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(MULTICURRENCY-CROSS BORDER)                                       EXHIBIT 10.06

                                    ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                          dated as of February 8, 2001

<TABLE>
<S>                                  <C>       <C>
                                     AMONG
                                               EACH COUNTERPARTY LISTED ON ANNEX I ATTACHED
                                               HERETO AND MADE A PART HEREOF, SEVERALLY, AND NOT
                                               JOINTLY (EACH A "FUND" OR "PARTY B") AND
                                               CAMPBELL & COMPANY, INC., A CORPORATION
                                               ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE
DEUTSCHE BANK AG ("PARTY A")         AND       OF MARYLAND (THE "AGENT")
------------------------------                 --------------------------------------------------
</TABLE>

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "confirmation") exchanged between the parties confirming those
Transactions.

     Accordingly, the parties agree as follows:-

1.  INTERPRETATION

     (a)  DEFINITIONS.  The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master Agreement.

     (b)  INCONSISTENCY.  In the event of any inconsistency between the
provisions of the Schedule and the other provisions of this Master Agreement,
the Schedule will prevail. In the event of any inconsistency between the
provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant
Transaction.

     (c)  SINGLE AGREEMENT.  All Transactions are entered into in reliance on
the fact that this Master Agreement and all Confirmations form a single
agreement between the parties (collectively referred to as this "Agreement"),
and the parties would not otherwise enter into any Transactions.

2.  OBLIGATIONS

     (a)  GENERAL CONDITIONS.

          (i)  Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

          (ii)  Payments under this Agreement will be made on the due date for
     value on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant

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     obligation unless otherwise specified in the relevant Confirmation or
     elsewhere in this Agreement.

          (iii)  Each obligation of each party under Section 2(a)(i) is subject
     to (1) the condition precedent that no Event of Default or Potential Event
     of Default with respect to the other party has occurred and is continuing,
     (2) the condition precedent that no Early Termination Date in respect of
     the relevant Transaction has occurred or been effectively designated and
     (3) each other applicable condition precedent specified in this Agreement.

     (b)  CHANGE OF ACCOUNT.  Either party may change its account for receiving
a payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

     (c)  NETTING.  If on any date amounts would otherwise be payable:-

          (i)  in the same currency; and

          (ii)  in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

     The parties may elect in respect of two or more Transactions that a net
amount will be determined in respect of all amounts payable on the same date in
the same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

     (d)  DEDUCTION OR WITHHOLDING FOR TAX.

          (i)  GROSS-UP.  All payments under this Agreement will be made without
     any deduction or withholding for or on account of any Tax unless such
     deduction or withholding is required by any applicable law, as modified by
     the practice of any relevant governmental revenue authority, then in
     effect. If a party is so required to deduct or withhold, then that party
     ("X") will:-

             (1)  promptly notify the other party ("Y") of such requirement;

             (2)  pay to the relevant authorities the full amount required to be
        deducted or withheld (including the full amount required to be deducted
        or withheld from any additional amount paid by X to Y under this Section
        2(d)) promptly upon the earlier of determining that such deduction or
        withholding is required or receiving notice that such amount has been
        assessed against Y;

             (3)  promptly forward to Y an official receipt (or a certified
        copy), or other documentation reasonably acceptable to Y, evidencing
        such payment to such authorities; and

             (4)  if such Tax is an Indemnifiable Tax, pay to Y, in addition to
        the payment to which Y is otherwise entitled under this Agreement, such
        additional amount as is necessary

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        to ensure that the net amount actually received by Y (free and clear of
        Indemnifiable Taxes, whether assessed against X or Y) will equal the
        full amount Y would have received had no such deduction or withholding
        been required. However, X will not be required to pay any additional
        amount to Y to the extent that it would not be required to be paid but
        for:-

                (A)  the failure by Y to comply with or perform any agreement
           contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                (B)  the failure of a representation made by Y pursuant to
           Section 3 (f) to be accurate and true unless such failure would not
           have occurred but for (I) any action taken by a taxing authority, or
           brought in a court of competent jurisdiction, on or after the date on
           which a Transaction is entered into (regardless of whether such
           action is taken or brought with respect to a party to this Agreement)
           or (II) a Change in Tax Law.

