EXHIBIT 10.19

                              MANAGEMENT AGREEMENT

            THIS AGREEMENT, made as of the 9th day of October, 2007 among
MORGAN STANLEY SPECTRUM SELECT L.P., a Delaware limited partnership (the
"Partnership"), DEMETER MANAGEMENT CORPORATION, a Delaware corporation (the
"General Partner"), and ALTIS PARTNERS (JERSEY) LIMITED, an entity formed in
Jersey (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 the services and undertake the 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 secrecy of Proprietary Information (as defined in
Section 1(c) hereof) concerning such programs, systems, methods, and
strategies), any client accounts over which it has discretionary trading
authority (other than the names of or identifying information with respect to
any 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 National Association of Securities
Dealers, Inc. (the "NASD") 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, NASD, and with appropriate governmental authorities as part of making
application for registration of the Units under the securities or Blue Sky laws
of such jurisdictions as the Partnership may deem appropriate. As used herein,
the term "principal" shall have the meaning as defined in 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.

            (d) For purposes of this Agreement, and notwithstanding any of the
provisions hereof, all non-public information relating to the Trading Advisor
including, but not limited to, records, whether original, duplicated,
computerized, handwritten, or in any other form, and information contained
therein, business and/or marketing and/or sales plans and proposals, names of
past and current clients, names of past, current and prospective contacts,
trading methodologies, systems, strategies and programs, trading advice, trading
instructions, results of proprietary accounts, training materials, research data
bases, portfolios, and computer software, and all written and oral information,
furnished by the Trading Advisor to the Partnership, the General Partner and/or
their officers, directors, employees, agents (including, but not limited to,
attorneys, accountants, consultants, and financial advisors) or controlling
persons (each a "Recipient"), regardless of the manner in which it is furnished,
together with any analysis, compilations, studies or other documents or records
which are prepared by a Recipient of such information and which contain or are
generated from such information, regardless of whether explicitly identified as
confidential, with the exception of information which (i) is or becomes
generally available to the public other than as a result of acts by the
Recipient in violation of this Agreement, (ii) is in the possession of the
Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or
becomes available to the Recipient from a source that is not bound by a
confidentiality agreement with regard to such information or by any other legal
obligation of confidentiality prohibiting such disclosure, or (iv) that is
independently developed by the Recipient without use of the confidential
information described in this Section 1(d), are and shall be confidential
information and/or trade secrets and the exclusive property of the Trading
Advisor ("Confidential Information" and/or "Proprietary Information").

            (e) The Partnership and the General Partner each warrants and agrees
that they and their respective officers, directors, employees and agents
(including for purposes of this Agreement, but not limited to, attorneys,
accountants, consultants, and financial advisors) will protect and preserve the
Confidential Information and will disclose Confidential Information or otherwise
make Confidential Information available only to the Partnership's or the General
Partner's officers, directors, employees and agents (including for purposes of
this Agreement, but not limited to, attorneys, accountants, consultants, and
financial advisors), who need to know the Confidential Information (or any part
of it) for the purpose of satisfying their fiduciary, legal, reporting, filing
or other obligations hereunder or to monitor performance in the account during
the term of this Agreement or thereafter, or to the Partnership, General Partner
or a Recipient, as the case may be, is required to disclose such Confidential
Information due to a fiduciary obligation or legal or regulatory request.
Additionally, the Partnership and the General Partner each warrants and agrees
that it and any Recipient will use the Confidential Information solely for the
purpose of satisfying the Partnership's or the General Partner's obligations
under this Agreement and not in a manner which violates the terms of this
Agreement.

