MANAGEMENT AGREEMENT

          THIS  AGREEMENT, made as of the 6th day of March, 2000,
among  MORGAN  STANLEY  DEAN  WITTER SPECTRUM  CURRENCY  L.P.,  a
Delaware   limited   partnership  (the  "Partnership"),   DEMETER
MANAGEMENT  CORPORATION,  a  Delaware corporation  (the  "General
Partner"),  and  SUNRISE  CAPITAL  PARTNERS,  LLC,  a  California
limited liability company (the "Trading Advisor").

                      W I T N E S S E T H:

          WHEREAS, the Partnership has been organized pursuant to
the  Limited Partnership Agreement dated as of March 6, 2000 (the
"Limited Partnership Agreement"), to trade, buy, sell, spread, or
otherwise  acquire,  hold, or dispose  of,  among  other  things,
domestic   and  foreign  futures  contracts,  forward  contracts,
foreign exchange commitments, options on futures contracts,  spot
currencies,  any rights pertaining thereto (hereinafter  referred
to  collectively as "futures interests") and securities (such  as
United  States Treasury bills) approved by the Commodity  Futures
Trading Commission (the "CFTC") for investment of customer funds.

          WHEREAS, the Partnership is a member partnership of the
Morgan  Stanley  Dean Witter Spectrum Series (the  "Fund  Group")
pursuant to which units of limited partnership interest ("Units")
of such member partnerships will be sold to investors in a common
prospectus.  Units of the Partnership are being offered  pursuant
to  a  Registration  Statement on Form S-1  (No.  333-90485)  (as
amended  from  time to time, the "Registration Statement")  filed
under  the  Securities Act of 1933, as amended  (the  "Securities
Act"), and a final Prospectus dated March 6, 2000, constituting a
part thereof (as amended and supplemented from time to time,  the
"Prospectus").

          WHEREAS,  the  Trading Advisor engages  in  trading  in
futures interests and is willing to provide certain services  and
undertake certain obligations as set forth herein.

          WHEREAS, the Partnership desires the Trading Advisor to
act  as  a  trading  advisor  for the  Partnership  and  to  make
investment  decisions with respect to futures interests  for  its
allocated  share of the Partnership's Net Assets (as  defined  in
Section 6(c) hereof) and the Trading Advisor desires so to act.

          WHEREAS, the Partnership, the General Partner  and  the
Trading  Advisor  wish  to enter into this  Management  Agreement
which,   among  other  things,  sets  forth  certain  terms   and
conditions upon which the Trading Advisor will conduct a  portion
of the Partnership's futures interests trading.

          <PAGE>

          NOW,  THEREFORE,  the parties hereto  hereby  agree  as
follows:

          1.   Undertakings in Connection with the Initial and Continuing
Offering of Units.

          (a)  The Trading Advisor agrees with respect to the initial and
continuing  offering  of  Units:  (i)  to  make  all  disclosures
regarding  itself,  its  principals and affiliates,  its  trading
performance,   its  trading  programs,  systems,   methods,   and
strategies provided that nothing herein shall require the Trading
Advisor  to disclose any proprietary information concerning  such
programs, systems, methods, and strategies), any client  accounts
over which it has discretionary trading authority (other than the
names of any such clients), and otherwise, as the Partnership may
reasonably require to comply with any applicable federal or state
law  or rule or regulation, including those of the Securities and
Exchange  Commission (the "SEC"), the CFTC, the National  Futures
Association  (the "NFA"), the National Association of  Securities
Dealers,  Inc.  (the  "NASD")  or  any  other  regulatory   body,
exchange,  or  board; and (ii) otherwise to  cooperate  with  the
Partnership,  the General Partner and Dean Witter  Reynolds  Inc.
("DWR"),  the  selling  agent for the Partnership,  by  providing
information regarding the Trading Advisor in connection with  the
preparation   and  filing  of  the  Registration  Statement   and
Prospectus,  including any pre- or post-effective  amendments  or
supplements  thereto, with the SEC, CFTC,  NFA,  NASD,  and  with
appropriate   governmental  authorities   as   part   of   making
application for registration of the Units under the securities or
Blue  Sky laws of such jurisdictions as the Partnership may  deem
appropriate.  As used herein, the term "principal" shall have the
meaning  as  defined in Section 4.10(e) of the CFTC's Regulations
and  the term "affiliate" shall mean an individual or entity that
directly  or indirectly controls, is controlled by, or  is  under
common control with, the Trading Advisor.
(b)  The General Partner, in its sole discretion and at any time,
may (i) withdraw the SEC registration of the Units, or
(ii) discontinue the offering of Units.
(c)  If, while Units continue to be offered and sold, the Trading
Advisor becomes aware of any materially untrue or misleading
statement or omission regarding itself or any of its principals
or affiliates in the Registration Statement or Prospectus, or of
the occurrence of any event or change in circumstances which
would result in there being any materially untrue or misleading
statement or omission in the Registration Statement or Prospectus
regarding itself or any of its principals or affiliates, the
Trading Advisor shall promptly notify the General Partner and
shall cooperate with it in the preparation of any necessary
amendments or supplements to the Registration Statement or
Prospectus.  Neither the Trading Advisor nor any of its
principals, or affiliates, or any stockholders, officers,
directors, or employees shall distribute the Prospectus or
selling literature or shall engage in any selling activities
whatsoever in connection with the continuing offering of Units
except as may be specifically requested by the General Partner
and agreed to by the Trading Advisor.





          <PAGE>

          2.   Duties of the Trading Advisor.

          (a)  The Trading Advisor hereby agrees to act as a Trading
Advisor  for  the  Partnership and,  as  such,  shall  have  sole
authority  and  responsibility for directing the  investment  and
reinvestment  of  its allocable share of the Net  Assets  of  the
Partnership  which shall initially be allocated  to  the  Sunrise
Currency  Program on the terms and conditions and  in  accordance
with  the  prohibitions and trading policies set  forth  in  this
Agreement  or the Prospectus or as otherwise provided in  writing
to  the  Trading  Advisor; provided, however,  that  the  General
Partner  may override the instructions of the Trading Advisor  to
the  extent necessary (i) to comply with the trading policies  of
the  Partnership and with applicable speculative position limits,
(ii)  to fund any distributions, redemptions, or reapportionments
among other trading advisors to the Partnership, (iii) to pay the
Partnership's  expenses, (iv) to the extent the  General  Partner
believes  doing  so  is  necessary  for  the  protection  of  the
Partnership,  (v) to terminate the futures interests  trading  of
the  Partnership,  or (vi) to comply with any applicable  law  or
regulation.  The General Partner agrees not to override any  such
instructions for the reasons specified in clauses (ii)  or  (iii)
of  the  preceding sentence unless the Trading Advisor  fails  to
comply  with  a  request  of  the General  Partner  to  make  the
necessary  amount  of funds available to the  Partnership  within
five calendar days of such request.  Except as otherwise provided
herein,  the  Trading  Advisor  shall  not  be  liable  for   the
consequences of any decision by the General Partner  to  override
instructions of the Trading Advisor.  In performing  services  to
the  Partnership the Trading Advisor may not materially alter the
trading  program(s) used by the Trading Advisor in investing  and
reinvesting its allocable share of the Partnership's  Net  Assets
in  futures interests as described in the Prospectus without  the
prior written consent of the General Partner, it being understood
that  changes in the futures interests traded shall not be deemed
an alteration in the Trading Advisor's trading program(s).

          (b)  The Trading Advisor shall:

           (i)  Exercise good faith and due care in trading futures
     interests for the account of the Partnership in accordance with
     the  prohibitions  and trading policies of  the  Partnership
     described in the Prospectus and as otherwise provided in writing
     to  the  Trading Advisor and the trading programs,  systems,
     methods, and strategies of the Trading Advisor described in the
     Prospectus, with such changes and additions to such  trading
     programs, systems, methods or strategies as the Trading Advisor,
     from time to time, incorporates into its trading approach for
     accounts the size of the Partnership.
(ii) Subject to reasonable assurances of confidentiality by the
General Partner and the Partnership, provide the General Partner,
within 30 calendar days of a request therefor by the General
Partner, with information comparing the performance of the
Partnership's account and the performance of all other client
accounts directed by the Trading Advisor using the trading
programs used by the Trading Advisor for the Partnership over a
specified period of time.  In providing such information, the
Trading Advisor may take such steps as are necessary to assure
the confidentiality of the Trading Advisor's clients' identities.
The Trading Advisor shall, upon the General Partner's request,
consult with the General Partner concerning any discrepancies
between the <PAGE>performance of such other accounts and the
Partnership's account.  The Trading Advisor shall promptly inform
the General Partner of any material discrepancies of which the
Trading Advisor is aware, other than discrepancies resulting from
different fees or client trading restrictions or relating to the
opening and closing of accounts.  The General Partner
acknowledges that different trading programs, systems, methods,
and strategies may be utilized for different accounts, accounts
with different trading policies, accounts  with less than the
minimum account size, experiencing differing inflows or outflows
of equity, accounts which commence trading at different times,
accounts which have different portfolios or different fiscal
years and that such differences may cause divergent trading
results.
(iii)     Upon request of the General Partner and subject to
reasonable assurances of confidentiality by the General Partner
and the Partnership, provide the General Partner with all
material information concerning the Trading Advisor other than
proprietary information (including, without limitation,
information relating to changes in control, principals, trading
approach or any materially adverse change in the Trading
Advisor's financial condition).  The General Partner acknowledges
that all trading instructions made by the Trading Advisor will be
held in confidence by the General Partner, except to the extent
necessary to conduct the business of the Partnership or as
required by law.
(iv) Inform the General Partner when the Trading Advisor's open
positions maintained by the Trading Advisor exceed the Trading
Advisor's applicable speculative position limits.

