Common use of Speculative Trading Clause in Contracts

Speculative Trading. The Trading Advisor agrees to act as the sole trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Systematic Program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment Objective”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize a different program to the Program in respect of the Company only with the prior written consent of the Company. Except as provided otherwise in this Section 3, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program in accordance with the “Investment Objective and Approach” section of the Propsectus and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading Advisor. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iii), above. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b) below; provided that with respect to the Company, the Trading Advisor may trade a different program to the Program in managing the Company only with the prior written consent of the Manager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole a trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Systematic Blackwater Global Program (the “ProgramPrograms”) as described under the heading “Investment Objective and Approach” in the prospectus Trading Advisor’s Disclosure Document dated February 10, 2010 (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment ObjectiveDisclosure Document”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize trade a different program to the Program in respect of portfolio for the Company only with the prior written consent of the CompanyManager. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program Programs pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of its approach as described in the Propsectus Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading AdvisorCompany. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiii)-(ii), above. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to the Program in managing the Company only with the prior written consent of the Manager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole a trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Fund. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Systematic Program the investment policy and strategy (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus Confidential Private Placement Memorandum for CCP Quantitative Fund LP dated September 24, 2009 (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment ObjectiveDisclosure Document”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize trade a substantively different program to the Program portfolio in respect of managing the Company only with the prior written consent of the CompanyManager. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program Programs pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of its approach as described in the Propsectus Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A authorized by the Trading Advisor to do so are permitted to implement trades for the Company unless otherwise agreed in writing between Company. A current list of these individuals is included Appendix A. At the Manager’s request, the Trading Advisor shall provide a quarterly update to the Company and the Trading AdvisorManager regarding any individuals who have (x) had their authority to implement trades for the Company revoked or (y) been added during the quarter as permitted to implement trades for the Company. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiii)-(ii), above. For any trade where the Trading Advisor has received no specific instructions from the Company or the Manager, the Trading Advisor shall arrange for the execution of such trade in accordance with the terms of this Agreement and the Trading Advisor’s best execution policy, a summary of which is included in Appendix D. The Company and the Manager each acknowledge that they have read the Trading Advisor’s best execution policy as set forth in Appendix D. The Company and the Manager acknowledge that the aggregation of transactions may on occasion operate to the Company’s disadvantage. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to the Program in managing the Company only with the prior written consent of the Manager.