          (ii)  LIABILITY.  If:-

             (1)  X is required by any applicable law, as modified by the
        practice of any relevant governmental revenue authority, to make any
        deduction or withholding in respect of which X would not be required to
        pay an additional amount to Y under Section 2(d)(i)(4);

             (2)  X does not so deduct or withhold; and

             (3)  a liability resulting from such Tax is assessed directly
        against X,

        then, except to the extent Y has satisfied or then satisfies the
        liability resulting from such Tax, Y will promptly pay to X the amount
        of such liability (including any related liability for interest, but
        including any related liability for penalties only if Y has failed to
        comply with or perform any agreement contained in Section 4(a)(i),
        4(a)(iii) or 4(d)).

     (e)  DEFAULT INTEREST; OTHER AMOUNTS.  Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.  REPRESENTATIONS

     Each party represents to the other party (which representations will be
deemed to be repeated by each party on each date on which a Transaction is
entered into and, in the case of the representations in Section 3(f), at all
times until the termination of this Agreement) that:-

     (a)  BASIC REPRESENTATIONS.

          (i)  STATUS.  It is duly organized and validly existing under the laws
     of the jurisdiction of its Organization or incorporation and, if relevant
     under such laws, in good standing;

          (ii)  POWERS.  It has the power to execute this Agreement and any
     other documentation relating to this Agreement to which it is a party, to
     deliver this Agreement and any other documentation relating to this
     Agreement that it is required by this Agreement to deliver and to perform
     its obligations under this Agreement and any obligations it has under any
     Credit
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     Support Document to which it is a party and has taken all necessary action
     to authorize such execution, delivery and performance;

          (iii)  NO VIOLATION OR CONFLICT.  Such execution, delivery and
     performance do not violate or conflict with any law applicable to it, any
     provision of its constitutional documents, any order or judgment of any
     court or other agency of government applicable to it or any of its assets
     or any contractual restriction binding on or affecting it or any of its
     assets;

          (iv)  CONSENTS.  All governmental and other consents that are required
     to have been obtained by it with respect to this Agreement or any Credit
     Support Document to which it is a party have been obtained and are in full
     force and effect and all conditions of any such consents have been complied
     with; and

          (v)  OBLIGATIONS BINDING.  Its obligations under this Agreement and
     any Credit Support Document to which it is a party constitute its legal,
     valid and binding obligations, enforceable in accordance with their
     respective terms (subject to applicable bankruptcy, reorganization,
     insolvency, moratorium or similar laws affecting creditors' rights
     generally and subject, as to enforceability, to equitable principles of
     general application (regardless of whether enforcement is sought in a
     proceeding in equity or at law)).

     (b)  ABSENCE OF CERTAIN EVENTS.  No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred
and is continuing and no such event or circumstance would occur as a result of
its entering into or performing its obligations under this Agreement or any
Credit Support Document to which it is a party.

     (c)  ABSENCE OF LITIGATION.  There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

     (d)  ACCURACY OF SPECIFIED INFORMATION.  All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

     (e)  PAYER TAX REPRESENTATION.  Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(e) is accurate
and true.

     (f)  PAYEE TAX REPRESENTATIONS.  Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is accurate
and true.

4.  AGREEMENTS

     Each party agrees with the other that, so long as either party has or may
have any obligation under this Agreement or under any Credit Support Document to
which it is a party:-

     (a)  FURNISH SPECIFIED INFORMATION.  It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:-

          (i)  any forms, documents or certificates relating to taxation
     specified in the Schedule or any Confirmation;

          (ii)  any other documents specified in the Schedule or any
     Confirmation; and

          (iii)  upon reasonable demand by such other party, any form or
     document that may be required or reasonably requested in writing in order
     to allow such other party or its Credit Support Provider to make a payment
     under this Agreement or any applicable Credit Support

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     Document without any deduction or withholding for or on account of any Tax
     or with such deduction or withholding at a reduced rate (so long as the
     completion, execution or submission of such form or document would not
     materially prejudice the legal or commercial position of the party in
     receipt of such demand), with any such form or document to be accurate and
     completed in a manner reasonably satisfactory to such other party and to be
     executed and to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

     (b)  MAINTAIN AUTHORIZATIONS.  It will use all reasonable efforts to
maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this Agreement
or any Credit Support Document to which it is a party and will use all
reasonable efforts to obtain any that may become necessary in the future.

