Document:

Foreign Exchange and Options Master Agreement

 FOREIGN EXCHANGE AND OPTIONS 

MASTER AGREEMENT 

(FEOMA) 
 MASTER
AGREEMENT dated as of November 28, 2007, by and between Morgan Stanley & Co. Incorporated, a Delaware corporation and the entities listed in Exhibit I to the Schedule of this Agreement (as amended or supplemented from time to time),
severally and not jointly, (each, a commodity pool limited partnership formed under the laws of the State of Delaware) and Demeter Management Corporation, not individually by solely as General Partner and/or Trading Manager for each entity listed in
Exhibit I. 
 SECTION 1. DEFINITIONS 
 Unless otherwise required by the context, the following terms shall have the following meanings in the Agreement: 
 “Agreement” has the meaning given to it in Section 2.2. 

“American Style Option” means an Option which may be exercised on any Business Day up to and including the Expiration
Time. 
 “Base Currency”, as to a Party, means the Currency agreed to as such in relation to it in Part VII of
the Schedule. 
 “Business Day” means for purposes of: (i) Section 3.2, a day which is a Local
Banking Day for the applicable Designated Office of the Buyer; (ii) Section 5.1 and the definition of American Style Option, a day which is a Local Banking Day for the applicable Designated Office of the Seller; (iii) clauses (i),
(viii) and (xii) of the definition of Event of Default, a day which is a Local Banking Day for the Non-Defaulting Party; (iv) solely in relation to delivery of a Currency, a day which is a Local Banking Day in relation to that
Currency; and (v) any other provision of the Agreement, a day which is a Local Banking Day for the applicable Designated Offices of both Parties; provided, however, that neither Saturday nor Sunday shall be considered a Business
Day for any purpose. 
 “Buyer” means the owner of an Option. 

“Call” means an Option entitling, but not obligating (except upon exercise), the Buyer to purchase from the Seller at
the Strike Price a specified quantity of the Call Currency. 
 “Call Currency” means the Currency agreed to as
such at the time an Option is entered into, as evidenced in a Confirmation. 
 “Close-Out Amount” has the
meaning given to it in Section 8.1. 
 “Close-Out Date” means a day on which, pursuant to the provisions
of Section 8.1, the Non-Defaulting Party closes out Currency Obligations and/or Options or such close-out occurs automatically. 
 “Closing Gain”, as to the Non-Defaulting Party, means the difference described as such in relation to a particular Value Date under the provisions of Section 8.1. 

“Closing Loss”, as to the Non-Defaulting Party, means the difference described as such in relation to a particular Value
Date under the provisions of Section 8.1. 

  
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 “Confirmation” means a writing (including telex, facsimile or other
electronic means from which it is possible to produce a hard copy) evidencing an FX Transaction or an Option, and specifying: 

(A) in the case of an FX Transaction, the following information: 

 

	 	(i)	the Parties thereto and the Designated Offices through which they are respectively acting, 

 

	 	(ii)	the amounts of the Currencies being bought or sold and by which Party, 

  

	 	(iii)	the Value Date, and 

  

	 	(iv)	any other term generally included in such a writing in accordance with the practice of the relevant foreign exchange market; and 

(B) in the case of an Option, the following information: 
  

	 	(i)	the Parties thereto and the Designated Offices through which they are respectively acting, 

 

	 	(ii)	whether the Option is a Call or a Put, 

  

	 	(iii)	the Call Currency and the Put Currency that are the subject of the Option and their respective quantities, 

 

	 	(iv)	which Party is the Seller and which is the Buyer, 

  

	 	(v)	the Strike Price, 

  

	 	(vi)	the Premium and the Premium Payment Date, 

  

	 	(vii)	the Expiration Date, 

  

	 	(viii)	the Expiration Time, 

  

	 	(ix)	whether the Option is an American Style Option or a European Style Option, and 

 

	 	(x)	such other matters, if any, as the Parties may agree. 

 “Credit Support” has the meaning given to it in Section 8.2. 

“Credit Support Document”, as to a Party (the “first Party”), means a guaranty, hypothecation agreement,
margin or security agreement or document, or any other document containing an obligation of a third party (“Credit Support Provider”) or of the first Party in favor of the other Party supporting any obligations of the first Party under the
Agreement. 
 “Credit Support Provider” has the meaning given to it in the definition of Credit Support
Document. 
 “Currency” means money denominated in the lawful currency of any country or the Ecu. 

“Currency Obligation” means any obligation of a Party to deliver a Currency pursuant to an FX Transaction, the
application of Section 6.3(a) or (b), or an exercised Option (except, for the purposes of Section 8.1 only, one that is to be settled at its In-the-Money Amount under Section 5.5). 

“Currency Pair” means the two Currencies which potentially may be exchanged in connection with an FX Transaction or upon
the exercise of an Option, one of which shall be the Put Currency and the other the Call Currency. 

“Custodian” has the meaning given to it in the definition of Insolvency Proceeding. 

“Defaulting Party” has the meaning given to it in the definition of Event of Default. 

  
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 “Designated Office(s)”, as to a Party, means the office or offices
specified in Part II of the Schedule. 
 “Effective Date” means the date of this Master Agreement. 

“European Style Option” means an Option for which Notice of Exercise may be given only on the Option’s Expiration
Date up to and including the Expiration Time, unless otherwise agreed. 
 “Event of Default” means the
occurrence of any of the following with respect to a Party (the “Defaulting Party”, the other Party being the “Non-Defaulting Party”): 
 (i) the Defaulting Party shall (A) default in any payment when due under the Agreement (including, but not limited to, a Premium payment) to the Non-Defaulting Party with respect to any Currency
Obligation or Option and such failure shall continue for two (2) Business Days after the Non-Defaulting Party has given the Defaulting Party written notice of non-payment, or (B) fail to perform or comply with any other obligation assumed
by it under the Agreement and such failure is continuing thirty (30) days after the Non-Defaulting Party has given the Defaulting Party written notice thereof; 
 (ii) the Defaulting Party shall commence a voluntary Insolvency Proceeding or shall take any corporate action to authorize any such Insolvency Proceeding; 

(iii) a governmental authority or self-regulatory organization having jurisdiction over either the Defaulting Party or its assets in the
country of its organization or principal office (A) shall commence an Insolvency Proceeding with respect to the Defaulting Party or its assets or (B) shall take any action under any bankruptcy, insolvency or other similar law or any
banking, insurance or similar law or regulation governing the operation of the Defaulting Party which may prevent the Defaulting Party from performing its obligations under the Agreement as and when due; 

(iv) an involuntary Insolvency Proceeding shall be commenced with respect to the Defaulting Party or its assets by a person other than a
governmental authority or self-regulatory organization having jurisdiction over either the Defaulting Party or its assets in the country of its organization or principal office and such Insolvency Proceeding (A) results in the appointment of a
Custodian or a judgment of insolvency or bankruptcy or the entry of an order for winding-up, liquidation, reorganization or other similar relief, or (B) is not dismissed within five (5) days of its institution or presentation; 

(v) the Defaulting Party is bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to it; 

(vi) the Defaulting Party fails, or shall otherwise be unable, to pay its debts as they become due; 

(vii) the Defaulting Party or any Custodian acting on behalf of the Defaulting Party shall disaffirm, disclaim or repudiate any Currency
Obligation or Option; 
 (viii) any representation or warranty made or given or deemed made or given by the Defaulting Party
pursuant to the Agreement or any Credit Support Document shall prove to have been false or misleading in any material respect as at the time it was made or given or deemed made or given and one (1) Business Day has elapsed after the
Non-Defaulting Party has given the Defaulting Party written notice thereof; 
 (ix) the Defaulting Party consolidates or
amalgamates with or merges into or transfers all or substantially all its assets to another entity and (A) the creditworthiness of the resulting, surviving or 

  
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transferee entity is materially weaker than that of the Defaulting Party prior to such action, or (B) at the time of such consolidation, amalgamation, merger or transfer the resulting,
surviving or transferee entity fails to assume all the obligations of the Defaulting Party under the Agreement by operation of law or pursuant to an agreement satisfactory to the Non-Defaulting Party; 

(x) by reason of any default, or event of default or other similar condition or event, any Specified Indebtedness (being Specified
Indebtedness of an amount which, when expressed in the Currency of the Threshold Amount, is in aggregate equal to or in excess of the Threshold Amount) of the Defaulting Party or any Credit Support Provider in relation to it: (A) is not paid on
the due date therefor and remains unpaid after any applicable grace period has elapsed, or (B) becomes, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such Specified Indebtedness
before it would otherwise have been due and payable; 
 (xi) the Defaulting Party is in breach of or default under any Specified
Transaction and any applicable grace period has elapsed, and there occurs any liquidation or early termination of, or acceleration of obligations under, that Specified Transaction or the Defaulting Party (or any Custodian on its behalf) disaffirms,
disclaims or repudiates the whole or any part of a Specified Transaction; 
 (xii) (A) any Credit Support Provider of the
Defaulting Party or the Defaulting Party itself fails to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with the applicable Credit Support Document and such failure is continuing after any
applicable grace period has elapsed; (B) any Credit Support Document relating to the Defaulting Party expires or ceases to be in full force and effect prior to the satisfaction of all obligations of the Defaulting Party under the Agreement,
unless otherwise agreed in writing by the Non-Defaulting Party; (C) the Defaulting Party or any Credit Support Provider of the Defaulting Party (or, in either case, any Custodian acting on its behalf) disaffirms, disclaims or repudiates, in
whole or in part, or challenges the validity of, any Credit Support Document; (D) any representation or warranty made or given or deemed made or given by any Credit Support Provider of the Defaulting Party pursuant to any Credit Support
Document shall prove to have been false or misleading in any material respect as at the time it was made or given or deemed made or given and one (1) Business Day has elapsed after the Non-Defaulting Party has given the Defaulting Party written
notice thereof; or (E) any event set out in (ii) to (vii) or (ix) to (xi) above occurs in respect of any Credit Support Provider of the Defaulting Party; or 

(xiii) any other condition or event specified in Part IX of the Schedule or in Section 11.14 if made applicable to the Agreement in
Part XI of the Schedule. 
 “Exercise Date”, in respect of any Option, means the day on which a Notice of
Exercise received by the applicable Designated Office of the Seller becomes effective pursuant to Section 5.1. 

“Expiration Date”, in respect of any Option, means the date agreed to as such at the time the Option is entered into, as
evidenced in a Confirmation. 
 “Expiration Time”, in respect of any Option, means the latest time on the
Expiration Date on which the Seller must accept a Notice of Exercise as agreed to at the time the Option is entered into, as evidenced in a Confirmation. 
 “FX Transaction” means any transaction between the Parties for the purchase by one Party of an agreed amount in one Currency against the sale by it to the other of an agreed amount in
another Currency, both such amounts either being deliverable on the same Value Date or, if the Parties have so agreed in Part VI of the Schedule, being cash-settled in a single Currency, which is or shall become subject to the Agreement and in
respect of which transaction the Parties have agreed (whether orally, electronically or in writing): the Currencies involved, the amounts of such Currencies to be purchased and sold, which Party will purchase which Currency and the Value Date.

  
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 “In-the-Money Amount” means (i) in the case of a Call, the excess of
the Spot Price over the Strike Price, multiplied by the aggregate amount of the Call Currency to be purchased under the Call, where both prices are quoted in terms of the amount of the Put Currency to be paid for one unit of the Call Currency; and
(ii) in the case of a Put, the excess of the Strike Price over the Spot Price, multiplied by the aggregate amount of the Put Currency to be sold under the Put, where both prices are quoted in terms of the amount of the Call Currency to be paid
for one unit of the Put Currency. 
 “Insolvency Proceeding” means a case or proceeding seeking a judgment of
or arrangement for insolvency, bankruptcy, composition, rehabilitation, reorganization, administration, winding-up, liquidation or other similar relief with respect to the Defaulting Party or its debts or assets, or seeking the appointment of a
trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each, a “Custodian”) of the Defaulting Party or any substantial part of its assets, under any bankruptcy, insolvency or other similar law or
any banking, insurance or similar law governing the operation of the Defaulting Party. 
 “LIBOR”, with respect
to any Currency and date, means the average rate at which deposits in the Currency for the relevant amount and time period are offered by major banks in the London interbank market as of 11:00 a.m. (London time) on such date, or, if major banks do
not offer deposits in such Currency in the London interbank market on such date, the average rate at which deposits in the Currency for the relevant amount and time period are offered by major banks in the relevant foreign exchange market at such
time on such date as may be determined by the Party making the determination. 
 “Local Banking Day” means
(i) for any Currency, a day on which commercial banks effect deliveries of that Currency in accordance with the market practice of the relevant foreign exchange market, and (ii) for any Party, a day in the location of the applicable
Designated Office of such Party on which commercial banks in that location are not authorized or required by law to close. 

“Master Agreement” means the terms and conditions set forth in this Master Agreement, including the Schedule.

