Document:

EX-10.17

 EXHIBIT 10.17 

 
 

 
 MORGAN STANLEY & CO. LLC 

Commodity Futures Account 
 Documents 
 Booklet 1 of 2 

 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT OR ESTABLISHING A NEW
CUSTOMER RELATIONSHIP 
 To help the U.S. Government prevent the funding of terrorism and money laundering activities, federal law
requires all U.S. financial institutions to obtain, verify, and record information that identifies each customer that opens an account. 

What this means: When entering into a new customer relationship with Morgan Stanley, the firm will ask for your name, address, date of birth (as
applicable), and other identification information. This information will be used to verify your identity. As appropriate, the firm may, in its discretion, ask for additional documentation or information. If all required documentation or information
is not provided, Morgan Stanley may be unable to open an account or establish a relationship with you. 
 We wish to inform you of your
responsibilities under the Unlawful Internet Gambling Enforcement Act (“the Act”), which became effective June 1, 2010. Under the Act, neither you nor any other person who has an ownership interest in or authority over your account
may use it to process or facilitate payments for restricted internet gambling transactions. 

  
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 COMMODITY FUTURES ACCOUNT APPLICATION 

Please complete all of the following information 
 (attach continuation pages if necessary) 
 All Fields Mandatory 

 

	I.	Customer Name/Mailing Address for all Notices and Statements 

 Legal Name of Customer (name of account owner):    Each fund set forth on Appendix A (which may be amended from time to time) attached hereto, in their individual
capacity 
  

			
	Customer’s Legal Address (address of organization):	  	  

	
	  

  

									
	Telephone:	  	 (            )
	  		  	Facsimile:	  	 (            )

  

					
	Email address to which written notice may be sent:	  	  
	  	

  

			
	Principal Business of Customer:	  	  

  

					
	Organized Under the Laws of (country of organization):	  	  
	  	

  

			
	U.S. Soc. Sec./Tax I.D. No.:	  	   See Appendix A

  

			
	Non-U.S. Government Issued I.D. No. and Type of I.D.:	  	  

  

			
	Name of Trustee (if organized as a Trust):	  	  

  

			
	Recipient and Mailing Address for Duplicate Statements: (If additional space is needed, please attach a 
separate page)	  	  

  
  

 

	II.	Financial Statement 

Enclose copy of most recent audited/unaudited financial statement (required for credit review) 

Prime Brokerage Account number (if Prime Brokered with Morgan Stanley).
                             

 

	III.	Customer Designation (check all that apply, at least one item must be checked) 

 

							
	 ̈ Bank	  	 ̈ Partnership	  		  	
	 ̈ Commodity Pool	  	 ̈ Insurance Company	  	 ̈ State or Municipal Pension Plan	  	
	 ̈ Corporation	  	 ̈ LLC	  	 ̈ Trust	  	
	 ̈ Endowment	  	 ̈ LLP	  	 ̈ Other:
                                        
	  	
	 ̈ ERISA	  	 ̈ Mutual Fund	  		  	

  

	IV.	Evidence of Authorization 

 Please
provide a copy of the following applicable document showing Customer’s authority to trade futures: 
  

					
	Corporation	  	-	    	Corporate Resolution
	LLC	  	-	    	Operating Agreement
	LLP	  	-	    	Partnership Agreement
	Partnership	  	-	    	Partnership Agreement
	Trust	  	-	    	Trust Agreement
	Mutual Fund	  	-	    	Prospectus and SAI

 Commodity Pool, ERISA, Bank, Insurance Company and other account types please contact Morgan Stanley regarding
required documentation. 
  

	V.	Third Party Advisor See Appendix A 

 Are you giving discretionary authority over your account to a third-party advisor?  ̈ Yes  ̈ No 

If yes, you must complete the Discretionary Trading Authorization and the Advisor must sign the Representations of Advisor (both on page 3 attached) and
such other evidence of authority as requested by Morgan Stanley. 
 Name of Third Party Advisor:
                                         
                    

  
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	Advisor’s U.S. Soc. Sec./Tax ID Number	  	  

			
		
	Non-U.S. government issued ID Number:	  	  

			
		
	Advisor’s Mailing Address:	  	  

  
  

 
  

					
	Email address to which written notice may be sent:	  	  
	  	

  

	VI.	Account Designation (Check one) See Appendix A 

 

	 	 ̈	Speculative. Orders placed by Customer for the Account will normally represent speculative transactions. 

 

	 	 ̈	Hedge. Orders placed by Customer for the Account will normally represent bona fide hedging transactions as defined in Commodity Futures Trading Commission
(“CFTC”) Rule 1.3(z). If orders placed for the Account normally represent hedging transactions, please complete Section 10(r)(i) of the Commodity Futures Customer Agreement. Failure to choose one of the above will designate the
Account as Speculative. 

  

	VII.	Information to be used by Morgan Stanley to prepare CFTC Form 102 upon regulatory demand 

 

	(a)	Please identify the legal entity that controls trading in the Account 

  

					
	Name:	  	  
	  	

			
	Business Address:	  	  

			
	  
	  	

					
	Business Telephone:	  	  
	  	

  

	(b)	Is the above-identified legal entity registered as a: 

  

					
	Commodity trading advisor	  	 ̈  Yes	  	 ̈  No
	Securities investment advisor	  	 ̈  Yes	  	 ̈  No

  

	(c)	Please give contact information for an officer of the above-named legal entity: 

 

					
	Name:	  	  
	 	

					
	Title:	  	  
	 	

  

	(d)	Please list all persons or entities who have a 10 percent or more financial interest in the legal entity that controls trading in the Account, indicating with an
asterisk those having discretionary trading authority with respect to the Account.: 

 If none, check here  ̈) 
  

			
	  
	 	
	  
	 	
	  
	 	
	  
	 	
	  
	 	

  

	VIII.	Customer Representations 

 Customer has reviewed the registration requirements of the Commodity Exchange Act, as amended (“CEA”), and the membership requirements of the National Futures Association (“NFA”)
relating to commodity pool operators and commodity trading advisors, and Customer, or as applicable Customer’s sponsor: (Please check one) 
  

	 	 ̈	does not engage in activities requiring registration under the Act; 

  

	 	 ̈	is appropriately registered with the CFTC and are members of the NFA; or 

  

	 	 ̈	is exempt from CFTC registration requirements and has filed all notices of eligibility and other documents necessary in connection therewith. 

 

	IX.	Individual customers please complete the Commodity Futures Account Application - Individual Customer Application Annex included with these documents.

  
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 ** PLEASE COMPLETE ONLY IF YOU HAVE ENGAGED A ** 

THIRD PARTY ADVISOR TO DIRECT YOUR ACCOUNT 
 DISCRETIONARY TRADING AUTHORIZATION 
 The undersigned Customer hereby authorizes
                     (the Advisor”) as its agent and attorney-in-fact to purchase, sell and trade in commodity futures contracts, options
thereon, foreign futures and options thereon and interests therein (in each case, as defined under Applicable Law, as defined below), and including, without limitation, exchange-for-physical, exchange-for-swap, exchange-for-risk,
exchange-for-options or exchange-for-related-positions transactions, block trades, over-the-counter derivative instruments, including cleared OTC derivatives and cleared swaps, approved under Applicable Law for trading or clearing on a designated
contract market, derivatives clearing organization, exempt commercial market or foreign board of trade or foreign clearing organization and to the extent not governed by any other agreement between the parties, commodities delivered as a result of
the settlement of any of the foregoing, in accordance with Morgan Stanley & Co. LLC’s (“Morgan Stanley”) terms and conditions for Customer’s account and risk and in Customer’s name or number on Morgan Stanley’s
books. Customer hereby confirms it has received a copy of Advisor’s disclosure document or has received a written statement from Advisor explaining why the Advisor is not required to provide a disclosure document. 

This authorization is in addition to (and in no way limits or restricts) any rights which Morgan Stanley may have under the Morgan Stanley Commodity
Futures Customer Agreement executed by Customer and any other agreement or agreements between Morgan Stanley and Customer. 
 This authorization
may be terminated by Customer at any time as of the actual receipt by Morgan Stanley of written notice of termination. Termination of this authorization shall not affect any liability in any way resulting from transactions initiated prior to such
termination. This authorization shall inure to Morgan Stanley’s benefit and that of Morgan Stanley’s successors and assigns. 
  

			
	 Each fund set forth on Appendix A (which may be amended from time to time) attached hereto,
in their individual capacity

	(Name of Customer - Please Print)
	
	  

	(Signature)	 	(Date)
	
	  

	(Name & Title - Please Print)

  
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 REPRESENTATIONS OF ADVISOR 
 The undersigned Advisor acknowledges that it has been designated as Customer’s agent and attorney-in-fact pursuant to the Discretionary Trading Authorization. In this regard, the Advisor hereby
represents and warrants to Morgan Stanley & Co. LLC that: (a) the Advisor is either appropriately registered as a commodity pool operator or commodity trading advisor with the CFTC and a member of the National Futures Association or
exempt or excluded from such registration requirements; and (b) if and to the extent required, the Advisor has provided and will continue to provide Customer with an explanation of the nature and risks of transactions to be executed for
Customer’s Account under this Agreement; and (c) if required, the Advisor has provided Customer with a copy of its most recent CFTC Disclosure Document, or has provided Customer with a written explanation of the reason why it is not
required to deliver a Disclosure Document to Customer. 
  

			
	  

	(Name of Advisor - Please Print)
	
	  

	(Signature)	 	(Date)
	
	  

	(Name & Title - Please Print)

  
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 AMENDED AND RESTATED COMMODITY FUTURES CUSTOMER AGREEMENT 

This Amended and Restated Commodity Futures Customer Agreement (the “Agreement”), made and entered into as of the date set forth at the
end of this Agreement and effective with respect to each Fund as of the date set forth in Appendix A, is entered into in consideration of acceptance by Morgan Stanley & Co. LLC (“Morgan Stanley”), a registered futures
commission merchant (“FCM”), of an account or accounts (individually or jointly an “Account”) in the name of each of the funds or accounts listed in a schedule (each such fund or account, a
“Customer,” and such schedule the “Customer Schedule”) to this Agreement attached hereto as Appendix A, as may from time to time be amended, and amends and restates the Commodity Futures Customer Agreement dated as
of May 30, 2012. 
 Each Customer will engage a commodity trading advisor to provide investment advice to Customer (each an
“Advisor”). Such Advisor is selected by Ceres Managed Futures LLC, the trading manager of each Customer (“Ceres”). As of the date hereof, each such Advisor has previously executed a form of the Representations of Advisor in favor
of Morgan Stanley which is hereby incorporated by reference, and going forward henceforth, any Advisor selected by Ceres shall execute such form prior to trading in the relevant Account. The Customer Schedule applicable as of the effective date of
this Agreement is set forth in Appendix A hereto. A form of Customer Schedule by which additional Customers may from time to time be joined as a Customer subject to this Agreement is attached as Appendix B hereto. The parties agree that Appendix A
shall be revised from time to time to reflect the joinder of new Customers under this Agreement whenever any such Customer is so joined under the form set forth in Appendix B. 
 It is understood and agreed that for ease of administration, this Agreement is being executed so as to enable each fund or account listed on the Customer Schedule hereto to utilize Morgan Stanley as a
FCM. Ceres may add additional Customers to the Customer Schedule without the consent of any other Customer and upon providing notice to Morgan Stanley. For the avoidance of doubt, each fund or account identified on the Customer Schedule at any time
shall be an individual Customer of Morgan Stanley and each shall be deemed to have entered into a separate Agreement with Morgan Stanley. If any existing Customer is removed from such Customer Schedule at any time, as long as no positions remain
open hereunder with respect to such Customer, this Agreement shall be deemed terminated with respect to such Customer and neither such Customer nor Morgan Stanley shall have any further obligations to each other hereunder. The latest-dated Customer
Schedule shall supersede and replace, in all respects, any prior Customer Schedule. 
 The parties agree that this Agreement shall be treated as
if it were a separate agreement with respect to each fund or account listed on the Customer Schedule under the heading “Name of Customer,” as if each such fund or account had executed a separate agreement naming only itself as Customer,
and that no fund or account listed on a Customer Schedule shall have any liability under this Agreement for the obligations of any other fund or account listed on the same or another Customer Schedule. For the avoidance of doubt, no Customer has
been deemed to have any affiliates under this Agreement. 
  

	1.	Applicable Law. The Account and all Contracts, transactions and agreements in respect of the Account shall be subject to the Commodity Exchange Act
(“CEA”) and the rules, regulations, rulings, advisories and interpretations of the Commodity Futures Trading Commission (“CFTC”), the National Futures Association (“NFA”), exchanges, contract markets and clearing
organizations where any transaction in the Account is executed and/or cleared by Morgan Stanley or Morgan Stanley’s designated agents hereunder. All such laws, rules, regulations, rulings, advisories and interpretations, as in effect from time
to time, are hereinafter collectively referred to as “Applicable Law.” 

