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                                                                   EXHIBIT 10.03

                               GLOBAL MACRO TRUST
                           (A DELAWARE BUSINESS TRUST)

                              WHOLESALING AGREEMENT

                                                                   ______ , 200_

[Wholesaler]


Dear Sirs:

      MILLBURN RIDGEFIELD CORPORATION, a Delaware corporation (THE "MANAGING
OWNER"), has caused the formation of a business trust pursuant to the Delaware
Statutory Trust Act (the "Delaware Act") under the name, GLOBAL MACRO TRUST (THE
"TRUST"), for the purpose of engaging in speculative trading of futures and
forward contracts, options on futures and forward contracts and other commodity
interests, implementing the systematic trading methods of the Managing Owner.
The Trust is engaged in a public offering of units of beneficial interest in the
Trust (the "Units") through UBS PaineWebber, Inc. (the "Selling Agent"), on a
best-efforts basis pursuant to the Selling Agreement dated as of April 1, 2002
among the Managing Owner, the Selling Agent, and the Trust (the "Selling
Agreement"), a copy of which has been furnished to you. In connection with the
public offering, the Trust has filed with the United States Securities and
Exchange Commission (the "SEC"), pursuant to the United States Securities Act of
1933, as amended (the "1933 Act"), a registration statement on Form S-1 to
register the Units (Reg. No. 333-67072) which because effective on March 26,
2002, and as part thereof a prospectus (which registration statement, together
with all amendments thereto, shall be referred to herein as the "Registration
Statement" and which prospectus together with all amendments and supplements
thereto in the forms filed with the SEC pursuant to Rule 424 under the Act shall
be referred to herein as the "Prospectus"). Other selling agents, including
those introduced by wholesalers ("Wholesalers") to us (the "Additional Selling
Agents" and together with the Selling Agent, the "Selling Agents"), may be
selected by the Managing Owner with the consent of the Selling Agent. You have
agreed to act as a wholesaler. We confirm our agreement with you as follows.

     1.   APPOINTMENT AND UNDERTAKINGS OF THE WHOLESALER

     (a)  Subject to the terms and conditions set forth in this Agreement,
the Selling Agreement and the Registration Statement, the Wholesaler is
hereby appointed, and hereby accepts such appointment, as one of the Trust's
nonexclusive wholesalers to identify and introduce to us one or more
Additional Selling Agents. It is understood and agreed that the Managing
Owner, with the consent of the Selling Agent, may retain other selling agents
(including those introduced by the Wholesaler or other Wholesalers) and that
the Additional Selling Agent or any other Additional Selling Agent, with the
consent of the Selling Agent and Managing Owner in their sole discretion, may
retain correspondent selling agents ("Correspondents"). The Wholesaler agrees
to comply with the terms and conditions of this Agreement.



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     (b)  The Wholesaler agrees to use diligent efforts, so long as this
Agreement and the Selling Agreement remain in effect, to identify and
introduce to us one or more Additional Selling Agents, each of which shall
agree to offer and sell the Units on a best-efforts basis without any
commitment on the Additional Selling Agent's part to purchase any Units
pursuant to an Additional Selling Agent Agreement (the form of which is
attached as Exhibit A to the Selling Agreement).

     (c)  The Wholesaler covenants and agrees to wholesale Units through
registered broker-dealers which are member of the National Association of
Securities Dealers, Inc. ("NASD") and which have signed Additional Selling
Agent Agreements. The Wholesaler's wholesaling activities will consist
primarily of providing sales literature and other information, all of which
shall have been prepared or approved by the Trust and the Managing Owner,
concerning the Trust to qualified broker-dealers and their principals and
Registered Representatives who will be participating in the offering of Units
and assisting such person in marketing Units and in providing additional
services on an ongoing basis to Unitholders. The Wholesaler may participate
in presentations to prospective investors, receive or handle any part of the
purchase price paid for Units or effect any transactions in Units.

