0001571049-17-005548 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • May 31st, 2017 • A&Q Masters Fund • New York

AGREEMENT made as of February 26, 2013, as amended as of June 20, 2013, and as further revised as of July 1, 2015, between A&Q MASTERS FUND, a Delaware statutory trust (the "Fund"), and UBS HEDGE FUND SOLUTIONS LLC (the "Adviser"), a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

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A&Q MASTERS FUND c/o UBS Hedge Fund Solutions LLC
A&Q Masters Fund • May 31st, 2017 • New York

A&Q Masters Fund, a statutory trust organized under the laws of the State of Delaware (the "Fund"), hereby agrees with you as follows:

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