EXHIBIT 10.21

                              MANAGEMENT AGREEMENT

            THIS AGREEMENT, made as of the 9th day of October, 2007 among
MORGAN STANLEY SPECTRUM TECHNICAL L.P., a Delaware limited partnership (the
"Partnership"), DEMETER MANAGEMENT CORPORATION, a Delaware corporation (the
"General Partner"), and ROTELLA CAPITAL MANAGEMENT, INC., a Nevada corporation
(the "Trading Advisor").

                              W I T N E S S E T H:

            WHEREAS, the Partnership has been organized pursuant to the Amended
and Restated Limited Partnership Agreement dated as of April 2, 2007, as may be
amended from time to time, (the "Limited Partnership Agreement"), to trade, buy,
sell, spread, or otherwise acquire, hold, or dispose of commodities (which may
include foreign currencies, mortgage-backed securities, money market
instruments, financial instruments and any other securities or items which are
now, or may hereafter be, the subject of futures contract trading), domestic and
foreign commodity futures contracts, commodity forward contracts, foreign
exchange commitments, options on physical commodities and on futures contracts,
spot (cash) commodities and currencies, and 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 and to engage in all
activities incident thereto;

            WHEREAS, the Partnership is a member partnership of the Morgan
Stanley Spectrum Series (the "Fund Group") pursuant to which units of limited
partnership interest ("Units") of such member partnerships are sold to investors
in a common prospectus. Units of the Partnership are being offered pursuant to a
Registration Statement on Form S-1 (as it may be amended from time to time, the
"Registration Statement") filed under the Securities Act of 1933, as amended
(the "Securities Act"), and a final prospectus constituting a part thereof (as
it may be amended and supplemented from time to time) (the "Prospectus"). Such
Units can be exchanged by a limited partner of a member partnership of the Fund
Group for Units of other member partnerships of the Fund Group after it has been
a limited partner of a member partnership of the Fund Group for six months at
100% of the respective Net Asset Value (as defined in Section 7(d)(2) of the
Limited Partnership Agreement) thereof;

            WHEREAS, the principals of the Trading Advisor have extensive
experience trading in futures interests and the Trading Advisor is willing to
provide certain services and undertake certain obligations as set forth herein;

            WHEREAS, the Partnership and the General Partner each 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 portion
of the Partnership's Net Assets (as defined in Section 7(d)(1) of the Limited
Partnership Agreement) and the Trading Advisor desires so to act; and

            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 for the
Partnership;

            NOW THEREFORE, the parties hereto hereby agree as follows:

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

            (a) The Trading Advisor agrees with respect to the 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 (subject to the need, in the reasonable discretion of the Trading
Advisor, to preserve the confidentiality of 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/or client's investment strategies and vehicles to the extent not permitted
by agreements in place with such clients), and otherwise, as the General Partner
may reasonably require (x) to be made in the Partnership's Prospectus required
by Section 4.21 of the CFTC's Regulations, including any amendments or
supplements thereto, or (y) 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
Financial Industry Regulatory Authority (the "FINRA") or any other regulatory or
self-regulatory body, exchange, or board; and (ii) otherwise to cooperate with
the Partnership, the General Partner and Morgan Stanley & Co. Incorporated, an
affiliate of the General Partner and the selling agent for the Partnership
("MS&Co."), 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, FINRA, 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 Rule 3.1(a) of
the CFTC's Regulations and the term "affiliate" shall mean any 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 that 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 thereof
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.

            2. Duties of the Trading Advisor.

            (a) Upon the commencement of trading operations on or about December
1, 2007 by the Trading Advisor on behalf of the Partnership, 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 allocated portion of the Net Assets of the Partnership which
initially shall be traded pursuant to its Standard Leverage Program as described
in the Prospectus, and may be subsequently traded pursuant to such other of the
Trading Advisor's programs described in the Prospectus as agreed to by the
General Partner and the Trading Advisor (with such changes and additions to such
trading programs as the Trading Advisor, from time to time, incorporates into
its trading program(s) for accounts the size of the Partnership's),
(collectively, the "Trading Program") on the terms and conditions and in
accordance with the prohibitions and trading policies set forth in Exhibit A
hereto, the Prospectus, the Limited Partnership Agreement and 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, as
described in Exhibit A hereto, the Prospectus and the Limited Partnership
Agreement, and as otherwise provided in writing to the Trading Advisor, and with
applicable speculative position limits, (ii) to fund any distributions,
redemptions or reapportionments among other trading advisors, if any, 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 for the Partnership, the Trading
Advisor may not materially alter or change the Trading Program without the prior
written consent of the General Partner (and shall not effect such alteration or
change on behalf of the Partnership without the General Partner's consent), it
being understood that changes in the futures interests traded, provided that
such futures interests are listed on Exhibit B hereto or are otherwise approved
in writing by the General Partner (as set forth in Section 10(a)(iii) hereof),
shall not be deemed a material alteration in the Trading Program.

