ESCROW AGREEMENT

                                                              September 30, 1994

Chemical Bank
450 W. 33rd Street, 15th Floor
New York, New York  10001

Attn:  Mr. Paul Gilkeson

                  Re:      Dean Witter Spectrum Series Escrow Account

Gentlemen:

                  In accordance  with  arrangements  made by Demeter  Management
Corporation,  a Delaware corporation (the "General Partner"),  on behalf of Dean
Witter  Spectrum  Balanced  L.P.  ("Spectrum  Balanced"),  Dean Witter  Spectrum
Strategic L.P. ("Spectrum  Strategic"),  and Dean Witter Spectrum Technical L.P.
("Spectrum  Technical"),  each a Delaware  corporation (the  "Partnerships"  or,
individually, a "Partnership"), and Dean Witter Reynolds Inc., the selling agent
for the Partnerships (the "Depositor";  the Partnerships and the Depositor being
herein sometimes collectively referred to as the "Parties" or, individually,  as
a "Party"),  the  Depositor  shall:  (i) deliver to you,  as Escrow  Agent,  all
subscription funds (by the direct transfer of immediately available funds into a
non-interest bearing escrow account established by you for the Partnerships, for
investment  in your  interest  bearing  money  market  account)  received by the
Depositor   from   each   subscriber   ("Subscriber"   or,   collectively,   the
"Subscribers")  during the "Initial  Offering Period" and thereafter  during the
"Continuing Offering" (as described in the Partnerships' Prospectus, as the same
may be updated,  supplemented, and amended from time to time (the "Prospectus"))
in  connection  with the offering to the public of Units of Limited  Partnership
Interest of the  Partnerships  (the "Units") and (ii) also promptly  transmit to
the General Partner a complete report of all funds deposited with you during the
Initial  Offering Period and Continuing  Offering.  You, as Escrow Agent,  shall
hold such  subscription  funds  together with any additions,  substitutions,  or
other  financial  instruments  in which such funds may be  invested or for which
such funds may be exchanged  (collectively referred to herein as the "Fund"), IN
ESCROW upon the following terms:

                  1. (a)   BOOKMARK NOT DEFINED.   Following  receipt  by you of
written notice from the General  Partner that the General Partner has rejected a
Subscriber's  subscription,  in whole  or in part,  during  either  the  Initial
Offering Period or Continuing Offering, you shall transmit to the Depositor,  as
soon as  practicable  but in no event later than three  business days  following
receipt  by you of such  notice,  the amount of such  Subscriber's  subscription
funds that shall have been  deposited  with you  hereunder  and that the General
Partner shall have  notified you have been  rejected and any interest  earned on
the Fund and allocated to the rejected amount of such subscription in accordance
with Section 2 hereof.  You shall at the same time give notice to the  Depositor
of the amount of aggregate subscription funds and/or interest so returned.

                           (b)      On  the  second   business  day  before  the
scheduled  day of each  closing,  the General  Partner  shall  notify you of the
portion of the Fund that represents  subscriptions to be accepted by the General
Partner for each  Partnership.  Upon receipt by you of joint written notice from
the General  Partner and the  Depositor  on the date of each such closing to the
effect  that all of the terms and  conditions  with  respect  to the  release of
subscription  funds from escrow set forth in the Prospectus have been fulfilled,
you shall promptly pay and deliver to each of the  Partnerships  that portion of
the  Fund  specified  for  such  Partnership  in  the  General  Partner's  prior
instructions  (excluding  any interest  earned on the Fund and funds relating to
rejected  subscription);  provided,  however,  that in the  case of the  Initial
Closing (as defined in the  Prospectus)  you will only pay and deliver  funds to
the Partnerships  after a minimum of 400,000 Units of each of Spectrum Strategic
and Spectrum  Technical and 200,000 Units of Spectrum Balanced  (1,000,000 Units
in the aggregate)  have been subscribed for in the aggregate and not rejected by
the General  Partner and a minimum  amount of  $10,000,000  has cleared the U.S.
banking system (the subscription for each Unit to be $10.00 at the Partnerships'
Initial Closing and at each subsequent closing, if any, at 100% of the net asset
value per Unit as of the close of business on the day of the closing).