 “Matched Pair Novation Netting Office(s)”, in respect of a Party, means the Designated Office(s) specified
in Part V of the Schedule. 
 “Non-Defaulting Party” has the meaning given to it in the definition of Event of
Default. 
 “Notice of Exercise” means telex, telephonic or other electronic notification (excluding facsimile
transmission) providing assurance of receipt, given by the Buyer prior to or at the Expiration Time, of the exercise of an Option, which notification shall be irrevocable. 
 “Novation Netting Office(s)”, in respect of a Party, means the Designated Office(s) specified in Part V of the Schedule. 

“Option” means a currency option which is or shall become subject to the Agreement. 

“Parties” means the parties to the Agreement, including their successors and permitted assigns (but without prejudice to
the application of clause (ix) of the definition of Event of Default); and the term “Party” shall mean whichever of the Parties is appropriate in the context in which such expression may be used. 

  
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 “Premium”, in respect of any Option, means the purchase price of the Option
as agreed upon by the Parties, and payable by the Buyer to the Seller thereof. 
 “Premium Payment Date”, in
respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation. 
 “Proceedings” means any suit, action or other proceedings relating to the Agreement, any FX Transaction or any Option. 

“Put” means an Option entitling, but not obligating (except upon exercise), the Buyer to sell to the Seller at the
Strike Price a specified quantity of the Put Currency. 
 “Put Currency” means the Currency agreed to as such
at the time an Option is entered into, as evidenced in a Confirmation. 
 “Schedule” means the Schedule
attached to and part of this Master Agreement, as it may be amended from time to time by agreement of the Parties. 

“Seller” means the Party granting an Option. 
 “Settlement Date” means, in respect of: (i) an American Style Option, the Spot Date of the Currency Pair on the Exercise Date of such Option, and (ii) a European Style Option,
the Spot Date of the Currency Pair on the Expiration Date of such Option; and, where market practice in the relevant foreign exchange market in relation to the two Currencies involved provides for delivery of one Currency on one date which is a
Local Banking Day in relation to that Currency but not to the other Currency and for delivery of the other Currency on the next Local Banking Day in relation to that other Currency, “Settlement Date” means such two (2) Local Banking
Days. 
 “Settlement Netting Office(s)”, in respect of a Party, means the Designated Office(s) specified in
Part V of the Schedule. 
 “Specified Indebtedness” means any obligation (whether present or future, contingent
or otherwise, as principal or surety or otherwise) in respect of borrowed money, other than in respect of deposits received. 

“Specified Transaction” means any transaction (including an agreement with respect thereto) between one Party to the
Agreement (or any Credit Support Provider of such Party) and the other Party to the Agreement (or any Credit Support Provider of such Party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option,
equity or equity linked swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination of any of the foregoing. 
 “Spot Date” means the spot delivery day for the relevant Currency Pair as generally used by the relevant foreign exchange market. 

“Spot Price” means the rate of exchange at the time at which such price is to be determined for foreign exchange
transactions in the relevant Currency Pair for value on the Spot Date, as determined in good faith: (i) by the Seller, for purposes of Section 5, and (ii) by the Non-Defaulting Party, for purposes of Section 8. 

  
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 “Strike Price”, in respect of any Option, means the price at which the
Currency Pair may be exchanged, as agreed to at the time the Option is entered into, as evidenced in a Confirmation. 

“Threshold Amount” means the amount specified as such for each Party in Part VIII of the Schedule. 

“Value Date” means, with respect to any FX Transaction, the Business Day (or where market practice in the relevant
foreign exchange market in relation to the two Currencies involved provides for delivery of one Currency on one date which is a Local Banking Day in relation to that Currency but not to the other Currency and for delivery of the other Currency on
the next Local Banking Day in relation to that other Currency (“Split Settlement”) the two (2) Local Banking Days in accordance with that market practice) agreed by the Parties for delivery of the Currencies to be purchased and sold
pursuant to such FX Transaction, and, with respect to any Currency Obligation, the Business Day (or, in the case of Split Settlement, Local Banking Day) upon which the obligation to deliver Currency pursuant to such Currency Obligation is to be
performed. 
 SECTION 2. FX TRANSACTIONS AND OPTIONS 
 2.1 Scope of the Agreement. The Parties (through their respective Designated Offices) may enter into (i) FX Transactions, for such quantities of such Currencies, as may be agreed subject to
the terms of the Agreement, and (ii) Options, for such Premiums, with such Expiration Dates, at such Strike Prices and for the purchase or sale of such quantities of such Currencies, as may be agreed subject to the terms of the Agreement;
provided that neither Party shall be required to enter into any FX Transaction or Option with the other Party (other than in connection with an exercised Option). Unless otherwise agreed in writing by the Parties, each FX Transaction and
Option entered into between Designated Offices of the Parties on or after the Effective Date shall be governed by the Agreement. Each FX Transaction and Option between any two Designated Offices of the Parties outstanding on the Effective Date which
is identified in Part I of the Schedule shall also be governed by the Agreement. 
 2.2 Single Agreement. This Master
Agreement, the terms agreed between the Parties with respect to each FX Transaction and Option (and, to the extent recorded in a Confirmation, each such Confirmation), and all amendments to any of such items shall together form the agreement between
the Parties (the “Agreement”) and shall together constitute a single agreement between the Parties. The Parties acknowledge that all FX Transactions and Options are entered into in reliance upon such fact, it being understood that the
Parties would not otherwise enter into any FX Transaction or Option. 
 2.3 Confirmations. FX Transactions and Options
shall be promptly confirmed by the Parties by Confirmations exchanged by mail, telex, facsimile or other electronic means from which it is possible to produce a hard copy. The failure by a Party to issue a Confirmation shall not prejudice or
invalidate the terms of any FX Transaction or Option. 
 2.4 Inconsistencies. In the event of any inconsistency between
the provisions of the Schedule and the other provisions of the Agreement, the Schedule will prevail. In the event of any inconsistency between the terms of a Confirmation and the other provisions of the Agreement, (i) in the case of an FX
Transaction, the other provisions of the Agreement shall prevail, and the Confirmation shall not modify the other terms of the Agreement and (ii) in the case of an Option, the terms of the Confirmation shall prevail, and the other terms of the
Agreement shall be deemed modified with respect to such Option, except for the manner of confirmation under Section 2.3 and, if applicable, discharge of Options under Section 4. 

  
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 SECTION 3. OPTION PREMIUM 
 3.1 Payment of Premium. Unless otherwise agreed in writing by the Parties, the Buyer shall be obligated to pay the Premium related to an Option no later than its Premium Payment Date. 

3.2 Late Payment or Non-Payment of Premium. If any Premium is not received on or before the Premium Payment Date, the Seller may
elect: (i) to accept a late payment of such Premium; (ii) to give written notice of such non-payment and, if such payment shall not be received within two (2) Business Days of such notice, treat the related Option as void; or
(iii) to give written notice of such non-payment and, if such payment shall not be received within two (2) Business Days of such notice, treat such non-payment as an Event of Default under clause (i) of the definition of Event of
Default. If the Seller elects to act under either clause (i) or (ii) of the preceding sentence, the Buyer shall pay all out-of-pocket costs and actual damages incurred in connection with such unpaid or late Premium or void Option,
including, without limitation, interest on such Premium from and including the Premium Payment Date to but excluding the late payment date in the same Currency as such Premium at overnight LIBOR and any other losses, costs or expenses incurred by
the Seller in connection with such terminated Option, for the loss of its bargain, its cost of funding, or the loss incurred as a result of terminating, liquidating, obtaining or re-establishing a delta hedge or related trading position with respect
to such Option. 
 SECTION 4. DISCHARGE AND TERMINATION OF OPTIONS; NETTING OF OPTION PREMIUMS 

4.1 Discharge and Termination. If agreed in Part V of the Schedule, any Call or any Put written by a Party will automatically be
discharged and terminated, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other Party, such discharge and termination to occur automatically upon the payment in full of the last Premium payable in respect
of such Options; provided that such discharge and termination may only occur in respect of Options: 
  

	 	(i)	each being with respect to the same Put Currency and the same Call Currency; 

 

	 	(ii)	each having the same Expiration Date and Expiration Time; 

  

	 	(iii)	each being of the same style, i.e. either both being American Style Options or both being European Style Options; 

 

	 	(iv)	each having the same Strike Price; 

  

	 	(v)	each being transacted by the same pair of Designated Offices of Buyer and Seller; and 

 

	 	(vi)	neither of which shall have been exercised by delivery of a Notice of Exercise; 

 and, upon the occurrence of such discharge and termination, neither Party shall have any further obligation to the other Party in respect of the relevant Options or, as the case may be, parts thereof so
discharged and terminated. Such discharge and termination shall be effective notwithstanding that either Party may fail to record such discharge and termination in its books. In the case of a partial discharge and termination (i.e., where the
relevant Options are for different amounts of the Currency Pair), the remaining portion of the Option which is partially discharged and terminated shall continue to be an Option for all purposes of the Agreement, including this Section 4.1.

 4.2 Netting of Option Premiums. If agreed in Part V of the Schedule and if, on any date, Premiums would otherwise be
payable under the Agreement in the same Currency between the same respective Designated Offices of the Parties, then, on such date, each Party’s obligation to make payment of any such Premium will be automatically satisfied and discharged and,
if the aggregate Premium(s) that would otherwise have been payable by such Designated Office of one Party exceeds the aggregate 

  
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Premium(s) that would otherwise have been payable by such Designated Office of the other Party, replaced by an obligation upon the Party by whom the larger aggregate Premium(s) would have been
payable to pay the other Party the excess of the larger aggregate Premium(s) over the smaller aggregate Premium(s) and, if the aggregate Premiums are equal, no payment shall be made. 
 SECTION 5. EXERCISE AND SETTLEMENT OF OPTIONS 
 5.1 Exercise of
Options. The Buyer may exercise an Option by delivery to the Seller of a Notice of Exercise. Subject to Section 5.3, if a Notice of Exercise with respect to an Option has not been received by the Seller prior to or at the Expiration Time,
the Option shall expire and become void and of no effect. Any Notice of Exercise shall (unless otherwise agreed): 
 (i) in
respect of an American Style Option, (A) if received at or prior to 3:00 p.m. on a Business Day, be effective upon receipt thereof by the Seller, and (B) if received after 3:00 p.m. on a Business Day, be effective only as of the opening of
business of the Seller on the first Business Day subsequent to its receipt; and 
 (ii) in respect of a European Style Option,
if received on or, if the parties have so agreed, before the Expiration Date, prior to or at the Expiration Time, be effective upon receipt thereof by the Seller. 
 5.2 No Partial Exercise. Unless otherwise agreed by the Parties, an Option may be exercised only in whole. 
 5.3 Automatic Exercise. Unless otherwise agreed in Part VI of the Schedule or unless the Seller is otherwise instructed by the Buyer, if an Option has an In-the-Money Amount at its Expiration Time
that equals or exceeds the product of (x) 1% of the Strike Price (or such other percentage or amount as may have been agreed by the Parties) and (y) the amount of the Call Currency or Put Currency, as appropriate, then the Option shall be
deemed automatically exercised. In such case, the Seller may elect to settle such Option either in accordance with Section 5.4 or by payment to the Buyer on the Settlement Date for such Option of the In-the-Money Amount, as determined at the
Expiration Time or as soon thereafter as practicable. In the latter case, the sole obligations of the Parties with respect to settlement of such Option shall be to deliver or receive the In-the-Money Amount of such Option on the Settlement Date. The
Seller shall notify the Buyer of its election of the method of settlement of an automatically exercised Option as soon as practicable after the Expiration Time. 
 5.4 Settlement of Exercised Options. An exercised Option shall settle on its Settlement Date. Subject to Section 5.3 and 5.5, on the Settlement Date, the Buyer shall pay the Put Currency to
the Seller for value on the Settlement Date and the Seller shall pay the Call Currency to the Buyer for value on the Settlement Date. An exercised Option shall be treated as an FX Transaction and a Currency Obligation (except, for the purposes of
Section 8.1 only, if it is to be settled at its In-the-Money Amount), and for this purpose the relevant Settlement Date shall be treated as the Value Date of the FX Transaction. 

5.5 Settlement at In-the-Money Amount. An Option shall be settled at its In-the-Money Amount if so agreed by the Parties at the
time such Option is entered into. In such case, the In-the-Money Amount shall be determined based upon the Spot Price at the time of exercise or as soon thereafter as practicable. The sole obligations of the Parties with respect to settlement of
such Option shall be to deliver or receive the In-the-Money Amount of such Option on the Settlement Date. 

  
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 SECTION 6. SETTLEMENT AND NETTING OF FX TRANSACTIONS 

6.1 Settlement of FX Transactions. Subject to Sections 6.2 and 6.3, each Party shall deliver to the other Party the amount of the
Currency to be delivered by it under each Currency Obligation on the Value Date for such Currency Obligation. 
 6.2
Settlement Netting. If, on any date, more than one delivery of a particular Currency under Currency Obligations is to be made between a pair of Settlement Netting Offices, then each Party shall aggregate the amounts of such Currency
deliverable by it and only the difference between these aggregate amounts shall be delivered by the Party owing the larger aggregate amount to the other Party, and, if the aggregate amounts are equal, no delivery of the Currency shall be made.

