Document:

EX-10.3(a)

 EXHIBIT 10.3(a) 

ADVISORY AGREEMENT 

This advisory agreement (the “Agreement”), made as of April 30, 2007 among Morgan Stanley Managed Futures Transtrend II, LLC, a
Delaware limited liability company (the “Trading Company”), Demeter Management Corporation, a Delaware corporation (the “Trading Manager”), and Transtrend B.V., a Dutch limited liability company (the “Trading Advisor”).

 W I T N E S S E T H : 

WHEREAS, the Trading Company has been organized pursuant to a Certificate of Formation filed with Secretary of State of the State of
Delaware on March 26, 2007 (the “Certificate of Formation”) and an operating agreement (the “Operating Agreement”) to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread,
or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies and any other items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures
contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures
contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise (hereinafter referred to collectively as “futures interests;”) provided, however, such definition shall exclude
securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for
investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto; 
 WHEREAS,
the Trading Company is a commodity pool operated by the Trading Manager in which other commodity pool investment vehicles sponsored and/or managed by the Trading Manager and/or its Affiliates will invest (each such investment vehicle, a
“Member,” and collectively, the “Members”); 
 WHEREAS, the Trading Advisor is willing to provide the services
and undertake the obligations as set forth herein; 
 WHEREAS, the Trading Company and the Trading Manager each desires the Trading
Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures interests for the Trading Company and the Trading Advisor desires so to act; and 

 WHEREAS, the Trading Company, the Trading Manager and the Trading Advisor wish to enter
into this Agreement which, among other things, sets forth certain terms and conditions upon which the Trading Advisor will conduct the Trading Company’s futures interests trading. 

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 interests (“Units”) in the Members: (i) to make all
disclosures regarding itself and the Trading Advisor Principals (as defined in Section 9(a)(iv), below), its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading
Advisor, to preserve the secrecy of Confidential Information (as defined in Section 1(c) hereof) concerning such 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 Members may reasonably require (x) in connection with any Member’s offering materials (collectively, the “Offering Memoranda”) as required by Rule
4.21 of the regulations under the Commodity Exchange Act (the “CEAct”), including in connection with any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the
CFTC, the National Futures Association (the “NFA”) or any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned organizations); and
(ii) to otherwise cooperate with the Trading Company, the Trading Manager and the Members by providing information regarding the Trading Advisor in connection with the preparation of the Offering Memoranda, including any amendments or
supplements thereto, as part of making application for registration of the Units under the securities or blue sky laws of any jurisdictions, including foreign jurisdictions, as the Members may deem appropriate; provided that all such disclosures are
subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Confidential Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term
“principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “Affiliate” of a person shall mean an individual or entity that directly or indirectly controls, is controlled by, or is
under common control with, such person. 

  
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 (b) 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 Disclosure Document (as defined in Section 18 hereof), or of the occurrence of any event or change in circumstances which would
result in there being any materially untrue or misleading statement or omission in the Disclosure Document regarding itself or any of its principals or Affiliates, the Trading Advisor shall promptly notify the Trading Manager and shall cooperate
with the Trading Manager in the preparation of any necessary amendments or supplements to the Offering Memoranda. Neither the Trading Advisor nor any of the Trading Advisor Principals or any stockholders, officers, directors, or employees shall
distribute the Offering Memoranda 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 Trading Manager and agreed to by the
Trading Advisor. 
 (c) 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 and risk models, techniques and procedures, past, current or future trading or position data, price and research software and databases, 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 Trading Company, the Trading Manager, the Members and/or their respective officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (such
officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons of the Trading Company, the Trading Manager and the Members each are hereinafter referred to
as a “Recipient”), whether furnished before or after the date of this Agreement, and regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by
the Trading Company, the Trading Manager, a Member or a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential shall be confidential information and/or
trade secrets and the exclusive property of the Trading Advisor (“Confidential Information”). Notwithstanding the foregoing, information which (i) is or becomes generally available to the public other than as a result of acts by the
Trading Manager, the Trading Company, a Member or a Recipient in violation of this 

  
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Agreement, (ii) is in the possession of the Trading Manager, the Trading Company, a Member or a Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes
available to the Trading Manager, the Trading Company, a Member or a Recipient from a source that is not bound by a confidentiality agreement with regard to such information or by any other legal or fiduciary obligation of confidentiality
prohibiting such disclosure, or (iv) that is independently developed by the Trading Manager, the Trading Company, a Member or a Recipient without use of the Confidential Information described in this Section 1(c), shall not be considered
Confidential Information. 
 (d) The Trading Company and the Trading Manager each warrants and agrees that they and their respective
officers, directors, members, equity holders, 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
shall disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Trading Manager’s officers, directors, members, equity holders, 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 Trading Company, Trading Manager or a Recipient, as the case may be, or if required to disclose such Confidential Information
due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Trading Manager each warrants and agrees that it and any Member and Recipient will use the Confidential Information solely for the purpose of
satisfying the Trading Company’s or the Trading Manager’s obligations under this Agreement and not in a manner which violates the terms of this Agreement. For avoidance of doubt, the Trading Company and the Trading Manager each further
represents and warrants to, and agrees with the Trading Advisor, that it and any Member and any Recipient shall not in any manner or respect, directly or indirectly, (A) use any of such Confidential Information in trading for their own
accounts, any accounts of their Affiliates or any third party accounts, (B) sell, license or assign any of such Confidential Information, (C) use such Confidential Information to reverse engineer, attempt to reverse engineer or otherwise
seek to replicate the Trading Advisor’s trading in any manner or (D) otherwise use such Confidential Information for their personal gain in any other manner. 

(e) The provisions of Sections 1(c) and 1(d) shall survive the termination of this Agreement. 

  
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 2. Duties of the Trading Advisor. 

(a) Upon the commencement of trading operations on or about July 1, 2007, by the Trading Advisor on behalf of the Trading Company, the
Trading Advisor hereby agrees to act as the trading advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of the Trading Company’s assets, which shall consist of the
Trading Company’s Net Assets (as defined in Section 5(c) hereof) plus “notional” funds, if any, as specified in writing by the Trading Manager and consented to by the Trading Advisor (collectively, the “Assets”), on the
terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Trading Manager (the “Trading
Policies”); provided, however, that the Trading Manager may override the instructions of the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits,
(ii) to fund any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Trading Manager believes doing so is necessary for the protection of the Trading Company, (v) to terminate
the futures interests trading of the Trading Company by the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Trading Manager 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 Trading Manager to make the necessary amount of funds available to the Trading Company within two trading days of such request. The
Trading Advisor shall not be liable for the consequences of any decision by the Trading Manager to override instructions of the Trading Advisor, except, subject to Section 7(a), 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 Trading Manager’s decision to override an instruction. 

(b) The Trading Advisor shall: 

(i) Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance with the prohibitions
and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document, with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to
time, incorporates into its trading approach for accounts that are similar in size to the account of the Trading Company and traded pursuant to the Trading Program (as defined in Section 2(f)). 

  
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 (ii) Subject to assurances of confidentiality, provide the Trading Manager, within 45 days of the
end of a calendar quarter, and within 45 days of a separate request which the Trading Manager may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of all other client
accounts directed by the Trading Advisor using the Trading Program used by the Trading Advisor on behalf of the Trading Company (“Other Accounts”) over a specified period of time for the purpose of confirming that the Trading Company has
been treated equitably on an overall basis compared to such 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 Trading Manager’s request, consult with the Trading Manager concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The Trading Advisor shall
promptly inform the Trading Manager in writing of any material discrepancies of which the Trading Advisor is aware. The Trading Manager acknowledges that, among others, the following differences in accounts may cause divergent trading results:
different trading strategies, methods or degrees of leverage, different trading policies, differing account sizes, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different
times and accounts which have different portfolios or different fiscal years. The provisions of this Section 2(b)(ii) shall not apply to, and shall in no manner restrict, the Trading Advisor’s management of any accounts it currently
manages or may hereafter manage for current and/or former principals and/or Affiliates of the Trading Advisor under any circumstances; 

(iii) Subject to assurances of confidentiality, as provided for herein, inform the Trading Manager when the Trading Advisor’s open
positions maintained by the Trading Advisor exceed applicable speculative position limits; and 
 (iv) Upon request of the Trading Manager,
subject to assurances of confidentiality, as provided for herein, promptly provide the Trading Manager with all material information concerning the Trading Advisor reasonably requested by the Trading Manager (including, without limitation,
information relating to changes in control, key personnel or trading approach). Nothing contained in this Agreement shall require the Trading Advisor to disclose the details of its trading systems, programs or strategies. 

(c) All purchases and sales of futures interests pursuant to this Agreement 

  
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shall be for the account, and at the risk, of the Trading Company 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. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the
Trading Company. The Trading Advisor makes no representations as to whether such trading will produce profits or avoid losses. 
 (d) Subject
to Section 7(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 Trading Company’s account including
payment to the Commodity Brokers (as described in Section 4 hereof) of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the
amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Trading Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers.
However, the Trading Advisor shall not be responsible for errors committed or caused by the Commodity Brokers or by floor brokers or other futures commission merchants. The Trading Advisor shall have an affirmative obligation to promptly notify the
Trading Manager 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 Trading Manager of any order or trade which the Trading Advisor reasonably believes
was not executed in accordance with its instructions to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company. 