                           (c)      On the  date  of  each  closing,  or as soon
thereafter  as  practicable,  you  shall  transmit  to the  Depositor  an amount
representing:  (i) for each Subscriber whose  subscription  shall be accepted by
the General  Partner in whole or in part,  any  interest  earned on the Fund and
allocated  to  the  accepted  portion  of  such  Subscriber's   subscription  in
accordance  with  Section  2  hereof,   and  (ii)  for  each  Subscriber   whose
subscription shall have been rejected by the General Partner in whole or in part
but whose  subscription  funds  shall not have been  previously  returned to the
Depositor by you in  accordance  with Section  1(a)  hereof,  such  Subscriber's
subscription  funds that shall have been  deposited  with you hereunder and that
shall have been rejected by the General Partner,  and any interest earned on the
Fund and  allocated to the rejected  amount of such  subscription  in accordance
with Section 2 hereof.  You shall at the same time give notice to the  Depositor
of the aggregate amount of subscription funds and/or interest so returned.

                           (d)      Notwithstanding  Section 1(a)  hereof,  upon
receipt by you of written notice from the General  Partner that a Subscriber has
been rejected or because such Subscriber has provided bad funds in the form of a
bad check,  draft,  or otherwise to the  Depositor),  you shall  transmit to the
Depositor,  within three business days following  receipt by you of such notice,
the amount of subscription  funds deposited with you hereunder  relating to that
amount (the portion of such Subscriber's  subscription for which good funds have
not been provided)  together with any interest  earned on the Fund and allocated
to such portion of such a  subscription  in accordance  with Section 2 hereof to
the date of such return, and shall immediately notify the General Partner of the
return of such funds.

                  2. You shall  hold the Fund  (including  any  interest  earned
thereon)  for the  account of the  Partnerships  pending  delivery to either the
Partnerships or the Depositor, pursuant to Paragraphs 1 or 3 hereof, as the case
may be. On each day that subscription  funds are transferred to you hereunder in
immediately  available funds and receipt is confirmed before 2:00 P.M., New York
City time, you shall immediately  invest such subscription  funds solely in your
interest bearing money market account.  If subscription funds are transferred to
you in immediately available funds and receipt is confirmed after 2:00 P.M., New
York City time, you shall so invest such funds on the next day.  Interest earned
on  the  Fund  shall  be  allocated  by  the  Depositor  among  the  Subscribers
proportionately  based on (A) the amount of their  respective  subscriptions  on
deposit  in the Fund  and (B) the  period  of time  from  the  date  that  their
respective subscriptions shall have been deposited in the Fund to the earlier of
the delivery of the Fund to the  Partnerships  at a closing or the  Depositor in
accordance with Sections 1 or 3 hereof, as the case may be.

                  3. If, during the Partnerships'  Initial Offering Period,  you
are notified in writing jointly by the Parties that subscriptions for fewer than
400,000 Units of each of Spectrum  Strategic and Spectrum  Technical and 200,000
Units  of  Spectrum  Balanced  (1,000,000  Units  in the  aggregate)  have  been
subscribed  for and not  rejected by the General  Partner,  that the offering of
Units has been  terminated,  and that no Initial Closing will be held, you shall
transmit to the  Depositor,  as soon as  practicable  but in no event later than
three business days after receipt by you of such notice, an amount  representing
the full amount of all  subscription  funds that shall have been  deposited with
you hereunder,  together with any interest earned on the Fund in accordance with
Section 2 hereof. You shall at the same time give notice to the Depositor of the
aggregate amounts of subscription funds and/or interest so returned.

                  4. The Parties further agree with you as follows:

                           (a)      Your  duties and  responsibilities  shall be
limited  solely  to  those  expressly  set  forth  in  this  Agreement  and  are
ministerial in nature.  You shall neither be subject to nor obliged to recognize
any other agreement between, or other direction or instruction of, any or all of
the Parties or any Subscriber even though reference  thereto may be made herein;
provided, however, that with your written consent, this Agreement may be amended
at any time or times by an instrument in writing signed by the Parties.