 6.3 Novation Netting. (a) By Currency. If the Parties enter into an FX Transaction through a pair of
Novation Netting Offices giving rise to a Currency Obligation for the same Value Date and in the same Currency as a then existing Currency Obligation between the same pair of Novation Netting Offices, then immediately upon entering into such FX
Transaction, each such Currency Obligation shall automatically and without further action be individually canceled and simultaneously replaced by a new Currency Obligation for such Value Date determined as follows: the amounts of such Currency that
would otherwise have been deliverable by each Party on such Value Date shall be aggregated and the Party with the larger aggregate amount shall have a new Currency Obligation to deliver to the other Party the amount of such Currency by which its
aggregate amount exceeds the other Party’s aggregate amount, provided that if the aggregate amounts are equal, no new Currency Obligation shall arise. This Section 6.3 shall not affect any other Currency Obligation of a Party to
deliver any different Currency on the same Value Date. 
 (b) By Matched Pair. If the Parties enter into an FX
Transaction between a pair of Matched Pair Novation Netting Offices then the provisions of Section 6.3(a) shall apply only in respect of Currency Obligations arising by virtue of FX Transactions entered into between such pair of Matched Pair
Novation Netting Offices and involving the same pair of Currencies and the same Value Date. 
 6.4 General
(a) Inapplicability of Sections 6.2 and 6.3. The provisions of Sections 6.2 and 6.3 shall not apply if a Close-Out Date has occurred or a voluntary or involuntary Insolvency Proceeding or action of the kind described in clause (ii),
(iii) or (iv) of the definition of Event of Default has occurred without being dismissed in relation to either Party. 

(b) Failure to Record. The provisions of Section 6.3 shall apply notwithstanding that either Party may fail to record the new
Currency Obligation in its books. 
 (c) Cut-off Date and Time. The provisions of Section 6.3 are subject to any
cut-off date and cut-off time agreed between the applicable Novation Netting Offices and Matched Pair Novation Netting Offices of the Parties. 

SECTION 7. REPRESENTATIONS, WARRANTIES AND COVENANTS 
 7.1 Representations and Warranties. Each Party represents and warrants to the other Party as of the Effective Date and as of the date of each FX Transaction and each Option that: (i) it has
authority to enter into the Agreement (including such FX Transaction or Option, as the case may be); (ii) the persons entering into the Agreement (including such FX Transaction or Option, as the case may be) on its behalf have been duly
authorized to do so; (iii) the Agreement (including such FX Transaction or Option, as the case may be) is binding upon it and enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency,
moratorium or similar laws affecting creditors’ rights generally and 

  
 10 

 
applicable principles of equity) and does not and will not violate the terms of any agreements to which such Party is bound; (iv) no Event of Default, or event which, with notice or lapse of
time or both, would constitute an Event of Default, has occurred and is continuing with respect to it; (v) it acts as principal in entering into each FX Transaction and Option and exercising each and every Option; and (vi) if the Parties
have so specified in Part XV of the Schedule, it makes the representations and warranties set forth in such Part XV. 
 7.2
Covenants. Each Party covenants to the other Party that: (i) it will at all times obtain and comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents
required to enable it lawfully to perform its obligations under the Agreement; (ii) it will promptly notify the other Party of the occurrence of any Event of Default with respect to itself or any Credit Support Provider in relation to it; and
(iii) if the Parties have set forth additional covenants in Part XVI of the Schedule, it makes the covenants set forth in such Part XVI. 

SECTION 8. CLOSE-OUT AND LIQUIDATION 
 8.1 Manner of Close-Out and Liquidation. (a) Close-Out. If an Event of Default has occurred and is continuing, then the Non-Defaulting Party shall have the right to close out all, but
not less than all, outstanding Currency Obligations (including any Currency Obligation which has not been performed and in respect of which the Value Date is on or precedes the Close-Out Date) and Options, except to the extent that in the good faith
opinion of the Non-Defaulting Party certain of such Currency Obligations or Options may not be closed out under applicable law. Such close-out shall be effective upon receipt by the Defaulting Party of notice that the Non-Defaulting Party is
terminating such Currency Obligations and Options. Notwithstanding the foregoing, unless otherwise agreed by the Parties in Part X of the Schedule, in the case of an Event of Default in clause (ii), (iii) or (iv) of the definition thereof
with respect to a Party and, if agreed by the Parties in Part IX of the Schedule, in the case of any other Event of Default specified and so agreed in Part IX with respect to a Party, close-out shall be automatic as to all outstanding Currency
Obligations and Options, as of the time immediately preceding the institution of the relevant Insolvency Proceeding or action. The Non-Defaulting Party shall have the right to liquidate such closed-out Currency Obligations and Options as provided
below. 
 (b) Liquidation of Currency Obligations. Liquidation of Currency Obligations terminated by close-out shall be
effected as follows: 
 (i) Calculating Closing Gain or Loss. The Non-Defaulting Party shall calculate in good faith, with
respect to each such terminated Currency Obligation, except to the extent that in the good faith opinion of the Non-Defaulting Party certain of such Currency Obligations may not be liquidated as provided herein under applicable law, as of the
Close-Out Date or as soon thereafter as reasonably practicable, the Closing Gain, or, as appropriate, the Closing Loss, as follows: 
 (A) for each Currency Obligation calculate a “Close-Out Amount” as follows: 
 (1) in the case of a Currency Obligation whose Value Date is the same as or is later than the Close-Out Date, the amount of such Currency Obligation; or 

(2) in the case of a Currency Obligation whose Value Date precedes the Close-Out Date, the amount of such Currency Obligation increased,
to the extent permitted by applicable law, by adding interest thereto from and including the Value Date to but excluding the Close-Out Date at overnight LIBOR; and 

  
 11 

 (3) for each such amount in a Currency other than the Non-Defaulting Party’s Base
Currency, convert such amount into the Non-Defaulting Party’s Base Currency at the rate of exchange at which, at the time of the calculation, the Non-Defaulting Party can buy such Base Currency with or against the Currency of the relevant
Currency Obligation for delivery (x) if the Value Date of such Currency Obligation is on or after the Spot Date as of such time of calculation for the Base Currency, on the Value Date of that Currency Obligation or (y) if such Value Date
precedes such Spot Date, for delivery on such Spot Date (or, in either case, if such rate of exchange is not available, conversion shall be accomplished by the Non-Defaulting Party using any commercially reasonable method); and 

(B) determine in relation to each Value Date: (1) the sum of all Close-Out Amounts relating to Currency Obligations under which the
Non-Defaulting Party would otherwise have been entitled to receive the relevant amount on that Value Date; and (2) the sum of all Close-Out Amounts relating to Currency Obligations under which the Non-Defaulting Party would otherwise have been
obliged to deliver the relevant amount to the Defaulting Party on that Value Date; and 
 (C) if the sum determined under (B)(1)
is greater than the sum determined under (B)(2), the difference shall be the Closing Gain for such Value Date; if the sum determined under (B)(1) is less than the sum determined under (B)(2), the difference shall be the Closing Loss for such Value
Date. 
 (ii) Determining Present Value. To the extent permitted by applicable law, the Non-Defaulting Party shall adjust
the Closing Gain or Closing Loss for each Value Date falling after the Close-Out Date to present value by discounting the Closing Gain or Closing Loss from and including the Value Date to but excluding the Close-Out Date, at LIBOR with respect to
the Non-Defaulting Party’s Base Currency as at the Close-Out Date or at such other rate as may be prescribed by applicable law. 
 (iii) Netting. The Non-Defaulting Party shall aggregate the following amounts so that all such amounts are netted into a single liquidated amount payable to or by the Non-Defaulting Party:
(x) the sum of the Closing Gains for all Value Dates (discounted to present value, where appropriate, in accordance with the provisions of Section 8.1(b)(ii)) (which for the purposes of the aggregation shall be a positive figure); and
(y) the sum of the Closing Losses for all Value Dates (discounted to present value, where appropriate, in accordance with the provisions of Section 8.1(b)(ii)) (which for the purposes of the aggregation shall be a negative figure).

 (c) Liquidation of Options. To liquidate unexercised Options and exercised Options to be settled at their In-the-Money
Amounts that have been terminated by close-out, the Non-Defaulting Party shall: 
 (i) Calculating Settlement Amount.
Calculate in good faith with respect to each such terminated Option, except to the extent that in the good faith opinion of the Non-Defaulting Party certain of such Options may not be liquidated as provided herein under applicable law, as of the
Close-Out Date or as soon as reasonably practicable thereafter a settlement amount for each Party equal to the aggregate of: 

(A) with respect to each Option purchased by such Party, and which the other Party has not elected to treat as void pursuant to
Section 3.2(ii) for lack of payment of the Premium, the current market premium for such Option; 
 (B) with respect to each
Option sold by such Party and which such Party has not elected to treat as void pursuant to Section 3.2(ii) for lack of payment of the Premium, any unpaid Premium, 

  
 12 

 
provided that, if the Close-Out Date occurs before the Premium Payment Date, such amount shall be discounted from and including the Premium Payment Date to but excluding the Close-Out Date
at a rate equal to LIBOR on the Close-Out Date and, if the Close-Out Date occurs after the Premium Payment Date, to the extent permitted by applicable law, the settlement amount shall include interest on any unpaid Premium from and including the
Premium Payment Date to but excluding the Close-Out Date in the same Currency as such Premium at overnight LIBOR; 
 (C) with
respect to any exercised Option to be settled at its In-the-Money Amount (whether or not the Close-Out Date occurs before the Settlement Date for such Option), any unpaid amount due to such Party in settlement of such Option and, if the Close-Out
Date occurs after the Settlement Date for such Option, to the extent permitted by applicable law, interest thereon from and including the applicable Settlement Date to but excluding the Close-Out Date at overnight LIBOR; and 

(D) without duplication, the amount that the Non-Defaulting Party reasonably determines in good faith, as of the Close-Out Date or as of
the earliest date thereafter that is reasonably practicable, to be its additional losses, costs and expenses in connection with such terminated Option, for the loss of its bargain, its cost of funding, or the loss incurred as a result of
terminating, liquidating, obtaining or re-establishing a delta hedge or related trading position with respect to such Option; 

(ii) Converting to Base Currency. Convert any settlement amount calculated in accordance with clause (i) above in a Currency
other than the Non-Defaulting Party’s Base Currency into such Base Currency at the Spot Price at which, at the time of the calculation, the Non-Defaulting Party could enter into a contract in the foreign exchange market to buy the
Non-Defaulting Party’s Base Currency in exchange for such Currency (or, if such Spot Price is not available, conversion shall be accomplished by the Non-Defaulting Party using any commercially reasonable method); and 

(iii) Netting. Net such settlement amounts with respect to each Party so that all such amounts are netted to a single liquidated
amount payable by one Party to the other Party. 
 (d) Final Netting. The Non-Defaulting Party shall net (or, if both are
payable by one Party, add) the liquidated amounts payable under Sections 8.1(b) and 8.1(c) with respect to each Party so that such amounts are netted (or added) to a single liquidated amount payable by one Party to the other Party as a settlement
payment. 
 8.2 Set-Off Against Credit Support. Where close-out and liquidation occurs in accordance with
Section 8.1, the Non-Defaulting Party shall also be entitled (i) to set off the net payment calculated in accordance with Section 8.1(d) which the Non-Defaulting Party owes to the Defaulting Party, if any, against any credit support
or other collateral (“Credit Support”) held by the Defaulting Party pursuant to a Credit Support Document or otherwise (including the liquidated value of any non-cash Credit Support) in respect of the Non-Defaulting Party’s
obligations under the Agreement or (ii) to set off the net payment calculated in accordance with Section 8.1(d) which the Defaulting Party owes to the Non-Defaulting Party, if any, against any Credit Support held by the Non-Defaulting
Party (including the liquidated value of any non-cash Credit Support) in respect of the Defaulting Party’s obligations under the Agreement; provided that, for purposes of either such set-off, any Credit Support denominated in a Currency
other than the Non-Defaulting Party’s Base Currency shall be converted into such Base Currency at the rate specified in Section 8.1(c)(ii). 
 8.3 Other Foreign Exchange Transactions and Currency Options. Where close-out and liquidation occurs in accordance with Section 8.1, the Non-Defaulting Party shall also be entitled to
close-out and liquidate, to the extent permitted by applicable law, any other foreign exchange transaction or currency option entered into between the Parties which is then outstanding in accordance with the provisions of Section 8.1, with each
obligation of a Party to deliver a Currency under such a foreign 

