Document:

exv10w4

Exhibit 10.4

APPENDIX B — SUBSCRIPTION AGREEMENT

CGM Account No.:                                         

                    
Please check here if employed by Morgan
Stanley Smith Barney LLC or an affiliate.

                    
Please check here if employed by Citigroup
Global Markets Inc. or an affiliate.

TIDEWATER FUTURES FUND L.P.

(a New York limited partnership)

Subscription Agreement

Selling Agent:

                    
Please
check here if Morgan Stanley Smith
Barney LLC served as your selling agent.

                    
Please
check here if Citigroup Global Markets
Inc. served as your selling agent.

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Ceres Managed Futures LLC

55 East
59th Street - 10th Floor

New York, New York 10022

Re: Tidewater Futures Fund L.P.

Ladies and Gentlemen:

     1. Subscription for Units. I hereby irrevocably subscribe for the amount of Units (and
partial Units rounded to four decimal places) of Limited Partnership Interest (“Units”) of
Tidewater Futures Fund L.P. (the “Partnership”) as indicated on page B-8 hereof. I understand that
each Unit will be offered at Net Asset Value per Unit on the date of sale. I understand that
Citigroup Global Markets Inc., a corporation organized under the laws of the State of New York
(“CGM”), and Morgan Stanley Smith Barney LLC, a limited liability company organized under the laws
of the State of Delaware (“MSSB”), act as selling agents for the Partnership. I hereby authorize
CGM to debit my brokerage account in the amount of my subscription as described in the Private
Placement Offering Memorandum and Disclosure Document of the Partnership dated August 1, 2009, as
amended or supplemented from time to time (the “Memorandum”).

     I understand that all capitalized terms used in this subscription agreement (this
“Subscription Agreement”) that are not separately defined herein shall have the respective meanings
set forth in the Memorandum.

     I am aware that this subscription is not binding on the Partnership unless and until it is
accepted by Ceres Managed Futures LLC, a limited liability company organized under the laws of the
State of Delaware and the Partnership’s general partner (the “General Partner”), which may reject
this subscription in whole or in part for any reason whatsoever. I understand that the General
Partner will advise me within five business days of receipt of my funds and this Subscription
Agreement if my subscription has been rejected. I further understand that if this subscription is
not accepted, the full amount of my subscription will be promptly returned to me without deduction.

     2. Representations, Warranties and Covenants of Subscriber. As an inducement to the General
Partner on behalf of the Partnership to sell me the Units for which I have subscribed I hereby
represent, warrant and agree as follows:

     (a) I am over 21 years old, am legally competent to execute this Subscription Agreement and
have received and reviewed the Memorandum and the Partnership’s most recent monthly statement and
annual report, if any, and except as set forth in the Memorandum, no representations or warranties
have been made to me by the selling agent indicated by check-mark on the cover of this Subscription
Agreement (the “Selling Agent”), the Partnership, its General Partner or their agents, with respect
to the business of the Partnership, the financial condition of the Partnership, the deductibility
of any item for tax purposes or the economic, tax, or any other aspects or consequences of a
purchase of a Unit, and I have not relied upon any information concerning the offering, written or
oral, other than that contained in the Memorandum or provided by the General Partner (as the same
may have been relayed to me by the Selling Agent) at my request. In addition, I have been
represented by such legal and tax counsel and others selected by me as I have found it necessary to
consult concerning this transaction. I am in compliance with all federal and state regulatory
requirements applicable to this investment. With respect to the tax aspects of my investment, I am
relying upon the advice of my own personal tax advisors and upon my own knowledge with respect
thereto.

     (b) I have carefully reviewed the various conflicts of interest set forth in the Memorandum,

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including those arising from the fact that the General Partner is indirectly owned by CGM, a
selling agent and the commodity broker/dealer for the Partnership, and is an affiliate of MSSB, a
selling agent for the Partnership.

     (c) I hereby acknowledge and agree to the terms of the Customer Agreement between the
Partnership and CGM and to the payment to CGM of the flat rate brokerage fee as described in the
Memorandum. I understand that lower brokerage fees might be available, but that the General
Partner will not negotiate with CGM or any other broker to obtain such lower rates. I further
understand that MSSB will be compensated by a payment of a portion of the flat rate brokerage fee
received by CGM that is calculated based on the number of limited partners in the Partnership that
are customers of MSSB.

     (d) The Partnership has made available to me, prior to the date hereof, the opportunity to
ask questions of, and to receive answers from, the General Partner and its representatives,
concerning the terms and conditions of the offering, and has afforded me access to obtain any
information, documents, financial statements, records and books (i) relating to the Partnership,
its business, the offering and an investment in the Partnership, and (ii) necessary to verify the
accuracy of any information, documents, financial statements, records and books furnished in
connection with the offering. All materials and information requested by me, including any
information requested to verify any information furnished, have been made available and have been
examined to my satisfaction.

     (e) I understand that the Partnership offering has not been registered under the Securities
Act of 1933, as amended (the “Act”), or pursuant to the provisions of the securities or other laws
of certain jurisdictions, in reliance on exemptions for private offerings contained in the Act and
in the laws of certain jurisdictions. I am fully aware of the restrictions on sale,
transferability and assignment of the Units as set forth in the Limited Partnership Agreement (the
“Partnership Agreement”) of the Partnership as amended from time to time, and that I must bear the
economic risk of my investment in the Partnership for an indefinite period of time because the
offering has not been registered under the Act. I understand that the Units cannot be offered or
sold unless they are subsequently registered under the Act or an exemption from such registration
is available and that any transfer requires the consent of the General Partner, who may determine
not to permit any specific transfer.

     (f) I represent that I am aware of the speculative nature of this investment and of the high
degree of risk involved, that I can bear the economic risks of this investment and that I can
afford a complete loss of my investment. As evidence of the foregoing, I hereby represent to you
that I: (i) have sufficient liquid assets to pay the purchase price for my interest in the
Partnership; (ii) have adequate means of providing for my current needs and possible personal
contingencies and have no present need for liquidity of my investment in the Partnership; (iii)
have adequate net worth and sufficient means to sustain a complete loss of my investment in the
Partnership; (iv) either (a) I am an accredited investor as defined in Rule 501(a) of the Act, the
terms of which are set forth in Exhibit I to this Subscription Agreement by virtue of the
subparagraph indicated on page B-8 or (b) I have a net worth (exclusive of home, furnishings and
automobiles) at least three times my investment in the Partnership or my actual gross income for
the last two calendar years was, and my projected gross income for the current calendar year will
be, not less than three times my investment in the Partnership for each year; (v) have substantial
experience in making similar investments; (vi) have, alone or with my purchaser representative,
sufficient knowledge to be able to evaluate the merits and risks of this investment; and (vii) have
made the decision to invest in the Partnership based on my own or my purchaser representative’s
independent evaluation.

     (g) I will not transfer or assign this Subscription Agreement, or any of my interest herein.
I am acquiring my interest in the Partnership hereunder for my own account and for investment
purposes only and not with a view to or for the transfer, assignment, resale or distribution
thereof, in whole or in part. I have no present plans to enter into any such contract,
undertaking, agreement or arrangement. I understand that, by making an investment in the
Partnership, I will be a limited partner. I understand that the General Partner may in its
absolute discretion require any limited partner to redeem all or part of his Units, upon ten days’
notice to such limited partner.

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     (h) If I am not a citizen or resident of the United States for U.S. tax purposes, I agree to
pay or reimburse CGM, MSSB or the Partnership for any taxes, including but not limited to
withholding tax imposed with respect to my Units.

     (i) I understand that as part of the Partnership’s responsibility for the prevention of money
laundering, CGM, MSSB or the General Partner may require a detailed verification of identity and
the source of payment. In the event of delay or failure by me to produce any information required
for verification purposes, the General Partner may refuse to accept my application and subscription
funds relating thereto or may refuse to process a redemption request until proper information has
been provided.

     (j) FOR MAINE INVESTORS. THESE SECURITIES ARE BEING SOLD PURSUANT TO AN EXEMPTION
FROM REGISTRATION WITH THE BANK SUPERINTENDENT OF THE STATE OF MAINE UNDER SECTION 10502(2)(R) OF
TITLE 32 OF THE MAINE REVISED STATUTES. THESE SECURITIES MAY BE DEEMED RESTRICTED SECURITIES AND
AS SUCH THE HOLDER MAY NOT BE ABLE TO RESELL THE SECURITIES UNLESS PURSUANT TO REGISTRATION UNDER
STATE OR FEDERAL SECURITIES LAWS OR UNLESS AN EXEMPTION UNDER SUCH LAW EXISTS.

