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. 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 the Partnership’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, 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 PGR Mayfair Program (the “Program”), as described in 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 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.

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 contracts. The Advisor may also engage in swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFswaps. All such trading on behalf of the Partnership shall be in accordance with (i) the trading strategies and trading policies set forth in the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of March 1, 20022014, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program wPraxis Futures Trading Approach (the “Program”), as described in 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 Prospectus 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.

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 Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by CMF in the General Partner instruments listed in commodity interestsAppendix C of this agreement, including commodity futures contracts, options and forward contractsas amended from time to time. The Advisor may also engage in swaps 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 (i) in accordance with the trading policies of CMF expressly set forth in the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “Prospectus”), and Appendix A 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”), provided that the Advisor shall notify CMF of its inability to comply with the new CMF Trading Policies within one (1) business day of 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 assetsassets allocated to it. CMF has initially selected the Advisor’s PGR Mayfair Program ADG Systematic Macro Fund’s strategy (the “ProgramStrategy”), as described in Appendix A 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 Prospectus 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.

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 the General Partner in commodity futures interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in swaps transactions and other derivative 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 the Partnership’s Prospectus dated November 25, 2002, Limited Partnership Agreement and as supplemented from time to time (the “Prospectus”)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 PGR Mayfair Blackwater Global Program (the “Program”), as described in 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 Prospectus 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 losses.

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, and options and forward contractson futures. The Advisor may also engage in swaps transactions 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 the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “Prospectus”)Appendix 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 PGR Mayfair Aquantum Commodity Spread (ACS) Program (the “Program”), as described in 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 Prospectus 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 losses.

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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document to be dated November 25on or about May 31, 2002, as supplemented from time to time 2005 (the “ProspectusMemorandum”), 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 PGR Mayfair Energy Program (the “Program”), as described in 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 Prospectus 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.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective February 1, 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 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 swaps transactions 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 the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time Appendix B hereto (the “ProspectusCMF 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, 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 PGR Mayfair Energy Trading Program (the “Program”), as described in 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 Prospectus 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.

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 swaps 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25January 31, 20022013, as supplemented from time to time (the “ProspectusMemorandum”), 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 both the Advisor’s PGR Mayfair Program Asian Markets Alpha Programme and the Emerging Markets Alpha Programme (each a “Program” and collectively the “ProgramPrograms”), as described in 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 Prospectus 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.

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. 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of April 29, 20022010, as may be amended and supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Diversified 2XL Program (the “Program”), as described in 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 Prospectus 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.

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 CMF in commodity futures 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 the Partnership’s Prospectus dated November 25, 2002most recent Prospectus, as supplemented from time publicly available filed with the Securities Exchange Commission as Post-Effective Amendment No.9 to time the Partnership’s Form S-1 (File No. 333-113396) on August 29, 2008 and declared effective on September 17, 2008 (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 assets. CMF has initially selected the Advisor’s PGR Mayfair Investment Program (formerly known as PGR Mayfair Program) (the “Program”), as described in 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 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.

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 options, forward contracts. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in the Partnership’s Prospectus Private Placement Memorandum to be dated November 25on or about October, 20022003, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Diversified Program (the “Program”), as described in 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 Prospectus 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.

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 options, swaps 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 the Partnership’s Prospectus Private Placement Memorandum and Disclosure Document dated November 25September 30, 20022005, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program Energy Program-Futures and Swaps (the “Program”), as described in 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 Prospectus 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.

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 derivative 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25January 7, 20022011, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Global Futures Portfolio Program (the “Program”), as described in Appendix A attached heretothe 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 Prospectus 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.

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, and forward contracts. The Advisor may also engage in swaps 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25May 1, 20022012, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program Systematic Global Macro trading program (the “Program”), as described in 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 Prospectus 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 makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not result in losses.

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 options, forward contracts. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in the Partnership’s Prospectus Private Placement Memorandum to be dated November 25on or about October, 20022003, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Fundamental Diversified Program (the “Program”), as described in 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 Prospectus 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.

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. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in the Partnership’s Prospectus and Disclosure Document dated November 25, 20021998, 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 to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s PGR Mayfair Energy Program (the “Program”), as described in 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 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 result in losses.