            (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 Exhibit
      A hereto, the Prospectus, the Limited Partnership Agreement and as
      otherwise provided in writing to the Trading Advisor. The Trading Advisor
      shall trade its allocated portion of the Partnership's Net Assets pursuant
      to the Trading Program.

                  (ii) Subject to reasonable assurances of confidentiality by
      the General Partner and the Partnership, provide the General Partner,
      within 30 days of a request therefor by the General Partner, with
      information comparing the performance of the Partnership's account and the
      performance, including composite information, of all other representative
      accounts, which includes the Rotella Polaris Fund, LLC and the Rotella
      Polaris Fund, Ltd. traded pursuant to the Trading Program and directed by
      the Trading Advisor using the Trading Program over a specified period of
      time ("Other Accounts"). In providing such information, the Trading
      Advisor may take such steps as are necessary to assure the confidentiality
      of the Trading Advisor's clients' or investors' identities. The Trading
      Advisor shall, upon the General Partner's request, consult with the
      General Partner concerning any material discrepancies between the
      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 becomes aware. The General
      Partner acknowledges that different trading programs, strategies or
      implementation methods, may be utilized for different accounts, accounts
      with different trading policies, accounts experiencing differing inflows
      or outflows of equity, accounts that commence trading at different times
      and accounts that have different portfolios or different fiscal years and
      that such differences may cause divergent trading results.

                  (iii) Upon the 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 material changes
      in control, personnel, or trading approach). 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
stockholders, directors, officers, or employees, or any other person, if any,
who controls the Trading Advisor within the meaning of the Securities Act. All
brokerage fees, including give-up fees at rates approved by MS&Co. 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) (i) Subject to Section 2(d)(ii) hereof, the Trading Advisor
shall not assume financial responsibility to the Partnership or to the General
Partner for any trading errors committed or caused by the Trading Advisor in
transmitting orders for the purchase or sale of futures interests for the
Partnership's account, including, but not limited to, trading errors involving
the inputting of trading signals improperly or the communication of orders for
execution incorrectly in accordance with the Trading Advisor's allocation
policy.

                  (ii) Notwithstanding Section 2(d)(i) hereof, the Trading
Advisor shall be liable to the Partnership for any errors resulting in a loss to
the Partnership's account that is directly caused by an act or omission of the
Trading Advisor or its employees, directors or officers which constitutes
willful misconduct or negligence or is the result of any such person not having
acted in good faith and in the reasonable belief that such acts or omissions
were in, or not opposed to, the best interests of the Partnership.

                  (iii) The Trading Advisor shall not be financially responsible
for errors committed or caused by MS&Co. or any other executing broker, floor
broker or futures commission merchant executing trades, or any clearing broker.
The Trading Advisor shall have an affirmative obligation promptly to notify the
General Partner of any error that the Trading Advisor believes, in good faith,
is subject to Section 2(d)(ii) hereof and the Trading Advisor shall use
commercially reasonable best efforts to identify and promptly notify the General
Partner of any order or trade that the Trading Advisor believes, in good faith,
was not executed by an executing broker in accordance with the Trading Advisor's
instructions in all material respects.

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

            3.    Designation of Additional or Replacement 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 or
replacement trading advisor or advisors for the Partnership and may apportion to
such additional or replacement 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 or replacement of
any trading advisor for the Partnership by the General Partner shall not require
any approval of any existing trading advisor (including the Trading Advisor).
Subject to Section 7(c) hereof, the designation and retention of an additional
or replacement trading advisor(s) and the apportionment of Net Assets to any
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 with respect
to the assets that remain under the management of the Trading Advisor. In the
event that an additional or replacement trading advisor(s) is so designated, 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 that portion of the Trading Profits (as defined in Section 6(c) hereof)
attributable to the trading done 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 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. The Partnership's
Net Assets allocated to the Trading Advisor for management hereunder shall be
"actual" funds (i.e., cash) and not "notional" funds. For purposes hereunder,
the term of "Net Assets" shall be deemed not to include any "notional" funds,
except as otherwise mutually agreed upon by the prior written consent of all of
the parties hereto.

            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 or the
General Partner. Nothing contained herein shall be deemed to require the Trading
Advisor, the Partnership or the General Partner 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 and any other trading advisor or advisors for the Partnership, the
General Partner, or other member partnership of the Fund Group or their trading
advisors as a member of any partnership, joint venture, association, syndicate
or other entity with the Partnership or the General Partner, or, except as
otherwise specifically provided in this Agreement, 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.

