Document:

Advisory Agreement among Morgan Stanley Managed Futures DKR

 CONFIDENTIAL TREATMENT REQUESTED. Confidential portions of this document have been redacted and have been separately
filed with the Commission. 
 ADVISORY AGREEMENT 
 THIS AGREEMENT, made as of April 30, 2007, among Morgan Stanley Managed Futures DKR I, LLC, a Delaware limited liability company (the “Trading Company”), Demeter Management Corporation, a Delaware
corporation (the “Trading Manager”), and DKR Fusion Management L.P., a Delaware limited partnership (the “Trading Advisor”). 
 WITNESSETH: 
 WHEREAS, the Trading Company has been organized pursuant to a Certificate of Formation filed
with Secretary of State of the State of Delaware on March 26, 2007 (the “Certificate of Formation”) and an operating agreement (the “Operating Agreement”) to, among other things, directly or indirectly through a commodity
trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, mortgage-backed securities, money market instruments, financial instruments, and any other
securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures
contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or
otherwise (hereinafter referred to collectively as “futures interests;” provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”),
options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident
thereto; 
 WHEREAS, the Trading Company is a commodity pool operated by the Trading Manager in which other commodity pool investment
vehicles sponsored and/or managed by the Trading Manager and/or its affiliates will invest (each such investment vehicle, a “Member,” and collectively, the “Members”); 
 WHEREAS, the principals of the Trading Advisor have extensive experience trading in futures interests and the Trading Advisor is willing to
provide the services and undertake the obligations as set forth herein; 
 WHEREAS, the Trading Company and the Trading Manager each
desires the Trading Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures interests for the Trading Company and the Trading Advisor desires so to act; and 
 WHEREAS, the Trading Company, the Trading Manager and the Trading Advisor wish to enter into this Agreement which, among other things, sets forth
certain terms and conditions upon which the Trading Advisor will conduct the Trading Company’s futures interest trading. 
 NOW,
THEREFORE, the parties hereto hereby agree as follows: 
  

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 1. Undertakings in Connection with the Continuing Offering of Units. 
 (a) The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in the Members: (i) to make all disclosures
regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as
defined in Section 1(c) hereof) concerning such systems, methods and strategies), any client accounts over which it has discretionary trading authority (other than the names of or identifying information with respect to any such clients), and
otherwise, as the Members may reasonably require (x) in connection with any Member’s offering materials (collectively, the “Offering Memoranda”) as required by Rule 4.21 of the regulations under the Commodity Exchange Act (the
“CEAct”), including in connection with any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”) or
any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with the Trading Company, the
Trading Manager and the Members by providing information regarding the Trading Advisor in connection with the preparation of the Offering Memoranda, including any amendments or supplements thereto, as part of making application for registration of
the Units under the securities or blue sky laws of any jurisdictions, including foreign jurisdictions, as the Members may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading
Advisor, to preserve the secrecy of Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the
CFTC’s regulations and the term “affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party. 
 (b) If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or
affiliates in all information provided by Trading Advisor to Trading Company or Trading Manager (the “Disclosure Information”), or of the occurrence of any event or change in circumstances which would result in there being any materially
untrue or misleading statement or omission in the Disclosure Information regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Trading Manager and shall cooperate with the Trading Manager in the
preparation of any necessary amendments or supplements to the Offering Memoranda. Neither the Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, directors, or employees shall distribute the Offering Memoranda or
selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically approved by the Trading Manager and agreed to by the Trading Advisor. 
 (c) For purposes of this Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to the Trading Advisor
including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current clients,
names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of 

  

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proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by the
Trading Advisor to the Trading Company, the Trading Manager, the Members and/or their officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each a
“Recipient”), regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from
such information, regardless of whether explicitly identified as confidential, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this
Agreement, (ii) is in the possession of the Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Recipient from a source that is not bound by a confidentiality agreement with regard to such
information or by any other legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Recipient without use of the confidential information described in this Section 1(c), are and shall
be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information” and/or “Proprietary Information”). 
 (d) The Trading Company and the Trading Manager each warrants and agrees that they and their respective officers, directors, members, equity holders,
employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or
otherwise make Confidential Information available only to the Trading Company’s or the Trading Manager’s officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to,
attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor
performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Trading Manager or a Recipient, as the case may be, is required to disclose such Confidential Information due to a fiduciary obligation or legal
or regulatory request. Additionally, the Trading Company and the Trading Manager each warrants and agrees that it and any Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Trading
Manager’s obligations under this Agreement and not in a manner which violates the terms of this Agreement. Without limiting the generality of the foregoing, each of the Trading Manager and the Trading Company hereby agrees that it shall not
disclose Confidential Information to any affiliates, employees or agents that are responsible for trading futures interests in a trading strategy substantially similar to the Trading Advisor’s trading strategy for the Trading Company’s
Assets, except to satisfy its fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement, and further to the extent necessary to satisfy its obligations under other
agreements between the parties to this Agreement. 
 2. Duties of the Trading Advisor. 
 (a) Upon the commencement of trading operations on or about July 1, 2007 by the Trading Advisor on behalf of the Trading Company, the Trading Advisor
hereby agrees to act as a Trading Advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of the Trading Company’s assets, 

  

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which shall consist of the Trading Company’s Net Assets (as defined in Section 5(c) hereof) plus “notional” funds, if any, as specified
in writing by the Trading Manager and consented to by the Trading Advisor (the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from
time to time and provided in writing to the Trading Advisor by the Trading Manager (the “Trading Policies”); provided, however, that the Trading Manager may override the instructions of the Trading Advisor without notice to
the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund any distributions or redemptions, (iii) to pay the Trading Company’s expenses,
(iv) to the extent the Trading Manager believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures interest trading of the Trading Company with the Trading Advisor, or (vi) to comply with any
applicable law or regulation. The Trading Manager agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the
Trading Manager to make the necessary amount of funds available to the Trading Company within two trading days of such request. The Trading Advisor shall not be liable for the consequences of any decision by the Trading Manager to override
instructions of the Trading Advisor, except to the extent that such consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Trading Manager’s decision to override an
instruction. 
 (b) The Trading Advisor shall: 
 (i) Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of
the Trading Advisor as disclosed in the Disclosure Information, with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts the size of
the Trading Company. 
 (ii) Provide the Trading Manager, within 45 days of the end of a calendar quarter, and within 45 days
of a separate request which the Trading Manager may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of all other client accounts (“Other Accounts”) directed by
the Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company over a specified period of time for the purpose of confirming that the Trading Company has been treated equitably compared to such Other
Accounts. In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s clients’ identities. The Trading Advisor shall, upon the Trading Manager’s
request, consult with the Trading Manager concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The Trading Advisor shall promptly inform the Trading Manager in writing of any material
discrepancies of which the Trading Advisor is aware. The Trading Manager acknowledges that the following differences in accounts may cause divergent trading results: different trading strategies, methods or degrees of leverage, different trading
policies, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years. 
  

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 (iii) Inform the Trading Manager when the Trading Advisor’s open positions
maintained by the Trading Advisor exceed the Trading Advisor’s applicable speculative position limits. 
 (iv) Upon
request of the Trading Manager, promptly provide the Trading Manager with all information concerning the Trading Advisor and its activities reasonably requested by the Trading Manager (including, without limitation, information relating to changes
in control, key personnel, trading approach, or financial condition). 
 (c) All purchases and sales of futures interests
pursuant to this Agreement shall be for the account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders, directors, officers, or
employees, or any other person, if any, who controls the Trading Advisor. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company. 
 (d) * 
 (e) Prior to the commencement of
trading by the Trading Company, the Trading Manager, on behalf of the Trading Company, shall deliver to the Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form
of which is attached hereto as Exhibit B). 
 (f) In performing services to the Trading Company, the Trading Advisor shall utilize its DKR
Quantitative Strategies Program (the “Trading Program”), as disclosed in the Disclosure Information, and as modified from time to time. The Trading Advisor shall give the Trading Manager prior written notice of any change in the Trading
Program that the Trading Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Trading Manager’s consent), including any additional futures interests to be traded by the Trading Advisor
not already listed on Exhibit C. Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program. 
 3. Trading Advisor as an Independent Contractor. 
 For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent
the Trading Company or its Members in any way or otherwise be deemed an agent of the Trading Company or its Members. Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to the Operating Agreement or
the Certificate of Formation of the Trading Company as from time to time in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading
Advisor, the Trading Manager, or 
  

	*	Confidential material redacted and filed separately with the Commission. 

  

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the Members, as members of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express,
implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, or issuer with respect to the Trading Company or its Members, nor does the
Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units. 
 4. Commodity Broker.

 The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate
account maintained with such commodity broker or brokers as the Trading Manager shall direct and appoint from time to time. Morgan Stanley & Co., Incorporated (“MS & Co.”), Morgan Stanley & Co. International
Limited, and Morgan Stanley Capital Group Inc. (“MSCG” and collectively, the “Commodity Brokers”) may act as the clearing commodity brokers for the Trading Company, and MS & Co. and its affiliates may act as foreign
exchange forward contract counterparty for the Trading Company. MSCG and its affiliates may act as an options on foreign exchange forward contract counterparty for the Trading Company. The Trading Manager shall provide the Trading Advisor with
copies of brokerage statements. 
 Notwithstanding the foregoing, the Trading Advisor may execute trades through floor brokers other than
those employed by MS & Co. and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to MS & Co. in conformity with the
Trading Policies set forth in Exhibit A attached hereto. 
 5. Fees. 
 (a) For the services to be rendered to the Trading Company by the Trading Advisor under this Agreement: 
 (i) The Trading Company shall pay the Trading Advisor a monthly management fee
equal to  1/12 of *% (a *% annual rate) of the Assets (as defined in Section 5(c) hereof) as of the first day of each month
(the “Management Fee”). The Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day which the securities
markets are open in the United States. 
 (ii) The Trading Company shall pay the Trading Advisor an incentive fee equal
to 20% of the New Trading Profit (as defined in Section 5(d) hereof) in each capital account of the Members in the Trading Company (the “Capital Account”) that shall accrue monthly but is not payable until the end of each calendar
quarter (the “Incentive Fee”). The initial incentive period will commence on the date of the Trading Company’s initial closing for each Capital Account and shall end on the last day of the first full calendar quarter after such
initial closing occurs. The Incentive Fee is payable within 30 Business Days of the end of the calendar quarter for which it was calculated. 
  

	*	Confidential material redacted and filed separately with the Commission. 

  

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 (b) If this Agreement is terminated on a date other than the last day of a calendar quarter, the
Incentive Fee shall be determined as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end of a
month, but such fee shall be prorated based on the ratio of the number of trading days in the month through the date of termination to the total number of calendar days in the month. If, during any month after the Trading Company commences trading
operations (including the month in which the Trading Company commences such operations), the Trading Company does not conduct business operations, or suspends trading for the account of the Trading Company managed by the Trading Advisor, or, as a
result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the calendar days of that month for any reason, the Management Fee shall be prorated based on the
ratio of the number of calendar days in the month which the Trading Company account managed by the Trading Advisor engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of calendar days in the month.
The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated based on the ratio of the number of calendar days in
the month from the day the Trading Company begins to receive such trading advice to the total number of calendar days in the month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month,
the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month. 
 (c) The term
“Net Assets” shall mean the total assets of the Trading Company (including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all
open futures interest positions and other assets of the Trading Company) less all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting.
Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract
shall be traded by the Trading Company on the day with respect to which the Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules
of the exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be
liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The
market value of a forward contract or a futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Trading Manager on a basis consistently applied for each different variety of contract. The
Trading Manager shall send the Account valuations to the Trading Advisor on a monthly basis promptly following month end, in the form mutually agreed upon by the parties. If the Trading Advisor disagrees with the Trading Manager’s determination
of the Account valuations, the Trading Advisor shall send a written notice to the Trading 

  

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Manager of such disagreement and the basis therefore within 15 business days after the Trading Advisor’s receipt of the monthly report of the Account
valuations. Thereafter, the Trading Manager and the Trading Advisor shall use reasonable best efforts to resolve such disagreement within 15 business days of the Trading Manager’s receipt of notification. If the parties are not able to agree on
the Account valuations, then the Trading Manager and the Trading Advisor shall mutually pick an independent third party valuation expert to determine the Account valuations to be used in calculating the fees set forth herein. The party who the
independent third party decides against shall pay all fees and expenses with respect to such determination. 
 (d) The term “New Trading
Profit” shall mean net futures interest trading profits (realized and unrealized) on the Assets in each Capital Account, decreased proportionally by the Trading Advisor’s monthly management fees, brokerage commissions, transaction costs
and administrative fees. Such trading profits and items of decrease shall be determined for each Capital Account from the end of the last calendar quarter in which an Incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been
earned previously by the Trading Advisor with respect to a Capital Account, from the date that the Trading Advisor commenced managing the Assets in the Capital Account, to the end of the calendar quarter as of which such Incentive Fee calculation is
being made. Extraordinary expenses do not reduce New Trading Profit. Interest income is not included in New Trading Profit. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so that the Trading Advisor does
not have to earn back Incentive Fees. Accrued Incentive Fees shall be paid to the Trading Advisor on those assets withdrawn from a Capital Account due to redemptions at the end of any month when such withdrawal of assets is made as if such month-end
is the end of the calendar quarter. 
 (e) If any payment of Incentive Fees is made to the Trading Advisor on account of New Trading Profit
earned by the Trading Advisor for a Capital Account and the Trading Advisor thereafter fails to earn New Trading Profit or experiences losses for any subsequent incentive period, the Trading Advisor shall be entitled to retain such amounts of
Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit 
 (f) No Incentive Fees shall be payable to the
Trading Advisor until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets of a Capital Account are reduced because of redemptions that occur at the end of, and/or subsequent to, a calendar quarter
in which the Trading Advisor experiences a futures interest trading loss for the Trading Company, the trading loss that must be recovered before the Trading Advisor will be deemed to experience New Trading Profit in a subsequent calendar quarter
will be equal to the amount determined by (x) dividing the Assets of each Capital Account after such decrease by the Assets in such Capital Account immediately before such decrease and (y) multiplying that fraction by the amount of the
unrecovered futures interest trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss for a Capital Account in more than one calendar quarter without the Trading Company paying an intervening Incentive
Fee and Assets for a Capital Account are reduced in more than one such calendar quarter because of redemptions, then the trading loss for each such calendar quarter shall be adjusted in accordance with the formula described above and such reduced
amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits. 
  