  

	2.	 Customer’s Representations and Warranties. At the time of entering into this Agreement and again upon the entry into any
Contracts or transactions under this Agreement, Customer represents, warrants and covenants that (a) Customer has full right, power and authority to enter into this 

  
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Agreement, and the person executing this Agreement on behalf of Customer is authorized to do so; (b) this Agreement is binding on Customer and enforceable against Customer in accordance with
its terms; (c) Customer may lawfully establish and open the Account for the purpose of effecting purchases and sales of Contracts through Morgan Stanley; (d) performance of this Agreement and of transactions entered into pursuant to this
Agreement will not violate any Applicable Law to which Customer is subject or any agreement to which Customer is subject or a party, except to the extent such violation does not cause a material adverse effect to the Customer’s business;
(e) performance of this Agreement and of transactions entered into pursuant to this Agreement will comply with Customer’s Constitutive Documents, except to the extent such failure to comply does not cause a material adverse effect to the
Customer’s business; (f) all of Customer’s information in the Account Application preceding this Agreement (which Application and the information contained therein is hereby incorporated into this Agreement) is true and correct in all
material respects and Customer shall promptly notify Morgan Stanley of any material change in such information; (g) if Customer is domiciled or resident in any Province of Canada, Customer is (i) a company or person, other than an
individual, that is an “accredited investor” as defined in section 1.1 of National Instrument 45-106 — Prospectus and Registration Exemptions; or (ii) a person or company deemed to be a “designated institution” under
subsection 204(1) of Ontario Regulation 1015 — General Regulation made under the Securities Act (Ontario); (h) if Customer is domiciled or resident in the Province of Québec, Canada, Customer is an “accredited
counterparty” under Section 3 of the Québec Derivatives Act; (i) to the extent required under Applicable Law as a regulatory prerequisite to the execution or clearing of any Contract for its Account, Customer is an
“eligible contract participant” as defined under Section 1a(18) of the CEA and (j) if Customer enters into any OTC agricultural swap transaction for the purpose of clearing such transaction in the Account, Customer is and will
remain during the term of any such transaction an eligible swap participant within the meaning of Rule 35.1(b)(2) of the rules of the CFTC (“CFTC Rules”). “Constitutive Documents” means any (i) incorporating documents,
including any articles of incorporation or unanimous shareholders’ agreement, (ii) partnership agreement, (iii) trust deed, agreement or declaration, (iv) by-laws, (v) plan documents, including any statement of investment
policies and procedures, in the case of an employee benefit plan, pension plan or master trust in which the assets of a pension plan are invested, and (vi) prospectus or offering memorandum and annual information form, all as applicable, and as
amended, replaced, or supplemented from time to time, together with any attachments, schedules, exhibits and documents incorporated by reference. 

  

	3.	Payment Obligations Of Customer. Customer shall pay Morgan Stanley upon demand (a) all brokerage charges, give-up fees, commissions and service
fees as Morgan Stanley and Customer may from time to time agree; (b) all exchange, clearing house, NFA or other regulatory fees or charges; (c) any tax imposed on Customer’s transactions hereunder by any competent taxing authority;
(d) any debit balance or deficiency in the Account, including margin obligations in respect of the Account arising under Section 6(e) hereof; (e) interest on any debit balances or deficiencies in the Account, at rates agreed from time
to time between the parties; and (f) any other amounts owed by Customer to Morgan Stanley with respect to the Account or any transactions therein. 

 Customer agrees to compensate Morgan Stanley and its affiliates, officers, employees, successors, assigns and agents for any and all loss, liability, cost, penalty or tax (each a “Loss” and
collectively “Losses”) incurred by Morgan Stanley as a direct result of Customer’s failure to comply with any provision of, or to perform any obligations under, this Agreement in a material way, or as a direct result of the failure of
any of its representations, warranties or covenants made hereunder to be true and correct in any material respect; provided however, Customer shall not compensate Morgan Stanley to the extent such Loss is caused by the negligence, fraud or willful
misconduct of Morgan Stanley. 

  
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	4.	Customer’s Events Of Default; Morgan Stanley’s Remedies. 

 

	 	(a)	Events of Default. As used herein, any of the following is an “Event of Default”: 

 

	 	(i)	the commencement of a proceeding under any bankruptcy, insolvency, arrangement or reorganization regime existing under Applicable Law or the institution of any other
relief under bankruptcy or insolvency law or other similar law affecting creditors’ rights, or the filing or presentation of a petition for the appointment of a receiver by or against Customer or for the Customer’s winding up or
liquidation, an assignment, arrangement or composition made by Customer with or for the benefit of creditors, Customer becomes insolvent or is unable to pay its debts or fails or makes an admission in writing that it is insolvent or is unable to pay
its debts when they mature, or the suspension by Customer of its usual business or any material portion thereof, provided that a proceeding seeking a judgment of insolvency or bankruptcy against Customer that is instituted by a person other than
Customer or an affiliate of Customer or a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over the Customer shall constitute an Event of Default hereunder only if, and at such time as,
such proceeding results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or is not dismissed or withdrawn within 30 calendar days of being instituted;

  

	 	(ii)	the issuance of any warrant or order of attachment against the Account or the levy of a judgment against the Account; 

 

	 	(iii)	Customer (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) has a resolution passed for its winding-up, official
management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (c) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or similar
official for it or for all or substantially all of its assets; (d) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or
sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (e) causes or is subject to any
event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i), (ii) or (iii) above or (f) takes any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any of the foregoing acts; 

  

	 	(iv)	 if Customer is an employee benefit plan or other pension fund (or administrator or trustee of such a plan, fund or master trust in which the fund
assets are invested), (A) any step is taken by Customer, any governmental authority or body or regulator, or other person to terminate, wind-up or liquidate Customer, the fund or the plan, in whole or in part; (B) any event or condition
occurs or exists that would entitle any court or regulator to require the termination, wind-up or liquidation of Customer, the fund or the plan, in whole or in part, or the termination or close-out of any Contract; (C) Customer is unable to pay
benefits under the relevant employment or pension benefit plan when due; (D) Customer or any other person does anything or takes any action or step to merge, consolidate or combine the fund

  
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with any other pension fund or its assets, whereby assets are transferred from the fund or are to become available for the payment of any liabilities of the other fund without the consent of
Morgan Stanley; 

  

	 	(v)	if Customer is a trust or investment fund, (A) any step is taken by Customer or any governmental authority to terminate, wind-up or liquidate Customer or the fund;
or (B) any event or condition occurs or exists that would entitle any court or regulator to require the termination, wind-up or liquidation of Customer or the fund or to issue a cease trade order in respect of Customer, in whole or in part, or
the termination or close-out of any Contract; 

  

	 	(vi)	the failure by Customer to deposit or maintain margin or to pay required premiums in accordance with Section 6(e) hereof, or otherwise to make payments required by
Section 3 hereof; 

  

	 	(vii)	Customer is in default, or an event of default exists, with respect to any material obligation or liability (including the failure to make a payment on demand or to
satisfy margin requirements) arising under any agreement styled as Customer Documents (Eligible Counterparty / Professional Client) (Including Exchange – Traded Derivatives) between Morgan Stanley & Co. International plc and Customer
(for the avoidance of doubt, the term “Customer” as used herein shall refer to an individual investment vehicle alone and no affiliates of such vehicle); 

 

	 	(viii)	Customer is suspended from membership of, or participation in, any exchange, clearing house or self-regulatory organization, or suspended from dealings in Contracts by
any government agency or self-regulatory organization, or by act of any judicial authority; 

  

	 	(ix)	Morgan Stanley determines in good faith and a commercially reasonable manner that any material representation or warranty or covenant made by Customer to Morgan Stanley
is untrue or inaccurate in any material respect, and following Morgan Stanley providing notice to Customer regarding such representation and Customer failing to cure such matter within three Business Days following such notice; and

  

	 	(x)	the failure by Customer to perform, in any material respect, its other obligations hereunder and following Morgan Stanley providing notice to Customer regarding such
performance and Customer failing to cure such matter within three Business Days following such notice. 

  

	 	(b)	 Remedies. Upon the occurrence of an Event of Default, Morgan Stanley shall have the right, in addition to any other remedy available to
Morgan Stanley at law or equity, to (i) buy, sell or otherwise liquidate any or all open Contracts held in or for the Account (including without limitation through the making or taking of delivery, the use of exchange-for-physical,
exchange-for-swap, exchange-for-risk, exchange-for-options or exchange-for-related-positions transactions, block trades, any associated cash transactions as broker or principal, or any other means); (ii) set off or apply any or all cash margin
held in or for the Account to any amount owed by Customer to Morgan Stanley; (iii) sell any or all of the securities or other property of Customer held in or for the Account and to apply the proceeds thereof to any amounts owed by Customer to
Morgan Stanley; (iv) borrow or buy any options, securities, Contracts or other property for the Account; or (v) cancel any unfilled orders for the purchase or sale of Contracts

  
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for the Account, all without demand for margin and without notice or advertisement and to the full extent permitted under Applicable Law. In exercising its remedies hereunder, Morgan Stanley may
in its sole discretion and without prior notice to Customer (A) straddle or spread open positions in the Account; (B) switch positions to another month, commodity or exchange; (C) close out positions in whole or in part, or limit
and/or terminate the right of Customer to trade in the Account, other than for liquidation; (D) sell Contracts to itself or its affiliates or buy Contracts from itself or its affiliates in arms-length transactions; (E) purchase the whole
or any part of open positions in the Account free from any right of redemption, and, in each case, Customer shall remain liable for any resulting deficiency. In the event Morgan Stanley’s position would not be jeopardized thereby, Morgan
Stanley will make reasonable efforts under the circumstances to notify Customer prior to taking any such action. A prior demand or margin call of any kind from Morgan Stanley or prior notice from Morgan Stanley shall not be considered a waiver of
Morgan Stanley’s right to take any action without notice or demand. 

  

	 	(c)	Set-off Rights. Upon the occurrence of an Event of Default, in addition to and not in limitation of any other right or remedy (including any right to
set-off, counterclaim, or otherwise withholding of payment) under any agreement or Applicable Law, Morgan Stanley will at its option have the right, at any time and from time to time, without prior notice to Customer, to set-off any sum or
obligation (whether or not vested or contingent and whether or not such sum or obligation is then due and payable) owed by Customer to Morgan Stanley against any sum or obligation (whether or not vested or contingent and whether or not such sum or
obligation is then due and payable) owed by Morgan Stanley or any affiliate of Morgan Stanley (the “Original Obligation”) to Customer and, for this purpose, may convert one currency into another at the commercially reasonable rates of
exchange as determined by Morgan Stanley for the purchase of such other currency from time to time. Any such set-off will automatically satisfy and discharge the Original Obligation to Customer and, if the Original Obligation exceeds the sum or
obligation to be set-off against, the Original Obligation will be novated and replaced by an obligation to pay Customer only the excess of the Original Obligation over such sum or obligation. Customer authorizes Morgan Stanley and its affiliates, on
behalf of and in the name of Customer, to do all such acts and to execute all such documents as may be required to effect such application. 

  

	5.	 Limitation Of Liability. Except as otherwise provided in this Section 5, neither Morgan Stanley nor its affiliates shall have any
responsibility or liability to Customer hereunder for, any Losses however caused, incurred or suffered by Customer directly or indirectly (i) in connection with the performance or non-performance, for any reason, by any designated contract
market, swaps execution facility, trading facility, clearing house, derivatives clearing organization, executing broker, clearing firm or custodian or by any electronic trading system, facility or service (any such system, facility or service,
collectively, “Electronic Trading Services”), or by any other third party of its obligations to Morgan Stanley in respect of or in connection with any Contract provided, however, that Morgan Stanley has picked such party in a commercially
reasonable manner; (ii) as a result of any prediction, recommendation or advice made or given by a representative of Morgan Stanley, whether or not made or given at the request of Customer; (iii) as a result of Morgan Stanley’s
commercially reasonable reliance on any instruction, notice or communication that it believes to be that of an individual authorized to act on behalf of Customer; (iv) as a result of any delay in the performance or non-performance of any of
Morgan Stanley’s obligations hereunder directly or indirectly caused by the occurrence of any contingency beyond the control of Morgan Stanley including, but not limited to, government or exchange suspensions or restrictions on trading or
clearing, war, acts of terrorism or natural disasters, or the unscheduled closure of an exchange or contract market or delays in the transmission of orders due to breakdowns or failures of transmission or communication facilities, execution, and/or
trading 

  
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facilities or other systems (including, without limitation, any Electronic Trading Services), it being understood that Morgan Stanley shall be excused from performance of its obligations
hereunder for such period of time as is reasonably necessary after such occurrence to remedy the effects therefrom; (v) as a result of any action reasonably taken by or on behalf of Morgan Stanley or its floor brokers in compliance with
Applicable Law; or (vi) in connection with or arising out of any agreements relating to Electronic Trading Services provided to Customer by Morgan Stanley (the terms and conditions of which in their entirety are incorporated herein by
reference). Further, with respect to any Electronic Trading Services Morgan Stanley expressly disclaims any representation or warranty whatsoever (a) with respect to accuracy, completeness or timeliness of such services, (b) that such
services shall be uninterrupted or error free; and (c) including any implied warranties of title, non-infringement, merchantability or fitness for a particular purpose relating to such services; provided however, Morgan Stanley shall be liable
to the extent such Loss is caused by the negligence, fraud or willful misconduct of Morgan Stanley. Neither party shall be liable to the other for consequential, incidental, punitive or special damages hereunder, including, without limitation,
damages alleged on the basis of lost profits or lost assets, including income-producing assets. 