            5. Commodity Brokers.

            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, MS&Co. shall act as the commodity broker for the Partnership,
with the exception of trades on the London Metal Exchange which will be cleared
by Morgan Stanley & Co. International plc, an affiliate of the General Partner
("MSIL"). In addition, MS&Co. will act as the counterparty on all of the foreign
currency forward trades for the Partnership. The General Partner shall provide
the Trading Advisor with copies of brokerage statements. Notwithstanding that
MS&Co. and MSIL shall act as the commodity brokers for the Partnership, the
Trading Advisor may execute trades through commodity brokers other than those
employed by MS&Co. and MSIL so long as arrangements are made for such commodity
brokers to "give-up" or transfer the positions to MS&Co. or MSIL and provided
that the rates charged by such commodity brokers have been approved in writing
by MS&Co. Except as provided in Exhibit A hereto, the Trading Advisor will not
be responsible for paying give-up fees at rates approved by MS&Co.

            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 2% (a 2% annual rate) of the Partnership's Net
      Assets allocated to the Trading Advisor as of the opening of business on
      the first day of each calendar month, 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 20% of the "Trading
      Profits" (as defined in Section 6(c) hereof) experienced by the
      Partnership as of the end of each calendar month, payable on a non-netted
      basis vis a vis other trading advisor(s) of the Partnership.

            (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, 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 of the number of trading days in the month
that 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 "Trading Profits" shall mean net
futures interests trading profits (realized and unrealized) earned on the
portion of 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 "brokerage fees" as such term is described in the Prospectus and
any transaction fees and costs relating to the Trading Advisor's allocated Net
Assets, if any, not included in such 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 begins to receive trading advice from the Trading Advisor pursuant
to this Agreement to the end of the month as of which such incentive fee
calculation is being made. Extraordinary expenses of the Partnership, if any,
will not be deducted in determining Trading Profits. No incentive fee will be
paid on interest income earned by the Partnership.

            (d) 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 or additions or reallocations that 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 the 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 the Trading Advisor's allocated Net Assets are increased or
reduced in more than one such month because of redemptions or 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 interests 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.

            (e) The rate and calculation methodology of each of the management
fee and the incentive fee as described in Section 6 hereof may not be amended
except by the prior written consent of all of the parties hereto. For the
avoidance of doubt, the Partnership's Net Assets allocated to the Trading
Advisor for management hereunder shall be "actual" funds (i.e., cash) and not
"notional" funds. For purposes hereunder, the term of "Net Assets" shall be
deemed not to include any "notional" funds, except as otherwise mutually agreed
upon by the prior written consent of all of the parties hereto.

            7. Term.

            (a) This Agreement shall continue in effect until December 31, 2008
(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.

            (b) The Partnership and the General Partner each shall have the
right to terminate this Agreement at its discretion (i) at any month-end upon
five calendar days' prior written notice to the Trading Advisor or (ii) at any
time upon written notice to the Trading Advisor upon the occurrence of any of
the following events: (A) if any person described as a "principal" of the
Trading Advisor in the Prospectus ceases for any reason to be an active
"principal" of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt
or insolvent; (C) if the Trading Advisor is unable to use its Trading Program as
in effect on the date hereof and as refined and modified in the future for the
benefit of the Partnership; (D) 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; (E) 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 programs, systems or methods, or its goodwill, to any
individual or entity; (F) if the Net Assets allocated to the Trading Advisor as
of the date of this Agreement, 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
$10,000,000 as a result of any reallocation of the Partnership's Net Assets by
the General Partner; (G) if, at any time, the Trading Advisor violates any
trading or administrative policy described in the Prospectus or the Limited
Partnership Agreement or otherwise provided in writing to the Trading Advisor by
the General Partner, except with the prior express written consent of the
General Partner; or (H) if the Trading Advisor fails in a material manner to
perform any of its obligations under this Agreement.

            (c) 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
that the Trading Advisor does not agree to follow in its management of its
allocated 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 used by the Partnership and the 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 unrelated to those set
forth in Section 2 hereof and 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 the
Partnership will be materially adversely affected; (iv) the General Partner or
the Partnership merges or consolidates with, or sells or otherwise transfers its
business or all or a substantial portion of its assets, or its goodwill, to any
non-affiliated individual or non-affiliated entity; (v) the General Partner or
the Partnership materially breaches this Agreement and does not correct the
breach within 10 business days of receipt of a written notice of such breach
from the Trading Advisor; or (vi) the Partnership's Net Assets allocated to the
Trading Advisor fall below $10,000,000 at any time as a result of any
reallocation of the Partnership's Net Assets by the General Partner.

