Document:

EX-10.19

 Exhibit 10.19 
 EXECUTION COPY 
 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 300 NORTH CAPITAL LLC, a Delaware limited liability company (the “Advisor”). 

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 300
North Capital Master Fund L.P., a Delaware limited partnership (the “Master Fund”) of which CMF is the general partner and Advisor 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. The Advisor may only trade in the instruments listed on Appendix A hereto, which may be amended from time to
time only by the written mutual consent of all of the parties to this Agreement. 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 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 Global Marco 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 Offering Memorandum for the 300 North Capital Global Macro Fund II, LLC dated as of December 15, 2012 (the “Macro Fund Memorandum”). 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 Macro Fund Memorandum 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 

  
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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 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 

  
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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. 

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 

  
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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. 
 (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 

  
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account managed by it over any other client or account in any manner, it being acknowledged, 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) Richard S. Campagna 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. 

  
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 (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 

  
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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 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. 

  
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 (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. 
 (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. 

  
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 (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. 

  
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 (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 as of January 1, 2014 and for the term of this Agreement thereafter maintain a net worth of not less than
$100,000. 
 (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 LLC 

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

email: walter.davis@morganstanley.com 
 If to the Advisor: 
 300 North Capital, LLC 

300 North Lake Avenue 
 Suite 1120 
 Pasadena, CA 91101-4111 

Attention: Erin Chetwood 
 email: echetwood@300northcapital.com 
 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

  
 12 

 
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
	
	300 NORTH CAPITAL LLC
		
	By	 	 /s/ Richard S. Campagna

		 	Name:	 	Richard S. Campagna
		 	Title:	 	Chief Executive Officer

  
 14 

 APPENDIX A 
  

					
	AUDUSD Crncy Fut Mar13	  	ADA CURNCY	  	CME
	BP CURRENCY FUT Mar13	  	BPA CURNCY	  	CME
	Short Euro-BTP Fu Mar13	  	BTSA COMDTY	  	EUX
	BOVESPA INDEX FUT Apr13	  	BZA INDEX	  	BMF
	CORN FUTURE May13	  	C A COMDTY	  	CBT
	C$ CURRENCY FUT Mar13	  	CDA CURNCY	  	CME
	CAC40 10 EURO FUT Feb13	  	CFA INDEX	  	EOP
	WTI CRUDE FUTURE Mar13	  	CLA COMDTY	  	NYM
	CAN 10YR BOND FUT Mar13	  	CNA COMDTY	  	MSE
	BRENT CRUDE FUTR Apr13	  	COA COMDTY	  	ICE
	COTTON NO.2 FUTR May13	  	CTA COMDTY	  	NYB
	DJIA MINI e-CBOT Mar13	  	DMA INDEX	  	CBT
	EURO FX CURR FUT Mar13	  	ECA CURNCY	  	CME
	AMSTERDAM IDX FUT Feb13	  	EOA INDEX	  	EOE
	S&P500 EMINI FUT Mar13	  	ESA INDEX	  	CME
	SWISS FED BND FUT Mar13	  	FBA COMDTY	  	EUX
	LONG GILT FUTURE Mar13	  	G A COMDTY	  	LIF
	GOLD 100 OZ FUTR Apr13	  	GCA COMDTY	  	CMX
	DAX INDEX FUTURE Mar13	  	GXA INDEX	  	EUX
	COPPER FUTURE May13	  	HGA COMDTY	  	CMX
	HANG SENG IDX FUT Feb13	  	HIA index	  	HKG
	HEATING OIL FUTR Mar13	  	HOA COMDTY	  	NYM
	IBEX 35 INDX FUTR Feb13	  	IBA INDEX	  	MFM
	SGX S&P CNX NIFTY Feb13	  	IHA INDEX	  	SGX
	MEX BOLSA IDX FUT Mar13	  	ISA INDEX	  	MDX
	JPN 10Y BOND(TSE) Mar13	  	JBA COMDTY	  	TSE
	JPN YEN CURR FUT Mar13	  	JYA CURNCY	  	CME
	COFFEE ‘C’ FUTURE May13	  	KCA COMDTY	  	NYB
	LME PRI ALUM FUTR Feb13	  	LAA COMDTY	  	LME
	LME NICKEL FUTURE Feb13	  	LNA COMDTY	  	LME
	LME ZINC FUTURE Feb13	  	LXA COMDTY	  	LME
	NATURAL GAS FUTR Mar13	  	NGA COMDTY	  	NYM
	NIKKEI 225 (SGX) Mar13	  	NIA index	  	SGX
	NORWEGIAN KRN AON Mar13	  	NKA CURNCY	  	CME
	NORWEGIAN KRONE Mar13	  	NOA CURNCY	  	CME
	NASDAQ 100 E-MINI Mar13	  	NQA INDEX	  	CME
	PALLADIUM FUTURE Mar13	  	PAA COMDTY	  	NYM
	PLATINUM FUTURE Apr13	  	PLA COMDTY	  	NYM