     (d)  The Wholesaler shall offer and sell Units in compliance with the
requirements set forth in the Registration Statement (particularly the
"Subscription Requirements" attached as Exhibit B thereto), this Agreement
and the Blue Sky Survey delivered to the Selling Agent by the Managing
Owner's counsel, a copy of which has been provided to the Wholesaler and will
be provided by the Managing Owner to each Additional Selling Agent introduced
by the Wholesaler. The Wholesaler shall comply fully at all times with all
applicable federal and state securities and commodities laws (including
without limitation the 1933 Act, the Securities Exchange Act of 1934, as
amended (the "1934 Act"), the Commodity Exchange Act, as amended (the "CEA"),
and the securities and Blue Sky laws of the jurisdictions in which the
Wholesaler solicits subscriptions, all applicable rules and regulations under
such laws, and all applicable requirements, rules, policy statements and
interpretations of the NASD, and the securities and commodities exchanges and
other governmental and self-regulatory authorities and organizations having
jurisdiction over it or the offering of Units). The Wholesaler shall under no
circumstances engage in any activities hereunder in any jurisdiction (i) in
which the Managing Owner has not informed the Wholesaler that counsel's
advice has been received that the Units are qualified for sale or are exempt
under the applicable securities or Blue Sky laws thereof or (ii) in which the
Wholesaler may not lawfully engage.

     (e)  The Wholesaler further covenants and agrees to comply with any
terms and conditions of the Selling Agreement applicable to Additional
Selling Agents and the provisions of Sections 1(f)(i) and (ii) hereof
applicable to Additional Selling Agents.

     (f)  The Wholesaler has received a copy of the Prospectus and, if
requested, a copy of the Registration Statement as amended to the date
hereof. The Wholesaler further acknowledges, and agrees to assist each
Additional Selling introduced by it (references hereafter in this Agreement,
except Sections 7 and 9, to Additional Selling Agent(s) shall mean only those
Additional Selling Agent(s) introduced to us by the Wholesaler) in compliance
with, the following:


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          (i)  Units shall be offered at the offering price and minimum amounts
     and on the other terms and conditions set forth in the Prospectus and the
     Selling Agreement.  The Additional Selling Agents shall offer and sell
     Units only to persons and entities who satisfy the suitability and/or
     investment requirements set forth in the Prospectus and the subscription
     agreements attached thereto and who, to the Managing Owner's satisfaction,
     complete the subscription agreements and related subscription documents
     used in connection with the offering of the Units (the "Subscription
     Documents") and remit good funds for the full subscription price.  An
     Additional Selling Agent shall not forward to the Managing Owner any
     Subscription Documents that are not in conformity with the requirements
     specified in the Prospectus and in the Subscription Documents appropriate
     for the particular subscriber or that represents the subscription of a
     person or entity not satisfying the suitability and/or investment
     requirements applicable to such person or entity.  No Additional Selling
     Agent shall execute any transactions in Units in a discretionary account
     over which it has control without prior written approval of the customer
     in whose name such discretionary account is maintained.

            An Additional Selling Agent shall not recommend the purchase of
     Units to any subscriber unless the Additional Selling Agent shall have
     reasonable grounds to believe, on the basis of information obtained from
     the subscriber concerning, among other things, the subscriber's investment
     objectives, other investments, financial situation and needs, that the
     subscriber is or will be in a financial position appropriate to enable the
     subscriber to realize to a significant extent the benefits of the Trust,
     including the tax benefits (if any) described in the Prospectus; the
     subscriber has a fair market net worth sufficient to sustain the risks
     inherent in participating in the Trust, including loss of investment and
     lack of liquidity; and the Units are otherwise a suitable investment for
     the subscriber. In addition to submitting such information to the Managing
     Owner, the Additional Selling Agent shall agree to maintain files, as
     required by NASD and state securities examiners, of information disclosing
     the basis upon which the Additional Selling Agent determined suitability
     as to each subscriber. In connection with making the foregoing
     representations and warranties, the Additional Selling Agent shall further
     represent and warrant that it has, among other things, examined the
     following sections in the Prospectus and obtained such additional
     information from the Managing Owner regarding the information set forth
     thereunder as the Additional Selling Agent has deemed necessary
     appropriate to determine whether the Prospectus adequately and accurately
     discloses all material facts relating to an investment in the Trust and
     provides an adequate basis to subscribers for evaluating an investment in
     the Units:

