advance by CMF. Moreover, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with such swap dealer or swap dealers as it may choose for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy). (c) The initial allocation of the Partnership’s assets to the Advisor will (the “Initial Allocation) shall be made to the Program, as described in Appendix A. The Partnership and the Advisor agree that the Advisor shall trade the Initial Allocation, either directly or indirectly through a master fund, as though 2.0 times the assets had been allocated to the Advisor (the “Trading Level”). For example, if $145 million is allocated to the Advisor, the Advisor shall implement the Program as though $290 million in assets had been allocated to the Advisor. In the event CMF reduces the Initial Allocation to $80 million or below, the Advisor shall trade such reduced allocation as though 1.5 times the assets had been allocated to the Advisor. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five (5) days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in Appendix A or the Partnership’s current Private Placement Offering Memorandum and Disclosure DocumentDocument (the “Memorandum”), as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approvalapproval (“Permitted Contracts”). The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersits officers, directors, officers employees and employeespartners, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretiondiscretion provided that any reapportionment shall not be effective until the first business day of any month following the giving of 30 calendar days’ notice. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two (2) business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The To the extent that the Advisor’s relevant conduct constitutes fraud, willful default or negligence, the Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s account (including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades), such errors including, but only for not limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructionsinstructions to any broker utilized to execute orders for the Partnership. Any such liability In the event of any failures, errors or omissions by any broker not caused by the Advisor’s fraud, willful misconduct or negligence, the Advisor in relation agrees to Errors shall be limited use its best efforts to compensation received by pursue an appropriate financial remedy on CMF’s and the Adviser from Partnership’s behalf with the Partnership during the previous 12 monthsrelevant broker.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementAppendix B , and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. assets as described in Appendix A. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program wPraxis FuturesTrading Approach (the “Program”) as set forth in the Disclosure Document (defined below) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (Disclosure Document dated February 27, 2018, as defined in CFTC Rule 4.7) dated September 1, 2010 filed with the NFA (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by either original original, fax copy or fax email copy)) and the Advisor shall have no responsibility for such payment. CMF will cause the Partnership’s commodity brokers to provide the Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to CMF. (c) The initial allocation of the Partnership’s assets to the Advisor will shall be made to the Program, as described in Appendix A attached hereto, provided that CMF, the Partnership and the Advisor agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of June 20, 2005, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program as outlined in the Memorandum in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure DocumentMemorandum or Appendix A to be materially inaccurate. Non-material changes in the trading systems utilized on behalf of the Partnership may be instituted without prior written approval. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. The parties acknowledge that if Net Assets of the Partnership (as defined in Section 3(b) hereof) under the Advisor’s management fall below $750,000, the Advisor may not be able to trade the Program in full. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customerscustomers or other information deemed by the Advisor to be proprietary and confidential) and anything otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal federal or State state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. FurtherNeither CMF nor the Partnership shall distribute, except to officers, directors, employees, partners, affiliates, or administrative agents, including but not limited to fund administrators, auditors, or consultants, of CMF agrees to treat as confidential or the Partnership, any results description of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor, its principals, or its or their trading performance without the prior written consent of the Advisor, which consent shall not be unreasonably withheld. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s or Master Fund’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct it in transmitting orders for the purchase or sale of futures commodity interests for the Partnership’s or Master Fund’s account including payment to the Commodity Brokers brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker brokers on such trades trades. The Advisor’s errors shall include, but only for not be limited to, inputting improper trading signals or communicating incorrect orders to the amount of the Commodity Brokers’ out-of-pocket costs in respect thereofcommodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the General Partner upon discovery provisions of such Errors Section 8(a)(iii) of any errors with respect to the account account, and the Advisor shall use its best efforts to identify and promptly notify the General Partner CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability of instructions to any broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests, including commodity futures contracts, options and options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Paragraph 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Memorandum dated October 2010, and as supplemented (the “Memorandum”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) PGR Mayfair Program (the “Program”) ), as set forth described in the Disclosure Document (defined below) Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the ProgramProgram as described in Appendix A attached hereto. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in cause the description of the trading strategy or methods described in the Disclosure DocumentAppendix A to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholderspartners, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility will not be liable for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct trading losses in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment losses caused by errors; provided, however, that the Advisor will be liable to the Commodity Brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify the General Partner upon discovery of such Errors Partnership with respect to the account and the Advisor shall use losses incurred due to errors committed or caused by it or any of its best efforts principals or employees in communicating improper trading instructions or orders to identify and promptly notify the General Partner of any trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any such liability broker on behalf of the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it the Advisor from time to time by CMF in futures interests. The Advisor may also engage in swaps transactions and other derivatives transactions on behalf of the General Partner in commodity interests, including commodity futures contracts, options and forward contractsPartnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Paragraph 3(b) of the Partnership’s Limited Partnership AgreementAgreement and as described in Appendix A, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus (1.5x leverage) Program trading program for Flintlock Commodity Opportunities Partners, LP (the “Program”) ), attached hereto as set forth in the Disclosure Document (defined below) Appendix A, to manage the Partnership’s assets allocated to it, provided that CMF and the Partnership acknowledge that Advisor intends to manage the assets of the Partnership utilizing two times the leverage utilized by Flintlock Commodity Opportunities Master Fund, LP. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement and Appendix A without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. (b) CMF acknowledges receipt of the Advisor’s disclosure document for qualified eligible persons (description of the Program, attached hereto as defined in CFTC Rule 4.7) dated September 1, 2010 (the “Disclosure Document”). Appendix A. All trades made by the Advisor for the account of the Partnership Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall directdirect (the “Commodity Brokers”), and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by either original original, fax copy or fax email copy) of CMF, may direct any and all trades in commodity futures and options interests to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original original, fax copy or fax email copy). CMF and the Partnership each acknowledges that the use of Commodity Brokers selected by CMF may result in trades being executed at prices that are less desirable than those that may be available if the Advisor were permitted to select a different executing broker. (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program or system or methodology outlined in Appendix A in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Disclosure Document. Appendix A. Further, the Advisor will provide the Partnership with a current list of all commodity futures interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity futures interests for such account without providing notice thereof to CMF and receiving CMF’s written (including email) approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written (including email) report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. To the extent commercially practicable, U.S. dollar equivalents in individual foreign currencies of more than 2% of the allocated assets including nominal assets $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholdersmembers, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or State state law or NFA rule or order. Notwithstanding Sections Paragraphs 1(d) and 4(d) of this Agreement, the Advisor shall is not be required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or State state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice and all other information to be provided by the Advisor is a property right belonging pursuant to this Agreement constitutes proprietary and confidential information of the Advisor and that they will keep all such advice confidentialinformation confidential and not use such information for any purpose other than evaluating the performance of the Advisor and further agree not to use such information to guide their own trading or that of any other person. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisorsystems. (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section Paragraph 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Section Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among such other trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first last day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. (g) The Advisor shall assume financial responsibility for any errors (“Errors”) committed or caused by its negligence, fraud or willful misconduct in transmitting orders for the purchase or sale of futures interests for the Partnership’s account including payment to the Commodity Brokers (as defined above) of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Advisor shall have an affirmative obligation to promptly notify CMF and the General Partner Partnership upon discovery of such Errors with respect to the account and the Advisor shall use its best efforts to identify and promptly notify CMF and the General Partner Partnership of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions. Any instructions to any Commodity Broker or such liability of other commodity broker utilized to execute orders for the Advisor in relation to Errors shall be limited to compensation received by the Adviser from the Partnership during the previous 12 monthsPartnership.