                           (b)      You   are    authorized,    in   your   sole
discretion, to disregard any and all notices or instructions given by any of the
Parties or by any other person,  firm, or corporation,  except only such notices
or instructions as are hereunder provided for and orders or process of any court
entered or issued with or without jurisdiction.  If the Fund or any part thereof
is at any time attached,  garnished,  or levied upon under any court order or in
case the  payment,  assignment,  transfer,  conveyance,  or delivery of the Fund
shall be stayed or enjoined by any court order, or in case any order,  judgment,
or decree shall be made or entered by any court  affecting  the Fund or any part
thereof, then and in any such event you are authorized, in your sole discretion,
to rely upon and comply with any such order, writ, judgment,  or decree that you
are advised by legal  counsel of your own  choosing is binding  upon you, and if
you  comply  with any such  order,  writ,  judgment,  or decree you shall not be
liable to any of the Parties or to any other  person,  firm, or  corporation  by
reason of such compliance even though such order, writ, judgment,  or decree may
be subsequently reversed, modified, annulled, set aside, or vacated.

                           (c)      You  shall be  fully  protected  in  relying
upon any written notice, demand,  certificate,  document, or instrument believed
by you in good faith to be genuine and to have been signed or  presented  by the
proper person or persons or Party or Parties. The Parties shall provide you with
a list of officers and employees who shall be authorized to deliver instructions
hereunder.  You shall not be liable  for any  action  taken or omitted by you in
connection herewith in good faith and in the exercise of your own best judgment.

                           (d)      Should any  dispute  arise  with  respect to
the  delivery,  ownership,  right  of  possession,  and/or  disposition  of  the
subscription  funds  deposited with you  hereunder,  or should any claim be made
upon any such subscription  funds by a third party, you, upon receipt of written
notice of such dispute by any of the Parties or by a third party, are authorized
and directed to retain in your possession all or any of such subscription  funds
until such  dispute  shall have been settled  either by mutual  agreement of the
parties  involved  or by final  order,  decree,  or judgment of any court in the
United States.

                           (e)      If for any  reason  funds are  deposited  in
the escrow account other than by transfer of immediately  available  funds,  you
shall  proceed as soon as  practicable  to  collect  checks,  drafts,  and other
collection items at any time deposited with you hereunder.  All such collections
shall be subject to the usual collection  agreement  regarding items received by
your commercial banking department for deposit or collection; provided, however,
that if any check,  draft,  or other  collection item at any time deposited with
you hereunder is returned to you as being uncollectable (except by reasons of an
account  closing),  you shall  attempt a second time to collect such item before
returning such item to the Depositor as uncollectable. Subject to the foregoing,
you shall promptly  notify the Parties of any  uncollectable  check,  draft,  or
other  collection  item deposited  with you hereunder and shall promptly  return
such uncollectable item to the Depositor,  in which case you shall not be liable
to pay any interest on the subscription  funds represented by such uncollectable
item.  In no event,  however,  shall you be  required or have a duty to take any
legal action to enforce payment of any check or note deposited hereunder.

                           (f)      You  shall  not  be   responsible   for  the
sufficiency  or accuracy of the form,  execution,  validity,  or  genuineness of
documents  now or hereafter  deposited  with you  hereunder,  or for any lack of
endorsement thereon or for any description therein, nor shall you be responsible
or liable in any respect on account of the identity, authority, or rights of the
persons  executing or  delivering  or  purporting to execute or deliver any such
document, or endorsement or this Agreement. You shall not be liable for any loss
sustained as a result of any investment made pursuant to the instructions of the
Parties or as a result of any liquidation of an investment prior to its maturity
or the failure of the Parties to give you any instructions to invest or reinvest
the Fund or any earnings thereon.

                           (g)      All  notices   required  or  desired  to  be
delivered  hereunder  shall be in writing and shall be effective  when delivered
personally on the day delivered,  or when given by registered or certified mail,
postage prepaid, return receipt requested,  on the day of receipt,  addressed as
follows  (or to such  other  address  as the  party  entitled  to  notice  shall
hereafter designate in accordance with the terms hereof):

                   if to a Partnership, the Partnerships or the General Partner:

                         Demeter Management Corporation
                         Two World Trade Center, 62nd Floor
                         New York, New York 10048
                         Attn: Mr. Mark J. Hawley
                               President

                         if to the Depositor:

                         Dean Witter Reynolds Inc.
                         Two World Trade Center, 62nd Floor
                         New York, New York 10048
                         Attn: Mr. Mark J. Hawley
                               Senior Vice-President

                         in either case with a copy to:

                         Cadwalader, Wickersham & Taft
                         100 Maiden Lane
                         New York, New York 10038
                         Attn: Edwin L. Lyon, Esq.