                  "The Risks You Face"
                  "Investment Factors"
                  "Performance of the Trust"
                  "The Managing Owner"
                  "Use of Proceeds"
                  "Charges"
                  "Redemptions; Net Asset Value"
                  "Conflicts of Interest"
                  "The Trust and the Trustee"
                  "Federal Income Tax Aspects"


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                  "The Futures and Forward Markets"
                  "Supplemental Performance Information"

            In connection with making the representations and warranties set
      forth in this paragraph, the Additional Selling Agent shall not rely on
      inquiries made by or on behalf of any other parties.

            The Additional Selling Agents shall inform all prospective
      purchasers of Units of all pertinent facts relating to the liquidity and
      marketability of the Units as set forth in the Prospectus.

            The Additional Selling Agent shall offer and sell Units in
      compliance with the requirements set forth in the Registration Statement
      (particularly the "Subscription Requirements" attached as Exhibit B
      thereto), this Agreement and the Blue Sky Survey delivered to the Selling
      Agent by the Managing Owner's counsel, a copy of which has been provided
      to each Additional Selling Agent. An Additional Selling Agent shall
      represent and warrant that it shall comply fully at all times with all
      applicable federal and state securities and commodities laws (including
      without limitation the 1933 Act, the Securities Exchange Act of 1934, as
      amended (the "1934 Act"), the Commodity Exchange Act, as amended (the
      "CEA"), and the securities and Blue Sky laws of the jurisdictions in which
      the Additional Selling Agent solicits subscriptions, all applicable rules
      and regulations under such laws, and all applicable requirements, rules,
      policy statements and interpretations of the NASD, and the securities and
      commodities exchanges and other governmental and self-regulatory
      authorities and organizations having jurisdiction over it or the offering
      of Units). The Additional Selling Agent shall under no circumstances
      engage in any activities hereunder in any jurisdiction (i) in which the
      Managing Owner has not informed the Additional Selling Agent that
      counsel's advice has been received that the Units are qualified for sale
      or are exempt under the applicable securities or Blue Sky laws thereof or
      (ii) in which the Additional Selling Agent may not lawfully engage.

            Each Additional Selling Agent shall further agree to comply with the
      requirement under applicable federal and state securities laws to deliver
      to each offeree a Prospectus and any amendments or supplements thereto
      (including summary financial information). Neither the Additional Selling
      Agent nor any of its employees, agents or representatives will use or
      distribute any marketing material or information other than that prepared
      by the Trust and the Managing Owner.

            (ii)  The additional services that an Additional Selling Agent will
      provide on an ongoing basis to Unitholders at no charge will include but
      not be limited to: (i) inquiring of the Managing Owner from time to time,
      at the request of Unitholders, as to the Net Asset Value of a Unit,
      (ii) inquiring of the Managing Owner from time to time at the request of
      the Unitholders, as to the commodities markets and the activities of the
      Fund, (iii) assisting, at the request of the Managing Owner, in the
      redemption of Units sold by the Additional Selling Agent, (iv) responding
      to question of Unitholders from time to time with respect to monthly
      account statements, annual reports, financial statements, and annual tax
      information furnished to Unitholders, and (v) providing such



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      other services to the owners of Units as the Managing Owner may, from time
      to time, reasonably request.

            All payments for subscriptions shall be made as described in the
      Selling Agreement and the Prospectus.

      (g)   The Wholesaler (i) acknowledges that, other than as set forth
herein, it is not authorized to act as agent of the Managing Owner or the
Trust in any connection or transaction and (ii) agrees not to so act or to
purport to so act.

      2.    COMPENSATION

      (a)   In consideration for the Wholesaler performing the obligations
under this Agreement, the Managing Owner shall pay the Wholesaler, from the
Managing Owner's own funds, a selling commission of _% of the subscription
value of the Unit(s) sold by each Additional Selling Agent (it being
understood that the Managing Owner shall pay each Additional Selling Agent's
share of selling commission, ongoing compensation, installment selling
commissions or administrative fees directly to such Additional Selling Agent
in accordance with the applicable Additional Selling Agent Agreement). Such
commissions will be paid in respect of each subscription as promptly as
practicable after each month-end closing.