          (c)  All purchases and sales of futures interests pursuant to
this Agreement shall be for the account, and at the risk, of  the
Partnership  and  not for the account, or at  the  risk,  of  the
Trading  Advisor  or any of its managers, members,  officers,  or
employees, or any other person, if any, who controls the  Trading
Advisor  within the meaning of the Securities Act.  All brokerage
fees arising from trading by the Trading Advisor shall be for the
account  of  the  Partnership.   The  Trading  Advisor  makes  no
representations as to whether its trading will produce profits or
avoid losses.
(d)  Notwithstanding anything in this Agreement to the contrary,
the Trading Advisor shall assume financial responsibility for any
errors committed or caused by it in transmitting orders for the
purchase or sale of futures interests for the Partnership's
account, including payment of the floor brokerage commissions,
exchange and NFA fees, and other transaction charges and give-up
charges incurred on such trades.  The Trading Advisor's errors
shall include, but not be limited to, inputting improper trading
signals or communicating incorrect orders for execution.  The
Trading Advisor shall not be responsible for errors committed or
caused by DWR, any clearing commodity broker designated by DWR to
clear futures interests trades for the Partnership (the "Clearing
Commodity Broker"), or any other floor broker or futures
commission merchant executing trades.  The Trading Advisor shall
have an affirmative obligation promptly to notify the General
Partner of its own errors, and the Trading Advisor shall use its
best efforts to identify and promptly notify the General Partner
of any order or trade which the Trading Advisor reasonably
believes was not executed in accordance with its instructions.

          <PAGE>

          (e)  Prior to the commencement of trading, the General Partner on
behalf of the Partnership shall deliver to the Trading Advisor  a
trading   authorization  appointing  the  Trading   Advisor   the
Partnership's attorney-in-fact for such purpose.

          3.   Designation of Additional Trading Advisors and Reallocation
of Net Assets.

          (a)  If the General Partner at any time deems it to be in the
best  interests  of  the  Partnership, the  General  Partner  may
designate  an  additional trading advisor  or  advisors  for  the
Partnership   and  may  apportion  to  such  additional   trading
advisor(s)  the management of such amounts of Net Assets  as  the
General Partner shall determine in its absolute discretion.   The
designation of an additional trading advisor or advisors and  the
apportionment  of Net Assets to such trading advisor(s)  pursuant
to  this  Section  3 shall neither terminate this  Agreement  nor
modify in any regard the respective rights and obligations of the
Partnership,   the  General  Partner  and  the  Trading   Advisor
hereunder.  In the event that Net Assets are reallocated from the
Trading  Advisor,  the Trading Advisor shall  thereafter  receive
management  and  incentive  fees  based,  respectively,  on  that
portion of the Net Assets managed by the Trading Advisor and  the
Trading  Profits (as defined in Section 6(d) hereof) attributable
to the trading by the Trading Advisor.
(b)  The General Partner may at any time and from time to time
upon two business days' prior notice reallocate Net Assets
allocated to the Trading Advisor to any other trading advisor or
advisors of the Partnership or allocate additional Net Assets
upon two business days' prior notice to the Trading Advisor from
such other trading advisor or advisors; provided that any such
addition to or withdrawal from Net Assets allocated to the
Trading Advisor of the Net Assets will only take place on the
last day of a month unless the General Partner determines that
the best interests of the Partnership require otherwise.

          4.   Trading Advisor Independent.

          For all purposes of this Agreement, the Trading Advisor
shall be deemed to be an independent contractor and shall, unless
otherwise  expressly  provided  herein  or  authorized,  have  no
authority to act for or represent the Partnership in any  way  or
otherwise  be  deemed  an  agent  of  the  Partnership.   Nothing
contained  herein shall be deemed to require the  Partnership  to
take  any  action contrary to the Limited Partnership  Agreement,
the Certificate of Limited Partnership of the Partnership as from
time   to   time   in   effect  (the  "Certificate   of   Limited
Partnership"), or any applicable law or rule or regulation of any
regulatory  body,  exchange, or board.  Nothing herein  contained
shall  constitute  the  Trading  Advisor  as  a  member  of   any
partnership,  joint  venture,  association,  syndicate  or  other
entity  with the Partnership or the General Partner, or be deemed
to  confer  on  any  of  them any express, implied,  or  apparent
authority to incur any obligation or liability on behalf  of  any
other.   It  is  expressly  agreed that the  Trading  Advisor  is
neither  a  promoter,  sponsor, nor issuer with  respect  to  the
Partnership.





          <PAGE>

          5.   Commodity Broker.

          The  Trading  Advisor shall effect all transactions  in
futures interests for the Partnership through, and shall maintain
a  separate account with, such commodity broker or brokers as the
General Partner shall direct.  At the present time, DWR shall act
as  the non-clearing commodity broker for the Partnership and all
trades  will  be  cleared  separately by the  Clearing  Commodity
Broker.   The  General Partner shall provide the Trading  Advisor
with  copies  of  brokerage  statements.   Notwithstanding  DWR's
designation  of a Clearing Commodity Broker, the Trading  Advisor
may  execute  trades  through  floor  brokers  other  than  those
employed by the Clearing Commodity Broker so long as arrangements
are  made  for  such floor brokers to "give-up" or  transfer  the
positions to the Clearing Commodity Broker and provided that  the
rates charged by such floor brokers have been approved in writing
by  DWR.  The Trading Advisor will not be responsible for  paying
give-up fees at rates approved by DWR.

          6.   Fees.

          (a)  For the services to be rendered to the Partnership by the
Trading  Advisor under this Agreement, the Partnership shall  pay
the Trading Advisor the following fees:

           (i)   A monthly management fee, without regard to  the
     profitability  of  the  Trading Advisor's  trading  for  the
     Partnership's account, equal to 1/12 of 3% (a 3% annual rate) of
     the Net Assets of the Partnership (as defined in Section 6(c))
     allocated to the Trading Advisor calculated as of the opening of
     business on the first day of each calendar month (or the first
     day on which the Trading Advisor trades for the Partnership),
     commencing with the month in which the Partnership begins to
     receive trading advice from the Trading Advisor pursuant to this
     Agreement.
(ii) A monthly incentive fee equal to 15% of the "Trading
Profits" (as defined in Section 6(d)) experienced by the
Partnership as of the end of each calendar month, payable on a
non-netted basis vis-a-vis other trading advisors(s) of the
Partnership.  The initial incentive period will commence on the
date of the Partnership's initial closing (the "Initial Closing")
and shall end on the last day of the first month ending after
such Initial Closing occurs.

