0001504947-11-000032 Sample Contracts

FSI LOW BETA ABSOLUTE RETURN FUND, TEI BY-LAWS
FSI Low Beta Absolute Return Fund, TEI • August 11th, 2011

These By-Laws (the “By-Laws”) of FSI Low Beta Absolute Return Fund, TEI (the “Trust”), a Delaware statutory trust, are subject to the Trust’s Agreement and Declaration of Trust, dated August 1, 2011, as from time to time amended, supplemented or restated (the “Trust Instrument”). Capitalized terms used herein which are defined in the Trust Instrument are used as therein defined.

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FSI LOW BETA ABSOLUTE RETURN FUND, TEI (a Delaware statutory trust) AGREEMENT AND DECLARATION OF TRUST
Agreement and Declaration of Trust • August 11th, 2011 • FSI Low Beta Absolute Return Fund, TEI

THIS AGREEMENT AND DECLARATION OF TRUST (“Declaration of Trust”), dated August 1, 2011, is made on by and on behalf by the FSI Low Beta Absolute Return Fund, TEI, a Delaware statutory trust (the “Trust”), by the undersigned Trustee.

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