                         if to you:

                         Chemical Bank
                         450 W. 33rd Street, 15th Floor
                         New York, New York 10001
                         Attn:  Mr. Paul Gilkeson

Whenever,  under the terms hereof, the time for giving a notice or performing an
act falls on a Saturday,  Sunday, or legal holiday,  such time shall be extended
to the next business day.

                           (h)      The Depositor  agrees to indemnify,  defend,
and  hold  you  harmless  from  and  against,  any and all  loss,  damage,  tax,
liability,  and  expense  that  may  be  incurred  by you  arising  out of or in
connection  with  your  duties  hereunder,   except  as  caused  by  your  gross
negligence,  bad faith,  or willful  misconduct,  including  the legal costs and
expenses of defending yourself against any claim or liability in connection with
your performance hereunder.

                           (i)      You  shall  be  paid  by the  Depositor  for
your services a fee of $3,000 in advance for each Fee Period (as defined  below)
and such other fees  relating  to the  administration  of the Fund that shall be
agreed upon by you and the General Partner, including, but not limited to, a fee
for (a) investment of funds and (b)  transmission of funds due to a rejection of
a  Subscriber  pursuant to Section 1(d)  hereof.  "Fee  Period"  shall mean each
consecutive twelve month period during the term of this Agreement with the first
such period beginning from the date of this Agreement.

                           (j)      It is  understood  that  you may at any time
resign hereunder as Escrow Agent by giving written notice of your resignation to
the Parties at their  address set forth above at least 20 days prior to the date
specified for such  resignation  to take effect,  and upon the effective date of
such resignation,  all property then held by you hereunder shall be delivered by
you to such  person as may be  designated  jointly by the  Parties  in  writing,
whereupon all your obligations hereunder shall cease and terminate. If you shall
resign prior to the  conclusion of any Fee Period you shall pay to the Depositor
an amount equal to the product of $3,000 and a fraction,  the numerator of which
shall be the number of days  remaining in the Fee Period and the  denominator of
which shall be 365.  If no  successor  Escrow  Agent has been  appointed  or has
accepted such  appointment by such date, all your  obligations  hereunder  shall
nevertheless cease and terminate.  Your sole responsibility  thereafter shall be
to keep safely all property then held by you and to deliver the same to a person
designated by the Parties hereto or in accordance with the directions of a final
order or judgment of a court of competent jurisdiction.

                  5.  This  Agreement  shall be  governed  by and  construed  in
accordance  with  the  law of the  State  of New  York  and any  action  brought
hereunder  shall be brought  in the courts of the State of New York,  sitting in
the County of New York.

                  6. The undersigned Escrow Agent hereby acknowledges and agrees
to hold,  deal with,  and dispose of, the Fund  (including  any interest  earned
thereon) and any other  property at any time held by the Escrow Agent  hereunder
in accordance with this Agreement.

If the foregoing Agreement is satisfactory to you, please so indicate by signing
at the place provided below.

                                             Sincerely,

                                             DEAN WITTER SPECTRUM BALANCED L.P.

                                             By: Demeter Management Corporation

                                             By:   /s/ Mark J. Hawley           
                                                   ----------------------------
                                                   Mark J. Hawley
                                                   President

                                             DEAN WITTER SPECTRUM STRATEGIC L.P.

                                             By: Demeter Management Corporation


                                             By:   /s/ Mark J. Hawley 
                                                   -----------------------------
                                                   Mark J. Hawley
                                                   President


                                             DEAN WITTER SPECTRUM TECHNICAL L.P.

                                             By:  Demeter Management Corporation


                                             By:   /s/ Mark J. Hawley
                                                   -----------------------------
                                                   Mark J. Hawley
                                                   President

                                             DEAN WITTER REYNOLDS INC.


                                             By:   /s/ Mark J. Hawley           
                                                   -----------------------------
                                                   Mark J. Hawley
                                                   Senior Vice-President
Accepted:

CHEMICAL BANK


By:  /s/ P.J. Gilkeson
     -------------------------
     P.J. Gilkeson
     Vice President