(e) Prior to the commencement of trading by the Trading Company, the Trading Manager, on behalf of the Trading Company, shall deliver to the
Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form of which is attached hereto as Exhibit B). 

(f) In performing services to the Trading Company, the Trading Advisor shall utilize its Enhanced Risk (USD) profile of its Diversified Trend
Program (the “Trading Program”), as described in the Disclosure Document, and as modified from time to time. The Trading Advisor shall give the Trading Manager prior written notice of any change in the Trading Program that the Trading
Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Trading Manager’s consent which consent shall be deemed to be given if the Trading Manager has not objected to this change within 5
days following the Trading Advisor’s having provided the Trading Manager with prior written notice 

  
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of such change), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C.. Changes in the futures interests traded, provided that such
futures interests are listed on Exhibit C., shall not be deemed a modification of the Trading Program. 
 3. Trading Advisor as an
Independent Contractor. 
 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 Trading Company or its Members in any way or otherwise be deemed an agent of the Trading Company or its Members. Nothing contained herein
shall be deemed to require the Trading Company to take any action contrary to the Operating Agreement or the Certificate of Formation of the Trading Company as from time to time in effect, or any applicable law or rule or regulation of any
regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor, the Trading Manager, the Trading Company or the Members, as members of any partnership, joint venture, association, syndicate or
other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, or issuer
with respect to the Trading Company or its Members, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units. 

4. Commodity Broker; FX Prime Broker. 

(a) The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate
account maintained with such commodity broker or brokers as the Trading Manager shall direct and appoint from time to time with the prior written consent of the Trading Advisor, which consent shall not be unreasonably withheld. Both Morgan
Stanley & Co., Incorporated (“MS & Co.”), Morgan Stanley & Co. International Limited (“MSIL”), and Morgan Stanley Capital Group Inc. (“MSCG” and collectively, the “Commodity
Brokers”) may act as the clearing commodity brokers for the Trading Company, and MS & Co. and its Affiliates may act as foreign exchange forward contract counterparty for the Trading Company. MSCG and its Affiliates may act as an
options on foreign exchange forward contract counterparty for the Trading Company. The Trading Manager shall provide the Trading Advisor with copies of brokerage statements. 

(b) Notwithstanding the foregoing, the Trading Advisor may execute trades 

  
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through floor brokers other than those employed by MS & Co. and its Affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers ̧
give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “executing brokers”) to “give-up” or transfer the positions to MS & Co. in conformity with the Trading Policies set forth
in Exhibit B attached hereto. The Trading Manager will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Trading Company’s account, such approval not to be unreasonably withheld or delayed. If an
executing broker is approved, the Trading Company will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker subject to the standard of liability set forth in Section 7(a). Irrespective of whether
executing brokers unaffiliated with MS& Co. receive the Trading Manager’s consent to execute trades on behalf of the Trading Company, all such trades will be “given-up” to be carried by MS & Co.. The Trading Advisor shall
have full authority to enter in its own name but for the account, benefit and risk of the Trading Company into any automated order routing agreement, if and when required by any executing broker, for executing orders through an automated order
routing system, to make the necessary representations and warranties set forth in such agreement and to negotiate the applicable automated order routing commissions, if any. The Trading Company, the Trading Manager and the Trading Advisor agree that
all orders, entered into pursuant to this Agreement and pursuant to any automated order routing agreement, are being entered into by the Trading Advisor as the Trading Company’s agent for the account, benefit and risk of the Trading Company.
The Trading Company agrees to assume all liabilities associated with the orders entered into using an automated order routing system and agrees, subject to the standard of liability set forth in Section 7(a) of this Agreement, that the Trading
Advisor shall have no liability for such transactions. 
 (c) Any “foreign exchange prime brokerage” arrangements which the Trading
Advisor may wish to establish for the Trading Company is hereby approved by the Trading Manager but is subject to approval by MS & Co.. The Trading Manager hereby so approves Deutsche Bank AG, London Branch, as foreign exchange prime broker
to effectuate the give-up of over-the-counter foreign exchange transactions to MS & Co. or such other clearing broker appointed by the Trading Company from time to time for the account, benefit and risk of the Trading Company, and the
applicable prime brokerage commissions to be negotiated by the Trading Advisor. The Trading Company, the Trading Manager and the Trading Advisor agree that all over-the-counter foreign exchange transactions entered into pursuant to this Agreement
are being entered into by the Trading Advisor as the Trading Company’s agent for the account, benefit and risk of the Trading Company, notwithstanding that such over-the-counter foreign exchange transactions are first being entered into by the
Trading Advisor, being treated as 

  
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principal by the foreign exchange prime broker and MS & Co.. The Trading Company agrees to assume all liabilities associated with the over-the-counter foreign exchange transactions and
the Trading Company and the Trading Manager agree, subject to the standard of liability set forth in Section 7(a) of this Agreement, that the Trading Advisor shall have no liability for such over-the-counter foreign exchange transactions. 

5. Fees. 
 (a) For the
services to be rendered to the Trading Company by the Trading Advisor under this Agreement: 
 (i) The Trading Company shall pay the Trading
Advisor a monthly management fee equal to 1/12th of 2% (a 2% annual rate) of the Assets (as defined in Section 2(a) hereof) as of the first day of each month (the “Management Fee”). The Management Fee is payable in arrears within 30
Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States; and 

(ii) The Trading Company shall pay the Trading Advisor an incentive fee equal to 20% of the “New Trading Profit” (as defined in
Section 5(d) hereof) in each capital account of the Members in the Trading Company (the “Capital Account”) that shall accrue monthly but is not payable until the end of each calendar quarter (the “Incentive Fee”). The
initial incentive period will commence on the date of the Trading Company’s initial closing for each Capital Account and shall end on the last day of the first calendar quarter after such initial closing occurs. The Incentive Fee is payable
within 30 Business Days of the end of the calendar quarter for which it was calculated. 
 (b) If this Agreement is terminated on a date
other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above
shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of calendar days in the month through the date of termination to the total number of calendar days in the month. If, during
any month after the Trading Company commences trading operations (including the month in which the Trading Company commences such operations), the Trading Company does not conduct business operations, or suspends trading for the account of the
Trading Company managed by the Trading Advisor, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise 

  
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unable to utilize the trading advice of the Trading Advisor on any of the calendar days of that month for any reason, the Management Fee shall be prorated based on the ratio of the number of
calendar days in the month which the Trading Company account managed by the Trading Advisor engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of calendar days in the month. The Management Fee
payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of calendar days in the month from the
day the Trading Company begins to receive such trading advice to the total number of calendar days in the month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor
shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month. 
 (c) The term “Net Assets”
shall mean the total assets of the Trading Company (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest
positions and other assets of the Trading Company) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally
accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded
by the Trading Company on the day with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange
on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such
day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a
forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Trading Manager on a basis consistently applied for each different variety of contract. 

(d) The term “New Trading Profit” shall mean net futures interest trading profits (realized and unrealized) on the Assets in each
Capital Account, decreased by such Capital Account’s pro-rata share of (1) by the Trading Advisor’s monthly management fees and (ii) the Trading Company’s brokerage commissions, transaction costs and administrative fees.

  
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Such trading profits and items of decrease shall be determined for each Capital Account from the end of the last calendar quarter in which an Incentive Fee was earned by the Trading Advisor or,
if no Incentive Fee has been earned previously by the Trading Advisor with respect to a Capital Account, from the date that the Trading Advisor commenced managing the Assets in the Capital Account to the end of the calendar quarter as of which such
Incentive Fee calculation is being made. Extraordinary expenses do not reduce New Trading Profit. Interest income is not included in New Trading Profit. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so
that the Trading Advisor does not have to earn back Incentive Fees. Accrued Incentive Fees shall be paid to the Trading Advisor on any New Trading Profits earned on those Assets withdrawn from a Capital Account due to redemptions at the end of any
month when such withdrawal of Assets is made as if such month-end is the end of the calendar quarter. 
 (e) If any payment of Incentive Fees
is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor for a Capital Account and the Trading Advisor thereafter fails to earn New Trading Profit for such Capital Account or experiences losses for any subsequent
incentive period the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor with respect to a
Capital Account until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets of a Capital Account are reduced because of redemptions that occur at the end of, and/or subsequent to, a calendar quarter
in which the Trading Advisor experiences a futures interest trading loss for such Capital Account, the trading loss that must be recovered by such Capital Account before the Trading Advisor will be deemed to experience New Trading Profit for such
Capital Account in a subsequent calendar quarter will be equal to the amount determined by (x) dividing the Assets of such Capital Account after such decrease by the Assets in such Capital Account immediately before such decrease and
(y) multiplying that fraction by the amount of the unrecovered futures interest trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss for a Capital Account in more than one calendar quarter
without the Trading Company paying an intervening Incentive Fee with respect to such Capital Account and the Assets for a Capital Account are reduced in more than one such calendar quarter because of redemptions, then the trading loss for each such
calendar quarter shall be adjusted in accordance with the formula described above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits. 

  
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 6. 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 6. The Trading Advisor may terminate this Agreement at the end of such one-year period by providing prior written notice of termination to the Trading Company 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 Trading Company is dissolved. 

