FRONTIER MASTERS SERIES, a Series of the Frontier Fund Sample Contracts

Equinox Frontier Masters Fund – April 29, 2016 (May 2nd, 2016)

We have acted as special Delaware counsel for Equinox Frontier Funds, a Delaware statutory trust (the “Trust”), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

Equinox Frontier Masters Fund – April 29, 2016 Equinox Frontier Funds c/o Equinox Fund Management, LLC, its Managing Owner 1775 Sherman Street, Suite 2500 Denver, Colorado 80203 Ladies and Gentlemen: (May 2nd, 2016)

We have acted as your counsel in connection with the preparation and filing with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”), of Pre-Effective Amendment No. 4 to the Registration Statement on Form S-1, filed with the SEC on or about April 29, 2016 (the “Registration Statement”), of Equinox Frontier Funds, a Delaware statutory trust formed on August 8, 2003 (the “Trust”) with respect to Equinox Frontier Diversified Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund, as series formed under the Trust (collectively, the “Funds”), to which this letter is included as an exhibit as well as the information in the Prospectus included in the Registration Statement under the heading “U.S. FEDERAL INCOME TAX CONSEQUENCES.”. The Registration Statement relates to the registration under the Securities Act of the units of beneficial interest of the Trust referenced in the Registration Statement

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – SECOND AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT OF EQUINOX FRONTIER FUNDS Dated as of December 9, 2013 By and Among EQUINOX FUND MANAGEMENT, LLC WILMINGTON TRUST COMPANY and THE UNITHOLDERS from time to time hereunder (December 11th, 2013)

This second amended and restated declaration of trust and trust agreement of Equinox Frontier Funds (the “Trust Agreement”) is made and entered into as of the 9th day of December, 2013, by and among Equinox Fund Management, LLC, a Delaware limited liability company (the “Managing Owner”), Wilmington Trust Company, a Delaware company, as trustee (the “Trustee”), and the Unitholders from time to time hereunder.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – December 26, 2012 (December 26th, 2012)

We have acted as special Delaware counsel for The Frontier Fund, a Delaware statutory trust (the “Trust”), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – TRADING ADVISORY AGREEMENT AMONG TRANSTREND B.V. AND FRONTIER TRADING COMPANY XXI, LLC AND EQUINOX FUND MANAGEMENT, LLC (February 25th, 2011)

This trading advisory agreement, including the Schedule(s) and Annex(es) herein referred to and hereto attached (the “Agreement”) is dated as of February 24, 2011 (the “Effective Date”) and is made and entered into by and among:

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – February 1, 2010 (February 2nd, 2010)

We have acted as special Delaware counsel for The Frontier Fund, a Delaware statutory trust (the “Trust”), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – AMENDMENT AGREEMENT (February 2nd, 2010)

This amendment agreement (the “Agreement”), is made and entered into effective as of the     day of                     , 20    , by and among THE FRONTIER FUND, a statutory trust organized under Chapter 38 of Title 12 of the Delaware Code (the “Trust”), EQUINOX FUND MANAGEMENT, LLC, a Delaware limited liability company and the managing owner of the Trust (the “Managing Owner”), and [ ], a [ ] (the “Selling Agent”). Capitalized and other defined terms used in this Agreement and not otherwise expressly defined herein shall have the same respective meanings as are set forth in the Selling Agent Agreement (as hereinafter defined).

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – THE FRONTIER FUND Denver, Colorado SELLING AGENT AGREEMENT (February 2nd, 2010)
FRONTIER MASTERS SERIES, a Series of the Frontier Fund – THE FRONTIER FUND ADVISORY AGREEMENT (February 2nd, 2010)

This advisory agreement (the “Agreement”) dated as of the              day of             , 200  , by and among The Frontier Fund, a Delaware statutory trust (the “Trust”), [Name of Trading Company], a Delaware limited liability company (the “Trading Company”), Equinox Fund Management, LLC, a Delaware limited liability company (the “Managing Owner”) and [Name of Trading Advisor], a [ ] (the “Trading Advisor”). Capitalized and other defined terms used and not expressly defined herein shall have the same respective meanings as set forth in the Prospectus (as hereinafter defined) of the Trust.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – [NAME OF TRADING COMPANY] LIMITED LIABILITY COMPANY AGREEMENT (January 15th, 2010)

This limited liability company agreement (“Agreement”) is made and entered into effective as of the          day of             ,         , by and among the undersigned parties hereto. The term “Manager” shall refer to any party who executes this Agreement as a Manager, including The Bornhoft Group Corporation, a Colorado corporation. The term “Member” shall refer to any party that has executed or in the future executes this Agreement as a Member but excludes any party that ceases to be a Member of the Company (as hereinafter defined) pursuant to Article VII of this Agreement.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – [NEW TRADECO] ADVISORY AGREEMENT (January 15th, 2010)

This advisory agreement (the “Agreement”) dated as of [            ], 20[    ], by and between [NEW TRADECO], a Delaware limited liability company (the “Trading Company”) and [CTA], a [STATE] [limited liability company][corporation] (the “Trading Advisor”).

