Document:

Exhibit 10.3

                           ADMINISTRATION AGREEMENT

         THIS AGREEMENT, made this ______ day of October 2006, by:

         DPM Mellon, LLC
         400 Atrium Drive
         Somerset, New Jersey 08873
         ("DPMM")
and

         UBS Managed Futures LLC (Aspect Series)
         c/o UBS Managed Fund Services Inc.
         One North Wacker Drive
         31st Floor
         Chicago, IL  60606
         (the "Aspect Series")

and
         UBS Managed Futures (Aspect) LLC
         c/o UBS Managed Fund Services Inc.
         One North Wacker Drive
         31st Floor
         Chicago, IL  60606
         (the "Aspect Trading Fund")

and      UBS Managed Fund Services Inc. with respect to
         each series of limited liability company
         interest issued by UBS Managed Futures LLC
         that is listed on Exhibit 1, that is made a party to
         this Agreement (each such series, including
         the Aspect Series, a "Series").

and      UBS Managed Fund Services Inc. with respect to
         each trading vehicle into which a Series
         invests substantially all of its assets that
         is listed on Exhibit 2, that is made a party
         to this Agreement (each such entity, including
         the Aspect Trading Fund, a "Trading Fund").

                                   RECITALS

      A. DPMM is engaged in the financial and investment accounting, back
office service and administration businesses.

      B. The Series and each Trading Fund (each Series and the Trading Fund
into which such Series invests, a "Fund," collectively the "Funds") each
desire to engage DPMM to provide certain financial and investment accounting
and back office services

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<PAGE>

to, and to act as the Administrator of, the respective Fund and DPMM agrees to
provide such services to, and act as Administrator of, each Fund on the terms
and conditions set forth herein.

      C. UBS Managed Fund Services Inc., a Delaware corporation (the
"Sponsor") serves as the sponsor and commodity pool operator of each Fund.

      D. Each Fund intends to conduct trading activities at the direction of a
Trading Advisor (as defined below) pursuant to the strategy described in the
Prospectus of the Funds (as defined below).

      NOW, THEREFORE, in consideration of the mutual promises contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which the parties hereby acknowledge, the parties agree as follows:

      1. Definitions. The terms defined in the Prospectus of the Funds will
have the same meaning in this Agreement, unless otherwise defined herein.

      "Auditors" means the independent auditors of the Funds.

      "Business Day" means a day on which the New York Stock Exchange and
banks in the United States are all open for business.

      "Prospectus" means the current confidential offering memorandum, private
placement memorandum, prospectus or other offering document utilized by the
Funds.

      "Securities" means the relevant units of limited liability company
interest or other class of securities issued by the Series from time to time.

      "Series" means the relevant series of limited liability company interest
issued by UBS Managed Futures LLC from time to time that has been admitted to
this Agreement.

      "Trading Advisor" means the trading advisor(s) of each Trading Fund, as
applicable.

      "Trading Fund" means a trading vehicle into which a Series invests
substantially all of its assets that has been admitted to this Agreement.

      2. Services of DPMM. Each Fund hereby authorize DPMM, its affiliates
and/or its agents to perform, and DPMM hereby agrees to perform, or otherwise
provide, the services herein enumerated in Schedule A (the "Activities").

      3. Verification. The parties acknowledge that DPMM will utilize
valuations provided by brokers and/or recognized price data vendors such as
Bloomberg or Reuters with respect to instruments that are traded on a public
exchange or that are widely traded and reported by such price data vendors in
preparing reports pursuant to Section 2 above. Notwithstanding any other
provision in this Agreement,

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<PAGE>

the parties acknowledge that DPMM in the performance of the Activities will
rely on the valuations provided by the Funds, the Sponsor and/or the Trading
Advisor(s) (with supporting documentation) for instruments which are not
traded on a public exchange or reported by recognized price data vendors and
will not independently verify the value of such instruments.

      4. Broker Services. DPMM will not perform the services of a trading
broker, including, without limitation, executions of transactions, payment of
brokerage commissions, confirmations of transactions to the Funds, transmittal
of monthly brokerage account statements to the Funds, enforcement of any
margin requirements, or the custody of funds or securities.

      5. Compliance Services. DPMM and each Fund individually recognize and
acknowledge that DPMM's services pursuant to this Agreement are solely limited
to performance of the Activities. Unless specifically provided under this
Agreement, nothing contained herein, expressed or implied, is intended or
shall be construed to confer upon DPMM any duty to ensure that the Funds, the
Sponsor, the Trading Advisors or their affiliated entities are acting in
compliance with any applicable domestic or international laws or regulations.

      6. Sole Responsibility for the Activities. So long as this Agreement
shall remain in effect, the Funds will not authorize any other party to
perform the Activities.

      7. Authorization for DPMM Communications. Each Fund hereby authorizes
DPMM to communicate, as required, with such Fund's Trading Advisor, advisors,
brokers, futures commission merchants, accountants and/or other agents and
related parties of such Fund to obtain the information needed to perform the
Activities.

      8. Compensation. As compensation for performance of the Activities
pursuant to this Agreement, the Funds will collectively pay DPMM the fees
described in Schedule B. Compensation due to DPMM will be paid in US dollars
("US$") and is subject to the minimum amounts specified in Schedule B.

      9. Payment Schedule. DPMM's entitlement to compensation will begin on
the day it begins to perform any of the Activities. If DPMM provides services
for any partial month, DPMM's monthly fee for that month will be pro-rated in
proportion to the number of days in the month for which DPMM provides its
services. DPMM will send the Funds an invoice showing all fees due for each
month within 10 days after the first day of that month. The Funds will pay the
fees within 10 days of receipt of the invoice.

      10. Special Projects. The parties hereto may agree that DPMM shall
undertake to perform additional tasks or projects upon terms and conditions,
including compensation, to be mutually agreed upon by the parties.

      11. Each Fund's Representations. Each Fund (solely with respect to
itself) represents to DPMM that:

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<PAGE>

      A. It is duly organized and validly existing and in good standing under
the laws of the jurisdiction of its formation and the Fund and the Sponsor are
in good standing and qualified to do business in each jurisdiction in which
the nature or conduct of its business requires such qualification.