  

	6.	General Agreements. The parties agree that: 

  

	 	(a)	Morgan Stanley’s Responsibility. Morgan Stanley is not acting as a fiduciary, foundation manager, commodity pool operator, commodity trading advisor or
investment adviser in respect of any Account opened by Customer. Customer is acting for its own account and has made its own independent decisions to effect transactions in Contracts and as to whether each transaction is prudent or appropriate for
it based on Customer’s own judgment and upon advice from such advisors as it has deemed necessary. Customer is solely responsible for any trading decisions including order-routing decisions made by Customer. Morgan Stanley does not make any
recommendation as to where such orders should be executed and does not undertake to notify Customer of price improvement opportunities or more advantageous execution quality at particular exchange venues. Morgan Stanley shall have no responsibility
hereunder for compliance with any law or regulation governing the conduct of fiduciaries, foundation managers, commodity pool operators, commodity trading advisors or investment advisers. 

Without limitation of the foregoing (i) Morgan Stanley shall provide the services listed in Appendix C (which may be amended from
time to time upon the written mutual consent of Morgan Stanley and each Customer) to each Customer; (ii) Morgan Stanley shall comply with the segregation requirements of Section 4d(a)(2) of the CEA and the CFTC Rules or, if applicable,
Part 30 of the CFTC Rules or, with respect to eligible cleared OTC derivatives, the rules of the derivatives clearing organization where such cleared OTC derivatives are cleared, with respect to assets deposited by Customer hereunder;
(iii) Morgan Stanley, as appropriate to Customer’s transactions and in accordance with the CEA and CFTC Rules (including Part 30 of such Rules and, as applicable, the rules of relevant derivatives clearing organizations), may place and
maintain Customer’s assets to effect Customer’s transactions with another FCM, a clearing organization or a foreign bank (as such terms are defined under Rule 17f-6 under the Investment Company Act of 1940 promulgated by the Securities and
Exchange Commission (“SEC”)) or a member of a foreign board of trade, and shall obtain an acknowledgement, as required under CFTC Rules 1.20(a) or 30.7(c) or the rules of relevant derivatives clearing organizations, as applicable, that
such assets are held on behalf of Morgan Stanley’s customers in accordance with the provisions of the CEA; (iv) Morgan Stanley shall promptly furnish copies of or extracts from its records or such other information pertaining to
Customer’s assets as the 

  
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SEC through its employees or agents may request; and (v) the parties acknowledge and agree that if at any time Customer’s custodial arrangement in respect of the Account no longer meets
the requirements of this section 6(a), Customer shall withdraw its assets from the Account as soon as reasonably practicable. 
  

	 	(b)	Advice. All advice communicated by Morgan Stanley with respect to the Account or transactions effected by Customer hereunder is incidental to the conduct of
Morgan Stanley’s business as an FCM and such advice shall not serve as the primary basis for any decision made by or on behalf of Customer. Morgan Stanley shall have no discretionary authority, power or control over any decisions made by or on
behalf of Customer in respect of the Account, regardless of whether Customer relies on the advice of Morgan Stanley in making any such decision. Customer acknowledges that Morgan Stanley and its managing directors, officers, employees and affiliates
may take or hold positions in, or advise other customers concerning, contracts that are from time to time the subject of advice from Morgan Stanley to Customer. The positions and advice of Morgan Stanley and its managing directors, officers,
employees and affiliates may be inconsistent with or contrary to positions of, and the advice given by, Morgan Stanley to Customer. Customer acknowledges and agrees that Morgan Stanley is not acting hereunder as a municipal advisor within the
meaning of Section 975 of the Dodd-Frank Wall Street Reform & Consumer Protection Act. 

  

	 	(c)	Recording. Each party may record, on tape or otherwise, any telephone conversation between Morgan Stanley and Customer involving their respective officers,
agents and employees, and each party hereby agrees and consents thereto. 

  

	 	(d)	Acceptance of Orders; Position Limits. 

  

	 	(i)	Morgan Stanley shall have the right to limit the size of open positions (net or gross) of Customer with respect to the Account at any time and to refuse acceptance of
orders to establish new positions, without regard to whether such refusal or limitation is required by, or based on position limits imposed under, Applicable Law. Morgan Stanley shall make commercially reasonable efforts to provide Customer with a
list of any position limits it intends to apply to the Account. Morgan Stanley shall promptly notify Customer of its rejection of any order. To the extent permitted by Applicable Law, Morgan Stanley is authorized to combine orders for
Customer’s Account with orders for other customers. Unless specified by Customer, Morgan Stanley may designate the exchange or other markets (including, without limitation, an exchange’s electronic trading platform) on or through which it
will attempt to execute orders. 

  

	 	(ii)	Customer shall file or cause to be filed all applications or reports required under Applicable Law with the CFTC or the relevant contract market or clearing house, and
shall provide Morgan Stanley with a copy of such applications or reports and such other information as Morgan Stanley may reasonably request in connection therewith and in connection with Morgan Stanley’s own regulatory reporting obligations.

  

	 	(e)	 Original and Variation Margin; Premiums; Other Contract Obligations. Customer shall perform all obligations attendant to transactions in
Contracts for the Account and shall make, or cause to be made, all applicable original margin, variation margin, intra-day margin and premium payments, in such amount, form and subject to such valuation

  
 - 13 -

	 	
mechanics, as may be required by Applicable Law or by Morgan Stanley. Requests for margin deposits and/or premium payments shall be communicated to Customer in writing (including electronic
mail); provided that Morgan Stanley reserves the right, in the event that Customer cannot be contacted by electronic means (after a commercially reasonable attempt to contact Customer by electronic means), to communicate such requests orally or
telephonically. For the avoidance of doubt, a statement of margin or premium due set forth on Customer’s daily confirmation of trading activity shall constitute a demand for such margin or premium for the purposes of this Section 6(e).
Customer margin deposits and/or premium payments shall be made by wire transfer in accordance with Morgan Stanley’s instructions to Customer segregated account, secured amount account, sequestered account or cleared swap account, as required
under Applicable Law, and shall be in U.S. dollars unless Morgan Stanley agrees otherwise in writing. 

 In
connection with any Customer instruction at any time to Morgan Stanley to (i) satisfy any margin requirement arising under this Section 6(e) or this Agreement by means of a transfer of available funds or securities held in a Morgan Stanley
securities margin account or (ii) transfer available excess equity out of the Account to any such securities margin account, Customer acknowledges and agrees that funds and Collateral carried in and for the Account, as well as all Contracts
carried in and for the Account (I) are not subject to or afforded protection under SEC Rules 8c-1, 15c2-1, 15c3-2 or 15c3-3 and (II) in the event of Morgan Stanley’s bankruptcy or insolvency, will not be afforded protection under the
Securities Investor Protection Act of 1970 and, instead, Customer’s rights shall be determined pursuant to the commodity broker liquidation provisions of the Bankruptcy Code and Part 190 of the CFTC Regulations. 

Interest on such funds held in segregated or secured accounts (or other accounts to the extent consented to by Ceres) shall be paid by
Morgan Stanley to Customer, at rates agreed from time to time between the parties. 
  

	 	(f)	Security Interest and Rights Respecting Collateral.

  

	 	(i)	Customer hereby assigns, pledges and transfers to Morgan Stanley and grants to Morgan Stanley a security interest in and continuing first priority lien on all of
Customer’s right, title and interest in the Account and any and all securities entitlements, securities, funds and other property from time to time credited to the Account, held by Morgan Stanley or any of its affiliates, or carried by others
for the Account, whether now owned or existing or hereafter acquired and wherever located and all proceeds of any of the foregoing (collectively, the “Collateral”). The foregoing grant of security secures, to the extent permissible by
Applicable Law, all obligations of Customer now or hereafter owing to Morgan Stanley pursuant this Agreement, including, without limitation, all Losses incurred by Morgan Stanley in connection with the enforcement of this Agreement and the security
interest created hereunder. Upon the occurrence of an Event of Default, Morgan Stanley shall have and may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it pursuant
to Applicable Law, at law or in equity, all the rights and remedies of a secured party upon default under Applicable Law, including but not limited to the Uniform Commercial Code (“UCC”), whether or not the UCC applies to the affected
Collateral, to the fullest extent permitted under Applicable Law. Customer agrees to execute any documents reasonably required by Morgan Stanley for the perfection or negotiation of such general lien or security interest. Customer and Morgan Stanley
agree that Morgan Stanley’s use of the Collateral shall at all times be subject to and in accordance with Applicable Law. 

  
 - 14 -

	 	(ii)	If Customer is resident of or domiciled in, or if any of the Collateral is subject to Applicable Law of, any jurisdiction in which a security interest in the Collateral
cannot be created solely by means of Customer’s pledge of such Collateral to Morgan Stanley (or any jurisdiction in which the security interest arising under such a pledge would require local registration in order to be perfected), then the
parties agree that, with respect to such a jurisdiction, all right, title and interest in and to the Collateral shall vest via transfer of title in Morgan Stanley free and clear of any liens, claims, charges or encumbrances or any other interest of
Customer or of any third party (other than a lien routinely imposed on all securities in a relevant clearance system). 

  

	 	(g)	Québec Charge. This section applies only with respect to security interests if their validity is governed by the laws of the Province of Québec.
Customer hereby hypothecates and grants a general lien and a continuing first priority security interest in all Collateral to Morgan Stanley for the amount of USD 1,000,000,000.00, with interest from the date of this Agreement. Morgan Stanley may
sell or take the Collateral in payment without giving prior notice or observing any time limits prescribed in respect of such taking in payment or such sales in the Civil Code of Québec. The said stated amount of the hypothec, lien and
security interest is inserted to comply with the requirements of the Civil Code of Québec and represents the maximum amount for which the Collateral is hypothecated and granted. It does not represent the amount of the indebtedness of Customer
secured by the hypothecation, lien and security interest from time to time nor the amount of any credit available to Customer.  

  

	 	(h)	Reports and Objections. Daily confirmations of transactions in Contracts for the Account shall be submitted to Customer and absent manifest error shall be
conclusive and binding on Customer unless Customer notifies Morgan Stanley of any objection thereto prior to the opening of trading on the contract market or trading facility on which such transaction occurred on the second Business Day following
the day on which Customer receives such Statement; provided that, with respect to monthly statements, Customer may notify Morgan Stanley of any objection thereto within five Business Days after receipt of such monthly Statement. Any such
notice of objection, if given orally to Morgan Stanley, shall be promptly confirmed in writing by Customer. 

  

	 	(i)	Delivery Procedures; Options Allocation Procedure. 

  

	 	(i)	Customer shall provide Morgan Stanley with instructions to liquidate Contracts previously established by Customer; to make or take delivery under any such Contracts; or
to exercise options entered into by Customer, within such time limits as may be reasonably specified by Morgan Stanley. Morgan Stanley shall have no responsibility to take any action on behalf of Customer or positions in the Account unless and until
Morgan Stanley receives oral or written instructions reasonably acceptable to Morgan Stanley. Funds sufficient to take delivery pursuant to any such Contract or deliverable grade commodities eligible under Applicable Law for the purpose of effecting
delivery pursuant to such Contract must be delivered to Morgan Stanley at such time and in accordance with such procedures as Morgan Stanley may reasonably require in connection with any such delivery. 

  
 - 15 -

	 	(ii)	Short option Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect to option
Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has received
prior, timely instructions from Customer, Morgan Stanley’s sole responsibility shall be to use its best efforts to notify Customer of such allocation. 

 

	 	(iii)	If Customer fails to comply with any of the foregoing obligations in this section 6(i), Morgan Stanley may liquidate any open positions, make or receive delivery of any
commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley deems necessary or appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any
action taken or not taken by Morgan Stanley in connection therewith or pursuant to Customer’s instructions. 

  

	 	(j)	Financial and Other Information. Customer shall provide to Morgan Stanley such financial information regarding Customer as Morgan Stanley may from time to
time reasonably request. Customer shall notify Morgan Stanley promptly if the financial condition of Customer changes materially and adversely from that shown in the most recent financial information theretofore provided to Morgan Stanley. An
investigation may be conducted pertaining to Customer’s credit standing and business. If Customer engages in exchange-for-physical, exchange-for-swap, exchange-for-risk, exchange-for-options or exchange-for-related-positions transactions,
Customer agrees to provide Morgan Stanley, upon request, with documentation of the underlying cash, physical or swap transaction. 