      (b)   The Wholesaler shall receive ongoing compensation, payable
quarterly by the Managing Owner, of _% (a _% annual rate) of the month-end
Net Asset Value of the Units sold by a Registered Representative of an
Additional Selling Agent which remain outstanding for more than twelve months
(including the month as of the end of which such Unit is redeemed) assuming
(i) the continued registration of the Wholesaler with the Commodity Futures
Trading Commission (the "CFTC") as a futures commission merchant or
introducing broker and continued membership with the National Futures
Association ("NFA") in such capacity and (ii) the Wholesaler's compliance
with the additional requirements described in subsection 1 (d), registration
of Wholesaler's registered representatives with the CFTC and compliance with
applicable proficiency requirements by either passing the Series 3 National
Commodity Futures Exam or the Series 31 exam and provision of the additional
services described in subsection 1(f)(ii). Such ongoing compensation shall
begin to accrue with respect to each Unit only after the end of the twelfth
full month after the sale of such Unit. Such ongoing compensation will be
paid by the Managing Owner from its own funds. For purposes of determining
when ongoing compensation should begin to accrue, Units shall not be deemed
to be sold until the day Units are issued, and in either case not the day
when subscriptions are accepted by the Managing Owner or subscriptions funds
are received by the Trust.

      Furthermore, the Managing Owner shall not compensate the Wholesaler unless
the Wholesaler is legally qualified and permitted to receive such compensation.

      If the Wholesaler (or its registered representatives) is not qualified
to receive ongoing compensation as set forth above or does not provide the
additional services described above in Section 1(f)(ii), the Managing Owner
will pay the Wholesaler installment selling commissions at the same rate as
in the case of ongoing compensation, but the sum of such installment selling
commissions and the initial selling commission paid to the Wholesaler and
each Additional



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Selling Agent and administrative fees paid to each Additional Selling Agent
in respect of sales of Units to participants in such Additional Selling
Agents "wrap account" program, which Units participate in such program, is
limited in amount, pursuant to applicable NASD policy, to 9.5% of the initial
subscription price of the Units sold by each Registered Representative of
such Additional Selling Agent; provided, that no such installment selling
commissions shall be payable until the Managing Owner and the Wholesaler
determine that the payment of such installment selling commission is in
compliance with Rule 2810 of the NASD on aggregate compensation which may be
received by the Selling Agents.

      The Wholesaler shall not, directly or indirectly, pay or award any
finder's fees, commissions or other compensation to any person engaged by a
potential investor for investment advice as an inducement to such advisor to
advise the purchase of Units; provided, however, the normal sales commissions
payable to a registered broker-dealer or other properly licensed person for
selling Units shall not be prohibited hereby.

      (c)  Notwithstanding any other provision of this Agreement to the
contrary, the Managing Owner shall have sole discretion to accept or reject
any subscription for the Units in whole or in part.

      (d)  The Managing Owner agrees to make all payments to the Wholesaler
pursuant to this Section 2 within 15 business days following the end of each
calendar quarter in which compensation is earned.

      3.    REPRESENTATIONS AND WARRANTIES OF THE MANAGING OWNER

      The Managing Owner hereby represents and warrants as follows:

      (a)  The Trust is a business trust duly organized pursuant to the
Delaware Act and is validly existing and in good standing under the laws of
the State of Delaware with full power and authority to engage in the business
to be conducted by it, as described in the Prospectus. The Trust is in good
standing and qualified to do business in each jurisdiction in which such
qualification is necessary in order to protect the limited liability of
Unitholders and in which the nature or conduct of its business as described
in the Registration Statement requires such qualification and the failure to
be so qualified would materially adversely affect the Trust.

      (b)  The Managing Owner is, and will continue to be so long as it is
the managing owner of the Trust, a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and is
in good standing and qualified to do business in each jurisdiction in which
the nature or conduct of its business as described in the Registration
Statement and Prospectus requires such qualification and the failure to be so
qualified would materially adversely affect the Trust or the Managing Owner's
ability to perform its obligations hereunder.