     (k) FOR NON-ACCREDITED INVESTORS WHO RESIDE IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN THE
STATES OF ALABAMA OR KANSAS. I hereby represent and affirm that I have a net worth
(exclusive of principal residence, its furnishings and personal automobiles) exceeding five
(5) times my investment.

     (l) FOR NON-ACCREDITED INVESTORS WHO RESIDE IN, RECEIVE OFFERS FORM OR MAKE PURCHASES IN THE
STATE OF KENTUCKY. I hereby represent and affirm that I have a net worth exceeding
ten (10) times my investment.

     (m) FOR NON-ACCREDITED INVESTORS WHO RESIDE IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN THE
STATE OF MAINE. I hereby represent and affirm that I have (i) a minimum net worth
(exclusive of home, home furnishing and automobiles) of $200,000 or (ii) a minimum net worth
(exclusive of home, home furnishings and automobiles) of $50,000 and a minimum annual gross income
of $50,000.

     (n) FOR NON-ACCREDITED INVESTORS WHO RESIDE IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN THE
STATE OF MISSOURI. I hereby represent and affirm that I have a net worth exceeding
five (5) times my investment.

     (o) FOR ALL INVESTORS WHO RESIDE IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN THE STATE OF
NEW HAMPSHIRE. I hereby warrant that I have (i) net worth, exclusive of home, home
furnishings and automobiles of $250,000 or (ii) net worth, exclusive of home, home furnishings and
automobiles of $125,000 and $50,000 of taxable income.

     (p) FOR
ALL INVESTORS WHO RESIDE IN, RECEIVE OFFERS FROM OR
 MAKE PURCHASES IN THE STATE OF NORTH CAROLINA (SUITABILITY STANDARDS FOR A FIDUCIARY
ACCOUNT MAY BE MET BY THE FIDUCIARY, THE ACCOUNT OR THE DONOR). I hereby represent and affirm that
I am making an initial cash payment of at least $5,000 and I have either (i) a minimum net worth
(exclusive of home, home furnishings and automobiles) of $60,000 and a taxable income in the last
tax year or estimated in the current tax year of $60,000 or (ii) a minimum net worth (exclusive of
home, home furnishings and automobiles) of $225,000.

     (q) FOR ACCREDITED INVESTORS WHICH ARE GENERAL PARTNERSHIPS AND RESIDE IN, RECEIVE OFFERS
FROM OR MAKE PURCHASES IN THE STATE OF

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WASHINGTON. I hereby represent and affirm that I have not determined accreditation by
aggregating the net worth of my general partners.

     (r) FOR ALL ACCREDITED INVESTORS. I hereby represent and affirm that (i) I have a net worth
alone or with my spouse exceeding 10 times my investment or (ii) I have either alone or
with my professional advisor the capacity to protect my interests in connection with this
transaction or (iii) I am able to bear the economic risk of the investment.

     (s) I represent that the information contained herein is complete and accurate as of the date
hereof and may be relied upon by the General Partner. I further represent that I will notify the
General Partner immediately of any adverse change in any such information which may occur prior to
the acceptance of my subscription and will promptly send the General Partner written confirmation
thereof.

     (t) If I am a collective investment vehicle, I am in compliance with all applicable Federal
regulatory requirements including the registration rules of the Commodity Futures Trading
Commission (“CFTC”).

     (u) I understand that my subscription payment must be received by the Partnership on or
before the specified settlement date.

     3. Acceptance of Partnership Agreement and Power of Attorney. I hereby apply to become a
limited partner as of the date upon which the sale of my Units becomes effective, and I hereby
agree to each and every term of the Partnership Agreement as if my signature were subscribed
thereto.

     (a) I hereby constitute and appoint the General Partner, with full power of substitution, as
my true and lawful attorney to execute, acknowledge, file and record in my name, place and stead:
(i) the Partnership Agreement substantially in the form included as an Appendix to the Memorandum;
(ii) all certificates and other instruments which the General Partner shall deem appropriate to
create, qualify, continue or dissolve the Partnership as a limited partnership in the jurisdictions
in which the Partnership may be formed or conduct business; (iii) all agreements amending or
modifying the Partnership Agreement that may be appropriate to reflect a change in any provision of
the Partnership Agreement or the exercise by any person of any right or rights thereunder not
requiring my specific consent, or requiring my consent if such consent has been given, and any
other change, interpretation or modification of the Partnership Agreement in accordance with the
terms thereof; (iv) such amendments, instruments and documents which the General Partner deems
appropriate under the laws of the State of New York or any other state or jurisdiction to reflect
any change, amendment or modification of the Partnership Agreement of any kind referred to in
subparagraph (iii) hereof; (v) filings with agencies of any federal, state or local governmental
unit or of any jurisdiction which the General Partner shall deem appropriate to carry out the
business of the Partnership; and (vi) all conveyances and other instruments which the General
Partner shall deem appropriate to effect the transfer of my Partnership interest pursuant to the
Partnership Agreement or of Partnership assets and to reflect the dissolution and termination of
the Partnership. The foregoing appointment (x) is a special power of attorney coupled with an
interest, is irrevocable and shall survive my subsequent death, incapacity or disability and (y)
shall survive the delivery of an assignment by me of the whole or any portion of my interest,
except that where an assignee of the whole of such interest has been approved by the General
Partner for admission to the Partnership as a substituted limited partner, the power of attorney
shall survive the delivery of such assignment for the sole purpose of enabling the General Partner
to execute, acknowledge and file any instrument necessary to effect such substitution.

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     (b) FOR INDIVIDUAL INVESTORS AND TRUSTEES EXECUTING THIS SUBSCRIPTION AGREEMENT IN THE STATE
OF NEW YORK. I acknowledge that the above constitution and appointment of the General Partner of
the Partnership as my true and lawful attorney does not apply to individuals executing this
Subscription Agreement in the State of New York. Any such individual shall instead read and sign
the New York State Power of Attorney in Exhibit III to this Subscription Agreement and have his or
her signature thereto notarized.

     4. Indemnification. I hereby agree to indemnify and hold harmless the Partnership, the
Selling Agent, the General Partner and its affiliated persons from any and all damages, losses,
costs and expenses (including reasonable attorneys’ fees) which they may incur by reason of any
breach by me of the covenants, warranties and representations contained in this Subscription
Agreement.

     5. Survival. All representations, warranties and covenants contained in this Subscription
Agreement and the indemnification contained in paragraph 4 shall survive (i) the acceptance of the
subscription, (ii) changes in the transactions, documents and instruments described in the
Memorandum that are not material, and (iii) the death or disability of the undersigned.

     6. Miscellaneous. This subscription is not revocable by me and constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof and may not be amended
orally. This Subscription Agreement shall be construed in accordance with and be governed by the
laws of the State of New York.

     7. Employee-Benefit Plans. By so indicating on page B-8 hereof, the undersigned hereby
represents and warrants whether or not the subscriber is a “Benefit Plan Investor” within the
meaning of U.S. Department of Labor Regulation 29 C.F.R. § 2510.3-101, as amended by the Pension
Protection Act of 2006 (the “Plan Assets Regulation”). Generally, a “Benefit Plan Investor” is any
plan or fund organized by an employer or employee organization subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), or any plans subject to Section 4975
of the Internal Revenue Code of 1986 (the “Code”) to provide retirement, deferred compensation,
welfare or similar benefits to employees or beneficiaries, including an entity described in Section
(g) of the Plan Assets Regulation, in which 25% or more of any class of equity interests is owned
by such plans and that is primarily engaged in the business of investing capital. If the
undersigned is investing with the assets of, or on behalf of, an employee-benefit plan subject to
ERISA, or plan subject to Section 4975 of the Code (the “Plan”) (such undersigned, the “Fiduciary”)
then the Fiduciary further represents and agrees as follows with respect to the Plan:

          (1) Either (a) or (b): (a) none of CGM, MSSB, the General Partner or any of their
employees, financial advisors or affiliates (i) manages any part of the investment portfolio of the
Plan, or (ii) has an agreement or understanding, written or unwritten, with the Fiduciary under
which the Fiduciary regularly receives information, recommendations or advice concerning
investments which are used as a primary basis for the Plan’s investment decisions and which
are individualized to the particular needs of the Plan.

          or (b) The relationship between the Plan and CGM, MSSB, the General Partner or any of
their employees, financial advisors or affiliates comes within (i) or (ii) above with respect to
only a portion of the Plan’s assets and the investment in the Partnership is being made by
the Fiduciary from a portion of Plan assets with respect to which such relationship does not exist.