  

	 	(k)	Currency Exchange Risk. Customer shall bear all risk and cost in respect of the conversion of currencies incident to transactions in Contracts effected on
behalf of Customer. Should Customer elect to deposit funds with Morgan Stanley other than the currency of settlement or instruct Morgan Stanley to convert funds which are already on deposit in another currency, Morgan Stanley shall debit or credit
the Account of Customer at a rate of exchange determined by Morgan Stanley in its sole discretion on the basis of the then prevailing market rate of exchange for such foreign currency. Customer authorizes Morgan Stanley to deposit Customer funds in
depositories located outside of the United States, subject to and consistent with the requirements of Applicable Law. Customer agrees that the conversion of currencies under this Agreement shall be for the sole purpose of effecting transactions in
Contracts hereunder and under no circumstances for the purpose of effecting spot, forward or other over-the-counter foreign currency transactions. 

  

	 	(l)	Inactive Accounts. Customer acknowledges that Morgan Stanley may deactivate accounts showing no trading activity and agrees to provide Morgan Stanley with any
information and documents reasonably requested by Morgan Stanley in connection with Customer’s request to reactivate a closed account. 

  

	 	(m)	Cross-Trade Consent. Customer hereby acknowledges and agrees that Morgan Stanley and its affiliates, officers, employees, successors, assigns, or agents,
including floor brokers acting on Morgan Stanley’s behalf, may in connection with any transaction in Contracts for the Account take the other side of such transaction, subject to the transaction being executed at the prevailing price and in
accordance with Applicable Law. 

  
 - 16 -

	 	(n)	Authorization to Transfer Funds. Customer hereby expressly agrees that Morgan Stanley may, in its sole and absolute discretion and without prior notice to
Customer (provided that Morgan Stanley shall provide prior notice to Customer to the extent practicable), transfer any funds, securities, commodities or other property between and among Customer’s segregated, secured amount and sequestered or
cleared swap accounts, consistent with and to the extent permitted under Applicable Law and for the sole purpose of executing, clearing and settling transactions in respect of Contracts. Morgan Stanley shall promptly (and no later than within one
Business Day) confirm in writing each transfer of funds, securities, commodities or other property pursuant hereto. Other than as provided for under this authorization, Morgan Stanley shall not be permitted to transfer any funds, securities,
commodities or other property to other accounts without the express written consent of Ceres. For the avoidance of doubt, funds, securities or other property shall not be transferred among the accounts of different Customers.

  

	 	(o)	Give Up Transactions. Absent a separate written agreement with Customer with respect to give-up transactions, Morgan Stanley, in its sole discretion, may, but
shall not be obligated to, accept from other brokers Contracts executed by such brokers and to be given up to Morgan Stanley for clearance or carrying in any Account. 

 

	 	(p)	Offset/Netting Rights. Morgan Stanley and Customer agree that the parties shall have the right to offset any unrealized gains and losses on the Customer’s
open positions and to net any open orders for the purchase or sale of any property of Customer. 

  

	7.	Termination. This Agreement may be terminated at any time by Customer upon written notice to Morgan Stanley, or Morgan Stanley upon 60 calendar days
written notice to Customer. In the event of such notice, Customer shall either close out open positions in the Account or arrange for such open positions to be transferred to another FCM. Upon satisfaction by Customer of all of Customer’s
liabilities, Morgan Stanley shall transfer to another FCM all Contracts, if any, then held for the Account, and shall transfer to Customer or to another FCM, as Customer may instruct, all cash, securities and other property held in the Account,
whereupon this Agreement shall terminate. Termination of this Agreement shall not release any party from any liability or obligation incurred or arising from activities prior to such termination. 

 

	8.	Acknowledgements re Securities Transfer Act. For purposes of the Securities Transfer Act as implemented under the laws of an applicable Canadian province,
the Personal Property Security Act of an applicable province, Article 9 of the New York Uniform Commercial Code and any similar legislation in any other applicable jurisdiction (a) the jurisdiction of Morgan Stanley as securities intermediary
or commodity intermediary with respect to the Account and the Contracts is New York, (b) the Account is a “securities account,” a “futures account” and a “commodity account” and (c) any property of any nature
whatsoever credited to the Account is a “financial asset” or “investment property”. 

  

	9.	Eligible Financial Contract. This Agreement, including the security interest granted by this Agreement, and any Contract, are “eligible financial
contracts” within the meaning of the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) and the Payment Clearing and
Settlement Act (Canada). Customer represents that it is a “financial institution” for the purposes of the Payment Clearing and Settlement Act (Canada). 

  
 - 17 -

	10.	Miscellaneous. 

  

	 	(a)	Severability. If any provision of this Agreement is, or at any time becomes, inconsistent with any present or future requirement of Applicable Law, the
inconsistent provision shall be deemed superseded or modified to conform with the relevant law, rule or regulation but in all other respects, this Agreement shall continue and remain in full force and effect. 

 

	 	(b)	Binding Effect. This Agreement shall be binding on and inure to the benefit of the parties and their successors. In the event that Morgan Stanley
(i) merges with another entity, or (ii) ceases to be a FCM or (iii) is required by Applicable Law to transfer its Customer accounts to another FCM, Morgan Stanley shall have the right to transfer or assign this Agreement (and thereby
the Account) to any successor entity or to another properly registered FCM, to the extent consistent with and at all times subject to Applicable Law. 

  

	 	(c)	Independent Adviser. Customer hereby appoints Advisor as Customer’s agent for the purpose of receiving all communications, notices and requests for
instructions related to this Agreement and the transactions effectuated pursuant to this Agreement, including, without limitation, margin calls and any trading information or advice (subject to Section 6(b) hereof). Advisor is authorized to
access and use electronic services, facilities and information provided electronically, including but not limited to Electronic Trading Services (as defined herein), and on behalf of Customer, to agree to the terms and conditions regarding such use
and to enter into agreements relating to Electronic Trading Services. Customer hereby agrees to indemnify and hold Morgan Stanley harmless from and to pay Morgan Stanley promptly on demand any and all Losses arising from Morgan Stanley’s
reliance on any communication, notice or instruction of the Advisor until Morgan Stanley receives written notice of Customer’s revocation thereof; and termination of the appointment of the Advisor shall not affect any liability in any way
resulting from transactions initiated prior to such termination. This indemnity is in addition to (and in no way limits or restricts) any rights which Morgan Stanley may have under this Agreement and any other agreement or agreements between Morgan
Stanley and Customer. Nothing in this Section 10(c) shall relieve Customer of any of its obligations under this Agreement. 

  

	 	(d)	Entire Agreement. This Agreement contains the entire agreement between the parties and supersedes any prior oral and written agreements between the parties
as to the subject matter hereof. No provision of this Agreement shall in any respect be waived, altered, modified, or amended unless such waiver, alteration, modification or amendment is signed by the party against whom such waiver, alteration,
modification or amendment is to be enforced. 

  

	 	(e)	Currency Denomination. Unless another currency is designated in the confirmations reporting transactions entered into by Customer, all margin deposits in
connection with such transactions, and a debit or credit in the Account, shall be stated in United States dollars. By placing an order in a Contract settled in a particular currency (the “Contract Currency”), Customer agrees to convert to
the Contract Currency funds sufficient to meet the applicable margin requirement. Customer understands and acknowledges that accruals from trades in Contracts that are priced and settled in non-United States dollars will be held in Customer’s
account in such non-United States dollar Contract Currency and, except upon an Event of Default, will not be converted to United States dollars except upon Customer’s specific instructions to do so. Any conversions of currency shall be at a
rate of exchange determined by Morgan Stanley on the basis of the then prevailing rates of exchange for such currencies. 

  
 - 18 -

	 	(f)	Instructions, Notices or Communications. Except as specifically otherwise provided in this Agreement, all instructions, notices or other communications may
be oral or written (and for the avoidance of doubt, notification by facsimile or email to a fax number or email address provided by either party to the other for such purpose shall be deemed written notice). Customer hereby waives any defense that
such instruction, notice, or communication was not in writing. All oral instructions, unless custom and usage of trade dictate otherwise, shall be promptly confirmed in writing. All written instructions, notices or other communications shall be
addressed as follows: 

  

	 	(i)	if to Morgan Stanley: 

 Morgan
Stanley & Co. LLC 
 One New York Plaza, 7th Floor 

New York, New York 10004 
 Attention: Listed Derivatives Operations Manager 
  

	 	(ii)	if to Customer, at the address (including email addresses) as indicated on the Commodity Futures Account Application. 

In addition, the parties may agree from time to time to provide and receive written notice by electronic means for such purposes hereunder
as they may agree and using email addresses that they mutually agree to use for such purposes. Except as otherwise provided in this Agreement, notices shall be effective (1) if delivered by hand, on the date and at the time of delivery;
(2) if sent by express mail service, on the date and at the time of delivery as evidenced by a confirmation from the relevant express mail services; and (3) if transmitted by facsimile or electronic means, on the date and at the time of
transmission. 
  

	 	(g)	Rights and Remedies Cumulative. All rights and remedies arising under this Agreement as amended and modified from time to time are cumulative and not
exclusive of any rights or remedies which may be available at law or otherwise. 

  

	 	(h)	No Waiver. Neither party’s failure to exercise, delay in exercising, or partial exercise of any contractual right under this or any other agreement,
for Contracts or any other product, on any occasion or series of occasions is or implies waiver of any contractual right under any course of dealing theory or otherwise, and does not preclude any other future exercise, delayed exercise or partial
exercise of any contractual right hereunder. 

  

	 	(i)	Governing Law. THE INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES WITH RESPECT TO CONTROVERSIES
ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CHOICE OF LAW (OTHER THAN SECTION 5-1401 OF NEW YORK GENERAL OBLIGATIONS LAW).

  

	 	(j)	 Consent to Jurisdiction. EACH OF THE PARTIES HEREBY CONSENTS TO THE JURISDICTION OF A STATE OR FEDERAL COURT SITUATED IN NEW YORK, NEW YORK
IN CONNECTION WITH ANY DISPUTE ARISING HEREUNDER. TO 

  
 - 19 -

	 	
THE EXTENT THAT IN ANY JURISDICTION ANY PARTY MAY NOW OR HEREAFTER BE ENTITLED TO CLAIM, FOR ITSELF OR ITS ASSETS, IMMUNITY FROM SUIT, EXECUTION, ATTACHMENT (BEFORE OR AFTER JUDGMENT) OR OTHER
LEGAL PROCESS, EACH PARTY HERETO IRREVOCABLY AGREES NOT TO CLAIM, AND IT HEREBY WAIVES, SUCH IMMUNITY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION ON THE GROUND OF VENUE, FORUM NON CONVENIENS OR ANY SIMILAR GROUNDS.

  

	 	(k)	Waiver of Jury Trial. CUSTOMER AND MORGAN STANLEY EACH HEREBY WAIVES A TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
TRANSACTION IN CONNECTION THEREWITH. 

  

	 	(l)	Equivalency Clause. For purposes of disclosure pursuant to the Interest Act (Canada), the annual rate of interest which is equivalent to any rate of
interest provided for in this Agreement which is to be calculated on any basis other than a full calendar year may be determined by multiplying such rate of interest (expressed as a percentage) by a fraction, the numerator of which is the number of
days in the calendar year and the denominator of which is the number of days comprising such other basis. 

  

	 	(m)	Language of Documentation. The parties hereto have required that this Agreement, and all documents and notices related thereto and/or resulting therefrom be
drawn up in English. Les parties aux présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s’y rattachent et/ou en découlent soient redigés en langue anglaise.

  

	 	(n)	Business Day. For purposes of this Agreement, “Business Day” shall mean any day on which, in respect of any transaction in Contracts for the Account,
exchanges, trading facilities or clearing houses in the United States are open for such transactions. 

  

	 	(o)	Consent to Delivery of Electronic Statements. The CFTC permits a customer to receive daily confirmations and monthly statements for the Account by electronic
media, subject to obtaining customer consent. Morgan Stanley maintains proprietary internet-based systems that deliver confirmations, statements and other reports to Customer in lieu of delivery by ordinary mail. Customer should be aware of the
following: (i) Customer’s consent, if given, will be effective upon execution of this Agreement and shall remain effective thereafter until revoked; (ii) Customer may revoke its consent at any time by written notice of revocation to
Morgan Stanley which will be effective upon receipt by Morgan Stanley; and (iii) any electronic confirmation or statement is accessible on the internet-based system for a limited time following its initial posting. 

Customer hereby consents to receiving confirmations and statements by electronic means in lieu of ordinary mail. If Advisor is executing
this Agreement on behalf of Customer as Customer’s agent and attorney-in-fact, Advisor hereby represents and warrants that it shall, at all times that this Consent to Delivery of Electronic Statements is in force, make access to the appropriate
Morgan Stanley internet-based system available to Customer. 