      (c)  The Trust and the Managing Owner each have full trust and
corporate power and authority, as the case may be, under applicable law to
perform its respective obligations under this Agreement, and to conduct its
business as described in the Registration Statement and Prospectus.


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      (d)  Since the respective dates as of which information is given in the
Registration Statement and the Prospectus, there have not been any adverse
change in the condition (financial or otherwise), business or prospects of
the Managing Owner or the Trust, whether or not arising in the ordinary
course of business.

      (e)  This Agreement has been duly and validly authorized, executed and
delivered by the Managing Owner on behalf of the Trust and by the Managing
Owner, and constitutes a valid, binding and enforceable agreement of the
Trust and the Managing Owner in accordance with its terms.

      (f)  The execution and delivery of this Agreement, the incurrence of
the obligations set forth herein and the consummation of the transactions
contemplated herein and in the Prospectus: (i) will not constitute a breach
of, or default under, any instrument or agreement by which the Managing Owner
or the Trust, as the case may be, or any of their property or assets is
bound, or any statute, order, rule or regulation applicable to the Managing
Owner or the Trust, as the case may be, of any court or any governmental body
or administrative agency having jurisdiction over the Managing Owner or the
Trust, as the case may be; (ii) will not result in the creation or imposition
of any lien, charge or encumbrance on any property or assets of the Managing
Owner or the Trust; (iii) will not give any party a right to terminate its
obligations or result in the acceleration of any obligations under any
material instrument or agreement by which the Managing Owner or the Trust, as
the case may be, or any of their respective property or assets is bound; and
(iv) will not result in any material liability (other than such as may be
contemplated hereby) on the part of either the Managing Owner or the Trust.

      (g)  Except as otherwise disclosed in the Registration Statement or the
Prospectus, there is not pending nor, to the best of the Managing Owner's
knowledge, threatened any action, suit or proceeding before or by any court
or other governmental body to which the Managing Owner or the Trust is a
party, or to which any of the assets of the Managing Owner or the Trust is
subject, which might reasonably be expected to result in any material adverse
change in the condition (financial or otherwise), business or prospects of
the Managing Owner or the Trust or which is required to be disclosed in the
Registration Statement or Prospectus pursuant to the CEA, the 1933 Act, the
Regulations of the CFTC or SEC.

      (h)  The Managing Owner and each of its principals and employees have,
and will continue to have so long as it is the managing owner of the Trust,
all federal and state governmental, regulatory, self-regulatory and commodity
exchange approvals and licenses, and the Managing Owner (either on behalf of
itself or its principals and employees) has effected all filings and
registrations with federal and state governmental, regulatory or
self-regulatory agencies required to conduct its business and to act as
described in the Registration Statement and Prospectus (including, without
limitation, registration (i) as a commodity pool operator and commodity
trading advisor under the CEA, (ii) membership in the NFA as a commodity pool
operator and commodity trading advisor, and (iii) as a "transfer agent" with
the Securities and Exchange Commission), and this Agreement and the
performance of such obligations will not contravene or result in a breach of
any provision of the Managing Owner's certificate of incorporation, by-



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laws or any agreement, instrument, order, law or regulation binding upon it
or any of its employees or principals.

      (i)  The Managing Owner has the financial resources necessary to meet
its obligations to the Wholesaler hereunder.

      4.    REPRESENTATIONS AND WARRANTIES OF THE WHOLESALER

      The Wholesaler hereby represents and warrants as follows:

      (a)  The Wholesaler is a __________ duly organized, validly existing,
and in good standing under the laws of the state of its incorporation and has
power and authority to enter into and carry out its obligations under this
Agreement.

      (b)   The Wholesaler has all governmental and regulatory registrations,
qualifications, approvals and licenses required to perform its obligations
under this Agreement (including, but not limited to, registration as
broker-dealer with the SEC, membership in such capacity in the NASD, and
registration and qualification under the laws of each state in which the
Wholesaler will offer and sell Units); the performance by the Wholesaler of
its obligations under this Agreement will not violate or result in a breach
of any provision of its certificate of incorporation or by-laws or any
agreement, order, law, or regulation binding upon it.