     (c)  COMPLY WITH LAWS.  It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

     (d)  TAX AGREEMENT.  It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning of
such failure.

     (e)  PAYMENT OF STAMP TAX.  Subject to Section 11, it will pay any Stamp
Tax levied or imposed upon it or in respect of its execution or performance of
this Agreement by a jurisdiction in which it is incorporated, organized, managed
and controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party, s
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.  EVENTS OF DEFAULT AND TERMINATION EVENTS

     (a)  EVENTS OF DEFAULT.  The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of
default (an "Event of Default") with respect to such party:-

          (i)  FAILURE TO PAY OR DELIVER.  Failure by the party to make, when
     due, any payment under this Agreement or delivery under Section 2(a)(i) or
     2(e) required to be made by it if such failure is not remedied on or before
     the third Local Business Day after notice of such failure is given to the
     party;

          (ii)  BREACH OF AGREEMENT.  Failure by the party to comply with or
     perform any agreement or obligation (other than an obligation to make any
     payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or
     to give notice of a Termination Event or any agreement or obligation under
     Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
     party in accordance with this Agreement if such failure is not remedied on
     or before the thirtieth day after notice of such failure is given to the
     party;

          (iii)  CREDIT SUPPORT DEFAULT.

             (1)  Failure by the party or any Credit Support Provider of such
        party to comply with or perform any agreement or obligation to be
        complied with or performed by it in accordance with any Credit Support
        Document if such failure is continuing after any applicable grace period
        has elapsed;

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             (2)  the expiration or termination of such Credit Support Document
        or the failing or ceasing of such Credit Support Document to be in full
        force and effect for the purpose of this Agreement (in either case other
        than in accordance with its terms) prior to the satisfaction of all
        obligations of such party under each Transaction to which such Credit
        Support Document relates without the written consent of the other party;
        or

             (3)  the party or such Credit Support Provider disaffirms,
        disclaims, repudiates or rejects, in whole or in part, or challenges the
        validity of, such Credit Support Document;

          (iv)  MISREPRESENTATION.  A representation (other than a
     representation under Section 3(e) or (f)) made or repeated or deemed to
     have been made or repeated by the party or any Credit Support Provider of
     such party in this Agreement or any Credit Support Document proves to have
     been incorrect or misleading in any material respect when made or repeated
     or deemed to have been made or repeated;

          (v)  DEFAULT UNDER SPECIFIED TRANSACTION.  The party, any Credit
     Support Provider of such party or any applicable Specified Entity of such
     party (1) defaults under a Specified Transaction and, after giving effect
     to any applicable notice requirement or grace period, there occurs a
     liquidation of, an acceleration of obligations under, or an early
     termination of, that Specified Transaction, (2) defaults, after giving
     effect to any applicable notice requirement or grace period, in making any
     payment or delivery due on the last payment, delivery or exchange date of,
     or any payment on early termination of, a Specified Transaction (or such
     default continues for at least three Local Business Days if there is no
     applicable notice requirement or grace period) or (3) disaffirms,
     disclaims, repudiates or rejects, in whole or in part, a Specified
     Transaction (or such action is taken by any person or entity appointed or
     empowered to operate it or act on its behalf);

          (vi)  CROSS DEFAULT.  If "Cross Default" is specified in the Schedule
     as applying to the party, the occurrence or existence of (1) a default,
     event of default or other similar condition or event (however described) in
     respect of such party, any Credit Support Provider of such party or any
     applicable Specified Entity of such party under one or more agreements or
     instruments relating to Specified Indebtedness of any of them (individually
     or collectively) in an aggregate amount of not less than the applicable
     Threshold Amount (as specified in the Schedule) which has resulted in such
     Specified Indebtedness becoming, or becoming capable at such time of being
     declared, due and payable under such agreements or instruments, before it
     would otherwise have been due and payable or (2) a default by such party,
     such Credit Support Provider or such Specified Entity (individually or
     collectively) in making one or more payments on the due date thereof in an
     aggregate amount of not less than the applicable Threshold Amount under
     such agreements or instruments (after giving effect to any applicable
     notice requirement or grace period);

          (vii)  BANKRUPTCY.  The party, any Credit Support Provider of such
     party or any applicable Specified Entity of such party:-