            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 Global Futures Portfolio, 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 without notice to
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 two business 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., except to the extent that such
consequences result from a material breach of this Agreement by the Trading
Advisor or the Trading Advisor fails to comply with the General Partner's
decision to override an instruction. In performing services for the Partnership,
the Trading Advisor shall give the General Partner prior written notice of any
change in the Trading Program that the Trading Advisor considers material (and
shall not effect such 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 an 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 45 days of the end of a calendar quarter, and within 45 days of a
      separate request which the General Partner may make from time to time,
      with information comparing the performance of the Partnership's account
      and the performance of the Trading Advisor's fund and the composite
      performance as 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' identities.
      The Trading Advisor shall, upon the General Partner's request, consult
      with the General Partner concerning any 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 is aware. The General Partner
      acknowledges that the following differences in accounts may cause
      divergent results: different trading programs, strategies, implementation
      methods, degrees of leverage, or different trading policies, accounts
      experiencing differing inflows or outflows of equity, different risk
      profiles, accounts that commence trading at different times and accounts
      that have different portfolios or different fiscal years.

                  (iii) 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.

                  (iv) 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 information concerning
      the Trading Advisor and its activities reasonably requested by the General
      Partner (including, without limitation, information relating to changes in
      control, key personnel, trading approach, or financial condition). The
      General Partner acknowledges that all trading instructions made by the
      Trading Advisor will be held in confidence by the General Partner except
      to the extent necessary to conduct the business of the Partnership or as
      required by law.

            (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 affiliates
or each of their principals, 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) Subject to Section 8(a) hereof, the Trading Advisor shall assume
financial responsibility for any errors committed or caused by it in
transmitting orders for the purchase or sale of futures interests for the
Partnership's account, including, but not limited to, payment of the
commissions, exchange and NFA fees, and other transaction charges and give-up
charges incurred on such trades. The Trading Advisor's errors shall include, but
not be limited to, inputting improper trading signals or communicating incorrect
orders to the commodity brokers, as described in Section 5. The Trading Advisor
shall not be responsible for errors committed or caused by MS&Co. or any other
floor broker or futures commission merchant executing trades. The Trading
Advisor shall have an affirmative obligation promptly to notify the General
Partner upon discovery of its own errors with respect to the account, and the
Trading Advisor shall use its best efforts to identify and promptly notify the
General Partner of any order or trade that the Trading Advisor reasonably
believes was not executed in accordance with its instructions to the commodity
brokers.

            (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.

            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
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 floor brokers other than those
employed by MS&Co. and MSIL so long as arrangements are made for such floor
brokers to "give-up" or transfer the positions to MS&Co. or MSIL and provided
that the rates charged by such floor 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 1.75% (a 1.75% 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 and any transaction fees and costs relating to the
Trading Advisor's allocated Net Assets, if any, not included in the brokerage
fees; with such trading profits and items of decrease determined from the end of
the last calendar month in which an incentive fee was earned by the Trading
Advisor or, if no incentive fee has been earned previously by the Trading
Advisor, from the date that the Partnership 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.

            7. Term.

                  (a) This Agreement shall continue in effect for a period of
      one year from the date the Agreement was entered into unless otherwise
      terminated as set forth in this Section 7. The Trading Advisor may
      terminate this Agreement at the end of such one-year period by providing
      prior written notice of termination to the Partnership at least sixty days
      prior to the expiration of such one-year period. If the Agreement is not
      terminated upon the expiration of such one-year period, 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. This Agreement shall
      automatically terminate if the Partnership is dissolved.

                  (b) The Partnership and the General Partner each shall have
      the right to terminate this Agreement in its discretion (i) at any
      month-end upon five days' prior written notice to the Trading Advisor or
      (ii) at any time upon prior 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, trading systems or methods as in
      effect on the date hereof and as 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 $5,000,000 at any time; (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; (H) if the Trading Advisor fails in a
      material manner to perform any of its obligations under this Agreement; or
      (I) if the Trading Advisor merges, consolidates or sells a substantial
      portion of its assets pursuant to Section 12 of this Agreement.