      B. The Fund has full authority and power to execute, deliver, consummate
and perform this Agreement on its own behalf and that the individual executing
this Agreement on its behalf has the requisite authority to bind the Fund to
this Agreement, and the Fund has all necessary registrations, licenses and/or
memberships necessary to conduct the activities as described in its offering
document and Prospectus provided to DPMM, as such may be amended from time to
time.

      C. The performance by the Fund of its obligations under this Agreement
will not conflict with or result in a breach of any of the terms or provisions
of any agreement of which the Fund is party to or to which it is bound, and
does not violate any applicable laws, rules or regulations.

      D. The Fund's Trading Advisor and Sponsor are knowledgeable about
securities and/or commodities trading, as applicable, and aware of the risk of
substantial loss in such trading.

      E. The Fund will ensure that DPMM has full access to its Sponsor,
Trading Advisor(s) (to the extent permitted under any agreement among such
Fund, its Trading Advisor and the Sponsor), advisors, brokers, accountants,
and its other agents, and related parties of any of them, in order to obtain
the information DPMM will need to perform the Activities.

      F. All the information relating to the Fund given to DPMM in connection
with the transactions contemplated by this Agreement is full, complete and
accurate and DPMM may reasonably rely on such information until it receives
written notice from the Fund of any changes.

      G. The Fund will immediately notify DPMM if any of the foregoing
representations ceases to be true.

      12. DPMM Representations. DPMM represents to the Funds that:

      A. DPMM is duly organized and validly existing as a limited liability
company under the laws of Delaware and is in good standing and qualified to do
business in each jurisdiction in which the nature or conduct of its business
requires such qualification.

      B. DPMM has full authority and power to execute, deliver, consummate and
perform this Agreement and that the individual(s) executing this Agreement on
its behalf has the requisite authority to bind DPMM to this Agreement, and
DPMM has all

                                    - 4 -
<PAGE>

necessary registrations, licenses and/or memberships necessary to conduct the
Activities.

      C. The performance by DPMM of its obligations under this Agreement will
not conflict with or result in a breach of any of the terms or provisions of
any agreement of which DPMM is a party or to which it is bound and does not
violate any applicable laws, rules or regulations.

      D. DPMM has completed, obtained and performed all registrations,
filings, approvals, authorizations, consents and/or examinations required by
any government or governmental authority to perform the Activities
contemplated by this Agreement and will maintain the same in effect for so
long as this Agreement remains in effect.

      E. DPMM will immediately notify the Funds if any of the foregoing
representations cease to be true.

      13. Non-Exclusive Services. DPMM's services are not exclusive and DPMM
and its affiliates shall be free to render similar and other services to
others.

      14. Relationship of the Parties. DPMM shall at no time retain possession
of, or have any right, title and interest in the assets of any Fund and shall
not, in any way, act as a guarantor of any Securities. DPMM is an independent
contractor and this Agreement does not establish a joint venture or
partnership between DPMM and any Fund, nor authorize any entity to act as
general agent, or to enter into any contract or other agreement on behalf of
any other party except as specifically provided herein.

      15. Term. The term of this Agreement shall begin as of the date set
forth above and end October 30, 2007, unless terminated on 90 days prior
written notice by either party hereto. Termination shall not affect DPMM's
right to compensation earned prior to the date of termination pro rata. Unless
terminated earlier pursuant to this Section 15, this Agreement will renew
itself for successive one-year terms, subject to renegotiation of the terms of
compensation and Activities stated in Schedules A and B. This Agreement may be
terminated immediately upon written notice to a party for "cause." For this
purpose "cause" shall be defined and limited to acts of gross negligence,
willful misconduct or fraud by a party that has caused material adverse
consequences to the other party, as determined by independent legal counsel
selected by mutual agreement of the Sponsor and DPMM in a written opinion that
such standard for "cause" set forth above has been met.

      16. Notices. Any communication, notice or demand pursuant to this
Agreement shall be in writing and delivered by personal service (including
express or courier service) registered or certified mail, electronic mail or
facsimile with return receipt requested, as follows:

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<PAGE>

         If to DPMM:

         DPM Mellon, LLC
         400 Atrium Drive
         Somerset, New Jersey 08873

         Attention:  Robert M. Aaron

         Telephone:  (732) 667-1130
         Facsimile:  (732) 667-2648
         Email:  Aaron.R@dpmmellon.com

         If to the Funds:

         c/o UBS Managed Fund Services Inc.
         One North Wacker Drive
         31st Floor
         Chicago, IL  60606

         Attention: Julie DeMatteo

         Telephone:  (312) 525-6677
         Email:  julie.dematteo@ubs.com

      17. Confidentiality. DPMM and each Fund agree to keep confidential the
terms of this Agreement and each transaction hereunder, and all related
agreements, business practices, financial data, procedures and policies
hereunder or otherwise relating to either of them or their affiliates that are
not publicly available (the "Confidential Information"). The parties shall
keep the Confidential Information in strictest confidence except to perform
the services as contemplated by this Agreement, as necessary to inform parties
who "need to know" such information in the performance of their duties or as
required by applicable law or regulation. The obligations of the parties
pursuant to this section shall survive termination of this Agreement.

      18. Indemnification. DPMM agrees to indemnify and hold harmless each
Fund and its officers, directors and employees and respective successors and
permitted assigns from and against any and all liabilities, claims, costs,
fines, damages, expenses, losses and attorneys' fees arising out of any act or
any failure to act by DPMM, its affiliates, and their respective officers and
employees, and their respective successors and permitted assigns that
constitutes fraud, negligence, or willful misconduct. Each Fund, severally and
not jointly, agrees to indemnify and hold harmless DPMM and its respective
officers and employees and their respective successors and permitted assigns
from and against any and all liabilities, claims, costs, fines, damages,
expenses, losses or pursuant to this Agreement, provided that such liability
was not the result of fraud, negligence, or willful misconduct by DPMM, its
officers, directors and employees and

                                    - 6 -
<PAGE>

respective successors and permitted assigns. In no event shall any party to
this Agreement be liable to other parties for any special, indirect,
incidental or consequential damages of any kind. The obligations of the
parties pursuant to this section shall survive termination of this Agreement.