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 6. Term 
 (a) This Agreement shall continue in effect for a period of one year from the date the Agreement was entered into unless otherwise terminated as set forth in this Section 6. The Trading Advisor may terminate this
Agreement at the end of such one-year period by providing prior written notice of termination to the Trading Company at least sixty days prior to the expiration of such one-year period. If the Agreement is not terminated upon the expiration of such
one-year period, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. This Agreement shall
automatically terminate if the Trading Company is dissolved. 
 (b) The Trading Company and Trading Manager each shall have the right to
terminate this Agreement in its discretion (i) at any month end upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the
following events: (A) if any person described as a “principal” of the Trading Advisor in the Offering Memoranda ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor
becomes bankrupt or insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company; (D) if the registration, as a
commodity trading advisor, of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in Section 11 hereof, if the
Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or
entity; (F) if, at any time, the Trading Advisor violates any Trading Policy or administrative policy, except with the prior express written consent of the Trading Manager; (G) if the Trading Advisor fails in a material manner to perform
any of its obligations under this Agreement; or (H) if the Trading Advisor merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement. 
 (c) The Trading Advisor may terminate this Agreement at any time, upon * days’ prior written notice to the Trading Company and Trading Manager, in
the event: (A) that the Trading Manager imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld;
(B) the Trading Manager objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Trading Manager in writing that it believes such change is in the best interests of
the Trading Company; (C) the Trading Manager or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the Trading Advisor; (D) the Assets
fall below $* (after adding back trading losses) at any time; (E) the Trading Company becomes bankrupt or insolvent, or (F) the registration of the Trading Manager with the CFTC as a commodity pool operator or its membership in the NFA is
revoked, suspended, terminated or not renewed, or limited or 
  

	*	Confidential material redacted and filed separately with the Commission. 

  

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qualified in any respect. If the Trading Manager or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to
Section 11 of this Agreement, the Trading Advisor may terminate this Agreement upon prior written notice to the Trading Manager and Trading Company. 
 (d) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination.

 (e) The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement. 
 7. Standard of Liability: Indemnifications. 
 (a) Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Trading Manager
or their partners, directors, officers, principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions that constitute a material breach of
this Agreement or a representation, warranty or covenant herein, willful misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not
opposed to, the best interests of the Trading Company. 
 (b) Trading Advisor Indemnity in Respect of Management Activities. The
Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Trading Manager, their controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and
controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts
paid in, any litigation or other proceeding or any settlement due to Trading Advisor’s material breach of this Agreement or a representation, warranty or covenant herein, willful misconduct or negligence; provided that, solely in the case of a
settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this
Agreement (except as covered by paragraph (d) below); provided that a court of competent jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company
and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence,
willful misconduct, or a material breach of this Agreement or a representation, warranty or covenant of the Trading Company or the Trading Manager, their controlling persons, their affiliates and their respective directors, officers, shareholders,
employees, and controlling persons and was done in good faith. 
 (c) Trading Company Indemnity in Respect of Management Activities.
The Trading Company shall indemnify, defend and hold harmless the Trading Advisor, its controlling 

  

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persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons, from and
against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or
other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as a result of
claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (e) below); provided that a court of competent jurisdiction upon entry of a final judgment finds (or, if no final judgment is
entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the subject of the
demand, claim, lawsuit, action, or proceeding did not constitute negligence, willful misconduct, or a material breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, its controlling persons, its affiliates and
directors, officers, shareholders, employees, and controlling persons and was done in good faith. 
 (d) Trading Advisor Indemnity in
Respect of Sale of Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company, the Trading Manager, any selling agent, their controlling persons and their affiliates and their respective directors, officers,
principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including
any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor
shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out
of, or are based upon: (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect
to the Trading Advisor, or any of its principals, or their operations, trading systems, methods or performance, which was made in the Offering Memoranda or any amendment or supplement thereto or any other sales literature and furnished by the
Trading Advisor for inclusion therein. 
 (e) Trading Company Indemnity in Respect of Sale of Units. The Trading Company shall
indemnify, defend and hold harmless the Trading Advisor its controlling persons, their affiliates and their respective directors, officers, principals, managers, members shareholders, employees and controlling persons from and against any loss
claim, damage, liability, cost, and expense, joint and several, to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in,
any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale
of Units, unless such loss, claim, damage, liability, cost, or expense (or action in respect thereof) arises out of, or is based upon (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or
agreement in this Agreement; or (ii) any materially 

  

 C-11 

  

 
untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals or their operations, trading systems, methods or
performance that was made in the Offering Memoranda or in any other sales literature and furnished by the Trading Advisor for inclusion therein. 
 (f) Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified person. 
 (g) Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which any of the indemnities may
apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the indemnifying party will
not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such omission has materially prejudiced the indemnifying party. In case any action, claim, or proceeding is
brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above, the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying
party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified person. After notice from the indemnifying party to the indemnified person of the indemnifying
party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the indemnity provisions hereof for any legal and other expenses subsequently incurred by the
indemnified person in connection with the defense thereof, other than reasonable costs of investigation. 
 Notwithstanding the preceding
paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder, an indemnified person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying
party’s interests or that there may be legal defenses available to the indemnified person that are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own
counsel in connection with such action, claim, or proceeding and will be indemnified (provided the indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or
defending such action, claim, or proceeding. 
 In no event will the indemnifying party be liable for the fees and expenses of more than one
counsel for all indemnified persons in connection with any one action; claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations.
The indemnifying party will not be liable for any settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying
party’s express written consent, the indemnifying party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7. 
  

 C-12 

  

 8. Right to Advise Others and Uniformity of Acts and Practices. 
 (a) The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this
Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading
for their own accounts. The Trading Advisor will use its reasonable best efforts, consistent with industry practice, to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions
allocated as nearly as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor. Upon written request, the Trading Manager may request a copy of the Trading Advisor’s procedures
regarding the equitable treatment of trades across accounts. Such procedures shall be provided to the Trading Manager within 30 days of such request by the Trading Manager. Except as otherwise set forth herein, the Trading Advisor and its principals
and affiliates agree to treat the Trading Company in a fiduciary capacity to the extent recognized by applicable law, but subject to that standard. Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally
favor any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner. Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or
incentive fees to its clients. Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to
trade on the basis of the same trading systems, methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from,
those employed for the account of the Trading Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally
prefer any of such accounts over the account of the Trading Company on an overall basis. 
 (b) The Trading Advisor shall not be restricted
as to the number or nature of its clients, except that: (i) so long as the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position
or control any other account that would cause the Trading Company, the Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEAct or any regulations promulgated thereunder, any other applicable law, or
any applicable rule or regulation of the CFTC or any other regulatory or self regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any
other individual or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self regulatory body,
exchange, or board so as to require the significant modification of positions taken or intended for the account of the Trading Company; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the
trading of additional funds or accounts. If applicable speculative position limits are exceeded by the Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or
(iii) any other regulatory or self regulatory body, exchange, or board, the Trading Advisor and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which
positions are attributed to the Trading Advisor as 

  

 C-13 

  

 
nearly as possible in proportion to the accounts’ respective amounts available for trading (taking into account different degrees of leverage and
“notional” equity) to the extent necessary to comply with the applicable position limits. 
 9. Representations, Warranties, and
Covenants of the Trading Advisor. 
 (a) Representations and Warranties of the Trading Advisor. The Trading Advisor represents and
warrants to and agrees with the Trading Manager and the Trading Company as follows: 
 (i) It will exercise good faith and due
care in implementing the Trading Program on behalf of the Trading Company or any other trading programs agreed to by the Trading Manager and the Trading Advisor. 
 (ii) The Trading Advisor shall follow and comply with, at all times, the Trading Policies. 
 (iii) The Trading Advisor shall trade the Assets pursuant to the Trading Program as agreed to by the Trading Manager and Trading Advisor.

 (iv) The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its
organization and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially
adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to perform its obligations under this Agreement. The only principals of the Trading Advisor are those
set forth in the Offering Memoranda and disclosed in the Disclosure Information (the “Trading Advisor Principals”). 
 (v) All references to the Trading Advisor and the Trading Advisor Principals and trading systems, methods and performance in the Offering Memoranda are accurate and complete in all material respects. With respect to the Trading Advisor, the
Trading Advisor Principals, and its trading systems, methods and performance: (i) the Offering Memoranda contains all statements and information required to be included therein under the CEAct and the rules and regulations thereunder, and
(ii) the Offering Memoranda do not contain, and will not during the term of this Agreement contain, any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the
circumstances under which such statements were made, not misleading. Except as otherwise disclosed in the Offering Memoranda, the actual performance of each discretionary account directed by the Trading Advisor or any principal or affiliate of the
Trading Advisor over the past five years and year-to-date is disclosed in the Offering Memoranda on either a composite or a stand alone basis. The information regarding the actual performance of such accounts set forth in the Offering Memoranda has
been calculated and presented in accordance with the descriptions therein and is complete and accurate in all material respects. 
  

 C-14 

  

 (vi) This Agreement has been duly and validly authorized, executed and delivered on
behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms. 
 (vii) Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental, regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and
foreign governmental and regulatory agencies required to conduct its business and to act as described in the Offering Memoranda or required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity
trading advisor under the CEAct and is a member of the NFA in such capacity. 
 (viii) The execution and delivery of this
Agreement, the incurrence of the obligations set forth herein, the consummation of the transactions contemplated herein and in the Offering Memoranda and the payment of the fees hereunder will not violate, or constitute a breach of, or default
under, the certificate of incorporation or bylaws (or any other organizational documents) of the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any
governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it. 
 (ix) Since
the time of delivery of the relevant Disclosure Information, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or any Trading Advisor Principal. 
 (x) There have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened,
any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which
resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the Trading Advisor or any Trading Advisor Principal has received
any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEAct or any
other applicable law. 
 (xi) Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to
receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company. 
 (xii) Participation by the Trading Advisor in accordance with the terms hereof and as described in the Offering Memoranda will not violate
any provisions of the Investment Advisers Act of 1940, as amended. 
  

 C-15 

  

 (xiii) Neither the Trading Advisor nor any Trading Advisor Principal will use or
distribute the Offering Memoranda or any selling literature or engage in any selling activities whatsoever in connection with the offering of the Units. 
 (xiv) The information in the Offering Memoranda about the Trading Advisor does not contain any misleading or untrue statements of a material fact or omit to state a material fact required to be stated therein to make
the statements not misleading. 
 (xvi) The foregoing representations and warranties shall be continuing during the term of
this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Trading Manager and the Trading Company of the nature of such
event. 
 (b) Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that: 
 (i) The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act as described
herein and to at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described herein.

 (ii) The Trading Advisor shall inform the Trading Manager promptly if the Trading Advisor or any Trading Advisor Principal
becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which may, with the passage of time, materially
affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Trading Manager immediately if the Trading Advisor or any of its officers becomes aware of any breach of this Agreement by the Trading Advisor. 
 (iii) The Trading Advisor agrees to reasonably cooperate by providing information regarding itself and its performance in the preparation
of any amendments or supplements to the Offering Memoranda (subject to the limitation set forth in Section 1 hereof). 
 10.
Representations and Warranties of the Trading Company and the Trading Manager; Covenants of the Trading Manager. 
 (a) The Trading
Company and the Trading Manager represent and warrant to the Trading Advisor, as follows: 
 (i) The Trading Company has
provided to the Trading Advisor the Offering Memoranda in the form first issued. The Trading Company will ensure that the Members will not utilize any amendment or supplement to the Offering Memoranda unless the Trading Advisor has received
reasonable prior notice of and a copy of such amendments or supplements and has approved any description of the Trading Advisor contained therein. 
  

 C-16 

  

 (ii) Each Members’ organizational agreement provides for the subscription for
and sale of the Units in the respective Member; all material actions required to be taken by each Member as a condition to the sale of its Units to qualified subscribers therefor has been, or prior to each closing described in the Member’s
Confidential Private Placement Memorandum shall have been taken; and, upon payment of the consideration therefor specified in each accepted subscription agreement in such form as attached to the respective Member’s Confidential Private
Placement Memorandum, the Units will constitute valid interests in the Member. Each Member is in material compliance with all laws, rules, regulations and orders of any governmental agency or self-regulatory organization applicable to the
Member’s business and the offering, sale, issuance and distribution of its Units. 
 (iii) The Trading Company is a
limited liability company duly formed pursuant to its Certificate of Formation, Operating Agreement and the Delaware Limited Liability Company Act and is validly existing and in good standing under the laws of the State of Delaware with full power
and authority to engage in the trading of futures interests and to engage in its other contemplated activities as described in the Offering Memoranda; the Trading Company is qualified to do business in each jurisdiction in which the nature or
conduct of its business requires such qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder. 
 (iv) The Trading Manager is duly organized and validly existing and in good standing as a corporation under the laws of the State of
Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could materially
adversely affect the Trading Manager’s ability to perform its obligations hereunder. 
 (v) The Trading Company and the
Trading Manager have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Offering Memoranda. 
 (vi) As of the date hereof, the Offering Memoranda contain all statements and information required to be included therein by the CEAct or
other applicable law and at all times subsequent thereto up to and including each closing, the Offering Memoranda will comply in all material respects with the requirements of the rules of the NFA, the CEAct or other applicable laws. The Offering
Memoranda as of the initial closing (as described therein), date of issue, and at each closing will not contain any misleading or untrue statements of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading. Any supplemental sales literature, when read in conjunction with the Offering Memoranda, will not contain any untrue statements of a material fact or omit to state a 

  

