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, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Section 3(b) of the Limited Partnership Agreement, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps as amended from time to time. The Advisor may also engage in swap transactions and forward contractsother derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies of CMF expressly set forth in Section 3(b) of the Limited Partnership Agreement, 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 Discus Program ADG Systematic Macro Fund’s strategy (the “ProgramStrategy”) ), as described in Appendix B attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement 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. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps forward contracts and forward contractsswaps. All such trading on behalf of the Partnership shall be in accordance with (i) the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 1, 2014, as supplemented from time to time (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program wPraxis Futures Trading Approach (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents an agent and attorneysattorney-in-factfact for each Fund, for directing the investment and reinvestment of the assets and funds of the Partnership Funds allocated to it from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options, swaps contracts and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of each Fund with the prior written approval of CMF. The Advisor shall engage in such trading for the CMF Feeder Funds through investment in the Master Fund. All such trading on behalf of the Partnership Funds shall be in accordance with the trading strategies and trading policies set forth in Section 3(bSchedule C for each Fund (the “Trading Restrictions”), as the same may be amended and supplemented from time to time as provided for in this Agreement. Subject to Paragraph 5(c) of the Limited Partnership Agreementhereof, and as such trading policies may be changed from time to time upon receipt by the Advisor of 30 days’, or such shorter period as may be required by applicable law or regulation, prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetschange. CMF has initially selected the Advisor’s Discus Program Winton Diversified Prxxxxx (the “Program”) to manage the Partnershipeach Fund’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Trading Restrictions without the prior written consent of the Partnership respective Fund given by CMF. CMF and the Funds each acknowledge that the Advisor may utilize exchange for physicals transactions in its trading for the Funds. CMF may override the trading instructions of the Advisor for a Fund with prompt notice to the Advisor (i) to comply with the Trading Restrictions and with applicable speculative position limits as set by a regulatory authority with proper authority, (ii) to fund any distributions or redemptions, (iii) to pay a Fund’s expenses, (iv) to the extent CMF acting in good faith reasonably believes doing so is necessary for the protection of the applicable Fund and its investors, (v) to terminate the futures interest trading of the applicable Fund with the Advisor in accordance with a termination of this Agreement pursuant to Paragraph 5 hereof, or (vi) to comply with any applicable law or regulation. CMF agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Advisor fails to comply with a request of CMF to make the necessary amount of funds available to the applicable Fund within two trading days of such request. The Advisor makes no representation or warranty that the trading to shall not be directed by it liable for the Partnership will be profitable or will not incur lossesconsequences of any decision by CMF to override instructions of the Advisor, except to the extent that such consequences result from CMF’s decision to override the instructions of the Advisor pursuant to clause (i) above and subject to the provisions of Paragraph 6 hereof. Upon the issuance of any override instructions with respect to a Fund, this Agreement shall immediately terminate with respect to such Fund with notice under Paragraph 5(c) hereof. Notwithstanding the authority granted to the Advisor in Section this Paragraph 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fundeach of the CMF Feeder Fund’s assets, effective as of the date of this Agreement (or the date that such fund Fund becomes a CMF Feeder Fund to the PartnershipMaster Fund, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such fundsthe CMF Feeder Funds.

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, swaps 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 Section 3(b) of the Limited Partnership AgreementPartnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the “Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap contracts. The Advisor may also engage in other swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Limited Partnership AgreementAppendix A and Appendix B attached hereto, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program Systematic Trend Programme (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Appendix B without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps and forward contractsexchange cleared swap transactions. All such trading on behalf of the Partnership shall be i) in accordance with the trading policies set forth in Section 3(b) of the Limited Partnership Agreement, and Appendix B attached hereto as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (the “CMF Trading Policies”), and ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps 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 Section 3(b) of the Limited Partnership AgreementPartnership’s Prospectus dated November 25, and 2002, as supplemented from time to time (the “Prospectus”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Diversified Futures Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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 trading 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, swaps 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 Section 3(b) of the Limited Partnership AgreementPartnership's Private Placement Offering Memorandum and Disclosure Document to be dated on or about December 31, 2003 (the "Memorandum"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus 's Global Diversified Program at Standard Leverage, Xxxxxx Selective Trading Program at Standard Leverage and K5 Program (each, a "Program" and collectively, the “Program”"Programs") to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding CMF and the authority granted to Advisor each acknowledge that the descriptions of the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective Memorandum are in draft form as of the date time of the signing of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such fundsAgreement.