          (2) Although an account executive or a financial advisor of CGM or MSSB may have suggested
that the Fiduciary consider the investment in the Partnership, the Fiduciary has studied the
Memorandum and has made the investment decision solely on the basis of the Memorandum and without
reliance on such suggestion.

          (3) The Plan is in compliance with all applicable Federal regulatory requirements.

          (4) The undersigned Fiduciary acknowledges that it is: independent of CGM, MSSB, the General
Partner and all of their affiliates; capable of making an independent decision regarding the

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investment of Plan assets; knowledgeable with respect to the Plan in administrative matters
and funding matters related thereto, and able to make an informed decision concerning participation
in the Partnership.

          (5) The undersigned Fiduciary, if the Plan is an IRA or Keogh account of which CGM or MSSB is
the custodian, hereby directs said custodian as custodian of the Plan to subscribe for the amount
indicated on page B-8 hereof. In addition, the Fiduciary represents and confirms that all of the
information contained in this Subscription Agreement and relating to the subscribing Plan is
complete and accurate.

     Please complete this Subscription Agreement by filling in the blanks and executing it on the
following page.

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EXECUTION PAGE

I. For Client Use:

	 	 	 
	A.

	 	Subscription Amount: I hereby subscribe for $                     (minimum $25,000).
	 
	 	 
	B.

	 	Accreditation: Please select one of the following.
	 
	 	 
	 

	 	1.       I am an accredited investor under paragraph                      of Exhibit I on page B-11.
	 
	 	 
	 

	 	OR
	 
	 	 
	 

	 	2.       I am a non-accredited investor.
	 
	 	 
	 

	 	If you selected #2 above, please fill in the Prospective Purchaser Questionnaire (Exhibit II,
page B-12) and, if applicable, the Purchaser Representative Questionnaire (Exhibit II-1, page
B-14).
	 
	 	 
	C.

	 	Benefit Plan Investor Status: The subscriber is       or is not       a “Benefit Plan Investor” as
defined in paragraph 7 above.
	 
	 	 
	D.

	 	New York Individual Investor or Trustee Status [FOR INDIVIDUAL INVESTORS ONLY]: Please select
one of the following.
	 
	 	 
	 

	 	1.       I am an individual investor executing this Subscription Agreement in the State of New
York.
	 
	 	 
	 

	 	OR
	 
	 	 
	 

	 	2.       I am an individual trustee executing this Subscription Agreement in the State of New
York on behalf of a trust.
	 
	 	 
	 

	 	OR
	 
	 	 
	 

	 	3.       I am executing this Subscription Agreement outside of the State of New York.

     If you selected #1 or #2 above, please read and sign the New York State Power of
Attorney (Exhibit III, page B-20) and have your signature notarized.

	 	 	 
	D.

	 	1. Representation: The foregoing statements are complete and accurate as of the date hereof and
may be relied upon by the General Partner. I further represent that I will notify the General
Partner immediately of any adverse change in any such information and will promptly send the
General Partner written confirmation thereof.
	 
	 	 
	 

	 	2. Signature: If joint ownership, all parties must sign (if fiduciary, partnership or
corporation, indicate capacity of signatory under signature line).

[Signature Page on Next Page]

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IN WITNESS WHEREOF, I have executed this Subscription Agreement including Power of Attorney
as of the date below.

	 	 	 	 	 	 	 
	 
 

Signature

	 	 	 	 
 

Signature
	 	 
	 
	 	 	 	 	 	 
	 

Title (if applicable)

	 	 	 	 

Title (if applicable)
	 	 
	 
	 	 	 	 	 	 
	3. Date:

	 	 	 	Date:	 	 
	 

	 	 	 	 

	 	 

E. Please complete Registration Data on the next page.

II. Branch Manager Approval:

The General Partner’s acceptance is conditioned
upon receiving an attestation from a Citigroup
Global Markets Inc. or Morgan Stanley Smith Barney
LLC (as indicated on the cover of this
Subscription Agreement) Branch Manager as to the
following:

The Branch Manager has received all documents
required to open this account and acknowledges the
suitability of this investment for the client. In
recommending the purchase of Units, the Branch
Manager, on behalf of Citigroup Global Markets
Inc. or Morgan Stanley Smith Barney LLC has
determined the suitability of the subscriber and
will maintain records containing the basis of the
suitability determination. Prior to executing the
purchase of Units, the Branch Manager, on behalf
of Citigroup Global Markets Inc. or Morgan Stanley
Smith Barney LLC has informed the subscriber of
facts relating to the liquidity and marketability
of the Units. If the account is a partnership or
trust, the Branch Manager acknowledges that he/she
has reviewed the partnership or trust documents
which allow investments in limited partnerships
whose principal business is in futures trading,
and that the anti-money laundering and
know-your-customer documentation for this
subscriber is complete.

III. For General Partner’s Use:

	 	 	 	 	 
	ACCEPTED:
	 	 	 	 
	CERES MANAGED FUTURES LLC

	 	 
	 
	 	 	 	 
	By: 

Name: 

Title:

	 	 
 

 

 

	 	   

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Registration Data

	 	 	 	 	 	 	 
	 

Name of Limited Partner

	 	 	 	 

Name of Joint Limited Partner (if any)
	 	 
	(Please Print)

	 	 	 	(Please Print)	 	 
	(See Note 1 Below)
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Residence Street Address

     (See Note 2 Below)

	 	 	 	 

Mail Address (if different 

than Residence Address)
	 	 
	 
	 	 	 	 	 	 
	 

City           State           Zip Code

	 	 	 	 

City           State           Zip Code
	 	 
	 
	 	 	 	 	 	 
	Social Security or
	 	 	 	 	 	 
	Federal Employer I.D.
	 	 	 	 	 	 
	Number

	 	 	 	If Joint Ownership, check one:	 	 
	 
	 	 	 	 	 	 
	  

CGM
Account Number

	 	 	 	/ / Joint Tenants with right to 
Survivorship
(all parties must sign)	 	 
	 
	 	 	 	 	 	 
	Note 1: If subscriber is an ERISA
plan or account, please so indicate
(e.g.: “XYZ Co. Pension Plan,” “Dr. A Keogh Account,” “Mr. B IRA Account”).

	 	 	 	/ / Tenants in Common	 	 
	

	 	 	 	/ / Community Property	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	If Fiduciary or Corporation, check one:	 	 
	 
	 	 	 	 	 	 
	Note 2: The address given above must
	 	 	 	 	 	 
	be the residence address of the Limited

	 	 	 	/ / Trust / / Partnership	 	 
	Partner. Post Office boxes and other
	 	 	 	 	 	 
	nominee addresses will not be accepted.

	 	 	 	/ / Corporation	 	 

 

For Branch Use

FA Instructions:

Enter a ticket for purchase amount using security #8955306 and route through IOI.

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EXHIBIT I

     “Accredited investor” shall mean any person who comes within any of the following categories,
or who the issuer reasonably believes comes within any of the following categories, at the time of
the sale of the securities to that person:

     (1) Any bank as defined in section 3(a)(2) of the Act; any savings and loan association or
other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or
fiduciary capacity or any broker or dealer registered pursuant to section 15 of the Securities
Exchange Act of 1934; insurance company as defined in section 2(13) of the Act; investment company
registered under the Investment Company Act of 1940 or a business development company as defined in
section 2(a)(48) of that Act; Small Business Investment Company licensed by the U.S. Small Business
Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan
established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions, for the benefit of its employees, if such plan has total
assets in excess of $5,000,000; employee benefit plan within the meaning of the Employee Retirement
Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in
section 3(21) of such Act, which is either a bank, savings and loan association, insurance company,
or registered investment adviser, or if the employee benefit plan has total assets in excess of
$5,000,000, or if a self-directed plan, with investment decisions made solely by persons that are
accredited investors;

     (2) Any private business development company as defined in section 202(a)(22) of the
Investment Advisers Act of 1940;

     (3) Any organization described in Section 501(c)(3) of the Internal Revenue Code, any
corporation, Massachusetts or similar business trust, or partnership, not formed for the specific
purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

     (4) Any director, executive officer, or general partner of the issuer of the securities being
offered or sold, or any director, executive officer, or general partner of a general partner of
that issuer;

     (5) Any natural person whose individual net worth, or joint net worth with that person’s
spouse, at the time of his purchase exceeds $1,000,000;

     (6) Any natural person who had an individual income in excess of $200,000 in each of the two
most recent years or joint income with that person’s spouse in excess of $300,000 in each of those
years and has a reasonable expectation of reaching the same income level in the current year;

     (7) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose
of acquiring the securities offered, whose purchase is directed by a sophisticated person as
described in Rule 506(b)(2)(ii); and

     (8) Any entity in which all of the equity owners are accredited investors.