            (d) 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 its allocated portion
of the Partnership's Net Assets, none of the Trading Advisor or its controlling
persons, its affiliates, and their respective directors, officers, principals,
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, willful 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, principals, 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 Partnership's futures interests trading by the Trading Advisor, or
any of its controlling persons or affiliates or their respective directors,
officers, partners, principals, shareholders, or employees; 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 directors, officers,
partners, 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 of the
Trading Advisor herein, or the result of willful misconduct or negligence, or
conduct not done in good faith in the reasonable belief that it was in, or not
opposed to, the best interests of the Partnership.

            (c) The General Partner and the Partnership Indemnity in Respect of
Management Activities. The General Partner and the Partnership shall indemnify,
defend and hold harmless, jointly and severally, the Trading Advisor, its
controlling persons, their affiliates and their respective directors, officers,
principals, 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) (i)
relating to the futures interests trading activities of the Partnership
undertaken by the Trading Advisor, or (ii) relating to the misuse of
Confidential Information in breach of Section 11(a)(xi) or (xii) hereof by the
General Partner or the Partnership, which shall not include any of their
respective affiliates or agents or such affiliates' or agents' directors,
officers, principals, shareholders, employees or agents; 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 counsel
reasonably acceptable to both parties) to the effect that the action or omission
of such indemnified party that was the subject of the demand, claim, lawsuit,
action or proceeding did not constitute negligence, willful 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.

            (d) Trading Advisor Indemnity in Respect of Sale of Units. The
Trading Advisor shall indemnify, defend and hold harmless MS&Co., MSIL, the
Partnership, the General Partner, any selling agent, their controlling persons
and their affiliates and each of their respective directors, officers,
principals, managers, members, shareholders, employees and controlling persons
from and against any and all losses, claims, damages, liabilities, costs, and
expenses, 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 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
breach of the disclosure requirements under the CEAct or NFA Rules that relate
to the Trading Advisor and the Trading Advisor Principals (as defined below); or
(iii) 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 and any selling material, in
light of the circumstances under which they were made) not misleading, and such
statement or omission relates specifically to the Trading Advisor, or its
Trading Advisor Principals (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) The General Partner and the Partnership Indemnity in Respect of
Sale of Units. The General Partner and the Partnership shall indemnify, defend
and hold harmless, jointly and severally, the Trading Advisor and each of its
officers, directors, principals, partners, 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 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 the General Partner of any representation, warranty
or agreement in this Agreement or the failure by the Partnership or the 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 the selling material, in light of the
circumstances under which they were made) not misleading, provided that such
materially misleading or untrue statement or alleged materially misleading or
untrue statement or omission or alleged omission does not specifically relate to
the Trading Advisor or its Trading Advisor Principals (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 not 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), or does not result from 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
materially perform any covenant made in this Agreement.

            (f) 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.

            (g) 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 that 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 preceding 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 that 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,
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
clients and 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 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 Advisor or any of its principals or affiliates
by any act or omission knowingly or deliberately favor any account advised or
managed by the Trading Advisor or any of its principals or affiliates over the
account of the Partnership in any way or manner in the allocation of investment
opportunities, except as may be permissible under applicable law. The Trading
Advisor and its principals and affiliates agree 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 clients and investors and shall
be free to trade on the basis of the same Trading Program, systems, methods, or
strategies employed by the Trading Advisor for the account of the Partnership,
or trading programs, systems, methods, or strategies that 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 and its principals and affiliates 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 that 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 Program, 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 applicable) to the extent necessary to comply
with the applicable position limits.

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

            (a) Representations, Warranties, and Agreements 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 the
      Trading Program on behalf of the Partnership.

                  (ii) The Trading Advisor shall follow, at all times, the
      trading policies of the Partnership (as described in the Prospectus and
      the Limited Partnership Agreement and as set forth in Exhibit A hereto)
      and as amended in writing and furnished to the Trading Advisor from time
      to time.

                  (iii) The Trading Advisor shall trade: (A) its allocated
      portion of the Partnership's Net Assets pursuant to the Trading Program;
      (B) such futures interests as are set forth on Exhibit B hereto; and (C)
      only in futures and options contracts traded on U.S. contract markets,
      foreign currency forward contracts traded with MS&Co. (which may include
      forward contracts initially executed with financial institutions other
      than MS&Co) and such other futures interests that are approved in writing
      by the General Partner and have been approved by the CFTC for U.S.
      persons. With respect to this Section 10(a)(iii), the parties agree that
      the Trading Advisor is not obligated to trade all of the futures interests
      listed on Exhibit B hereto or otherwise subsequently approved in writing
      by the General Partner. The Trading Advisor shall not be responsible for
      monitoring or responding to (or advising the General Partner of) any
      margin calls or any other responsibilities with respect to the cash
      management of the Partnership's Net Assets or for trading in any
      instrument that is deemed to be a "security" so as to require registration
      as an "investment adviser" under the Investment Advisers Act of 1940, as
      amended, with the SEC.