 C-17 

  

 
material fact necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading. This
representation and warranty shall not, however, apply to any statement or omission in the Offering Memoranda or supplemental sales literature made in reliance upon information furnished by and relating to the Trading Advisor, its trading methods or
its trading performance. 
 (vii) Since the respective dates as of which information is given in the Offering Memoranda, there
has not been any material adverse change in the condition, financial or otherwise, or business of the Trading Manager or the Trading Company, whether or not arising in the ordinary course of business. 
 (viii) This Agreement has been duly and validly authorized, executed and delivered by the Trading Manager on behalf of the Trading Company
and constitutes a valid, binding and enforceable agreement of the Trading Company and the Trading Manager in accordance with its terms. 
 (ix) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Offering Memoranda will not violate, or
constitute a breach of, or default under, the Trading Manager’s certificate of incorporation or bylaws, or the Trading Company’s Certificate of Formation or Operating Agreement, or any material agreement or instrument by which either the
Trading Manager or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Trading Manager or the Trading Company of any court or any governmental body or administrative agency or panel or
self-regulatory organization having jurisdiction over the Trading Manager or the Trading Company. 
 (x) Except as set forth
in the Offering Memoranda, there has not been in the five years preceding the date of the Offering Memoranda and there is not pending or, to the Trading Manager’s knowledge, threatened, any action, suit or proceeding at law or in equity before
or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Trading Manager or the Trading Company is or was a party, or to which any of the
assets of the Trading Manager or the Trading Company is or was subject; and neither the Trading Manager nor any of the principals of the Trading Manager (“Trading Manager Principals”) has received any notice of an investigation by the NFA,
CFTC or any other administrative or self-regulatory organization regarding non-compliance by the Trading Manager or the Trading Manager Principals or the Trading Company with the CEAct, the Securities Act of 1933, as amended, or any applicable laws
which are material to an investor’s decision to invest in a Member. 
 (xi) The Trading Manager and the Trading Manager
Principals have all federal, state and foreign governmental, regulatory and exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business and
to act as described in the Offering Memoranda or required to perform their obligations under this Agreement (including, without limitation, registration as a commodity pool operator under the CEAct and 

  

 C-18 

  

 
membership in the NFA as a commodity pool operator) and will maintain all such required approvals, licenses, filings and registrations for the term of this
Agreement. The Trading Manager’s principals identified in the Offering Memoranda are all of the Trading Manager Principals. 
 (xii) The Trading Company is and shall remain in material compliance in all respects with all laws, rules, regulations and orders of any government, governmental agency or self-regulatory organization applicable to its business as described
in the Offering Memoranda and this Agreement. 
 (xiii) The Trading Company is and will remain a “qualified eligible
person” within the meaning of Regulation 4.7 under the CEAct and acknowledges that, in reliance upon such regulation, the Trading Advisor has not delivered to the Trading Company a Disclosure Document. 
 (xiv) The Trading Company acknowledges that (A) the Trading Advisor will employ speculative trading strategies and inherent leverage,
which, among other investment techniques, can make its investment performance volatile, (B) there is a risk that the Trading Company’s investment may be lost in whole or in part, (C) the Trading Advisor’s past performance is not
necessarily indicative of future results, (D) it has made an independent decision to invest and that in making this decision, has relied solely upon this Agreement and its independent investigations, and (E) there has been no reliance on
the Trading Advisor, or any other person or entity with respect to the legal, and tax considerations involved in this investment other than the Trading Company’s and the Trading Manager’s own advisers. 
 (xv) The Trading Company hereby represents that it is not a benefit plan investor (a “Benefit Plan Investor”) as defined under
the U.S. Department of Labor Regulations, and less than 25% of the value of each class of equity interests in the Trading Company (excluding from the computation interests of any individual or entity (other than a Benefit Plan Investor) with
discretionary authority or control over the assets of the Client) are held by Benefit Plan Investors (as so defined). 
 (xvi)
Each of the Trading Company and the Trading Manager hereby represents that it has appropriate anti-money laundering policies, procedures and controls, and is in compliance with all applicable anti-money laundering rules and regulations. 

(xvii) The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event
shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Manager shall promptly notify the Trading Advisor of the nature of such event. 
 (b) Covenants of the Trading Manager. The Trading Manager covenants and agrees that: 
  

 C-19 

  

 (i) The Trading Manager shall maintain all registrations and memberships necessary
for the Trading Manager to continue to act as described herein and in the Offering Memoranda and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a
materially adverse effect on the Trading Manager’s ability to act as described herein and in the Offering Memoranda. 
 (ii) The Trading Manager shall inform the Trading Advisor immediately as soon as the Trading Manager, the Trading Company or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory
authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the Trading Manager or the Trading Company. The Trading Manager shall also inform the Trading Advisor immediately if the
Trading Manager or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Trading Manager or the Trading Company. 
 (iii) The Trading Company will furnish to the Trading Advisor copies of the Offering Memoranda, and all amendments and supplements
thereto, in each case as soon as available and will ensure that the Members do not use any such amendments or supplements as to which the Trading Advisor in writing has reasonably objected. 
 11. Merger or Transfer of Assets. 
 The Trading Manager, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.

 12. Complete Agreement. 
 This Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the
party against whom enforcement is sought. 
 13. Assignment. 
 Subject to Section 11, hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party
hereto without the express prior written consent of the other parties hereto. 
 14. Amendment. 
 This Agreement may not be amended except by the written consent of the parties hereto. No waiver of any provision of this Agreement shall be implied from
any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions. 
  

 C-20 

  

 15. Severability. 
 The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of
any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable. 
 16.
Closing Certificates. 
 (a) The Trading Advisor shall, at the Members’ initial closing and at the request of the Trading Manager
at any monthly closing (as described in the Offering Memoranda), provide the following: 
 (i) To the Trading Manager, the
Trading Company and the Members, a certificate, dated the date of any such closing and in form and substance satisfactory to such parties, to the effect that; 
 (A) the representations and warranties by the Trading Advisor in this Agreement are true, accurate, and complete on and as of the date of
the closing, as if made on the date of the closing; and 
 (B) the Trading Advisor has performed all of its obligations and
satisfied all of the conditions on its part to be performed or satisfied under this Agreement, at or prior to the date of such closing. 
 (ii) To the Trading Manager, the Trading Company and the Members, a report as of the closing date which shall present, for the period from the date after the last day covered by the historical performance records in
the Offering Memoranda to the latest practicable day before closing, figures which shall be a continuation of such historical performance records and which shall certify that such figures are, to the best of such Trading Advisor’s knowledge,
accurate in all material respects. 
 (b) The Trading Advisor shall, at or before the Members’ initial closing (as described in the
Offering Memoranda), provide a legal opinion of the Trading Advisor’s counsel in a form acceptable to the Trading Manager. 
 (c) The
Trading Manager shall, at the Members’ initial closing and at the request of the Trading Advisor at any closing (as described in the Offering Memoranda), provide the following: 
 (i) To the Trading Advisor, a certificate, dated the date of such closing and in form and substance satisfactory to the Trading Advisor,
to the effect that: 
 (A) the representations and warranties by the Trading Company and the Trading Manager in this
Agreement are true, accurate, and complete on and as of the date of the closing as if made on the date of the closing; 
 (B)
no order preventing or suspending the use of the Offering Memoranda has been issued by the CFTC, the Securities Exchange Commission, any state securities commission, or the NFA or other self-regulatory organization 

  

 C-21 

  

 
and no proceedings for that purpose shall have been instituted or are pending or, to the knowledge of the Trading Manager, are contemplated or threatened
under the CEAct; and 
 (C) The Trading Company and the Trading Manager have performed all of their obligations and satisfied
all of the conditions on their part to be performed or satisfied under this Agreement at or prior to the date of the closing. 
 17.
Inconsistent Filings. 
 If the Trading Advisor intends to file, to participate in the filing of, or to publish any description of the
Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Disclosure Information, the Trading Advisor shall inform the Trading Manager of such intention and shall furnish copies of all
such filings or publications at least ten Business Days prior to the date of filing or publication. 
 18. Promotional Materials.

 The Trading Manager and the Trading Company will not distribute or supplement any promotional material relating to the Trading Advisor
unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such material in writing. 
 19. Track Record. The track record and other performance information of the Members shall be the property of the Trading Manager and not the Trading Advisor. 
 20. Use of Name. 
 (a) The Trading
Advisor hereby consents to the non-exclusive use by the Trading Company of (a) the name “DKR Fusion”, with respect to the Trading Company and (b) the name “DKR Fusion” in any documentation regarding the Trading Company,
only so long as the Trading Advisor serves as a trading advisor to the Trading Company. Each of the Trading Company and the Trading Manager agree to indemnify and hold harmless the Trading Advisor, its partners, directors, officers, affiliates,
employees and agents from and against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, attorneys’ fees and disbursements, which may arise out of the Trading Company’s or the
Trading Manager’s misuse of the name “ DKR Fusion” or out of any breach of, or failure to comply with, this Section 20. 
 (b) Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all necessary action to cause the Offering Memoranda and organizational documents of the Trading Company to be
amended in order to eliminate any reference to “DKR Fusion” (except to the extent required by law, regulation or rule); and (ii) shall cease to use in any other manner, including, but not limited to, use in any sales literature or
promotional material, the name “DKR Fusion” or any name, mark or logo type derived from it or similar to it (except to the extent required by law, regulation or rule). 
  

 C-22 

  

 21. Notices. 
 All notices required to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery
of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to
notice shall hereafter designate in accordance with the terms hereof): 
 if to the Trading Company: 
 Morgan Stanley Managed Futures DKR I, LLC 
 c/o Demeter Management Corporation 
 Managed Futures Department 
 330 Madison Avenue, 8th Floor 
 New York, NY 10017 
 Attn: Walter Davis 
 Facsimile: 212-907-2750 
 Email: Jeremy.Beal@morganstanley.com 
 if to
the Trading Manager: 
 Demeter Management Corporation 
 Managed Futures Department 
 330 Madison Avenue, 8
th Floor 
 New York, NY 10017

 Attn: Walter Davis 
 Facsimile:
212-907-2750 
 Email: Jeremy.Beal@morganstanley.com 
 With a copy to: 
 Alston & Bird LLP 
 90 Park Avenue 
 New York, NY 10016

 Attn: Timothy P. Selby 
 Facsimile: (212) 210-9444 
 Email: timothy.selby@alston.com 
  

 C-23 

  

 if to the Trading Advisor: 
 DKR Fusion Management L.P. 
 1281 East Main
Street 
 Stamford, CT 06902 
 Attn: Barbara Burger, President & General Counsel 
 Facsimile: (203) 324-8489 
 Email: Bburger@dkrcapital.com 
 22.
Continuing Nature of Representations Warranties and Covenants: Survival. 
 All representations, warranties and covenants contained in
this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. Each party hereby agrees
that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations,
warranties or covenants not true, the affected party will use its best efforts to promptly notify the other parties of such fact. 
 23.
Third-Party Beneficiaries. 
 Except for each of the Members who shall be a third-party beneficiary of the applicable provisions of
this Agreement, this Agreement is not intended and shall not convey any rights to a party to this Agreement. 
 24. Governing Law.

 This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. If any action or proceeding
shall be brought by a party to this Agreement or to enforce any right or remedy under this Agreement, each party hereto hereby consents and will submit to the jurisdiction of the courts of the State of New York or any Federal court sitting in the
County, City and State of New York. Any action or proceeding brought by any party to this Agreement to enforce any right, assert any claim or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively
in the courts of the State of New York or any federal court sitting in the County, City and State of New York. 
 25. Remedies.

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

 C-24 

  

 26. Headings. 
 Headings to sections herein are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
 27. Successors. 
 This Agreement
including the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this
Agreement. 
 28. Counterparts. 
 This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 29. Waiver of Breach. 
 The waiver by any party of a breach of any provision of this Agreement shall
not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter deprive such
party of the right to insist upon strict adherence. 
 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION (THE
“CFTC”) IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE
ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THE TRADING PROGRAM ADOPTED HEREUNDER OR ANY BROCHURE OR ACCOUNT DOCUMENT. 
  

 C-25 

  

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

			
	MORGAN STANLEY MANAGED FUTURES DKR I, LLC
	by	 	Demeter Management Corporation Trading Manager
		
	By:	 	 /s/ Walter Davis

		 	Walter Davis
		 	Chairman and President
	
	DEMETER MANAGEMENT CORPORATION
		
	By:	 	 /s/ Walter Davis

		 	Walter Davis
		 	Chairman and President
	
	DKR FUSION MANAGEMENT L.P.
		
	By:	 	 /s/ Barbara Burger

	Name:	 	Barbara Burger
	Title:	 	Authorized Signatory

  

 C-26 

 EXHIBIT A 
 Morgan Stanley Managed Futures 
 MSC Fund Operations Procedures 
 Following is a list of abbreviations used in this Exhibit A: 
  

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

  

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

  

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

  

	•	 	 “General Partner” shall mean Demeter Management Corporation. 

  

	•	 	 “MF” is Morgan Stanley Managed Futures. 

  

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

  

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

  

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

  

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

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

									
	 Abbreviation
	  	 Department
	  	 Primary Contact
	  	Telephone	  	 E-mail

	Futures Desk	  	MSC Futures Trading Desk	  	 Brian Jackman
 Dennis Scurletis
	  	212.761.1782 212.761.2248
	  	 Brian.Jackman@morganstanley.com
 Dennis.Scurletis@morganstanley.com

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

					
	FX Desk	  	MSC Foreign Exchange Trading Desk	  	Marlena Demenus	  	212.761.2700	  	Marlena.Demenus@morganstanley.com
					
	FX Ops	  	MSC Foreign Exchange Operations	  	John Fusco	  	718.754.4868	  	John.Fusco@morganstanley.com

  

 A-1 

									
	MF Accounting	  	Morgan Stanley Managed Futures Accounting	  	 Joe Tromello
 Kevin Scully
	  	917.790.5702 917.790.5701
	  	 Joe.Tromello@morganstanley.com
 Kevin.Scully@morganstanley.com

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

 FUND ACCOUNTS: 
 Account Configuration 
  

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

  

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

  

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

  

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

 Statements 
  

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

  

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

  

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

  

 A-2 

 FX TRADING: 
 FX Order Execution 
  

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

  

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

 EFP Order Execution 
  

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

 Foreign Currency Conversions 
  

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

 FUTURES TRADING: 
 Order Execution Service 
  

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

 “Give Up” Order Execution 
  

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

  

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

 “Give Up” Agreements 
  

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

  

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

  

 A-3 

 “Give Up” Execution Payment 
  

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

  

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

 ACCOUNT MAINTENANCE: 
 Trade Allocations 
  

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

 Trade Reporting; (Futures) 

 

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

 Daily Trade Checkout 
  

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

 Daily Statement Reconciliation 
  

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

  

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

  

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

 Monitoring of Delivery Periods and Option Expirations 
  

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

  

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

  

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

  

 A-4 

 Margin Maintenance and Cash Transaction (Journal) Reconciliation 
  

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

  

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

 TRADING LEVEL
NOTIFICATION: 
  

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

  

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

  

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

  

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

 FUND ACCOUNTING: 
 Net Asset Value Calculation

  

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

  

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

 Brokerage Commission and Transaction Fees 
  

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

 Fund Fee Processing 
  

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

  

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

  

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

  

 A-5 

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

 A-6 

 EXHIBIT B 
 COMMODITY TRADING AUTHORITY 
 Dear DKR Fusion Management L.P.: 
 Morgan Stanley Managed Futures DKR I, LLC (the “Trading Company”) and Demeter Management Corporation, the Trading Company’s Trading Manager
(the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you and the
Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manger and you as of the ____ day of _________, 2007, as amended or supplemented, and in accordance
with the terms and conditions of said Agreement. 
 This authorization shall terminate and be null, void and of no further effect
simultaneously with the termination of the said Agreement. 
  