      19. Anti-Money Laundering. DPMM represents, acknowledges and warrants to
each of the Funds as follows:

      A. DPMM has established anti-money laundering policies and procedures
designed to comply with applicable laws, rules and regulations of the United
States, including without limitation applicable rules promulgated under the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001.

      B. DPMM intends to update or amend its anti-money laundering policies
and procedures as may be necessary in order to comply with applicable laws,
rules and regulations as such are amended or adopted from time to time.

      C. DPMM represents that it is properly enforcing its anti-money
laundering policies and procedures and will provide such annual
re-certification of the same, upon request by any Fund or a Trading Advisor.

      D. To the extent any Fund or the Sponsor seek to have DPMM provide
services related to anti-money laundering in addition to those specified
herein or on Schedule A, the nature of such additional services and the
compensation related thereto will be handled on a negotiated basis and agreed
upon by the parties in writing.

      20. Books and Records.

      A. Each Fund, with respect to its own records, and the Sponsor, with
respect to the records of all Funds, shall have the right to inspect the Fund
records maintained at DPMM. Except as otherwise authorized by the Sponsor, all
such records (other than those which are not of a material nature) shall be
preserved by DPMM for a period of six (6) years.

      B. If DPMM receives any request or demand for the inspection of any
records of the Funds, DPMM will endeavor to notify the applicable Fund and/or
the Sponsor to secure instructions from such Fund or the Sponsor as to such
inspection.

      C. In the event of termination of this Agreement, upon and subject to
payment of any outstanding amounts due to DPMM under this Agreement, DPMM
shall deliver to each Fund or its designated agent all of the books, documents
and records of such Fund in the possession, or under the control, of DPMM.

      21. Employment Practices. Each Fund and the Sponsor agree that they
shall not hire or solicit the employment of, or services from, any employee of
DPMM or its

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<PAGE>

affiliates unless approved in advance by DPMM or until a minimum period of
three (3) months has passed from the employee's last day of employment with
DPMM.

      22. Governing Law. This Agreement and performance hereunder and all
suits and special proceedings hereunder shall be construed in accordance with
the laws of the State of New Jersey.

      23. Amendment. This Agreement contains the sole and entire agreement
between the parties and supersedes any and all other agreements between the
parties relating to the subject matter hereof. A modification of this
Agreement will be effective only if it is in writing and signed by both
parties. A new Trading Fund and/or Series may become a party to this Agreement
upon the execution of a form of adhesion (a sample of which is attached hereto
as Exhibit 3) to be bound by this Agreement that is executed by the Sponsor,
DPMM and the respective Trading Fund and/or Series. Each such Trading Fund
and/or Series will be listed on Exhibit A and such executed form of adhesion
will be added as an Appendix to and made part of this Agreement.

      24. Assignability. This Agreement shall be binding on and inure to the
benefit of the respective parties hereto and their heirs, executors,
successors and assigns. No party shall assign the rights or delegate the
duties pursuant to this Agreement without the prior written consent of the
other parties, except as may be permitted under Section J of Schedule A. In
addition, upon written notice but without consent of the Funds or the Sponsor,
DPMM may assign this Agreement to any direct or indirect majority-owned
subsidiary of Mellon Financial Corporation.

      25. Force Majeure. Notwithstanding anything in this Agreement to the
contrary, DPMM shall not be responsible or liable for its failure to perform
under this Agreement or for any losses to any Fund resulting from any event
beyond the reasonable control of DPMM, its parent or affiliates or any of its
officers, directors, employees, representatives, agents or permitted assigns.
This provision shall survive the termination of this Agreement.

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

      27. Severability. If any provision of this Agreement shall be held or
made invalid by statute, rule, regulation, decision of a tribunal or
otherwise, the remainder of this Agreement shall not be affected thereby and,
to this extent, the provisions of this Agreement shall be deemed to be
severable in the jurisdiction which so determines.

      28. Counterparts; Facsimile; Electronic Transmission. This Agreement may
be executed in any number of counterparts, each of which is deemed an original
and all of which together evidence the entire Agreement. Signatures on this
Agreement may be

                                    - 8 -
<PAGE>

communicated by facsimile or electronic mail transmission and shall be binding
upon the parties so transmitting their signatures.

      29. Survival. In addition to those provisions which specifically provide
for survival beyond expiration and termination (such as liability and
indemnification, confidentiality, and force majeure), all provisions relating
to payment shall survive until completion of required payments.

      30. Each Series a Separate Legal Entity. The Series are legally
segregated from each other such that under Delaware law one Series is not
liable for the obligations of any other Series. Each reference to a Series or
Fund in this Agreement shall reference such Series separately and in no way
shall be construed so as to implicate that a Series will be liable for any
obligation (including, but not limited to, the obligations set forth in
Section 18) of any other Series or that UBS Managed Futures LLC shall be
liable for any such obligations.

           [The remainder of this page is intentionally left blank.]

                                    - 9 -
<PAGE>

      IN WITNESS WHEREOF, the parties have set their hands and seals on the
day first written above.