                  (c) The Trading Advisor may terminate this Agreement at any
      time, upon thirty days' prior written notice to the Partnership and the
      General Partner, in the event: (i) that the General Partner imposes
      additional trading limitation(s) 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 materially breaches
      this Agreement and does not correct the breach within ten days of receipt
      of a written notice of such breach from the Trading Advisor; (v) the
      Partnership's Net Assets allocated to the Trading Advisor fall below
      $5,000,000 at any time; (vi) the Partnership becomes bankrupt or
      insolvent; or (vii) the registration of the General Partner with the CFTC
      as a commodity pool operator or its membership in the NFA is revoked,
      suspended, terminated or not renewed, or limited or qualified in any
      respect. If the General Partner or Partnership merges, consolidates or
      sells a substantial portion of its assets pursuant to Section 12 of this
      Agreement, the Trading Advisor may terminate this Agreement upon prior
      written notice to the General Partner and the Partnership.

                  (d) Except as otherwise provided in this Agreement, any
      termination of this Agreement in accordance with this Section 7 shall be
      without penalty or liability to any party on account of such termination.

                  (e) 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, the Trading Advisor shall not be
      liable to the Partnership or the General Partner or their partners,
      directors, officers, principals, managers, members, shareholders,
      employees, controlling persons or successors and assigns except that the
      Trading Advisor shall be liable for acts or omissions that constitute a
      breach of this Agreement or a representation, warranty or covenant herein,
      misconduct or negligence, or are the result of the Trading Advisor 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, managers,
      members, shareholders, employees and controlling persons from and against
      any and all losses, claims, damages, liabilities (joint and several),
      costs, and expenses (including any reasonable investigatory, legal,
      accounting and other expenses incurred in connection with, and any amounts
      paid in, any litigation or other proceeding or any settlement; provided
      that, solely in the case of a settlement, the Trading Advisor shall have
      approved such settlement) resulting from a demand, claim, lawsuit, action
      or proceeding (other than those incurred as a result of claims brought by
      or in the right of an indemnified party) relating to this Agreement
      (except as covered by paragraph (d) below); provided that a court of
      competent jurisdiction upon entry of a final judgment finds (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 the effect that the action or inaction of
      such indemnified party that was the subject of the demand, claim, lawsuit,
      action, or proceeding did not constitute negligence, misconduct, or a
      breach of this Agreement or a representation, warranty or covenant of the
      Partnership or the General Partner, their controlling persons, their
      affiliates and their respective directors, officers, shareholders,
      employees, and controlling persons and was done in good faith.

                  (c) Partnership Indemnity in Respect of Management Activities.
      The Partnership shall indemnify, defend and hold harmless the Trading
      Advisor, its controlling persons, their affiliates and their respective
      directors, officers, principals, managers, members, shareholders,
      employees and controlling persons, from and against any and all losses,
      claims, damages, liabilities (joint and several), costs and expenses
      (including any reasonable investigatory, legal, accounting and other
      expenses incurred in connection with, and any amounts paid in, any
      litigation or other proceeding or any settlement; provided that, solely in
      the case of a settlement, the Partnership shall have approved such
      settlement) resulting from a demand, claim, lawsuit, action or proceeding
      (other than those incurred as a result of claims brought by or in the
      right of an indemnified party) relating to this Agreement (except as
      covered by paragraph (e) below); provided that a court of competent
      jurisdiction upon entry of a final judgment finds (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 the effect that the action or inaction of such
      indemnified party that was the subject of the demand, claim, lawsuit,
      action or proceeding did not constitute negligence, misconduct, or a
      breach of this Agreement or a representation, warranty or covenant of the
      Trading Advisor, its controlling persons, its affiliates and directors,
      officers, shareholders, employees, and controlling persons and was done in
      good faith.