(b) The Trading Company and Trading Manager 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 two persons described as a
“principal” of the Trading Advisor in the Offering Memoranda (other than Robeco Nederland B.V.) cease 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 systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company and such inability can not be cured within five days;
(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 11 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 interest trading systems or methods, or its
goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor materially violates any Trading Policy or administrative policy, except with the prior express written consent of the Trading Manager or if the consequences of such
material violation can not be cured within five days; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement. 

(c) The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior written notice to the Trading Company and
Trading Manager, in the event: (A) that the Trading Manager imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be
unreasonably withheld; (B) the Trading Manager objects to the Trading 

  
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Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Trading Manager in writing that it believes such change is in the best interests of
the Trading Company; (C) the Trading Manager overrides a trading instruction of the Trading Advisor for reasons unrelated to a determination by the Trading Manager that the Trading Advisor has violated the Trading Policies and the Trading
Advisor certifies to the Trading Manager in writing that as a result, the Trading Advisor believes the performance results of the Trading Advisor relating to the Trading Company’s account will be materially adversely affected; (D) the
Trading Manager or the Trading Company 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; (E) the Assets fall below $3,000,000 (after adding
back trading losses) at any time; (F) the Trading Company or the Trading Manager becomes bankrupt or insolvent; (G) the registration of the Trading Manager 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; or (H) the Trading Company or the Trading Manager appoints a clearing broker other than a Morgan Stanley Affiliate without the prior consent of the Trading Advisor,
such consent to be deemed effective no later than five days following the Trading Company’s or the Trading Manager’s having provided the Trading Advisor with prior written notice of its intention to appoint such other clearing broker. If
the Trading Manager or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading Advisor may terminate this Agreement upon prior written notice to the Trading Manager
and Trading Company. 
 (d) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this
Section 6 shall be without penalty or liability to any party, on account of such termination. 
 (e) The indemnities set forth in
Section 7 hereof shall survive any termination of this Agreement. 
 7. Standard of Liability; Indemnifications. 

(a) Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests trading of the
Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Trading Manager 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 of the Trading Advisor that constitute a material breach of this Agreement or a representation, warranty 

  
 -14- 

 
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 Trading Company. 
 (b) Trading Advisor Indemnity in Respect of Management Activities. The
Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Trading Manager, 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 and Trading Manager shall have approved such settlement) resulting from a demand, claim, lawsuit, action or
proceeding relating to this Agreement (except as covered by paragraph (d) below); provided that such liability arises from an act or omission of the Trading Advisor, or any of its directors, officers, managers or employees which is found by a
court of competent jurisdiction upon entry of final judgment (or if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Manager and Trading Advisor, such approval not to be unreasonably withheld) to be an
act or omission of the Trading Advisor which constituted a material breach of this Agreement or a representation, warranty or covenant herein, misconduct or negligence or as a result of the Trading Advisor having not acted in good faith and in the
reasonable belief that such actions or omissions were in, or not opposed to, the best interest of the Trading Company. 
 (c) Trading
Company and Trading Manager Indemnity in Respect of Management Activities. The Trading Company and the Trading Manager shall, jointly and severally, 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 Trading
Company and Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action, or proceeding relating to this Agreement (except as covered by paragraph (e) below) and, for avoidance of doubt, in particular the
fact the Trading Advisor is or was a trading advisor to the Trading Company; unless such liability arises from an act or omission of the Trading Advisor, or any of its directors, officers, managers or employees

  
 -15- 

 
which is found by a court of competent jurisdiction upon entry of final judgment (or if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Manager and
Trading Advisor, such approval not to be unreasonably withheld) to be an act or omission of the Trading Advisor which constituted a material breach of this Agreement or a representation, warranty or covenant herein, misconduct or negligence or as a
result of the Trading Advisor having not acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interest of the Trading Company. 

(d) Trading Advisor Indemnity in Respect of Sale of Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading
Company, the Trading Manager, any selling agent which is affiliated with the Trading Manager, 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 (including any reasonable investigatory, legal, accounting and other
expenses incurred in connection with, and any amounts paid in, any litigation or other (administrative) proceeding or any settlement); provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement), 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 material breach by the Trading Advisor of any applicable laws
or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any Trading Advisor Principals, or their operations, trading
systems, methods or performance, that was made in the Offering Memoranda or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein. 

(e) Trading Company and Trading Manager Indemnity in Respect of Sale of Units. The Trading Company and the Trading Manager, jointly and
severally, 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, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in
connection with, and any amounts paid in, any litigation or other (administrative) proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company or the Trading Manager shall have approved such settlement), in
respect of the offer or sale of Units, unless such losses, 

  
 -16- 

 
claims, damages, liabilities, costs, or expenses (or action in respect thereof) arises out of, or is based upon (i) a material breach by the Trading Advisor of any applicable laws or
regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any Trading Advisor Principals or their operations, trading
systems, methods or performance that was made in the Offering Memoranda or any amendment or supplement thereto or in any other sales literature and furnished by the Trading Advisor for inclusion therein. 

(f) Subject to Section 7(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. 

  
 -17- 

 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 7. 

8. 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 the 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, giving due consideration to the Trading Program which the Trading Advisor will utilize in
trading the Trading Company’s Assets, all clients are treated equitably on an overall basis 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 Trading Manager may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across Other Accounts. Such procedures shall be provided to the Trading Manager within 30 days
of such request by the Trading Manager. Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor on an overall basis any account advised or managed by the Trading Advisor over the account of the
Trading Company in any way or manner. The Trading Company and the Trading Manager agree that nothing contained in this Section 8(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 systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account
of the Trading Company, and shall be 

  
 -18- 

 
free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such
accounts over the account of the Trading Company on an overall basis. The Trading Manager and the Trading Company acknowledge and agree that provisions of this Section 8(a) shall not apply to, and shall in no manner restrict, the Trading
Advisor’s management of any accounts it currently manages or may hereafter manage for current and/or former principals and/or Affiliates of the Trading Advisor under any circumstances. 

(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 Trading Company, neither the Trading Advisor nor any of the Trading Advisor Principals shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor or the
Trading Advisor Principals 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 the Trading Advisor Principals 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 Trading Company; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the Trading Advisor in
the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self-regulatory body, exchange, or board, the Trading Advisor and the Trading Advisor
Principals shall promptly liquidate positions in all of their accounts, including the Trading Company’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. 

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

(a) Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to and agrees with the Trading
Manager and the Trading Company as follows: 

  
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 (i) It will exercise good faith and due care in implementing the Trading Program on behalf of the
Trading Company as described in the Disclosure Document (as modified from time to time) or any other trading programs agreed to by the Trading Manager and the Trading Advisor; 

(ii) The Trading Advisor shall follow and comply with, at all times, the Trading Policies; 

(iii) The Trading Advisor shall trade the Assets pursuant to the Trading Program as described in the Disclosure Document and as modified from
time to time unless the Trading Manager and the Trading Advisor agree otherwise; 
 (iv) The Trading Advisor is duly organized and validly
existing under the laws of the jurisdiction of its organization and is qualified to do business as a foreign corporation or limited liability company 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. The principals of the Trading Advisor are those set forth in the Offering Memoranda and Disclosure Document (the “Trading Advisor Principals”); Trading Advisor Principals does not include Robeco Nederland B.V.; 

(v) The Disclosure Document contains all statements and information required to be included therein under the CEAct and other applicable laws,
and such information is accurate and complete in all material respects; 
 (vi) All references to the Trading Advisor and the Trading Advisor
Principals and trading systems, methods and performance furnished by the Trading Advisor to the Trading Manager for inclusion in the Offering Memoranda are accurate and complete in all material respects. With respect to the Trading Advisor, the
Trading Advisor Principals, and its trading systems, methods and performance: (i) the information requested by the Trading Manager and furnished by the Trading Advisor to the Trading Manager for inclusion in the Offering Memoranda contains all
statements and information required to be included therein under the CEAct and the rules and regulations thereunder, and (ii) the information requested by the Trading Manager and furnished by the Trading Advisor to the Trading Manager for
inclusion in the Offering 

  
 -20- 

 
Memoranda does not contain, and will not contain during the term of this Agreement, any untrue statement of a material fact or omit to state a material fact necessary to make the statements
contained therein, in the light of the circumstances under which such statements were made, not misleading. Except as otherwise disclosed in the Offering Memoranda, the actual performance of each discretionary account directed by the Trading Advisor
over the past five years and year-to-date is disclosed in the Offering Memoranda on a composite basis. The information regarding the actual performance of such accounts set forth in the Offering Memoranda has been calculated and presented in
accordance with the descriptions therein and is complete and accurate in all material respects; provided, that, the Trading Manager, not the Trading Advisor, has determined the extent of the information regarding the Trading Advisor, the Trading
Advisor Principals and trading systems, methods and performance information, set forth in the Offering Memoranda and takes responsibility for such determination; 

(vii) 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; 
 (viii) 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 Offering Memoranda 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; 
 (ix) 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 Offering Memoranda 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 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; 
 (x) Since the respective dates as of which information is given in the Disclosure Document, and except as may
otherwise be stated in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor; 

  
 -21- 

 (xi) Except as set forth in the Disclosure Document there have not been in the five years
preceding the date of the Disclosure Document and there is not pending, or to the best of the Trading Advisor’s knowledge, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor
is or was a party, or to which any of the assets of the Trading Advisor 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. 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 laws; 
 (xii) 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
Trading Company; 
 (xiii) Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute the Offering Memoranda or any
selling literature or engage in any selling activities whatsoever in connection with the offering of the Units; 
 (xiv) The information as
provided by the Trading Advisor for inclusion in the Offering Memoranda about the Trading Advisor does not contain any misleading or untrue statements of a material fact or omit to state a material fact required to be stated therein to make the
statements not misleading; and 
 (xv) 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 Trading Manager and the Trading Company of the nature of such event. 