			
	Very truly yours,
	
	 MORGAN STANLEY MANAGED FUTURES
 DKR
I, LLC
 by Demeter Management Corporation
 Trading
Manager

		
	By	 	 
		 	Walter Davis
		 	Chairman and President
	
	DEMETER MANAGEMENT CORPORATION
		
	By	 	 
		 	Walter Davis
		 	Chairman and President

  

 B-1 

 EXHIBIT C 
 [FUTURES INTERSTS TRADED]Foreign Exchange and Options Master Agreement by & among Morgan Stanley Capital

 FOREIGN EXCHANGE AND OPTIONS 
 MASTER AGREEMENT 
 (FEOMA) 
 MASTER AGREEMENT dated as of November 28, 2007, by and between Morgan Stanley Capital Group Inc., a Delaware corporation and the entities listed in Exhibit I to the Schedule of this Agreement (as amended or
supplemented from time to time), severally and not jointly, (each, a commodity pool limited partnership formed under the laws of the State of Delaware) and Demeter Management Corporation, not individually by solely as General Partner and/or Trading
Manager for each entity listed in Exhibit I. 
 SECTION 1. DEFINITIONS 
 Unless otherwise required by the context, the following terms shall have the following meanings in the Agreement: 
 “Agreement” has the meaning given to it in Section 2.2. 
 “American Style Option” means an
Option which may be exercised on any Business Day up to and including the Expiration Time. 
 “Base Currency”, as to a
Party, means the Currency agreed to as such in relation to it in Part VII of the Schedule. 
 “Business Day” means for
purposes of: (i) Section 3.2, a day which is a Local Banking Day for the applicable Designated Office of the Buyer; (ii) Section 5.1 and the definition of American Style Option, a day which is a Local Banking Day for the
applicable Designated Office of the Seller; (iii) clauses (i), (viii) and (xii) of the definition of Event of Default, a day which is a Local Banking Day for the Non-Defaulting Party; (iv) solely in relation to delivery of a
Currency, a day which is a Local Banking Day in relation to that Currency; and (v) any other provision of the Agreement, a day which is a Local Banking Day for the applicable Designated Offices of both Parties; provided, however,
that neither Saturday nor Sunday shall be considered a Business Day for any purpose. 
 “Buyer” means the owner of an
Option. 
 “Call” means an Option entitling, but not obligating (except upon exercise), the Buyer to purchase from the
Seller at the Strike Price a specified quantity of the Call Currency. 
 “Call Currency” means the Currency agreed to as
such at the time an Option is entered into, as evidenced in a Confirmation. 
 “Close-Out Amount” has the meaning given to
it in Section 8.1. 
 “Close-Out Date” means a day on which, pursuant to the provisions of Section 8.1, the
Non-Defaulting Party closes out Currency Obligations and/or Options or such close-out occurs automatically. 
 “Closing
Gain”, as to the Non-Defaulting Party, means the difference described as such in relation to a particular Value Date under the provisions of Section 8.1. 
  

 1 

 “Closing Loss”, as to the Non-Defaulting Party, means the difference described as such
in relation to a particular Value Date under the provisions of Section 8.1. 
 “Confirmation” means a writing
(including telex, facsimile or other electronic means from which it is possible to produce a hard copy) evidencing an FX Transaction or an Option, and specifying: 
 (A) in the case of an FX Transaction, the following information: 
  

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

  

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

  

	 	(iii)	the Value Date, and 

  

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

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

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

  

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

  

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

  

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

  

	 	(v)	the Strike Price, 

  

	 	(vi)	the Premium and the Premium Payment Date, 

  

	 	(vii)	the Expiration Date, 

  

	 	(viii)	the Expiration Time, 

  

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

  

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

 “Credit Support” has the meaning given to it in Section 8.2. 
 “Credit Support Document”, as
to a Party (the “first Party”), means a guaranty, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a third party (“Credit Support Provider”) or of the first
Party in favor of the other Party supporting any obligations of the first Party under the Agreement. 
 “Credit Support
Provider” has the meaning given to it in the definition of Credit Support Document. 
 “Currency” means money
denominated in the lawful currency of any country or the Ecu. 
 “Currency Obligation” means any obligation of a Party to
deliver a Currency pursuant to an FX Transaction, the application of Section 6.3(a) or (b), or an exercised Option (except, for the purposes of Section 8.1 only, one that is to be settled at its In-the-Money Amount under Section 5.5).

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

 2 

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

 “Defaulting Party” has the meaning given to it in the definition of Event of Default. 
 “Designated Office(s)”, as to a Party, means the office or offices specified in Part II of the Schedule. 
 “Effective Date” means the date of this Master Agreement. 
 “European Style Option” means an Option for which Notice of Exercise may be given only on the Option’s Expiration Date up to and including the Expiration Time, unless otherwise agreed.

 “Event of Default” means the occurrence of any of the following with respect to a Party (the “Defaulting
Party”, the other Party being the “Non-Defaulting Party”): 
 (i) the Defaulting Party shall (A) default in any payment
when due under the Agreement (including, but not limited to, a Premium payment) to the Non-Defaulting Party with respect to any Currency Obligation or Option and such failure shall continue for two (2) Business Days after the Non-Defaulting
Party has given the Defaulting Party written notice of non-payment, or (B) fail to perform or comply with any other obligation assumed by it under the Agreement and such failure is continuing thirty (30) days after the Non-Defaulting Party
has given the Defaulting Party written notice thereof; 
 (ii) the Defaulting Party shall commence a voluntary Insolvency Proceeding or shall
take any corporate action to authorize any such Insolvency Proceeding; 
 (iii) a governmental authority or self-regulatory organization
having jurisdiction over either the Defaulting Party or its assets in the country of its organization or principal office (A) shall commence an Insolvency Proceeding with respect to the Defaulting Party or its assets or (B) shall take any
action under any bankruptcy, insolvency or other similar law or any banking, insurance or similar law or regulation governing the operation of the Defaulting Party which may prevent the Defaulting Party from performing its obligations under the
Agreement as and when due; 
 (iv) an involuntary Insolvency Proceeding shall be commenced with respect to the Defaulting Party or its assets
by a person other than a governmental authority or self-regulatory organization having jurisdiction over either the Defaulting Party or its assets in the country of its organization or principal office and such Insolvency Proceeding (A) results
in the appointment of a Custodian or a judgment of insolvency or bankruptcy or the entry of an order for winding-up, liquidation, reorganization or other similar relief, or (B) is not dismissed within five (5) days of its institution or
presentation; 
 (v) the Defaulting Party is bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to it;

 (vi) the Defaulting Party fails, or shall otherwise be unable, to pay its debts as they become due; 
 (vii) the Defaulting Party or any Custodian acting on behalf of the Defaulting Party shall disaffirm, disclaim or repudiate any Currency Obligation or
Option; 
 (viii) any representation or warranty made or given or deemed made or given by the Defaulting Party pursuant to the Agreement or
any Credit Support Document shall prove to have been false or misleading in any material respect as at the time it was made or given or deemed made or given and one (1) Business Day has elapsed after the Non-Defaulting Party has given the
Defaulting Party written notice thereof; 
  

 3 

 (ix) the Defaulting Party consolidates or amalgamates with or merges into or transfers all or
substantially all its assets to another entity and (A) the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of the Defaulting Party prior to such action, or (B) at the time of such
consolidation, amalgamation, merger or transfer the resulting, surviving or transferee entity fails to assume all the obligations of the Defaulting Party under the Agreement by operation of law or pursuant to an agreement satisfactory to the
Non-Defaulting Party; 
 (x) by reason of any default, or event of default or other similar condition or event, any Specified Indebtedness
(being Specified Indebtedness of an amount which, when expressed in the Currency of the Threshold Amount, is in aggregate equal to or in excess of the Threshold Amount) of the Defaulting Party or any Credit Support Provider in relation to it:
(A) is not paid on the due date therefor and remains unpaid after any applicable grace period has elapsed, or (B) becomes, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such
Specified Indebtedness before it would otherwise have been due and payable; 
 (xi) the Defaulting Party is in breach of or default under any
Specified Transaction and any applicable grace period has elapsed, and there occurs any liquidation or early termination of, or acceleration of obligations under, that Specified Transaction or the Defaulting Party (or any Custodian on its behalf)
disaffirms, disclaims or repudiates the whole or any part of a Specified Transaction; 
 (xii) (A) any Credit Support Provider of the
Defaulting Party or the Defaulting Party itself fails to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with the applicable Credit Support Document and such failure is continuing after any
applicable grace period has elapsed; (B) any Credit Support Document relating to the Defaulting Party expires or ceases to be in full force and effect prior to the satisfaction of all obligations of the Defaulting Party under the Agreement,
unless otherwise agreed in writing by the Non-Defaulting Party; (C) the Defaulting Party or any Credit Support Provider of the Defaulting Party (or, in either case, any Custodian acting on its behalf) disaffirms, disclaims or repudiates, in
whole or in part, or challenges the validity of, any Credit Support Document; (D) any representation or warranty made or given or deemed made or given by any Credit Support Provider of the Defaulting Party pursuant to any Credit Support
Document shall prove to have been false or misleading in any material respect as at the time it was made or given or deemed made or given and one (1) Business Day has elapsed after the Non-Defaulting Party has given the Defaulting Party written
notice thereof; or (E) any event set out in (ii) to (vii) or (ix) to (xi) above occurs in respect of any Credit Support Provider of the Defaulting Party; or 
 (xiii) any other condition or event specified in Part IX of the Schedule or in Section 11.14 if made applicable to the Agreement in Part XI of the
Schedule. 
 “Exercise Date”, in respect of any Option, means the day on which a Notice of Exercise received by the
applicable Designated Office of the Seller becomes effective pursuant to Section 5.1. 
 “Expiration Date”, in respect
of any Option, means the date agreed to as such at the time the Option is entered into, as evidenced in a Confirmation. 
 “Expiration Time”, in respect of any Option, means the latest time on the Expiration Date on which the Seller must accept a Notice of Exercise as agreed to at the time the Option is entered into, as evidenced in a
Confirmation. 
  

 4 

 “FX Transaction” means any transaction between the Parties for the purchase by one Party
of an agreed amount in one Currency against the sale by it to the other of an agreed amount in another Currency, both such amounts either being deliverable on the same Value Date or, if the Parties have so agreed in Part VI of the Schedule, being
cash-settled in a single Currency, which is or shall become subject to the Agreement and in respect of which transaction the Parties have agreed (whether orally, electronically or in writing): the Currencies involved, the amounts of such Currencies
to be purchased and sold, which Party will purchase which Currency and the Value Date. 
 “In-the-Money Amount” means
(i) in the case of a Call, the excess of the Spot Price over the Strike Price, multiplied by the aggregate amount of the Call Currency to be purchased under the Call, where both prices are quoted in terms of the amount of the Put Currency to be
paid for one unit of the Call Currency; and (ii) in the case of a Put, the excess of the Strike Price over the Spot Price, multiplied by the aggregate amount of the Put Currency to be sold under the Put, where both prices are quoted in terms of
the amount of the Call Currency to be paid for one unit of the Put Currency. 
 “Insolvency Proceeding” means a case or
proceeding seeking a judgment of or arrangement for insolvency, bankruptcy, composition, rehabilitation, reorganization, administration, winding-up, liquidation or other similar relief with respect to the Defaulting Party or its debts or assets, or
seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each, a “Custodian”) of the Defaulting Party or any substantial part of its assets, under any bankruptcy,
insolvency or other similar law or any banking, insurance or similar law governing the operation of the Defaulting Party. 
 “LIBOR”, with respect to any Currency and date, means the average rate at which deposits in the Currency for the relevant amount and time period are offered by major banks in the London interbank market as of 11:00 a.m.
(London time) on such date, or, if major banks do not offer deposits in such Currency in the London interbank market on such date, the average rate at which deposits in the Currency for the relevant amount and time period are offered by major banks
in the relevant foreign exchange market at such time on such date as may be determined by the Party making the determination. 
 “Local Banking Day” means (i) for any Currency, a day on which commercial banks effect deliveries of that Currency in accordance with the market practice of the relevant foreign exchange market, and (ii) for any
Party, a day in the location of the applicable Designated Office of such Party on which commercial banks in that location are not authorized or required by law to close. 
 “Master Agreement” means the terms and conditions set forth in this Master Agreement, including the Schedule. 
 “Matched Pair Novation Netting Office(s)”, in respect of a Party, means the Designated Office(s) specified in Part V of the Schedule. 
 “Non-Defaulting Party” has the meaning given to it in the definition of Event of Default. 
 “Notice of Exercise” means telex, telephonic or other electronic notification (excluding facsimile transmission) providing assurance of
receipt, given by the Buyer prior to or at the Expiration Time, of the exercise of an Option, which notification shall be irrevocable. 
 “Novation Netting Office(s)”, in respect of a Party, means the Designated Office(s) specified in Part V of the Schedule. 
  

 5 

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

 “Parties” means the parties to the Agreement, including their successors and permitted assigns (but without prejudice to
the application of clause (ix) of the definition of Event of Default); and the term “Party” shall mean whichever of the Parties is appropriate in the context in which such expression may be used. 
 “Premium”, in respect of any Option, means the purchase price of the Option as agreed upon by the Parties, and payable by the Buyer to
the Seller thereof. 
 “Premium Payment Date”, in respect of any Option, means the date on which the Premium is due and
payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation. 
 “Proceedings” means any
suit, action or other proceedings relating to the Agreement, any FX Transaction or any Option. 
 “Put” means an Option
entitling, but not obligating (except upon exercise), the Buyer to sell to the Seller at the Strike Price a specified quantity of the Put Currency. 
 “Put Currency” means the Currency agreed to as such at the time an Option is entered into, as evidenced in a Confirmation. 
 “Schedule” means the Schedule attached to and part of this Master Agreement, as it may be amended from time to time by agreement of the Parties. 
 “Seller” means the Party granting an Option. 
 “Settlement Date” means, in respect of: (i) an American Style Option, the Spot Date of the Currency Pair on the Exercise Date of such Option, and (ii) a European Style Option, the Spot Date
of the Currency Pair on the Expiration Date of such Option; and, where market practice in the relevant foreign exchange market in relation to the two Currencies involved provides for delivery of one Currency on one date which is a Local Banking Day
in relation to that Currency but not to the other Currency and for delivery of the other Currency on the next Local Banking Day in relation to that other Currency, “Settlement Date” means such two (2) Local Banking Days. 

