0000914121-11-000432 Sample Contracts

MANAGEMENT AGREEMENT
Management Agreement • December 7th, 2011 • Morgan Stanley Smith Barney Spectrum Technical Lp • Commodity contracts brokers & dealers • New York

AGREEMENT made as of the 1st day of December, 2011 among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF” or the “General Partner”), MORGAN STANLEY SMITH BARNEY SPECTRUM TECHNICAL L.P., a Delaware limited partnership (the “Partnership”) and BLACKWATER CAPITAL MANAGEMENT LLC, a Delaware limited liability company (“Blackwater” or the “Advisor”).

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