                  (iv) The Trading Advisor is duly organized, validly existing
      and in good standing as a corporation under the laws of the jurisdiction
      of its incorporation and is qualified to do business as a foreign
      corporation and is 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 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 Program and
      other trading programs, approaches, and systems and Trading Advisor
      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, (i) the Registration Statement and Prospectus
      contain all statements and information required to be included therein
      under the CEAct, (ii) the Registration Statement 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 as of each
      monthly 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.

                  (vii) Each of the Trading Advisor and each Trading Advisor
      Principal has all federal and state governmental, regulatory and exchange
      licenses, registrations and approvals and has effected all filings 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 (or any other
      organizational documents) of the Trading Advisor or any other 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 after due inquiry, threatened, any action, suit or
      proceeding before or other court or by any 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 material adverse change in the
      condition, financial or otherwise, business or prospects of the Trading
      Advisor or which is required under the Securities Act or CEAct to be
      disclosed in the Prospectus. None of the Trading Advisor or any Trading
      Advisor Principal has received any notice of an investigation by the NFA,
      CFTC or other administrative agency or self-regulatory body (whether
      United States or foreign) regarding noncompliance by the Trading Advisor
      or any of the Trading Advisor Principals with the CEAct or any other law
      applicable to the commodity trading advisory services provided by the
      Trading Advisor, which shall not include routine and non-material
      regulatory and administrative audits, inspections, inquiries or requests.

                  (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) 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 complete and accurate in all material
      respects and is in accordance with and in compliance with the disclosure
      requirements under the CEAct and the Securities Act, 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 and
      the Trading Advisor Principals 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 the Trading Advisor
      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
      condition, financial or otherwise, business or prospects 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 to reasonably cooperate by
      providing information regarding itself and its performance in the
      preparation of any amendments or supplements to the Registration Statement
      and the Prospectus.

                  (iv) The Trading Advisor agrees to participate, to the extent
      that the General Partner may reasonably request, in "road shows" and other
      promotional activities relating to the marketing of the Units, provided
      that such participation shall not in the reasonable judgment of the
      Trading Advisor require the registration of the Trading Advisor or any of
      its principals or agents as a broker-dealer or salesman (or the
      equivalent) under the laws of any jurisdiction or interfere materially
      with the trading activities of the Trading Advisor. The Trading Advisor
      shall pay the costs of its reasonably requested participation in such road
      shows.

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

            (a) Representations of the General Partner and the Partnership. The
Partnership and the General Partner 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: (A) the CFTC under the CEAct; (B) the FINRA pursuant to its
      Conduct Rules; and (C) the NFA in accordance with NFA Compliance Rule
      2-13; and prior to any such filings, the Partnership has provided the
      Trading Advisor with a reasonable opportunity to review and comment on
      such Registration Statement. 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. The Partnership also has provided, or will
      provide, as applicable, the Trading Advisor with a copy of any and
      supplemental selling material, in any form, that refers to the Trading
      Advisor, together with a reasonable opportunity to review and comment
      thereon, in advance of its first use. The Partnership will not make any
      amendment or supplement to any such supplemental selling material 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 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.

                  (iii) 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.

                  (iv) 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.

                  (v) 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 first monthly
      closing following the date on which the Partnership begins to receive
      trading advice from the Trading Advisor pursuant to this Agreement (the
      "Initial Closing") and each monthly closing thereafter, 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 FINRA and the rules of
      the NFA and the CEAct. The Registration Statement as of its effective date
      and as of the date of each monthly closing 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 each monthly
      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 CEAct and the regulations and rules of the NFA and
      FINRA. The representation and warranties in this clause (v) shall not,
      however, apply to any statement or omission in the Registration Statement,
      Prospectus or supplemental selling material relating to the Trading
      Advisor, or its Trading Advisor Principals or its trading programs or its
      performance information or made in reliance upon and in conformity with
      information furnished by the Trading Advisor.

                  (vi) 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.

                  (vii) 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.

                  (viii) 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 or bylaws, the
      Certificate of Limited Partnership, 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.

                  (ix) The General Partner and each principal of the General
      Partner, as defined in Rule 3.1 under the CEAct, (each, a "General Partner
      Principal") have all federal and state governmental, regulatory and
      exchange approvals and licenses, and have effected all filings and
      registrations with federal and state governmental agencies and regulatory
      agencies required to conduct their business and to act as described in the
      Registration Statement and the Prospectus or required to perform their
      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
      Prospectus are all of the General Partner Principals.