B-11

 

EXHIBIT II

Prospective Purchaser Questionnaire

[To be completed by non-accredited investors]

     The purpose of this Questionnaire is to determine whether you meet the standards imposed by
Regulation D promulgated under the Securities Act of 1933, since the Units have not been and will
not be registered under that Act and are being sold in reliance upon the exemption provided by
Section 4(2) of that Act. Please complete these questions as thoroughly as possible.

     (i) I have a net worth (exclusive of home, furnishings and automobiles) either
individually or jointly with my spouse of at least three times my investment in the
Partnership.

Yes o No o

     (ii) My gross income for each of the past two years and my projected gross
income for the current year is not less than three times my investment in the
Partnership.

Yes o No o

     (iii) In the space below, please provide information regarding other types of investments
which you have made during the last five years:

     (Check if applicable)

	 	 	 	 	 	 	 
	Stocks

	 	                    
	 	Limited Partnership Interests:
	 	                    
	Bonds

	 	                    
	 	Real Estate
	 	                    
	Mutual Funds

	 	                    
	 	Oil and Gas
	 	                    
	Commodities

	 	                    
	 	Equipment
	 	                    
	Options

	 	                    
	 	Other (specify)
	 	                    

     (iv) Please indicate below the highest educational degree you hold.

     (v) Describe below your principal business activities during the last five years and provide
any additional information which would evidence your ability to evaluate the merits and risks of
investing in the Partnership.

     (vi) If you cannot demonstrate to the General Partner’s satisfaction that you have such
knowledge and experience in financial and business matters that you are capable of evaluating the
merits and risks of investment in the Partnership (e.g., you are a lawyer or accountant or you have
sufficient prior investment or business experience), you must seek advice from a Purchaser
Representative.

          In evaluating the merits and risks of this investment, will you seek the advice of any other
person?

          Yes
o
No o

B-12

 

          If YES, please identify below each such person and indicate his business address and telephone
number and have him complete and return one copy of the Purchaser Representative Questionnaire
accompanying this Subscription Agreement.

          If YES, has your Purchaser Representative disclosed to you whether or not any material
relationship (that he has with the Partnership or any of its affiliates) exists and whether or not
he expects to receive any compensation from the Partnership or its affiliates as a result of this
sale?

          Yes
o
No o

B-13

 

EXHIBIT II-1

Questionnaire for Purchaser Representatives

[For non-accredited investors only, if applicable]

Tidewater Futures Fund L.P.

(the “Partnership”)

THIS QUESTIONNAIRE IS TO BE COMPLETED AND DELIVERED TO THE GENERAL PARTNER OF THE PARTNERSHIP PRIOR
TO THE DETERMINATION BY THE GENERAL PARTNER WHETHER OFFERS FOR SUBSCRIPTIONS FOR UNITS OF LIMITED
PARTNERSHIP INTEREST MAY BE ACCEPTED FROM:

	 	 	 	 	 
	 

	 	 	 	(THE “INVESTOR”).
	 

	 	 

(Fill in name of investor)
	 	 

INSTRUCTIONS

This Questionnaire is being given to each person who has been designated as a “purchaser
representative” by an individual who has expressed an interest in purchasing Units in the
Partnership. The purpose of this Questionnaire is to determine whether you are qualified to act as
a purchaser representative (as that term is defined in Regulation D under the Securities Act of
1933) since the Units have not been and will not be registered under that Act and are being sold in
reliance upon an exemption contained in the Act.

Please contact Ceres Managed Futures LLC, the General Partner of the Partnership, at 55 East
59th
Street - 10th Floor, New York, New York 10022, telephone number (212)
559-2011, if you have any questions in answering this Questionnaire.

Your answers will, at all times, be kept strictly confidential. However, you agree that, should
the investor whom you are representing agree to purchase Units, the Partnership may present this
Questionnaire to such parties as it deems appropriate in order to insure itself that the offer and
sale of Units in the Partnership to such investor will not result in the loss of the exemption from
registration under the Act which is being relied upon by the Partnership in connection with the
sale of the Units.

Please complete this Questionnaire as thoroughly as possible and sign, date and return one copy to
the General Partner at the above address. Attach additional pages if necessary to fully answer any
question.

If the answer to any question is “None” or “Not applicable,” please so state.

B-14 

 

	 	 	 	 	 	 	 
	Name of Purchaser Representative:

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Name of Represented Investor:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Your Business Address:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Your Occupation:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Your Bus. Tel. No.:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

          1. Have you received and reviewed the Private Placement Offering Memorandum and Disclosure
Document (as supplemented from time to time) with regard to the offering of Units in the
Partnership which has previously been delivered to the investor?

          Yes o           No o

          2(a). Describe principal business positions you have held during the last five years, or
since graduation from college, whichever is the shorter period. Please be specific listing dates
of employment and if possible provide us with telephone numbers where previous employers can be
contacted:

          (b). Describe any other business, financial or investment experience that would help you to
evaluate the merits and risks of an investment in the Partnership:

          (c). Have you had experience in advising investors with respect to similar investments in the
past?

          Yes o           Noo

If you have answered “yes” to this question, please describe briefly such experience indicating
amounts you have caused to be invested, number of offerings you have reviewed and their names if
possible.

B-15 

 

          3(a). Please place ONE check mark next to the space which indicates the HIGHEST level of
education you have completed; on the lines following, PLEASE DESCRIBE IN DETAIL any business or
professional education you have received, listing names of schools, degrees received and dates of
attendance.

               o Completed College, awarded degree, B.A., B.S. or equivalent

               o Some Postgraduate Education

               o Two years of Postgraduate Training, awarded M.A. or equivalent

               o Completed Postgraduate Training and received Ph.D. (list date degree
obtained and awarding school)

               o Professional School, awarded J.D., or M.B.A. (list date degree obtained and
awarding school)

               o Other (PLEASE EXPLAIN IN DETAIL YOUR EDUCATIONAL BACKGROUND AND LIST DATES
OF ATTENDANCE AND NAMES OF SCHOOLS)

          (b). List any professional licenses or registrations held by you; if none are held please
note this in writing on the space provided below:

          (c). Are you registered as a broker-dealer within your state?

               
Yes o           No o

          (d). Are you registered as an investment advisor in your state?

               
Yes o           No o

          (e). List all memberships in professional organizations; if you belong to no professional
organizations please indicate this on the space provided below:

B-16 

 

          4(a). In advising the investor, will you be relying in part on the investor’s own expertise
in certain areas? Yes o           No o

          (b). If yes, please state the basis for your reliance, i.e., number of deals you know this
investor has invested in, amounts invested and the dates of these previous investments. Please
note that what is sought here is not a reference to the general soundness of the business judgment
of the investor but rather a specific basis for relying upon the investor’s own expertise:

          (c). In advising the investor, will you be relying in part on the expertise of an additional
Purchaser Representative? Yes o           No o

          NOTE: YOU MAY NOT RELY ON AN ADDITIONAL PURCHASER REPRESENTATIVE UNLESS EACH ADDITIONAL
PURCHASER REPRESENTATIVE HAS COMPLETED A QUESTIONNAIRE AND HAS BEEN ACKNOWLEDGED BY THE INVESTOR TO
BE HIS PURCHASER REPRESENTATIVE.

          (d). If the answer to (c) is “yes,” please list the name and address of any additional
Purchaser Representative:

          5(a). Have you ever been convicted in a criminal proceeding, or are you the subject of a
criminal proceeding which is presently pending (except for traffic violations)? Yes o           No o

          (b). Have you ever been the subject of any order, judgment or decree enjoining, barring or
suspending you from acting as an investment advisor, broker or dealer or from engaging in any
practice in connection with the purchase or sale of any security?

Yes o           No o

          (c). If the answer to either (a) or (b) is “yes,” please explain:

B-17 

 

          6(a). Do you or any of your affiliates have, with the General Partner or any of its
affiliates1, any relationship, that a reasonable investor might consider important, in
making their decision as to whether or not to designate you as their Purchaser Representative (i.e.
a “material” relationship within the meaning of Regulation D)? Yes o           No o

          (b). Is such a material relationship contemplated?

                    Yes o           No o

          (c). Has such a material relationship existed during the past two years?

                    Yes o           No o

NOTE: THE RECEIPT OF ANY SALES COMMISSION WITH RESPECT TO THE INVESTOR’S PURCHASE OF UNITS
CONSTITUTES COMPENSATION TO BE RECEIVED AS A RESULT OF A MATERIAL RELATIONSHIP.