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 unless such contracts are traded for bona fide hedging purposes. The Advisor may also engage in swaps swap transactions and other derivative 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 (the “Trading Policies”) set forth in the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of January 7, 20022011, as supplemented from time to time (the “ProspectusMemorandum”), and as such trading policies Trading Policies may be changed from time to time upon receipt by the Advisor 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 assetsassets as described in the Memorandum. CMF has initially selected the Advisor’s PGR Mayfair Kxxx River Commodity Program at 150% Leverage (the “Program”), as described in 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 Trading Policies set forth in the Prospectus 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.

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 options, forward contracts. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in the Partnership’s Prospectus Private Placement Memorandum to be dated November 25on or about October, 20022003, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program (the “Program”), as described in Appendix A attached hereto, Global Futures Portfolio 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 Prospectus 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.

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. 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 the Partnership’s 's Prospectus and Disclosure Document to be dated on or about November 251, 2002, as supplemented from time to time 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, 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 PGR Mayfair 's Discus Program (the “"Program”), as described in 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 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.

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 swaps transactions 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of May 1, 20022017, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program Liquid Commodity Strategy (the “Program”), as described in Appendix A attached hereto, 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 Prospectus 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.

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 swaps 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 the Partnership’s Prospectus Private Placement Offering Memorandum dated November 25January 31, 20022013, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program Systematic Investment Programme (the “Program”), as described in 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 Prospectus 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.

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 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 the Partnership’s Prospectus Private Placement Memorandum and Disclosure Document to be dated November 25on or about May 16, 2002, as supplemented from time to time (the “Prospectus”"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 SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s PGR Mayfair 's Energy Program (Futures and Swaps) (the “"Program”), as described in 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 Prospectus 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.

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 options, forward contracts. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in the Partnership’s Prospectus Private Placement Memorandum to be dated November 25on or about October, 20022003, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Global Strategies Program (the “Program”), as described in 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 Prospectus 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.

DUTIES OF THE ADVISOR. (a) For Upon the commencement of trading operations by the Advisor for 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 's agent and attorneysattorney-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 options, spot commodities and forward contracts. The Advisor may also engage in swaps transactions and other derivative transactions contracts on behalf of the Partnership with the prior approval of CMFforeign currencies. All such trading on behalf of the Partnership shall be in accordance with the trading policies of the Partnership set forth in the prospectus and disclosure document of the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “most recent of which is hereinafter called 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 SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s PGR Mayfair Program (the “Program”), as described in Appendix A attached hereto, 's World Currency Portfolio 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 change the trading policies set forth in the 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.

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. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in the Partnership’s Prospectus and Disclosure Document dated November 25, 20021998, 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 to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s PGR Mayfair Blackwater Global Program (the “Program”), as described in 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 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.

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. 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 the Partnership’s Prospectus 's Private Placement Offering Memorandum and Disclosure Document dated November 25as of December 31, 20022000, as supplemented from time to time (the “Prospectus”"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 SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s PGR Mayfair 's Select Investment Program (using the “Program”), as described in Appendix A attached hereto, 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 Prospectus 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.

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 the General Partner CMF in commodity interests, including commodity futures contracts and options on futures contracts, excluding financial futures contracts and options and on financial futures contracts. The Advisor may also trade forward contractsforeign currency contracts for hedging purposes. The Advisor may also engage in swaps other swap transactions and other derivative 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document to be dated November 25on or about February 1, 20022013, as supplemented from time to time (the “ProspectusMemorandum”), and as described in Appendix A, as applicable, 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 PGR Mayfair Program Aventis Diversified Commodity Strategy (the “Program”), as described in 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 Prospectus 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. CMF and the Advisor each acknowledge that the description of the Advisor in the Memorandum is in draft form as of the time of the signing of this Agreement.

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 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document to be dated November 25on or about December 31, 20022005, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Core Trading Program (the “Program”), as described in 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 Prospectus 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.

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 swaps transactions 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of October 31, 20022013, as supplemented from time to time (the “ProspectusMemorandum”), 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, 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 PGR Mayfair Short Term Systematic Strategy Program (the “Program”), as described in 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 Prospectus 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.

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 swaps 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 the Partnership’s Prospectus dated November 25, 2002current Private Placement Offering Memorandum and Disclosure Document, as supplemented from time to time (the “ProspectusMemorandum”), 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 assetsassets allocated to it. CMF has initially selected the Advisor’s PGR Mayfair AE Systematic FX Fund Program (the “Program”), as described in Appendix A 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 Prospectus 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.

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 swaps 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 the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time Appendix B hereto (the “ProspectusCMF 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, 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 PGR Mayfair Program program traded by XXXXX Alpha Master Fund L.P. (the “Program”), as described in 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 Prospectus 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.