  
 13 

 
exchange transaction being treated as if it were a Currency Obligation (including exercised options, provided that cash-settled options shall be treated analogously to Options to be settled at
their In-the-Money Amount) and each unexercised option being treated as if it were an Option under the Agreement. 
 8.4
Payment and Late Interest. The net amount payable by one Party to the other Party pursuant to the provisions of Sections 8.1 and 8.3 above shall be paid by the close of business on the Business Day following the receipt by the Defaulting
Party of notice of the Non-Defaulting Party’s settlement calculation, with interest at overnight LIBOR from and including the Close-Out Date to but excluding such Business Day (and converted as required by applicable law into any other
Currency, any costs of conversion to be borne by, and deducted from any payment to, the Defaulting Party). To the extent permitted by applicable law, any amounts owed but not paid when due under this Section 8 shall bear interest at overnight
LIBOR (or, if conversion is required by applicable law into some other Currency, either overnight LIBOR with respect to such other Currency or such other rate as may be prescribed by such applicable law) for each day for which such amount remains
unpaid. Any addition of interest or discounting required under this Section 8 shall be calculated on the basis of a year of such number of days as is customary for transactions involving the relevant Currency in the relevant foreign exchange
market. 
 8.5 Suspension of Obligations. Without prejudice to the foregoing, so long as a Party shall be in default in
payment or performance to the other Party under the Agreement and the other Party has not exercised its rights under this Section 8, or, if “Adequate Assurances” is specified as applying to the Agreement in Part XI of the Schedule,
during the pendency of a reasonable request to a Party for adequate assurances of its ability to perform its obligations under the Agreement, the other Party may, at its election and without penalty, suspend its obligation to perform under the
Agreement. 
 8.6 Expenses. The Defaulting Party shall reimburse the Non-Defaulting Party in respect of all out-of-pocket
expenses incurred by the Non-Defaulting Party (including fees and disbursements of counsel, including attorneys who may be employees of the Non-Defaulting Party) in connection with any reasonable collection or other enforcement proceedings related
to the payments required under the Agreement. 
 8.7 Reasonable Pre-Estimate. The Parties agree that the amounts
recoverable under this Section 8 are a reasonable pre-estimate of loss and not a penalty. Such amounts are payable for the loss of bargain and the loss of protection against future risks and, except as otherwise provided in the Agreement,
neither Party will be entitled to recover any additional damages as a consequence of such losses. 
 8.8 No Limitation of
Other Rights; Set-Off. The Non-Defaulting Party’s rights under this Section 8 shall be in addition to, and not in limitation or exclusion of, any other rights which the Non-Defaulting Party may have (whether by agreement, operation of
law or otherwise), and, to the extent not prohibited by law, the Non-Defaulting Party shall have a general right of set-off with respect to all amounts owed by each Party to the other Party, whether due and payable or not due and payable (provided
that any amount not due and payable at the time of such set-off shall, if appropriate, be discounted to present value in a commercially reasonable manner by the Non-Defaulting Party). The Non-Defaulting Party’s rights under this
Section 8.8 are subject to Section 8.7. 
 SECTION 9. FORCE MAJEURE, ACT OF STATE, ILLEGALITY AND IMPOSSIBILITY 

9.1 Force Majeure, Act of State, Illegality and Impossibility. If either Party is prevented from or hindered or delayed by reason
of force majeure or act of state in the delivery or receipt of any Currency in respect of a Currency Obligation or Option or if it becomes or, in the good faith judgment of one of the Parties, may become unlawful or impossible for either Party to
make or receive any payment in respect of a Currency Obligation or Option, then the Party for whom such performance has been prevented, hindered or 

  
 14 

 
delayed or has become illegal or impossible shall promptly give notice thereof to the other Party and either Party may, by notice to the other Party, require the close-out and liquidation of each
affected Currency Obligation and Option in accordance with the provisions of Section 8.1 and, for such purposes, the Party unaffected by such force majeure, act of state, illegality or impossibility (or, if both Parties are so affected,
whichever Party gave the relevant notice) shall perform the calculation required under Section 8.1 as if it were the Non-Defaulting Party. Nothing in this Section 9.1 shall be taken as indicating that the Party treated as the Defaulting
Party for the purpose of calculations required by Section 8.1 has committed any breach or default. 
 9.2 Transfer to
Avoid Force Majeure, Act of State, Illegality or Impossibility. If Section 9.1 becomes applicable, unless prohibited by law, the Party which has been prevented, hindered or delayed from performing shall, as a condition to its right to
designate a close-out and liquidation of any affected Currency Obligation or Option, use all reasonable efforts (which will not require such Party to incur a loss, excluding immaterial, incidental expenses) to transfer as soon as practicable, and in
any event before the earlier to occur of the expiration date of the affected Options or twenty (20) days after it gives notice under Section 9.1, all its rights and obligations under the Agreement in respect of the affected Currency
Obligations and Options to another of its Designated Offices so that such force majeure, act of state, illegality or impossibility ceases to exist. Any such transfer will be subject to the prior written consent of the other Party, which consent will
not be withheld if such other Party’s policies in effect at such time would permit it to enter into transactions with the transferee Designated Office on the terms proposed, unless such transfer would cause the other Party to incur a material
tax or other cost. 
 SECTION 10. PARTIES TO RELY ON THEIR OWN EXPERTISE 

Each Party will be deemed to represent to the other Party on the date on which it enters into an FX Transaction or Option that (absent a
written agreement between the Parties that expressly imposes affirmative obligations to the contrary for that FX Transaction or Option): (i)(A) it is acting for its own account, and it has made its own independent decisions to enter into that FX
Transaction or Option and as to whether that FX Transaction or Option is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary; (B) it is not relying on any communication (written
or oral) of the other Party as investment advice or as a recommendation to enter into that FX Transaction or Option, it being understood that information and explanations related to the terms and conditions of an FX Transaction or Option shall not
be considered investment advice or a recommendation to enter into that FX Transaction or Option; and (C) it has not received from the other Party any assurance or guarantee as to the expected results of that FX Transaction or Option;
(ii) it is capable of evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that FX Transaction or Option; and (iii) the other Party is
not acting as a fiduciary or an advisor for it in respect of that FX Transaction or Option. 
 SECTION 11. MISCELLANEOUS 

11.1 Currency Indemnity. The receipt or recovery by either Party (the “first Party”) of any amount in respect of an
obligation of the other Party (the “second Party”) in a Currency other than that in which such amount was due, whether pursuant to a judgment of any court or pursuant to Section 8 or 9, shall discharge such obligation only to the
extent that, on the first day on which the first Party is open for business immediately following such receipt or recovery, the first Party shall be able, in accordance with normal banking practice, to purchase the Currency in which such amount was
due with the Currency received or recovered. If the amount so purchasable shall be less than the original amount of the Currency in which such amount was due, the second Party shall, as a separate obligation and notwithstanding any

  
 15 

 
judgment of any court, indemnify the first Party against any loss sustained by it. The second Party shall in any event indemnify the first Party against any costs incurred by it in making any
such purchase of Currency. 
 11.2 Assignment. Neither Party may assign, transfer or charge or purport to assign,
transfer or charge its rights or obligations under the Agreement to a third party without the prior written consent of the other Party and any purported assignment, transfer or charge in violation of this Section 11.2 shall be void. 

11.3 Telephonic Recording. The Parties agree that each may electronically record all telephonic conversations between them and
that any such recordings may be submitted in evidence to any court or in any Proceedings for the purpose of establishing any matters pertinent to the Agreement. 
 11.4 Notices. Unless otherwise agreed, all notices, instructions and other communications to be given to a Party under the Agreement shall be given to the address, telex (if confirmed by the
appropriate answerback), facsimile (confirmed if requested) or telephone number and to the individual or department specified by such Party in Part III of the Schedule. Unless otherwise specified, any notice, instruction or other communication given
in accordance with this Section 11.4 shall be effective upon receipt. 
 11.5 Termination. Each of the Parties may
terminate the Agreement at any time by seven (7) days’ prior written notice to the other Party delivered as prescribed in Section 11.4, and termination shall be effective at the end of such seventh day; provided, however, that
any such termination shall not affect any outstanding Currency Obligations or Options, and the provisions of the Agreement shall continue to apply until all the obligations of each Party to the other under the Agreement have been fully performed.

 11.6 Severability. In the event any one or more of the provisions contained in the Agreement should be held invalid,
illegal or unenforceable in any respect under the law of any jurisdiction, the validity, legality and enforceability of the remaining provisions contained in the Agreement under the law of such jurisdiction, and the validity, legality and
enforceability of such and any other provisions under the law of any other jurisdiction shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 11.7 No Waiver. No indulgence or concession granted by a Party and no omission or delay on the part of a Party in exercising any right, power or privilege under the Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

11.8 Master Agreement. Where one of the Parties to the Agreement is domiciled in the United States, the Parties intend that the
Agreement shall be a master agreement, as referred to in 11 U.S.C. Section 101(53B)(C) and 12 U.S.C. Section 1821(e)(8)(D)(vii). 
 11.9 Time of Essence, Etc. Time shall be of the essence in the Agreement. Unless otherwise agreed, the times referred to in the Agreement with respect to Options shall in each case refer to the
local time of the relevant Designated Office of the Seller of the relevant Option. 
 11.10 Headings. Headings in the
Agreement are for ease of reference only. 
 11.11 Payments Generally. All payments to be made under the Agreement shall
be made in same day (or immediately available) and freely transferable funds and, unless otherwise specified, shall be delivered to such office of such bank, and in favor of such account as shall be specified by the Party entitled to receive such
payment in Part IV of the Schedule or in a notice given in accordance with Section 11.4. 

  
 16 

 11.12 Amendments. No amendment, modification or waiver of the Agreement will be
effective unless in writing executed by each of the Parties; provided that the Parties may agree in a Confirmation that complies with Section 2.3 to amend the Agreement solely with respect to the Option that is the subject of the
Confirmation. 
 11.13 Credit Support. A Credit Support Document between the Parties may apply to obligations governed by
the Agreement. If the Parties have executed a Credit Support Document, such Credit Support Document shall be subject to the terms of the Agreement and is hereby incorporated by reference in the Agreement. In the event of any conflict between a
Credit Support Document and the Agreement, the Agreement shall prevail, except for any provision in such Credit Support Document in respect of governing law. 
 11.14 Adequate Assurances. If the Parties have so agreed in Part XI of the Schedule, the failure by a Party to give adequate assurances of its ability to perform any of its obligations under the
Agreement within two (2) Business Days of a written request to do so when the other Party has reasonable grounds for insecurity shall be an Event of Default under the Agreement. 

11.15 Correction of Confirmations. Unless either Party objects to the terms contained in any Confirmation sent by the other Party
or sends a corrected Confirmation within three (3) Business Days of receipt of such Confirmation, or such shorter time as may be appropriate given the Value Date of an FX Transaction, the terms of such Confirmation shall be deemed correct and
accepted absent manifest error. If the Party receiving a Confirmation sends a corrected Confirmation within such three (3) Business Days, or shorter period, as appropriate, then the Party receiving such corrected Confirmation shall have three
(3) Business Days, or shorter period, as appropriate, after receipt thereof to object to the terms contained in such corrected Confirmation. 
 SECTION 12. LAW AND JURISDICTION 
 12.1 Governing Law. The Agreement
shall be governed by, and construed in accordance with, the laws of the jurisdiction set forth in Part XII of the Schedule. 

12.2 Consent to Jurisdiction. (a) With respect to any Proceedings, each Party irrevocably (i) submits to the
non-exclusive jurisdiction of the courts of the jurisdiction set forth in Part XIII of the Schedule and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any
claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have jurisdiction over such Party. Nothing in the Agreement precludes either
Party from bringing Proceedings in any other jurisdiction nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

(b) Each Party irrevocably appoints the agent for service of process (if any) specified with respect to it in Part XIV of the Schedule.
If for any reason any Party’s process agent is unable to act as such, such Party will promptly notify the other Party and within thirty (30) days will appoint a substitute process agent acceptable to the other Party. 

12.3 Waiver of Jury Trial. Each Party irrevocably waives any and all right to trial by jury in any Proceedings. 

  
 17 

 12.4 Waiver of Immunities. Each Party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court,
(iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

 

			
	MORGAN STANLEY & CO. INCORPORATED
		
	By:	 	 /s/ Yann Lalande

	Name:	 	Yann Lalande
	Title:	 	Authorized Signatory
	
	 DEMETER MANAGEMENT CORPORATION,
 as General Partner and/or Trading Manager
 for the entities listed in Exhibit
I

		
	By:	 	 /s/ Walter Davis

	Name:	 	Walter Davis
	Title:	 	President

  
 18 

 SCHEDULE 
 Schedule to the International Foreign Exchange and Options Master Agreement 
 dated
as of November 28, 2007 (the “Agreement”) 
 between Morgan Stanley & Co. Incorporated 

(“Party A”) 
 and 
 The entities listed in Exhibit I to the Schedule of this Agreement 

(as amended or supplemented from time to time), severally and not jointly 

(“Party B”). 
  

					
	 Part I.
	  	Scope of the Agreement
		
		  	The Agreement shall apply to all FX Transactions outstanding between any two Designated Offices of the Parties on the Effective Date.
		
		  	The Agreement shall apply to all Options outstanding between any two Designated Offices of the Parties on the Effective Date.
		