          (b)  If this Agreement is terminated on a date other than the
last  day of a month, the incentive fee described above shall  be
determined  as  if such date were the end of a  month.   If  this
Agreement is terminated on a date other than the end of a  month,
the management fee described above shall be prorated based on the
ratio of the number of trading days in the month through the date
of  termination to the total number of trading days in the month.
If,  during  any  month after the Partnership  commences  trading
operations   (including  the  month  in  which  the   Partnership
commences  such  operations), the Partnership  does  not  conduct
business operations, or suspends trading for the account  of  the
Partnership managed by the Trading Advisor, or, as a result of an
act  or  material  failure  to act by  the  Trading  Advisor,  is
otherwise  unable to utilize the trading advice  of  the  Trading
Advisor on any of the trading days of that period for any reason,
the management fee described above shall be prorated based on the
ratio <PAGE>of the number of trading days in the month which  the
Partnership  account managed by the Trading  Advisor  engaged  in
trading  operations or utilized the trading advice of the Trading
Advisor to the total number of trading days in the month.
(c)  As used herein, the term "Net Assets" shall have the same
meaning ascribed thereto in Section 7(d)(1) of the Limited
Partnership Agreement.
(d)  As used herein, the term "Trading Profits" shall mean net
futures interests trading profits (realized and unrealized)
earned on the Partnership's Net Assets allocated to the Trading
Advisor, decreased by the Trading Advisor's monthly management
fees and a pro rata portion of the monthly brokerage fee relating
to the Trading Advisor's allocated Net Assets and any transaction
fees and costs, if any, not included in the brokerage fees; with
such trading profits and items of decrease determined from the
end of the last calendar month in which an incentive fee was
earned by the Trading Advisor or, if no incentive fee has been
earned previously by the Trading Advisor, from the date that the
Partnership commenced trading to the end of the calendar month as
of which such incentive fee calculation is being made.  No
incentive fee will be paid on interest income earned by the
Partnership.
(e)  If any payment of incentive fees is made to the Trading
Advisor on account of Trading Profits earned by the Partnership
on Net Assets allocated to the Trading Advisor and the
Partnership thereafter fails to earn Trading Profits or
experiences losses for any subsequent incentive period with
respect to such amounts so allocated, the Trading Advisor shall
be entitled to retain such amounts of incentive fees previously
paid to the Trading Advisor in respect of such Trading Profits.
However, no subsequent incentive fees shall be payable to the
Trading Advisor until the Partnership has again earned Trading
Profits on the Trading Advisor's allocated Net Assets; provided,
however, that if the Trading Advisor's allocated Net Assets are
reduced or increased because of redemptions, additions or
reallocations which occur at the end of, or subsequent to, an
incentive period in which the Partnership experiences a futures
interests trading loss with respect to Net Assets allocated to
the Trading Advisor, the trading loss for that incentive period
which must be recovered before the Trading Advisor's allocated
Net Assets will be deemed to experience Trading Profits will be
equal to the amount determined by (x) dividing the Trading
Advisor's allocated Net Assets after such increase or decrease by
the Trading Advisor's allocated Net Assets immediately before
such increase or decrease and (y) multiplying that fraction by
the amount of the unrecovered futures interests trading loss
experienced in that month prior to such increase or decrease.  In
the event that the Partnership experiences a futures interests
trading loss in more than one month with respect to the Trading
Advisor's allocated Net Assets without the payment of an
intervening incentive fee and Net Assets are increased or reduced
in more than one such month because of redemptions, additions or
reallocations, then the trading loss for each such month shall be
adjusted in accordance with the formula described above and such
increased or reduced amount of futures interests trading loss
shall be carried forward and used to offset subsequent futures
interest trading profits.  The portion of redemptions to be
allocated to the Net Assets of the Partnership managed by each of
the trading advisors to the Partnership shall be in the sole
discretion of the General Partner.
(f)  If the Trading Advisor's allocated Net Assets are reduced
because of a reallocation pursuant to Section 3 hereof on a date
other than the last day of the month, the <PAGE>Trading Advisor
shall be paid an incentive fee with respect to any Trading
Profits earned as of such date with respect to the Net Assets to
be reallocated.
(g)  The Partnership will remit the management and incentive fees
to the Trading Advisor as soon as practicable, but in no event
later than 30 calendar days, in the case of the management fee,
or 45 calendar days in the case of any incentive fee, of the
month-end as of which they are due, together with an itemized
statement showing the calculations.

          7.   Term.

          This   Agreement   shall  continue  in   effect   until
December  31,  2002 (the "Initial Termination  Date").   If  this
Agreement is not terminated on the Initial Termination  Date,  as
provided  for  herein, then, this Agreement  shall  automatically
renew  for  an additional one-year period and shall  continue  to
renew  for  additional one-year periods until this  Agreement  is
otherwise  terminated,  as provided  for  herein.   At  least  30
calendar  days prior to the expiration of the Initial Termination
Date  or any subsequent one-year period, as the case may be,  the
Trading  Advisor may terminate this Agreement at the end  of  the
current  period  by providing written notice to  the  Partnership
indicating  that  the Trading Advisor desires to  terminate  this
Agreement  at the end of such period.  This Agreement shall  also
terminate  if the Partnership terminates.  The Partnership  shall
have  the  right  to terminate this Agreement at  its  discretion
(a)  at  any month-end upon 5 calendar days' prior written notice
to  the Trading Advisor or (b) at any time upon written notice to
the  Trading Advisor upon the occurrence of any of the  following
events:   (i)  if  any person described as a "principal"  of  the
Trading  Advisor  in  the Prospectus (other  than  Elissa  Davis)
ceases,  for any reason to be a principal of the Trading Advisor;
(ii)  if  the  Trading  Advisor becomes  bankrupt  or  insolvent;
(iii) if the Trading Advisor is unable to use its trading systems
or  methods  as in effect on the date hereof and as  refined  and
modified  in  the  future  for the benefit  of  the  Partnership;
(iv) if the registration, as a commodity trading advisor, of  the
Trading  Advisor with the CFTC or its membership in  the  NFA  is
revoked,  suspended, terminated, or not renewed,  or  limited  or
qualified  in any respect; (v) except as provided in  Section  12
hereof,  if the Trading Advisor merges or consolidates  with,  or
sells or otherwise transfers its advisory business, or all  or  a
substantial  portion of its assets, any portion  of  its  futures
interests  trading systems or methods, or its  goodwill  to,  any
individual  or  entity; (vi) if the Trading  Advisor's  initially
allocated   Net   Assets,  after  adjusting  for   distributions,
additions,  redemptions, or reallocations, if any, shall  decline
by  50%  or  more as a result of trading losses or if Net  Assets
allocated  to  the Trading Advisor fall below $1,000,000  at  any
time;  (vii)  if, at any time, the Trading Advisor  violates  any
trading  or  administrative policy described in  writing  to  the
Trading  Advisor by the General Partner, except  with  the  prior
express written consent of the General Partner; or (viii) if  the
Trading Advisor fails in a material manner to perform any of  its
obligations  under  this  Agreement.   The  Trading  Advisor  may
terminate this Agreement at any time, upon written notice to  the
Partnership, in the event:  (i) that the General Partner  imposes
additional  trading  limitation(s) (not in  effect  on  the  date
hereof)  in  the  form  of  one  or  more  trading  policies   or
administrative policies which the Trading Advisor does not  agree
to  follow  in  its  management of its  allocable  share  of  the
Partnership's Net Assets; (ii) the General Partner objects to the
Trading  Advisor implementing a proposed material change  in  the
Trading Advisor's trading program(s) used by the Partnership  and
Trading Advisor certifies to the General Partner in writing  that
it  believes  such  change  is  in  the  best  interests  of  the
Partnership;  (iii)  the  General  Partner  overrides  a  trading
instruction of the Trading Advisor for reasons <PAGE>unrelated to
a  determination by the General Partner that the Trading  Advisor
has  violated the Partnership's trading policies and the  Trading
Advisor  certifies to the General Partner in writing  that  as  a
result,  the Trading Advisor believes the performance results  of
the  Trading  Advisor relating to Partnership will be  materially
adversely affected; (iv) the Partnership materially breaches this
Agreement  and  does not correct the breach  within  10  days  of
receipt  of  a  written notice of such breach  from  the  Trading
Advisor;  or  (v)  the  Trading Advisor has amended  its  trading
program to include a foreign futures or option contract which may
lawfully be traded by the Partnership under CFTC regulations  and
counsel, mutually acceptable to the parties, has not opined  that
such  inclusion would cause adverse tax consequences  to  Limited
Partners and the General Partner does not consent to the  Trading
Advisor's  trading  such contract for the  Partnership  within  5
business days of a written request by the Trading Advisor  to  do
so, and, if such consent is given, does not make arrangements  to
facilitate  such trading within 90 calendar days of such  notice;
or  (vi)  the assets allocated to the Trading Advisor fall  below
$1,000,000 at any time.

          The  indemnities set forth in Section  8  hereof  shall
survive any termination of this Agreement.

