0001428040-13-000005 Sample Contracts

ADVISORY AGREEMENT
Advisory Agreement • May 14th, 2013 • Polaris Futures Fund L.P. • Commodity contracts brokers & dealers • New York

THIS AGREEMENT, made as of April 30, 2007, among Morgan Stanley Managed Futures Kaiser I, LLC, a Delaware limited liability company (the “Trading Company”), Demeter Management Corporation, a Delaware corporation (the “Trading Manager”), and Kaiser Trading Group Pty. Ltd., a private company organized under the laws of Australia (the “Trading Advisor”).

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AMENDMENT NO. 2 TO THE ADVISORY AGREEMENT
Advisory Agreement • May 14th, 2013 • Polaris Futures Fund L.P. • Commodity contracts brokers & dealers

This AMENDMENT NO. 2 dated as of the 1st day of January 2013 to the ADVISORY AGREEMENT made as of the 30th day of April, 2007, among CERES MANAGED FUTURES LLC (formerly Demeter Management Corporation), a Delaware limited liability company (the “Trading Manager”), MORGAN STANLEY SMITH BARNEY KAISER I, LLC (formerly Morgan Stanley Managed Futures Kaiser I, LLC), a Delaware limited liability company (the “Trading Company”) and KAISER TRADING GROUP PTY. LTD., a private company organized under the laws of Australia (the “Trading Advisor”), as previously amended by an Amendment to the Advisory Agreement dated as of March 1, 2012 (together the “Agreement”).

AMENDMENT TO THE ADVISORY AGREEMENT
Advisory Agreement • May 14th, 2013 • Polaris Futures Fund L.P. • Commodity contracts brokers & dealers

This AMENDMENT dated as of March 1, 2012 to the ADVISORY AGREEMENT made as of the 30th day of April, 2007, among CERES MANAGED FUTURES LLC (formerly Demeter Management Corporation), a Delaware limited liability company (the “Trading Manager”), MORGAN STANLEY SMITH BARNEY KAISER I, LLC (formerly Morgan Stanley Managed Futures Kaiser I, LLC), a Delaware limited liability company (the “Trading Company”) and KAISER TRADING GROUP PTY. LTD., a private company organized under the laws of Australia (the “Trading Advisor”).

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