             (1)  is dissolved (other than pursuant to a consolidation,
        amalgamation or merger); (2) becomes insolvent or is unable to pay its
        debts or fails or admits in writing its inability generally to pay its
        debts as they become due; (3) makes a general assignment, arrangement or
        composition with or for the benefit of its creditors; (4) institutes or
        has instituted against it a proceeding seeking a judgment of insolvency
        or bankruptcy or any other relief under any bankruptcy or insolvency law
        or other similar law affecting creditors' rights, or a petition is
        presented for its winding-up or liquidation, and, in the case of any
        such proceeding or petition instituted or presented against it, such
        proceeding or petition (A) results in a judgment of insolvency or
        bankruptcy or the entry of an order for relief or the making of an order
        for its winding-up or liquidation or (B) is not dismissed, discharged,
        stayed or restrained in each case within 30 days of the institution or
        presentation thereof; (5) has a resolution passed for its winding-up,
        official management or
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        liquidation (other than pursuant to a consolidation, amalgamation or
        merger); (6) seeks or becomes subject to the appointment of an
        administrator, provisional liquidator, conservator, receiver, trustee,
        custodian or other similar official for it or for all or substantially
        all its assets; (7) has a secured party take possession of all or
        substantially all its assets or has a distress, execution, attachment,
        sequestration or other legal process levied, enforced or sued on or
        against all or substantially all its assets and such secured party
        maintains possession, or any such process is not dismissed, discharged,
        stayed or restrained, in each case within 30 days thereafter; (8) causes
        or is subject to any event with respect to it which, under the
        applicable laws of any jurisdiction, has an analogous effect to any of
        the events specified in clauses (1) to (7) (inclusive); or (9) takes any
        action in furtherance of, or indicating its consent to, approval of, or
        acquiescence in, any of the foregoing acts; or

          (viii)  MERGER WITHOUT ASSUMPTION.  The party or any Credit Support
     Provider of such party consolidates or amalgamates with, or merges with or
     into, or transfers all or substantially all its assets to, another entity
     and, at the time of such consolidation, amalgamation, merger or transfer:-

             (1)  the resulting, surviving or transferee entity fails to assume
        all the obligations of such party or such Credit Support Provider under
        this Agreement or any Credit Support Document to which it or its
        predecessor was a party by operation of law or pursuant to an agreement
        reasonably satisfactory to the other party to this Agreement; or

             (2)  the benefits of any Credit Support Document fail to extend
        (without the consent of the other party) to the performance by such
        resulting, surviving or transferee entity of its obligations under this
        Agreement.

     (b)  TERMINATION EVENTS.  The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any event specified below constitutes an
Illegality if the event is specified in (i) below, a Tax Event if the event is
specified in (ii) below or a Tax Event Upon Merger if the event is specified in
(iii) below, and, if specified to be applicable, a Credit Event Upon Merger if
the event is specified pursuant to (iv) below or an Additional Termination Event
if the event is specified pursuant to (v) below:-

          (i)  ILLEGALITY.  Due to the adoption of, or any change in, any
     applicable law after the date on which a Transaction is entered into, or
     due to the promulgation of, or any change in, the interpretation by any
     court, tribunal or regulatory authority with competent jurisdiction of any
     applicable law after such date, it becomes unlawful (other than as a result
     of a breach by the party of Section 4(b)) for such party (which will be the
     Affected Party):-

             (1)  to perform any absolute or contingent obligation to make a
        payment or delivery or to receive a payment or delivery in respect of
        such Transaction or to comply with any other material provision of this
        Agreement relating to such Transaction; or

             (2)  to perform, or for any Credit Support Provider of such party
        to perform, any contingent or other obligation which the party (or such
        Credit Support Provider) has under any Credit Support Document relating
        to such Transaction;

          (ii)  TAX EVENT.  Due to (x) any action taken by a taxing authority,
     or brought in a court of competent jurisdiction, on or after the date on
     which a Transaction is entered into (regardless of whether such action is
     taken or brought with respect to a party to this Agreement) or (y) a Change
     in Tax Law, the party (which will be the Affected Party) will, or there is
     a substantial likelihood that it will, on the next succeeding Scheduled
     Payment Date (1) be required to pay to the other party an additional amount
     in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
     respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
     payment from which an amount is required to be deducted or withheld for or
     on account of a Tax (except in respect of interest under Section 2(e),
     6(d)(ii) or 6(e))