                  (d) Trading Advisor Indemnity in Respect of Sale of Units. The
      Trading Advisor shall indemnify, defend and hold harmless the Partnership,
      the General Partner, MS&Co., MSIL, any selling agent, their controlling
      persons and their affiliates and 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, accounting and other expenses incurred in connection
      with, and any amounts paid in, any litigation or other proceeding or any
      settlement; provided that, solely in the case of a settlement, 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 losses, claims, damages, liabilities, costs, or expenses
      (or action in respect thereof) arise out of, or are based upon: (i) a
      breach by the Trading Advisor of any applicable laws or regulations or any
      representation, warranty, or agreement in this Agreement; (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 written and/or oral information
      provided to the General Partner for inclusion 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) Partnership Indemnity in Respect of Sale of Units. The
      Partnership shall indemnify, defend and hold harmless the Trading Advisor,
      its controlling persons, their affiliates and their respective directors,
      officers, principals, managers, members, shareholders, employees 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, accounting and other expenses
      incurred in connection with, and any amounts paid in, any litigation or
      other proceeding or any settlement; provided that, solely in the case of a
      settlement, the Partnership shall have approved such settlement, and in
      connection with any administrative proceedings), in respect of the offer
      or sale of Units, unless 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 applicable laws or regulations
      or any representation, warranty, or agreement in this Agreement; (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 written and/or
      oral information provided to the General Partner for inclusion 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).

                  (f) Subject to Section 8(a) hereof, 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
(provided the indemnified person is so entitled) 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 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 clients (including affiliates and stockholders, officers,
directors, and employees of the Trading Advisor and its affiliates and their
families) and trading for their own accounts. The Trading Advisor will use its
best efforts to implement a fair and consistent allocation policy that seeks to
ensure that all clients are treated equitably and positions allocated as nearly
as possible in proportion to the assets available for trading of the accounts
managed or controlled by the Trading Advisor. Upon written request, the General
Partner may request a copy of the Trading Advisor's procedures regarding the
equitable treatment of trades across accounts. Such procedures shall be provided
to the General Partner within 30 days of such request by the General Partner.
Except as otherwise set forth herein, 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. Under no
circumstances shall the Trading Advisor or any of its principals or affiliates
by any act or omission knowingly or intentionally 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. Nothing contained in this
Section 9(a) shall preclude the Trading Advisor from charging different
management and/or incentive fees to its clients. Subject to the Trading
Advisor's obligations under applicable law, the Trading Advisor or any of its
principals or affiliates shall be free to advise and manage accounts for other
clients and shall be free to trade on the basis of the same Trading Program,
trading systems, methods, or strategies employed by the Trading Advisor for the
account of the Partnership, or trading 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 intentionally prefer any of such accounts
over the account of the Partnership on an overall basis.

            (b) The Trading Advisor shall not be restricted as to the number or
nature of its clients, except that: (i) so long as the Trading Advisor acts as a
trading advisor for the Partnership, neither the Trading Advisor nor any of its
principals or affiliates shall knowingly hold 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 other applicable law, or any applicable
rule or regulation of the CFTC or any other regulatory or self-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 that 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 or
self-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, trading
systems, methods or strategies to accommodate the trading of additional funds or
accounts. If applicable speculative position limits are exceeded by the Trading
Advisor in the opinion of (i) independent counsel (who shall be other than
counsel to the Partnership), (ii) the CFTC, or (iii) any other regulatory or
self-regulatory body, exchange, or board, the Trading Advisor and its principals
and affiliates shall promptly liquidate positions in all of their accounts,
including the Partnership's account, as to which positions are attributed to the
Trading Advisor as nearly as possible in proportion to the accounts' respective
amounts available for trading (taking into account different degrees of leverage
and "notional" equity) to the extent necessary to comply with the applicable
position limits.

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

            (a) Representations, 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 implementing
      the Trading Program on behalf of the Partnership or any other trading
      programs agreed to by the General Partner and the Trading Advisor.

                  (ii) The Trading Advisor shall follow and comply with, 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.

                  (iv) The Trading Advisor is duly organized, validly existing
      and in good standing under the laws of the state of its organization 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 written and/or oral information provided to
      the General Partner for inclusion 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 written and/or oral information provided to the General
      Partner for inclusion 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) written and/or oral
      information provided to the General Partner for inclusion in 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.
      Except as otherwise disclosed, in writing and/or orally, to the General
      Partner and included in the Prospectus, the actual performance of each
      discretionary account directed by the Trading Advisor or any principal or
      affiliate of the Trading Advisor over the past five years and year-to-date
      is included in the written and/or oral information disclosed to the
      General Partner for inclusion in the Prospectus on either a composite or a
      stand alone basis. The information regarding the actual performance of
      such accounts has been calculated and presented in accordance with the
      descriptions therein and is complete and accurate in all material
      respects.

