0001097396-12-000011 Sample Contracts

MANAGEMENT AGREEMENT
Management Agreement • November 13th, 2012 • Morgan Stanley Smith Barney Spectrum Currency & Commodity L.P. • Commodity contracts brokers & dealers • New York

AGREEMENT made as of the 22nd day of October, 2012, is by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), MORGAN STANLEY SPECTRUM CURRENCY L.P., a Delaware limited partnership (the “Partnership”) and THE CAMBRIDGE STRATEGY (ASSET MANAGEMENT) LIMITED, a limited liability company incorporated in England and Wales (“Cambridge” or the “Advisor”).

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FIRST AMENDMENT TO MANAGEMENT AGREEMENT
Management Agreement • November 13th, 2012 • Morgan Stanley Smith Barney Spectrum Currency & Commodity L.P. • Commodity contracts brokers & dealers

THIS FIRST AMENDMENT (this “Amendment”) to the Management Agreement dated as of October 22, 2012 (the “Management Agreement”), by and among Morgan Stanley Spectrum Currency L.P., a Delaware limited partnership (the “Partnership”), Ceres Managed Futures LLC, a Delaware limited liability company (“CMF”) and The Cambridge Strategy (Asset Management) Limited, a limited liability company incorporated in England and Wales (“Cambridge” or the “Advisor”), is made and entered into by the undersigned parties on October 23, 2012 (the “Effective Date”).

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