Witness:                          UBS Managed Futures LLC (Aspect Series)

/s/ Hina Mehta                      By:      /s/ R. Meade
-----------------------------                -----------------------------
    Hina Mehta                               R. Meade, Director
    Director                                 -----------------------------
                                           Print Name and Title

Witness:                          UBS Managed Futures  (Aspect) LLC

/s/ Hina Mehta                      By:      /s/ R. Meade
-----------------------------                -----------------------------
    Hina Mehta                               R. Meade, Director
    Director                                 -----------------------------
                                           Print Name and Title

                                           UBS Managed Fund Services Inc.,
                                           with respect to and for purposes of
                                           Section 23 of this Agreement

/s/ Hina Mehta                      By:      /s/ R. Meade
-----------------------------                -----------------------------
    Hina Mehta                               R. Meade, Director
    Director                                 -----------------------------
                                           Print Name and Title

Witness:                          DPM Mellon, LLC

/s/ Heather Opteusue              By:      /s/ Guy Castranova
-----------------------------              -------------------------------------
    Heather Opteusue                       Guy Castranova, President, DPM Mellon
    Director                               -------------------------------------
                                           Print Name and Title

                                    - 10 -
<PAGE>

                                  Schedule A

      A) Obtain performance data from each Fund, the Sponsor, the Trading
Advisor and/or brokers, to the extent made available to DPMM, in order to
accurately compute and generate the following reports: daily activity reports;
portfolio reports; portfolio summary reports; summary reports; trade
confirmations; day trade; realized profit and loss, and indicative net asset
value reports; and such other daily reports or applications as may be agreed
to by DPMM and the Sponsor from time to time. DPMM will distribute such daily
reports electronically to the Sponsor within one (1) Business Day after a
relevant trade date.

      B) Compile and prepare monthly reports of realized and unrealized
gain/loss, accrued dividends and interest analysis; calculate and publish
monthly net asset value of the of each Fund; prepare monthly purchase-sales
journal, dividends and interest journal; prepare monthly balance sheets;
changes in equity and income statements; prepare a monthly general ledger
accompanied by appropriate documentation with detailed fee schedules
(including the calculation of advisory fees and performance fees payable to
the Trading Advisors and the Sponsor, and compensation payable to DPMM
hereunder), in accordance with generally accepted accounting principles (a
"General Ledger"); provide the Sponsor with monthly balance sheets. DPMM will
provide such final monthly reports to the Sponsor with fifteen (15) Business
Days after the end of each month.

      C) Maintain the financial books and records of each Fund, including
brokers statements and trading advisor reports, to the extent such information
is made available and provided to DPMM.

      D) Process subscriptions and redemptions of each Fund in compliance with
applicable anti-money laundering regulations the United States. Prior to
processing a subscription, DPMM will verify that the relevant subscriber's
name does not appear on the List of Specially Designated Nationals and Blocked
Persons maintained by the U.S. Office of Foreign Assets Control.

      E) Provide or arrange for registrar and transfer agent services in
connection with the issuance, transfer and redemption of Securities in
accordance with the terms of the relevant Prospectus or as otherwise approved
by the Sponsor and DPMM. Maintain appropriate investor information in
connection with subscription applications and redemptions.

      F) Disseminate quotations of the net asset value of each Fund and the
Securities, as may be reasonably requested by the Sponsor.

      G) Perform or arrange for treasury functions consisting of the (i)
preparation of accounts payable; (ii) signing and distribution of corporate
checks; (iii) preparation and delivery of bank deposit forms; (iv) wire
transfer of funds as requested by any

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<PAGE>

Fund; (v) confirmation of income receipts; and (vi) coordinating with each
Fund as to the opening of bank accounts for the subscription assets of such
Fund.

      H) Deal with and answer correspondence from or on behalf of the
subscribers in each Fund relating to the function of the Administrator under
this Agreement.

      I) Have power to pay out of the assets and/or accounts of each Fund such
amounts as may be required from time to time by it in order to enable it to
perform its duties under this Agreement and for these purposes to draw on the
bank accounts of each Fund.

      J) DPMM may, at its own expense and without charge to any Fund, employ
servants or agents in performance of its duties and the exercise of its rights
under this Agreement, without prior notice to the applicable Fund; however, if
any such arrangement results in the fees being charged to any Fund in addition
to the fees stated herein or in Schedule A, the prior written consent of the
Sponsor will be required before such arrangements can be made by DPMM.

      K) Assist and provide information to the Auditors in connection with
their preparation of the annual audited financial report of each Fund and any
income tax returns or relevant explanatory materials for investors.

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<PAGE>

                                  Schedule B

                               Pricing Schedule

The DPMM pricing model is based on several factors such as total assets in the
aggregate portfolios of the Funds under administration of DPMM and the number
of General Ledgers. For its performance of administrative services, DPMM will
receive a monthly administrative fee as to be determined by the Funds and DPMM
up to 0.0167 of 1% of each Fund's month-end Net Asset Value (a 0.20% annual
rate), subject to a monthly minimum of $10,000.

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<PAGE>

                                   Exhibit 1

                                List of Series

Series:

      1.    UBS Managed Futures LLC (Aspect Series)

                                    - 14 -
<PAGE>

                                   Exhibit 2

                             List of Trading Funds

Trading Funds:

      1.    UBS Managed Futures (Aspect) LLC

                                    - 15 -
<PAGE>

                                   Exhibit 3

               APPENDIX NO. [ ] TO THE ADMINISTRATION AGREEMENT

Dear Sir or Madam,

Pursuant to Section 23 of the Administration Agreement initially entered into
on October ___, 2006 (the "Administration Agreement") by and among DPM Mellon,
LLC, UBS Managed Futures LLC (Aspect Series), UBS Managed Futures (Aspect) LLC
and UBS Managed Fund Services Inc., as amended, the undersigned Trading Fund
and/or Series, as the case may be, agrees to be bound by the terms and
conditions of the Administration Agreement and to be reflected as being a
Trading Fund and/or Series, as the case may be, for purposes of the
Administration Agreement, with effect as of ________, 20__.

Each of the undersigned agrees to be bound by the terms and conditions of the
Administration Agreement, as amended.

IN WITNESS WHEREOF, the parties have set their hands and seals on the day
first written above.

Witness:                            UBS Managed Fund Services Inc.