          8.   Standard of Liability; Indemnifications.

          (a)  Limitation of Trading Advisor Liability.  In respect of the
Trading  Advisor's role in the futures interests trading  of  the
Partnership's  assets,  none  of  the  Trading  Advisor,  or  its
controlling   persons,  its  affiliates,  and  their   respective
managers,  directors, officers, members, shareholders,  employees
or  controlling persons shall be liable to the Partnership or the
General   Partner  or  their  partners,  officers,  shareholders,
directors or controlling persons except that the Trading  Advisor
shall be liable for acts or omissions of any such person provided
that  such act or omission constitutes a breach of this Agreement
or  a representation, warranty or covenant herein, misconduct  or
negligence  or is the result of any such person not having  acted
in  good faith and in the reasonable belief that such actions  or
omissions were in, or not opposed to, the best interests  of  the
Partnership.
(b)  Trading Advisor Indemnity in Respect of Management
Activities.  The Trading Advisor shall indemnify, defend and hold
harmless the Partnership and the General Partner, their
controlling persons, their affiliates and their respective
directors, officers, shareholders, employees, and controlling
persons from and against any and all losses, claims, damages,
liabilities (joint and several), costs, and expenses (including
any reasonable investigatory, legal, and other expenses incurred
in connection with, and any amounts paid in, any settlement;
provided that the Trading Advisor shall have approved such
settlement) incurred as a result of any action or omission
involving the futures interests trading activities undertaken by
the Trading Advisor pursuant to this Agreement; provided that
such liability arises from an act or omission of the Trading
Advisor, or any of its controlling persons or affiliates or their
respective managers, directors, officers, partners, members,
shareholders, or employees which is found by a court of competent
jurisdiction upon entry of a final judgment (or, if no final
judgment is entered, by an opinion rendered by counsel who is
approved by the Partnership and the Trading Advisor, such
approval not to be unreasonably withheld) to be a breach of this
Agreement or a representation, warranty or covenant herein, the
result of bad faith, misconduct or negligence, or conduct not
done in good faith in the reasonable belief that it was in, or
not <PAGE>opposed to, the best interests of the Partnership.  The
termination of any demand, claim, lawsuit, action or proceeding
by settlement shall not, in itself, create a presumption that the
conduct in question was not undertaken in good faith in a manner
reasonably believed to be in, or not opposed to, the best
interest of the Partnership.
(c)  Partnership Indemnity in Respect of Management Activities.
The Partnership shall, indemnify, defend, and hold harmless the
Trading Advisor, its controlling persons, their affiliates and
their respective managers, directors, officers, members,
shareholders, employees, and controlling persons, from and
against any and all losses, claims, damages, liabilities (joint
and several), costs, and expenses (including any reasonable
investigatory, legal, and other expenses incurred in connection
with, and any amounts paid in, any settlement; provided that the
Partnership shall have approved such settlement) resulting from a
demand, claim, lawsuit, action, or proceeding (other than those
incurred as a result of claims brought by or in the right of an
indemnified party) relating to the business or activities of the
Partnership undertaken by the Trading Advisor pursuant to this
Agreement or a breach of this Agreement or a breach of a
representation, warranty or covenant of the General Partner or
Partnership; provided that a court of competent jurisdiction upon
entry of a final judgment finds (or, if no final judgment is
entered, an opinion is rendered to the Partnership by independent
counsel reasonably acceptable to both parties) to the effect that
the action or inaction of such indemnified party that was the
subject of the demand, claim, lawsuit, action, or proceeding did
not constitute negligence, misconduct, or a breach of this
Agreement or a representation, warranty or covenant of the
Trading Advisor herein and was done in good faith and in a manner
such indemnified party reasonably believed to be in, or not
opposed to, the best interests of the Partnership.  The
termination of any demand, claim, lawsuit, action or proceeding
by settlement shall not, in itself, create a presumption that the
conduct in question was not undertaken in good faith in a manner
reasonably believed to be in, or not opposed to, the best
interest of the Partnership.
(d)  Trading Advisor Indemnity in Respect of Sale of Units.  The
Trading Advisor shall indemnify, defend and hold harmless DWR,
the Clearing Commodity Broker, the Partnership, the General
Partner, any additional seller of Units, and their affiliates and
each of their officers, directors, principals, shareholders, and
controlling persons from and against any loss, claim, damage,
liability, cost, and expense, joint and several, to which any
indemnified person may become subject under the Securities Act,
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), the Commodity Exchange Act, as amended and rules
promulgated thereunder (the "CEAct") the securities or Blue Sky
law of any jurisdiction, or otherwise (including any reasonable
investigatory, legal, and other expenses incurred in connection
with, and any amounts paid in, any settlement, provided that the
Trading Advisor shall have approved such settlement, and in
connection with any administrative proceedings), in respect of
the offer or sale of Units, insofar as such loss, claim, damage,
liability, cost, or expense (or action in respect thereof) arises
directly out of, or is based upon:  (i) a breach by the Trading
Advisor of any representation, warranty, or agreement in this
Agreement or any certificate delivered pursuant to this Agreement
or the failure by the Trading Advisor to perform any covenant
made by the Trading Advisor herein;  (ii) a misleading or untrue
statement or alleged misleading or untrue statement of a material
fact made in the Registration Statement, the Prospectus, or any
related selling material or an omission or alleged omission to
state a material fact therein which is required to be stated
therein or necessary to make the statements therein (in the case
of the Prospectus or any selling material, in light of the
circumstances under which they <PAGE>were made) not misleading,
and such statement or omission relates specifically to the
Trading Advisor, or its Trading Advisor Principals (as defined
below) (including the historical performance capsules but
excluding the pro forma performance information, except to the
extent the pro forma performance information was based on
information furnished by the Trading Advisor), or was made in
reliance upon, and in conformity with, written information or
instructions furnished by the Trading Advisor (provided, however,
that with respect to any related selling material only such
related selling material as shall have been approved in writing
by the Trading Advisor.
(e)  Partnership Indemnity in Respect of Sale of Units.  The
Partnership agrees to indemnify, defend and hold harmless the
Trading Advisor and each of its managers, members, officers,
directors, principals, and controlling persons from and against
any loss, claim, damage, liability, cost, and expense, joint and
several, to which any indemnified person may become subject under
the Securities Act, the Exchange Act, the CEAct, the securities
or Blue Sky law of any jurisdiction, or otherwise (including any
reasonable investigatory, legal, and other expenses incurred in
connection with, and any amounts paid in, any settlement,
provided that the Partnership shall have approved such
settlement, and in connection with any administrative
proceedings), in respect of the offer or sale of Units, insofar
as such loss, claim, damage, liability, cost, or expense (or
action in respect thereof) arises out of, or is based upon:
(i) a breach by the Partnership or General Partner of any
representation, warranty, or agreement in this Agreement or the
failure by the Partnership or General Partner to perform any
covenant made by them herein; or (ii) a misleading or untrue
statement or alleged misleading or untrue statement of a material
fact made in the Registration Statement, the Prospectus, or any
related selling material or an omission or alleged omission to
state a material fact therein which is required to be stated
therein or necessary to make the statements therein (in the case
of the Prospectus or any related selling material, in light of
the circumstances under which they were made) not misleading,
provided that such misleading or untrue statement or alleged
misleading or untrue statement or omission or alleged omission
does not relate to the Trading Advisor or its Trading Advisor
Principals or was not made in reliance upon, and in conformity
with, information or instructions furnished by the Trading
Advisor (including the historical performance capsules but
excluding the pro forma performance information unless such
statement or omission was based on information furnished by the
Trading Advisor in connection with the preparation of such pro
forma information) provided, however, that with respect to any
related selling material, only such related selling material as
shall have been approved in writing by the Trading Advisor), or
does not result from a material breach by the Trading Advisor of
any representation, warranty, or agreement in this Agreement or
any certificate delivered pursuant to this Agreement or the
failure by the Trading Advisor to materially perform any covenant
made in this Agreement.
(f)  Notwithstanding any other provision herein to the contrary,
neither Gary B. Davis nor John V. Forrest shall have any
liability to the Partnership, the General Partner or any other
person, or their controlling persons, directors, officers,
shareholders or employees under this Agreement except for fraud
or willful misconduct by Gary B. Davis or John V. Forrest, as
applicable.
(g)  The foregoing agreements of indemnity shall be in addition
to, and shall in no respect limit or restrict, any other remedies
which may be available to an indemnified person.

          <PAGE>

          (h)  Promptly after receipt by an indemnified person of notice of
the commencement of any action, claim, or proceeding to which any
of  the indemnities may apply, the indemnified person will notify
the indemnifying party in writing of the commencement thereof  if
a claim in respect thereof is to be made against the indemnifying
party  hereunder; but the omission so to notify the  indemnifying
party  will not relieve the indemnifying party from any liability
which  the indemnifying party may have to the indemnified  person
hereunder,  except where such omission has materially  prejudiced
the indemnifying party.  In case any action, claim, or proceeding
is  brought  against  an indemnified person and  the  indemnified
person  notifies  the  indemnifying  party  of  the  commencement
thereof  as  provided  above,  the  indemnifying  party  will  be
entitled  to  participate therein and, to  the  extent  that  the
indemnifying  party desires, to assume the defense  thereof  with
counsel  selected by the indemnifying party and not  unreasonably
disapproved  by  the indemnified person.  After notice  from  the
indemnifying  party to the indemnified person of the indemnifying
party's  election  so to assume the defense thereof  as  provided
above,  the  indemnifying  party  will  not  be  liable  to   the
indemnified person under the indemnity provisions hereof for  any
legal and other expenses subsequently incurred by the indemnified
person  in  connection  with  the  defense  thereof,  other  than
reasonable costs of investigation.

          Notwithstanding the proceeding paragraph,  if,  in  any
action,  claim, or proceeding as to which indemnification  is  or
may  be  available  hereunder, an indemnified  person  reasonably
determines that its interests are or may be adverse, in whole  or
in  part, to the indemnifying party's interests or that there may
be  legal defenses available to the indemnified person which  are
different from, in addition to, or inconsistent with the defenses
available  to the indemnifying party, the indemnified person  may
retain its own counsel in connection with such action, claim,  or
proceeding and will be indemnified by the indemnifying party  for
any  legal  and other expenses reasonably incurred in  connection
with   investigating  or  defending  such   action,   claim,   or
proceeding.