	 Part II.
	  	Designated Offices
		
		  	Each of the following shall be a Designated Office:
		
		  	Party A: New York
		
		  	Party B: New York
		
	 Part III.
	  	Notices
			
		  	If sent to Party A:	  	
			
		  	Address:	  	MORGAN STANLEY & CO. INCORPORATED
		  		  	1585 Broadway, 3rd floor
		  		  	New York, New York 10036
		  	Telephone Number:	  	(212) 761-2700
		  	Facsimile Number:	  	(212) 761-0296
		  	SWIFT Number:	  	MSNYUS33
		  	Name of Individual or Department
		  	to whom Notices are to be sent: Foreign Exchange Trading Department
			
		  	If sent to Party B:	  	DEMETER MANAGEMENT CORPORATION,
		  		  	 as General Partner and/or Trading Manager
 for the entities listed in Exhibit I

		  		  	522 Fifth Avenue, 13th Floor
		  		  	New York, NY 10036
		  	Telephone Number:	  	(212) 296-1999
		  	Facsimile Number:	  	(212) 296-6868

			
	 Part IV.
	  	Payment Instructions
		
		  	x  Name of Bank and Office, Account Number and Reference with respect to relevant Currencies: As specified in the relevant
Confirmation or as otherwise advised.
		
		  	x  With respect to each Party, as may be set forth in such Standard Settlement Instructions as may be specified by such
Party in a notice given in accordance with Section 11.4.
		
	 Part V.
	  	Netting
		
	 A.
	  	Discharge of Options
		
		  	Section 4.1 shall apply to Options other than barrier options.
		
	 B.
	  	Netting of Premiums
		
		  	Section 4.2 shall apply to Premium payments for Options other than barrier options.
		
	 C.
	  	Settlement Netting Offices
		
		  	Each of the following shall be a Settlement Netting Office:
		
		  	Party A: Same as Part II.
		
		  	Party B: Same as Part II.
		
		  	Party A and Party B agree that, notwithstanding Section 6.2 of the Agreement, obligations to make payments pursuant to FX Transactions shall only be netted, satisfied and discharged
against obligations to make payments arising out of the same or other FX Transactions between a pair of Settlement Netting Offices and obligations to make payments pursuant to Options (including exercised Options) shall only be netted, satisfied and
discharged against obligations to make payments arising out of the same or other Options (including exercised Options) between a pair of Settlement Netting Offices.
		
	 D.
	  	Novation Netting Offices
		
		  	Each of the following shall be a Novation Netting Office:
		
		  	Not applicable.
		
	 E.
	  	Matched Pair Novation Netting Offices
		
		  	Each of the following shall be a Matched Pair Novation Netting Office:
		
		  	Not applicable.
		
	 Part VI.
	  	Automatic Exercise of Options; Cash Settlement of FX Transactions

  
 20 

			
	 A.
	  	Automatic Exercise of Options
		
		  	Automatic Exercise of certain In-the-money Options pursuant to Section 5.3 shall apply to Party A as Buyer.
		
		  	Automatic Exercise of certain In-the-money Options pursuant to Section 5.3 shall apply to Party B as Buyer.
		
	 B.
	  	Cash Settlement of FX Transactions
		
		  	The following provision shall apply:
		
		  	The definition of FX Transaction in Section 1 shall include foreign exchange transactions for the purchase and sale of one Currency against another but which shall be settled by the
delivery of only one Currency based on the difference between exchange rates as agreed by the Parties as evidenced in a Confirmation. Section 6.1 is modified so that only one Currency shall be delivered for any such FX Transaction in accordance with
the formula agreed by the Parties. Section 8.1(b)(i)(A) is modified so that the Close-Out Amount for any such FX Transaction for which the cash settlement amount has been fixed on or before the Close-Out Date pursuant to the terms of such FX
Transaction shall be equal to the Currency Obligation arising therefrom (increased by adding interest in the manner provided in clause (A)(2) if the Value Date precedes the Close-Out Date) and for any such FX Transaction for which the cash
settlement amount has not yet been fixed on the Close-Out Date pursuant to the terms of such FX Transaction, the Close-Out Amount shall be as reasonably determined by Party A in accordance with market practice.
		
	 Part VII.
	  	Base Currency
		
		  	Party A’s Base Currency is U.S. Dollars.
		
		  	Party B’s Base Currency is U.S. Dollars.
		
	 Part VIII.
	  	Threshold Amount
		
		  	For purposes of clause (x) of the definition of Event of Default:
		
		  	Party A’s Threshold Amount is U.S.D. $10,000,000.
		
		  	Party B’s Threshold Amount is U.S.D. $10,000,000.
		
	 Part IX.
	  	Additional Events of Default
		
		  	Not applicable.
		
	 Part X.
	  	Automatic Termination
		
		  	The automatic termination provision of Section 8.1 shall not apply to Party A as Defaulting Party in respect of clause (ii), (iii) or (iv) of the definition of Event of
Default.

  
 21 

			
		  	The automatic termination provision of Section 8.1 shall not apply to Party B as Defaulting Party in respect of clause (ii), (iii) or (iv) of the definition of Event of Default;
provided, however where the Event of Default specified in clause (ii), (iii), or (iv) is governed by a system of law which does not permit termination to take place upon or after the occurrence of the relevant Event of Default in accordance with the
terms of the Agreement, then the automatic termination provisions of Section 8.1 will apply to Party B.
		
		  	In addition to, and notwithstanding anything to the contrary in the preceding sentence, if an Event of Default occurs as a result of automatic termination, the Defaulting Party
hereby agrees to indemnify the Non-Defaulting Party on demand against all loss or damage that the Non-Defaulting Party may sustain or incur in respect of the Agreement and each Currency Obligation (including in relation to terminating, liquidating,
obtaining or reestablishing any hedge or related position to the extent not already taken into account, in the calculations performed) as a result of movements in relevant rates, prices, yields, yield curves, volatilities, spreads or other relevant
market data between the Close-Out Date and the Business Day upon which the Non-Defaulting Party first becomes aware that the Event of Default has occurred, provided however, that if the Non-Defaulting Party determines that any such movements have
actually resulted in a net, after tax, gain for the Non-Defaulting Party then the Non-Defaulting Party agrees to pay to the Defaulting Party the sum of such gain, subject to any rights the Non-Defaulting Party may have under the Agreement or
otherwise.
		
	 Part XI.
	  	Adequate Assurances
		
		  	Adequate Assurances under Section 11.14 shall – not apply to Party A or Party B.
		
	 Part XII.
	  	Governing Law
		
		  	In accordance with Section 12.1 of the Agreement, the Agreement shall be governed by the laws of the State of New York.
		
	 Part XIII.
	  	Consent to Jurisdiction
		
		  	Section 12.2 of the Agreement is amended by (i) replacing clause (a) with: “submits to the exclusive jurisdiction of the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in New York City and”, and (ii) deleting the last sentence thereof.
		
	 Part XIV.
	  	Agent for Service of Process
		
		  	Party A appoints the following as its agent for service of process in any Proceedings in the State of New York: Not applicable.
		
		  	Party B appoints the following as its agent for service of process in any Proceedings in State of New York: Not applicable.

  
 22 

											
	 Part XV.
	  	 	Certain Regulatory Representations
			
	 A.
	  				  	The following FDICIA representation shall apply:
			
		  	 	1.	  	  	Party A represents and warrants that it qualifies as a “financial institution” within the meaning of the Federal Deposit Insurance Corporation Improvement
Act of 1991 (“FDICIA”) by virtue of being a:
			
		  				  	 ̈ broker or dealer within the meaning of FDICIA;
			
		  				  	 ̈ depository institution within the meaning of FDICIA;
			
		  				  	 ̈ futures commission merchant within the meaning of FDICIA;
			
		  				  	x “financial institution” within the meaning of Regulation EE (see below)
			
		  	 	2.	  	  	Party B hereby represents and warrants that it qualifies as a “financial institution” by virtue of being a:
			
		  				  	 ̈ broker or dealer within the meaning of FDICIA;
			
		  				  	 ̈ depository institution within the meaning of FDICIA;
			
		  				  	 ̈ futures commission merchant within the meaning of FDICIA;
			
		  				  	 ̈ “financial institution” within the meaning of Regulation EE (see below).
			
		  	 	3.	  	  	A Party representing that it is a “financial institution” as that term is defined in 12 C.F.R. Section 231.3 of Regulation EE issued by the Board of
Governors of the Federal Reserve System (“Regulation EE”) represents that:
				
		  				  	(a)	  	it is willing to enter into “financial contracts” as a counterparty “on both sides of one or more financial markets” as those terms are used in
Section 231.3 of Regulation EE; and
				
		  				  	(b)	  	during the 15-month period immediately preceding the date it makes or is deemed to make this representation, it has had on at least one (1) day during such period,
with counterparties that are not its affiliates (as defined in Section 231.2(b) of Regulation EE) either:
					
		  				  		  	(i)	  	one or more financial contracts of a total gross notional principal amount of $1 billion outstanding; or
					
		  				  		  	(ii)	  	total gross mark-to-market positions (aggregated across counterparties) of $100 million; and
				
		  				  	(c)	  	agrees that it will notify the other Party if it no longer meets the requirements for status as a financial institution under Regulation EE.
			
		  	 	4.	  	  	If both Parties are financial institutions in accordance with the above, the Parties agree that the Agreement shall be a netting contract, as defined in 12 U.S.C.
Section 4402(14), and each receipt or payment or delivery obligation under the Agreement shall be a covered contractual payment entitlement or covered contractual payment obligation, respectively, as defined in FDICIA.

  
 23 

			
	 B.
	  	The following ERISA representation shall apply:
		
		  	Each Party continuously represents that it is not (i) an employee benefit plan (hereinafter an “ERISA Plan”), as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), subject to Title I of ERISA or a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended, or subject to any other statute, regulation, procedure or restriction that is
materially similar to Section 406 of ERISA or Section 4975 of the Code (together with ERISA Plans, “Plans”), (ii) a person acting on behalf of a Plan or (iii) a person any of the assets of whom constitute assets of a Plan. Each Party will
provide notice to the other Party in the event that it is aware that it is in breach of any aspect of this representation or is aware that with the passing of time, giving of notice or expiry of any applicable grace period it will breach this
representation.
		
	 C.
	  	The following Commodity Exchange Act representation shall apply:
		
		  	Each Party represents and warrants that it is an “eligible contract participant” under, and as defined in, Section 1(a)(12) of the Commodity Exchange Act, and was not
formed solely for the purposes of constituting an “eligible contract participant.”
		
	 Part XVI.
	  	Representations and Warranties:
		
		  	In addition to the representations and warranties set forth in Section 7.1 of this Agreement, each Party hereby represents and warrants to the other Party on the date hereof and on
the date of each FX Transaction or Option, as the case may be, that: (a) it is a sophisticated investor able to evaluate and assume the risks associated with transactions in currencies as contemplated by the Agreement; (b) it is not relying upon any
representations (whether written or oral) of the other Party other than the representations expressly set forth in the Agreement, this Schedule, any Credit Support Document or in any Confirmation; (c) its execution and delivery of the Agreement, and
its performance of its obligations hereunder, do not and will not conflict with any law or regulation of the jurisdiction of its organization or other law or regulation applicable to it, and do not and will not violate, constitute a default under,
or result in the creation or imposition of any lien or encumbrance on any of its property or assets under any agreement or instrument to which it is a party or by which its assets are bound; (d) no consent, authorization or approval (including
exchange control approval) or other action by, and no notice to or filing with, any person or entity, including any governmental authority or regulatory body, other than any already obtained, made or filed and remaining in full force and effect, and
the conditions of which have been duly complied with, is required in connection with the performance of its obligations under the Agreement; and (e) there are no actions, proceedings or claims pending or, to the best of its knowledge, threatened,
the adverse determination of which might have a materially adverse effect on its ability to perform its obligations under, or affect the validity or enforceability of, the Agreement.
		
	 Part XVII.
	  	Agreement Superseding
		
		  	A new Section 11.16 shall be added to the Agreement which shall read as follows: “The Agreement shall supersede any other agreement between the Parties with respect to the
subject matter hereof.”

  
 24 

							
	 Part XVIII.
	  	1998 FX and Currency Option Definitions.
		
		  	The 1998 FX and Currency Option Definitions as published by ISDA, EMTA and The Foreign Exchange Committee (the “Definitions”) shall be applicable to each FX
Transaction and Option under the Agreement, including any FX Transaction or Option outstanding on the date hereof, subject to the following:
		
	 A.
	  	Definitions
			
		  	1.	  	The term “Agreement” in Section 2.2 of the Agreement shall include the Agreement as modified and supplemented by this Part.
			
		  	2.	  	The term “FX Transaction” and “Currency Option Transaction” in the Definitions or in a Confirmation shall in all cases be considered references to
an “FX Transaction” and “Option” under the Agreement.
			
		  	3.	  	Section 3.4 of the Definitions is hereby amended by adding the following new subparagraph at the end thereof:
				
		  		  	(c)	  	Payment of Premiums. If any Premium is not received on the applicable Premium Payment Date, the Seller may elect either: (i) to accept a late payment of such Premium; (ii)
to give written notice of such non-payment and, if such payment shall not be received within two (2) Local Business Days of such notice, treat the related Currency Option Transaction as void; or (iii) to give written notice of such non-payment and,
if such payment shall not be received within two (2) Local Business Days of such notice, treat such non-payment as an Event of Default under the Master Agreement. If the Seller elects to act under either clause (i) or (ii) of the preceding sentence,
the Buyer shall pay all out-of-pocket costs and actual damages incurred in connection with such unpaid or late Premium or void Currency Option Transaction, including, without limitation, interest on such Premium in the same currency as such Premium
at the then-prevailing market rate and any other costs or expenses incurred by the Seller in covering its obligations (including, without limitation, a delta hedge) with respect to such Currency Option Transaction.
			