_____________________________       By:      _____________________________

                                             -----------------------------
                                             Print Name and Title

Witness:                            [Name of Trading Fund]

_____________________________       By:      _____________________________

                                             -----------------------------
                                             Print Name and Title

                                    - 16 -
<PAGE>

Witness:                            [Name of Series]

_____________________________       By:      _____________________________

                                             -----------------------------
                                             Print Name and Title

Witness:                            DPM Mellon, LLC

_____________________________       By:      _____________________________

                                             -----------------------------
                                             Print Name and Title

                                    - 17 -Exhibit 10.4

                           FORM OF ESCROW AGREEMENT

      This ESCROW AGREEMENT is made and entered into as of October 30, 2006 by
and between UBS Managed Futures LLC (Aspect Series) (the "Party A"), a series
of limited liability company interest issued by UBS Managed Futures LLC (the
"Platform"), and LaSalle Bank National Association, a national banking
association, as escrow agent (the "Escrow Agent"). It is intended that the
terms and conditions of this Escrow Agreement shall apply to and be binding
upon only the Party A and not the Platform or any other series of limited
liability company interest issued by the Platform (each such series, a
"Series").

                                   RECITALS

            A. The Party A intends to sell units of limited liability company
interest of the Party A (the "Units") pursuant to a continuous private
offering under Regulation D of the Securities Act of 1933, as amended (the
"Securities Act"), and Rule 506 thereunder as of the beginning of each
calendar month (the first such offering, the "Initial Offering").

            B. The Party A will not close the Initial Offering until the Party
A has received and accepted subscriptions for Units equaling $10,000,000 (or
such other amount as determined by UBS Managed Fund Services Inc. (the
"Sponsor")) and the satisfaction of those other conditions contained in
Section 5 hereto, set forth in the Platform's Confidential Disclosure Document
or otherwise determined by the Sponsor. The Initial Offering will terminate on
the date the Sponsor elects, in its sole discretion, to terminate the Initial
Offering (the date on which the Initial Offering terminates being referred to
herein as the "Termination Date"). Subsequent to the Initial Offering, there
is no minimum number of Units which must be sold as of the beginning of any
calendar month for any Units then to be sold.

            C. The Escrow Agent has agreed to serve as escrow agent on the
terms and conditions contained herein.

                                  AGREEMENTS

            In consideration of the recitals and mutual covenants and
agreements set forth herein, the parties hereby covenant and agree as follows:

            1. Each Series a Separate Legal Entity. The Series are legally
segregated from each other such that under Delaware law one Series is not
liable for the obligations of any other Series. Each reference to a Series or
the Party A in this Agreement shall reference such Series separately and in no
way shall be construed so as to implicate that a Series will be liable for any
obligation of any other Series or that the Platform shall be liable for any
such obligations.

<PAGE>

            2. Appointment. The Party A appoints the Escrow Agent as escrow
agent for the purpose of holding the Escrow Funds (as defined below). The
Escrow Agent hereby accepts its appointment and agrees to act as escrow agent
under the terms and conditions contained in this Escrow Agreement.

            3. Delivery of Funds. The Party A agrees that UBS Financial
Services Inc. and/or certain of its affiliates (the "Selling Agent") will
deliver to the Escrow Agent, promptly after receipt of any subscriptions for
the Units, the subscription funds (which shall be equal to the gross offering
price for the Units subscribed) in the form of a personal, bank, cashier check
or wire transfer payable to "LaSalle Bank National Association, Escrow Agent,
for UBS Managed Futures LLC (Aspect Series)" and to provide the Escrow Agent,
in writing, with the name, address and Taxpayer Identification Number, if any,
of each person or entity subscribing for Units ("Subscriber") and the total
value of Units for which each Subscriber has subscribed. The Escrow Agent
agrees to place any subscription funds so received (the "Escrow Funds") in an
account maintained by the Escrow Agent under the designation LaSalle Bank
National Association as Escrow Agent for UBS Managed Futures LLC (Aspect
Series) (the "Escrow Account"). Once all of the Escrow Funds and any interest
or earnings accrued thereon have been disbursed pursuant to this Escrow
Agreement, the Escrow Agent shall take all necessary action to close the
Escrow Account.

      Unless otherwise specifically directed herein, the Escrow Agent shall
proceed as soon as practicable to collect any checks or other collection items
at any time deposited or received hereunder. All such collections shall be
subject to the usual collection agreement regarding items received by its
commercial banking department for deposit or collection. The Escrow Agent
shall have no duty to (i) notify anyone of any payment or maturity under the
terms of any instrument deposited or received hereunder or (ii) take any legal
action to enforce payment of any check, note or security deposited or received
hereunder. In the event that any funds, including cleared funds, deposited in
the Escrow Account prove uncollectible after the funds represented thereby
have been released by the Escrow Agent pursuant to this Agreement, the Party A
shall immediately reimburse the Escrow Agent upon request for the face amount
of such check or checks, together with reasonable and customary charges and
expenses related thereto, and the Escrow Agent shall deliver the returned
checks or other instruments to the Party A. The Party A acknowledges that its
obligation in the preceding sentence shall survive the termination of this
Agreement and the resignation or removal of the Escrow Agent. The Escrow Agent
shall have no liability for, or obligation to pay, interest on any money
deposited or received hereunder. The Escrow Agent will not be required to lend
to, or advance, or pay out of its own funds any sums whatsoever for the
account of the Party A.

      If the Sponsor rejects on behalf of the Party A any subscription for
which the Escrow Agent has already collected funds, the Escrow Agent shall
promptly issue a refund check (including any accrued interest applicable to
such subscription) to the Selling Agent, which shall then transfer such check
to the rejected Subscriber. If the Sponsor rejects on behalf of the Party A
any subscription for which the Escrow Agent has not yet collected funds but
has submitted the Subscriber's check for collection, the Escrow Agent shall
promptly issue a check in the amount of the Subscriber's check to the Selling
Agent, which shall then transfer such check to the

                                      2
<PAGE>

rejected Subscriber after the Escrow Agent has cleared such funds. If the
Escrow Agent has not yet submitted a rejected Subscriber's check for
collection, the Escrow Agent shall promptly remit the Subscriber's check to
the Selling Agent, which shall then remit such check directly to the
Subscriber.