          In  no event will the indemnifying party be liable  for
the   fees  and  expenses  of  more  than  one  counsel  for  all
indemnified persons in connection with any one action, claim,  or
proceeding or in connection with separate but similar or  related
actions, claims, or proceedings in the same jurisdiction  arising
out  of the same general allegations. The indemnifying party will
not  be  liable  for  any  settlement of any  action,  claim,  or
proceeding  effected  without  the indemnifying  party's  express
written  consent,  but if any action, claim,  or  proceeding,  is
settled with the indemnifying party's express written consent  or
if  there  is  a  final judgment for the plaintiff  in  any  such
action,  claim,  or  proceeding,  the  indemnifying  party   will
indemnify,  defend,  and hold harmless an indemnified  person  as
provided in this Section 8.

          9.   Right to Advise Others and Uniformity of Acts and Practices.

          (a)  The Trading Advisor is engaged in the business of advising
investors  as  to  the  purchase and sale of  futures  interests.
During  the  term  of  this Agreement, the Trading  Advisor,  its
principals  and  affiliates,  will be  advising  other  investors
(including  affiliates and the stockholders, officers, directors,
and employees of the Trading Advisor and its affiliates and their
families) and trading for their own accounts.  However, under  no
circumstances  shall  the Trading <PAGE>Advisor  by  any  act  or
omission  favor  any account advised or managed  by  the  Trading
Advisor over the account of the Partnership in any way or  manner
(other  than  by  charging different management and/or  incentive
fees).  The Trading Advisor agrees to treat the Partnership in  a
fiduciary  capacity to the extent recognized by  applicable  law,
but, subject to that standard, the Trading Advisor or any of  its
principals  or  affiliates shall be free  to  advise  and  manage
accounts  for other investors and shall be free to trade  on  the
basis  of  the  same  trading  systems,  methods,  or  strategies
employed  by  the  Trading  Advisor  for  the  account   of   the
Partnership, or trading systems, methods, or strategies which are
entirely  independent  of, or materially  different  from,  those
employed for the account of the Partnership, and shall be free to
compete for the same futures interests as the Partnership  or  to
take positions opposite to the Partnership, where such actions do
not  knowingly  or deliberately prefer any of such accounts  over
the account of the Partnership.
(b)  The Trading Advisor shall not be restricted as to the number
or nature of its clients, except that:  (i) so long as the
Trading Advisor acts as a trading advisor for the Partnership,
neither the Trading Advisor nor any of its principals or
affiliates shall hold knowingly any position or control any other
account which would cause the Partnership, the Trading Advisor,
or the principals or affiliates of the Trading Advisor to be in
violation of the CEAct or any regulations promulgated thereunder,
any applicable rule or regulation of the CFTC or any other
regulatory body, exchange, or board; and (ii) neither the Trading
Advisor nor any of its principals or affiliates shall render
futures interests trading advice to any other individual or
entity or otherwise engage in activity which shall knowingly
cause positions in futures interests to be attributed to the
Trading Advisor under the rules or regulations of the CFTC or any
other regulatory body, exchange, or board so as to require the
significant modification of positions taken or intended for the
account of the Partnership; provided that the Trading Advisor may
modify its trading systems, methods or strategies to accommodate
the trading of additional funds or accounts. If applicable
speculative position limits are exceeded by the Trading Advisor
in the opinion of (i) independent counsel (who shall be other
than counsel to the Partnership), (ii) the CFTC, or (iii) any
other regulatory body, exchange, or board, the Trading Advisor
and its principals and affiliates shall promptly liquidate
positions in all of their accounts, including the Partnership's
account, as to which positions are attributed to the Trading
Advisor as nearly as possible in proportion to the accounts'
respective amounts available for trading (taking into account
different degrees of leverage and "notional" equity) to the
extent necessary to comply with the applicable position limits.

          10.  Representations, Warranties, and Covenants of the Trading
Advisor.

          (a)  Representations and Warranties of the Trading Advisor.  The
Trading Advisor with respect to itself and each of its principals
represents  and  warrants to and agrees with the General  Partner
and the Partnership as follows:

           (i)  It will exercise good faith and due care in using its
     Sunrise  Currency  Program on behalf of the  Partnership  as
     described in the Prospectus (as modified from time to time) or
     any other trading programs agreed to by the General Partner.



           <PAGE>

           (ii) The Trading Advisor shall follow, at all times, the trading
     policies of the Partnership (as described in the Prospectus) and
     as amended in writing and furnished to the Trading Advisor from
     time to time.
(iii)     The Trading Advisor shall trade:  (A) the Partnership's
Net Assets pursuant to its Sunrise Currency Program as described
in the Prospectus unless the General Partner agrees otherwise and
(B) only in futures and option contracts traded on U.S. contract
markets, foreign currency forward contracts traded with the
Clearing Commodity Broker, and such other futures interests that
are approved in writing by the General Partner.
(iv) The Trading Advisor is duly organized, validly existing and
in good standing as a limited liability company under the laws of
the state of its organization and is qualified to do business as
a foreign limited liability company and in good standing in each
other jurisdiction in which the nature or conduct of its business
requires such qualification and the failure to so qualify would
materially adversely affect the Trading Advisor's ability to
perform its duties under this Agreement.  The Trading Advisor has
full limited liability company power and authority to perform its
obligations under this Agreement, and as described in the
Registration Statement and Prospectus.  The only principals (as
defined in Rule 4.10(e) under the CEAct) of the Trading Advisor
are those set forth in the Prospectus (the "Trading Advisor
Principals").
(v)  All references to the Trading Advisor and each Trading
Advisor Principal, including the Trading Advisor's trading
programs, approaches, systems, and performance, in the
Registration Statement and the Prospectus, and in any
supplemental selling material which has been approved in writing
by the Trading Advisor are accurate and complete in all material
respects.  With respect to the information relating to the
Trading Advisor and each Trading Advisor Principal, including the
Trading Advisor's and the Trading Advisor Principals' trading
programs, approaches, systems, and performance information, as
applicable (excluding pro forma performance information unless
such statement or omission was based on information furnished by
the Trading Advisor for the preparation of such pro forma
performance information), (i) the Registration Statement and
Prospectus contain all statements and information required to be
included therein under the CEAct, (ii) the Registration Statement
as of its effective date will not contain any misleading or
untrue statement of a material fact or omit to state a material
fact which is required to be stated therein or necessary to make
the statements therein not misleading and (iii) the Prospectus at
its date of issue and as of each closing will not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the
circumstances under which such statements were made, not
misleading.
(vi) This Agreement has been duly and validly authorized,
executed and delivered on behalf of the Trading Advisor and is a
valid and binding agreement of the Trading Advisor enforceable in
accordance with its terms.

           <PAGE>

           (vii)     Each of the Trading Advisor and each "principal" of the
     Trading Advisor, as defined in Rule 3.1 under the CEAct, has all
     federal and state governmental, regulatory and exchange licenses
     and approvals and has effected all filings and registrations with
     federal and state governmental and regulatory agencies required
     to conduct its or his business and to act as described in the
     Registration Statement and Prospectus or required to perform its
     or his obligations under this Agreement.  The Trading Advisor is
     registered as a commodity trading advisor under the CEAct and is
     a member of the NFA in such capacity.
(viii)    The execution and delivery of this Agreement, the
incurrence of the obligations set forth herein, the consummation
of the transactions contemplated herein and in the Prospectus and
the payment of the fees hereunder will not violate, or constitute
a breach of, or default under, the certificate of incorporation
or bylaws of the Trading Advisor or any agreement or instrument
by which it is bound or of any order, rule, law or regulation
binding on it of any court or any governmental body or
administrative agency or panel or self-regulatory organization
having jurisdiction over it.
(ix) Since the respective dates as of which information is given
in the Registration Statement and the Prospectus, except as may
otherwise be stated in or contemplated by the Registration
Statement and the Prospectus, there has not been any material
adverse change in the condition, financial or otherwise, business
or prospects of the Trading Advisor or any Trading Advisor
Principal.
(x)  Except as set forth in the Registration Statement or
Prospectus there has not been in the five years preceding the
date of the Prospectus and there is not pending, or to the best
of the Trading Advisor's knowledge threatened, any action, suit
or proceeding before or by any court or other governmental body
or any administrative, self-regulatory or commodity exchange
organization to which the Trading Advisor or any Trading Advisor
Principal is or was a party, or to which any of the assets of the
Trading Advisor or any Trading Advisor Principal is or was
subject and which resulted in or might reasonably be expected to
result in any materially adverse change in the condition,
financial or otherwise, business or prospects of the Trading
Advisor or which would be material to an investor's decision to
invest in the Partnership.  None of the Trading Advisor or any
Trading Advisor Principal has received any notice of an
investigation by the NFA or the CFTC regarding noncompliance by
the Trading Advisor or any of the Trading Advisor Principals with
the CEAct.
(xi) Neither the Trading Advisor nor any Trading Advisor
Principal has received, or is entitled to receive, directly or
indirectly, any commission, finder's fee, similar fee, or rebate
from any person in connection with the organization or operation
of the Partnership, other than as described in the Prospectus.
(xii)     The actual performance of each discretionary account of
a client directed by the Trading Advisor and the Trading Advisor
Principals since at least the later of (i) the date of
commencement of trading for each such account or (ii) a date five
years <PAGE>prior to the effective date of the Registration
Statement, is disclosed in the composite capsules in the
Prospectus (other than such discretionary accounts the
performance of which are exempt from CEAct disclosure
requirements); all of the information regarding the actual
performance of the accounts of the Trading Advisor and the
Trading Advisor Principals set forth in the Prospectus is
accurate in all material respects and is in accordance with and
in compliance with the disclosure requirements under the CEAct
and including the Division of Trading and Markets "notional
equity" advisories and interpretations and the rules and
regulations of the NFA.