		  	4.	  	The Definitions are hereby amended by adding the following new Section 3.9:
				
		  		  		  	Section 3.9. Discharge and Termination of Currency Option Transactions. Unless otherwise agreed, any Call or Put written by a party will automatically be terminated and
discharged, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other party, such termination and discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Currency
Option Transactions; provided that, such termination and discharge may only occur in respect of Currency Option Transactions:
				
		  		  		  	(a) each being with respect to the same Put Currency and the same Call Currency;
				
		  		  		  	(b) each having the same Expiration Date and Expiration Time;
				
		  		  		  	(c) each being of the same style (i.e., both being American Style Options, both being European Style Options or both being Bermuda or Mid-Atlantic Style
Options);

  
 25 

							
				
		  		  		  	(d) each having the same Strike Price;
				
		  		  		  	(e) neither of which shall have been exercised by delivery of a Notice of Exercise;
			
		  		  	and, upon the occurrence of such termination and discharge, neither party shall have any further obligation to the other party in respect of the relevant Currency
Option Transactions or, as the case may be, parts thereof so terminated and discharged. Such termination and discharge shall be effective notwithstanding that either party (i) may fail to send out a Confirmation, (ii) may fail to record such
termination and discharge in its books, or (iii) may send out a Confirmation that is inconsistent with such termination and discharge. In the case of a partial termination and discharge (i.e., where the relevant Currency Option Transactions are for
different amounts of the Currency Pair), the remaining portion of the Currency Option Transaction which is partially terminated and discharged shall continue to be a Currency Option Transaction for all purposes hereunder.
			
		  	5.	  	All terms in this Part shall have the meanings given them above or in the Definitions, unless not defined above or in the Definitions, in which case the term shall
have the meaning given in the Agreement.
		
	 B.
	  	Scope
			
		  	1.	  	Notwithstanding the absence of any reference to the Definitions in a Confirmation, this Part and the Definitions shall be applicable to any FX Transaction or Currency
Option Transaction covered by the Agreement; provided that the Parties may agree otherwise for any Transaction as evidenced by a Confirmation that complies with Section 2.3 of the Agreement.
			
		  	2.	  	In the event of any inconsistency between the Definitions and a Confirmation, the terms of the Confirmation shall govern for the purpose of the relevant Transaction.
In the event of any inconsistency between the Definitions and the Agreement, the Definitions shall prevail.
		
	 C.
	  	Confirmations
		
		  	Notwithstanding Sections 2.4 and 11.12 of the Agreement, in the event of any inconsistency between the terms of a Confirmation for an FX Transaction or Currency
Option Transaction and the Agreement, the terms of the Confirmation shall prevail.
		
	 D.
	  	Disruption Events
		
		  	With respect to any Disruption Event that is applicable to an FX Transaction or Currency Option Transaction pursuant to the Definitions or as otherwise agreed by the
Parties as evidenced by a Confirmation, Section 9 of the Agreement shall not be applicable in respect of such FX Transaction or Currency Option Transaction, and the Parties shall be subject to the Disruption Fallbacks (including but not limited to
No Fault Termination) specified as applicable pursuant to the Definitions or such Confirmation.

  
 26 

			
	 E.
	 	Miscellaneous
		
		 	The provisions of Part VI.B of this Schedule relating to cash settlement of FX Transactions shall apply to Non-Deliverable FX Transactions.
		
	 Part XIX.
	 	Force Majeure, Act of State, Illegality and Impossibility
		
		 	Section 9 of the Agreement is hereby amended by deleting it in its entirety and inserting in its place the following replacement Section:
		
		 	 “9.1 Liquidation Rights. If a Force Majeure Event occurs and is still in effect, then (but subject to Section 9.2) either Party may, by
notice to the other Party on any day or days after the Waiting Period expires, require the close-out and liquidation of the Currency Obligations under any or all of the Affected Transactions in accordance with the provisions of Section 8.1 and, for
such purposes, the Party unaffected by such Force Majeure Event shall perform the calculation required under Section 8.1 as if it were the Non-Defaulting Party (or, if both Parties are Affected Parties, but Parties shall so calculate in respect of
all Affected Transactions which either Party determines to liquidate and the average of the amounts so determined shall be the relevant amount in respect of each Affected Transaction, except that if a Party fails to so determine an amount, the
amount determined by the other Party shall govern). If a Party elects to so liquidate less than all Affected Transactions, it may liquidate additional Affected Transactions on a later day or days if the relevant Force Majeure Event is still in
effect.

		
		 	 9.2 Waiting Period. If the Value Date of an FX Transaction, or the Settlement Date of an Option, which is an Affected Transaction, under
Section 9.1 falls during the Waiting Period of the relevant Force Majeure Event, then such Value Date or Settlement Date (as applicable) will be deferred to the first Business Day (or the first day which, but for such event, would have been a
Business Day) after the end of that Waiting Period (or, in the case of Split Settlement, the first Local Banking Day or the first day which, but for such event, would have been a Local Banking Day, after the end of the Waiting Period). Compensation
for this deferral shall be at then current market rates as determined in a commercially reasonable manner by the calculating Party or Parties under Section 9.

		
		 	 9.3 Notice by Affected Party. If a Force Majeure Event has occurred, an Affected Party shall promptly give notice thereof to the other
Party.

		
		 	 9.4 Force Majeure Event and Event of Default. Nothing in this Section 9 shall be taken as indicating that the Party treated as the Defaulting
Party for the purpose of calculations required by Section 8.1 has committed any breach or default. If an event occurs that would otherwise constitute both a Force Majeure Event and an Event of Default, that event will be treated as a Force Majeure
Event and will not constitute an Event of Default.”

		
		 	In addition, the following definitions shall be added to Section 1 of the Agreement:
		
		 	 ““Force Majeure Event”, on any day determined as if such day were a Value Date of an FX Transaction or the Settlement Date of an
Option, means (i) either Party, by reason of force majeure or act of state, is prevented from or hindered or delayed in delivering or receiving, or it is impossible to deliver or receive, any Currency in respect of a Currency Obligation or Option,
and which event is beyond the control of such Party and which such Party, with reasonable diligence, cannot overcome, or (ii) it is unlawful for either Party to deliver or receive a payment

  
 27 

			
		  	of any Currency in respect of a Currency Obligation or Option. A Party whose delivery or receipt of Currency has been or would be so prevented, hindered or delayed or made
unlawful or impossible is an “Affected Party”, and an FX Transaction or Option under which performance has been or would be so prevented, hindered or delayed or made unlawful or impossible is an “Affected Transaction”, unless the
Parties have expressly agreed in an Agreement, another writing or in regard to a particular FX Transaction or Option that other disruption events or disruption fallbacks will apply to that FX Transaction or Option; in such event, that FX Transaction
or Option will be subject to such disruption events or disruption fallbacks as the Parties have otherwise agreed.
		
		  	 “Waiting Period”, in respect of a Force Majeure Event, means that first eight days after such event occurs which are Business Days
or which, but for such event, would have been Business Days.”

		
	 Part XX.
	  	Margin and Security
		
	 A.
	  	Party B shall at all times maintain with Party A cash and securities acceptable to Party A (together, the “Margin”) in order to secure the obligations of Party B under
all open FX Transactions and Options entered into under the Agreement. The amount of Margin which Party B shall maintain with Party A shall be determined by Party A in its reasonable judgment (which determination shall be conclusive in the absence
of manifest error), on a risk adjusted basis, taking into account historical volatility, imputed volatility, market indicia and/or such other factors as Party A reasonably deems relevant to this determination (the “Aggregate Margin
Requirement”). On or prior to the date of the Agreement, Party B shall have established a pledge account with Party A (the “Account”) for the purpose of holding custody of the Margin in accordance with the provisions of the Agreement.
Party B’s failure to deposit Margin or to establish the Account as required herein shall be an Event of Default for all purposes under the Agreement (it being understood that there shall be no grace period with respect to obligations of Party B
pursuant to this Part XX. Party A shall settle all FX Transactions and Options with Party B on a secured basis only, such that Party A’s payment obligations to Party B shall be made (a) prior to receipt of Party B’s counterpayment
thereunder, only to the extent that the amount by which Margin in the Account exceeds the Aggregate Margin Requirement is greater than such counterpayment or the U.S. Dollar equivalent thereof, or (b) after Party A has confirmed receipt of Party
B’s counterpayment thereunder.
		
	 B.
	  	Whenever such Aggregate Margin Requirement shall exceed the market value of Margin on deposit with Party A in the Account as determined by Party A at such time in its reasonable
judgment and which determination shall be conclusive in the absence of manifest error (the “Margin Balance”, and the difference between such Aggregate Margin Requirement and the Margin Balance being the “Shortfall”), then Party A
shall provide notice to Party B for delivery of Margin at or before 10:00 a.m. New York time on any local Business Day (the “Cut-Off Time”), all Margin required to be transferred by Party B as a result of such notice of a Shortfall will be
transferred by Party B by the close of business on the same Business Day. If Party A provides such notice for delivery of Margin pursuant to a Shortfall after the Cut-off Time on a Business Day, all Margin required to be transferred by Party B as a
result of such notice will be transferred by Party B no later than the close of business on the immediate following Business Day.
		
	 C.
	  	In furtherance of the foregoing, as security for the prompt and complete payment when due and the performance by Party B of all of its obligations to Party A under the Agreement,
Party B hereby grants to Party A a continuing first priority security interest in and to all of Party B’s

  
 28 

			
		  	right, title and interest in and to the Margin, the Account, all financial assets, investment property and other property and assets which are deposited from time to time in, or
credited from time to time to, the Account, all security entitlements in respect thereof, all income and profits thereon, all interest, dividends and other payments and distributions with respect thereto, and all proceeds of any of the foregoing
(the “Margin Collateral”). In addition, Party B hereby grants to Party A and its affiliates a first priority security interest in and to any property of Party B at any time held by Party A or any affiliate of Party A for any purpose,
including, without limitation, any property of Party B held in any account with Party A or any affiliate of Party A, any financial assets, investment property and other property and assets which are deposited from time to time in, or credited from
time to time to, any such account, all security entitlements in respect thereof, all income and profits thereon, all interest, dividends and other payments and distributions with respect thereto, and all proceeds of any of the foregoing (the
“Collateral”), to secure all obligations of Party B to Party A. If Collateral was delivered in connection with a particular agreement between Party B and Party A or any of its affiliates, then such Collateral shall secure first the
obligations of Party B with respect to such agreement and second all other obligations of Party B to Party A or any of its affiliates (in such order as Party A shall determine in its sole discretion). Party A and its affiliates and Party B hereby
each acknowledge and agree that each of Party A and its affiliates which holds Collateral holds such Collateral for itself and also as agent and bailee for all other of Party A and its affiliates which are secured parties hereunder or under any
agreement between Party B and Party A or any of its affiliates. If an Event of Default hereunder shall occur, then each of Party A and its affiliates shall be entitled to retain or sell all Collateral as security for Party B’s obligations, even
if otherwise required pursuant to the terms of an agreement or otherwise to deliver any Collateral to Party B or Party B’s order. The parties agree that Party A and its affiliates shall have the rights and remedies of a secured creditor under
the New York Uniform Commercial Code (the “UCC”) and under any other applicable law or agreement to exercise any right with respect to the Margin Collateral and the Collateral subject to the security interest granted under the Agreement.
Each of Party A or any of its affiliates shall have free and unrestricted use of any Margin Collateral and/or Collateral which it holds hereunder, including, without limitation, the right, from time to time and without notice to Party B, to sell,
pledge, repledge, hypothecate, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Margin Collateral and/or Collateral separately or in common with other securities, commodities or other
property, for the sum due to any of Party A or any of its affiliates or for a greater sum on terms which may otherwise impair the right of Party B to redeem such Margin Collateral and/or Collateral, and free from any other right of claim of any
nature whatsoever of Party B, and without retaining possession and control for delivery a like amount of similar securities, commodities, or other property.
		
	 D.
	  	Party B represents and warrants that it owns the Margin Collateral and the Collateral to be pledged and assigned to each of Party A and its affiliates hereunder and under any
other agreement between Party B and Party A or any of its affiliates, free and clear of any liens, equities, claims (including, without limitation, participation interests) and transfer restrictions. Party B covenants and agrees that it will not
sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, any of the Margin Collateral or the Collateral, nor will it create, incur or permit to exist any lien on or with respect to any of the Margin Collateral
or the Collateral, any interest therein, or any proceeds thereof, except for the security interests created under this Agreement or otherwise under any agreement between Party B and Party A or any of its affiliates. Any purported sale, assignment,
transfer, exchange, disposition, grant or lien of the Margin Collateral or the Collateral by Party B that is not permitted under the foregoing sentence shall be null and void and shall constitute an Event of Default hereunder and under any agreement
between Party B and Party A or any of its affiliates immediately prior to the taking of any such action, if Party A so deems (it being understood that there shall be no grace period with respect to obligations of Party B pursuant to this Part
XX.