  
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 (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 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 Trading Manager promptly as soon as 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 Trading Manager promptly if the Trading Advisor or any of its officers becomes aware of any material breach of this Agreement by the Trading Advisor; and 

(iii) The Trading Advisor agrees to reasonably cooperate by providing information regarding itself and its performance in the preparation of
any amendments or supplements to the Offering Memoranda (subject to the limitation set forth in Section 1 hereof). 
 10.
Representations and Warranties of the Trading Company and the Trading Manager; Covenants of the Trading Manager and the Trading Company. 

(a) The Trading Company and the Trading Manager represent and warrant to the Trading Advisor, as follows: 

(i) The Trading Company has provided to the Trading Advisor the Offering Memoranda in the form first issued. The Trading Company will ensure
that the Members will not utilize any amendment or supplement to the Offering Memoranda unless the Trading Advisor has received reasonable prior notice of and a copy of such amendments or supplements and has approved any description of the Trading
Advisor and the Trading Program contained therein; 
 (ii) Each Members’ organizational agreement provides for the subscription for and
sale of the Units in the respective Member; all material actions required to be taken by each Member as a condition to the sale of its Units to qualified subscribers therefor has been, or prior to each closing described in the Member’s
Confidential Private Placement Memorandum shall have been taken; and, upon payment 

  
 -23- 

 
of the consideration therefor specified in each accepted subscription agreement in such form as attached to the respective Member’s Confidential Private Placement Memorandum, the Units will
constitute valid interests in the Member. Each Member is in material compliance with all laws, rules, regulations and orders of any governmental agency or self-regulatory organization applicable to the Member’s business and the offering, sale,
issuance and distribution of its Units; 
 (iii) The Trading Company is a limited liability company duly formed pursuant to its Certificate
of Formation, Operating Agreement and the Delaware Limited Liability Company Act and is validly existing and in good standing 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 Offering Memoranda; the Trading Company 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 Trading Company’s ability to perform its obligations hereunder; 
 (iv) The
Trading Manager is duly organized and validly existing and in good standing as a corporation under the laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in 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 Trading Manager’s ability to perform its obligations hereunder; 

(v) The Trading Company and the Trading Manager have full power and authority under applicable law to conduct their business and to perform
their respective obligations under this Agreement and as described in the Offering Memoranda; 
 (vi) As of the date hereof, the Offering
Memoranda contain all statements and information required to be included therein by the CEAct or other applicable law and at all times subsequent thereto up to and including each closing, the Offering Memoranda will comply in all material respects
with the requirements of the rules of the NFA, the CEAct or other applicable laws. The Offering Memoranda as of the initial closing (as described therein), date of issue, and at each closing will not contain any misleading or untrue statements 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. 

  
 -24- 

 
Any supplemental sales literature, when read in conjunction with the Offering Memoranda, will not contain any untrue statements 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. This representation and warranty shall not, however, apply to any statement or omission in the Offering Memoranda or supplemental sales
literature made in reliance upon and in conformity with information furnished by and relating to the Trading Advisor, its trading methods or its trading performance; 

(vii) Since the respective dates as of which information is given in the Offering Memoranda, there has not been any material adverse change in
the condition, financial or otherwise, business or prospects of the Trading Manager or the Trading Company, whether or not arising in the ordinary course of business; 

(viii) This Agreement has been duly and validly authorized, executed and delivered by the Trading Manager on behalf of the Trading Company and
the Trading Manager and constitutes a valid, binding and enforceable agreement of the Trading Company and the Trading Manager in accordance with its terms; 

(ix) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions
contemplated herein and in the Offering Memoranda will not violate, or constitute a breach of, or default under, the Trading Manager’s certificate of incorporation or bylaws, or the Trading Company’s Certificate of Formation or Operating
Agreement, or any material agreement or instrument by which either the Trading Manager or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Trading Manager or the Trading Company of
any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Trading Manager or the Trading Company; 

(x) Except as set forth in the Offering Memoranda, there has not been in the five years preceding the date of the Offering Memoranda and there
is not pending or, to the Trading Manager’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory
or commodity exchange organization to which the Trading Manager, any Trading Manager Principal (as hereinafter defined) or the Trading Company is or was a party, or to which any of the 

  
 -25- 

 
assets of the Trading Manager or the Trading Company is or was subject; and neither the Trading Manager nor any of the principals, as defined in CFTC Reg. 4.10 under the CEAct of the Trading
Manager (“Trading Manager Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization, whether U.S. or foreign, regarding non-compliance by the Trading Manager or
the Trading Manager Principals or the Trading Company with the CEAct, the Securities Act of 1933, as amended, or any other applicable laws which are material to an investor’s decision to invest in a Member; 

(xi) The Trading Manager and the Trading Manager Principals have all federal, state and foreign governmental, regulatory and exchange approvals
and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business and to act as described in the Offering Memoranda 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 Trading Manager’s principals identified in the Offering Memoranda are all of the Trading Manager Principals; 

(xii) The Trading Company is and shall remain in compliance in all respects with all laws, rules, regulations and orders of any government,
governmental agency or self-regulatory organization applicable to its business as described in the Offering Memoranda and this Agreement; and 

(xiii) 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 Manager shall promptly notify the Trading Advisor of the nature of such event. 

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

 (i) The Trading Manager and the Trading Company shall maintain all registrations and memberships necessary for the Trading Manager and the
Trading Company to continue to act as described herein and in the Offering Memoranda and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent 

  
 -26- 

 
that the failure to so comply would have a materially adverse effect on the Trading Manager and the Trading Company’s ability to act as described herein and in the Offering Memoranda; 

(ii) The Trading Manager and the Trading Company shall inform the Trading Advisor immediately as soon as the Trading Manager, the Trading
Company or any of their 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
of the Trading Manager or the Trading Company. The Trading Manager and the Trading Company shall also inform the Trading Advisor immediately if the Trading Manager or the Trading Company or any of their officers become aware of any material breach
of this Agreement by the Trading Manager or the Trading Company; and 
 (iii) The Trading Company and the Trading Manager will furnish to the
Trading Advisor copies of the Offering Memoranda, and all amendments and supplements thereto, in each case as soon as available and will ensure that the Members do not use any such amendments or supplements as to which the Trading Advisor in writing
has reasonably objected. 
 11. Merger or Transfer of Assets. 

The Trading Manager, Trading Company 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. 
 12. Complete Agreement. 

This Agreement including the Exhibits hereto 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. 

13. Assignment. 
 Subject
to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto. 

  
 -27- 

 14. 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. 

15. 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. 
 16. Closing Certificates. 

(a) The Trading Advisor shall, at the Members’ initial closing and at the request of the Trading Manager at any monthly closing (as
described in the Offering Memoranda), provide the following: 
 (i) To the Trading Manager, the Trading Company and the Members, 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; and 

(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 the Trading Manager, the Trading Company and the Members, a report as of
the closing date which shall present, for the period from the date after the last day covered by the historical performance records in the Offering Memoranda to the latest practicable day before closing, figures which shall be a continuation of such
historical performance records and which shall certify that such figures are, to the best of such Trading Advisor’s knowledge, accurate in all material respects. 

  
 -28- 

 (b) The Trading Manager shall, at the Members’ initial closing and at the request of the
Trading Advisor at any closing (as described in the Offering Memoranda), 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 Trading Company and the Trading Manager 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 order preventing or suspending the use of the Offering Memoranda has been issued by the CFTC, the Securities Exchange Commission, any
state securities commission, or the NFA or other self-regulatory organization and no proceedings for that purpose shall have been instituted or are pending or, to the knowledge of the Trading Manager, are contemplated or threatened under the CEAct;
and 
 (C) The Trading Company and the Trading Manager 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. 
 17. Inconsistent Filings. 

If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its
respective principals or trading approaches that is materially inconsistent with those in the Disclosure Document, the Trading Advisor shall inform the Trading Manager of such intention and shall furnish copies of all such filings or publications at
least ten Business Days prior to the date of filing or publication. 
 18. Disclosure Documents. 

(a) During the term of this Agreement, the Trading Advisor shall furnish to the Trading Manager promptly copies of all disclosure documents
filed in final form with the NFA by the Trading Advisor. The Trading Manager and Trading Company each acknowledge receipt of the Trading Advisor’s disclosure document dated March 8, 2007 (the “Disclosure Document”). 

  
 -29- 

 (b) The Trading Manager and the Trading Company will not distribute or supplement any promotional
material relating to the Trading Advisor unless the Trading Advisor has received reasonable prior notice of and a copy of such promotional material and has approved such material in writing. 