                  (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 the Trading Advisor
      Principals has all federal, state and foreign governmental, regulatory and
      exchange licenses, and approvals and has effected all filings and
      registrations with federal, state and foreign governmental and regulatory
      agencies required to conduct its 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 written and/or
      oral information is given to the General Partner for inclusion 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 written and/or oral information
      provided to the General Partner for inclusion in the Registration
      Statement or Prospectus there have not been 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 by any court or other
      governmental body or any administrative, self-regulatory or commodity
      exchange organization to which the Trading Advisor or any Trading Advisor
      Principal is or was a party, or to which any of the assets of the Trading
      Advisor or any Trading Advisor Principal is or was subject and which
      resulted in or might reasonably be expected to result in any 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 applicable law.

                  (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.

                  (xii) Participation by the Trading Advisor in accordance with
      the terms hereof and as described in the Registration Statement and
      Prospectus will not violate any provisions of the Investment Advisers Act
      of 1940, as amended.

                  (xiii) All of the information, in writing and/or orally,
      regarding the actual performance of the accounts of the Trading Advisor
      and the Trading Advisor Principals provided to the General Partner for
      inclusion 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.

                  (xiv) The foregoing representations and warranties shall be
      continuing during the term of this Agreement and if at any time any event
      shall occur which could make any of the foregoing representations or
      warranties inaccurate, the Trading Advisor shall promptly notify the
      General Partner and the Partnership of the nature of such event.

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

                  (i) The Trading Advisor shall 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 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
      promptly if the Trading Advisor or any Trading Advisor Principal 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 (or which may, with the passage of
      time, materially affect) the business of the Trading Advisor. The Trading
      Advisor shall also inform the General Partner immediately if the Trading
      Advisor or any of its officers becomes aware of any breach of this
      Agreement by the Trading Advisor.

                  (iii) The Trading Advisor agrees to cooperate by providing
      information to the General Partner 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 interfere
      materially with the trading activities of the Trading Advisor. The costs
      of participation in such road shows shall be mutually agreed upon, in
      writing and prior to such participation, by the General Partner and the
      Trading Advisor.

            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 NASD pursuant to its
      Conduct Rules; and (C) the NFA in accordance with NFA Compliance Rule
      2-13. The Partnership will not file any amendment to the Registration
      Statement or any amendment or supplement to the Prospectus unless the
      Trading Advisor has received reasonable prior notice of and a copy of such
      amendments or supplements and has not reasonably objected thereto in
      writing.

                  (ii) The 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 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 NASD. 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.

                  (xi) The foregoing representations and warranties shall be
      continuing during the term of this Agreement and if at any time any event
      shall occur which could make any of the foregoing representations or
      warranties inaccurate, the General Partner shall promptly notify the
      Trading Advisor of the nature of such event.

            (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 Partnership will furnish to the Trading Advisor
      copies of the Registration Statement, the Prospectus, and all amendments
      and supplements thereto, in each case as soon as available.

            12.   Merger or Transfer of Assets of General Partner, Partnership
                  or Trading Advisor.

            The General Partner, the Partnership, or the Trading Advisor may
merge or consolidate with, or sell or otherwise transfer its business, or all or
a substantial portion of its assets, to any entity upon written notice to the
other parties.

            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.

            Subject to Section 12 hereof, this Agreement may not be assigned,
transferred by operation of law, change in control or otherwise, by any party
hereto without the express written consent of the other parties hereto.

            15. Amendment.

            This Agreement may not be amended except by the written consent of
the parties hereto. No waiver of any provision of this Agreement shall be
implied from any course of dealings between the parties, from any failure by any
party to assert its rights hereunder or any occasion or series of occasions.