Speculative Trading. The Trading Advisor agrees to shall act as the sole trading advisor a Commodity Trading Advisor for the Company. The Fund implementing the Trading Advisor and the Company agree that in managing Program with the assets of in the Company, Account as described is the Disclosure Document provided by the Trading Advisor shall utilize its Systematic Program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus (the “Prospectus”) of Solaise Systematic Fund Limitedto MLIP, as amended from time to the same may be developed and modified over time (the “Investment Objective”"Disclosure Document"). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize a different program to the Program in respect of the Company only with the prior written consent of the Company. Except as provided otherwise in this Section 3, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets of the Account, utilizing the Trading Program in accordance with the “Investment Objective and Approach” section of the Propsectus and as refined and modified from time to time in the future in accordance herewithfuture, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading Advisor. Notwithstanding the foregoing, the Company or the Manager Fund may override the trading instructions of the Trading Advisor to the extent necessary: (i) to comply with the Trading Policies; (ii) to fund any distributions or redemptions of Units to be made by the Fund; (iiiii) to pay the Company’s Fund's expenses; (iv) to effect any allocation or reallocation of the Fund’s expenses's assets in accordance with this Agreement; and/or or (iiiv) to comply with speculative position limits; as required by law, provided that the Company and the Manager shall Fund shall, unless otherwise required by law, use best efforts to permit the Trading Advisor three (3) full business days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its the Fund's override authority. The (There are currently no relevant Fund trading policies applicable to the Trading Advisor's account, and MLIP shall give the Trading Advisor will have no liability for the results of prior notice and a reasonable period within which to terminate this Agreement should MLIP determine to impose any of the Manager’s interventions in (i)-(iii), above. such policies.) The Company Fund and the Manager both MLIP each specifically acknowledge that in agreeing to manage the Company, Account the Trading Advisor is not in no respects making any guarantee of profits or of protections protection against loss. The Trading Advisor shall give the Company Fund and the Manager MLIP prompt written notice of any proposed material change in the Program Trading Advisor's trading approach or in the manner in which the Trading Advisor's trading decisions are to be made or implemented implemented, and shall not make any such proposed material change with respect to trading for the Company Account without having given the Company Fund and the Manager MLIP at least 7 30 days’ ' prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by Fund's portfolio, or change in the Trading Advisor trading leverage employed, shall not be deemed a change in the Trading Advisor’s 's trading approach approach, and prior written notice to the Company Fund or the Manager MLIP shall not be required therefor, therefor (except as set forth in section 3(bSection 2(b) below); provided provided, that with respect to the Company, the Trading Advisor may trade only utilize a different trading program to other than the Trading Program in managing the Company only with the prior written consent of the ManagerFund and MLIP, and may only use one trading program at any one time for the Account.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole a trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Systematic Diversified Program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment Objective”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. Appendix D. The Trading Advisor may utilize trade a different program to the Program in respect of portfolio for the Company only with the prior written consent of the CompanyManager. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of the Propsectus its approach as described at Appendix D, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading AdvisorCompany. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiii)-(ii), above. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company’s assets, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to the Program in managing the Company Company’s assets only with the prior written consent of the Manager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets commodity interests of the CompanyCompany held in the Clearing Broker Account (as defined below), the Trading Advisor shall utilize its Systematic Program the investment program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus Confidential Explanatory Memorandum for the Hedge Fund dated July 2012 (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment ObjectiveDisclosure Statement”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize trade a different trading program to for the Company than the Program in respect of the Company only with the prior written consent of the CompanyManager, it being understood that the Trading Advisor may change the Hedge Fund’s investment program (and therefore the Program) subject to compliance with the notice provisions below. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of assets credited to the Company’s assets Clearing Broker Account utilizing the Program pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of its approach as described in the Propsectus Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and Advisor, listed in on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading AdvisorCompany. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) necessary to comply with speculative position limits; provided that applicable law. “Clearing Broker Account” means, collectively, one or more accounts of the Company held in the name of the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses established at one or more Clearing Brokers (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiias defined below), above. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program investment program of the Hedge Fund or the manner in which trading decisions of the Hedge Fund are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. In the event of such material change, the Company and the Manager will have the right to terminate this Agreement without being subject to the Withdrawal Penalty set forth in Section 6(a) or any other penalty. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(bSection 2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to other than the Program in managing the Company only with the prior written consent of the Manager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole a trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Systematic Discretionary Global Macro Program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus Confidential Offering Memorandum for the Pia Macro Fund Ltd. (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment ObjectiveConfidential Offering Memorandum”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize trade a different program to the Program in respect of portfolio for the Company only with the prior written consent of the CompanyManager. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of its approach as described in the Propsectus Confidential Offering Memorandum, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading AdvisorCompany. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiii)-(ii), above. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to the Program in managing the Company only with the prior written consent of the Manager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole a trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Systematic Diversified Program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus Xxxxxxx Trading Co. Disclosure Document dated October 31, 2009 (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment ObjectiveDisclosure Document”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize trade a different program to the Program in respect of portfolio for the Company only with the prior written consent of the CompanyManager. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of its approach as described in the Propsectus Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading AdvisorCompany. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiii)-(ii), above. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to the Program in managing the Company only with the prior written consent of the Manager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole a trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of acting as trading advisor for the Company, the Trading Advisor shall utilize its Systematic Combined Futures Portfolio (2x) Program (the “Program”) as described under the heading “Investment Objective and Approach” in the prospectus Trading Advisor’s Disclosure Document dated September 30, 2009 (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment ObjectiveDisclosure Document”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this range. The Trading Advisor may utilize trade a different program to the Program in respect of portfolio for the Company only with the prior written consent of the CompanyManager. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program Programs pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of its approach as described in the Propsectus Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A A, as amended from time to time, are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading AdvisorCompany. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiii)-(ii), above. The Company and the Manager both specifically acknowledge that in agreeing to manage direct the investment and reinvestment of the Company’s assets, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to in directing the Program in managing investment and reinvestment of the Company Company’s assets only with the prior written consent of the Manager.

Speculative Trading. The As of the date of this Agreement, the Trading Advisor agrees to act acts as the sole a trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Systematic Discretionary Commodity Trading Program (the “Program”) as described under in Appendix D hereto, provided however that the heading “Investment Objective Trading Advisor will at all times manage the assets of the Company in accordance with the investment restrictions and Approach” guidelines set forth in the prospectus (the “Prospectus”) of Solaise Systematic Fund Limited, as amended from time to time (the “Investment Objective”). The Systematic Program shall target a long range volatility of 14-16%, as measured by annualized standard deviation. The Company agrees and acknowledges that at any given time the annualized standard deviation may fall outside this rangeAppendix E hereto. The Trading Advisor may utilize trade a different program to the Program in respect of portfolio for the Company only with the prior written consent of the CompanyManager. Except as provided otherwise in this Section 32, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program pursuant to and in accordance with the “Investment Objective Trading Advisor’s best judgment and Approach” section of the Propsectus its approach as described in Appendices D and E, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company unless otherwise agreed in writing between the Company and the Trading AdvisorCompany. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(iiii)-(ii), above. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 7 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 3(b2(b) below; provided that that, with respect to the Company, the Trading Advisor may trade a different trading program to the Program in managing the Company only with the prior written consent of the Manager.