“Settlement Netting Office(s)”, in respect of a Party, means the Designated Office(s) specified in Part V of the Schedule.

 “Specified Indebtedness” means any obligation (whether present or future, contingent or otherwise, as principal or surety
or otherwise) in respect of borrowed money, other than in respect of deposits received. 
 “Specified Transaction” means any
transaction (including an agreement with respect thereto) between one Party to the Agreement (or any Credit Support Provider of such Party) and the other Party to the Agreement (or any Credit Support Provider of such Party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity linked swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction,
collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination of any of the foregoing.

  

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 “Spot Date” means the spot delivery day for the relevant Currency Pair as generally used
by the relevant foreign exchange market. 
 “Spot Price” means the rate of exchange at the time at which such price is to be
determined for foreign exchange transactions in the relevant Currency Pair for value on the Spot Date, as determined in good faith: (i) by the Seller, for purposes of Section 5, and (ii) by the Non-Defaulting Party, for purposes of
Section 8. 
 “Strike Price”, in respect of any Option, means the price at which the Currency Pair may be exchanged, as
agreed to at the time the Option is entered into, as evidenced in a Confirmation. 
 “Threshold Amount” means the amount
specified as such for each Party in Part VIII of the Schedule. 
 “Value Date” means, with respect to any FX Transaction,
the Business Day (or where market practice in the relevant foreign exchange market in relation to the two Currencies involved provides for delivery of one Currency on one date which is a Local Banking Day in relation to that Currency but not to the
other Currency and for delivery of the other Currency on the next Local Banking Day in relation to that other Currency (“Split Settlement”) the two (2) Local Banking Days in accordance with that market practice) agreed by the Parties
for delivery of the Currencies to be purchased and sold pursuant to such FX Transaction, and, with respect to any Currency Obligation, the Business Day (or, in the case of Split Settlement, Local Banking Day) upon which the obligation to deliver
Currency pursuant to such Currency Obligation is to be performed. 
 SECTION 2. FX TRANSACTIONS AND OPTIONS 
 2.1 Scope of the Agreement. The Parties (through their respective Designated Offices) may enter into (i) FX Transactions, for such quantities
of such Currencies, as may be agreed subject to the terms of the Agreement, and (ii) Options, for such Premiums, with such Expiration Dates, at such Strike Prices and for the purchase or sale of such quantities of such Currencies, as may be
agreed subject to the terms of the Agreement; provided that neither Party shall be required to enter into any FX Transaction or Option with the other Party (other than in connection with an exercised Option). Unless otherwise agreed in
writing by the Parties, each FX Transaction and Option entered into between Designated Offices of the Parties on or after the Effective Date shall be governed by the Agreement. Each FX Transaction and Option between any two Designated Offices of the
Parties outstanding on the Effective Date which is identified in Part I of the Schedule shall also be governed by the Agreement. 
 2.2
Single Agreement. This Master Agreement, the terms agreed between the Parties with respect to each FX Transaction and Option (and, to the extent recorded in a Confirmation, each such Confirmation), and all amendments to any of such items
shall together form the agreement between the Parties (the “Agreement”) and shall together constitute a single agreement between the Parties. The Parties acknowledge that all FX Transactions and Options are entered into in reliance upon
such fact, it being understood that the Parties would not otherwise enter into any FX Transaction or Option. 
 2.3 Confirmations. FX
Transactions and Options shall be promptly confirmed by the Parties by Confirmations exchanged by mail, telex, facsimile or other electronic means from which it is possible to produce a hard copy. The failure by a Party to issue a Confirmation shall
not prejudice or invalidate the terms of any FX Transaction or Option. 
  

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 2.4 Inconsistencies. In the event of any inconsistency between the provisions of the Schedule and
the other provisions of the Agreement, the Schedule will prevail. In the event of any inconsistency between the terms of a Confirmation and the other provisions of the Agreement, (i) in the case of an FX Transaction, the other provisions of the
Agreement shall prevail, and the Confirmation shall not modify the other terms of the Agreement and (ii) in the case of an Option, the terms of the Confirmation shall prevail, and the other terms of the Agreement shall be deemed modified with
respect to such Option, except for the manner of confirmation under Section 2.3 and, if applicable, discharge of Options under Section 4. 
 SECTION 3. OPTION PREMIUM 
 3.1 Payment of Premium. Unless otherwise agreed in writing by the Parties, the Buyer shall
be obligated to pay the Premium related to an Option no later than its Premium Payment Date. 
 3.2 Late Payment or Non-Payment of
Premium. If any Premium is not received on or before the Premium Payment Date, the Seller may elect: (i) to accept a late payment of such Premium; (ii) to give written notice of such non-payment and, if such payment shall not be
received within two (2) Business Days of such notice, treat the related Option as void; or (iii) to give written notice of such non-payment and, if such payment shall not be received within two (2) Business Days of such notice, treat
such non-payment as an Event of Default under clause (i) of the definition of Event of Default. If the Seller elects to act under either clause (i) or (ii) of the preceding sentence, the Buyer shall pay all out-of-pocket costs and
actual damages incurred in connection with such unpaid or late Premium or void Option, including, without limitation, interest on such Premium from and including the Premium Payment Date to but excluding the late payment date in the same Currency as
such Premium at overnight LIBOR and any other losses, costs or expenses incurred by the Seller in connection with such terminated Option, for the loss of its bargain, its cost of funding, or the loss incurred as a result of terminating, liquidating,
obtaining or re-establishing a delta hedge or related trading position with respect to such Option. 
 SECTION 4. DISCHARGE AND TERMINATION OF OPTIONS;
NETTING OF OPTION PREMIUMS 
 4.1 Discharge and Termination. If agreed in Part V of the Schedule, any Call or any Put written by a
Party will automatically be discharged and terminated, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other Party, such discharge and termination to occur automatically upon the payment in full of the last
Premium payable in respect of such Options; provided that such discharge and termination may only occur in respect of Options: 
  

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

  

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

  

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

  

	 	(iv)	each having the same Strike Price; 

  

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

  

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

 and, upon the occurrence of such discharge and termination, neither Party shall have any further obligation to the other Party in respect of the relevant Options or, as the case may be, parts thereof so discharged and terminated. Such
discharge and termination shall be effective notwithstanding that either Party may fail to 

  

 8 

 
record such discharge and termination in its books. In the case of a partial discharge and termination (i.e., where the relevant Options are for different
amounts of the Currency Pair), the remaining portion of the Option which is partially discharged and terminated shall continue to be an Option for all purposes of the Agreement, including this Section 4.1. 
 4.2 Netting of Option Premiums. If agreed in Part V of the Schedule and if, on any date, Premiums would otherwise be payable under the Agreement
in the same Currency between the same respective Designated Offices of the Parties, then, on such date, each Party’s obligation to make payment of any such Premium will be automatically satisfied and discharged and, if the aggregate Premium(s)
that would otherwise have been payable by such Designated Office of one Party exceeds the aggregate Premium(s) that would otherwise have been payable by such Designated Office of the other Party, replaced by an obligation upon the Party by whom the
larger aggregate Premium(s) would have been payable to pay the other Party the excess of the larger aggregate Premium(s) over the smaller aggregate Premium(s) and, if the aggregate Premiums are equal, no payment shall be made. 
 SECTION 5. EXERCISE AND SETTLEMENT OF OPTIONS 
 5.1
Exercise of Options. The Buyer may exercise an Option by delivery to the Seller of a Notice of Exercise. Subject to Section 5.3, if a Notice of Exercise with respect to an Option has not been received by the Seller prior to or at the
Expiration Time, the Option shall expire and become void and of no effect. Any Notice of Exercise shall (unless otherwise agreed): 
 (i) in
respect of an American Style Option, (A) if received at or prior to 3:00 p.m. on a Business Day, be effective upon receipt thereof by the Seller, and (B) if received after 3:00 p.m. on a Business Day, be effective only as of the opening of
business of the Seller on the first Business Day subsequent to its receipt; and 
 (ii) in respect of a European Style Option, if received on
or, if the parties have so agreed, before the Expiration Date, prior to or at the Expiration Time, be effective upon receipt thereof by the Seller. 
 5.2 No Partial Exercise. Unless otherwise agreed by the Parties, an Option may be exercised only in whole. 
 5.3
Automatic Exercise. Unless otherwise agreed in Part VI of the Schedule or unless the Seller is otherwise instructed by the Buyer, if an Option has an In-the-Money Amount at its Expiration Time that equals or exceeds the product of (x) 1%
of the Strike Price (or such other percentage or amount as may have been agreed by the Parties) and (y) the amount of the Call Currency or Put Currency, as appropriate, then the Option shall be deemed automatically exercised. In such case, the
Seller may elect to settle such Option either in accordance with Section 5.4 or by payment to the Buyer on the Settlement Date for such Option of the In-the-Money Amount, as determined at the Expiration Time or as soon thereafter as
practicable. In the latter case, the sole obligations of the Parties with respect to settlement of such Option shall be to deliver or receive the In-the-Money Amount of such Option on the Settlement Date. The Seller shall notify the Buyer of its
election of the method of settlement of an automatically exercised Option as soon as practicable after the Expiration Time. 
 5.4
Settlement of Exercised Options. An exercised Option shall settle on its Settlement Date. Subject to Section 5.3 and 5.5, on the Settlement Date, the Buyer shall pay the Put Currency to the Seller for value on the Settlement Date and the
Seller shall pay the Call Currency to the Buyer for value on the Settlement Date. An exercised Option shall be treated as an FX Transaction and a Currency Obligation (except, for the purposes of Section 8.1 only, if it is to be settled at its
In-the-Money Amount), and for this purpose the relevant Settlement Date shall be treated as the Value Date of the FX Transaction. 
  

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 5.5 Settlement at In-the-Money Amount. An Option shall be settled at its In-the-Money Amount if so
agreed by the Parties at the time such Option is entered into. In such case, the In-the-Money Amount shall be determined based upon the Spot Price at the time of exercise or as soon thereafter as practicable. The sole obligations of the Parties with
respect to settlement of such Option shall be to deliver or receive the In-the-Money Amount of such Option on the Settlement Date. 
 SECTION 6.
SETTLEMENT AND NETTING OF FX TRANSACTIONS 
 6.1 Settlement of FX Transactions. Subject to Sections 6.2 and 6.3, each Party
shall deliver to the other Party the amount of the Currency to be delivered by it under each Currency Obligation on the Value Date for such Currency Obligation. 
 6.2 Settlement Netting. If, on any date, more than one delivery of a particular Currency under Currency Obligations is to be made between a pair of Settlement Netting Offices, then each Party shall aggregate
the amounts of such Currency deliverable by it and only the difference between these aggregate amounts shall be delivered by the Party owing the larger aggregate amount to the other Party, and, if the aggregate amounts are equal, no delivery of the
Currency shall be made. 
 6.3 Novation Netting. (a) By Currency. If the Parties enter into an FX Transaction through a
pair of Novation Netting Offices giving rise to a Currency Obligation for the same Value Date and in the same Currency as a then existing Currency Obligation between the same pair of Novation Netting Offices, then immediately upon entering into such
FX Transaction, each such Currency Obligation shall automatically and without further action be individually canceled and simultaneously replaced by a new Currency Obligation for such Value Date determined as follows: the amounts of such Currency
that would otherwise have been deliverable by each Party on such Value Date shall be aggregated and the Party with the larger aggregate amount shall have a new Currency Obligation to deliver to the other Party the amount of such Currency by which
its aggregate amount exceeds the other Party’s aggregate amount, provided that if the aggregate amounts are equal, no new Currency Obligation shall arise. This Section 6.3 shall not affect any other Currency Obligation of a Party to
deliver any different Currency on the same Value Date. 
 (b) By Matched Pair. If the Parties enter into an FX Transaction between a
pair of Matched Pair Novation Netting Offices then the provisions of Section 6.3(a) shall apply only in respect of Currency Obligations arising by virtue of FX Transactions entered into between such pair of Matched Pair Novation Netting Offices
and involving the same pair of Currencies and the same Value Date. 
 6.4 General (a) Inapplicability of Sections 6.2 and
6.3. The provisions of Sections 6.2 and 6.3 shall not apply if a Close-Out Date has occurred or a voluntary or involuntary Insolvency Proceeding or action of the kind described in clause (ii), (iii) or (iv) of the definition of Event
of Default has occurred without being dismissed in relation to either Party. 
 (b) Failure to Record. The provisions of
Section 6.3 shall apply notwithstanding that either Party may fail to record the new Currency Obligation in its books. 
  

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 (c) Cut-off Date and Time. The provisions of Section 6.3 are subject to any cut-off date and
cut-off time agreed between the applicable Novation Netting Offices and Matched Pair Novation Netting Offices of the Parties. 
 SECTION 7.
REPRESENTATIONS, WARRANTIES AND COVENANTS 
 7.1 Representations and Warranties. Each Party represents and warrants to the other
Party as of the Effective Date and as of the date of each FX Transaction and each Option that: (i) it has authority to enter into the Agreement (including such FX Transaction or Option, as the case may be); (ii) the persons entering into
the Agreement (including such FX Transaction or Option, as the case may be) on its behalf have been duly authorized to do so; (iii) the Agreement (including such FX Transaction or Option, as the case may be) is binding upon it and enforceable
against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and applicable principles of equity) and does not and will not violate the
terms of any agreements to which such Party is bound; (iv) no Event of Default, or event which, with notice or lapse of time or both, would constitute an Event of Default, has occurred and is continuing with respect to it; (v) it acts as
principal in entering into each FX Transaction and Option and exercising each and every Option; and (vi) if the Parties have so specified in Part XV of the Schedule, it makes the representations and warranties set forth in such Part XV.

