AMENDMENT TO THE ADVISORY AGREEMENT
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EX-10.18 4 polaris1018.htm AMENDMENT TO THE ADVISORY AGREEMENT polaris1018.htm
AMENDMENT TO THE ADVISORY AGREEMENT
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”).
W I T N E S S E T H:
WHEREAS, the Trading Manager, the Trading Company and the Trading Advisor wish to amend the Advisory Agreement dated as of April 30, 2007 to reflect certain changes in the futures interests traded by the Trading Advisor.
NOW, therefore, the parties agree as follows:
1. The first sentence of Section 5(a)(i) shall be deleted and replaced by the following:
The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of 1.5% (a 1.5% annual rate) of the Net Assets (as defined in Section 5(c) hereof) as of the first day of each month (the “Management Fee”).
2. Exhibit C to the Agreement shall be deleted and replaced by the following:
EXHIBIT C
FUTURES INTERESTS TRADED
| Market | Exchange |
Bonds
| Treasury Notes (5 Year) | CBOT |
| Treasury Notes (10 Year) | CBOT |
| BOBL | EUREX |
| Bunds | EUREX |
| Long Gilt | LIFFE |
| Treasury Bonds (30 Year) | CBOT |
| Japanese Govt Bonds (10 Year) | TSE |
| | Energies |
| Crude Oil | NYMEX & ACCESS |
| Natural Gas | NYMEX |
| Heating Oil | NYMEX |
| | Foreign Exchange (Cash) |
| USD/AUD | N/A - OTC |
| USD/GBP | N/A - OTC |
| EUR/USD | N/A - OTC |
| USD/CAD | N/A - OTC |
| USD/JPY | N/A - OTC |
| USD/CHF | N/A – OTC |
| NZD/USD | N/A – OTC |
| USD/MXN | N/A – OTC |
| USD/ZAR | N/A - OTC |
| | Share Indexes |
| Hang Seng | HKFE |
| FTSE 100 | LIFFE |
| Dax | EUREX |
| CAC 40 Index | EURONEXT |
| Nikkei 225 Index (Osaka) | OSE |
| E-Mini Nasdaq | CME |
| DJ Euro 50 Index | EUREX |
| E-Mini S&P | CME |
| Mini Dow Jones (Day) | CBOT |
| Amsterdam Index AEX | EOE |
| | Soft & Agricultural Commodities |
| Wheat | CBOT & ACCESS |
| Corn | CBOT & ACCESS |
| Soybeans | CBOT |
| Coffee | ICE-NYBOT |
| Cotton | ICE-NYBOT |
| Soybean Meal | CBOT |
| Soybean Oil | CBOT |
| Sugar | ICE-NYBOT |
| Lean Hogs | CME |
| Live Cattle | CME |
| | Metals |
| Gold | COMEX |
| Copper | COMEX |
3. In all other respects the Advisory Agreement remains unchanged and of full force and effect.
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IN WITNESS WHEREOF, this Amendment 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
MORGAN STANLEY SMITH BARNEY KAISER I, LLC
By: Ceres Managed Futures LLC
(Trading Manager)
By /s/ Walter Davis
Walter Davis
President
KAISER TRADING GROUP PTY. LTD.
By /s/ Karl O’Shaughnessy
Karl O’Shaughnessy
Director
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