  
 29 

			
	 E.
	  	Party B shall, in its sole expense and as Party A in its sole discretion may deem necessary or advisable from time to time, (i) to create, preserve, protect and perfect the
security interests granted under the Agreement and (ii) to enable Party A to exercise and enforce its rights with respect to such security interests, do all acts and things and execute and deliver all documents and instruments in such manner and
form as Party A may require, including without limitation UCC financing statements and continuation statements. Party B hereby appoints Party A as its true and lawful attorney-in-fact, including without limitation, to sign and file such documents
and instruments on Party B’s behalf and without Party B’s signature; such appointment, being coupled with an interest, shall be irrevocable. Without limitation on the foregoing, Party B agrees to take such action as Party A in its sole
discretion may deem necessary or advisable in the event of any change in applicable law, including, without limitation, Articles 8 and 9 of the UCC and the Regulations of the Department of the Treasury and other governmental bodies governing
transfers of interests in U.S. marketable treasury securities in book-entry form.
		
	 F.
	  	The parties hereto agree that each of the Account and any account in which any Collateral is held or to which any Collateral is credited (a “Collateral Account”) is a
“securities account” within the meaning of Article 8 of the UCC and that all property and assets (including, without limitation, cash) held in or credited to (i) the Account or (ii) any Collateral Account shall be treated as a
“financial asset” for purposes of Article 8 of the UCC.

  

			
	MORGAN STANLEY & CO. INCORPORATED
		
	By	 	 /s/

	Name:	 	
	Title:	 	
	
	 DEMETER MANAGEMENT CORPORATION,
 as General Partner and/or Trading Manager
 for the entities listed in Exhibit
I

		
	By:	 	 /s/ Walter Davis

	Name:	 	Walter Davis
	Title:	 	President

  
 30 

 Exhibit I 

Morgan Stanley Managed Futures Altis I, LLC, managed by Altis Partners (Jersey) Limited 

Morgan Stanley Managed Futures Aspect I, LLC, managed by Aspect Capital Limited 

Morgan Stanley Managed Futures BHM I, LLC, managed by Blenheim Capital Management, L.L.C. 

Morgan Stanley Managed Futures Chesapeake I, LLC, managed by Chesapeake Capital Corporation 

Morgan Stanley Managed Futures Cornerstone I, LLC, managed by Cornerstone Quantitative Investment Group, Inc. 

Morgan Stanley Managed Futures DKR I, LLC, managed by DKR Fusion Management L.P. 

Morgan Stanley Managed Futures Kaiser I, LLC, managed by Kaiser Trading Group Pty. Ltd. 

Morgan Stanley Managed Futures Transtrend I, LLC, managed by Transtrend B.V. 

Morgan Stanley Managed Futures Transtrend II, LLC, managed by Transtrend B.V. 

Morgan Stanley Managed Futures WCM I, LLC, managed by Winton Capital Management Limited 

Morgan Stanley Spectrum Currency L.P., managed by DKR Fusion Management L.P. 

Morgan Stanley Spectrum Technical L.P., managed by Rotella Capital Management, Inc. 

  
 31 

 CUSTODIAN ACCOUNT ADDENDUM 

This Addendum supplements, forms part of, and is subject in all respects to, the Foreign Exchange and Options Master Agreement (FEOMA)
including the Schedule thereto (the “Schedule”) dated as of November 28, 2007, by and between Morgan Stanley & Co. Incorporated and Demeter Management Corporation as General Partner and/or Trading Manager on behalf of the
entities listed in Exhibit I to the Schedule of the FEOMA (as amended or supplemented from time to time), severally and not jointly (collectively, the “Agreement”), and is a part of the Schedule with respect to each party; provided,
however, as used herein, “Pledgor” means Party B and “Secured Party” means Party A (as defined in the Agreement). Other capitalized terms used herein, unless otherwise defined, have the meanings specified in the Agreement.
With respect to the rights or obligations of the Secured Party or the Pledgor, in the event of any inconsistencies between this Addendum and the Agreement, the Agreement will prevail. 

Having appointed Morgan Stanley & Co. Incorportated (the “Custodian”) to hold Margin for and on behalf of the Secured
Party, the Secured Party, the Pledgor and the Custodian (solely to the extent of the duties it has agreed to undertake and perform hereunder) agree as follows: 
 In all respects, the rights of the Secured Party under the Schedule with respect to Margin shall not be affected by the appointment of a Custodian hereunder. The provisions of this Addendum in no way
diminish or otherwise affect the rights of the Secured Party under the Agreement. 
 The Secured Party, by written notice to the
Custodian, may exercise all powers, and exercise any and all rights and remedies permitted under the Schedule as though the Secured Party was taking such action directly, and the Custodian will comply with, and be entitled to rely on, all such
instructions (including, without limitation, entitlement orders) as if such instructions were provided by the parties jointly. 

As used herein, the following terms have the following meaning: 
 “Advice from the Secured Party” or “Advice” means a written notice sent to the Pledgor and/or the Custodian or transmitted by a facsimile sending device by any of those individuals
designated by the Secured Party, except that for any of the following purposes it shall mean notice by telephone to a person designated by the Pledgor in writing as authorized to receive such advice or, in the event that no such person is available,
to any officer of the Pledgor and confirmed promptly in writing thereafter: (i) for initial or additional Margin; (ii) that the Secured Party has issued a Notice of Exercise with respect to an Option ; or (iii) that the Pledgor has
failed to give notice of intent to make payment of amounts or deliveries as required under Paragraph 5 of this Addendum. With respect to any covering purchase transaction, the Advice from the Secured Party shall mean a Confirmation in use by the
Secured Party and sent or transmitted to the Pledgor and/or the Custodian. When used herein the term “Advise” means the act of sending an Advice from the Secured Party. 

  
 32 

 The Custodian shall open an account on its books entitled “Special Custody Account for
Morgan Stanley Managed Futures” (referred to herein as the “Special Custody Account”). 
 The parties hereto
agree that all property and assets held in or credited to the Special Custody Account will be treated as financial assets under Article 8 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”). The parties hereto
further agree that the securities intermediary’s jurisdiction, within the meaning of Section 8-110(e) of the UCC, in respect of the Special Custody Account and the Margin is the State of New York and agree that none of them has or will
enter into any agreement to the contrary. 
 Anything in this Addendum notwithstanding, the Custodian hereby agrees to comply
with entitlement orders and other instructions of the Secured Party with respect to the Special Custody Account and any Margin without further consent of the Pledgor. The Pledgor hereby consents to such agreement. 

The Custodian represents and warrants that it has not, and agrees that it will not, agree to comply with entitlement orders concerning
the Special Custody Account or any Margin that are originated by any person other than the Secured Party. 
 The Pledgor agrees
to inform the Custodian in writing that cash and securities specified by the Pledgor as qualifying as Margin and equal in value to the Aggregate Margin Requirement are to be identified on the Custodian’s books and records as pledged to the
Secured Party. The Custodian will hold the Margin in, and credit the Margin to, the Special Custody Account, separate and apart from any other property of the Pledgor that may be held by the Custodian, subject to the interest therein of the Secured
Party as the Pledgee thereof in accordance with the terms of the Agreement. The Custodian continuously represents that Margin will not be subject to any other lien, charge, security interest or other right or claim of the Custodian or any person
claiming through the Custodian. The Custodian will confirm in writing to the Secured Party and the Pledgor all pledges, releases, substitutions or distributions of Margin permitted under the Agreement, and will inform the Secured Party upon request
of the kind and amount of Margin pledged to the Secured Party. 
 In the event that (i) the Secured Party advises the
Pledgor in an Advice from the Secured Party that the Secured Party has exercised an Option sold by the Pledgor and the Pledgor does not promptly notify the Secured Party by telephone of the Pledgor’s intention to comply with the Notice of
Exercise by making payment or delivery, as the case may be, as required under the terms of such Option plus payment of applicable commissions or other charges; or (ii) the Pledgor, having received such Notice of Exercise, fails to make such
payment or delivery, or cause such payment or delivery to be made, then the Secured Party will immediately notify the Pledgor in an Advice from the Secured Party of such failure to give telephone notice or failure to make payment or delivery, as
applicable, and may, after transmittal of an Advice from the Secured Party of its intention to do so and only if the Pledgor does not promptly make payment or delivery to the Secured Party, direct the Custodian to take any action necessary to fully
satisfy Pledgor’s obligations to the Secured Party, including any of the Secured Party’s rights and remedies under Part XX of the Schedule. 
 With respect to any losses or liabilities, the Custodian shall be protected in acting pursuant to any instructions from the Pledgor or Advices from the Secured Party believed by the Custodian in good
faith to be genuine and authorized. The Pledgor agrees to indemnify the Custodian for, and hold it harmless against, any loss, liability or expense incurred by the Custodian, without negligence or bad faith on the part of the Custodian, arising out
of this Addendum. 
 The Secured Party shall not be liable for any losses, costs, damages, liabilities or expenses suffered or
incurred by the Pledgor as a result of any actions taken under this Addendum, or any other action taken or not taken by the Secured Party hereunder for the Pledgor’s account at the Pledgor’s direction or otherwise, except to the extent
that such loss, cost, damage, liability or expense is the result of the Secured Party’s own recklessness, willful misconduct or bad faith. 

  
 33 

 The Pledgor continuously represents and warrants to the Secured Party that securities
included at any time in the Margin shall be in good deliverable form (or Custodian shall have the unrestricted power to put such securities into good deliverable form) in accordance with the requirements of such exchanges as may be the primary
market or markets for such securities. Each of the Pledgor, the Secured Party and the Custodian continuously represents and warrants that: 
  

	a)	it has duly executed and delivered this Addendum, and has all requisite power, authority and approvals to enter into and perform its obligations hereunder; and

  

	b)	this Addendum is its valid and legally binding obligation, enforceable against it in accordance with its terms, subject to the effect of bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and to general equitable principles. 

 The Secured Party and the Pledgor hereby acknowledge that the Custodian holds securities and cash as custodian for its customers through sub-custodians, depositaries and deposit-taking banks which
maintain omnibus accounts on behalf of customers of the Custodian. Securities held in the Special Custody Account may be held at the Depository Trust Company or other book-entry depository systems in the account of the Custodian, save that Margin
denominated in currencies other than US Dollars may be held by a sub-custodian for the Custodian other than in book-entry form. U.S. Treasury securities shall be held in a Treasury/Reserve Automated Debt Entry System (“TRADES”)
Participant’s securities account of the Custodian or of the Custodian’s sub-custodian for the account of the Custodian at the Federal Reserve Bank. 
 A monthly statement will be provided by the Custodian to the Secured Party and the Pledgor listing all Margin held in the Special Custody Account. The Custodian will also advise the Secured Party upon
request, at any time, of the kind and amount of Margin pledged to the Secured Party. It is agreed that, notwithstanding any language to the contrary in Custodian’s form of confirmation, the Custodian holds the Margin as agent of the Secured
Party as pledgee hereunder, not as escrow agent. The Custodian makes no representations as to the existence, perfection or enforceability of any security interest, charge, lien or other rights of the Pledgor in or to the Margin. 

The Pledgor shall pay the Custodian as compensation for its services pursuant to this Addendum such compensation as may from time to time
be agreed upon in writing between the Pledgor and the Custodian. 
 No amendment to this Addendum shall be effective unless in
writing and signed by an authorized officer of each of the Secured Party, the Pledgor, and the Custodian. 
 This Addendum may
be executed in one or more counterparts, all of which together shall constitute but one and the same instrument. 
 Any of the
parties hereto may terminate the custodial relationship by notice, given at least 10 business days prior to the date of such intended termination, in writing to the other parties hereto; provided, however, that should the Custodian or the Pledgor
seek to terminate, then the Pledgor must designate a replacement Custodian, which the Secured Party has, in the exercise of its sole discretion, approved. Custodian agrees to remain as the Custodian until such time as a replacement Custodian has
been approved and such replacement Custodian has agreed to the terms of its service hereunder and under the Agreement. 

  
 34 

 Written communications hereunder shall be sent in the manner specified in the Agreement
addressed: 
 (a) If to Custodian, to: 

Morgan Stanley & Co. Incorporated 

522 Fifth Avenue, 13th Floor 
 New York, NY 10036 
 Attention: Managed Futures Department

 Phone: (212) 296-1999 

Fax: (212) 296-6868 
 (b) If to the Pledgor, to: 
 Demeter Management Corporation as
General Partner and/or Trading Manager on behalf of 
 The entities listed in Exhibit I to the Schedule of the
FEOMA 
 522 Fifth Avenue, 13th Floor 
 New York, NY 10036 
 Phone: (212) 296-1999 

Fax: (212) 296-6868 
 (c) If to the Secured Party, to: 
 Morgan Stanley & Co.
Incorporated 
 1585 Broadway, 3rd floor 

New York, New York 10036 
 Attention: Foreign Exchange Trading Desk 
 Phone:
(212) 761-2700 
 Fax: (212) 761-0296 

This Addendum will be governed by the laws of the State of New York applicable to transactions entered into and to be performed wholly
within the State of New York. 
  