            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 the
request of the General Partner at any monthly closing thereafter, 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
      satisfactory to such parties, to the effect that:

                  (A) The representations and warranties by the Trading Advisor
            in this Agreement are true, accurate, and complete on and as of the
            date of the closing, as if made on the date of the closing.

                  (B) The Trading Advisor has performed all of its obligations
            and satisfied all of the conditions on its part to be performed or
            satisfied under this Agreement, at or prior to the date of such
            closing.

                  (ii) To MS&Co., the General Partner and the Partnership an
      opinion of counsel to the Trading Advisor in form and substance
      satisfactory to such parties, or as otherwise agreed to by the parties
      hereto, to the effect that:

                  (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, 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, NASD, CFTC, or NFA and
            no proceedings for that purpose have been instituted or are pending
            or, to the knowledge of the General Partner, are contemplated or
            threatened under the Securities Act or the CEAct.

                  (C) The Partnership and the General Partner have performed all
            of their obligations and satisfied all of the conditions on their
            part to be performed or satisfied under this Agreement at or prior
            to the date of the closing.

                  (ii) To the parties hereto, an opinion of Cadwalader,
      Wickersham & Taft 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, the Trading Advisor shall furnish
to the General Partner promptly copies of all disclosure documents or similar
documents used by the Trading Advisor. The General Partner hereby acknowledges
on behalf of the Partnership receipt of the Trading Advisor's disclosure
document dated January 2007, prepared in accordance with Rule 4.7 under the
CEAct (the "Disclosure Document").

            20. Notices.

            All notices required to be delivered under this Agreement shall be
in writing and shall be effective when delivered personally on the day
delivered, by facsimile on receipt confirmation, by email followed by delivery
of an original, or when given by registered or certified mail, postage prepaid,
return receipt requested, on the second business day following the day on which
it is so mailed, 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 Select 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:

            Altis Partners (Jersey) Limited
                  Charles House
                  Charles Street
                  St Helier Jersey
                  Channel Islands
                  Attn:  Natasha Reeve Watts

            21. Survival.

            All representations, warranties and covenants contained in this
Agreement shall be continuing during the term of this Agreement and the
provisions of this Agreement shall survive the termination of this Agreement
with respect to any matter arising while this Agreement was in effect. Each
party hereby agrees that as of the date of this Agreement it is, and during its
term shall be, in compliance with its representations, warranties and covenants
herein contained. In addition, if at any time any event occurs which would make
any of such representations, warranties or covenants not true, the affected
party will use its best efforts to promptly notify the other parties of such
fact.

            22. GOVERNING LAW.

            THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK. IF ANY ACTION OR PROCEEDING SHALL BE
BROUGHT BY A PARTY TO THIS AGREEMENT OR TO ENFORCE ANY RIGHT OR REMEDY UNDER
THIS AGREEMENT, EACH PARTY HERETO HEREBY CONSENTS AND WILL SUBMIT TO THE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING
IN THE COUNTY, CITY AND STATE OF NEW YORK. ANY ACTION OR PROCEEDING BROUGHT BY
ANY PARTY TO THIS AGREEMENT TO ENFORCE ANY RIGHT, ASSERT ANY CLAIM OR OBTAIN ANY
RELIEF WHATSOEVER IN CONNECTION WITH THIS AGREEMENT SHALL BE BROUGHT BY SUCH
PARTY EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT
SITTING IN THE COUNTY, CITY AND STATE OF NEW YORK.

            23. Remedies.

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

            24. Headings.

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

            25. 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.

            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 one
and the same instrument.

            27. 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.

<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 SELECT L.P.
                                          by Demeter Management Corporation,
                                          General Partner


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



                                       DEMETER MANAGEMENT CORPORATION


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



                                       ALTIS PARTNERS (JERSEY) LIMITED


                                       By /s/ Zbigniew Hermaszewski
                                          ------------------------------------
                                          Name:  Zbigniew Hermaszewski
                                          Title: Director