  
 - 20 -

	 	(p)	If Customer is domiciled in the Province of Ontario, Canada, Customer hereby acknowledges that (1) Morgan Stanley may execute Contracts on behalf of
Customer exclusively on futures exchanges located outside Canada, unless such Contracts are routed through an agent that is a dealer registered in Ontario under the Ontario Commodity Futures Act and the regulations thereunder (the “Ontario
Act”); (2) there may be difficulty in enforcing any legal rights against Morgan Stanley, its directors, officers or employees because they are resident outside of Ontario and all or substantially all of Morgan Stanley’s assets are
situated outside of Ontario; and (3) Morgan Stanley is not registered under the Ontario Act and, accordingly, the protection available to clients of a dealer registered under the Ontario Act may not be available to Customer.

  

	 	(q)	If Customer is domiciled in either the Province of British Columbia, Canada or the Province of Alberta, Canada, Customer hereby acknowledges that (1) there
may be difficulty in enforcing any legal rights against Morgan Stanley or any of its directors, officers, employees or agents, because it is resident outside of British Columbia or Alberta (the “Passport Jurisdictions”) and all or
substantially all of its assets are situated outside of the Passport Jurisdictions; (2) Morgan Stanley is not registered under the securities legislation of the Passport Jurisdictions and, accordingly, the protection available to clients of a
dealer registered under such legislation will not be available to Customer; and (3) Morgan Stanley shall provide to Customer in a separate writing that is hereby incorporated by reference the name and address of an agent for service in the
Passport Jurisdiction in which Customer is located. 

  

	 	(r)	If Customer has indicated on the Commodity Futures Account Application that orders placed for the Account will normally represent bona fide hedging transactions,
please complete the following. You should note that CFTC Rule §190.06 permits you to specify whether, in the unlikely event of Morgan Stanley’s bankruptcy, you prefer the bankruptcy trustee to liquidate all positions in the Account.
Accordingly, Customer hereby elects as follows: (please initial): 

  

							
		 	 ̈    Liquidate	  	 ̈    Do Not Liquidate	  	

 If neither alternative is initialed, Customer will be deemed to have elected to have all positions
liquidated. This election may be changed at any time by written notice. 
  

	 	(s)	CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED AND UNDERSTANDS THE FOLLOWING DISCLOSURE STATEMENT PRESCRIBED BY THE CFTC AND FURNISHED HEREWITH.

 Morgan Stanley hereby acknowledges that use of this form of agreement, by which Morgan Stanley agrees with
multiple entities identified on Appendix A hereto, is for ease of administration only, and it is hereby acknowledged and agreed that by executing this Agreement Morgan Stanley shall have entered into and executed a separate agreement with each
Customer separately, and containing terms and provisions identical to those contained in this Agreement, and without reference to any other entity identified on Appendix A or Appendix B, as applicable. For clarity in any case where the Customer is a
class, series, division or other legal or economic sub-element of any legal or juridical entity (e.g., by way of example, and not of limitation, one series of a series investment company), the

  
 - 21 -

 
obligations under these terms shall be those of such class, series, division or other supplement alone, and shall not be obligations of or binding on (or satisfied out of the assets of) the legal
or juridical entity generally or any other class, series, division, or other sub-element of such entity. 
 IN WITNESS WHEREOF, Customer and
Morgan Stanley have executed this Agreement on the date indicated below. 
 Customer: Each fund set forth on Appendix A (which may be
amended from time to time in accordance with the provisions of this Agreement) attached hereto, in their individual capacity  
  

					
	By:	 	/s/ Alper Daglioglu	 	11/12/13
		 		 	(Date)
		
		 	 Alper Daglioglu

		 	(Please Print Name and Title)
	
	MORGAN STANLEY & CO. LLC
			
	By:	 	/s/ Ramesh Menon	 	11/12/13
		 		 	(Date)
		
		 	 Ramesh Menon, Authorized Signatory

		 	(Please Print Name and Title)

  
 - 22 -

 APPENDIX A: CUSTOMER SCHEDULE TO AGREEMENT DATED AS OF 

OCTOBER 29, 2013 
  

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 Morgan Stanley Smith Barney

Spectrum Select L.P.
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Rabar Market Research, Inc.

2)    EMC Capital Management, Inc.

3)    Altis Partners (Jersey) Limited

4)    Graham Capital Management, L.P.

5)    Northfield Trading L.P.
	  	Delaware	  	13-3619290	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

Spectrum Technical L.P.
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Campbell & Company, Inc.

2)    Aspect Capital Limited

3)    Winton Capital Management Limited

4)    Rotella Capital Management, Inc.

5)    Blackwater Capital Management LLC (via Blackwater Master Fund L.P.)
	  	Delaware	  	13-3782231	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

Spectrum Global Balanced L.P.
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    SSARIS Advisors LLC

2)    Altis Partners (Jersey) Limited
	  	Delaware	  	13-3782232	  	Speculator	  	N/A	  	7/3/13

  

	1 	Speculative: Orders placed by Customer for the Account will normally represent speculative transactions. Hedge: Orders placed by Customer for the Account will normally
represent bona fide hedging transactions as defined in CFTC Rule 1.3(z). If orders placed for the Account normally represent hedging transactions, please complete Section 10(q)(i) of the Commodity Futures Customer Agreement. Failure to choose
one of the above will designate the Account as Speculative. 

	2 	If Customer has indicated on this Appendix A that orders placed for the Account typically represent bona fide hedging transactions, please note that CFTC Rule §
190.06 permits Customer to specify whether, in the unlikely event of Morgan Stanley’s bankruptcy, Customer prefers the bankruptcy trustee to liquidate all positions in the Account. Accordingly, Customer should elect either to Liquidate or Not
Liquidate such positions in that event. If neither alternative is initialed, Customer will be deemed to have elected to have all positions liquidated. This election may be changed at any time by written notice to Morgan Stanley.

  
 - 23 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 Morgan Stanley Smith Barney

Spectrum Currency and
 Commodity L.P.
(formerly
 Morgan Stanley Smith Barney

Spectrum Currency L.P.)
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue,
14th Floor,

New York, NY 10036
	 	 1)    Krom River Investment Management (Cayman) Limited and Krom River
Trading AG (via KR Master Fund L.P.)
 2)    The Cambridge Strategy (Asset
Management) Limited (via Cambridge Master Fund L.P.)
	  	Delaware	  	13-4084211	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

Charter Campbell L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue,
14th Floor,

New York, NY 10036
	 	 1)    Campbell & Company, Inc.
	  	Delaware	  	01-0710311	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

Charter Graham L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue,
14th Floor,

New York, NY 10036
	 	 1)    Graham Capital Management, L.P.
	  	Delaware	  	13-4018068	  	Speculator	  		  	7/3/13
							
	 Morgan Stanley Smith Barney

Charter WNT L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue,
14th Floor,

New York, NY 10036
	 	 1)    Winton Capital Management Limited
	  	Delaware	  	13-4018065	  	Speculator	  		  	7/3/13
							
	 Morgan Stanley Smith Barney

Charter Aspect L.P.
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor,
 New York, NY 10036
	 	 1)    Aspect Capital Limited
	  	Delaware	  	13-3775071	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

Altis I, LLC
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Altis Partners (Jersey) Limited
	  	Delaware	  	20-8815332	  	Speculator	  	N/A	  	7/3/13

  
 - 24 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 Morgan Stanley Smith Barney

Aspect I, LLC
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Aspect Capital Limited
	  	Delaware	  	20-8852411	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney Augustus I, LLC
 c/o Ceres Managed Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    GAM International Management Limited
	  	Delaware	  	27-10008773	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

BHM I, LLC
 c/o Ceres Managed Futures

LLC, 522 Fifth Avenue, 14th
 Floor, New York, NY
10036
	 	 1)    Blenheim Capital Management, L.L.C.
	  	Delaware	  	20-8852454	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney Campbell I, LLC
 c/o Ceres Managed Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Campbell & Company, Inc.
	  	Delaware	  	26-2246160	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney Chesapeake Diversified I, LLC
 c/o Ceres Managed Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Chesapeake Capital Corporation
	  	Delaware	  	20-8852501	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney Boronia I, LLC
 c/o Ceres Managed Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Boronia Capital Pty Ltd
	  	Delaware	  	26-2271749	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

Kaiser I, LLC
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Kaiser Trading Group Pty. Ltd.
	  	Delaware	  	20-8852620	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

AHL I, LLC
 c/o Ceres Managed Futures

LLC, 522 Fifth Avenue, 14th
 Floor, New York, NY
10036
	 	 1)    Man-AHL (USA) Ltd.
	  	Delaware	  	45-2157136	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

Rotella I, LLC
 c/o Ceres Managed
Futures
 LLC, 522 Fifth Avenue, 14th

Floor, New York, NY 10036
	 	 1)    Rotella Capital Management, Inc.
	  	Delaware	  	27-0377712	  	Speculator	  	N/A	  	7/3/13

  
 - 25 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 Morgan Stanley Smith Barney
 TT
II, LLC
 c/o Ceres Managed Futures

LLC, 522 Fifth Avenue, 14th
 Floor, New York, NY
10036
	 	 1)    Transtrend B.V.
	  	Delaware	  	20-8852715	  	Speculator	  	N/A	  	7/3/13
							
	 Morgan Stanley Smith Barney

WNT I, LLC
 c/o Ceres Managed Futures

LLC, 522 Fifth Avenue, 14th
 Floor, New York, NY
10036
	 	 1)    Winton Capital Management Limited
	  	Delaware	  	20-8852756	  	Speculator	  	N/A	  	7/3/13
							
	 Managed Futures Premier Altis

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, 14th Floor,

New York, NY 10036
	 	 1)    Altis Partners (Jersey) Limited (via Morgan Stanley Smith Barney Altis I, LLC)
	  	Delaware	  	80-0762777	  	Speculator	  	N/A	  	7/3/13
							
	 Managed Futures Premier

Rotterdam L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, 14th
Floor,
 New York, NY 10036
	 	 1)    Transtrend B.V. (via Morgan Stanley Smith Barney TT II, LLC)
	  	Delaware	  	90-0768949	  	Speculator	  	N/A	  	7/3/13
							
	 Managed Futures Premier Man-

AHL L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, 14th Floor,

New York, NY 10036
	 	 1)    Man-AHL (USA) Ltd. (via Morgan Stanley Smith Barney AHL I, LLC)
	  	Delaware	  	80-0762769	  	Speculator	  	N/A	  	7/3/13
							
	 BHM Discretionary Futures
 Fund
L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, 14th Floor,

New York, NY 10036
	 	 1)    Blenheim Capital Management, L.L.C. (via Morgan Stanley Smith Barney BHM I, LLC)
	  	Delaware	  	27-3371689	  	Speculator	  	N/A	  	7/3/13
							
	 Polaris Futures Fund L.P.
 c/o
Ceres Managed Futures LLC,
 522 Fifth Avenue, 14th Floor,
 New York, NY 10036
	 	 1)    Altis Partners (Jersey) Limited (via Morgan Stanley Smith Barney
Altis I, LLC)
 2)    Aspect Capital Limited (via Morgan Stanley Smith Barney Aspect
I, LLC)
 3)    Boronia Capital Pty Ltd (via Morgan Stanley Smith Barney Boronia I,
LLC)
	  	Delaware	  	20-8528957	  	Speculator	  	N/A	  	7/3/13

  
 - 26 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

		 	 4)    Blenheim Capital Management, L.L.C. (via Morgan Stanley Smith Barney
BHM I, LLC)
 5)    Man-AHL (USA) Ltd. (via Morgan Stanley Smith Barney AHL I,
LLC)
 6)    Kaiser Trading Group Pty. Ltd. (via Morgan Stanley Smith Barney Kaiser
I, LLC)
	  		  		  		  		  	
							
	 LV Futures Fund L.P.
 c/o Ceres
Managed Futures
 LLC,
 522 Fifth
Avenue, 14th Floor,
 New York, NY 10036
	 	 1)    Boronia Capital Pty Ltd (via Morgan Stanley Smith Barney Boronia I,
LLC)
 2)    GAM International Management Limited (via Morgan Stanley Smith Barney
Augustus I, LLC)
 3)    Kaiser Trading Group Pty. Ltd. (via Morgan Stanley Smith
Barney Kaiser I, LLC)
 4)    Rotella Capital Management, Inc. (via Morgan Stanley
Smith Barney Rotella I, LLC)
 5)    Transtrend B.V. (via Morgan Stanley Smith
Barney TT II, LLC)
 6)    Winton Capital Management Limited (via Morgan Stanley
Smith Barney WNT I, LLC)
	  	Delaware	  	20-8529012	  	Speculator	  	N/A	  	7/3/13