          (b)  Covenants of the Trading Advisor.  The Trading Advisor
covenants and agrees that:

           (i)  The Trading Advisor shall use its best efforts to maintain
     all  registrations and memberships necessary for the Trading
     Advisor to continue to act as described herein and to at all
     times comply in all material respects with all applicable laws,
     rules, and regulations, to the extent that the failure to so
     comply would have a materially adverse effect on the Trading
     Advisor's ability to act as described herein.
(ii) The Trading Advisor shall inform the General Partner
immediately as soon as the Trading Advisor or any of its
principals becomes the subject of any investigation, claim or
proceeding of any regulatory authority having jurisdiction over
such person or becomes a named party to any litigation materially
affecting the business of the Trading Advisor.  The Trading
Advisor shall also inform the General Partner immediately if the
Trading Advisor or any of its officers becomes aware of any
breach of this Agreement by the Trading Advisor.
(iii)     The Trading Advisor agrees reasonably to cooperate by
providing information regarding itself and its performance in the
preparation of any amendments or supplements to the Registration
Statement and the Prospectus.

          11.  Representations, Warranties, and Covenants of the General
Partner and the Partnership.

          (a)   Representations  and Warranties  of  the  General
Partner  and  the  Partnership.   The  General  Partner  and  the
Partnership  represent  and warrant to the  Trading  Advisor,  as
follows:

           (i)  The Partnership has provided to the Trading Advisor, and
     filed with the SEC, the Registration Statement and has filed
     copies thereof with:  (i) the CFTC under the CEAct (ii) the NASD
     pursuant to its Conduct Rules; and (iii) the NFA in accordance
     with NFA Compliance Rule 2-13.  The Partnership will not file any
     amendment to the Registration Statement or any amendment  or
     supplement to the Prospectus unless the Trading Advisor  has
     received reasonable prior notice of and a copy of such amendments
     or  supplements and has not reasonably objected  thereto  in
     writing.
(ii) The Limited Partnership Agreement provides for the
subscription for and sale of the Units; all action required under
applicable law to be taken by the General Partner and the
Partnership as a condition to the sale of the Units to qualified
subscribers <PAGE>therefor has been, or prior to each Closing (as
defined in the Prospectus) have been taken; and, upon payment of
the consideration therefor specified in each accepted
Subscription and Exchange Agreement and Power of Attorney in such
forms as attached to the Prospectus, the Units will constitute
valid limited partnership interests in the Partnership.
(iii)     The Partnership is a limited partnership duly organized
pursuant to the Certificate of Limited Partnership, the Limited
Partnership Agreement and the Delaware Revised Uniform Limited
Partnership Act ("DRULPA") and is validly existing under the laws
of the State of Delaware with full power and authority to engage
in the trading of futures interests and to engage in its other
contemplated activities as described in the Prospectus; the
Partnership has received a certificate of authority to do
business in the State of New York as provided by Article 8-A of
the New York Revised Limited Partnership Act and is qualified to
do business in each jurisdiction in which the nature or conduct
of its business requires such qualification and where failure to
be so qualified could materially adversely affect the
Partnership's ability to perform its obligations hereunder.
(iv) The General Partner is duly organized and validly existing
and in good standing as a corporation under the laws of the State
of Delaware and in good standing and qualified to do business as
a foreign corporation under the laws of the State of New York and
is qualified to do business and is in good standing as a foreign
corporation in each jurisdiction in which the nature or conduct
of its business requires such qualification and where the failure
to be so qualified could materially adversely affect the General
Partner's ability to perform its obligations hereunder.
(v)  The Partnership and the General Partner have full
partnership or corporate power and authority under applicable law
to conduct their business and to perform their respective
obligations under this Agreement.
(vi) The Registration Statement and Prospectus contain all
statements and information required to be included therein by the
CEAct.  When the Registration Statement becomes effective under
the Securities Act and at all times subsequent thereto up to and
including the Initial Closing and each Closing, the Registration
Statement and Prospectus will comply in all material respects
with the requirements of the Securities Act, the rules and
regulations promulgated thereunder (the "SEC Regulations"), the
rules of the NFA and the CEAct.  The Registration Statement as of
its effective date will not contain any misleading or untrue
statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements
therein not misleading.  The Prospectus as of its date of issue
and at the Initial Closing and each Closing will not contain any
misleading or untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein,
in light of the circumstances under which such statements were
made, not misleading.  The supplemental selling material, when
read in conjunction with the Prospectus, will not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the
circumstances under which such statements were made, not
misleading.  The supplemental selling material will comply with
the <PAGE>CEAct and the regulations and rules of the NFA and
NASD.  The representations and warranties in this clause (vi)
shall not, however, apply to any statement or omission in the
Registration Statement, Prospectus or supplemental selling
material specifically relating to the Trading Advisor, or its
Trading Advisor, Principals or its trading programs (other than
the pro forma performance information except to the extent such
information was based on information furnished by the Trading
Advisor) or made in reliance upon and in conformity with
information furnished by the Trading Advisor.
(vii)     Since the respective dates as of which information is
given in the Registration Statement and the Prospectus, there has
not been any material adverse change in the condition, financial
or otherwise, business or prospects of the General Partner or the
Partnership, whether or not arising in the ordinary course of
business.
(viii)    This Agreement has been duly and validly authorized,
executed and delivered by the General Partner for itself and on
behalf of the Partnership and constitutes a valid, binding and
enforceable agreement of the Partnership and the General Partner
in accordance with its terms.
(ix) The execution and delivery of this Agreement, the incurrence
of the obligations set forth herein and the consummation of the
transactions contemplated herein and in the Registration
Statement and Prospectus will not violate, or constitute a breach
of, or default under, the General Partner's certificate of
incorporation, bylaws, the Certificate of Limited Partnership, or
the Limited Partnership Agreement or any agreement or instrument
by which either the General Partner or the Partnership, as the
case may be, is bound or any order, rule, law or regulation
applicable to the General Partner or the Partnership of any court
or any governmental body or administrative agency or panel or
self-regulatory organization having jurisdiction over the General
Partner or the Partnership.
(x)  Except as set forth in the Registration Statement or
Prospectus, there has not been in the five years preceding the
date of the Prospectus and there is not pending or, to the best
of the General Partner's knowledge, threatened, any action, suit
or proceeding at law or in equity before or by any court or by
any federal, state, municipal or other governmental body or any
administrative, self-regulatory or commodity exchange
organization to which the General Partner or the Partnership is
or was a party, or to which any of the assets of the General
Partner or the Partnership is or was subject and which resulted
in or might reasonably be expected to result in any materially
adverse change in the condition, financial or otherwise, of the
General Partner or the Partnership or which is required under the
Securities Act or the CEAct to be disclosed in the Prospectus;
and neither the General Partner nor any of the principals of the
General Partner, as "principals" is defined under Rule 4.10 under
the CEAct ("General Partner Principals") has received any notice
of an investigation by the NFA, NASD, SEC or CFTC regarding non-
compliance by the General Partner or the General Partner
Principals or the Partnership with the Securities Act or the
CEAct which is required under the Securities Act or the CEAct to
be disclosed in the Prospectus.



           <PAGE>

           (xi) The General Partner and each principal of the General
     Partner, as defined in Rule 3.1 under the CEAct, have all federal
     and state governmental, regulatory and exchange approvals and
     licenses, and have effected all filings and registrations with
     federal and state and foreign governmental agencies in order for
     the  General Partner to conduct its business and to  act  as
     described  in  the Registration Statement and Prospectus  or
     required  to  perform its obligations under  this  Agreement
     (including, without limitation, registration as a commodity pool
     operator under the CEAct and membership in the NFA as a commodity
     pool operator) and will maintain all such required approvals,
     licenses,  filings and registrations for the  term  of  this
     Agreement.  The General Partner's principals identified in the
     Registration Statement are all of the General Partner Principals.