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, swaps 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 Section 3(b) of the Limited Partnership AgreementPartnership’s Prospectus dated November 25, 2002, as supplemented from time to time (the ‘‘Prospectus’’), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Energy Program (the “‘‘Program”’’) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps and forward contracts. The Advisor may also engage in swap transactions and other over-the-counter 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 3(b) the sections entitled “Summary–Objective of the Limited Partnership AgreementFund,” “The General Partner–Trading Policies” and “The Advisors,” as applicable, in the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated May 1, 2012, as supplemented or amended from time to time (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (such policies, as may be amended, the “Partnership Trading Policies”), and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Xxxxxxx TEXO Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement 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. Notwithstanding The sole duty of the authority granted Advisor hereunder shall be to manage the Partnership’s assets allocated to it pursuant to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date terms of this Agreement (or the date that such fund becomes a Feeder Fund to the PartnershipAgreement, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly not otherwise be responsible for the individual accounts management, operation or administration of such fundsthe 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 from time to time by the General Partner CMF in commodity interests, including commodity futures contracts, options, swaps options and forward contracts, excluding financial futures and forward contracts. The Advisor may also engage in swaps transactions and other derivatives transactions on behalf of the Partnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 31, 2011, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program trading program for Flintlock Commodity Opportunities Partners, LP (the “Program”) ), attached hereto as Appendix A, to manage the Partnership’s assets allocated to it, provided that CMF and the Partnership acknowledge that Advisor intends to manage the assets of the Partnership utilizing two times the leverage utilized by Flintlock Commodity Opportunities Master Fund, LP. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps options and forward contracts. The Advisor may also engage in 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 Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of September 13, 2010, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Diversified Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. 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. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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-attorneys in fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time time, in accordance with the terms hereof, by the General Partner CMF in commodity interests, including commodity futures contractsfutures, optionsoptions on futures, swaps spot and forward contracts (including over-the-counter forward foreign currency contracts). The Advisor may also engage in other swap and derivative transactions on behalf of the Partnership with the prior written approval of CMF, such approval not to be unreasonably withheld or delayed. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies set forth in Section 3(b) of the Limited Partnership AgreementAppendix 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 (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus BlueTrend Program (the “Program”) ), as described in Appendix B attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Appendix A without the prior written consent of the Partnership given on its behalf by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps options and forward contracts. The Advisor may also engage in 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 Section 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document to be dated on or about November 21, 2006 (the ‘‘Memorandum’’), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Diversified Program (the “‘‘Program”’’) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. 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 losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, forward contracts, swaps and forward contractsother derivative instruments. All such trading on behalf of the Partnership shall be in accordance with (i) the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Confidential Private Placement Memorandum and Disclosure Document dated as of September 30, 2015, as supplemented from time to time (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program wPraxis Futures Trading Approach (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps options and forward contracts, including currency contracts in the global interbank markets. SBFM shall not allocate to the Advisor more than $25 million of the Partnership's assets and funds. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Limited Partnership Agreement2 Prospectus and Disclosure Document to be dated on or about August 21, 1998, as supplemented (the "Prospectus"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy or strategies selected by CMF SBFM and agreed upon in writing by the Advisor to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s Discus Program ('s Global and Foreign Exchange Programs as described in the “Program”) Advisor's Disclosure Document dated July 30, 1998, 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 materially from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it the Advisor from time to time by CMF in futures interests. The Advisor may also engage in swaps transactions and other derivatives transactions on behalf of the General Partner in commodity interests, including commodity futures contracts, options, swaps and forward contractsPartnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Limited Partnership AgreementAgreement and as described in Appendix A, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Aventis Barbarian Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement 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. Notwithstanding CMF and the authority granted to Advisor each acknowledge that the description of the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF Partnership’s letter to direct the investment investors and reinvestment of such fund’s assets, effective monthly report is in draft form as of the date time of the signing of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such fundsAgreement.