19. Track Record. The track record and other performance information of the Members shall be the property of the Trading Manager and not
the Trading Advisor; provided, however, that the Trading Advisor may report of the past performance of the Trading Company either on a stand alone basis or as part of a composite performance table as may be required by the CEAct, the rules of the
CFTC and/or the rules or regulations of any relevant regulatory or self-regulatory body. 
 20. Use of Name. 

(a) The Trading Advisor hereby consents to the non-exclusive use by the Trading Company of (a) the name “Transtrend” as part of
the name of the Trading Company as stated above and (b) the name “Transtrend” in any documentation regarding the Trading Company, only so long as the Trading Advisor serves as a trading advisor to the Trading Company. For so long as
the name of the Trading Company includes “Transtrend,” any change of the name of the Trading Company shall only be made with prior written consent of the Trading Advisor, which consent shall not be unreasonably withheld. Each of the
Trading Company and the Trading Manager agree to indemnify and hold harmless the Trading Advisor, its shareholders, partners, directors, officers, affiliates, employees and agents from and against any and all costs, losses, claims, damages or
liabilities, joint or several, including, without limitation, attorneys’ fees and disbursements, which may arise out of the Trading Company’s or the Trading Manager’s misuse of the name “Transtrend” or out of any breach of,
or failure to comply with, this Section 20. 
 (b) Upon termination of this Agreement, the Trading Company, at its expense, as promptly
as practicable: (i) shall take all necessary action to cause the Offering Memoranda and organizational documents of the Trading Company to be amended in order to eliminate any reference to “Transtrend” (except to the extent required
by law, regulation or rule); and (ii) shall cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “Transtrend” or any name, mark or logo type derived from it or
similar to it (except to the extent required by law, regulation or rule). 

  
 -30- 

 21. 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 Trading Company: 

Morgan Stanley Managed Futures Transtrend II, LLC 

c/o Demeter Management Corporation 

Managed Futures Department 
 330
Madison Avenue, 8th Floor 
 New York, NY 10017 

United States of America 
 Attn:
Walter Davis 
 Facsimile: 212-907-2750 

Email: Jeremy.Beal@morganstanley.com 

if to the Trading Manager: 

Demeter Management Corporation 

Managed Futures Department 
 330
Madison Avenue, 8th Floor 
 New York, NY 10017 

Attn: Walter Davis 
 United States
of America 
 Facsimile: 212-907-2750 

Email: Jeremy.Beal@morganstanley.com 

With a copy to: 

Alston & Bird LLP 
 90
Park Avenue 

  
 -31- 

 New York, NY 10016 

Attn: Timothy P. Selby, Esq. 

United States of America 

Facsimile: (212) 210-9444 

Email: timothy.selby@alston.com 

if to the Trading Advisor: 

TRANSTREND B.V. 
 P.O. Box 444,
3000 AK Rotterdam 
 The Netherlands 

Attn: Directors 
 Facsimile:
+31-10-4532750 
 Email: mgt@transtrend.com 

22. Continuing Nature of Representations Warranties and Covenants: 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. 
 23. Third-Party Beneficiaries. 

Each of the Members shall be a third-party beneficiary of the applicable provisions of this Agreement. The respective directors, officers,
principals, managers, members, shareholders, employees and controlling persons of the Trading Advisor, the Trading Company, and the Trading Manager, and their Affiliates shall be third party beneficiaries of the applicable provisions of
Section 7 of this Agreement. 

  
 -32- 

 24. Governing Law. 

This Agreement shall be governed by, and construed in accordance with, the laws 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. 
 25. Remedies. 

In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor, Trading Manager and Trading Company
each agree not to seek any prejudgment equitable or ancillary relief. The Trading Advisor, Trading Manager and Trading Company each agree that its sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach
of this Agreement, except that any of the parties may seek a declaratory judgment with respect to the indemnification provisions of this Agreement. 

26. 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. 

27. 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. 
 28. Counterparts. 

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

  
 -33- 

 29. 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. 

  
 -34- 

 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 MANAGED FUTURES TRANSTREND II, LLC
	by Demeter Management Corporation Trading Manager
		
	By	 	 /s/ Walter Davis

		 	 Walter Davis
 Chairman and
President

	
	DEMETER MANAGEMENT CORPORATION
		
	By	 	 /s/ Walter Davis

		 	 Walter Davis
 Chairman and
President

	
	TRANSTREND B.V.
		
	By	 	 /s/ A.P. Honig

		 	Name: A.P. Honig
		 	Title: Executive Director
		
	By	 	 /s/ H.M. de Boer

		 	Name: H.M. de Boer
		 	Title: Managing Director

  
 -35- 

 EXHIBIT A 

Morgan Stanley Managed Futures 
 MSC Fund Operations Procedures

 Following is a list of abbreviations used in this Exhibit A: 
  

	•	 	“Fund(s)” refers to Morgan Stanley Managed Futures Funds that utilize MS&Co/MSIL/MSCG as a clearing commodity broker. 

  

	•	 	“Futures” is used to identify exchange traded futures, or forward contracts, and options on the same, that are cleared through a clearing house. 

 

	•	 	“FX” is used to identify non-exchange traded forward currency contracts, and options on the same, which are settled directly between the principals of the trades. 

 

	•	 	“General Partner” shall mean Demeter Management Corporation. 

  

	•	 	“MF” is Morgan Stanley Managed Futures. 

  

	•	 	“MSC” is MS&Co. and/or MSIL and/or MSCG (the Clearing Commodity Broker or FX Counterparty, as appropriate). 

  

	•	 	“MS&Co” is Morgan Stanley & Co., Inc. a subsidiary of Morgan Stanley (the Clearing Commodity Broker or FX (Non-Options) Counterparty as appropriate). 

 

	•	 	“MSIL” is Morgan Stanley International Ltd. a subsidiary of Morgan Stanley (a sub Clearing Commodity Broker). MSIL clears London Metal Exchange (“LME”) transactions on behalf of the Funds.

  

	•	 	“MSCG” is Morgan Stanley Capital Group a subsidiary of Morgan Stanley (the FX Options Counterparty). 

CONTACT INFORMATION: 
 Following are the Morgan
Stanley departments involved in servicing the Funds and the corresponding contact information. 
  

									
	Abbreviation	  	Department	  	Primary Contact	  	Telephone	  	E-mail
	Futures Desk	  	MSC Futures
Trading
Desk	  	Brian Jackman

Dennis Scurletis
	  	212.761.1782
 212.761.2248
	  	
Brian.Jackman@morganstanley.com

Dennis.Scurletis@morganstanley.com

	Futures Ops	  	MSC Futures
Operations	  	Steve Bucello
 Erik Barry
	  	212.276.0477
 212.276.0578
	  	
Steve.Bucello@morganstanley.com

Erik.Barry@morganstanley.com

	FX Desk	  	MSC
Foreign
Exchange
Trading
Desk	  	Marlena Demenus	  	212.761.2700	  	Marlena.Demenus@morganstanley.com

  
 A-1 

									
	FX Ops	  	MSC
Foreign
Exchange
Operations	  	John Fusco	  	718.754.4868	  	John.Fusco@morganstanley.com
	MF Accounting	  	Morgan
Stanley
Managed
Futures
Accounting	  	Joe Tromello
 Kevin
Scully
	  	917.790.5702
 917.790.5701
	  	
Joe.Tromello@morganstanley.com

Kevin.Scully@morganstanley.com

	MF Ops	  	Morgan
Stanley
Managed
Futures
Operations	  	Laura Finne	  	212.905.2720	  	Laura.Rosengren@morganstaley.com
	MF Prod Org	  	Morgan
Stanley
Managed
Futures
Product
Origination	  	Patrick Egan	  	212.905.2736	  	Patrick.Egan@morganstanley.com
	MF Strat Plan	  	Morgan
Stanley
Managed
Futures
Strategic
Planning	  	Chris Barry	  	212.905.2731	  	Chris.Barry@morganstanley.com

 FUND ACCOUNTS: 

Account Configuration 
  

	•	 	Futures and Futures Options Trading - For each CTA trading program three Fund trading accounts will be assigned. A MS&Co segregated account, prefix 052. A MS&Co secured account, prefix 05A. A MSIL
non-regulated (by the CFTC) account, prefix 045. 

  
 A-2 

	•	 	FX (Non-Options) Trading - One Fund account for each CTA trading program will be assigned at MS&Co, prefix 058. 

  

	•	 	FX Options Trading – One Fund account for each CTA trading program will be assigned at MSCG (if needed), prefix 057. 

  

	•	 	Excess and FX Custody Accounts – For each CTA trading program two Fund accounts will be set up at MS&Co. One account will be designated as a custody account for MS&Co FX. MF Ops will maintain equity
in the custody account sufficient to cover margin requirements of the FX trading account. The second account will contain the balance of excess equity that is not required in the custody and futures trading accounts. 

Statements 
  

	•	 	Futures – The CTA should contact Futures Ops regarding access to Fund futures account statements. 

  

	•	 	FX – The CTA should contact FX Ops regarding access to Fund FX account statements. 

  

	•	 	Excess and Custody – The CTA should contact MF Ops regarding access to the Fund account statements at MS&Co. 

FX TRADING: 
 FX Order Execution 

 

	•	 	FX trading of the Funds must be executed through the MSC FX Desk, unless the General Partner otherwise agrees in a form acceptable to the General Partner. The CTA should contact the MSC FX Desk for information on trade
execution procedures. 