                  (x) The Partnership is a "qualified eligible person" for the
      purposes of Rule 4.7 under the CEAct. The Partnership and the General
      Partner consent to the account being treated by the Trading Advisor as an
      exempt account under Rule 4.7 under the CEAct, and that accordingly, the
      Partnership and the General Partner will not receive a CFTC compliant
      commodity trading advisor disclosure document from the Trading Advisor.

                  (xi) The General Partner and the Partnership agree to maintain
      in confidence any materials (a) belonging to or information about the
      Trading Advisor marked as confidential or considered confidential by the
      Trading Advisor and (b) as provided by the Trading Advisor to the General
      Partner and the Partnership ("Confidential Information"), including but
      not limited to, trading methods or models, statements received from
      brokers or any other records of trading results or positions (historical
      or current), or, which it concurrently, hereafter or previously obtains
      pursuant to or in connection with this Agreement, except as otherwise
      agreed with the Trading Advisor. Confidential Information shall not
      include any information provided by the Trading Advisor to any affiliate
      or any agent of the General Partner or the Partnership or any such
      affiliate's or agent's directors, officers, principals, shareholders,
      employees or agents and any misuse of Confidential Information in breach
      of this Section 11(a)(xi) and Section 11(a)(xii) hereof shall not include
      any misuse or breach by any affiliate or any agent of the General Partner
      or the Partnership or any such affiliate's or agent's directors, officers,
      principals, shareholders, employees or agents. The General Partner and the
      Partnership each agree that they will not use any Confidential Information
      for any purpose not in connection with this Agreement. The General Partner
      and the Partnership each acknowledge that the trading advisory services
      provided by the Trading Advisor involve the use of proprietary
      information, including but not limited to, trading methods or models,
      systems, algorithms, research, strategies, risk management techniques and
      procedures, and trading orders placed and trading fills received, trading
      results, and current and historical trading positions. The General Partner
      and Partnership each shall not copy, license, misuse, misappropriate or
      reverse engineer or otherwise appropriate or make use of in any manner any
      of the Confidential Information or proprietary information of the Trading
      Advisor, including trading results or current and historical trading
      positions, previously or currently used by the Trading Advisor in the
      conduct of its business. The General Partner and Partnership agree that
      they may not use any Confidential Information in the formulation or
      computation of any index aiming at being a replication of "commodity pool"
      returns they may create, sponsor or manage. The General Partner and
      Partnership may disseminate Confidential Information without the consent
      of the Trading Advisor, to the extent (a) required by law, legal process
      or regulation (including any of those applicable to the Partnership), or
      (b) requested by a governmental or regulatory authority, or (c) necessary
      to conduct the Partnership's business.

                  (xii) The General Partner and the Partnership each acknowledge
      and agree that overall market sector positioning data relating to the
      trading executed by the Trading Advisor is the most specific level of
      trading, position and exposure transparency that the General Partner
      and/or the Partnership are permitted to disclose to investors or
      prospective investors, without the express prior written approval of the
      Trading Advisor. The Trading Advisor acknowledges and agrees that the
      General Partner and the Partnership may: (a) disclose to investors
      specific futures interests held by the Partnership on an aggregate basis
      without separately breaking out specific futures interests positions or
      groups of positions taken by the Trading Advisor on an individual basis;
      and (b) subject to Section 11(a)(xi) hereof, prepare and use any materials
      for internal meetings and presentations with the General Partner and its
      officers, directors and employees disclosing specific futures interests
      traded by the Trading Advisor or any other trading and performance
      information relating to the Trading Advisor.

                  (xiii) The representations, warranties and covenants set forth
      in Section 11 (a) (xi) and(xii) hereof shall survive any termination of
      this Agreement.

            (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 lawsuit, 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 or
      prospects 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 material breach of this Agreement by the
      General Partner.

                  (iii) The General Partner will cause the Partnership to
      furnish to the Trading Advisor copies of the Registration Statement, the
      Prospectus, any supplemental selling material that refers to the Trading
      Advisor, all amendments and supplements thereto, and any other documents
      relating to the Partnership or its activities as may reasonably be
      requested by the Trading Advisor, 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.

            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 prior written consent of the other parties hereto.

            15. Amendment.

            This  Agreement  may not be  amended  except by the prior  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 Initial Closing, and at any
monthly closing thereafter at the reasonable request of the General Partner
(except with respect to the information required by Section 17(a)(iii) hereof,
which shall be provided at any such monthly closing), provide the following:

                  (i) To MS&Co., the General Partner and the Partnership a
      certificate, dated the date of any such closing and in form and substance
      reasonably 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 in all material
            respects on and as of the date of the closing, as if made on the
            date of the closing.