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, swaps 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 Section 3(bthe Partnership’s most recent Prospectus, as publicly available filed with the Securities Exchange Commission as Post-Effective Amendment No.9 to the Partnership’s Form S-1 (File No. 333-113396) of on August 29, 2008 and declared effective on September 17, 2008 (the Limited Partnership Agreement“Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, optionsoptions on futures, swaps spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 21, 2016, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus AE Systematic FX Fund 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 Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, optionsoptions on futures, swaps spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of May 1, 2017, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program Liquid 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 Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps spot and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document dated January 31, 2013, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected both the Advisor’s Discus Program Asian Markets Alpha Programme and the Emerging Markets Alpha Programme (each a “Program” and collectively the “ProgramPrograms”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole discretionary 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 CMF and deposited in one or more accounts established by the General Partner Partnership at one or more clearing brokers for the Advisor’s trading (all such accounts collectively being referred to herein as the “Account”) in commodity interests, including commodity futures contracts, options, swaps options on futures contracts and forward contracts, including foreign exchange forwards, foreign exchange swaps and non-deliverable foreign exchange forwards. The Advisor may also engage in swap transactions and other derivative transactions and trade other instruments on behalf of the Partnership with the prior written approval of CMF and subject to its obtaining all required registrations or licenses. All such trading by the Advisor on behalf of the Partnership shall be in accordance with the trading policies set forth Advisor’s Global Contrarian Program as described in Section 3(b) of the Limited Partnership AgreementAdvisor’s CTA Disclosure Document, dated August 2014 (the “Disclosure Document”), and as such trading policies may be changed from time to time upon receipt implemented by the Advisor on behalf of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program FORT Global Contrarian, L.P. (the “Program”), a summary of which is contained in Appendix A hereto, and subject to the trading policies of CMF expressly set forth in Appendix B hereto (the “CMF Trading Policies”). CMF may change the CMF Trading Policies upon at least 5 business days’ notice to the Advisor by providing Advisor an amended Appendix B; provided, that (i) to manage the Partnership’s assets allocated to it. Any any open positions or other investments at the time of receipt of such notice of a change in trading policy the CMF Trading Policies is effective shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The ; and (ii) the Advisor may not deviate from the trading policies set forth immediately terminate this Agreement if it determines, reasonably and in good faith, that a change in the Limited Partnership Agreement without CMF Trading Policies would require the prior written consent of Advisor to trade for the Partnership given by CMFAccount in a manner that is materially different than the Program. 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. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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-factattorneys‑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 contractsand options on futures contracts and spot, options, swaps forward and forward contractsswap contracts and other derivative contracts 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 set forth in Section Paragraph 3(b) of the Limited Partnership Agreement, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps 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 Section 3(b) of the Limited Partnership AgreementPrivate Placement Offering Memorandum and Disclosure Document to be dated on or about May 31, 2005 (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Energy Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, options, swaps and options on futures contracts and spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies expressly set forth in Section 3(b) of Appendix B hereto (the Limited Partnership Agreement“CMF Trading Policies”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps 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 Section 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document to be dated on or about December 31, 2005, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Core Trading Program (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps options and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Section 3(b) the Partnership's Private Placement Offering Memorandum and Disclosure Document dated as of December 31, 2000, as supplemented (the Limited Partnership Agreement"Memorandum"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s 's assets. CMF SBFM has initially selected the Advisor’s Discus 's Select Investment Program (using the “Program”) Vulcan Trading System to manage 50% of the Partnership’s 's assets allocated to itthe Advisor, and the Advisor's Argo Trading System to manage 50% of the Partnership's assets allocated to the Advisor. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMFSBFM. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding SFG, SBFM and the authority granted to Partnership each acknowledge that the Advisor may utilize exchange for physicals transactions in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to its trading for the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, optionsoptions on futures contracts, swaps spot and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies expressly set forth in Section 3(b) of Appendix B hereto (the Limited Partnership Agreement“CMF Trading Policies”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetsassets allocated to it. CMF has initially selected a variation of the Advisor’s Discus 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 Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it the Advisor from time to time by CMF in futures interests. The Advisor may also engage in swap transactions and other derivatives transactions on behalf of the General Partner in commodity interests, including commodity futures contracts, options, swaps and forward contractsPartnership 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 Section 3(b) of the Partnership’s Limited Partnership AgreementAgreement and as 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 change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Xxxx River Commodity Program at 150% Leverage (the “Program”) 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 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. Notwithstanding CMF and the authority granted to Advisor each acknowledge that the description of the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF Partnership’s letter to direct the investment investors and reinvestment of such fund’s assets, effective monthly report is in draft form as of the date time of the signing of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such fundsAgreement.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner CMF in listed exchange traded natural gas futures and options on futures contracts. The Advisor may also trade other commodity interests, including other commodity futures contracts, options, swaps and options on futures contracts and spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies expressly set forth in Section 3(b) of Appendix B hereto (the Limited Partnership Agreement“CMF Trading Policies”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant (ii)pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it the Advisor from time to time by CMF in futures interests. The Advisor may also engage in swaps transactions and other derivatives transactions on behalf of the General Partner in commodity interests, including commodity futures contracts, options, swaps and forward contractsPartnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Partnership’s Limited Partnership AgreementAgreement and as described in Appendix A, and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program trading program for Flintlock Commodity Opportunities Partners, LP (the “Program”) ), attached hereto as Appendix A, to manage the Partnership’s assets allocated to it, provided that CMF and the Partnership acknowledge that Advisor intends to manage the assets of the Partnership utilizing two times the leverage utilized by Flintlock Commodity Opportunities Master Fund, LP. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement and Appendix A without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, optionsoptions on futures, swaps spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be i) in accordance with the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 21, 2016, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus IV Quantitative Futures Fund 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 Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps and forward contractsoptions on futures. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be i) in accordance with the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 21, 2016, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Discretionary 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 Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, options, swaps excluding financial futures contracts and options on financial futures contracts. The Advisor may also trade forward contractsforeign currency contracts for hedging purposes. The Advisor may also engage in other swap transactions and 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 Section 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document to be dated on or about February 1, 2013, as supplemented (the “Memorandum”), 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 and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus Program Aventis Diversified Commodity Strategy (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding CMF and the authority granted to Advisor each acknowledge that the description of the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective Memorandum is in draft form as of the date time of the signing of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such fundsAgreement.