          (d). If the answer to (a), (b) or (c) is “yes,” please describe your relationship to the
Partnership and indicate the amount of compensation you have received or you expect to receive as a
result of this relationship:

          (e). Was the information, if any, set forth in response to 6(d) above, disclosed in writing
to the proposed investor, prior to his acknowledgement that you are to act as his Purchaser
Representative in connection with this investment?

                    Yes o           No o

          (f) Are you an affiliate, officer, director or employee of either the Partnership or its
General Partner?

                    Yes o           No o

          I understand that the Partnership as well as the investor will be relying on the accuracy and
completeness of my responses to the foregoing questions, and I hereby represent and warrant to the
Partnership as follows:

          (i) The answers to the above questions are complete and correct and may be relied upon
by the Partnership in determining whether the offering in connection with which I have
executed this Questionnaire is exempt from registration under the Securities Act of 1933 and
also by the investor in determining my suitability to be his advisor in connection with his
possible investment in the Partnership;

 

			
	1	 	The term “affiliate” of a person means a person
that directly or indirectly, through one or more intermediaries, controls, or
is controlled by, or is under common control with such person.

B-18 

 

          (ii) I will notify the Partnership immediately of any material change in any statement
made herein occurring prior to the closing of the purchase by the above-named investor of
any interest in the Partnership.

          (iii) If I have not checked “yes” in answer to question 6(a), 6(b) or 6(c) I have no
“material relationship” as that term is defined in Regulation D, and if I have not checked
“yes” in answer to question 6(f), I am not an affiliate, officer, director or employee of
either the Partnership or of the General Partner, or any of their affiliates, nor am I a
direct or beneficial owner of ten percent (10%) or more of any class of the equity
securities of the General Partner or any of its affiliates.

          (iv) I personally (or, if I have checked “yes” in answer to question 4(a) or (b)
above, together with the investor or the additional Purchaser Representative or Purchaser
Representatives indicated above) have such knowledge and experience in financial and
business matters that I am capable of evaluating the merits and risks of the investor’s
prospective investment in the Partnership.

          IN WITNESS WHEREOF, I have signed this Questionnaire this                      day of                                         , 200     .

	 	 	 	 	 
	 

	 	 

(Signature)
	 	 
	 
	 	 	 	 
	 

	 	 

(Print Name)
	 	 

B-19 

 

EXHIBIT III

TIDEWATER FUTURES FUND L.P.

(THE “PARTNERSHIP”)

SUPPLEMENTAL DOCUMENT

FOR

SUBSCRIPTIONS IN NEW YORK

MADE ON OR AFTER

SEPTEMBER 1, 2009

NEW YORK STATE LIMITED POWER OF ATTORNEY

[THIS DOCUMENT MUST BE NOTARIZED]

     The New York Legislature recently enacted changes to Title 15 of Article 5 of the New York
State General Obligations Law which require this additional document to be signed by certain
subscribers to the Partnership. Subscribers who are (i) natural persons investing for their own
account or as trustee for the benefit of a trust and (ii) executing this Subscription Agreement in
the State of New York on or after September 1, 2009 must complete the form below. The limited
power of attorney contained herein replaces the limited power of attorney which appears in
paragraph 3 of the Subscription Agreement. Terms not defined shall retain the meaning given to
them in the Subscription Agreement.

     (1) Subscriber section (to be completed by the Subscriber and notarized):

     I,                                         , hereby apply to become a limited partner as of the date upon which
the sale of my Units becomes effective, and I hereby agree to each and every term of the
Partnership Agreement as if my signature were subscribed thereto. As principal, I hereby
constitute and appoint the General Partner of the Partnership, with full power of substitution, as
my agent and true and lawful attorney to execute, acknowledge, file and record in my name, place
and stead: (i) the Partnership Agreement substantially in the form included as an Appendix to the
Memorandum; (ii) all certificates and other instruments which the General Partner of the
Partnership shall deem appropriate to create, qualify, continue or dissolve the Partnership as a
limited partnership in the jurisdictions in which the Partnership may be formed or conduct
business; (iii) all agreements amending or modifying the Partnership Agreement that may be
appropriate to reflect a change in any provision of the Partnership Agreement or the exercise by
any person of any right or rights thereunder not requiring my specific consent, or requiring my
consent if such consent has been given, and any other change, interpretation or modification of the
Partnership Agreement in accordance with the terms thereof; (iv) such amendments, instruments and
documents which the General Partner deems appropriate under the laws of the State of New York or
any other state or jurisdiction to reflect any change, amendment or modification of the Partnership
Agreement of any kind referred to in subparagraph (iii) hereof; (v) filings with agencies of any
federal, state or local governmental unit or of any jurisdiction which the General Partner shall
deem appropriate to carry out the business of the Partnership; and (vi) all conveyances and other
instruments which the General Partner shall deem appropriate to effect the

B-20 

 

transfer of my Partnership interest pursuant to the Partnership Agreement or of Partnership
assets and to reflect the dissolution and termination of the Partnership. The foregoing
appointment (x) is a special power of attorney coupled with an interest, is irrevocable and shall
survive my subsequent death, incapacity or disability, (y) shall survive the delivery of an
assignment by me of the whole or any portion of my interest, except that where an assignee of the
whole of such interest has been approved by the General Partner for admission to the Partnership as
a substituted Limited Partner, the power of attorney shall survive the delivery of such assignment
for the sole purpose of enabling the General Partner to execute, acknowledge and file any
instrument necessary to effect such substitution and (z) is not intended to revoke or terminate any
prior powers of attorney. I hereby represent and warrant to the General Partner of the Partnership
and any future lawful substitution as agent thereby that, so long as I hold an interest in the
Partnership, I shall not enter into any subsequent power of attorney that has the effect of
revoking or terminating this power of attorney.

     In the event of a conflict between the provisions of this Power of Attorney and the
Partnership Agreement and/or the Subscription Agreement, the provisions of this Power of Attorney
shall control. If it is determined by a court of competent jurisdiction that any provision of this
Power of Attorney is invalid under applicable law, such provision will be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of this Power of
Attorney.

[Signature Page on Next Page]

B-21 

 

In Witness Whereof I have read the statutory cautionary legends beginning on the next page and I
have hereunto signed my name on                                         , 20     .

PRINCIPAL signs here: ==>                                         

	 	 	 	 	 
	STATE OF NEW YORK

	 	)	 	 
	 

	 	) ss.:

	COUNTY OF                     

	 	)	 	 

     On the                      day of                     , in the year                     , before me,
the undersigned, a
Notary Public in and for said state, personally appeared                                         , personally
known to me or proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
capacity, and that by his/her signature on the instrument, the person or the entity upon behalf of
which the person acted, executed the instrument.

	 	 	 
	 

Notary Public

	 	 

     (2) General Partner section (to be completed by the General Partner and notarized):

     I,                                         , as an Authorized Person and on behalf of the General Partner,
have read the foregoing Power of Attorney. The General Partner is the person identified therein as
agent for the principal named therein.

     The General Partner acknowledges its legal responsibilities.

     Agent signs here: ==>                                         

	 	 	 	 	 
	STATE OF NEW YORK

	 	)	 	 
	 

	 	) ss.:

	COUNTY OF                     

	 	)	 	 

     On the                      day of                     , in the year                     , before me,
the undersigned, a
Notary Public in and for said state, personally appeared                                         , personally
known to me or proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
capacity, and that by his/her signature on the instrument, the person or the entity upon behalf of
which the person acted, executed the instrument.

	 	 	 
	 

Notary Public

	 	 

B-22 

 

NEW YORK LIMITED POWER OF ATTORNEY

CAUTIONARY LEGENDS

     The following disclosure is required to be included verbatim in all powers of attorney subject
to Title 15 of Article 5 of the New York State General Obligations Law:

CAUTION TO THE PRINCIPAL: Your Power of Attorney is an important
document. As the “principal,” you give the person whom you choose
(your “agent”) authority to spend your money and sell or dispose of
your property during your lifetime without telling you. You do not
lose your authority to act even though you have given your agent
similar authority.

When your agent exercises this authority, he or she must act
according to any instructions you have provided or, where there are
no specific instructions, in your best interest. “Important
Information for the Agent” at the end of this document describes
your agent’s responsibilities. Your agent can act on your behalf
only after signing the Power of Attorney before a notary public.

You can request information from your agent at any time. If you are
revoking a prior Power of Attorney by executing this Power of
Attorney, you should provide written notice of the revocation to
your prior agent(s) and to the financial institutions where your
accounts are located.

