Robert Emmett Murray

Mr. Robert Emmett Murray is the Chief Operating Officer at Graham Capital Management L.P. He is the President at Demeter Management Corporation and a General Partner at Dean Witter Portfolio Strategy Fund LP and Morgan Stanley Spectrum Commodity LP. Mr. Murray serves as the President and Director at DWFCM and has been the Chairman of the Board since January 31, 2000. He is a Senior Vice President of DWR's Managed Futures Department. Mr. Murray began his career at DWR in 1984 and is currently the Director of the managed futures department. From 1984 until June 2003, he held positions of increasing responsibility at various Morgan Stanley entities (and predecessors), including Managing Director at the strategic products group, Chairman of Demeter Management Corporation, and Chairman of Morgan Stanley Futures & Currency Management Inc. Mr. Murray served as a Vice Chairman and a Director of the Board of the Managed Funds Association. He is a member of the Board of Directors of the National Futures Association and serves on its Membership and Finance Committees. Mr. Murray received a Bachelor's Degree in Finance from Geneseo State University in 1983.