                  (B) The Trading Advisor has performed in all material respects
            all of its obligations and satisfied in all material respects 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 MS&Co., the General Partner and the Partnership an
      opinion of counsel to the Trading Advisor in form and substance
      satisfactory to such parties, to the following effect, or as otherwise
      agreed to by the parties hereto:

                  (A) The Trading Advisor is a corporation duly organized and
            validly existing under the laws of the jurisdiction of its
            incorporation and is qualified to 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 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, self-regulatory and
            commodity exchange and clearing association licenses, registrations,
            and memberships required by law, and the Trading Advisor (including
            the Trading Advisor Principals) has made all filings 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 licenses, 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
            legal, valid and binding agreement of the Trading Advisor,
            enforceable against the Trading Advisor in accordance with its
            terms, subject to applicable bankruptcy, insolvency, fraudulent
            conveyance, reorganization, moratorium, receivership or other laws
            relating to or affecting creditors' rights generally, and to general
            principles of equity (regardless of whether enforcement is sought in
            a proceeding at law or in equity), and except that the enforcement
            of rights with respect to indemnification and contribution
            obligations and provisions may be limited by applicable law or
            considerations of public policy.

                  (D) 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 by the Trading Advisor of this
            Agreement, and the performance by the Trading Advisor of its
            obligations hereunder and in the Prospectus (a) will not require any
            governmental approval to be obtained on the part of the Trading
            Advisor, except those that have been obtained and, to such counsel's
            knowledge, are in effect, (b) will not result in a violation of any
            provision of the Trading Advisor's organizational documents or any
            applicable laws applicable to the Trading Advisor, and (c) will not
            breach or result in a violation of, or default under, (i) any
            indenture, mortgage, deed of trust, agreement or instrument known to
            such counsel to which the Trading Advisor or any of its subsidiaries
            is a party or by which the Trading Advisor or any of its
            subsidiaries is bound or to which any of the property or assets of
            the Trading Advisor or any of its subsidiaries is subject, or (ii)
            any judgment, decree or order known to such counsel that is
            applicable to the Trading Advisor and, pursuant to any applicable
            laws, is issued by any governmental authority having jurisdiction
            over the Trading Advisor or its properties.

                  (F) Based upon reliance of certain SEC "no-action" letters, as
            of the closing, 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.

            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 MS&Co., the General Partner and the Partnership, a
      report dated the date of the closing that 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, and that shall certify that such
      information is, to the best of such Trading Advisor's knowledge, accurate
      in all material respects.

            (b) The General Partner shall, at the Initial Closing, and at any
monthly closing thereafter upon the reasonable request of the Trading Advisor,
provide the following:

                  (i) To the Trading Advisor a certificate, dated the date of
      such closing 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 suspending the use
            of the Prospectus has been issued by the SEC, FINRA, 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 LLP, 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 validly existing
            and in good standing under the laws of the State of Delaware with
            limited partnership power to enter into and perform its obligations
            under this Agreement; the Partnership has received a certificate
            from the New York Secretary of State certifying that the Partnership
            filed an application for authority pursuant to Section 121-902 of
            the New York Revised Limited Partnership Act and that, so far as
            shown by the records of the New York Department of State, the
            Partnership is authorized to do business under the laws of the State
            of New York.

                  (B) The General Partner is a corporation validly existing and
            in good standing as a corporation under the laws of the State of
            Delaware with corporate power to conduct its business as described
            in the Prospectus and to perform its obligations under this
            Agreement. The General Partner is duly qualified as a foreign
            corporation to do business in the State of New York. To such
            counsel's knowledge, the General Partner does not conduct business
            in any jurisdiction other than the State of New York.

                  (C) The General Partner, each of its principals as defined in
            Rule 3.1 under the CEAct, and the Partnership have all federal and
            New York 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 and to conduct their business
            as described in the Prospectus, except for such licenses,
            memberships, filings, and registrations, the absence of which,
            either individually or in the aggregate, would not be reasonably
            likely to have a material adverse effect on the ability of the
            Partnership or the General Partner to conduct their business as
            described in the Prospectus, or to perform their obligations under
            this Agreement, and, to 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 legal, valid and binding agreement of the General
            Partner and the Partnership, enforceable against the General Partner
            and the Partnership, in accordance with its terms, subject to
            applicable bankruptcy, insolvency, fraudulent conveyance,
            reorganization, moratorium, receivership or other laws relating to
            or affecting creditors' rights generally, and to general principles
            of equity (regardless of whether enforcement is sought in a
            proceeding at law or in equity), and except that the enforcement of
            rights with respect to indemnification and contribution obligations
            and provisions relating to submission to jurisdiction, venue or
            service of process, may be limited by applicable law or
            considerations of public policy.