You can revoke or terminate your Power of Attorney at any time for
any reason as long as you are of sound mind. If you are no longer
of sound mind, a court can remove an agent for acting improperly.

Your agent cannot make health care decisions for you. You may
execute a “Health Care Proxy” to do this.

The law governing Powers of Attorney is contained in the New York
General Obligations Law, Article 5, Title 15. This law is available
at a law library, or online through the New York State Senate or
Assembly websites, www.senate.state.ny.us or
www.assembly.state.ny.us.

If there is anything about this document that you do not understand,
you should ask a lawyer of your own choosing to explain it to you.

IMPORTANT INFORMATION FOR THE AGENT:

When you accept the authority granted under this Power of Attorney,
a special legal relationship is created between you and the
principal. This relationship imposes on you legal responsibilities

B-23 

 

that continue until you resign or the Power of Attorney is
terminated or revoked. You must:

(1) act according to any instructions from the principal, or, where
there are no instructions, in the principal’s best interest;

(2) avoid conflicts that would impair your ability to act in the
principal’s best interest;

(3) keep the principal’s property separate and distinct from any
assets you own or control, unless otherwise permitted by law;

(4) keep a record of all receipts, payments, and transactions
conducted for the principal; and

(5) disclose your identity as an agent whenever you act for the
principal by writing or printing the principal’s name and signing
your own name as “agent” in either of the following manner:
(Principal’s Name) by (Your Signature) as Agent, or (your signature)
as Agent for (Principal’s Name).

You may not use the principal’s assets to benefit yourself or give
major gifts to yourself or anyone else unless the principal has
specifically granted you that authority in this Power of Attorney or
in a Statutory Major Gifts Rider attached to this Power of Attorney.
If you have that authority, you must act according to any
instructions of the principal or, where there are no such
instructions, in the principal’s best interest. You may resign by
giving written notice to the principal and to any co-agent,
successor agent, monitor if one has been named in this document, or
to the principal’s guardian if one has been appointed. If there is
anything about this document or your responsibilities that you do
not understand, you should seek legal advice.

Liability of agent:

The meaning of the authority given to you is defined in New York’s
General Obligations Law, Article 5, Title 15. If it is found that
you have violated the law or acted outside the authority granted to
you in the Power of Attorney, you may be liable under the law for
your violation.

B-24exv10w5

Exhibit 10.5

EXECUTION COPY

SECOND AMENDED AND RESTATED AGENCY AGREEMENT

ORION FUTURES FUND L.P.

(A NEW YORK LIMITED PARTNERSHIP)

UNITS OF LIMITED PARTNERSHIP INTEREST

November 11, 2009

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Morgan Stanley Smith Barney LLC

2000 Westchester Avenue

Purchase, New York 10577

	 	Re:  	 	Orion Futures Fund L.P.

Ladies and Gentlemen:

          Orion Futures Fund L.P. (formerly known as Citigroup Orion Futures Fund L.P.) (the
“Partnership”) is organized as a limited partnership under the New York Revised Uniform Limited
Partnership Act, as amended (the “Partnership Act”), for the purpose of speculative trading, either
directly or indirectly, in commodity interests including, but not limited to, futures contracts,
swaps, options, spot, and forward contracts. Citigroup Global Markets Inc.’s predecessor entity,
Salomon Smith Barney Inc., the Partnership and Ceres Managed Futures LLC (formerly known as
Citigroup Managed Futures LLC), a Delaware limited liability company (the “General Partner”), have
been parties to an amended and restated agency agreement dated April 1, 2001 (the “Prior
Agreement”). This Second Amended and Restated Agency Agreement (the “Agreement”) supersedes the
Prior Agreement in all respects.

          The General Partner desires to raise additional capital for the Partnership by the continued
sale of units of limited partnership interest therein (the “Units”) to certain qualified investors
pursuant to Rule 506 of Regulation D (“Reg. D”) under section 4(2) of the Securities Act of 1933,
as amended (the “Securities Act”). The General Partner, the Partnership, the business of the
Partnership and the Units are described in a Private Placement Offering Memorandum and Disclosure
Document dated August 1, 2009, prepared by the General Partner. As used in this Agreement,
“Memorandum” refers to that Private Placement Offering Memorandum and Disclosure Document,
including the appendices thereto, unless such memorandum or appendices have been supplemented or
amended, in which case the term shall refer, from and after the time the supplement or amendment is
delivered to each of you, to the memorandum and appendices as so amended and supplemented.
The commodity trading advisors to the Partnership are currently AAA Capital Management
Advisors, Ltd.,

 

 

Willowbridge Associates Inc. and Winton Capital Management Limited. The General Partner may engage
different commodity trading advisors from time to time on behalf of the Partnership.

          The subscribers for Units will be required to execute the Subscription Agreement, a copy of
which is attached as an appendix to the Memorandum, and to tender or cause to be tendered for each
Unit subscribed cash in the amount of the net asset value per Unit on the date of purchase.
Subscribers for Units whose Subscription Agreements are accepted by the General Partner will become
limited partners of the Partnership (the “Limited Partners”) upon the execution by the General
Partner as attorney-in-fact for each such subscriber of a Limited Partnership Agreement, as may be
amended and restated from time to time, a copy of which is attached as an appendix to the
Memorandum (the “Partnership Agreement”), and at the time such subscribers’ names are entered in
the books and records of the Partnership.

          Section 1. Appointment of Agent.

          On the basis of the representations, warranties and covenants contained in this Agreement, but
subject to the terms and conditions set forth in it, Citigroup Global Markets Inc. and Morgan
Stanley Smith Barney LLC are hereby appointed non-exclusive agents of the Partnership during the
offering period specified in this Section, for the purpose of finding subscribers for the Units for
the account and risk of the Partnership through a private offering. The offering period will
continue until the General Partner terminates it (with reasonable advance notice) or until up to
400,000 Units, or such additional duly authorized amount, have been subscribed (the “Continuous
Offering”). Units or partial Units sold during the Continuous Offering will be sold at net asset
value per Unit as of the last day of each month, provided that the General Partner may determine to
not accept any offers to purchase Units in a particular month. Subject to the performance by the
General Partner of all of its obligations to be performed under this Agreement and to the
completeness and accuracy of all material representations and warranties of the General Partner
contained in this Agreement, you each hereby accept such agency and agree on the terms and
conditions set forth in this Agreement to use reasonable efforts during the Continuous Offering to
find subscribers for the Units subject to market demand. Such offering of Units shall be subject
to prior approval in accordance with your internal policies. Each of you agree that your agency
under this Agreement, which is coupled with an interest and, therefore, is not terminable by the
General Partner without your permission, will continue until the termination of the Continuous
Offering or until such time as all Units sold by you have been redeemed, whichever is later.

	 	 	Section 2. Representations and Warranties of the Partnership and the General
Partner.

          The Partnership and the General Partner jointly and severally represent and warrant to each of
you, individually, for your benefit, and for the benefit of the purchasers of the Units sold by you
that:

          (a) They will deliver to you such number of copies of the Memorandum as you may reasonably
request, regardless of whether the Units are offered solely to “accredited investors” as defined in
Rule 501(a) of Reg. D. They will not make any amendment or

-2-

 

supplement to the Memorandum until they
have given you a copy thereof and reasonable notice of the same, and no such amendment or
supplement, if material, will be made if you reasonably object thereto.

          (b) The Memorandum complies with Rule 502(b)(2) of Reg. D and the information to be made
available or furnished to each purchaser of a Unit pursuant to Section 5(f) hereof or otherwise
will be sufficient to comply with Rule 502(b)(2)(iv) and 502(b)(2)(v) of Reg. D.

          (c) The Memorandum will not contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

          (d) All action required under the Partnership Agreement or otherwise to be taken by the
General Partner before the subscription for and sale of the Units to subscribers therefor has been
taken or before the Monthly Closing dates, as defined in Section 4 hereof, will have been taken,
and upon (i) payment of the consideration therefor specified in the Subscription Agreement, (ii)
acceptance by the General Partner of each subscriber acceptable to the General Partner, and (iii)
the payment of any required filing fee, the subscribers will become Limited Partners of the
Partnership entitled to all the rights of Limited Partners under the Partnership Agreement and the
Partnership Act. The Units, when sold and paid for as contemplated by the Memorandum, will
represent validly authorized and duly issued limited partnership interests in the Partnership and
will conform to all statements relating thereto contained in the Memorandum, including the
Partnership Agreement. The General Partner shall maintain records required of a registered
commodity pool operator pursuant to the rules of each of the Commodity Futures Trading Commission
(“CFTC”) and the National Futures Association.