  
 - 27 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 Meritage Futures Fund L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, 14th Floor,
 New York, NY 10036
	 	 1)    Altis Partners (Jersey) Limited (via Morgan Stanley Smith Barney
Altis I, LLC)
 2)    Aspect Capital Limited (via Morgan Stanley Smith Barney Aspect
I, LLC)
 3)    Boronia Capital Pty Ltd (via Morgan Stanley Smith Barney Boronia I,
LLC)
 4)    Blenheim Capital Management, L.L.C. (via Morgan Stanley Smith Barney
BHM I, LLC)
 5)    Man-AHL (USA) Ltd. (via Morgan Stanley Smith Barney AHL I,
LLC)
 6)    Kaiser Trading Group Pty. Ltd. (via Morgan Stanley Smith Barney Kaiser
I, LLC)
 7)    GAM International Management Limited (via Morgan Stanley Smith
Barney Augustus I, LLC)
 8)    Rotella Capital Management, Inc. (via Morgan Stanley
Smith Barney Rotella I, LLC)
	  	Delaware	  	20-8529352	  	Speculator	  	N/A	  	7/3/13

  
 - 28 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

		 	 9)    Transtrend B.V. (via Morgan Stanley Smith Barney TT II,
LLC)
 10)  Winton Capital Management Limited (via Morgan Stanley Smith Barney WNT I,
LLC)
	  		  		  		  		  	
							
	 Morgan Stanley Smith Barney

Spectrum Strategic L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, 14th
Floor,
 New York, NY 10036
	 	 1)    Blenheim Capital Management, L.L.C. (via Morgan Stanley Smith Barney
BHM I, LLC)
 2)    Aventis Asset Management, LLC (via MB Master Fund
L.P.)
 3)    PGR Capital LLP (via PGR Master Fund L.P.)
	  	Delaware	  	13-3782225	  	Speculator	  	N/A	  	7/3/13
							
	 Managed Futures Strategic

Alternatives L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, l4th
Floor
 New York, NY 10036
	 	 1)    Kaiser Trading Group Pty. Ltd. (via Morgan Stanley Smith Barney
Kaiser I, LLC)
 2)    Boronia Capital Pty Ltd (via Morgan Stanley Smith Barney
Boronia I, LLC)
 3)    GAM International Management Limited (via Morgan Stanley
Smith Barney Augustus I, LLC)
 4)    Transtrend B.V. (via Morgan Stanley Smith
Barney TT II, LLC)
	  	Delaware	  	13-4070263	  	Speculator	  	N/A	  	7/3/13

  
 - 29 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 Cambridge Master Fund L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    The Cambridge Strategy (Asset Management) Limited
	  	Delaware	  	46-0710272	  	Speculator	  	N/A	  	9/1/12
							
	 Waypoint Master Fund L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Waypoint Capital Management LLC
	  	Delaware	  	36-4667148	  	Speculator	  	N/A	  	9/26/13
							
	 Rabar Master Fund L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Rabar Market Research, Inc.
	  	Delaware	  	38-3891789	  	Speculator	  	N/A	  	6/24/13
							
	 CMF Drury Capital Master
 Fund,
L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Drury Capital, Inc.
	  	New York	  	20-3204230	  	Speculator	  	N/A	  	7/8/13
							
	 CMF Graham Capital Master
 Fund
L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Graham Capital Management, L.P.
	  	New York	  	20-4194350	  	Speculator	  	N/A	  	6/17/13
							
	 CMF Campbell Master Fund,

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Campbell & Company, Inc.
	  	New York	  	04-3801922	  	Speculator	  	N/A	  	6/10/13
							
	 CMF Aspect Master Fund L.P.

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Aspect Capital Limited
	  	New York	  	20-2327789	  	Speculator	  	N/A	  	7/15/13
							
	 CMF Winton Master L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Winton Capital Management Limited
	  	New York	  	11-3730387	  	Speculator	  	N/A	  	7/22/13
							
	 Morgan Stanley Managed
 Futures
Custom Solution Fund
 LP
 c/o Ceres
Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    AAA Capital Management Advisors, Ltd. (via AAA Master Fund
LLC)
 2)    Altis Partners (Jersey) Limited (via CMF Altis Partners Master Fund
L.P.)
	  	Delaware	  	46-2788939	  	Speculator	  	N/A	  	7/3/13

  
 - 30 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

		 	 3)    Aspect Capital Limited (via Aspect Master Fund L.P.)

4)    Aventis Asset Management, LLC (via MB Master Fund L.P.)

5)    Graham Capital Management, L.P. (via CMF Graham Capital Master Fund L.P.)

6)    Winton Capital Management Limited (via CMF Winton Master L.P.)

7)    Blenheim Capital Management, L.L.C. (via Morgan Stanley Smith Barney BHM I,
LLC)
 8)    Boronia Capital PTY Ltd. (via Morgan Stanley Smith Barney Boronia I,
LLC)
 9)    Kaiser Trading Group PTY. Ltd. (via Morgan Stanley Smith Barney Kaiser
I, LLC)
 10)  Transtrend B.V. (via Morgan Stanley Smith Barney TT II, LLC)
	  		  		  		  		  	

  
 - 31 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 Potomac Futures Fund LP
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Campbell & Company, Inc. (via CMF Campbell Master Fund L.P.)
	  	New York	  	13-3937275	  	Speculator	  	N/A	  	8/2/13
							
	 Westport Futures Fund LP
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Rabar Market Research, Inc. (via Rabar Master Fund L.P.)
	  	New York	  	13-3939393	  	Speculator	  	N/A	  	8/2/13
							
	 Managed Futures Premier

Warrington LP
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, l4th
Floor
 New York, NY 10036
	 	 1)    Warrington Asset Management, LLC
	  	New York	  	20-3845577	  	Speculator	  	N/A	  	8/15/13
							
	 Fairfield Futures Fund L.P. II

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Graham Capital Management, L.P. (via CMF Graham Capital Master Fund L.P.)
	  	New York	  	56-2421596	  	Speculator	  	N/A	  	8/2/13
							
	 Fairfield Futures Fund L.P.

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Graham Capital Management, L.P.
	  	New York	  	04-3621353	  	Speculator	  	N/A	  	8/2/13
							
	 CMF Willowbridge Master Fund

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Willowbridge Associates Inc.
	  	New York	  	20-3050836	  	Speculator	  	N/A	  	7/29/13
							
	 PGR Master Fund L.P.
 c/o Ceres
Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    PGR Capital LLP
	  	Delaware	  	27-3736237	  	Speculator	  	N/A	  	8/5/13
							
	 KR Master Fund L.P.
 c/o Ceres
Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Krom River Investment Management (Cayman) Limited and Krom River Trading AG
	  	Delaware	  	45-2014145	  	Speculator	  	N/A	  	8/5/13
							
	 CMF Altis Partners Master Fund

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Altis Partners (Jersey) Limited
	  	New York	  	20-3505181	  	Speculator	  	N/A	  	7/29/13

  
 - 32 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 MB Master Fund L.P.
 c/o Ceres
Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Aventis Asset Management, LLC
	  	New York	  	45-2014396	  	Speculator	  	N/A	  	8/19/13
							
	 SECOR Master Fund L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    SECOR Capital Advisors LP
	  	Delaware	  	46-3247767	  	Speculator	  	N/A	  	8/1/13
							
	 Diversified 2000 Futures Fund

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Aspect Capital Ltd. (via CMF Aspect Master Fund L.P.)

2)    Eckhardt Trading Company (via CMF Eckhardt Master Fund L.P.)

3)    Graham Capital Management, L.P. (via CMF Graham Capital Master Fund L.P.)

4)    PGR Capital LLP (via PGR Master Fund L.P.)

5)    Waypoint Capital Management (via Waypoint Master Fund L.P.)
	  	New York	  	13-4077759	  	Speculator	  	N/A	  	9/4/13
							
	 Diversified Multi-Advisor

Futures Fund L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, l4th
Floor
 New York, NY 10036
	 	 1)    Eckhardt Trading Company (via CMF Eckhardt Master Fund
L.P.)
 2)    Graham Capital Management, L.P. (via CMF Graham Capital Master Fund
L.P.)
	  	New York	  	13-3729162	  	Speculator	  	N/A	  	9/4/13

  
 - 33 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

		 	 3)    Willowbridge Associates, Inc. (via CMF Willowbridge Master Fund
L.P.)
 4)    Winton Capital Management (via CMF Winton Master L.P.)
	  		  		  		  		  	
							
	 Diversified Multi-Advisor

Futures Fund L.P. II
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, l4th
Floor
 New York, NY 10036
	 	 1)    Eckhardt Trading Company (via CMF Eckhardt Master Fund
L.P.)
 2)    Graham Capital Management, L.P. (via CMF Graham Capital Master Fund
L.P.)
 3)    Willowbridge Associates, Inc. (via CMF Willowbridge Master Fund
L.P.)
	  	New York	  	13-3769020	  	Speculator	  	N/A	  	9/4/13
							
	 Tactical Diversified Futures

Fund L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Altis Partners (Jersey) Limited (via CMF Altis Partners Master Fund
L.P.)
 2)    Aspect Capital Ltd. (via CMF Aspect Master Fund L.P.)

3)    Boronia Capital Pty Ltd. (via Morgan Stanley Smith Barney Boronia I, LLC)

4)    Drury Capital Inc. (via CMF Drury Capital Master Fund L.P.)
	  	New York	  	13-4224248	  	Speculator	  	N/A	  	9/24/13

  
 - 34 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

		 	 5)    Graham Capital Management, L.P. (via CMF Graham Capital Master Fund
L.P.)
 6)    JE Moody & Company LLC (via JEM Master Fund L.P.)

7)    Kaiser Trading Group-Pty (via Morgan Stanley Smith Barney Kaiser I, LLC)

8)    Krom River Investment Management (Cayman) Limited and Krom River Trading AG (via KR
Master Fund L.P.)
 9)    Willowbridge Associates Inc. (via CMF Willowbridge Master
Fund L.P.)
	  		  		  		  		  	
							
	 Tidewater Futures Fund L.P.

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Rabar Market Research, Inc. (via Rabar Master Fund L.P.)
	  	New York	  	13-3811113	  	Speculator	  	N/A	  	9/4/13
							
	 Institutional Futures Portfolio

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    AAA Capital Management Advisors, Ltd. (AAA Master Fund
LLC)
 2)    Altis Partners (Jersey) Limited (via CMF Altis Partners Master Fund
L.P.)
 3)    Aspect Capital Ltd. (via CMF Aspect Master Fund L.P.)
	  	New York	  	20-3072499	  	Speculator	  	N/A	  	10/25/13

  
 - 35 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

		 	 4)    Aventis Asset Management, LLC (via MB Master Fund L.P.)

5)    Boronia Capital Pty Ltd. (via Morgan Stanley Smith Barney Boronia I, LLC)

6)    Drury Capital Inc. (via CMF Drury Capital Master Fund L.P.)

7)    Kaiser Trading Group-Pty (via Morgan Stanley Smith Barney Kaiser I, LLC)

8)    Winton Capital Management (via CMF Winton Master L.P.)
	  		  		  		  		  	
							
	 Global Diversified Futures Fund

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    Altis Partners (Jersey) Limited (via CMF Altis Partners Master Fund
L.P.)
 2)    Aspect Capital Ltd. (via CMF Aspect Master Fund L.P.)

3)    Blackwater Capital Management, LLC (via Blackwater Master Fund L.P.)

4)    Waypoint Capital Management (Waypoint Master Fund L.P.)
	  	New York	  	13-4015586	  	Speculator	  	N/A	  	10/29/13

  
 - 36 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

	 CMF Winton Feeder I L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Winton Capital Management (via CMF Winton Master L.P.)
	  	New York	  	33-1099649	  	Speculator	  	N/A	  	10/25/13
							
	 Managed Futures Premier

Abingdon L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, l4th
Floor
 New York, NY 10036
	 	 1)    Winton Capital Management (via CMF Winton Master L.P.)
	  	New York	  	20-3845005	  	Speculator	  	N/A	  	10/29/13
							
	 Emerging CTA Portfolio L.P.

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Blackwater Capital Management, LLC (via Blackwater Master Fund
L.P.)
 2)    Bleecker Street Capital, LLC

3)    JE Moody & Company LLC (via JEM Master Fund L.P.)

4)    PGR Capital LLP (via PGR Master Fund L.P.)

5)    Principle Capital Management LLC (via Principle Master Fund L.P.)

6)    Rotella Capital Management, Inc.

7)    SECOR Capital Advisors LP (via SECOR Master Fund L.P.)

8)    The Cambridge Strategy (Asset Mgt.) Ltd. (via Cambridge Master Fund
L.P.)
	  	New York	  	04-3768983	  	Speculator	  	N/A	  	8/21/13

  
 - 37 -

													
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date

		 	 9)    Waypoint Capital Management (via Waypoint Master Fund
L.P.)
 10)  Willowbridge Associates Inc. (via CMF Willowbridge Master Fund, L.P.)

11)  300 North Capital LLC
	  		  		  		  		  	
							
	 Commodity Advisors Fund L.P.