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, swaps options on futures contracts and forward contracts, including foreign exchange forwards, foreign exchange swaps and non-deliverable foreign exchange forwards. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Limited Partnership AgreementPartnership’s Private Placement Offering Memorandum and Disclosure Document dated January 31, 2013, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected a variation of the Advisor’s Discus 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 Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps 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. 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 policies set forth in Section 3(b) of the Limited Partnership AgreementPartnership's prospectus dated October 7, 2004 (the "Prospectus"), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s 's assets. CMF has initially selected the Advisor’s Discus 's Diversified Program (the “"Program”") to manage the Partnership’s 's assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Prospectus without the prior written consent of the Partnership given by CMF. 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 losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

DUTIES OF THE ADVISOR. (a) For the period period, and on the terms and conditions 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, swaps and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Limited Partnership AgreementAgreement and Partnership Designation and as described in Appendix A and Appendix B, and as such trading policies may be changed from time to time upon receipt by the Advisor of or 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 determined that the Partnership assets allocated to the Advisor shall be allocated to the Advisor’s Discus Greenwave Flagship Plus Program (the “Program”) to manage or as may otherwise be mutually agreed by the Partnership’s assets allocated to itparties in writing in the future. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Appendix A and Appendix B without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps spot and forward contracts. The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading strategies and trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of October 31, 2013, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of 10 days prior written notice of such change change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, swaps and forward contractsexchange cleared swap transactions. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies set forth in Section 3(b) of the Limited Partnership Agreement, and Appendix B attached hereto as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (the “CMF Trading Policies”), and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, optionsoptions on futures contracts, swaps spot and forward contracts. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading policies strategies set forth in Section 3(b) of the Limited Partnership AgreementPartnership’s current Private Placement Offering Memorandum and Disclosure Document, as supplemented (the “Memorandum”), and as such subject to the trading policies of CMF expressly set forth in Appendix A hereto (the “CMF Trading Policies”). Such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assetsassets allocated to it. CMF has initially selected the Advisor’s Discus AE Systematic FX Fund Program (the “Program”) ), as described in Appendix B attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur result in losses. Notwithstanding the authority granted to the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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 SBFM in commodity interests, including commodity futures contracts, options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading strategies and trading policies set forth in Section 3(b) of the Limited Partnership AgreementPartnership’s Prospectus and Disclosure Document to be dated on or about December 31, 2002, as supplemented from time to time (the “Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by CMF SBFM to be utilized by the Advisor in managing the Partnership’s assets. CMF SBFM has initially selected the Advisor’s Discus Select Investment Program (using the “Program”) Advisor’s Argo Trading System to manage the Partnership’s assets allocated to itthe Advisor. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Limited Partnership Agreement 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. Notwithstanding SBFM and the authority granted to Partnership each acknowledge that the Advisor may utilize exchange for physicals transactions in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective as of the date of this Agreement (or the date that such fund becomes a Feeder Fund to its trading for the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such funds.

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, forward contracts, swaps and forward contractsother derivative instruments. The Advisor may also engage in swaps transactions and other derivatives transactions on behalf of the Partnership with the prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in Section 3(b) the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of March 31, 2011, as supplemented (the Limited Partnership Agreement“Memorandum”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change change, and pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Discus 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 Limited Partnership Agreement Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. Notwithstanding CMF and the authority granted to Advisor each acknowledge that the description of the Advisor in Section 1(a) of the management agreement with each Feeder Fund operated or managed by CMF to direct the investment and reinvestment of such fund’s assets, effective Offering Memorandum is in draft form as of the date time of the signing of this Agreement (or the date that such fund becomes a Feeder Fund to the Partnership, if later) and continuing through the term hereof, the Advisor shall have no authority to trade directly the individual accounts of such fundsAgreement.