          (e) The Partnership is a limited partnership duly and validly organized pursuant to the
Partnership Agreement and the laws of New York, and is validly existing under, and subject to, the
laws of New York with full power and authority to conduct the business in which it proposes to
engage as described in the Memorandum. A Limited Partner will have no liability in excess of his
capital contribution and his share of Partnership assets and undistributed profits except as set
forth in Section 7(f)(2) of the Partnership Agreement and in the Partnership Act.

          (f) There is no action, suit, litigation or proceeding before or by any court or governmental
agency, federal, state or local, pending or threatened against or affecting or involving the
property or business of the General Partner, or the business of the Partnership, that would
materially and adversely affect the condition (financial or otherwise), business or prospects of
the General Partner or the Partnership.

          (g) Other than as previously disclosed to you that Credit Suisse Securities (USA) LLC is a
selling agent for the Partnership, neither the Partnership, the General Partner, nor any person
directly or indirectly affiliated with either of them has, either directly or through an agent,
sold or offered for sale or solicited offers to subscribe for or buy, or approached potential
investors for or otherwise negotiated in respect of, the Units except for the activities of the
General Partner in approaching potential investors undertaken in cooperation with Citigroup

-3-

 

Global Markets Inc. and Morgan Stanley Smith Barney LLC after advance consultation with either Citigroup
Global Markets Inc. or Morgan Stanley Smith Barney LLC, as applicable; and neither the Partnership,
the General Partner nor any person directly or indirectly affiliated with any of them has, either
directly or through an agent, participated in the organization or management of any partnership or
other entity, or has engaged in any other activity, in a manner or under circumstances that would
jeopardize the status of the offering of the Units as an exempted transaction under the Securities
Act or under the laws of any state in which it is represented by the General Partner that the
offering may be made.

          (h) This Agreement and the Partnership Agreement have been duly and validly authorized,
executed and delivered by and on behalf of the General Partner and constitute valid and binding
agreements of the General Partner enforceable in accordance with their terms. This Agreement and
the Subscription Agreements have been or will be duly and validly authorized, executed and
delivered by and on behalf of the Partnership and constitute or will constitute valid and binding
agreements of the Partnership enforceable in accordance with their terms.

          (i) The execution and delivery of this Agreement, the Subscription Agreements and the
Partnership Agreement, and the consummation of the transactions contemplated in this Agreement and
in the Memorandum, do not conflict with and will not constitute a breach of, or default under, the
certificate of formation or limited liability company agreement of the General Partner or any
agreement or instrument by which the General Partner is bound by any order, rule or regulation
applicable to it of any court or any governmental body or administrative agency having jurisdiction
over it.

          (j) A separate escrow account has been opened at Citibank N.A., New York, New York (the
“Escrow Agent”) and will be maintained for all funds received from subscribers for Units. All
payments received from persons desiring to purchase Units will be deposited in such account and
held in accordance with the terms of the Escrow Agreement entered into with the Escrow Agent.
During the Continuous Offering, the General Partner may elect to hold subscription proceeds at a
different bank. If the General Partner elects to hold subscription proceeds at a different bank,
it will notify you promptly and provide you with details of the new account.

          Section 3. Representations and Warranties of Citigroup Global Markets Inc. and Morgan
Stanley Smith Barney LLC.

          Each of you represent and warrant, individually, to and for the benefit of the Partnership and
the General Partner that:

          (a) You will not offer or sell the Units by any form of general solicitation or general
advertising within the meaning of Rule 502(c) of Reg. D.

          (b) Where required by applicable state law or regulation, you will initiate contact with a
prospective offeree only after determining that the suitability and sophistication standards
described in the Memorandum are likely to be satisfied with respect to such prospective offeree

-4-

 

and, where applicable, only after having obtained an executed Purchaser Representative
Questionnaire.

          (c) You will make offers to sell Units to, or solicit offers to subscribe for Units from,
persons in only those states or other jurisdictions where the General Partner has either qualified
or registered the offering for sale or where the General Partner has determined that an exemption
from such qualification or registration is available under the applicable securities or “blue sky”
statutes of such states or other jurisdictions. You will not offer or sell Units to any person
unless, immediately before making such offers or sales, you reasonably believe such person (i)
would be able to represent that such person is acquiring the Units for such person’s own account as
principal for investment and not with a view to resale or distribution, (ii) qualifies as an
accredited investor under Rule 501 of Reg. D (unless otherwise permitted by the General Partner)
and (iii) meets such other suitability standards as are specified in the Memorandum under the
caption “Who May Invest” and the other conditions contained in the Subscription Agreement.

          (d) You will not offer the Units for sale to, or solicit any offers to subscribe for the Units
from, any offeree who resides in a state whose securities or “blue sky” laws require offerees to
meet specified qualifications unless such offeree meets such qualifications or which laws require
offerees to receive disclosure documents until you have delivered (or directed the General Partner
to deliver) the Memorandum, the Partnership Agreement, and any other agreement or document that may
be attached as an exhibit or appendix referred to in and distributed with the Memorandum or any
other information provided by the General Partner which is required to be delivered to purchasers
pursuant to Rule 502(b)(2) of Reg. D to such offeree, and within a reasonable time prior to the
Monthly Closing you shall deliver (or cause the General Partner to deliver) all such documents to
all persons who are to purchase the Units, to the extent they have not theretofore received such
documents. In connection with the offering, you will not represent to any person acquiring Units
any material facts relating to the offering unless such facts are contained in the Memorandum or
have been provided to you in writing by the General Partner.

          (e) You will maintain a record of all information obtained by you indicating that subscribers
for Units placed by you meet the suitability standards referred to in Section 3(c) hereof. The
General Partner, in its sole discretion, will approve or reject the subscriptions and notify you of
the same.

          (f) You are a member in good standing of the Financial Industry Regulatory Authority, Inc.

          (g) You are in compliance with applicable anti-money laundering laws (including the USA
PATRIOT Act) and related regulations.

          (h) You acknowledge that, in its sole discretion, the General Partner may in the future engage
additional selling agents for the Partnership. Compensation of any additional selling agents shall
be determined by the General Partner in its sole discretion.

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          (i) You shall be responsible for compliance with all applicable anti-money laundering laws
(including the USA PATRIOT Act) and related regulations with respect to all purchasers of Units
placed by you. Each of you agree that you will fully cooperate with each other and provide all
information, subject to applicable privacy and confidentiality obligations, as is necessary to
permit Citigroup Global Markets Inc. and Morgan Stanley Smith Barney LLC to comply with the
foregoing representation and warranty.

          Section 4. Closings.

          During the Continuous Offering, closings may be held as of the last business day of each month
(“Monthly Closings”) for each month the General Partner accepts subscriptions.

          Section 5. Covenants of the Partnership and the General Partner.

          Each of the Partnership and the General Partner covenant with each of you, separately, that:

          (a) If any event occurs that relates to or affects the business or condition (financial or
other) of the General Partner or the Partnership which makes it necessary to amend or supplement
the Memorandum in order that the Memorandum will not contain an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein not misleading
in the light of the circumstances existing at the time it is delivered to a subscriber, the General
Partner forthwith will prepare and furnish to you a reasonable number of copies of the amendment or
amendments of, or supplement or supplements to, the Memorandum (in form and substance satisfactory
to you and your counsel) that will so amend or supplement the Memorandum.

          (b) They will qualify or register the Units for offering and sale under, or establish the
exemption of the offering and sale of the Units from qualification or registration under, the
applicable securities or “blue sky” laws of the jurisdictions listed in Appendix I hereto
and use reasonable efforts to qualify in such other jurisdictions as you may reasonably request in
writing; provided, however, that none of them will be obligated to qualify as a
dealer in securities in any jurisdiction in which it is not so qualified. The General Partner will
promptly notify you in writing of such qualification, registration or exemption in each such
jurisdiction and of any modification, rescission or withdrawal of any such qualification,
registration or exemption. The General Partner will not consummate a sale of a Unit in any
jurisdiction in which such sale may not be lawfully made and will not consummate any sale otherwise
than in accordance with the restrictions and limitations, if any, set forth or referred to in such
survey.

          (c) The General Partner will notify you promptly if it becomes aware that the Memorandum
contains any untrue statement of material fact or omits to state a material fact
necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading.

-6-

 

          (d) The Partnership will apply the proceeds from the sale of the Units for the purposes set
forth under “Use of Proceeds” in the Memorandum in substantially the amounts and in the manner
indicated thereunder.