                  (E) The execution and delivery by each of the General Partner
            and the Partnership of this Agreement and the performance by each of
            the General Partner and the Partnership of its respective
            obligations hereunder and in the Prospectus (a) do not require any
            Governmental Approval to be obtained on the part of the General
            Partner or the Partnership, except those that have been obtained
            and, to such counsel's knowledge, are in effect, (b) do not result
            in a violation of any provision of the General Partner's certificate
            of incorporation or bylaws, the Certificate of Limited Partnership
            or the Limited Partnership Agreement of the Partnership or any
            Applicable Laws applicable to the General Partner and the
            Partnership, and (c) do not breach or result in a violation of, or
            default under, (i) any of the agreements listed on the Registration
            Statement which are known to such counsel's knowledge to be
            effective, or (ii) any judgment, decree or order known to such
            counsel which is applicable to the General Partner or the
            Partnership and, pursuant to any Applicable Laws, is issued by any
            Governmental Authority having jurisdiction over it or its
            properties. "Applicable Laws" means those laws, rules and
            regulations of the State of New York and of the United States of
            America which, in such counsel's experience, are normally applicable
            to transactions of the type contemplated by this Agreement.
            "Governmental Authorities" means executive, legislative, judicial,
            administrative or regulatory bodies of the State of New York or the
            United States of America. "Government Approval" means any consent,
            approval, license, authorization or validation of, or filing,
            recording or registration with any Governmental Authority pursuant
            to Applicable Laws.

                  (F) Based upon reliance on certain SEC "no-action" letters, as
            of the closing, the performance by the Partnership 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.

                  (G) Nothing has come to such counsel's attention that would
            lead them to believe that the Registration Statement, as of its
            effective date, contained an 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, as of the date of such counsel's opinion, contains any
            untrue statement of a material fact or omits to state any material
            fact necessary in order to make the statements therein, in light of
            the circumstances under which they were made, not misleading; it
            being understood that Cadwalader, Wickersham & Taft LLP express no
            view as to the adequacy and accuracy of (a) information in the
            Registration Statement or the Prospectus regarding any trading
            advisor to the Partnership or its principals, (b) any financial,
            numerical, statistical or computational information included in or
            omitted from the Registration Statement or Prospectus, or (c) as to
            the performance data and notes or descriptions thereto set forth in
            the Registration Statement and Prospectus.

            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.

            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 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 Document.

            During the term of this Agreement, upon the reasonable request of
the General Partner, the Trading Advisor shall furnish to the General Partner
promptly copies of all disclosure documents, information documents, offering
memoranda or similar documents used by the Trading Advisor. The General Partner
hereby acknowledges on behalf of the Partnership receipt of the Confidential
Information Memorandum dated April 2007 of the Rotella Polaris Fund, LLC.

            20. Notices.

            All notices required to be delivered under this Agreement shall be
in writing and shall be effective when delivered personally or by telecopy 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 Spectrum Technical L.P.
                  c/o Demeter Management Corporation
                  522 Fifth Avenue, 13th Floor
                  New York, New York  10036
                  Attn:  Walter Davis, President

            if to the General Partner:

            Demeter Management Corporation
                  522 Fifth Avenue, 13th Floor
                  New York, New York  10036
                  Attn:  Walter Davis, President

            if to the Trading Advisor:

            Rotella Capital Management, Inc.
                  5300 Carillon Point
                  Kirkland, Washington 98033
                  Attn:  Joseph D. Kelly

            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.

            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. 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.

            24. Successors.

            This Agreement, including the representations, warranties and
covenants contained herein shall be binding upon and inure to the benefit of the
parties hereto, their successors and permitted assigns, and no other person
shall have any right or obligation under this Agreement.

            25. Waiver of Breach.

            The waiver by any party of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any subsequent breach
or of a breach by any other party. The failure of a party to insist upon strict
adherence to any provision of the Agreement shall not constitute a waiver or
thereafter deprive such party of the right to insist upon strict adherence.

            26. Counterparts.

            This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute the
same agreement.

<PAGE>

            PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING
COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS
BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN FILED WITH
THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE
MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF
COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES
TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS
BROCHURE OR ACCOUNT DOCUMENT.

            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 SPECTRUM TECHNICAL L.P.
                                          by Demeter Management Corporation,
                                          General Partner



                                       By /s/ Walter Davis
                                          ------------------------------------



                                       DEMETER MANAGEMENT CORPORATION



                                       By /s/ Walter Davis
                                          ------------------------------------
                                          Name:  Walter Davis
                                          Title: President



                                       ROTELLA CAPITAL MANAGEMENT, INC.



                                       By /s/ Rosemarie Rotella
                                          ------------------------------------
                                          Name:  Rosemarie Rotella
                                          Title: President