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Aventis Asset Management, LLC (via MB Master Fund L.P.)

2)    JE Moody & Company LLC (via JEM Master Fund L.P.)

3)    Krom River Investment Management (Cayman) Limited and Krom River Trading AG (via KR
Master Fund L.P.)
	  	Delaware	  	20-4267496	  	Speculator	  	N/A	  	10/29/13
							
	 Managed Futures Premier

Aventis II L.P.
 c/o Ceres Managed
Futures
 LLC,
 522 Fifth Avenue, l4th
Floor
 New York, NY 10036
	 	 1)    Aventis Asset Management, LLC (via MB Master Fund L.P.)
	  	New York	  	20-2718952	  	Speculator	  	N/A	  	9/4/13
							
	 AAA Master Fund LLC
 c/o Ceres
Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    AAA Capital Management Advisors, Ltd.
	  	New York	  	13-4186110	  	Speculator	  	N/A	  	9/9/13
							
	 Principle Master Fund L.P.
 c/o
Ceres Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    Principle Capital Management LLC
	  	Delaware	  	90-0939602	  	Speculator	  	N/A	  	9/27/13

  
 - 38 -

															
	 Name and Address of Customer
	 	 Advisor
	  	 Jurisdiction

Under Which
 Customer
Is
 Organized
	  	 Customer’s
 Tax ID
	  	 Hedge/Spec
 Designation1
	  	 CFTC

190.06
 Rep.2
	  	 Effective
Date
	 
	 300 North Capital Master Fund

L.P.
 c/o Ceres Managed Futures

LLC,
 522 Fifth Avenue, l4th Floor

New York, NY 10036
	 	 1)    300 North Capital LLC
	  	Delaware	  	46-2091078	  	Speculator	  	N/A	  	 	10/2/13	  
							
	 Blackwater Master Fund L.P.

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Blackwater Capital Management, LLC
	  	Delaware	  	27-3736270	  	Speculator	  	N/A	  	 	10/3/13	  
							
	 CMF Eckhardt Master Fund L.P.

c/o Ceres Managed Futures
 LLC,

522 Fifth Avenue, l4th Floor
 New York, NY
10036
	 	 1)    Eckhardt Trading Company
	  	New York	  	26-2283723	  	Speculator	  	N/A	  	 	10/4/13	  
							
	 JEM Master Fund L.P.
 c/o Ceres
Managed Futures
 LLC,
 522 Fifth
Avenue, l4th Floor
 New York, NY 10036
	 	 1)    JE Moody & Company LLC
	  	Delaware	  	35-2397232	  	Speculator	  	N/A	  	 	10/10/13	  

  
 - 39 -

 APPENDIX B: FORM OF JOINDER TO COMMODITY FUTURES CUSTOMER AGREEMENT 

This joinder (the “Joinder”) is to the Commodity Futures Customer Agreement, dated as of
[                    ], by and among Morgan Stanley and each of the funds listed on Appendix A thereto (the “Customer Schedule”), as
amended from time to time (the “Agreement”). The undersigned (“Authorized Agent”) is acting on behalf of each account or fund set forth on the schedule attached hereto (each, a “Joining Customer”) pursuant to authority
and a power of attorney devolved upon Authorized Agent by each such Joining Customer, for the purpose of joining each such Joining Customer to the Agreement as a Customer (as defined in the Agreement) thereunder. Pursuant to the terms of the
Agreement, the Customer Schedule shall be amended by adding thereto the Joining Customers. Unless otherwise indicated herein, capitalized terms used in this Joinder shall have the meanings set forth in the Agreement. 

The execution of this Joinder by Authorized Agent on behalf of each Joining Customer shall be deemed to be an agreement by Morgan Stanley and each
Joining Customer to be bound by all of the terms and conditions set forth in the Agreement, effective with respect to each Joining Customer as of the date listed under the heading “Date of Joinder to the Agreement” on the schedule attached
hereto. By the execution of this Joinder by Authorized Agent, each Joining Customer also agrees and represents that all of such Joining Customer’s information in the Schedules hereto provided by Authorized Agent on behalf of such Joining
Customer in connection with this Joinder (which Schedules are hereby incorporated into the Agreement) is true and correct and such Joining Customer, by Authorized Agent, shall promptly notify Morgan Stanley of any material change in such
information. 
 IN WITNESS WHEREOF, Joining Customer, by Authorized Agent, has executed this Agreement on the date indicated below. 

Joining Customer: Each account or fund set forth on the attached schedule, in their individual capacity 

 

							
	By:	 	Authorized Agent
			
		 	By:	 	  

			
		 		 	  

		 		 	(Please Print Name and Title)	 	(Date)

  
 - 40 -

 SCHEDULE OF JOINING CUSTOMERS 

 

											
	 Customer Name
	  	 Hedge/
Spec
Designation3
	  	 CFTC 190.06
 Rep.4
	  	 Jurisdiction of
Organization
	  	 Date of Joinder

to the
 Agreement
	  	 Acknowledgment

of Risk
 Disclosure5

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	3 	 Speculative: Orders placed by Customer for the Account will normally represent speculative transactions. Hedge: Orders placed by Customer for the
Account will normally represent bona fide hedging transactions as defined in CFTC Rule 1.3(z). Failure to designate the Account will be construed to designate the Account as Speculative. 

	4 	 If Customer has indicated on this Customer Schedule that orders placed for the Account typically represent bona fide hedging transactions, please note
that CFTC Rule §190.06 permits Customer to specify whether, in the unlikely event of Morgan Stanley’s bankruptcy, Customer prefers the bankruptcy trustee to liquidate all positions in the Account. Accordingly, Customer should elect either
to Liquidate or Not Liquidate such positions in that event. If neither alternative is initialed, Customer will be deemed to have elected to have all positions liquidated. This election may be changed at any time by written notice to Morgan Stanley.

	5 	 Customer hereby acknowledges that it has received and understands the following disclosure statement as prescribed by the CFTC and furnished herewith:
Risk Disclosure Statement for Futures and Options (Appendix A to CFTC Rule 1.55(c) transcribed in full on pages 2 - 4 of the Futures Industry Association Uniform Futures and Options on Futures Risk Disclosures) 

  
 - 41 -

 APPENDIX C: SERVICES 

Morgan Stanley shall be responsible for (i) holding Customer’s funds deposited with Morgan Stanley as margin for trades
executed for the Account of such Customer; and (ii) clearing such trades on the derivatives clearing organization or clearing house, in each case, in accordance with and subject to the requirements of Applicable Law and the terms and conditions
of this Agreement. 

  
 42 

 Notice Regarding Physical Settlement of Emissions Contracts 

This notice is to advise you of certain constraints that Morgan Stanley & Co. LLC and Morgan Stanley & Co. International plc
(collectively, “Morgan Stanley”) apply in connection with trading with or through Morgan Stanley in contracts for future delivery (or options on such futures) of NOX Allowances, SO2 Allowances, European Union Emissions Allowances
and Certified Emission Reductions (such contracts, “Emissions Contracts”) on any of the Bluenext, the Chicago Climate Futures Exchange, the European Energy Exchange, ICE Futures Europe, the NYMEX Green Exchange or any other foreign
or domestic contract market, commercial market or board of trade on which Emissions Contracts are traded. This notice is subject to the terms of business (however entitled) applying between Morgan Stanley and you. 

At the present time Morgan Stanley does not intend to facilitate physical settlement of any Emissions Contract. Accordingly, prior to the expiration of
open positions in any Emissions Contract in your Account, Morgan Stanley will seek instructions from you regarding the transfer, offset or close-out of such positions. If you fail to provide such instructions Morgan Stanley reserves the right to
take any actions as it may, in its commercially reasonable discretion, determine necessary in order to limit, reduce or close out any open positions and to cover, reduce or eliminate any potential losses or liabilities in respect of the relevant
Emissions Contract. Morgan Stanley may also exercise its right to decline additional orders from you to establish open positions in Emissions Contract in the period leading up to the expiration of such contracts. 

                         
                (“Customer”) acknowledges that it has received and understands the following: 
 (please initial) 

 ̈  Notice Regarding Physical Settlement of Emissions Contracts

  
 43 

 INCUMBENCY CERTIFICATE 

I,                    , the duly

elected                    of 
                   (the “Company”) do hereby certify the following: 

 

	 	(1)	                     is the duly
elected                    of the Company, and has the authority to enter into and execute contracts and acknowledgments for and on behalf of the
Company; and, 

  

	 	(2)	Specifically,                      is authorized to execute the
following contracts and acknowledgments for and on behalf of the Company: 

  

	 	•	 	 Commodity Customer Agreement by and between Morgan Stanley & Co. LLC and the Company 

 

	 	•	 	 Commodity Futures Trading Commission Risk Disclosure Statement Acknowledgment 

 

	 	(3)	The signature of                    is as it appears below:

  
  

IN WITNESS WHEREOF, I do hereby certify that the foregoing is true and correct as of the date hereof. 

 

					
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

 Dated:             ,
201     

  
 44 

 SPECIAL DISCLOSURE TO CUSTOMERS DOMICILED IN THE PROVINCES OF BRITISH 

COLUMBIA AND ALBERTA, CANADA, EXECUTING THE COMMODITY FUTURES CUSTOMER 

AGREEMENT WITH MORGAN STANLEY & CO. LLC 
 This special disclosure supplements and remains at all times subject to the terms of the Commodity Futures Customer Agreement between Morgan Stanley & Co. LLC (“Morgan Stanley”) and
[CUSTOMER] (“Customer”), dated [DATE]. Capitalized terms used herein shall, unless otherwise specified, have the meanings set forth in the Order, as defined herein. 
 In accordance with the terms of a certain exemptive order of the British Columbia Securities Commission and the Alberta Securities Commission, dated June 10, 2009 (the “Order”) granting
Morgan Stanley relief from the requirements set forth in the Securities Acts of British Columbia and Alberta (the “Passport Jurisdictions”) for Morgan Stanley to be registered as a dealer in order to trade exchange contracts (as defined in
the Order) on Recognized Foreign Exchanges for Qualified Parties located in the Passport Jurisdictions, Morgan Stanley hereby discloses that: (1) there may be difficulty in enforcing any legal rights against Morgan Stanley or any of its
directors, officers, employees or agents, because it is resident outside of the Passport Jurisdictions and all or substantially all of its assets are situated outside of the Passport Jurisdictions; (2) Morgan Stanley is not registered under the
securities legislation of the Passport Jurisdictions and, accordingly, the protection available to clients of a dealer registered under such legislation will not be available to Customer; and (3) Morgan Stanley hereby provides to Customer the
name and address of its agent for service in each of the Passport Jurisdictions, as follows: 
 British Columbia: 

Borden Ladner Gervais LLP 
 1200
Waterfront Centre 
 200 Burrard Street 
 P.O. Box 48600 
 Vancouver, British Columbia, Canada V7X 1T2 

Alberta: 
 Fraser Milner Casgrain LLP

 2900 Manulife Place 

10180-101 Street 
 Edmonton, Alberta

 T5J 3V5 
 Attention:
Herb Zechel 

  
 45EX-10.18

 Exhibit 10.18 
 MANAGEMENT AGREEMENT 
 AGREEMENT made as of the 1st day of March, 2013, is
by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), EMERGING CTA PORTFOLIO L.P., a New York limited partnership (the “Partnership”) and PRINCIPLE CAPITAL MANAGEMENT LLC, a California limited
liability company (the “Advisor” or “Principle”). 
 W I T N E S
S E T H : 
 WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized
for the purpose of speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation such trading to be
conducted directly or through investment in Principle Master Fund L.P., a Delaware limited partnership (the “Master Fund”) of which CMF is the general partner and Principle is the advisor; and 

WHEREAS, the Fourth Amended and Restated Limited Partnership Agreement dated as of May 1, 2012 (the “Partnership
Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience managing client funds; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is
a member of the National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a commodity trading advisor
and a commodity pool operator with the CFTC and is a member of NFA; and 
 WHEREAS, CMF, the Partnership and the Advisor wish to
enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity trading activities during the term of this
Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole
authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF in commodity interests,
including commodity futures contracts and options. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership
shall be in accordance with the trading strategies and trading policies set forth in the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated January 31, 2013, as supplemented (the “Memorandum”), and
as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change, and pursuant to the trading strategy selected 

 
by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Principle Commodity Futures trading program (the “Program”)
to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the
ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be
directed by it for the Partnership will be profitable or will not result in losses. 
 (b) CMF acknowledges receipt of the
Advisor’s Disclosure Document dated as of November 1, 2012 (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made
through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the
Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may direct any and all trades in commodity futures and options to a futures
commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor
brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by original, fax copy or email copy). 