          (b)  Covenants of the General Partner.  The General Partner
covenants and agrees that:

           (i)  The General Partner shall use its best efforts to maintain
     all  registrations and memberships necessary for the General
     Partner  to continue to act as described herein and  in  the
     Prospectus and to all times comply in all material respects with
     all applicable laws, rules, and regulations, to the extent that
     the failure to so comply would have a materially adverse effect
     on the General Partner's ability to act as described herein and
     in the Prospectus.
(ii) The General Partner shall inform the Trading Advisor
immediately as soon as the General Partner or any of its
principals becomes the subject of any investigation, claim, or
proceeding of any regulatory authority having jurisdiction over
such person or becomes a named party to any litigation materially
affecting the business of the General Partner.  The General
Partner shall also inform the Trading Advisor immediately if the
General Partner or any of its officers become aware of any breach
of this Agreement by the General Partner.
(iii)     The Partnership will furnish to the Trading Advisor
copies of the Registration Statement, the Prospectus, and all
amendments and supplements thereto, in each case as soon as
available.

          12.  Merger or Transfer of Assets of Trading Advisor.

          The  Trading Advisor may merge or consolidate with,  or
sell  or  otherwise transfer its advisory business, or all  or  a
substantial  portion of its assets, any portion of its  commodity
trading  programs, systems or methods, or its  goodwill,  to  any
entity that is directly or indirectly controlled by, controlling,
or  under common control with, the Trading Advisor, provided that
such  entity  expressly assumes all obligations  of  the  Trading
Advisor  under this Agreement and agrees to continue  to  operate
the  business  of  the  Trading Advisor,  substantially  as  such
business is being conducted on the date hereof.



          <PAGE>

          13.  Complete Agreement.

          This Agreement constitutes the entire agreement between
the  parties with respect to the matters referred to herein,  and
no  other  agreement, verbal or otherwise, shall  be  binding  as
between  the  parties unless in writing and signed by  the  party
against whom enforcement is sought.

          14.  Assignment.

          This  Agreement may not be assigned by any party hereto
without the express written consent of the other parties hereto.

          15.  Amendment.

          This Agreement may not be amended except by the written
consent of the parties hereto.

          16.  Severability.

          The invalidity or unenforceability of any provision  of
this  Agreement or any covenant herein contained shall not affect
the validity or enforceability of any other provision or covenant
hereof  or  herein  contained and any such invalid  provision  or
covenant shall be deemed to be severable.

          17.  Closing Certificates and Opinions.

          (a)  The Trading Advisor shall, at the Partnership's Initial
Closing and at the request of the General Partner at any Closing,
provide the following:

           (i)  To DWR, the General Partner and the Partnership a
     certificate, dated the date of any such closing and in form and
     substance satisfactory to such parties, to the effect that:

               (A)  The representations and warranties by the Trading Advisor in
          this Agreement are true, accurate, and complete on and as of the
          date of the closing, as if made on the date of the closing.
(B)  The Trading Advisor has performed all of its obligations and
satisfied all of the conditions on its part to be performed or
satisfied under this Agreement, at or prior to the date of such
closing.

           (ii) To DWR, the General Partner and the Partnership an opinion
     of  counsel  to  the Trading Advisor, in form and  substance
     satisfactory to such parties, to the effect that:

               (A)  The Trading Advisor is a limited liability company duly
          organized and validly existing under the laws of the state of its
          organization is qualified to <PAGE>do business and in good
          standing in each other jurisdiction in which the nature or
          conduct of its business requires such qualification and the
          failure to be duly qualified would materially adversely affect
          the Trading Advisor's ability to perform its obligations under
          this Agreement.  The Trading Advisor has full limited liability
          company power and authority to conduct its business as described
          in the Registration Statement and Prospectus and to perform its
          obligations under this Agreement.
(B)  The Trading Advisor (including the Trading Advisor
Principals) has all governmental, regulatory, and self-regulatory
registrations and memberships required by law, and the Trading
Advisor (including the Trading Advisor Principals) has received
or made all filings and registrations necessary to perform its
obligations under this Agreement and to conduct its business as
described in the Registration Statement and Prospectus, except
for such licenses, memberships, filings and registrations, the
absence of which would not have a material adverse effect on its
ability to act as described in the Registration Statement and
Prospectus or to perform its obligations under this Agreement,
and, to the best of such counsel's knowledge, after due
investigation, none of such, memberships or registrations have
been rescinded, revoked or suspended.
(C)  This Agreement has been duly authorized, executed and
delivered by or on behalf of the Trading Advisor and constitutes
a valid and binding agreement of the Trading Advisor enforceable
in accordance with its terms, subject only to bankruptcy,
insolvency, reorganization, moratorium or similar laws at the
time in effect affecting the enforceability generally of rights
of creditors and by general principals of equity (regardless of
whether such enforceability is considered in a proceeding in
equity or at law), and except as enforceability of the
indemnification, exculpation, and contribution provisions
contained in such agreements may be limited by applicable law or
public policy and the enforcement of specific terms or remedies
may be unavailable.
(D)  Based upon due inquiry of certain officers of the Trading
Advisor, to such counsel's knowledge, except as disclosed in the
Prospectus, there are no actions, suits or proceedings at law or
in equity pending or threatened before or by any court,
governmental body, administrative agency, panel or self-
regulatory organization, nor have there been any such actions,
suits or proceedings within the five years preceding the date of
the Prospectus against the Trading Advisor or any Trading Advisor
Principal which are required to be disclosed in the Registration
Statement or Prospectus.
(E)  The execution and delivery of this Agreement, the incurrence
of the obligations herein set forth and the consummation of the
transactions contemplated herein and in the Prospectus will not
be in contravention of any of the provisions of the certificate
of incorporation or bylaws of the Trading Advisor and, based upon
due inquiry of certain officers of the Trading Advisor, to such
counsel's knowledge, will not constitute a breach of, or default
under, or a violation of any instrument or agreement known to
such counsel by which the <PAGE>Trading Advisor is bound and will
not violate any order, law, rule or regulation applicable to the
Trading Advisor of any court or any governmental body or
administrative agency or panel or self-regulatory organization
having jurisdiction over the Trading Advisor.
(F)  Based upon reliance of certain SEC "no-action" letters, the
performance by the Trading Advisor of the transactions
contemplated by this Agreement and as described in the Prospectus
will not require the Trading Advisor to be registered as an
"investment adviser" as that term is defined in the Investment
Advisers Act of 1940, as amended.
(G)  Nothing has come to such counsel's attention that would lead
them to believe that, (A) the Registration Statement at the time
it became effective, insofar as the Trading Advisor and the
Trading Advisor Principals are concerned, contained any untrue
statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements
therein not misleading, or (B) the Prospectus at the time it was
issued or at the closing contained an untrue statement of a
material fact or omitted to state a material fact necessary in
order to make the statements therein relating to the Trading
Advisor or the Trading Advisor Principals, in light of the
circumstances under which they were made, not misleading;
provided, however, that such counsel need express no opinion or
belief as to the performance data and notes or descriptions
thereto set forth in the Registration Statement and Prospectus,
except that such counsel shall opine, without rendering any
opinion as to the accuracy of the information in such tables,
that the actual performance tables of the Trading Advisor set
forth in the Prospectus comply as to form in all material
respects with applicable CFTC rules and all CFTC and NFA
interpretations thereof, except as disclosed in the Prospectus.

          In  giving the foregoing opinion, counsel may  rely  on
information  obtained  from  public officials,  officers  of  the
Trading  Advisor,  and  other  sources  believed  by  it  to   be
responsible  and  may  assume that signatures  on  all  documents
examined by it are genuine.

           (iii)     To DWR, the General Partner and the Partnership, a
     report dated the date of the closing which shall present, for the
     period from the date after the last day covered by the historical
     performance capsules in the Prospectus to the latest practicable
     day before closing, updated performance information which shall
     certify  that such figures are, to the best of such  Trading
     Advisor's knowledge, accurate in all material respects.











           <PAGE>

          (b)  The General Partner shall, at the Partnership's Initial
Closing and at the request of the Trading Advisor at any Closing,
provide the following:

           (i)  To the Trading Advisor a certificate, dated the date of such
     closings and in form and substance satisfactory to the Trading
     Advisor, to the effect that:

               (A)  The representations and warranties by the Partnership and
          the General Partner in this Agreement are true, accurate, and
          complete on and as of the date of the closing as if made on the
          date of the closing.
(B)  No stop order suspending the effectiveness of the
Registration Statement has been issued by the SEC and no
proceedings for that purpose have been instituted or are pending
or, to the knowledge of the General Partner, are contemplated or
threatened under the Securities Act.  No order preventing or sus
pending the use of the Prospectus has been issued by the SEC,
NASD, CFTC, or NFA and no proceedings for that purpose have been
instituted or are pending or, to the knowledge of the General
Partner, are contemplated or threatened under the Securities Act
or the CEAct.
(C)  The Partnership and the General Partner have performed all
of their obligations and satisfied all of the conditions on their
part to be performed or satisfied under this Agreement at or
prior to the date of the closing.