			
	MORGAN STANLEY & CO. INCORPORATED
		
	By:	 	 /s/ Yann Lalande

	Name:	 	Yann Lalande
	Title:	 	Authorized Signatory
	
	 DEMETER MANAGEMENT CORPORATION,
 as General Partner and/or Trading Manager
 for the entities listed in Exhibit I to the
FEOMA

		
	By:	 	 /s/ Walter Davis

	Name:	 	Walter Davis
	Title:	 	President

  
 35 

 
			
	MORGAN STANLEY & CO. INCORPORATED
	(for purposes of this Addendum)
		
	By:	 	 /s/ Walter Davis

	Name:	 	Walter Davis
	Title:	 	Executive Director

  
 36Customer Agreement dated July 24, 2007

 CUSTOMER AGREEMENT 

THIS CUSTOMER AGREEMENT (this “Agreement”) made as of the 24th day of July, 2007 , by and among Each Customer listed on
Schedule A, severally and not jointly, each a Delaware limited liability company (the “Customer”) and MORGAN STANLEY & CO. INTERNATIONAL PLC (“MSIL”); 

WITNESSETH: 
 WHEREAS, Customer and MSIL wish to enter into this Agreement to set forth the terms and conditions upon which MSIL will perform brokerage services with respect to Client Contracts, Contracts and
Transactions for Customer through an account carried by MSIL on behalf and in the name of Customer (the “Account”). 

NOW, THEREFORE, the parties hereto hereby agree as follows: 
 1. Incorporation by Reference. The Non-Private Customer Agreement annexed hereto is hereby incorporated by reference herein and made a part hereof to the same extent as if such document were set
forth in full herein. If any provision of this Agreement is or at any time becomes inconsistent with the annexed document, the terms of this Agreement shall control. 
 2. Standard of Liability and Indemnity. 
 (a) Standard of Liability.
MSIL and its affiliates (as defined below) shall not be liable to Customer, the general partner of the Customer, or the limited partners of the Customer (“Limited Partners”), or any of its or their respective successors or assigns, for any
act, omission, conduct, or activity undertaken by or on behalf of the Customer pursuant to this Agreement which MSIL determines, in good faith, to be in the best interest of the Customer, 

  
 -1-

 
unless such act, omission, conduct, or activity by MSIL or its affiliates constituted misconduct or negligence. Without limiting the foregoing, MSIL shall have no responsibility or liability to
Customer hereunder (i) in connection with the performance or non-performance by any Exchange, Clearing House or other third party (including floor brokers not selected by MSIL) and/or Broker to MSIL of its obligations in respect of any Contract
or Transaction or other property of Customer; (ii) as a result of any prediction, recommendation or advice made or given by a representative of MSIL whether or not made or given at the request of Customer; (iii) as a result of MSIL’s
reliance on any instructions, notices and communications that it believes to be that of an individual authorized to act on behalf of Customer; (iv) as a result of any delay in the performance or non-performance of any of MSIL’s obligations
hereunder directly or indirectly caused by the occurrence of any contingency beyond the control of MSIL including, but not limited to, the unscheduled closure of an Exchange or Clearing House or delays in the transmission of orders due to breakdowns
or failures of transmission or communication facilities, execution, and/or trading facilities or other systems, it being understood that MSIL shall be excused from performance of its obligations hereunder for such period of time as is reasonably
necessary after such occurrence to remedy the effects therefrom; (v) as a result of any action taken by MSIL to comply with Market Requirements or Applicable Law; or (vi) for any acts or omissions of those neither employed nor supervised
by MSIL (excluding floor brokers selected by MSIL). In no event will MSIL be liable to Customer for consequential, incidental or special damages hereunder. 
 (b) Indemnification by Customer. Customer shall indemnify, defend and hold harmless MSIL and its affiliates from and against any loss, liability, damage, cost or expense (including attorneys’
and accountants’ fees and expenses incurred in the defense of any demands, 

  
 -2-

 
claims or lawsuits) actually and reasonably incurred arising from any act, omission, conduct, or activity undertaken by MSIL on behalf of Customer, including, without limitation, any demands,
claims or lawsuits initiated by a Limited Partner (or assignee thereof); provided that (i) MSIL has determined, in good faith, that the act, omission, conduct, or activity giving rise to the claim for indemnification was in the best
interests of the Customer, and (ii) the act, omission, conduct or activity that was the basis for such loss, liability, damage, cost or expense was not the result of misconduct or negligence. Notwithstanding the foregoing, no indemnification of
MSIL or its affiliates by Customer shall be permitted for any losses, liabilities or expenses arising from or out of any alleged violation of federal or state securities laws unless (i) there has been a successful adjudication on the merits of
each count involving alleged securities law violations as to the particular indemnitee, or (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee, or (iii) a
court of competent jurisdiction approves a settlement of the claims against the particular indemnitee and finds that indemnification of the settlement and related costs should be made, provided, with regard to such court approval, the
indemnitee must apprise the court of the position of the SEC and the positions of the respective securities administrators of Massachusetts, Missouri, Tennessee and/or those other states and jurisdictions in which the plaintiffs claim that they were
offered or sold Units, with respect to indemnification for securities laws violations before seeking court approval for indemnification. Furthermore, in any action or proceeding brought by a Limited Partner in the right of Customer to which MSIL or
any affiliate thereof is a party defendant, any such person shall be indemnified only to the extent and subject to the conditions specified in the Delaware Revised Uniform Limited Partnership Act, as amended, and this Section 2. The Customer
shall make advances to MSIL or its affiliates hereunder only if: (i) the demand, claim 

  
 -3-

 
lawsuit or legal action relates to the performance of duties or services by such persons to Customer; (ii) such demand, claim lawsuit or legal action is not initiated by a Limited Partner;
and (iii) such advances are repaid, with interest at the legal rate under Delaware law, if the person receiving such advance is ultimately found not to be entitled to indemnification hereunder. 

(c) Indemnification by MSIL. MSIL shall indemnify, defend and hold harmless Customer and its successors or assigns from and
against any losses, liabilities, damages, costs and expenses (including in connection with the defense or settlement of claims; provided MSIL has approved such settlement) incurred as a direct result of the activities of MSIL or its
affiliates, provided, further, that the act, omission, conduct, or activity giving rise to the claim for indemnification was the result of bad faith, misconduct or negligence of MSIL or its affiliates. 

(d) Limitation on Indemnities. The indemnities provided in this Section 2 by Customer to MSIL and its affiliates shall be
inapplicable in the event of any losses, liabilities, damages, costs or expenses arising out of, or based upon, any material breach of any agreement of MSIL contained in this Agreement to the extent caused by such event. Likewise, the indemnities
provided in this Section 2 by MSIL to Customer and its successors and assigns shall be inapplicable in the event of any losses, liabilities, damages, costs or expenses arising out of, or based upon, any material breach of any representation,
warranty or agreement of Customer contained in this Agreement to the extent caused by such breach. 
 (e) Definition of
“Affiliate.” As used in this Section 2, the term “affiliate” of MSIL shall mean: (i) any natural person, partnership, corporation, association, or other legal entity directly or indirectly owning, controlling, or
holding with power to vote 

  
 -4-

 
10% or more of the outstanding voting securities of MSIL; (ii) any partnership, corporation, association, or other legal entity 10% or more of whose outstanding voting securities are
directly or indirectly owned, controlled, or held with power to vote by MSIL; (iii) any natural person, partnership, corporation, association, or other legal entity directly or indirectly controlling, controlled by, or under common control
with, MSIL; or (iv) any officer or director of MSIL. Notwithstanding the foregoing, “affiliates” for purposes of this Section 2 shall include only those persons acting on behalf of MSIL and performing services for Customer within
the scope of the authority of MSIL, as set forth in this Agreement. 
 3. MSIL Responsibilities. MSIL agrees to notify
the applicable trading advisor for the Customer immediately upon discovery of any error committed by MSIL or any of its agents with respect to a trade for the Account which MSIL believes was not executed or cleared in accordance with proper
instructions given by the Customer, its trading advisors or any other authorized agent of Customer. Errors made by floor brokers appointed or selected by MSIL shall constitute errors made by MSIL. However, MSIL shall not be responsible for errors
committed by the trading advisors. 
 MSIL agrees to report to Dean Witter Reynolds Inc. (“DWR”) its own errors and
the errors of any trading advisor for the Account which MSIL becomes aware of, provided that such reporting may be via telephone. Notwithstanding the foregoing, the failure to comply with such reporting obligation does not increase MSIL’s
liability for its own errors beyond that otherwise expressly set forth in this Agreement, nor does it make MSIL in any way responsible for errors committed by the trading advisors. 

  
 -5-

 MSIL acknowledges that the other partnerships of which Demeter Management Corporation (the
general partner of Customer) is the general partner or trading manager, do not constitute affiliates of the Customer. 
 4.
Minimum Margins. All Contracts for the Account shall be margined at the applicable Exchange or Clearing House minimum rates for speculative accounts. 
 5. Payment of Interest. MSIL shall pay to DWR at each month-end interest on Customer’s funds in its possession as agreed between MSIL and DWR from time to time. Customer understands that it
will not receive any interest income on its assets held by MSIL other than that paid by DWR pursuant to the Customer’s DWR Customer Agreement. DWR (and not the Customer) shall pay MSIL interest on any debit balances in the Account at such rates
as MSIL and DWR shall agree from time to time. 
 6. Recording. Each of MSIL, the Customer, and the Customer’s
agents (including DWR), in their sole and absolute discretion, may record, on tape or otherwise, any telephone conversation between or among MSIL, the Customer or the Customer’s agents with respect to the Account and Transactions therein and
each of MSIL and the Customer hereby agrees and consents thereto. 
 7. Termination. This Agreement may be terminated at
any time by any party upon thirty (30) days’ prior written notice to the other parties hereto. In the event of such notice, Customer shall either close out open positions in the Account or arrange for such open positions to be transferred
to another futures broker. Upon satisfaction by Customer of all of Customer’s liabilities to MSIL, MSIL shall transfer to another futures broker all Contracts, if any, then held for the Account, and shall transfer to Customer or to another
futures broker, as Customer may instruct, all cash, securities and other property held in the Account, whereupon this Agreement 

  
 -6-

 
shall terminate. Notwithstanding the foregoing, in the event MSIL is required by a regulatory authority to transfer the Account to another futures broker or in the event that MSIL abandons the
futures brokerage business, then MSIL shall have the right to terminate this Agreement by written notice effective the date contained therein, provided that MSIL cooperates in the transfer of open positions to another futures broker and that the
termination of the Agreement is not made effective earlier than the completion of the transfer. 
 8. Complete Agreement.
This Agreement constitutes the entire agreement among the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as among the parties with respect to such matters unless in writing and
signed by the party against whom enforcement is sought. 
 9. Assignment. This Agreement may not be assigned by any party
without the express written consent of the other parties. 
 10. Amendment. This Agreement may not be amended except by
the written consent of the parties and provided such amendment is consistent with Customer’s Limited Partnership Agreement. 
 11. Notices. All notices required or desired to be delivered under this Agreement shall be sent to the following addresses: 
 if to the Customer: 
 if to MSIL: 

as set forth in the Non-Private Customer Agreement. 

  
 -7-

 12. Survival. The provisions of this Agreement shall survive the termination of this
Agreement with respect to any matter arising while this Agreement was in effect. 
 13. Headings. Headings of Sections
herein are for the convenience of the parties only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 14. Whereas Morgan Stanley & Co. International Limited is stated in The Non-Private Customer Agreement, shall hereby be amended to Morgan Stanly & Co. International PLC. 

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

  

			
	Each Customer listed on Schedule A, severally and not jointly
		
	By:	 	Demeter Management Corporation
		 	General Partner
		
	By:	 	 /s/ Walter Davis

		 	Walter Davis
		 	President
	
	MORGAN STANLEY & CO. INTERNATIONAL PLC
		
	By:	 	 /s/Brian Daly

	Name:	 	Brian Daly
	Title:	 	Authorized Signatory

  
 -8-

 Schedule A 
  

			
	 Customer:
	  	 Tax ID:

	Morgan Stanley Managed Futures Altis I, LLC	  	20-852895 1
		
	Morgan Stanley Managed Futures Aspect I, LLC	  	20-8852411
		
	Morgan Stanley Managed Futures Blenheim I, LLC	  	20-8528957
		
	Morgan Stanley Managed Futures Chesapeake I, LLC	  	20-8852501
		
	Morgan Stanley Managed Futures Cornerstone I, LLC	  	20-8852546
		
	Morgan Stanley Managed Futures DKR I, LLC	  	20-85290 12
		
	Morgan Stanley Managed Futures Kaiser I, LLC	  	20-8 852620
		
	Morgan Stanley Managed Futures Transtrend I, LLC	  	20-85290 12
		
	Morgan Stanley Managed Futures Transtrend II, LLC	  	20-8529352
		
	Morgan Stanley Managed Futures WCM I, LLC	  	20-8852756

  
 -9-

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