(c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program as described in the Memorandum,
provided that CMF and the Partnership agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in accordance with the terms of
the agreement by and among CMF, the Master Fund and the Advisor, dated as of March 1, 2013, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology other than or in addition to
the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents
thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such
change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of
any changes to the trading system or methodology that would cause a change in the description of the trading strategy or methods described in the Disclosure Document or the Memorandum, as applicable, to be materially inaccurate. Further, the Advisor
will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF
and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters

  
 2 

 
deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin
positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within one business day after such funds
are no longer needed to margin foreign positions. 
 (d) The Advisor agrees to make all material disclosures to the Partnership
regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), members, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the
identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d)
and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its
fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a
property right belonging to the Advisor and that they will keep all such advice confidential. 
 (e) The Advisor understands and
agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall
determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this
Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. 
 (f) CMF may, from time to
time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day
of a calendar month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s
account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations
or liquidations. 
 (g) The Advisor shall assume financial responsibility for any errors committed or caused by its negligence
fraud or misconduct in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and
give-up charges incurred by the brokers on such trades. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors with respect to the account, and the Advisor
shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute orders for the Partnership. 

  
 3 

 2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed
to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any
other trading advisor. The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 

3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the
Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 17.5% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the “Incentive
Fee”) and (ii) a monthly fee for professional management services equal to 1/12 of 1.5% (1.5% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Partnership’s Net
Assets allocated to the Advisor as of the last business day of each month by 1.5% and dividing the result thereof by 12) (the “Management Fee”). 
 (b) “Net Assets of the Partnership” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement and, unless the Advisor consents in writing, without regard to further
amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions, administrative fees or incentive fees accrued or payable as of the date of such
determination. 
 (c) “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed by
the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Assets of the Partnership allocated to the Advisor at the date trading commences by the
Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets of the Partnership resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the
fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing expenses shall be
attributed to the Advisor based on the Advisor’s proportionate share of Net Assets of the Partnership. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. No
Incentive Fee shall be paid to the Advisor until the end of the first full calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned from the commencement of trading by the
Advisor on behalf of the Partnership through the end of the first full calendar quarter of such trading. Interest income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Assets of the
Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the
Advisor is eligible to receive another Incentive Fee. 

  
 4 

 (d) Quarterly Incentive Fees and monthly Management Fees shall be paid within twenty
(20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or a calendar month, as the case may be, the
quarterly Incentive Fee shall be computed as if the effective date of termination were the last day of the then current quarter and the monthly Management Fee shall be prorated to the effective date of termination. If, during any month, the
Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which the number of business
days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 

(e) The provisions of this Section 3 shall survive the termination of this Agreement. 

4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) Except as otherwise provided herein, the services provided by the Advisor
hereunder are not to be deemed exclusive. CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and members, may render advisory,
consulting and management services to other clients and accounts. The Advisor and its officers, directors, employees and members shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during
the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the Advisor
represents, warrants and agrees that it believes the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies for the
Partnership and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 
 (b) If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing if the Partnership’s positions are included in an
aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position limits, it will not modify the trading instructions
with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts. The Advisor further represents, warrants and agrees that under no
circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods employed for any other client or account and that it will not knowingly or deliberately favor
any client or account managed by it over any other client or account in any manner, it being acknowledged, 

  
 5 

 
however, that different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies or risk parameters, accounts experiencing
differing inflows or outflows of equity, accounts that commence trading at different times, accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and
that such differences may cause divergent trading results. 
 (c) It is acknowledged that the Advisor and/or its officers,
employees, directors and members presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may
be more or less than the amounts received from the Partnership. 
 (d) The Advisor agrees that it shall make such information
available to CMF respecting the performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals, if any, as shall be reasonably requested by CMF. The Advisor presently believes
and represents that existing speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its
principals’ current accounts and all proposed accounts for which they have contracted to act as trading advisor. 
 5.
TERM. (a) This Agreement shall continue in effect until June 30, 2013. CMF may, in its sole discretion, renew this Agreement for additional one-year periods upon notice to the Advisor not less
than 30 days prior to the expiration of the previous period. At any time during the term of this Agreement, CMF may terminate this Agreement upon 5 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect
immediately to terminate this Agreement if (i) the Net Asset Value per unit shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor (adjusted for redemptions,
distributions, withdrawals or reallocations, if any) decline by 20% or more as of the end of a trading day from such Net Assets’ previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership
shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s
fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; (vii) the Advisor
fails to conform to the trading policies set forth in the Partnership Agreement or the Memorandum as they may be changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets,
or becomes bankrupt or insolvent; (ix) Hai Chen dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the Advisor; (x) the
Advisor’s registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory authority, is terminated or suspended; or (xi) CMF reasonably believes that the Advisor has or may contribute to any
material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution. 

  
 6 

 (b) The Advisor may terminate this Agreement by giving not less than 30 days’ notice to
CMF (i) in the event that the trading policies of the Partnership as set forth in the Memorandum are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after
June 30, 2013; or (iii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its
membership in NFA is terminated or suspended. 
 (c) Except as otherwise provided in this Agreement, any termination of this
Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 
 6. INDEMNIFICATION. (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in
connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the
Advisor against any loss, liability, damage, fine, penalty obligation, cost, expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts
paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership,
and provided that its conduct did not constitute negligence, bad faith, recklessness, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or
administrative forum in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for
such expenses which such court or administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement. The
termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of
the Partnership. 
 (ii) Without limiting subsection (i) above, to the extent that the Advisor has been successful on the
merits or otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor against the expenses (including, without limitation,
attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 
 (iii) Any
indemnification under subsection (i) above, unless ordered by a court or administrative forum, shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that
such indemnification is proper in the circumstances because the Advisor has met the applicable standard of conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the
Advisor’s approval, which approval shall not be unreasonably 

  
 7 

 
withheld. The Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of
the notice of CMF’s selection, that the Advisor does not approve the selection. 
 (iv) In the event the Advisor is made a
party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and
hold harmless the Advisor against any loss, liability, damage, cost or expense (including, without limitation, attorneys’ and accountants’ fees) incurred in connection therewith. 

(v) As used in this Section 6(a), the term “Advisor” shall include the Advisor, its principals, officers, directors,
members and employees and the term “CMF” shall include the Partnership. 
 (b)(i) The Advisor agrees to indemnify,
defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, fine penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court
costs and other legal expenses), judgments and awards and amounts paid in settlement reasonably incurred by them (A) as a result of the material breach of any representations and warranties or covenants made by the Advisor in this Agreement, or
(B) as a result of any act or omission of the Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 14 hereof, to the
effect that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)),
or (ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent. 

(ii) In the event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs
any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors, members or employees unrelated to CMF’s or the Partnership’s business, the Advisor shall
indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees,
collection fees, court costs and other legal expenses) judgments, awards and amounts including amounts paid in settlement incurred in connection therewith. 
 (c) In the event that a person entitled to indemnification under this Section 6 is made a party to an action, suit or proceeding alleging both matters for which indemnification can be made hereunder
and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or expense incurred in such action, suit or proceeding which relates to the matters for
which indemnification can be made. 
 (d) None of the indemnifications contained in this Section 6 shall be applicable with
respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld or delayed, of the party obligated to indemnify such
party. 

  
 8 

 (e) The provisions of this Section 6 shall survive the termination of this Agreement.

 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a) The Advisor represents and warrants that: 
 (i) All references to the Advisor and its principals in the Memorandum, if any, are accurate in all material respects and as to them the Memorandum does not contain any untrue statement of a material fact
or omit to state a material fact that is necessary to make the statements therein not misleading, except that with respect to Table B and any other pro forma or hypothetical performance information in the Memorandum, if any, this representation and
warranty extends only to the underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. Subject to such exception, all references to the Advisor and its principals, if any, in the
Memorandum or a supplement thereto will, after review and approval of such references by the Advisor prior to the use of such Memorandum in connection with the offering of the Partnership’s units, be accurate in all material respects.

 (ii) The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is
based on all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein, and such tables have been prepared by the
Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25. 
 (iii) The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment adviser and is duly registered with the CFTC as a commodity trading
advisor, is a member of NFA, and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform its obligations hereunder, and agrees to maintain and renew such registrations and licenses
during the term of this Agreement. 
 (iv) The Advisor is a limited liability company duly organized, validly existing and in
good standing under the laws of the State of Delaware and has full limited liability company power and authority to enter into this Agreement and to provide the services required of it hereunder. 

(v) The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be breached any undertaking,
agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 

  
 9 

 (vi) This Agreement has been duly and validly authorized, executed and delivered by the
Advisor and is a valid and binding agreement enforceable in accordance with its terms. 
 (vii) At any time during the term of
this Agreement that an offering memorandum or prospectus relating to the units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such
information as shall be necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 
 (b) CMF represents and warrants for itself and the Partnership that: 
 (i) CMF is
a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power and authority to perform its obligations under this Agreement. 

(ii) CMF and the Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership. 

(iii) This Agreement has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is
a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 
 (iv) CMF will not, by
acting as general partner to the Partnership and the Partnership will not, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit
or affect the performance of its duties under this Agreement. 
 (v) CMF is registered as a commodity pool operator and is a
member of NFA, and it will maintain and renew such registration and membership during the term of this Agreement. 
 (vi) The
Partnership is a limited partnership duly organized and validly existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement.

 (vii) The Partnership is a “qualified eligible person” as defined in Rule 4.7 under the Commodity Exchange Act.

 8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 

(a) The Advisor agrees as follows: 
 (i) In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or the commodity exchange on
which any particular transaction is executed. 

  
 10 

 (ii) The Advisor will promptly notify CMF of the commencement of any investigation, suit,
action or proceeding involving the Advisor or any of its affiliates, officers, member(s), employees, agents or representatives; regardless of whether such investigation, suit, action or proceeding also involves CMF. The Advisor will provide CMF with
copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with an investigation or
audit of the Advisor’s business activities. 
 (iii) In the placement of orders for the Partnership’s account and for
the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the
Advisor. The Advisor acknowledges its obligation to review the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the broker and CMF and the
Partnership’s brokers of (A) any error committed by the Advisor or its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any discrepancy with a value
of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements. 

(iv) The Advisor will maintain a net worth of not less than $100,000 during the term of this Agreement. 

(v) The Advisor will use its best efforts to close out all futures positions prior to any applicable delivery period, and will use its
best efforts to avoid causing the Partnership to take delivery of any commodity. 
 (vi) CMF shall have the right for a period
of 24 months following the date of this Agreement to allocate up to $150,000,000 in assets to the Advisor’s Program on behalf of any collective investment vehicle or account operated or managed by CMF and the Advisor represents that such
allocation will not exceed the capacity limits of the Program. 
 (b) CMF agrees for itself and the Partnership that:

 (i) CMF and the Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or the
commodity exchange on which any particular transaction is executed. 
 (ii) CMF will promptly notify the Advisor of the
commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor. 
 (iii) CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money laundering laws, rules and
regulations, including applicable provisions of the USA PATRIOT Act. CMF or the selling agents for the Partnership have Customer Identification Programs 

  
 11 

 
(“CIP”), which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the
Partnership also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets
Control. 
 9. COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the
subject matter hereof. 
 10. ASSIGNMENT. This Agreement may not be assigned by any party without the express written
consent of the other parties. 
 11. AMENDMENT. This Agreement may not be amended except by the written consent of the
parties. 
 12. NOTICES. All notices, demands or requests required to be made or delivered under this Agreement shall be
effective upon actual receipt and shall be made either by electronic mail (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested, postage prepaid, to the addresses below
or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 
 If to
CMF or to the Partnership: 
 Ceres Managed Futures 

522 Fifth Avenue, 14th Floor 
 New York, New York 10036 
 Attention: Walter Davis 

email: walter.davis@morganstanley.com 
 If to the Advisor: 
 Principle Capital Management 

1 Sansome St, Suite 3500 
 San Francisco, California 94104 
 Attention: Hai Chen 

email: hchen@principlefund.com 
 with a copy to: 
 Principle Capital Management 

1 Sansome St, Suite 3500 
 San Francisco, California 94104 
 Attention: Kevin Gao 

email: kgao@principlefund.com 

  
 12 

 13. GOVERNING LAW. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York. 
 14. ARBITRATION. The parties agree that any dispute or controversy arising out
of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction, then in accordance with the rules, then in effect, of the
American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award, and further provided,
that any such arbitration shall occur within the Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction. 

15. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain persons not
parties to this Agreement may have rights under Section 6 hereof. 
 16. COUNTERPART ORIGINALS. This Agreement may
be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. 

  
 13 

 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF
QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION 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 COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. 

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

  

					
	CERES MANAGED FUTURES LLC
		
	By	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	EMERGING CTA PORTFOLIO L.P.
		
	By:	 	Ceres Managed Futures LLC
		 	(General Partner)
		
	By	 	 /s/ Walter Davis

		 	Walter Davis
		 	President and Director
	
	PRINCIPLE CAPITAL MANAGEMENT LLC
		
	By	 	 /s/ Hai Chen

		 	Name:	 	Hai Chen
		 	Title:	 	Managing Director

  
 14

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