           (ii) To the parties hereto, an opinion of Cadwalader, Wickersham
     & Taft, counsel to the General Partner and the Partnership, in
     form and substance satisfactory to such parties, to the effect
     that:

               (A)  The Partnership is a limited partnership duly formed
          pursuant to the Certificate of Limited Partnership, the Limited
          Partnership Agreement and the DRULPA and is validly existing
          under the laws of the State of Delaware with full partnership
          power and authority to conduct the business in which it proposes
          to engage as described in the Registration Statement and
          Prospectus and to perform its obligations under this Agreement;
          the Partnership has received a Certificate of Authority as
          contemplated under the New York Revised Limited Partnership Act
          and is qualified to do business in New York and need not affect
          any other filings or qualifications under the laws of any other
          jurisdictions to conduct its business as described in the
          Registration Statement and Prospectus.
(B)  The General Partner is duly organized and validly existing
and in good standing as a corporation under the laws of the State
of Delaware and is qualified to do business and is in good
standing as a foreign corporation in the State of New York and in
each other jurisdiction in which the nature or conduct of its
business requires such qualification and the failure to so
qualify might reasonably be expected to result in material
adverse consequences to the Partnership or the General Partner's
ability to perform its obligations under this Agreement or as
described in the Registration Statement and Prospectus.  The
<PAGE>General Partner has full corporate power and authority to
conduct its business as described in the Registration Statement
and Prospectus and to perform its obligations under this
Agreement.
(C)  The General Partner, each of its principals as defined in
Rule 3.1 under the CEAct, and the Partnership have all federal
and state governmental and regulatory licenses, registrations and
memberships required by law and have made all filings necessary
in order for the General Partner and the Partnership to perform
their obligations under this Agreement to conduct their business
as described in the Registration Statement and Prospectus, except
for such licenses, memberships, filings, and registrations, the
absence of which would not have a material adverse effect on the
ability of the Partnership or the General Partner to act as
described in the Registration Statement and Prospectus, or to
perform their obligations under this Agreement, and, to the best
of such counsel's knowledge, after due investigation, none of
such licenses and memberships or registrations have been
rescinded, revoked or suspended.
(D)  This Agreement has been duly authorized, executed and
delivered by or on behalf of the General Partner and the
Partnership, and constitutes a valid and binding agreement of the
General Partner and the Partnership, enforceable in accordance
with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium or similar laws at the time in effect
affecting the enforceability generally of rights of creditors and
by general principals of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at
law), and except as enforceability of indemnification,
exculpation and contribution provisions contained in this
Agreement may be limited by applicable law or public policy.
(E)  The execution and delivery of this Agreement and the offer
and sale of the Units by the Partnership and the incurrence of
the obligations herein set forth and the consummation of the
transactions contemplated herein and in the Prospectus will not
be in contravention of the General Partner's certificate of
incorporation or bylaws, the Certificate of Limited Partnership,
and the Limited Partnership Agreement and, to such counsel's
knowledge based upon due inquiry of certain officers of the
General Partner, none of the foregoing will constitute a breach
of, or default under, or a violation of any agreement or
instrument known to such counsel by which the General Partner or
the Partnership is bound or violate any order known to such
counsel or any law, rule or regulation applicable to the General
Partner or the Partnership of any court, governmental body,
administrative agency, panel or self-regulatory organization
having jurisdiction over the General Partner or the Partnership.
(F)  To such counsel's knowledge, based upon due inquiry of
certain officers of the General Partner, there are no actions,
suits or proceedings at law or in equity pending or threatened
before or by any court governmental body, administrative agency,
panel or self regulatory organization, nor have there been any
such actions, suits or proceedings within the five years
preceding the date of <PAGE>the Prospectus against the General
Partner or the Partnership which are required to be disclosed in
the Registration Statement or Prospectus.
(G)  The Registration Statement is effective under the Securities
Act and, to the best of such counsel's knowledge, no proceedings
for a stop order are pending or threatened under Section 8(d) of
the Securities Act or any similar state securities laws.
(H)  At the time the Registration Statement became effective, the
Registration Statement, and at the time the Prospectus was issued
and as of the closing, the Prospectus, complied as to form in all
material respects with the requirements of the Securities Act,
the Securities Regulations, the CEAct and the regulations of the
NFA and NASD.
(I)  Nothing has come to such counsel's attention that would lead
them to believe that the Registration Statement at the time it
became effective contained any untrue statement of a material
fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not
misleading, or that the Prospectus at the time it was issued or
at the closing contained an untrue statement of a material fact
or omitted to state a material fact necessary to make the
statements therein, in light of the circumstances under which
they where made, not misleading; provided, however, that
Cadwalader, Wickersham & Taft need express no opinion or belief
(a) as to information in the Registration Statement or the
Prospectus regarding any Trading Advisor or its principals, or
(b) as to the financial statements, notes thereto and other
financial or statistical data set forth in the Registration
Statement and Prospectus, or (c) as to the performance data and
notes or descriptions thereto set forth in the Registration
Statement and Prospectus.
(J)  Based upon reliance on certain SEC "no-action" letters, as
of the closing, the performance of the transactions contemplated
by this Agreement and as described in the Prospectus will not
require the Partnership to register as an "investment company"
under the Investment Company Act of 1940, as amended.

          In  rendering  its opinion, such counsel  may  rely  on
information  obtained  from  public officials,  officers  of  the
General  Partner  and  other  sources  believed  by  it   to   be
responsible  and  may  assume that signatures  on  all  documents
examined  by it are genuine, and that a Subscription and Exchange
Agreement  and  Power  of Attorney in the form  attached  to  the
Prospectus has been duly authorized, completed, dated,  executed,
and  delivered and funds representing the full subscription price
for the Units purchased have been delivered by each purchaser  of
Units  in  accordance  with the requirements  set  forth  in  the
Prospectus.

          18.  Inconsistent Filings.

          The Trading Advisor agrees not to file, participate  in
the filing of, or publish any description of the Trading Advisor,
or  of  its respective principals or trading approaches  that  is
materially inconsistent with those in the Registration  Statement
and  Prospectus,  without so <PAGE>informing the General  Partner
and  furnishing  to  it  copies of  all  such  filings  within  a
reasonable period prior to the date of filing or publication.

          19.  Disclosure Documents.

          During  the term of this Agreement, the Trading Advisor
shall  furnish  to  the General Partner promptly  copies  of  all
disclosure  documents filed with the CFTC or NFA by  the  Trading
Advisor.  The General Partner acknowledges receipt of the Trading
Advisor's disclosure document dated December 15, 1999.

          20.  Notices.

          All   notices  required  to  be  delivered  under  this
Agreement  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 actually received, 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 the Partnership:

               Morgan Stanley Dean Witter Spectrum Currency L.P.
               c/o Demeter Management Corporation
               Two World Trade Center
               62nd Floor
               New York, New York 10048

          if to the General Partner:

               Demeter Management Corporation
               2 World Trade Center
               62nd Floor
               New York, New York 10048
               Attn:  Robert E. Murray

          if to the Trading Advisor:

               Sunrise Capital Partners, LLC

               990 Highland Drive, Suite 303
               Solana Beach, California  92075-2472
               Attn:  Martin P. Klitzner

          21.  Survival.

          The  provisions  of  this Agreement shall  survive  the
termination of this Agreement with respect to any matter  arising
while this Agreement was in effect.



          <PAGE>

          22.  Governing Law.

          This  Agreement shall be governed by, and construed  in
accordance with, the law of the State of New York.  If any action
or proceeding shall be brought by a party to this Agreement or to
enforce  any  right  or remedy under this Agreement,  each  party
hereto hereby consents and will submit to the jurisdiction of the
courts  of the State of New York or any federal court sitting  in
the County, City and State of New York.  Any action or proceeding
brought  by  any  party to this Agreement to enforce  any  right,
assert  any  claim or obtain any relief whatsoever in  connection
with this Agreement shall be brought by such party exclusively in
the  courts of the State of New York or any Federal court sitting
in the County, City and State of New York.

          23.  Remedies.

          In  any action or proceeding arising out of any of  the
provisions of this Agreement, the Trading Advisor agrees  not  to
seek  any prejudgment equitable or ancillary relief.  The Trading
Advisor  agrees  that  its sole remedy  in  any  such  action  or
proceeding  shall  be  to seek actual monetary  damages  for  any
breach of this Agreement.

          24.  Headings.

          Headings to sections herein are for the convenience  of
the  parties only and are not intended to be part of or to affect
the meaning or interpretation of this Agreement.

          IN  WITNESS  WHEREOF, this Agreement has been  executed
for and on behalf of the undersigned as of the day and year first
above written.


                                MORGAN STANLEY DEAN WITTER
                                   SPECTRUM CURRENCY L.P.

                                By:Demeter Management
                                    Corporation,
                                    General Partner



                                    By:/s/ Robert E. Murray
                                      Name:  Robert E. Murray
                                      Its:  President


                                DEMETER MANAGEMENT CORPORATION



                                By: /s/ Robert E. Murray
                                   Name:  Robert E. Murray
                                   Its:  President


                                SUNRISE CAPITAL PARTNERS, LLC

                                By:Sunrise Capital Management,
                                    Inc., as Manager



                                By:                              /s/ Martin P.
                                   Klitzner
                                   Name: Martin P. Klitzner
                                   Its: President