  
 15 

					
	S&P/TSX 60 IX FUT Mar13	  	PTA INDEX	  	MSE
	GAS OIL FUT (ICE) Apr13	  	QSA COMDTY	  	ICE
	MSCI SING IX ETS Feb13	  	QZA index	  	SGX
	Russell 2000 Mini Mar13	  	RTAA INDEX	  	NYF
	EURO-BUND FUTURE Mar13	  	RXA COMDTY	  	EUX
	SOYBEAN FUTURE May13	  	S A COMDTY	  	CBT
	SUGAR #11 (WORLD) May13	  	SBA COMDTY	  	NYB
	SWEDISH KRONA FUT Mar13	  	SEA CURNCY	  	CME
	CHF CURRENCY FUT Mar13	  	SFA CURNCY	  	CME
	SILVER FUTURE Mar13	  	SIA COMDTY	  	CMX
	SWEDISH 5YR FUTR Mar13	  	SKA COMDTY	  	PMI
	SGD INTEREST RATE Feb13	  	SWA COMDTY	  	SGX
	US 10YR NOTE (CBT)Mar13	  	TYA COMDTY	  	CBT
	US LONG BOND(CBT) Mar13	  	USA COMDTY	  	CBT
	CBOE VIX FUTURE Mar13	  	UXA INDEX	  	CBF
	EURO STOXX 50 Mar13	  	VGA INDEX	  	EUX
	WHEAT FUTURE(CBT) May13	  	W A COMDTY	  	CBT
	GASOLINE RBOB FUT Mar13	  	XBA COMDTY	  	NYM
	AUST 10Y BOND FUT Mar13	  	XMA COMDTY	  	SFE
	SPI 200 FUTURES Mar13	  	XPA INDEX	  	SFE
	3MO EUROYEN TFX Jun13	  	YEA COMDTY	  	TFX
	FTSE 100 IDX FUT Mar13	  	Z A INDEX	  	LIF
	NEW ZEALND $(FNX) Mar13	  	ZXA CURNCY	  	FNX

  
 16EX-10.1(b)

 EXHIBIT 10.1(b) 
  

 
 MORGAN STANLEY & CO. LLC 

Commodity Futures Account 

Documents 

Booklet 1 of 2 
 Rev. 10/13

 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. 

  
 - 2 - 

 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. 

  
 - 3 - 

	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:
                                         
                                         
                                         
  
  

			
	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. 

  
 - 4 - 

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

  
 - 5 - 

 ** 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)

  
 - 6 - 

 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)

  
 - 7 - 

 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 

  
 - 8 - 

	 	
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. 

  
 - 9 - 

	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

  
 - 10 - 

	 	
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

  
 - 11 - 

	 	
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 

  
 - 12 - 

	 	
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 

  
 - 13 - 

 
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

  
 - 14 - 

	 	
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. 

  
 - 15 - 

	 	(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. 

  
 - 16 - 

	 	(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. 

  
 - 17 - 

	 	(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). 

  
 - 18 - 

	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. 

  
 - 19 - 

	 	(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 

  
 - 20 - 

	 	
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. 

  
 - 21 - 

	 	(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 

  
 - 22 - 

 
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)	 		 	

  
 - 23 - 

 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.	  	Delaware	  	13-3619290	  	Speculator	  	N/A	  	7/3/13
	  	  
 2)
	  	  
 EMC Capital Management, Inc.
	  		  		  		  		  	