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 swaps 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25January 31, 20022013, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program Principle Commodity Futures trading program (the “Program”), as described in 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 Prospectus 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.

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 contracts. The Advisor may also engage in swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFexchange cleared swap transactions. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies set forth in the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “Prospectus”), 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 changechange (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 PGR Mayfair Northlander Commodity Program (the “Program”), as described in 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 Prospectus 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.

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 contracts. The Advisor may also engage in swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFexchange cleared swap transactions. All such trading on behalf of the Partnership shall be i) in accordance with the trading policies set forth in the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “Prospectus”), 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 changechange (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 PGR Mayfair Northlander Commodity Program (the “Program”), as described in 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 Prospectus 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.

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 the Partnership’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 PGR Mayfair Diversified Futures Program (the “Program”), as described in 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 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.

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 swaps transactions 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of March 21, 20022016, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair IV Quantitative Futures Fund Program (the “Program”), as described in Appendix A attached hereto, 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 Prospectus 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.

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. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with (i) the trading strategies and trading policies set forth in the Partnership’s Prospectus Confidential Private Placement Memorandum and Disclosure Document dated November 25as of September 30, 20022015, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program wPraxis Futures Trading Approach (the “Program”), as described in 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 Prospectus 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.

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 options, swaps 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 the Partnership’s Prospectus Private Placement Memorandum and Disclosure Document dated November 25September 30, 20022005, as supplemented from time to time (the “Prospectus”‘‘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 PGR Mayfair Program Energy Program-Futures Table of Contents and Swaps (the “‘‘Program”), as described in 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 Prospectus 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.

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 swap transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMF. The Advisor may, with the consent of the General Partner, engage in such trading through investment in the Master Fund. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of September 13, 20022010, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Diversified Program (the “Program”), as described in 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 Prospectus Memorandum without the prior written consent of the Partnership given by CMF. CMF and the Partnership each acknowledge that the Advisor may utilize exchange for physicals 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 result in losses.

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 swaps 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25May 1, 20022012, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Program Asian Markets Alpha Programme (the “Program”), as described in 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 Prospectus 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.

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 swaps 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25January 31, 20022013, as supplemented from time to time (the “ProspectusMemorandum”), 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 a variation of the Advisor’s PGR Mayfair Program program traded by XXXXX Alpha Master Fund L.P. (the “Program”), as described in 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 Prospectus 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.

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 swaps 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 Section 8(c) of the Partnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “Prospectus”)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 PGR Mayfair Program Asian Markets Alpha Programme (the “Program”), as described in 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 Prospectus 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 result in losses.

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. The Advisor may also engage in , swaps transactions and other derivative transactions on behalf of the Partnership with the prior approval of CMFinstruments. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of April 23, 20022010, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair Energy Program (the “Program”), as described in 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 Prospectus 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.

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. The Advisor may also engage in swaps transactions and other derivative 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of March 31, 20022011, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair JEM Commodity Relative Value Program at 200% Leverage (the “Program”), as described in 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 Prospectus 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. CMF and the Advisor each acknowledge that the description of the Advisor in the Offering Memorandum is in draft form as of the time of the signing of this Agreement.

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 the General Partner CMF in commodity futures interests, including commodity futures contracts, options and forward contracts. The Advisor may also engage in swaps swap transactions and other derivative 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 (the “Trading Policies”) set forth in the Partnership’s Prospectus dated November 25, 2002, Limited Partnership Agreement and as supplemented from time to time (the “Prospectus”)described in Appendix A, and as such trading policies 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 PGR Mayfair Xxxx River Commodity Program at 150% Leverage (the “Program”), as described in 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 Trading Policies set forth in the Prospectus 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. CMF and the Advisor each acknowledge that the description of the Advisor in the Partnership’s letter to investors and monthly report is in draft form as of the time of the signing of this Agreement.

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 the Partnership’s Prospectus and Disclosure Document dated November 25as of April 30, 20022008, 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 PGR Mayfair Energy Program (the “Program”), as described in 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 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 result in losses.

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 the Partnership’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 PGR Mayfair Energy Program (the “‘‘Program”), as described in 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 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.

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 swaps transactions 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 the Partnership’s Prospectus Private Placement Offering Memorandum and Disclosure Document dated November 25as of March 21, 20022016, as supplemented from time to time (the “ProspectusMemorandum”), 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 PGR Mayfair AE Systematic FX Fund Program (the “Program”), as described in Appendix A attached hereto, 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 Prospectus 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.