      The Selling Agent acknowledges and agrees that the method established
pursuant to this Escrow Agreement for the refund of rejected subscriptions and
of interest earned on subscriptions is only acceptable under Rule 15c2-4 of
the Securities Exchange Act of 1934, as amended, provided that the Selling
Agent informs Subscribers of when their customer securities accounts at the
Selling Agent will be credited with such refunded subscription payments and/or
interest income. Accordingly, the Selling Agent undertakes that it will (a)
credit the appropriate Subscribers' customer securities accounts as promptly
as practicable (and in no event more than five business days) after receipt of
the necessary funds from the Escrow Agent and information indicating the
amounts so due, and (b) inform all Subscribers as soon as practicable of the
date that the amounts to be credited will be available in their respective
customer accounts.

      Prior to delivery as described above, the Party A shall not have title
to or interest in the funds on deposit in the Escrow Account, and such funds
shall under no circumstances be subject to the liabilities or indebtedness of
the Party A.

            4. Escrow. The Escrow Agent agrees to hold the Escrow Funds
received by the Escrow Agent in accordance with Section 3 hereof until the
release of the Escrow Funds pursuant to Section 5 hereof. For the avoidance of
doubt, the Escrow Agent shall not have any right, title or interest in the
Escrow Funds, except as otherwise provided herein.

            5. Release of the Escrow Funds. The Escrow Agent shall not release
any part of the Escrow Funds to any party except as provided in this Section
5.

            (a) Disbursement of Initial Offering Proceeds. If the Escrow Agent
      receives written notice signed by the Party A in the form of Exhibit A
      hereto with respect to the Party A, the Escrow Agent will release as
      promptly as practicable (but in no event more than ten business days
      after receipt of such notice) the Escrow Funds, along with any interest
      or other earnings thereon, less the amount of any of the Escrow Agent's
      fees pursuant to Section 7 hereof not previously paid by the Party A, to
      the checking account of the Party A or to the Party A's commodity
      trading account maintained with UBS Securities LLC, as commodity broker
      for the Party A, as the Sponsor may direct.

            (b) Termination of the Initial Offering. If, at any time prior to
      the disbursement pursuant to Section 5(a) above, the Party A provides
      written notice to the Escrow Agent in the form of Exhibit B hereto that
      the Initial Offering of the Party A has been terminated, the Escrow
      Agent will promptly return (but in no event more than five business days
      after receipt of such notice) to the Selling Agent the funds in the full
      amount of each Subscriber's subscription price along with the
      Subscriber's pro rata share of any interest or earnings accrued on the
      Escrow Funds. All calculations of a

                                      3
<PAGE>

      Subscriber's pro rata share of any interest or earnings accrued on the
      Escrow Funds shall be performed by the Selling Agent and provided to the
      Escrow Agent.

            6. Investment of Escrow Funds. The Party A hereby directs the
Escrow Agent to invest and reinvest the Escrow Funds in a LaSalle Enhanced
Liquidity Management ("LELM") account, or in securities to which the Sponsor
instructs the Escrow Agent in writing, in compliance with National Association
of Securities Dealers, Inc. Notice to Members 84-7. The interest or other
earnings on such investments shall be added to the Escrow Account and shall be
considered part of the Escrow Funds. If requested by the Sponsor, the Escrow
Agent shall provide to the Sponsor periodic statements of all funds in the
Escrow Account and the names of the Subscribers whose subscription funds have
been deposited in the Escrow Account. Any investments hereunder may be sold by
the Escrow Agent in order to distribute Escrow Funds pursuant to the
provisions of this Escrow Agreement. Any loss incurred in the sale of any
investment shall be borne by the Escrow Account.

            7. The Escrow Agent's Fees. As compensation for the services of
the Escrow Agent hereunder, the Party A agrees to pay to the Escrow Agent such
fees as are set forth on Exhibit C attached hereto. The Sponsor may advance
such fees on behalf of the Party A as necessary in the discretion of the
Sponsor. The Acceptance and Administration Fees are due within ten days of the
execution of the Escrow Agreement. If the Party A fails to pay the Escrow
Agent any reasonable expenses that it may incur within fifteen business days
of receipt of the Escrow Agent's written presentation of appropriately
documented invoices to the Party A, the Escrow Agent is hereby authorized by
the Party A to deduct such amount from any funds due to the Party A hereunder,
and from any of the Party A's accounts maintained with the Escrow Agent, in a
commercially reasonable manner.

            8. Escrow Agent. The Escrow Agent shall have no duties or
responsibilities other than those expressly set forth in this Escrow
Agreement. The Escrow Agent shall be liable as a depository only and shall not
be responsible or accountable for the correctness of any information set forth
in any statements delivered to it including, without limitation, any
disbursement notice delivered by the Party A pursuant to Section 5(a) or
Section 5(b), shall not be required in any event to verify the correctness of
any such statements and shall not be responsible for verifying compliance by
the Party A with the requirements of Rule 506 of Regulation D, the rules and
regulations thereunder or any other securities laws, rules or regulations, or
the terms of any subscription agreement. The Escrow Agent shall be entitled to
rely, without any investigation whatsoever, upon any communication received
from the Party A, and the Escrow Agent shall be entitled to deem the
signatories of any subscription agreement or any communication submitted to it
hereunder as being those purported to be authorized to sign such communication
on behalf of such party and shall be entitled to rely on the genuineness of
the signatures of such signatories without inquiry and without sustaining
evidence of any kind. The Escrow Agent shall have the right to consult with
counsel and shall be fully protected and shall not be liable with respect to
any action taken or omitted by the Escrow Agent in good faith and on advice of
counsel, and shall be fully protected and shall not be liable for any error of
judgments or for any act done or omitted by it in good faith, except for its
own gross negligence or willful misconduct. The Escrow Agent shall have no
duties to anyone except those signing

                                      4
<PAGE>

this Escrow Agreement. The Escrow Agent shall have the right to perform any of
its duties hereunder through agents, attorneys, custodians or nominees. In
addition:

            (a) if any property held under this Escrow Agreement is attached,
      garnished, or levied upon by any court order, or the delivery thereof
      shall be stayed or enjoined by an order of court, or any order, judgment
      or decree shall be made or entered by any court order affecting the
      property deposited under this Escrow Agreement, or any part thereof, the
      Escrow Agent is expressly authorized in its sole discretion, to obey and
      comply with all writs, orders or decrees so entered or issued, which it
      is advised by legal counsel of its own choosing are binding upon it,
      whether with or without jurisdiction, and in case the Escrow Agent obeys
      or complies with any such writ, order or decree it shall not be liable
      to any of the parties hereto or to any other person, firm or
      corporation, by reason of such compliance notwithstanding such writ,
      order or decree be subsequently reversed, modified, annulled, set aside
      or vacated;

            (b) if the Escrow Agent becomes involved in litigation on account
      of this deposit or of this Escrow Agreement, it shall have the right to
      retain counsel and shall have a lien on the property deposited hereunder
      for any and all reasonable costs, attorneys' and solicitors' fees,
      charges, disbursements, and expenses in connection with such litigation;
      and shall be entitled to reimbursement from Party A for its reasonable
      charges, counsel and attorneys' fees, disbursements, and expenses in
      connection with such litigation and, to the extent such reimbursement is
      not paid by the Party A, out of the property deposited hereunder; and

            (c) any corporation or association into which the Escrow Agent may
      be converted or merged, or with which it may be consolidated, or to
      which it may sell or transfer its corporate trust business and assets as
      a whole or substantially as a whole, or any corporation or association
      resulting from any such conversion, sale, merger, consolidation or
      transfer to which it is a party, shall be and become the successor
      Escrow Agent hereunder and vested with all of the title to the whole
      property or trust estate and all of the trusts, powers, immunities,
      privileges, protections and all other matters as was its predecessor,
      without the execution or filing of any instrument or any further act,
      deed or conveyance on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided that the Escrow Agent
      shall give notice to the Party A of such change in Escrow Agent.

            9. Indemnification. The Party A agrees to indemnify and hold
harmless the Escrow Agent from and against any taxes, assessments, losses,
liabilities, claims, damages or expenses (including reasonable external
attorneys' fees and expenses actually incurred) for conduct undertaken as
escrow agent to the Party A or otherwise relating to any action or omission of
the Escrow Agent in connection with this Agreement or incurred in its acting
in the capacity of escrow agent hereunder, unless caused by the Escrow Agent's
negligence or willful misconduct. If the Party A fails to pay the Escrow Agent
amounts due under this Section 9, the Escrow Agent is hereby authorized by the
Party A to deduct such amount from any funds due to the Party A hereunder. If
after such deductions, amounts due under this Section 9 are still

                                      5
<PAGE>

outstanding, such remainder amounts shall be paid by the Sponsor. The
provisions of Sections 8 and 9 shall survive the termination of this Escrow
Agreement and the resignation or removal of the Escrow Agent.

            10. No Control. It is agreed that, except as explicitly permitted
by this Escrow Agreement, the Party A shall have no right to receive, manage,
transfer or otherwise control, in any way, any amounts held in the Escrow
Account and at no time prior to actual payment from the Escrow Account shall
the Party A be considered to be in actual or constructive receipt of any
amounts held in the Escrow Account.

            11. Miscellaneous.

            (a) This Escrow Agreement constitutes the entire agreement of the
      parties hereto with respect to the subject matter hereof, and this
      Escrow Agreement may not be modified or amended except by written
      instrument executed by all the parties hereto. The Party A acknowledges
      that the Escrow Agent is neither a party to, nor bound by any provisions
      of, any subscription agreement.

            (b) This Escrow Agreement shall be binding upon the parties hereto
      and their respective successors and assigns, and shall inure to the
      benefit of and solely to the benefit of the parties hereto and their
      respective successors and assigns. This Escrow Agreement shall not be
      enforceable by or inure to the benefit of any other third party
      including, without limitation, any Subscriber.

            (c) This Escrow Agreement shall be governed by and construed in
      accordance with the laws of the State of Illinois, without giving effect
      to any choice of law or conflict of law provision or rule (whether of
      the State of Illinois or any other jurisdiction) that would cause the
      application of the law of any jurisdiction other than the State of
      Illinois.

            (d) All notices, requests, demands and other communications
      hereunder shall be in writing and shall be deemed to have been duly
      given or made upon receipt, if delivered personally, on the next
      business day following delivery to a nationally recognized overnight
      courier service, on the third business day following deposit in the U.S.
      mail if mailed by registered or certified mail (postage prepaid, return
      receipt requested) to the parties at the following addresses (or at such
      other address for a party as shall be specified by like changes of
      address) or the next business day following electronic transmission to
      the telecopier number specified below with receipt acknowledged.

                                      6
<PAGE>

                                    If to the Party A:

                                    UBS Managed Futures LLC (Aspect Series)
                                    c/o UBS Managed Fund Services Inc.
                                    One North Wacker Drive
                                    31st Floor
                                    Chicago, Illinois  60606
                                    Attention:  Julie DeMatteo
                                    Telephone: (312) 525-6677
                                    Facsimile: (800) 423-7042

                                    If to the Escrow Agent:

                                    LaSalle Bank National Association
                                    Global Escrow Services
                                    135 South LaSalle Street, Suite 1560
                                    Chicago, Illinois 60603
                                    Attention:  Mark LoIacono
                                    Telephone: (312) 904-6936
                                    Facsimile:  (312) 904-4019

            12. Escrow Dispute. In the event of any disagreement between the
Party A and Subscribers resulting in adverse claims and demands being made in
connection with or for the Escrow Funds, the Escrow Agent shall be entitled,
at its option, to hold the Escrow Funds until such time as a mutual agreement
has been reached among all the parties or until disbursement is legally
authorized by final judgment or decree of any court having jurisdiction
thereover, or to deposit the Escrow Funds with any court having jurisdiction
thereover pending the resolution of the disagreement.

            13. Termination. This Escrow Agreement shall terminate and be of
no further force and effect on the earliest to occur of: (a) receipt by the
Escrow Agent of written notice of termination executed by the Party A; or (b)
the closing of the Escrow Account in accordance with the provisions hereof.