 7.2 Covenants. Each Party covenants to the other Party that: (i) it will at all times obtain and comply with the terms of and
do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents required to enable it lawfully to perform its obligations under the Agreement; (ii) it will promptly notify the other Party of
the occurrence of any Event of Default with respect to itself or any Credit Support Provider in relation to it; and (iii) if the Parties have set forth additional covenants in Part XVI of the Schedule, it makes the covenants set forth in such
Part XVI. 
 SECTION 8. CLOSE-OUT AND LIQUIDATION 
 8.1 Manner of Close-Out and Liquidation. (a) Close-Out. If an Event of Default has occurred and is continuing, then the Non-Defaulting Party shall have the right to close out all, but not less than all, outstanding
Currency Obligations (including any Currency Obligation which has not been performed and in respect of which the Value Date is on or precedes the Close-Out Date) and Options, except to the extent that in the good faith opinion of the Non-Defaulting
Party certain of such Currency Obligations or Options may not be closed out under applicable law. Such close-out shall be effective upon receipt by the Defaulting Party of notice that the Non-Defaulting Party is terminating such Currency Obligations
and Options. Notwithstanding the foregoing, unless otherwise agreed by the Parties in Part X of the Schedule, in the case of an Event of Default in clause (ii), (iii) or (iv) of the definition thereof with respect to a Party and, if agreed
by the Parties in Part IX of the Schedule, in the case of any other Event of Default specified and so agreed in Part IX with respect to a Party, close-out shall be automatic as to all outstanding Currency Obligations and Options, as of the time
immediately preceding the institution of the relevant Insolvency Proceeding or action. The Non-Defaulting Party shall have the right to liquidate such closed-out Currency Obligations and Options as provided below. 
 (b) Liquidation of Currency Obligations. Liquidation of Currency Obligations terminated by close-out shall be effected as follows: 
  

 11 

 (i) Calculating Closing Gain or Loss. The Non-Defaulting Party shall calculate in good faith, with
respect to each such terminated Currency Obligation, except to the extent that in the good faith opinion of the Non-Defaulting Party certain of such Currency Obligations may not be liquidated as provided herein under applicable law, as of the
Close-Out Date or as soon thereafter as reasonably practicable, the Closing Gain, or, as appropriate, the Closing Loss, as follows: 
 (A) for
each Currency Obligation calculate a “Close-Out Amount” as follows: 
 (1) in the case of a Currency Obligation whose Value Date is
the same as or is later than the Close-Out Date, the amount of such Currency Obligation; or 
 (2) in the case of a Currency Obligation
whose Value Date precedes the Close-Out Date, the amount of such Currency Obligation increased, to the extent permitted by applicable law, by adding interest thereto from and including the Value Date to but excluding the Close-Out Date at overnight
LIBOR; and 
 (3) for each such amount in a Currency other than the Non-Defaulting Party’s Base Currency, convert such amount into the
Non-Defaulting Party’s Base Currency at the rate of exchange at which, at the time of the calculation, the Non-Defaulting Party can buy such Base Currency with or against the Currency of the relevant Currency Obligation for delivery (x) if
the Value Date of such Currency Obligation is on or after the Spot Date as of such time of calculation for the Base Currency, on the Value Date of that Currency Obligation or (y) if such Value Date precedes such Spot Date, for delivery on such
Spot Date (or, in either case, if such rate of exchange is not available, conversion shall be accomplished by the Non-Defaulting Party using any commercially reasonable method); and 
 (B) determine in relation to each Value Date: (1) the sum of all Close-Out Amounts relating to Currency Obligations under which the Non-Defaulting
Party would otherwise have been entitled to receive the relevant amount on that Value Date; and (2) the sum of all Close-Out Amounts relating to Currency Obligations under which the Non-Defaulting Party would otherwise have been obliged to
deliver the relevant amount to the Defaulting Party on that Value Date; and 
 (C) if the sum determined under (B)(1) is greater than the sum
determined under (B)(2), the difference shall be the Closing Gain for such Value Date; if the sum determined under (B)(1) is less than the sum determined under (B)(2), the difference shall be the Closing Loss for such Value Date. 
 (ii) Determining Present Value. To the extent permitted by applicable law, the Non-Defaulting Party shall adjust the Closing Gain or Closing Loss
for each Value Date falling after the Close-Out Date to present value by discounting the Closing Gain or Closing Loss from and including the Value Date to but excluding the Close-Out Date, at LIBOR with respect to the Non-Defaulting Party’s
Base Currency as at the Close-Out Date or at such other rate as may be prescribed by applicable law. 
 (iii) Netting. The
Non-Defaulting Party shall aggregate the following amounts so that all such amounts are netted into a single liquidated amount payable to or by the Non-Defaulting Party: (x) the sum of the Closing Gains for all Value Dates (discounted to
present value, where appropriate, in accordance with the provisions of Section 8.1(b)(ii)) (which for the purposes of the aggregation shall be a positive figure); and (y) the sum of the Closing Losses for all Value Dates (discounted to
present value, where appropriate, in accordance with the provisions of Section 8.1(b)(ii)) (which for the purposes of the aggregation shall be a negative figure). 
  

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 (c) Liquidation of Options. To liquidate unexercised Options and exercised Options to be settled
at their In-the-Money Amounts that have been terminated by close-out, the Non-Defaulting Party shall: 
 (i) Calculating Settlement
Amount. Calculate in good faith with respect to each such terminated Option, except to the extent that in the good faith opinion of the Non-Defaulting Party certain of such Options may not be liquidated as provided herein under applicable law,
as of the Close-Out Date or as soon as reasonably practicable thereafter a settlement amount for each Party equal to the aggregate of: 
 (A)
with respect to each Option purchased by such Party, and which the other Party has not elected to treat as void pursuant to Section 3.2(ii) for lack of payment of the Premium, the current market premium for such Option; 
 (B) with respect to each Option sold by such Party and which such Party has not elected to treat as void pursuant to Section 3.2(ii) for lack of
payment of the Premium, any unpaid Premium, provided that, if the Close-Out Date occurs before the Premium Payment Date, such amount shall be discounted from and including the Premium Payment Date to but excluding the Close-Out Date at a rate
equal to LIBOR on the Close-Out Date and, if the Close-Out Date occurs after the Premium Payment Date, to the extent permitted by applicable law, the settlement amount shall include interest on any unpaid Premium from and including the Premium
Payment Date to but excluding the Close-Out Date in the same Currency as such Premium at overnight LIBOR; 
 (C) with respect to any
exercised Option to be settled at its In-the-Money Amount (whether or not the Close-Out Date occurs before the Settlement Date for such Option), any unpaid amount due to such Party in settlement of such Option and, if the Close-Out Date occurs after
the Settlement Date for such Option, to the extent permitted by applicable law, interest thereon from and including the applicable Settlement Date to but excluding the Close-Out Date at overnight LIBOR; and 
 (D) without duplication, the amount that the Non-Defaulting Party reasonably determines in good faith, as of the Close-Out Date or as of the earliest
date thereafter that is reasonably practicable, to be its additional losses, costs and expenses in connection with such terminated Option, for the loss of its bargain, its cost of funding, or the loss incurred as a result of terminating,
liquidating, obtaining or re-establishing a delta hedge or related trading position with respect to such Option; 
 (ii) Converting to
Base Currency. Convert any settlement amount calculated in accordance with clause (i) above in a Currency other than the Non-Defaulting Party’s Base Currency into such Base Currency at the Spot Price at which, at the time of the
calculation, the Non-Defaulting Party could enter into a contract in the foreign exchange market to buy the Non-Defaulting Party’s Base Currency in exchange for such Currency (or, if such Spot Price is not available, conversion shall be
accomplished by the Non-Defaulting Party using any commercially reasonable method); and 
 (iii) Netting. Net such settlement amounts
with respect to each Party so that all such amounts are netted to a single liquidated amount payable by one Party to the other Party. 
 (d)
Final Netting. The Non-Defaulting Party shall net (or, if both are payable by one Party, add) the liquidated amounts payable under Sections 8.1(b) and 8.1(c) with respect to each Party so that such amounts are netted (or added) to a single
liquidated amount payable by one Party to the other Party as a settlement payment. 
  

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 8.2 Set-Off Against Credit Support. Where close-out and liquidation occurs in accordance with
Section 8.1, the Non-Defaulting Party shall also be entitled (i) to set off the net payment calculated in accordance with Section 8.1(d) which the Non-Defaulting Party owes to the Defaulting Party, if any, against any credit support
or other collateral (“Credit Support”) held by the Defaulting Party pursuant to a Credit Support Document or otherwise (including the liquidated value of any non-cash Credit Support) in respect of the Non-Defaulting Party’s
obligations under the Agreement or (ii) to set off the net payment calculated in accordance with Section 8.1(d) which the Defaulting Party owes to the Non-Defaulting Party, if any, against any Credit Support held by the Non-Defaulting
Party (including the liquidated value of any non-cash Credit Support) in respect of the Defaulting Party’s obligations under the Agreement; provided that, for purposes of either such set-off, any Credit Support denominated in a Currency
other than the Non-Defaulting Party’s Base Currency shall be converted into such Base Currency at the rate specified in Section 8.1(c)(ii). 
 8.3 Other Foreign Exchange Transactions and Currency Options. Where close-out and liquidation occurs in accordance with Section 8.1, the Non-Defaulting Party shall also be entitled to close-out and
liquidate, to the extent permitted by applicable law, any other foreign exchange transaction or currency option entered into between the Parties which is then outstanding in accordance with the provisions of Section 8.1, with each obligation of
a Party to deliver a Currency under such a foreign exchange transaction being treated as if it were a Currency Obligation (including exercised options, provided that cash-settled options shall be treated analogously to Options to be settled at their
In-the-Money Amount) and each unexercised option being treated as if it were an Option under the Agreement. 
 8.4 Payment and Late
Interest. The net amount payable by one Party to the other Party pursuant to the provisions of Sections 8.1 and 8.3 above shall be paid by the close of business on the Business Day following the receipt by the Defaulting Party of notice of the
Non-Defaulting Party’s settlement calculation, with interest at overnight LIBOR from and including the Close-Out Date to but excluding such Business Day (and converted as required by applicable law into any other Currency, any costs of
conversion to be borne by, and deducted from any payment to, the Defaulting Party). To the extent permitted by applicable law, any amounts owed but not paid when due under this Section 8 shall bear interest at overnight LIBOR (or, if conversion
is required by applicable law into some other Currency, either overnight LIBOR with respect to such other Currency or such other rate as may be prescribed by such applicable law) for each day for which such amount remains unpaid. Any addition of
interest or discounting required under this Section 8 shall be calculated on the basis of a year of such number of days as is customary for transactions involving the relevant Currency in the relevant foreign exchange market. 
 8.5 Suspension of Obligations. Without prejudice to the foregoing, so long as a Party shall be in default in payment or performance to the other
Party under the Agreement and the other Party has not exercised its rights under this Section 8, or, if “Adequate Assurances” is specified as applying to the Agreement in Part XI of the Schedule, during the pendency of a reasonable
request to a Party for adequate assurances of its ability to perform its obligations under the Agreement, the other Party may, at its election and without penalty, suspend its obligation to perform under the Agreement. 
 8.6 Expenses. The Defaulting Party shall reimburse the Non-Defaulting Party in respect of all out-of-pocket expenses incurred by the
Non-Defaulting Party (including fees and disbursements of counsel, including attorneys who may be employees of the Non-Defaulting Party) in connection with any reasonable collection or other enforcement proceedings related to the payments required
under the Agreement. 
 8.7 Reasonable Pre-Estimate. The Parties agree that the amounts recoverable under this Section 8 are a
reasonable pre-estimate of loss and not a penalty. Such amounts are payable for the loss of bargain and the loss of protection against future risks and, except as otherwise provided in the Agreement, neither Party will be entitled to recover any
additional damages as a consequence of such losses. 
  

 14 

 8.8 No Limitation of Other Rights; Set-Off. The Non-Defaulting Party’s rights under this
Section 8 shall be in addition to, and not in limitation or exclusion of, any other rights which the Non-Defaulting Party may have (whether by agreement, operation of law or otherwise), and, to the extent not prohibited by law, the
Non-Defaulting Party shall have a general right of set-off with respect to all amounts owed by each Party to the other Party, whether due and payable or not due and payable (provided that any amount not due and payable at the time of such set-off
shall, if appropriate, be discounted to present value in a commercially reasonable manner by the Non-Defaulting Party). The Non-Defaulting Party’s rights under this Section 8.8 are subject to Section 8.7. 
 SECTION 9. FORCE MAJEURE, ACT OF STATE, ILLEGALITY AND IMPOSSIBILITY 
 9.1 Force Majeure, Act of State, Illegality and Impossibility. If either Party is prevented from or hindered or delayed by reason of force majeure or act of state in the delivery or receipt of any Currency in
respect of a Currency Obligation or Option or if it becomes or, in the good faith judgment of one of the Parties, may become unlawful or impossible for either Party to make or receive any payment in respect of a Currency Obligation or Option, then
the Party for whom such performance has been prevented, hindered or delayed or has become illegal or impossible shall promptly give notice thereof to the other Party and either Party may, by notice to the other Party, require the close-out and
liquidation of each affected Currency Obligation and Option in accordance with the provisions of Section 8.1 and, for such purposes, the Party unaffected by such force majeure, act of state, illegality or impossibility (or, if both Parties are
so affected, whichever Party gave the relevant notice) shall perform the calculation required under Section 8.1 as if it were the Non-Defaulting Party. Nothing in this Section 9.1 shall be taken as indicating that the Party treated as the
Defaulting Party for the purpose of calculations required by Section 8.1 has committed any breach or default. 
 9.2 Transfer to
Avoid Force Majeure, Act of State, Illegality or Impossibility. If Section 9.1 becomes applicable, unless prohibited by law, the Party which has been prevented, hindered or delayed from performing shall, as a condition to its right to
designate a close-out and liquidation of any affected Currency Obligation or Option, use all reasonable efforts (which will not require such Party to incur a loss, excluding immaterial, incidental expenses) to transfer as soon as practicable, and in
any event before the earlier to occur of the expiration date of the affected Options or twenty (20) days after it gives notice under Section 9.1, all its rights and obligations under the Agreement in respect of the affected Currency
Obligations and Options to another of its Designated Offices so that such force majeure, act of state, illegality or impossibility ceases to exist. Any such transfer will be subject to the prior written consent of the other Party, which consent will
not be withheld if such other Party’s policies in effect at such time would permit it to enter into transactions with the transferee Designated Office on the terms proposed, unless such transfer would cause the other Party to incur a material
tax or other cost. 
 SECTION 10. PARTIES TO RELY ON THEIR OWN EXPERTISE 
 Each Party will be deemed to represent to the other Party on the date on which it enters into an FX Transaction or Option that (absent a written agreement between the Parties that expressly imposes affirmative
obligations to the contrary for that FX Transaction or Option): (i)(A) it is acting for its own account, and it has made its own independent decisions to enter into that FX Transaction or Option and as to whether that FX Transaction or Option is
appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary; (B) it is not relying on any communication (written or oral) of the other Party as investment advice or as a recommendation
to enter into that FX Transaction or 

