0001571049-17-005550 Sample Contracts

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

AGREEMENT made as of February 24, 2011, as revised as of July 1, 2015, between A&Q MULTI-STRATEGY 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 MULTI-STRATEGY FUND C/O UBS HEDGE FUND SOLUTIONS LLC 677 Washington Boulevard Stamford, Connecticut 06901
A&Q Multi-Strategy Fund • May 31st, 2017 • New York

A&Q Multi-Strategy 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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