  

	•	 	When trading FX Options, all premiums (on outright trades and cross currency trades) must be booked at the clearing broker so that the premium is stated in USD. 

EFP Order Execution 
  

	•	 	The CTA may utilize the FX Desk to execute EFP transactions. The futures leg of an EFP will be subject to the futures brokerage fee. The CTA should contact the FX Desk for information on EFP trade execution procedures.

 Foreign Currency Conversions 
  

	•	 	The CTA is responsible for conversion into US dollars of all Fund foreign currency balances created as a result of futures and/or FX trading. The CTA, at its own discretion, should place conversion orders directly to
the FX desk. 

  
 A-3 

 FUTURES TRADING: 

Order Execution Service 
  

	•	 	The MSC Futures Desk can provide the CTA with order execution facilities. The CTA should contact the Futures Desk for information on trade execution procedures. 

“Give Up” Order Execution 
  

	•	 	The CTA shall ensure that a “give-up” execution agreement is in place prior to the execution of any trade through a floor broker in accordance with this Agreement or as otherwise provided in writing to the CTA
by the General Partner. 

  

	•	 	On exchanges allowing “give up” execution, the CTA may have orders executed away from MSC and give up trades to MSC for clearing. The CTA should contact Futures Ops for information on trade “give up”
procedures. The CTA should ensure that executing brokers give trades up on a timely basis. The CTA should ensure that executing brokers make timely payment on price adjustments, when applicable. For futures trades at exchanges where give-up
execution is not allowed, the CTA must use the execution facilities provided by the Clearing Commodity Broker. 

 “Give Up”
Agreements 
  

	•	 	The CTA may authorize payment of an execution service fee (“Give-Up Fee”) only to the executing clearing firm or the floor broker (the “Executing Broker”) that directly gives the futures trade to the
Clearing Commodity Broker for such clearance, and in an amount not greater than the amount permitted by the General Partner from time to time (the “Execution Allowance”). The Execution Allowance shall be based on the General Partner’s
assessment for prevailing competitive rates for Give-Up Fees. 

  

	•	 	The four party FIA/FOA uniform “give up” agreement is the acceptable form for futures “give ups”. The “Morgan Stanley Managed Futures Give Up Policy and Billing Procedures” and “Morgan
Stanley Managed Futures Execution Allowance” schedule will be made part of each “give up” agreement. The trader version FIA/FOA EFP agreement is the acceptable form for EFP “give ups”. The CTA should send agreements that
have been signed by both the CTA and executing broker to MF Ops, attention Laura Rosengren, Morgan Stanley, Managed Futures, 330 Madison Avenue, 8th Floor, New York, NY 10017. 

“Give Up” Execution Payment 
  

	•	 	Give Up Fee Bills in amounts up to the Execution Allowance will be processed by Futures Ops, with notice provided to the CTA. To the extent that such bills will be greater than the Execution Allowance, the CTA will
obtain the prior written consent of the General Partner. Refer to the “Morgan Stanley Managed Futures Give Up Policy and Billing Procedures” for specific information. 

 

	•	 	The CTA shall provide that information which may reasonably be requested by the General Partner to verify the Give-Up Fees processed by Futures Ops. 

  
 A-4 

 ACCOUNT MAINTENANCE: 

Trade Allocations 
  

	•	 	The CTA is responsible for determining the trade allocation procedure for Fund trading accounts, in accordance with CFTC regulations. The CTA should ensure that the procedure was followed correctly, and that trades are
booked accordingly in Fund accounts. 

 Trade Reporting; (Futures) 

 

	•	 	The CTA is responsible for reporting all trades to Futures Ops on a timely basis to facilitate clearing and reduce operational risk. The CTA should contact Futures Ops for additional information. 

Daily Trade Checkout 
  

	•	 	The CTA is responsible for daily, end of trading day, checkout of all trades (including currency conversion trades) with Futures and FX Ops. The CTA should contact Futures and FX Ops to determine specific checkout
procedures. 

 Daily Statement Reconciliation 
  

	•	 	The CTA is responsible for daily statement trade activity and position balancing with FX and Futures Operations. The CTA should contact FX and Futures Ops to determine specific balancing procedures. 

 

	•	 	The CTA should provide a daily, trade reconciliation for each Fund account to MF Ops, by 10:00 a.m. EST/EDT. Reconciliation reports can be emailed to mf.ops@morganstanley.com and should specify trades to be added or
canceled in each account, with a valuation versus the current settlement price of the product, and any pending cash adjustments due from executing brokers or for bookkeeping corrections. (MF Ops provides MF Accounting/the Administrator with
adjusting information for the calculation of NAV.) Please contact MF Ops if you have any questions regarding this procedure. 

  

	•	 	The CTA should notify MF Ops of any incorrect settlement prices it becomes aware of with regard to the MSC account statements of a Fund. 

Monitoring of Delivery Periods and Option Expirations 
  

	•	 	The CTA is responsible for monitoring delivery periods (first notice dates and last trade dates), option expirations (option expiration and last trade dates), and forward settlement and/or maturity dates.

  

	•	 	The CTA should take appropriate actions to ensure that futures contracts do not result in delivery. 

  

	•	 	The CTA should ensure that their intentions regarding any open option positions, at the time of expiration, have been communicated appropriately to the Futures or FX Ops areas. Contact Futures and FX Ops for specific
communication procedures. 

 Margin Maintenance and Cash Transaction (Journal) Reconciliation 

  
 A-5 

	•	 	MF Ops is responsible for balancing of all journal entries in all Fund accounts and for ensuring the requisite corrective action is taken for each reconciling item. 

 

	•	 	MF Ops is responsible for the authorization of Fund margin transfers between MSC and MS&Co accounts for the purpose of maintaining equity (and/or collateral) in amounts sufficient to meet Fund margin requirements in
the MSC Futures accounts and the FX custody accounts. 

 TRADING LEVEL NOTIFICATION: 

 

	•	 	For new trading allocations, MF Prod Org will provide notification to the CTA of trading authorization and the trading commencement date, along with notification of the initial trading level. 

 

	•	 	Thereafter, notification of estimated monthly net additions/withdrawals will be distributed by MF Strat Plan. On the third to last business day of each month a preliminary estimate will be provided. On the first
business day of each month a final estimate will be given. Any material adjustment (1% of account equity) from the final estimate to the actual will be provided. Notification will be made via fax or email and the CTA will be asked to acknowledge
receipt via fax or email. Questions regarding this procedure can be directed to MF Strat Plan. 

  

	•	 	Subsequent to a Fund’s monthly closing, actual additions and withdrawals will be processed by MF Accounting/the Administrator via journal entry in the Fund “excess” account at MS&Co.

  

	•	 	Any other trading level/asset allocation changes will be communicated in writing from MF Prod Org or MF Strat Plan. 

FUND ACCOUNTING: 
 Net Asset Value Calculation

  

	•	 	MF Accounting/the Administrator is responsible for determination of daily NAV estimates for the Funds. 

  

	•	 	MF Accounting/the Administrator will determine the actual month end NAV of a Fund during the monthly closing process. 

Brokerage Commission and Transaction Fees 
  

	•	 	Brokerage commissions for each Fund will be charged in a manner consistent with the prospectus or offering memorandum. The CTA should contact MF Accounting/the Administrator for additional information.

 Fund Fee Processing 
  

	•	 	Fund interest and all Fund fees, exclusive of brokerage commissions and transaction fees, will be processed in a Funds “excess” account at MS&Co. 

  
 A-6 

	•	 	MF Accounting/the Administrator will determine fees due to the CTA during the monthly closing process and notify the CTA of the fees via the monthly performance tables. The CTA should provide contact information
regarding fees to MF Accounting/the Administrator. 

  

	•	 	MF Accounting/the Administrator will make payment of fees to the CTA via wire transfer. The CTA should provide wire instructions to MF Accounting/the Administrator. 

ERROR POLICY: 
  

	•	 	Subject to Section 7(a) of this Agreement, the provisions of Section 2(d) of this Agreement shall be interpreted to mean that the benefit of profitable trading errors made by the CTA when trading on behalf of
the Funds shall be awarded to the Funds, whereas the detriment of unprofitable trading errors made by the CTA when trading on behalf of the Funds must be borne by the CTA. 

BORROWING: 
 The CTA shall not use borrowed money
to leverage any trades, unless otherwise approved by the General Partner. 

  
 A-7 

 EXHIBIT B 

COMMODITY TRADING AUTHORITY 
 Dear
[Name of CTA]: 
 [Name of Trading Company] (the “Trading Company”) and Demeter Management Corporation, the
Trading Company’s Trading Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission
merchants as shall be agreed on by you and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the      day
of             , 2007, as amended or supplemented, and in accordance with the terms and conditions of said Agreement. 

This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement. 