  

 15 

 
Option, it being understood that information and explanations related to the terms and conditions of an FX Transaction or Option shall not be considered
investment advice or a recommendation to enter into that FX Transaction or Option; and (C) it has not received from the other Party any assurance or guarantee as to the expected results of that FX Transaction or Option; (ii) it is capable
of evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that FX Transaction or Option; and (iii) the other Party is not acting as a
fiduciary or an advisor for it in respect of that FX Transaction or Option. 
 SECTION 11. MISCELLANEOUS 
 11.1 Currency Indemnity. The receipt or recovery by either Party (the “first Party”) of any amount in respect of an obligation of the
other Party (the “second Party”) in a Currency other than that in which such amount was due, whether pursuant to a judgment of any court or pursuant to Section 8 or 9, shall discharge such obligation only to the extent that, on the
first day on which the first Party is open for business immediately following such receipt or recovery, the first Party shall be able, in accordance with normal banking practice, to purchase the Currency in which such amount was due with the
Currency received or recovered. If the amount so purchasable shall be less than the original amount of the Currency in which such amount was due, the second Party shall, as a separate obligation and notwithstanding any judgment of any court,
indemnify the first Party against any loss sustained by it. The second Party shall in any event indemnify the first Party against any costs incurred by it in making any such purchase of Currency. 
 11.2 Assignment. Neither Party may assign, transfer or charge or purport to assign, transfer or charge its rights or obligations under the
Agreement to a third party without the prior written consent of the other Party and any purported assignment, transfer or charge in violation of this Section 11.2 shall be void. 
 11.3 Telephonic Recording. The Parties agree that each may electronically record all telephonic conversations between them and that any such
recordings may be submitted in evidence to any court or in any Proceedings for the purpose of establishing any matters pertinent to the Agreement. 
 11.4 Notices. Unless otherwise agreed, all notices, instructions and other communications to be given to a Party under the Agreement shall be given to the address, telex (if confirmed by the appropriate answerback), facsimile
(confirmed if requested) or telephone number and to the individual or department specified by such Party in Part III of the Schedule. Unless otherwise specified, any notice, instruction or other communication given in accordance with this
Section 11.4 shall be effective upon receipt. 
 11.5 Termination. Each of the Parties may terminate the Agreement at any time by
seven (7) days’ prior written notice to the other Party delivered as prescribed in Section 11.4, and termination shall be effective at the end of such seventh day; provided, however, that any such termination shall not affect
any outstanding Currency Obligations or Options, and the provisions of the Agreement shall continue to apply until all the obligations of each Party to the other under the Agreement have been fully performed. 
 11.6 Severability. In the event any one or more of the provisions contained in the Agreement should be held invalid, illegal or unenforceable in
any respect under the law of any jurisdiction, the validity, legality and enforceability of the remaining provisions contained in the Agreement under the law of such jurisdiction, and the validity, legality and enforceability of such and any other
provisions under the law of any other jurisdiction shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  

 16 

 11.7 No Waiver. No indulgence or concession granted by a Party and no omission or delay on the
part of a Party in exercising any right, power or privilege under the Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. 
 11.8 Master Agreement. Where one of the Parties to the Agreement is domiciled in
the United States, the Parties intend that the Agreement shall be a master agreement, as referred to in 11 U.S.C. Section 101(53B)(C) and 12 U.S.C. Section 1821(e)(8)(D)(vii). 
 11.9 Time of Essence, Etc. Time shall be of the essence in the Agreement. Unless otherwise agreed, the times referred to in the Agreement with
respect to Options shall in each case refer to the local time of the relevant Designated Office of the Seller of the relevant Option. 
 11.10 Headings. Headings in the Agreement are for ease of reference only. 
 11.11 Payments Generally. All payments to
be made under the Agreement shall be made in same day (or immediately available) and freely transferable funds and, unless otherwise specified, shall be delivered to such office of such bank, and in favor of such account as shall be specified by the
Party entitled to receive such payment in Part IV of the Schedule or in a notice given in accordance with Section 11.4. 
 11.12
Amendments. No amendment, modification or waiver of the Agreement will be effective unless in writing executed by each of the Parties; provided that the Parties may agree in a Confirmation that complies with Section 2.3 to amend
the Agreement solely with respect to the Option that is the subject of the Confirmation. 
 11.13 Credit Support. A Credit Support
Document between the Parties may apply to obligations governed by the Agreement. If the Parties have executed a Credit Support Document, such Credit Support Document shall be subject to the terms of the Agreement and is hereby incorporated by
reference in the Agreement. In the event of any conflict between a Credit Support Document and the Agreement, the Agreement shall prevail, except for any provision in such Credit Support Document in respect of governing law. 
 11.14 Adequate Assurances. If the Parties have so agreed in Part XI of the Schedule, the failure by a Party to give adequate assurances of its
ability to perform any of its obligations under the Agreement within two (2) Business Days of a written request to do so when the other Party has reasonable grounds for insecurity shall be an Event of Default under the Agreement. 
 11.15 Correction of Confirmations. Unless either Party objects to the terms contained in any Confirmation sent by the other Party or sends a
corrected Confirmation within three (3) Business Days of receipt of such Confirmation, or such shorter time as may be appropriate given the Value Date of an FX Transaction, the terms of such Confirmation shall be deemed correct and accepted
absent manifest error. If the Party receiving a Confirmation sends a corrected Confirmation within such three (3) Business Days, or shorter period, as appropriate, then the Party receiving such corrected Confirmation shall have three
(3) Business Days, or shorter period, as appropriate, after receipt thereof to object to the terms contained in such corrected Confirmation. 
  

 17 

 SECTION 12. LAW AND JURISDICTION 
 12.1 Governing Law. The Agreement shall be governed by, and construed in accordance with, the laws of the jurisdiction set forth in Part XII of the Schedule. 
 12.2 Consent to Jurisdiction. (a) With respect to any Proceedings, each Party irrevocably (i) submits to the non-exclusive jurisdiction
of the courts of the jurisdiction set forth in Part XIII of the Schedule and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have jurisdiction over such Party. Nothing in the Agreement precludes either Party from bringing
Proceedings in any other jurisdiction nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (b) Each Party irrevocably appoints the agent for service of process (if any) specified with respect to it in Part XIV of the Schedule. If for any reason
any Party’s process agent is unable to act as such, such Party will promptly notify the other Party and within thirty (30) days will appoint a substitute process agent acceptable to the other Party. 
 12.3 Waiver of Jury Trial. Each Party irrevocably waives any and all right to trial by jury in any Proceedings. 
 12.4 Waiver of Immunities. Each Party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its
revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific
performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings
in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 
  

			
	MORGAN STANLEY CAPITAL GROUP INC.
		
	By:	 	 /s/ Simon Platel

	Name:	 	Simon Platel
	Title:	 	Authorized Signatory
	
	DEMETER MANAGEMENT CORPORATION,
as General Partner and/or Trading Manager for the entities listed in Exhibit I
		
	By:	 	 /s/ Walter Davis

	Name:	 	Walter Davis
	Title:	 	President

  

 18 

 SCHEDULE 
 Schedule to the International Foreign Exchange and Options Master Agreement 
 dated as of November 28,
2007 (the “Agreement”) 
 between Morgan Stanley Capital Group Inc. 
 (“Party A”) 
 and 
 The entities listed in Exhibit I to the Schedule of this Agreement 
 (as amended or
supplemented from time to time), severally and not jointly 
 (“Party B”). 
  

							
	Part I.	 	Scope of the Agreement	  	
		
		 	The Agreement shall apply to all FX Transactions outstanding between any two Designated Offices of the Parties on the Effective Date.
		
		 	The Agreement shall apply to all Options outstanding between any two Designated Offices of the Parties on the Effective Date.
			
	Part II.	 	Designated Offices	  	
		
		 	Each of the following shall be a Designated Office:
			
		 	Party A: New York	  	
			
		 	Party B: New York	  	
			
	Part III.	 	Notices	  	
			
		 	If sent to Party A:	  	
			
		 	Address:	 	MORGAN STANLEY CAPITAL GROUP INC.
		 		 	1585 Broadway, 3rd floor	  	
		 		 	New York, New York 10036	  	
				
		 	Telephone Number:	 	(212) 761-2700	  	
		 	Facsimile Number:	 	(212) 761-0296	  	
		 	SWIFT Number:	 	MSNYUS33	  	
		 	Name of Individual or Department
to whom Notices are to be sent: Foreign Exchange Trading Department
			
	 If sent to Party B:
	 	DEMETER MANAGEMENT CORPORATION,	  	
		 		 	as General Partner and/or Trading Manager	  	
		 		 	for the entities listed in Exhibit I	  	
		 		 	522 Fifth Avenue, 13th Floor	  	
		 		 	New York, NY 10036	  	
		 	 Telephone Number:
	 	(212) 296-1999	  	
		 	 Facsimile Number:
	 	(212) 296-6868	  	

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

  

 20 

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

  

 21 

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

  

 22 

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

  

 23 

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

  

 24 

													
	Part XVII.	 	Agreement Superseding
		
		 	A new Section 11.16 shall be added to the Agreement which shall read as follows: “The Agreement shall supersede any other agreement between the Parties with respect to
the subject matter hereof.”
		
	Part XVIII.	 	1998 FX and Currency Option Definitions.
		
		 	The 1998 FX and Currency Option Definitions as published by ISDA, EMTA and The Foreign Exchange Committee (the “Definitions”) shall be applicable to each FX Transaction
and Option under the Agreement, including any FX Transaction or Option outstanding on the date hereof, subject to the following:
		
	A.	 	Definitions
			
		 	1.	 	The term “Agreement” in Section 2.2 of the Agreement shall include the Agreement as modified and supplemented by this Part.
			
		 	2.	 	The term “FX Transaction” and “Currency Option Transaction” in the Definitions or in a Confirmation shall in all cases be considered references to an “FX
Transaction” and “Option” under the Agreement.
			
		 	3.	 	Section 3.4 of the Definitions is hereby amended by adding the following new subparagraph at the end thereof:
				
		 		 	(c)	 	Payment of Premiums. If any Premium is not received on the applicable Premium Payment Date, the Seller may elect either: (i) to accept a late payment of such Premium;
(ii) to give written notice of such non-payment and, if such payment shall not be received within two (2) Local Business Days of such notice, treat the related Currency Option Transaction as void; or (iii) to give written notice of
such non-payment and, if such payment shall not be received within two (2) Local Business Days of such notice, treat such non-payment as an Event of Default under the Master Agreement. If the Seller elects to act under either clause (i) or
(ii) of the preceding sentence, the Buyer shall pay all out-of-pocket costs and actual damages incurred in connection with such unpaid or late Premium or void Currency Option Transaction, including, without limitation, interest on such Premium
in the same currency as such Premium at the then-prevailing market rate and any other costs or expenses incurred by the Seller in covering its obligations (including, without limitation, a delta hedge) with respect to such Currency Option
Transaction.
			
		 	4.	 	 The  Definitions are hereby amended by adding the following new Section 3.9:

				
		 		 		 	Section 3.9. Discharge and Termination of Currency Option Transactions. Unless otherwise agreed, any Call or Put written by a party will automatically be terminated and
discharged, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other party, such termination and discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Currency
Option Transactions; provided that, such termination and discharge may only occur in respect of Currency Option Transactions:
					
		 		 		 	(a)	 	each being with respect to the same Put Currency and the same Call Currency;

  

 25 

													
		 		 		 	(b)	 	each having the same Expiration Date and Expiration Time;
					
		 		 		 	(c)	 	each being of the same style (i.e., both being American Style Options, both being European Style Options or both being Bermuda or Mid-Atlantic Style Options);
					
		 		 		 	(d)	 	each having the same Strike Price;
					
		 		 		 	(e)	 	neither of which shall have been exercised by delivery of a Notice of Exercise;
				
		 		 		 	and, upon the occurrence of such termination and discharge, neither party shall have any further obligation to the other party in respect of the relevant Currency Option Transactions
or, as the case may be, parts thereof so terminated and discharged. Such termination and discharge shall be effective notwithstanding that either party (i) may fail to send out a Confirmation, (ii) may fail to record such termination and
discharge in its books, or (iii) may send out a Confirmation that is inconsistent with such termination and discharge. In the case of a partial termination and discharge (i.e., where the relevant Currency Option Transactions are for
different amounts of the Currency Pair), the remaining portion of the Currency Option Transaction which is partially terminated and discharged shall continue to be a Currency Option Transaction for all purposes hereunder.
			
		 	5.	 	All terms in this Part shall have the meanings given them above or in the Definitions, unless not defined above or in the Definitions, in which case the term shall have the meaning
given in the Agreement.
		
	B.	 	Scope
			
		 	1.	 	Notwithstanding the absence of any reference to the Definitions in a Confirmation, this Part and the Definitions shall be applicable to any FX Transaction or Currency Option
Transaction covered by the Agreement; provided that the Parties may agree otherwise for any Transaction as evidenced by a Confirmation that complies with Section 2.3 of the Agreement.
			
		 	2.	 	In the event of any inconsistency between the Definitions and a Confirmation, the terms of the Confirmation shall govern for the purpose of the relevant Transaction. In the event of
any inconsistency between the Definitions and the Agreement, the Definitions shall prevail.
		
	C.	 	Confirmations
		
		 	Notwithstanding Sections 2.4 and 11.12 of the Agreement, in the event of any inconsistency between the terms of a Confirmation for an FX Transaction or Currency Option Transaction
and the Agreement, the terms of the Confirmation shall prevail.
		
	D.	 	Disruption Events
		
		 	With respect to any Disruption Event that is applicable to an FX Transaction or Currency Option Transaction pursuant to the Definitions or as otherwise agreed by the Parties as
evidenced by a Confirmation, Section 9 of the Agreement shall not be applicable in respect of such FX

  

 26 

													
		 	Transaction or Currency Option Transaction, and the Parties shall be subject to the Disruption Fallbacks (including but not limited to No Fault Termination) specified as applicable
pursuant to the Definitions or such Confirmation.
		
	E.	 	Miscellaneous
		
		 	The provisions of Part VI.B of this Schedule relating to cash settlement of FX Transactions shall apply to Non-Deliverable FX Transactions.
		