      (c)  This Agreement has been duly and validly authorized, executed, and
delivered on behalf of the Wholesaler and is a valid and binding agreement of
the Wholesaler enforceable against the Wholesaler in accordance with its
terms, subject only to bankruptcy, insolvency, reorganization, moratorium or
similar laws at the time in effect affecting the enforceability generally of
rights of creditors except as enforceability of the indemnification
provisions contained in this Agreement may be limited by applicable law and
the enforcement of specific terms or remedies may be unavailable.

      (d)  Neither the Wholesaler nor any of its principals have been the
subject of any administrative, civil, or criminal actions within the five
years preceding the date hereof that would be material for an investor's
decision to purchase the Units which are not disclosed to the Trust and the
Managing Owner.

      5.    COVENANTS OF THE MANAGING OWNER

      (a)  The Managing Owner will notify the Wholesaler immediately (i) when
any amendment to the Registration Statement shall have become effective and
(ii) of the issuance by the SEC, CFTC or any other Federal or state
regulatory body of any order suspending the effectiveness of the Registration
Statement under the 1933 Act, the CFTC registration or NFA membership of the
Managing Owner as a commodity pool operator, or the registration of Units
under the Blue Sky or securities laws of any state or other jurisdiction or
any order or decree enjoining the offering or the use of the then current
Prospectus or of the institution, or notice of the intended institution, of
any action or proceeding for that purpose.

      (b)  The Managing Owner will deliver to the Wholesaler as promptly as
practicable from time to time during the period when the Prospectus is
required to be delivered under the


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1933 Act, such number of copies of the Prospectus (as amended or
supplemented) as the Wholesaler may reasonably request for the purposes
contemplated by the 1933 Act or the SEC Regulations.

      (c)  The Managing Owner will furnish to the Wholesaler a reasonable
number of copies of any amendment or amendments of, or supplement or
supplements to, the Prospectus which will amend or supplement the Prospectus.

      6.    INDEMNIFICATION

      (a)  The Managing Owner shall indemnify, hold harmless, and defend the
Wholesaler and any person who controls the Wholesaler within the meaning of
Section 15 of the 1933 Act, to the same extent, and subject to the same
conditions and procedural requirements, that the Managing Owner agrees to
indemnify the Additional Agents pursuant to Section 8 of the Additional
Selling Agent Agreement. The Wholesaler agrees that in no event shall the
Trust be liable for any loss, liability, claim, damage or expense whatsoever
suffered by the Wholesaler in connection with the offering of Units or this
Agreement.

      (b)  The Wholesaler shall indemnify, hold harmless, and defend the
Trust and the Managing Owner and any person who controls any of the foregoing
within the meaning of Section 15 of the 1933 Act against any and all loss,
liability, claim, damage and expense whatsoever incurred by any such party
arising from any material breach by the Wholesaler of its representations,
warranties, obligations and undertakings set forth in this Agreement.

      7.    RELATIONSHIP OF WHOLESALERS, ADDITIONAL SELLING AGENTS AND THE
            MANAGING OWNER

      The obligations of each of the Wholesalers and Additional Selling
Agents, (including their Correspondents) are several and not joint. Nothing
herein contained shall constitute the Wholesalers, Additional Selling Agents
(including Correspondents), or any of them, as an association, partnership,
unincorporated business or other separate entity, but the Wholesaler shall be
liable for its proportionate share of any tax, liability or expense based on
any claim to the contrary. The Managing Owner and the Trust shall be under no
liability to the Wholesaler except for lack of good faith and for obligations
expressly assumed by the Managing Owner and the Trust in this Agreement.

      8.    TERMINATION

      (a)  This Agreement shall terminate on the earlier of (i) such date as
the Managing Owner or Wholesaler may determine by giving __ days' prior
written notice to the other, (ii) the termination of the offering of the
Units or (iii) by the Managing Owner, without notice, upon breach by the
Wholesaler of, or non-compliance by the Wholesaler with, any material term of
this Agreement.