 

			
	Very truly yours,
	
	 [NAME OF TRADING COMPANY]

by Demeter Management Corporation
 Trading Manager

		
	By	 	  

		 	Walter Davis
		 	Chairman and President
	
	DEMETER MANAGEMENT CORPORATION
		
	By	 	  

		 	Walter Davis
		 	Chairman and President

  
 B-1 

 EXHIBIT C 

FUTURES INTERESTS TRADED 
 INTEREST
RATES 
  

					
	CBOT	  	30-DAY FEDERAL FUNDS	  	
			
		  	US 10-YR INTEREST SWAP	  	
			
		  	US 10-YR T-NOTE	  	
			
		  	US 2-YR T-NOTE	  	
			
	.	  	US 30-YR T-BOND	  	
			
		  	US 5-YEAR INTEREST SWAP	  	
			
		  	US 5-YR T-NOTE	  	
			
	CME	  	1-MNTH LIBOR	  	
			
		  	EURODOLLAR	  	
			
		  	EUROYEN (IMM)	  	
			
	EUREX	  	BOBL	  	
			
		  	BUND	  	
			
		  	EURO BUXL	  	
			
		  	SCHATZ	  	
			
		  	SWISS CONF. BOND	  	
			
	KOFEX	  	KOREAN 3-YR T-BOND	  	CFTC-restricted
			
	LIFFE	  	EURIBOR	  	
			
		  	EURO 10-YR SWAPNOTE	  	
			
		  	EURO 2-YR SWAPNOTE	  	
			
		  	EURO 5-YR SWAPNOTE	  	
			
		  	EUROSWISS	  	
			
		  	JAP. GVT. BOND (LIFFE)	  	
			
		  	LONG GILT	  	
			
		  	SHORT STERLING	  	

  
 C-1 

					
			
	ME	  	CAN. 10-YR GVT. BOND	  	
			
		  	CAN. BANK ACCEPT.	  	
			
	SFE	  	AUSSIE 10-YR T-BOND	  	
			
		  	AUSSIE 3-YR T-BOND	  	
			
		  	AUSSIE BANK BILL	  	
			
		  	NZ BANK BILLS	  	
			
	SGX	  	EUROYEN (SGX)	  	
			
		  	JAP. GVT. BOND (SGX/MINI)	  	
			
	TIFFE	  	EUROYEN (TIFFE)	  	
			
	TSE	  	JAP. GVT. BOND (TOKYO)	  	
	
	STOCK INDICES AND SINGLE STOCKS
			
	ADEX	  	ASE/FTSE MID40 INDEX	  	CFTC-restricted
			
		  	FTSE/ATHEX 20	  	CFTC-restricted
			
	BI	  	ENI	  	CFTC-restricted
			
		  	FIAT	  	CFTC-restricted
			
		  	MINI S&P/MIB	  	
			
		  	S&P/MIB	  	
			
	BM_F	  	BOVESPA INDEX	  	CFTC-restricted
			
	BUMA	  	KUALA LUMPUR COMP. INDEX	  	CFTC-restricted
			
	CBOE	  	S&P 500 VOLATILITY INDEX	  	
			
	CBOT	  	DOW JONES INDEX	  	
			
		  	MINI DOW JONES INDEX	  	
			
	CME	  	E-MINI NASDAQ 100	  	
			
		  	E-MINI RUSSELL 2000	  	
			
		  	E-MINI S&P 400 MIDCAP	  	
			
		  	E-MINI S&P 500	  	
			
		  	NASDAQ 100	  	

  
 C-2 

					
		  	RUSSELL 2000	  	
			
		  	S&P 400 MIDCAP	  	
			
		  	S&P 500	  	
			
	EDX	  	OMX (FUTURE)	  	
			
	ENEXTA	  	AEX INDEX	  	
			
	ENEXTB	  	BEL 20	  	CFTC-restricted
			
	ENEXTP	  	CAC 40	  	
			
		  	FTSE EUROFIRST 80 (PARIS)	  	
			
	EUREX	  	DAX 30	  	
			
		  	DJ EURO STOXX 50	  	
			
		  	DJ EURO STOXX AUTOMOBILE INDEX	  	CFTC-restricted
			
		  	DJ EURO STOXX BANKS INDEX	  	
			
		  	DJ EURO STOXX BASIC RESOURCES	  	CFTC-restricted
			
		  	DJ EURO STOXX ENERGY INDEX	  	CFTC-restricted
			
		  	DJ EURO STOXX HEALTHCARE INDEX	  	CFTC-restricted
			
		  	DJ EURO STOXX INDUSTRIAL GOODS	  	CFTC-restricted
			
		  	DJ EURO STOXX INSURANCE INDEX	  	CFTC-restricted
			
		  	DJ EURO STOXX TECHNOLOGY INDEX	  	CFTC-restricted
			
		  	DJ EURO STOXX TELECOM INDEX	  	CFTC-restricted
			
		  	DJ EURO STOXX UTILITIES INDEX	  	CFTC-restricted
			
		  	DJ STOXX 50	  	
			
		  	DJ STOXX600 AUTOMOBILE	  	CFTC-restricted
			
		  	DJ STOXX600 BANKS INDEX	  	
			
		  	DJ STOXX600 BASIC RESOURCES	  	CFTC-restricted
			
		  	DJ STOXX600 ENERGY	  	CFTC-restricted
			
		  	DJ STOXX600 HEALTHCARE INDEX	  	CFTC-restricted
			
		  	DJ STOXX600 TECHNOLOGY INDEX	  	CFTC-restricted
			
		  	MIDCAP DAX	  	
			
		  	SWISS MARKET INDEX	  	CFTC-restricted
			
		  	TECDAX	  	CFTC-restricted

  
 C-3 

					
	HKEX	  	HANG SENG	  	
			
		  	HANG SENG CHINA ENTERPRISES	  	
			
		  	MINI HANG SENG	  	CFTC-restricted
			
	KSE	  	KOSPI 200	  	CFTC-restricted
			
	LIFFE	  	FTSE 100	  	
			
		  	MSCI PAN-EURO INDEX	  	
			
	ME	  	S&P CANADA 60	  	
			
	MEFF	  	BANCO BILBAO V ARGENTARIA	  	CFTC-restricted
			
		  	BANCO SANTANDER CENTRAL HISPAN	  	CFTC-restricted
			
		  	ENDESA	  	CFTC-restricted
			
		  	IBERDROLA	  	CFTC-restricted
			
		  	IBEX 35+	  	
			
		  	REPSOL	  	CFTC-restricted
			
		  	TELEFONICA	  	CFTC-restricted
			
	MEXDER	  	MEXICAN PRICE & QUOTE INDEX	  	
			
	NYBOT	  	MINI RUSSELL 1000	  	
			
		  	RUSSELL 1000	  	
			
	OSE	  	NIKKEI 225 (OSAKA)	  	
			
	OSL	  	OBX	  	CFTC-restricted
			
	SAFEX	  	FTSE/JSE TOP 40	  	
			
	SFE	  	SPI 200	  	
			
	SGX	  	MSCI TAIWAN STOCK INDEX	  	
			
		  	NIKKEI 225 (SGX)	  	
			
		  	S&P CNX NIFTY (SGXDT)	  	
			
		  	SINGAPORE FREE INDEX	  	
			
	TAIFEX	  	TAIWAN ELECTRONIC INDEX	  	
			
		  	TAIWAN FINANCE INDEX	  	
			
		  	TAIWAN WEIGHTED INDEX	  	
			
	TSE	  	TOPIX	  	
			
	TURKDEX	  	ISE NATIONAL 30 INDEX	  	CFTC-restricted

  
 C-4 

					
			
	WB	  	AUSTRIAN TRADED INDEX	  	CFTC-restricted
			
	WSE	  	WIG 20	  	CFTC-restricted
		
	CURRENCIES	  	
			
	CME	  	AUSTRALIAN DOLLAR	  	
			
		  	BRITISH POUND	  	
			
		  	CANADIAN DOLLAR	  	
			
		  	EURO	  	
			
		  	ISRAELI SHEKEL (IMM)	  	
			
		  	JAPANESE YEN	  	
			
		  	MEXICAN PESO	  	
			
		  	POLISH ZLOTY (IMM)	  	
			
		  	POLISH ZLOTY - EURO (IMM)	  	
			
		  	RUSSIAN RUBLE (IMM)	  	
			
		  	SWISS FRANC	  	
			
	FINEX	  	AUSSI - KIWI (FINEX)	  	
			
		  	AUSSI - YEN (FINEX)	  	
			
		  	EURO - AUSSI (FINEX)	  	
			
		  	EURO - CZECH KORUNA (FINEX)	  	
			
		  	EURO - HUNGAR. FORINT (FINEX)	  	
			
		  	EURO - NORWEGIAN KRONE (FINEX)	  	
			
		  	EURO - STERLING (FINEX)	  	
			
		  	EURO - SWEDISH KRONA (FINEX)	  	
			
		  	EURO - SWISS FRANC (FINEX)	  	
			
		  	EURO - YEN (FINEX)	  	
			
		  	KIWI DOLLAR (FINEX)	  	
			
		  	NORWEGIAN - SWEDISH (FINEX)	  	
			
		  	STERLING - SWISS (FINEX)	  	
			
		  	STERLING - YEN (FINEX)	  	

  
 C-5 

					
		  	SWISS - YEN (FINEX)	  	
			
		  	US DOLLAR INDEX	  	
			
		  	USD - CZECH KORUNA (FINEX)	  	
			
		  	USD - HUNGARIAN FORINT (FINEX)	  	
			
		  	USD - NORWEGIAN KRONE (FINEX)	  	
			
		  	USD - RAND (FINEX)	  	
			
		  	USD - SWEDISH KRONA (FINEX)	  	
			