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – THE FRONTIER FUND ADVISORY AGREEMENT (January 15th, 2010)

This advisory agreement (the “Agreement”) dated as of the              day of             , 200  , by and among The Frontier Fund, a Delaware statutory trust (the “Trust”), [Name of Trading Company], a Delaware limited liability company (the “Trading Company”), Equinox Fund Management, LLC, a Delaware limited liability company (the “Managing Owner”) and [Name of Trading Advisor], a [ ] (the “Trading Advisor”). Capitalized and other defined terms used and not expressly defined herein shall have the same respective meanings as set forth in the Prospectus (as hereinafter defined) of the Trust.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – FRONTIER TRADING COMPANY [ ], LLC THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (January 15th, 2010)

This third amended and restated limited liability company agreement (“Agreement”) is made and entered into effective as of the      day of [            ], 20    , by and among the undersigned parties hereto. The term “Manager” shall refer to any party who executes this Agreement as a Manager, including Equinox Fund Management, LLC, a Delaware limited liability company (“Equinox”). The term “Member” shall refer to any party that has executed or in the future executes this Agreement as a Member but excludes any party that ceases to be a Member of the Company (as hereinafter defined) pursuant to Article VII of this Agreement.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – GUARANTEE (November 12th, 2009)
FRONTIER MASTERS SERIES, a Series of the Frontier Fund – FRONTIER TRADING COMPANY [ ] LLC AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (November 12th, 2009)

This amended and restated limited liability company agreement (“Agreement”), is made and entered into effective as of the [            ] day of [            , 20    ], by and among the undersigned parties hereto. The term “Manager” shall refer to any party who executes this Agreement as a Manager, including The Bornhoft Group Corporation, a Colorado corporation. The term “Member” shall refer to any party that has executed or in the future executes this Agreement as a Member but excludes any party that ceases to be a Member of the Company (as hereinafter defined) pursuant to Article VII of this Agreement.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – ISDA® International Swap Dealers Association, Inc. MASTER AGREEMENT dated as of 12 June 2009 Newedge Group (“Party A”) and Frontier Trading Company XIII, LLC (“Party B”) (August 14th, 2009)

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – THE FRONTIER FUND Denver, Colorado SELLING AGENT AGREEMENT (May 14th, 2009)
FRONTIER MASTERS SERIES, a Series of the Frontier Fund – AMENDMENT AGREEMENT (May 14th, 2009)

This amendment agreement (the “Agreement”), is made and entered into effective as of the      day of                 , 20    , by and among THE FRONTIER FUND, a statutory trust organized under Chapter 38 of Title 12 of the Delaware Code (the “Trust”), EQUINOX FUND MANAGEMENT, LLC, a Delaware limited liability company and the managing owner of the Trust (the “Managing Owner”), and [                            ], a [                            ] (the “Selling Agent”). Capitalized and other defined terms used in this Agreement and not otherwise expressly defined herein shall have the same respective meanings as are set forth in the Selling Agent Agreement (as hereinafter defined).

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – THE FRONTIER FUND Denver, Colorado SELLING AGENT AGREEMENT (December 1st, 2008)
FRONTIER MASTERS SERIES, a Series of the Frontier Fund – THE FRONTIER FUND ADVISORY AGREEMENT (December 1st, 2008)

This advisory agreement (the “Agreement”) dated as of the             day of             , 200_, by and among The Frontier Fund, a Delaware statutory trust (the “Trust”), [Name of Trading Company], a Delaware limited liability company (the “Trading Company”), Equinox Fund Management, LLC, a Delaware limited liability company (the “Managing Owner”) and [Name of Trading Advisor], a [ ] (the “Trading Advisor”). Capitalized and other defined terms used and not expressly defined herein shall have the same respective meanings as set forth in the Prospectus (as hereinafter defined) of the Trust.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – [Letterhead of Richards, Layton & Finger] (December 1st, 2008)

We have acted as special Delaware counsel for The Frontier Fund, a Delaware statutory trust (the “Trust”), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – AMENDMENT AGREEMENT (December 1st, 2008)

This amendment agreement (the “Agreement”), is made and entered into effective as of the              day of                     , 20    , by and among THE FRONTIER FUND, a statutory trust organized under Chapter 38 of Title 12 of the Delaware Code (the “Trust”), EQUINOX FUND MANAGEMENT, LLC, a Delaware limited liability company and the managing owner of the Trust (the “Managing Owner”) and [    ], a [    ] (the “Selling Agent”). Capitalized and other defined terms used in this Agreement and not otherwise expressly defined herein shall have the same respective meanings as are set forth in the Selling Agent Agreement (as hereinafter defined).

FRONTIER MASTERS SERIES, a Series of the Frontier Fund – AMENDED AND RESTATED ESCROW AGREEMENT (December 1st, 2008)

THIS AMENDED AND RESTATED AGREEMENT (this “Agreement”) is entered into as of this      day of              2008, by and among The Frontier Fund, a Delaware statutory trust (the “Trust”), Equinox Fund Management, LLC, a limited liability company formed under the laws of the state of Delaware (“Equinox” and together with the Trust, the “Company”), Bornhoft Group Securities Corporation, a corporation affiliated with the Managing Owner (“BGSC”), and U.S. Bank National Association, a national banking association (“Escrow Agent”). All capitalized terms used herein and not defined shall have the meanings set forth in the prospectus of the Trust, including all the appendices and exhibits thereto, as the same may be amended and updated from time to time (the “Prospectus”).