      (b)  The termination of this Agreement for any reason set forth in
Sections 8(a)(i) or 8(a)(ii) shall not affect (i) the ongoing obligations of
the Managing Owner to pay selling commissions, ongoing compensation or
installment selling commissions accrued prior to the termination hereof, (ii)
the Wholesaler's obligations under the second sentence of Section 7


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hereof or (iii) the indemnification obligations under Section 6 hereof. In
the event this Agreement is terminated pursuant to Section 8(a)(iii), the
Managing Owner may withhold accrued but unpaid selling commissions and
ongoing compensation or installment selling commissions due the Wholesaler
until the Managing Owner has been put in the same financial position as it
would have been in absent such breach or non-compliance.

      9.    CONFIDENTIALITY

      (a)  The Managing Owner hereby covenants and agrees that under no
circumstances will it solicit any of the Wholesaler's customers whose names
become known to the Managing Owner in connection with the offering of the
Units. The Managing Owner agrees that it will take such steps to ensure the
confidentiality of the Wholesaler's client list as the Wholesaler may
reasonably request.

      (b)  The Wholesaler hereby covenants and agrees that under no
circumstances will it solicit any customer of any other Wholesaler or any
Additional Selling Agent for the Trust whose name becomes known to the
Wholesaler in connection with the offering of the Units. The Wholesaler
agrees that it will take such steps to ensure the confidentiality of any
other Wholesaler's or any Additional Selling Agent's client list as the owner
of such list may reasonably request. The Wholesaler further covenants and
agrees not to solicit any selling agent which has been introduced to the
Managing Owner by any other Wholesaler or any Additional Selling Agent.

      10.   MISCELLANEOUS

      (a)  This Agreement shall be binding upon and inure to the benefit of
the respective successors and permitted assigns of the parties hereto;
provided, however, that a party hereto may not assign any rights,
obligations, or liabilities hereunder without the prior written consent of
the other parties.

      (b)  All notices required or desired to be delivered under this
Agreement shall be in writing and shall be effective when delivered
personally on the day delivered or, when given by registered mail, postage
prepaid, return receipt requested, on the day of receipt, addressed as
follows (or to such other address as the party entitled to notice shall
hereafter designate in accordance with the terms hereof):

      if to the Managing Owner or Trust:

            Millburn Ridgefield Corporation
            411 West Putnam Avenue
            Greenwich, Connecticut 06830

      if to the Wholesaler:


            ----------------------------

            ----------------------------

            ----------------------------



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      (c)  This Agreement shall be governed by, and construed in accordance
with, the law of the State of Connecticut without regard to the principles of
choice of law thereof.

      (d)  All captions used in this Agreement are for convenience only, are
not a part hereof, and are not to be used in construing or interpreting any
aspect hereof.

      (e)  This Agreement may be executed in counterparts, each such
counterpart to be deemed an original, but which all together shall constitute
one and the same instrument.

      (f)  This Agreement may not be amended except by the express written
consent of the parties hereto. No waiver of any provision of this Agreement
may be implied from any course of dealing between or among any of the parties
hereto or from any failure by any party hereto to assert its rights under
this Agreement on any occasion or series of occasions.

      (g)  The provisions of this Agreement shall survive the termination of
this Agreement with respect to any matter arising while this Agreement was in
effect.




















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      If the foregoing is in accordance with your understanding of our
agreement, please sign and return a counterpart hereof, whereupon this
instrument along with all counterparts will become a binding agreement
between us in accordance with its terms.

                        Very truly yours,

                        GLOBAL MACRO TRUST

                        By:    MILLBURN RIDGEFIELD CORPORATION,
                               Managing Owner

                        By:
                               ---------------------------------------------
                               Name:
                               Title:

                               MILLBURN RIDGEFIELD CORPORATION

                        By:
                               ---------------------------------------------
                               Name:
                               Title:




CONFIRMED AND ACCEPTED

[Wholesaler]

By:
       --------------------------
       Name:
       Title:














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