	KOFEX	  	USD - KOREAN WON	  	
			
	OTC	  	EURO - HONG KONG DOLLAR (FWD)	  	
			
		  	EURO - NEW TURKISH LIRA (FWD)	  	
			
		  	EURO - SLOVAK KORUNA (FWD)	  	
			
		  	USD - BRAZILIAN REAL (FWD)	  	
			
		  	USD - CHILEAN PESO (FWD)	  	
			
		  	USD - INDIAN RUPEE (FWD)	  	
			
		  	USD - NEW TURKISH LIRA (FWD)	  	
			
		  	USD - SINGAPORE DOLLAR (FWD)	  	
			
		  	USD - SLOVAK KORUNA (FWD)	  	
			
		  	USD - TAIWANESE DOLLAR (FWD)	  	
			
	TURKDEX	  	USD / TRY	  	
		
	METALS	  	
			
	COMEX	  	GOLD	  	
			
		  	HIGH GRADE COPPER	  	
			
		  	SILVER	  	
			
	LME	  	ALUMINIUM	  	
			
		  	COPPER	  	
			
		  	LEAD	  	
			
		  	NICKEL	  	
			
		  	TIN	  	
			
		  	ZINC	  	

  
 C-6 

					
	NYMEX	  	PALLADIUM	  	
			
		  	PLATINUM	  	
			
	TOCOM	  	ALUMINIUM (TOKYO)	  	
			
		  	GOLD (TOKYO)	  	
			
		  	PALLADIUM (TOKYO)	  	
			
		  	PLATINUM (TOKYO)	  	
			
		  	SILVER (TOKYO)	  	
		
	ENERGIES	  	
			
	CCX	  	GASOLINE (CHUBU)	  	
			
		  	KEROSENE (CHUBU)	  	
			
	CME	  	GS COMMODITY INDEX	  	
			
	ICE	  	BRENT	  	
			
		  	CARBON EMISSION	  	
			
		  	GASOIL	  	
			
	NYMEX	  	CRUDE OIL	  	
			
		  	HEATING OIL	  	
			
		  	NATURAL GAS	  	
			
		  	NY HARBOR RBOB GASOLINE	  	
			
	TOCOM	  	CRUDE OIL (TOKYO)	  	
			
		  	GASOLINE (TOKYO)	  	
			
		  	KEROSENE (TOKYO)	  	
		
	AGRICULTURALS	  	
			
	BUMA	  	CRUDE PALM OIL	  	
			
	CBOT	  	CORN	  	

  
 C-7 

					
		  	OATS	  	
			
		  	ROUGH RICE	  	
			
		  	SOYBEAN MEAL	  	
			
		  	SOYBEAN OIL	  	
			
		  	SOYBEANS	  	
			
		  	WHEAT	  	
			
	CCX	  	RSS3 RUBBER (OSAKA)	  	
			
		  	RUBBER INDEX (OSAKA)	  	
			
	CME	  	FEEDER CATTLE	  	
			
		  	FLUID MILK	  	
			
		  	LEAN HOGS	  	
			
		  	LIVE CATTLE	  	
			
		  	LUMBER	  	
			
		  	PORK BELLIES	  	
			
	ENEXTP	  	EUROPEAN RAPESEED	  	
			
		  	MILLING WHEAT NO.2	  	
			
	KCBT	  	KANSAS CITY WHEAT	  	
			
	LIFFE	  	COCOA (LONDON)	  	
			
		  	ROBUSTA COFFEE	  	
			
		  	WHITE SUGAR NO.5	  	
			
	MGE	  	MINNEAPOLIS WHEAT	  	
			
	NYBOT	  	ARABICA COFFEE	  	
			
		  	COCOA	  	
			
		  	COTTON	  	
			
		  	ORANGE JUICE	  	
			
		  	WORLD SUGAR NO.11	  	
			
	SAFEX	  	SUNFLOWER SEED (JOHANNESBURG)	  	
			
		  	WHEAT (JOHANNESBURG)	  	
			
		  	WHITE MAIZE	  	
			
		  	YELLOW MAIZE	  	

  
 C-8 

					
	TGE	  	ARABICA COFFEE (TOKYO)	  	
			
		  	AZUKI/RED BEANS (TOKYO)	  	
			
		  	CORN (TOKYO)	  	
			
		  	NON-GMO US SOYBEANS (TOKYO)	  	
			
		  	RAW SUGAR (TOKYO)	  	
			
		  	US SOYBEANS (TOKYO)	  	
			
	TOCOM	  	RUBBER (TOKYO)	  	
			
	WCE	  	RAPESEED/CANOLA	  	

  
 C-9EX-10.3(b)

 EXHIBIT 10.3(b) 

AMENDMENT AGREEMENT 
 The
amendment agreement (this “Amendment Agreement”) is made and entered into effective as of May 5, 2011, by and among Morgan Stanley Smith Barney TT II LLC, a Delaware limited liability company (the “Trading
Company”), Ceres Managed Futures LLC, a Delaware limited liability company (the “Trading Manager”), and Transtrend B.V., a Dutch limited liability company (the “Trading Advisor”). 

W I T N E S S E T H : 

WHEREAS, the Trading Company, Demeter Management Corporation and the Trading Advisor entered into an advisory agreement effective as of
April 30, 2007 (the “Agreement”); and 
 WHEREAS, Demeter Management Corporation was merged into Demeter
Management LLC, a Delaware limited liability company with Demeter Management LLC as the surviving entity; 
 WHEREAS, pursuant to the
establishment of the Morgan Stanley Smith Barney Holdings LLC joint venture, Demeter Management LLC and Ceres Managed Futures LLC were each contributed to such joint venture; 

WHEREAS, subsequent to the establishment of the joint venture, Demeter Management LLC was merged into Ceres Managed Futures LLC whereby
Ceres Managed Futures LLC became the Trading Manager; 
 WHEREAS, the parties hereto desire to enter into this Amendment Agreement in
order to amend the Agreement to reflect the above mergers and to amend the Agreement in certain respects. 
 NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is hereby confirmed, the parties hereto do hereby agree as follows: 
  

	 	1.	Defined Terms. 

 Capitalized terms not otherwise defined in this Amendment Agreement
shall have the same respective meanings as set forth in the Agreement. 
  

	 	2.	Amendments to the Agreement. 

 (a) Section 5(a)(i) of the Agreement is hereby
deleted in its entirety and the following new section 5(a)(i) is hereby inserted in place thereof: 
 “(i)(A) The Trading Company shall
pay the Trading Advisor a monthly management fee based upon a percentage of the Assets as of the first day of each month (the “Management Fee”) at the applicable rate set forth below; 

  

 (B) From and after the effective date of this Amendment Agreement through May 31, 2011, the
rate of the Management Fee shall equal 1/12th of 2%; 
 (C) On and after June 1, 2011, if the Assets as of the first day of a month are:
(i) less than $400,000,000, then the rate of the Management Fee shall equal 1/12th of 2% for such month; and (ii) equal to or greater than $400,000,000, then the rate of the Management Fee shall equal 1/12th of 1.75% for such month; and

 (D) The Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of
this Agreement, “Business Day” shall mean any day on which the securities markets are open in the United States; and” 
 (b)
Section 10(a)(iv) of the Agreement is hereby deleted in its entirety and the following new Section 10(a)(iv) is inserted in place thereof: 

“(iv) The Trading Manager is duly organized and validly existing and in good standing as a limited liability company under the laws of the
State of Delaware and is qualified to do business and is in good standing as a foreign entity 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 Trading Manager’s ability to perform its obligations hereunder;” 
 (c) Section 10(a) of the Agreement is
hereby amended by deleting the word “and” at the end of Section 10(a)(xii), by inserting a new Section 10(a)(xiii) as set forth below and by re-designating existing Section 10(a)(xiii) as Section 10(a)(xiv): 

“(xiii) The assets of the Trading Company do not and shall not constitute “plan assets” for purposes of the U.S. Employee
Retirement Income Security Act of 1974, as amended, or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended; and” 
  

	3.	Representations and Warranties. 

 Each party represents to the other parties that this
Amendment Agreement has been duly and validly executed, delivered and entered into by it and that this Amendment Agreement constitutes a valid and binding agreement of it enforceable against it in accordance with its terms. 

 

	4.	Entire Agreement. 

 Except as expressly amended by this Amendment Agreement, the
Agreement remains in full force and effect. 

  
 -2- 

	5.	Counterparts. 

 This Amendment Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and the signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterparts. 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment Agreement effective as of the date set forth above. 

 

			
	MORGAN STANLEY SMITH BARNEY TT II,
LLC
		
	By:	 	Ceres Managed Futures LLC
	Its:	 	Trading Manager
		
	By:	 	 /s/ Walter Davis

		 	Walter Davis, Chairman and President
	
	CERES MANAGED FUTURES LLC
		
	By:	 	Ceres Managed Futures LLC
	Its:	 	Trading Manager
		
	By:	 	 /s/ Walter Davis

		 	Walter Davis, Chairman and President
	
	TRANSTREND B.V.
		
	By:	 	 /s/ J.P. A. van den Broek

		 	J.P. A. van den Broek, Managing Director
		
	By:	 	 /s/ A.P. Honig

		 	A.P. Honig, Executive Director

  
 -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]