          (e) Neither they nor any person directly or indirectly affiliated with any of them is or will
be engaged, as a general partner, sponsor or otherwise (i) in the organization or management of any
partnership, fund or other entity, in a manner or under circumstances which, in the opinion of
their counsel, will jeopardize the status of the offering of the Units as an exempted transaction
under the Securities Act or under the laws of any state in which it is represented by them that the
offering may be made or (ii) in any offering of securities which, when integrated with the offering
of the Units in the manner prescribed by Rule 501(a) of Reg. D and SEC Release No. 33-4552 (Nov. 6,
1962) will jeopardize the status of the offering of the Units as an exempted transaction under Reg.
D.

          (f) Subject to Section 11 hereof, at all times during the Continuous Offering, they will (i)
make available to each potential purchaser and to the purchaser’s representative, if any, such
information (in addition to that contained in the Memorandum) concerning themselves, the offering
and any other relevant matters, as they possess or can acquire without unreasonable effort or
expense, and (ii) provide to each potential purchaser and to any purchaser representatives the
opportunity to ask questions of, and receive answers from, them concerning the terms and conditions
of the offering and the business of the Partnership and to obtain any other additional information,
to the extent they possess the same or can acquire it without unreasonable effort or expense,
necessary to verify the accuracy of the information furnished to the potential purchaser or any
purchaser representatives.

          (g) They will provide to each purchaser the information required to be delivered by Rule
502(b)(2)(iii) and 502(b)(iv).

          (h) Within 15 days of receiving copies from you of information indicating that subscribers
meet the suitability standards, the General Partner will approve or reject the subscriptions and
notify you of the same.

          (i) The General Partner shall file a Form D with the Securities and Exchange Commission
pursuant to Rule 503 under Reg. D in a timely manner with respect to all subscriptions accepted by
the General Partner. The General Partner shall comply with any filing requirement imposed by the
laws of any state or jurisdiction in which sales are made. The General Partner shall furnish you
and your counsel with copies of all filings made on Form D pursuant hereto.

          (j) The General Partner shall notify you within a reasonable period of time if it engages an
additional selling agent for the Partnership.

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          Section 6. Acknowledgment of Payment of Compensation to You and Your Financial
Advisors.

          Pursuant to the Customer Agreement between Citigroup Global Markets Inc. and the Partnership,
the Partnership shall pay to Citigroup Global Markets Inc. a brokerage commission equal to $18 per
round-turn on futures transactions and $9 per side on options transactions. The Partnership shall
pay Citigroup Global Markets Inc. the same brokerage commission on a futures equivalent basis for
forward transactions entered on its behalf. The Partnership shall also pay Citigroup Global
Markets Inc. a brokerage commission equal to $5.00 per swap transaction. The Partnership and the
General Partner acknowledge that during the term of the Partnership a portion of such brokerage
commissions will be paid to Morgan Stanley Smith Barney LLC (or an additional selling agent) by
Citigroup Global Markets Inc. and each of you will use a portion of the brokerage commissions to
pay your respective financial advisors who place Units and who are registered with the CFTC as
associated persons.

          Section 7. Conditions of Your Obligations.

          Your respective obligations under this Agreement are subject to the accuracy of and compliance
in all material respects with the representations and warranties of the Partnership and the General
Partner made in Section 2 hereof and to the performance by the Partnership and the General Partner
in all material respects of their obligations to you under this Agreement.

          If any of the conditions specified in this Section 7 have not been fulfilled when and as
required by this Agreement to be fulfilled by the Partnership or the General Partner with respect
to a party to this Agreement, such party may withdraw as a party to this Agreement by notifying the
General Partner of such withdrawal in writing at any time at or before any Monthly Closing and any
such withdrawal will be without liability or obligation of any party to any other party except as
otherwise provided in Section 5 and Section 9 hereof.

          For the avoidance of doubt, if one of you withdraws as a party to this Agreement pursuant to
this Section 7, the Agreement shall continue in full force and effect with respect to the remaining
parties to the Agreement.

          Section 8. Conditions of the Obligations of the Partnership and the General
Partner.

          The obligations of the Partnership and the General Partner under this Agreement with respect
to each of you are subject to the performance by you of your respective obligations under the same
in all material respects and to the further condition that you have offered the Units for sale, or
solicited offers to subscribe for or buy Units, or otherwise negotiated with any person with
respect to the Units, only in such manner and under such circumstances as are in compliance with
the securities or “blue sky” laws of the jurisdictions designated by you in accordance with Section
5(b) hereof.

-8-

 

          For the avoidance of doubt, if the Partnership’s and the General Partner’s obligations with
respect to either of you cease pursuant to this Section 8, the Partnership’s and General Partner’s
obligations with respect to the other party to the Agreement shall continue in accordance with the
terms of this agreement.

          Section 9. Indemnification and Contribution.

          Each of you agree to indemnify and hold harmless the Partnership and the General Partner and
their officers, directors and employees, against any and all loss, liability, claim, damage,
expense, judgment or amount paid in settlement (including reasonable attorneys’ fees) with respect
to statements or omissions in the Memorandum made with respect to you or your respective
obligations under this Agreement made in reliance upon and in conformity with information furnished
to the General Partner by you expressly for use in the Memorandum.

          Section 10. Representations, Warranties and Agreements to Survive Delivery.

          All representations, warranties and agreements contained in this Agreement or contained in
certificates or opinions delivered pursuant to this Agreement will remain operative and in full
force and effect, regardless of any investigation made by or on behalf of either of you or by or on
behalf of the General Partner and will survive the Monthly Closings.

          Section 11. Confidentiality.

          Each party shall keep confidential any non-public information in respect of the Limited
Partners and any confidential information relating to the business of each other party to this
Agreement.

          Section 12. Notices and Authority to Act.

          All communications required to be given pursuant to this Agreement shall be in writing and, if
sent to Citigroup Global Markets Inc., will be mailed, delivered or transmitted by facsimile and
confirmed to Citigroup Global Markets Inc. at:

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attention: General Counsel (Managed Futures)

or, if sent to Morgan Stanley Smith Barney LLC, will be mailed, delivered or telegraphed and
confirmed to Morgan Stanley Smith Barney LLC at:

Morgan Stanley Smith Barney LLC

2000 Westchester Avenue

Purchase, New York 10577

Attention: Jeremy Beal

-9-

 

or if sent to the General Partner, will be mailed, delivered or telegraphed and confirmed to the
General Partner at:

Ceres Managed Futures LLC

55 East 59th Street — 10th Floor

New York, New York 10022

Attention: Jennifer Magro

or at such other address as may be provided in writing to the other parties.

          Section 13. Parties.

          This Agreement will inure to the benefit of and be binding upon each of you, the Partnership
and the General Partner and each of your and their respective successors, heirs and
representatives. This Agreement and its conditions and provisions are intended to be and are for
the sole and exclusive benefit of the parties to it and their respective successors, heirs and
representatives, and not for the benefit of any other person, firm or corporation unless expressly
stated otherwise.

          Section 14. Governing Law.

          This Agreement shall be governed by and construed under the laws of the State of New York.

          Section 15. Waiver.

          Any party to this Agreement may waive compliance by the other with any of the terms,
provisions and conditions set forth in this Agreement.

          Section 16. Entire Agreement.

          This Agreement contains the entire agreement between the parties to it, and is intended to
supersede any and all prior agreements between those parties, relating to the same subject matter.

          Section 17. Effective Date.

          This Agreement is effective with retroactive effect to September 15, 2009.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

-10-

 

          If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to us a counterpart hereof, whereupon this instrument, along with all counterparts, will
become a binding agreement among you, the Partnership and the General Partner, in accordance with
its terms.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	ORION FUTURES FUND L.P.

 	 
	 	By:  	Ceres Managed Futures LLC
 	 
	 	 	(General Partner) 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	/s/ Jennifer Magro
 	 
	 	 	Name:  	Jennifer Magro 	 
	 	 	Title:  	Chief Financial Officer and Director 	 
	 
	 	CERES MANAGED FUTURES LLC

 	 
	 	By:  	/s/ Jennifer Magro
 	 
	 	 	Name:  	Jennifer Magro 	 
	 	 	Title:  	Chief Financial Officer and Director 	 
	 

Confirmed, accepted and agreed to as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MORGAN STANLEY SMITH BARNEY LLC	 	 	 	CITIGROUP GLOBAL MARKETS INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Michael McGrath	 	 	 	By:	 	/s/ Laurie Hesslein	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Michael McGrath
	 	 	 	 	 	Name:
	 	Laurie Hesslein	 	 
	 

	 	Title:
	 	Managing Director
	 	 	 	 	 	Title:
	 	Managing Director	 	 

-11-

 

APPENDIX I

Blue Sky Memorandum

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