            14. Resignation. The Escrow Agent, acting at any time hereunder,
may resign at any time by giving 30 days' prior written notice of resignation
to the Party A, such resignation to be effective on the date specified on such
notice. Upon the effectiveness of such resignation, the Escrow Agent shall
transfer the Escrow Funds to such succeeding the Escrow Agent or to such
persons as the Party A designates in writing to the Escrow Agent prior to the
effectiveness of the resignation. The Escrow Agent shall be paid any
outstanding fees and expenses prior to transferring the Escrow Funds to a
successor escrow agent. In the event no such designation has been provided,
the Escrow Agent shall deposit the Escrow Funds with any court having

                                      7
<PAGE>

jurisdiction thereover. Prior to the effectiveness of the resignation of the
Escrow Agent, the Escrow Agent shall remain obligated to perform all duties
required of it under this Escrow Agreement.

            15. Counterparts. This Escrow Agreement may be executed in two or
more counterparts, each of which shall be deemed an original.

                           [SIGNATURE PAGE FOLLOWS]

                                      8
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Escrow
Agreement as of the day and year first above written.

UBS MANAGED FUTURES LLC (ASPECT SERIES)         ACKNOWLEDGED:

By:  UBS Managed Fund Services Inc.             UBS MANAGED FUND SERVICES INC.
Its:  Sponsor

By:                                             By:
     -------------------------------                  ------------------------
Name:                                           Name:
       -----------------------------                  ------------------------
Title:                                          Title:
         ---------------------------                  ------------------------

By:                                             By:
     -------------------------------                  ------------------------
Name:                                           Name:
       -----------------------------                  ------------------------
Title:                                          Title:
         ---------------------------                  ------------------------

LASALLE BANK NATIONAL ASSOCIATION, as Escrow
Agent
                                                UBS FINANCIAL SERVICES INC.
By:
By:                                             By:
     -------------------------------                  ------------------------
Name:                                           Name:
       -----------------------------                  ------------------------
Title:                                          Title:
         ---------------------------                  ------------------------

                                                By:
                                                      ------------------------
                                                Name:
                                                      ------------------------
                                                Title:
                                                      ------------------------

<PAGE>

                                   EXHIBIT A
                              DISBURSEMENT NOTICE
                   DISBURSEMENT OF INITIAL OFFERING PROCEEDS
                                    (Date)

LaSalle Bank National Association
Global Escrow Services
Corporate Trust Services Division
135 South LaSalle Street, Suite 1560
Chicago, Illinois  60603
Attention:  Mark LoIacono

      Re:   Escrow Account No.
                              -----------------

Dear Mr. LoIacono:

      1. Reference is made to that certain Escrow Agreement dated as of
October 30, 2006 (the "Escrow Agreement") by and between UBS Managed Futures
LLC (Aspect Series) (the "Party A"), and LaSalle Bank National Association, a
national banking association. All terms used but not defined herein shall have
the respective meanings given such terms in the Escrow Agreement.

      2. The Party A hereby certifies that the Party A has received and
accepted subscriptions for Units with gross proceeds of at least [Dollar
Amount] (such amount being approved by the Sponsor) and meets all necessary
offering requirements as set forth in the Platform's Confidential Disclosure
Document or as otherwise determined by the Sponsor;

      3. You are hereby directed to disburse the Escrow Funds to the Party A
as follows: __________________________.

      IN WITNESS WHEREOF, the undersigned have executed this statement on the
date indicated above.

                                      UBS MANAGED FUTURES LLC
                                      (ASPECT SERIES)
                                      By:  UBS Managed Fund Services Inc.
                                      Its:  Sponsor

                                      By:
                                           -----------------------------------
                                      Its:
                                            ----------------------------------
                                      Title:
                                               -------------------------------

                                      By:
                                               -------------------------------
                                      Name:
                                             ---------------------------------
                                      Title:
                                               -------------------------------

<PAGE>

                                   EXHIBIT B
                              DISBURSEMENT NOTICE
                                  TERMINATION

                                    (Date)

LaSalle Bank National Association
Global Escrow Services
135 South LaSalle Street, Suite 1560
Chicago, Illinois  60603
Attention: Mark LoIacono

      Re:   Escrow Account No.
                               ----------------

Dear Mr. LoIacono:

      1. Reference is made to that certain Escrow Agreement dated as of
October 30, 2006 (the "Escrow Agreement") by and between UBS Managed Futures
LLC (Aspect Series) (the "Party A"), and LaSalle Bank National Association, a
national banking association. All terms used but not defined herein shall have
the respective meanings given such terms in the Escrow Agreement.

      2. The Sponsor has terminated the Initial Offering prior to the
disbursement of offering proceeds pursuant to Section 5(a) of the Escrow
Agreement.

      3. You are hereby directed to disburse the Escrow Funds to the
Subscribers in accordance with Section 5(b) of the Escrow Agreement.

      IN WITNESS WHEREOF, the undersigned have executed this statement on the
date indicated above.

                                  UBS MANAGED FUTURES LLC
                                  (ASPECT SERIES)
                                  By:  UBS Managed Fund Services Inc.
                                  Its:  Sponsor

                                  By:
                                       ------------------------------------
                                  Its:
                                        -----------------------------------
                                  Title:
                                           --------------------------------

                                  By:
                                           --------------------------------
                                  Name:
                                         ----------------------------------

                                  Title:
                                           --------------------------------

<PAGE>

                                   Exhibit C

                               SCHEDULE OF FEES

Acceptance Fee:                     $     500.00

Annual Administration Fee:          $ 2,500.00*

Wire Transfers                      $       20.00 each

Check Preparation and Mailing       $       25.00 each

1099 Preparation and Reporting      $         5.00 each ($250 annual minimum if
                                                  any 1099 reports required
                                                       for account)

The Acceptance and first year's Annual Administration Fees are due upon
execution of the Escrow Agreement.

*Should the Escrow Account remain open for less than a full year after an
initial twelve month period, the Annual Administration Fee will be prorated on
a six-month basis.

Any investment transaction not in a money market fund or a LaSalle Enhanced
Liquidity Management account will incur a $150.00 per transaction fee.

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