	Part XIX.	 	Force Majeure, Act of State, Illegality and Impossibility
		
		 	Section 9 of the Agreement is hereby amended by deleting it in its entirety and inserting in its place the following replacement Section:
		
		 	 “9.1 Liquidation Rights. If a Force Majeure Event occurs and is still in effect, then (but subject to Section 9.2) either Party may,
by notice to the other Party on any day or days after the Waiting Period expires, require the close-out and liquidation of the Currency Obligations under any or all of the Affected Transactions in accordance with the provisions of Section 8.1
and, for such purposes, the Party unaffected by such Force Majeure Event shall perform the calculation required under Section 8.1 as if it were the Non-Defaulting Party (or, if both Parties are Affected Parties, but Parties shall so calculate
in respect of all Affected Transactions which either Party determines to liquidate and the average of the amounts so determined shall be the relevant amount in respect of each Affected Transaction, except that if a Party fails to so determine an
amount, the amount determined by the other Party shall govern). If a Party elects to so liquidate less than all Affected Transactions, it may liquidate additional Affected Transactions on a later day or days if the relevant Force Majeure Event is
still in effect.

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

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

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

		
		 	In addition, the following definitions shall be added to Section 1 of the Agreement:

  
  
  
  
  
  
  

 27 

													
		 	 ““Force Majeure Event”, on any day determined as if such day were a Value Date of an FX Transaction or the Settlement Date of an
Option, means (i) either Party, by reason of force majeure or act of state, is prevented from or hindered or delayed in delivering or receiving, or it is impossible to deliver or receive, any Currency in respect of a Currency Obligation or
Option, and which event is beyond the control of such Party and which such Party, with reasonable diligence, cannot overcome, or (ii) it is unlawful for either Party to deliver or receive a payment of any Currency in respect of a Currency
Obligation or Option. A Party whose delivery or receipt of Currency has been or would be so prevented, hindered or delayed or made unlawful or impossible is an “Affected Party”, and an FX Transaction or Option under which performance has
been or would be so prevented, hindered or delayed or made unlawful or impossible is an “Affected Transaction”, unless the Parties have expressly agreed in an Agreement, another writing or in regard to a particular FX Transaction or Option
that other disruption events or disruption fallbacks will apply to that FX Transaction or Option; in such event, that FX Transaction or Option will be subject to such disruption events or disruption fallbacks as the Parties have otherwise agreed.

		
		 	 “Waiting Period”, in respect of a Force Majeure Event, means that first eight days after such event occurs which are Business Days or
which, but for such event, would have been Business Days.”

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

  
  
  
  
  

 28 

													
		 	provides such notice for delivery of Margin pursuant to a Shortfall after the Cut-off Time on a Business Day, all Margin required to be transferred by Party B as a result of such
notice will be transferred by Party B no later than the close of business on the immediate following Business Day.
		
	C.	 	In furtherance of the foregoing, as security for the prompt and complete payment when due and the performance by Party B of all of its obligations to Party A under the Agreement,
Party B hereby grants to Party A a continuing first priority security interest in and to all of Party B’s right, title and interest in and to the Margin, the Account, all financial assets, investment property and other property and assets which
are deposited from time to time in, or credited from time to time to, the Account, all security entitlements in respect thereof, all income and profits thereon, all interest, dividends and other payments and distributions with respect thereto, and
all proceeds of any of the foregoing (the “Margin Collateral”). In addition, Party B hereby grants to Party A and its affiliates a first priority security interest in and to any property of Party B at any time held by Party A or any
affiliate of Party A for any purpose, including, without limitation, any property of Party B held in any account with Party A or any affiliate of Party A, any financial assets, investment property and other property and assets which are deposited
from time to time in, or credited from time to time to, any such account, all security entitlements in respect thereof, all income and profits thereon, all interest, dividends and other payments and distributions with respect thereto, and all
proceeds of any of the foregoing (the “Collateral”), to secure all obligations of Party B to Party A. If Collateral was delivered in connection with a particular agreement between Party B and Party A or any of its affiliates, then such
Collateral shall secure first the obligations of Party B with respect to such agreement and second all other obligations of Party B to Party A or any of its affiliates (in such order as Party A shall determine in its sole discretion). Party A and
its affiliates and Party B hereby each acknowledge and agree that each of Party A and its affiliates which holds Collateral holds such Collateral for itself and also as agent and bailee for all other of Party A and its affiliates which are secured
parties hereunder or under any agreement between Party B and Party A or any of its affiliates. If an Event of Default hereunder shall occur, then each of Party A and its affiliates shall be entitled to retain or sell all Collateral as security for
Party B’s obligations, even if otherwise required pursuant to the terms of an agreement or otherwise to deliver any Collateral to Party B or Party B’s order. The parties agree that Party A and its affiliates shall have the rights and
remedies of a secured creditor under the New York Uniform Commercial Code (the “UCC”) and under any other applicable law or agreement to exercise any right with respect to the Margin Collateral and the Collateral subject to the security
interest granted under the Agreement. Each of Party A or any of its affiliates shall have free and unrestricted use of any Margin Collateral and/or Collateral which it holds hereunder, including, without limitation, the right, from time to time and
without notice to Party B, to sell, pledge, repledge, hypothecate, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Margin Collateral and/or Collateral separately or in common with other
securities, commodities or other property, for the sum due to any of Party A or any of its affiliates or for a greater sum on terms which may otherwise impair the right of Party B to redeem such Margin Collateral and/or Collateral, and free from any
other right of claim of any nature whatsoever of Party B, and without retaining possession and control for delivery a like amount of similar securities, commodities, or other property.
		
	D.	 	Party B represents and warrants that it owns the Margin Collateral and the Collateral to be pledged and assigned to each of Party A and its affiliates hereunder and under any other
agreement between Party B and Party A or any of its affiliates, free and clear of any liens, equities, claims (including, without limitation, participation interests) and transfer restrictions. Party B covenants and agrees that it will not sell,
assign, transfer, exchange or otherwise
		 	

  
  

 29 

													
		 	dispose of, or grant any option with respect to, any of the Margin Collateral or the Collateral, nor will it create, incur or permit to exist any lien on or with respect to any of
the Margin Collateral or the Collateral, any interest therein, or any proceeds thereof, except for the security interests created under this Agreement or otherwise under any agreement between Party B and Party A or any of its affiliates. Any
purported sale, assignment, transfer, exchange, disposition, grant or lien of the Margin Collateral or the Collateral by Party B that is not permitted under the foregoing sentence shall be null and void and shall constitute an Event of Default
hereunder and under any agreement between Party B and Party A or any of its affiliates immediately prior to the taking of any such action, if Party A so deems (it being understood that there shall be no grace period with respect to obligations of
Party B pursuant to this Part XX.
		
	E.	 	Party B shall, in its sole expense and as Party A in its sole discretion may deem necessary or advisable from time to time, (i) to create, preserve, protect and perfect the
security interests granted under the Agreement and (ii) to enable Party A to exercise and enforce its rights with respect to such security interests, do all acts and things and execute and deliver all documents and instruments in such manner
and form as Party A may require, including without limitation UCC financing statements and continuation statements. Party B hereby appoints Party A as its true and lawful attorney-in-fact, including without limitation, to sign and file such
documents and instruments on Party B’s behalf and without Party B’s signature; such appointment, being coupled with an interest, shall be irrevocable. Without limitation on the foregoing, Party B agrees to take such action as Party A in
its sole discretion may deem necessary or advisable in the event of any change in applicable law, including, without limitation, Articles 8 and 9 of the UCC and the Regulations of the Department of the Treasury and other governmental bodies
governing transfers of interests in U.S. marketable treasury securities in book-entry form.
		
	F.	 	The parties hereto agree that each of the Account and any account in which any Collateral is held or to which any Collateral is credited (a “Collateral Account”) is a
“securities account” within the meaning of Article 8 of the UCC and that all property and assets (including, without limitation, cash) held in or credited to (i) the Account or (ii) any Collateral Account shall be treated as a
“financial asset” for purposes of Article 8 of the UCC.

  

			
	MORGAN STANLEY CAPITAL GROUP INC.
		
	By	 	 /s/ Simon Platel

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

		
	By:	 	 /s/ Walter Davis

	Name:	 	Walter Davis
	Title:	 	President

  

 30 

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

 31 

 CUSTODIAN ACCOUNT ADDENDUM 
 This Addendum supplements, forms part of, and is subject in all respects to, the Foreign Exchange and Options Master Agreement (FEOMA) including the
Schedule thereto (the “Schedule”) dated as of November 28, 2007, by and between Morgan Stanley Capital Group Inc. and Demeter Management Corporation as General Partner and/or Trading Manager on behalf of the entities listed in Exhibit
I to the Schedule of the FEOMA (as amended or supplemented from time to time), severally and not jointly (collectively, the “Agreement”), and is a part of the Schedule with respect to each party; provided, however, as used
herein, “Pledgor” means Party B and “Secured Party” means Party A (as defined in the Agreement). Other capitalized terms used herein, unless otherwise defined, have the meanings specified in the Agreement. With respect to the
rights or obligations of the Secured Party or the Pledgor, in the event of any inconsistencies between this Addendum and the Agreement, the Agreement will prevail. 
 Having appointed Morgan Stanley & Co. Incorporated (the “Custodian”) to hold Margin for and on behalf of the Secured Party, the Secured Party, the Pledgor and the Custodian (solely to the extent of
the duties it has agreed to undertake and perform hereunder) agree as follows: 
 In all respects, the rights of the Secured Party under the
Schedule with respect to Margin shall not be affected by the appointment of a Custodian hereunder. The provisions of this Addendum in no way diminish or otherwise affect the rights of the Secured Party under the Agreement. 
 The Secured Party, by written notice to the Custodian, may exercise all powers, and exercise any and all rights and remedies permitted under the Schedule
as though the Secured Party was taking such action directly, and the Custodian will comply with, and be entitled to rely on, all such instructions (including, without limitation, entitlement orders) as if such instructions were provided by the
parties jointly. 
 As used herein, the following terms have the following meaning: 
 “Advice from the Secured Party” or “Advice” means a written notice sent to the Pledgor and/or the Custodian or transmitted by a
facsimile sending device by any of those individuals designated by the Secured Party, except that for any of the following purposes it shall mean notice by telephone to a person designated by the Pledgor in writing as authorized to receive such
advice or, in the event that no such person is available, to any officer of the Pledgor and confirmed promptly in writing thereafter: (i) for initial or additional Margin; (ii) that the Secured Party has issued a Notice of Exercise with
respect to an Option ; or (iii) that the Pledgor has failed to give notice of intent to make payment of amounts or deliveries as required under Paragraph 5 of this Addendum. With respect to any covering purchase transaction, the Advice from the
Secured Party shall mean a Confirmation in use by the Secured Party and sent or transmitted to the Pledgor and/or the Custodian. When used herein the term “Advise” means the act of sending an Advice from the Secured Party. 
 The Custodian shall open an account on its books entitled “Special Custody Account for Morgan Stanley Managed Futures” (referred to herein as
the “Special Custody Account”). 
 The parties hereto agree that all property and assets held in or credited to the Special Custody
Account will be treated as financial assets under Article 8 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”). The parties hereto further agree that the securities intermediary’s jurisdiction, within the
meaning of Section 8-110(e) of the UCC, in respect of the Special Custody Account and the Margin is the State of New York and agree that none of them has or will enter into any agreement to the contrary. 
  

 32 

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

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

  

 33 

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

 The Secured Party and the Pledgor hereby acknowledge that the Custodian holds securities and cash as custodian for its customers through sub-custodians, depositaries and deposit-taking banks which maintain omnibus accounts on behalf of
customers of the Custodian. Securities held in the Special Custody Account may be held at the Depository Trust Company or other book-entry depository systems in the account of the Custodian, save that Margin denominated in currencies other than US
Dollars may be held by a sub-custodian for the Custodian other than in book-entry form. U.S. Treasury securities shall be held in a Treasury/Reserve Automated Debt Entry System (“TRADES”) Participant’s securities account of the
Custodian or of the Custodian’s sub-custodian for the account of the Custodian at the Federal Reserve Bank. 
 A monthly statement will
be provided by the Custodian to the Secured Party and the Pledgor listing all Margin held in the Special Custody Account. The Custodian will also advise the Secured Party upon request, at any time, of the kind and amount of Margin pledged to the
Secured Party. It is agreed that, notwithstanding any language to the contrary in Custodian’s form of confirmation, the Custodian holds the Margin as agent of the Secured Party as pledgee hereunder, not as escrow agent. The Custodian makes no
representations as to the existence, perfection or enforceability of any security interest, charge, lien or other rights of the Pledgor in or to the Margin. 
 The Pledgor shall pay the Custodian as compensation for its services pursuant to this Addendum such compensation as may from time to time be agreed upon in writing between the Pledgor and the Custodian. 
 No amendment to this Addendum shall be effective unless in writing and signed by an authorized officer of each of the Secured Party, the Pledgor, and the
Custodian. 
 This Addendum may be executed in one or more counterparts, all of which together shall constitute but one and the same
instrument. 
 Any of the parties hereto may terminate the custodial relationship by notice, given at least 10 business days prior to the
date of such intended termination, in writing to the other parties hereto; provided, however, that should the Custodian or the Pledgor seek to terminate, then the Pledgor must designate a replacement Custodian, which the Secured Party has, in the
exercise of its sole discretion, approved. Custodian agrees to remain as the Custodian until such time as a replacement Custodian has been approved and such replacement Custodian has agreed to the terms of its service hereunder and under the
Agreement. 
 Written communications hereunder shall be sent in the manner specified in the Agreement addressed: 
  

 34 

	
	 (a)    If to Custodian, to:

	 Morgan Stanley & Co. Incorporated

	 522 Fifth Avenue, 13th Floor

	 New York, NY 10036

	 Attention: Managed Futures Department

	 Phone: (212) 296-1999

	 Fax: (212) 296-6868

	
	 (b)    If to the Pledgor, to:

	 Demeter Management Corporation as General Partner and/or Trading Manager on behalf of

	 The entities listed in Exhibit I to the Schedule of the FEOMA

	 522 Fifth Avenue, 13th Floor

	 New York, NY 10036

	 Phone: (212) 296-1999

	 Fax: (212) 296-6868

	
	 (c)    If to the Secured Party, to:

	 Morgan Stanley Capital Group Inc.

	 1585 Broadway, 3rd floor

	 New York, New York 10036

	 Attention: Foreign Exchange Trading Desk

	 Phone: (212) 761-2700

	 Fax: (212) 761-0296

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

			
	MORGAN STANLEY CAPITAL GROUP INC.
		
	By:	 	 /s/ Simon Platel

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

		
	By:	 	 /s/ Walter Davis

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

	Name:	 	Walter Davis
	Title:	 	Executive Director

  

 35

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