	  	  
 3)
	  	  
 Altis Partners (Jersey) Limited
	  		  		  		  		  	
	  	  
 4)
	  	  
 Graham Capital Management, L.P.
	  		  		  		  		  	
	  	  
 5)
	  	  
 Northfield Trading L.P.
	  		  		  		  		  	
								
	 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.	  	Delaware	  	13-3782231	  	Speculator	  	N/A	  	7/3/13
	  	  
 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.)
	  		  		  		  		  	
								
	 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	  	Delaware	  	13-3782232	  	Speculator	  	N/A	  	7/3/13
	  	  
 2)
	  	  
 Altis Partners (Jersey) Limited
	  		  		  		  		  	

  

	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. 

  
 - 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

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.)	  	Delaware	  	13-4084211	  	Speculator	  	N/A	  	7/3/13
	  	2)	  	 The Cambridge Strategy (Asset Management) Limited (via Cambridge Master Fund L.P.)
	  		  		  		  		  	
								
	 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

  
 - 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 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

  
 - 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

	 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)

 
	  	Delaware	  	20-8528957	  	Speculator	  	N/A	  	7/3/13
	  	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)	  		  		  		  		  	

  
 - 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

		  	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)

 
	  	Delaware	  	20-8529012	  	Speculator	  	N/A	  	7/3/13
	  	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)	  		  		  		  		  	

  
 - 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

	 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)

 
	  	Delaware	  	20-8529352	  	Speculator	  	N/A	  	7/3/13
	  	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)	  		  		  		  		  	

  
 - 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

		  	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)

 
	  	Delaware	  	13-3782225	  	Speculator	  	N/A	  	7/3/13
	  	2)	  	 Aventis Asset Management, LLC (via MB Master Fund L.P.)
  
	  		  		  		  		  	
	  	3)	  	PGR Capital LLP (via PGR Master Fund L.P.)	  		  		  		  		  	
								
	 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)

 
	  	Delaware	  	13-4070263	  	Speculator	  	N/A	  	7/3/13
	  	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)	  		  		  		  		  	

  
 - 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

	 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)

 
	  	Delaware	  	46-2788939	  	Speculator	  	N/A	  	7/3/13
	  	2)	  	Altis Partners (Jersey) Limited (via CMF Altis Partners Master Fund L.P.)	  		  		  		  		  	

  
 - 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

		  	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)	  		  		  		  		  	

  
 - 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

	 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

  
 - 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

	 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.)
  
	  	New York	  	13-4077759	  	Speculator	  	N/A	  	9/4/13
	  	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.)	  		  		  		  		  	
								
	 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.)
  
	  	New York	  	13-3729162	  	Speculator	  	N/A	  	9/4/13
	  	2)	  	Graham Capital Management, L.P. (via CMF Graham Capital Master Fund L.P.)	  		  		  		  		  	

  
 - 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

		  	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.)
  
	  	New York	  	13-3769020	  	Speculator	  	N/A	  	9/4/13
	  	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.)	  		  		  		  		  	
								
	 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.)

 
	  	New York	  	13-4224248	  	Speculator	  	N/A	  	9/24/13
	  	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.)    	  		  		  		  		  	

  
 - 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

		  	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)
  
	  	New York	  	20-3072499	  	Speculator	  	N/A	  	10/25/13
	  	2)	  	 Altis Partners(Jersey) Limited (via CMF Altis Partners Master Fund L.P.)

 
	  		  		  		  		  	
	  	3)	  	Aspect Capital Ltd. (via CMF Aspect Master Fund L.P.)    	  		  		  		  		  	

  
 - 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

		  	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.)

 
	  	New York	  	13-4015586	  	Speculator	  	N/A	  	10/29/13
	  	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.)	  		  		  		  		  	

  
 - 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

	 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.)

 
	  	New York	  	04-3768983	  	Speculator	  	N/A	  	8/21/13
	  	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.)	  		  		  		  		  	

  
 - 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

		  	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.)
  
	  	Delaware	  	20-4267496	  	Speculator	  	N/A	  	10/29/13
	  	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.)	  		  		  		  		  	
								
	 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

  
 - 39 - 

															
	 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

  
 - 40 - 

 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)

  
 - 41 - 

 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) 

  
 - 42 - 

 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. 

  
 43 

 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

  
 44 

 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  

  
 45 

 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 

  
 46

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