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     and no additional amount is required to be paid in respect of such Tax
     under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
     (B));

          (iii)  TAX EVENT UPON MERGER.  The party (the "Burdened Party") on the
     next succeeding Scheduled Payment Date will either (1) be required to pay
     an additional amount in respect of an Indemnifiable Tax under Section
     2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
     6(e)) or (2) receive a payment from which an amount has been deducted or
     withheld for or on account of any Indemnifiable Tax in respect of which the
     other party is not required to pay an additional amount (other than by
     reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
     party consolidating or amalgamating with, or merging with or into, or
     transferring all or substantially all its assets to, another entity (which
     will be the Affected Party) where such action does not constitute an event
     described in Section 5(a)(viii);

          (iv)  CREDIT EVENT UPON MERGER.  If "Credit Event Upon Merger" is
     specified in the Schedule as applying to the party, such party any Credit
     Support Provider of X or any applicable Specified Entity of X consolidates
     or amalgamates with, or merges with or into, or transfers all or
     substantially all its assets to, another entity and such action does not
     constitute an event described in Section 5(a)(viii) but the
     creditworthiness of the resulting, surviving or transferee entity is
     materially weaker than that of X, such Credit Support Provider or such
     Specified Entity, as the case may be, immediately prior to such action
     (and, in such event, X or its successor or transferee, as appropriate, will
     be the Affected Party); or

          (v)  ADDITIONAL TERMINATION EVENT.  If any "Additional Termination
     Event" is specified in the Schedule or any Confirmation as applying, the
     occurrence of such event (and, in such event, the Affected Party or
     Affected Parties shall be as specified for such Additional Termination
     Event in the Schedule or such Confirmation).

     (c)  EVENT OF DEFAULT AND ILLEGALITY.  If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also constitutes
an Illegality, it will be treated as an Illegality and will not constitute an
Event of Default.

6.  EARLY TERMINATION

     (a)  RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT.  If at any time an
Event of Default with respect to a party (the "Defaulting Party") has occurred
and is then continuing, the other party (the "Non-defaulting Party") may, by not
more than 20 days notice to the Defaulting Party specifying the relevant Event
of Default, designate a day not earlier than the day such notice is effective as
an Early Termination Date in respect of all outstanding Transactions. If,
however, "Automatic Early Termination" is specified in the Schedule as applying
to a party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such
party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6)
or, to the extent analogous thereto, (8), and as of the time immediately
preceding the institution of the relevant proceeding or the presentation of the
relevant petition upon the occurrence with respect to such party of an Event of
Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto,
(8).

     (b)  RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

          (i)  NOTICE.  If a Termination Event occurs, an Affected Party will,
     promptly upon becoming aware of it, notify the other party, specifying the
     nature of that Termination Event and each Affected Transaction and will
     also give such other information about that Termination Event as the other
     party may reasonably require.

          (ii)  TRANSFER TO AVOID TERMINATION EVENT.  If either an Illegality
     under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
     Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party
     is the Affected Party, the Affected Party
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     will, as a condition to its right to designate an Early Termination Date
     under Section 6(b)(iv), use all reasonable efforts (which will not require
     such party to incur a loss, excluding immaterial, incidental expenses) to
     transfer within 20 days after it gives notice under Section 6(b)(i) all its
     rights and obligations under this Agreement in respect of the Affected
     Transactions to another of its Offices or Affiliates so that such
     Termination Event ceases to exist.

          If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     the notice is given under Section 6(b)(i).

          Any such transfer by a party under this Section 6(b)(ii) will be
     subject to and conditional upon the prior written consent of the other
     party, which consent will not be withheld if such other party's policies in
     effect at such time would permit it to enter into transactions with the
     transferee on the terms proposed.

          (iii)  TWO AFFECTED PARTIES.  If an Illegality under Section
     5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each
     party will use all reasonable efforts to reach agreement within 30 days
     after notice thereof is given under Section 6(b)(i) on action to avoid that
     Termination Event.

          (iv)  RIGHT TO TERMINATE.  If:-

             (1)  a transfer under Section 6(b)(ii) or an agreement under
        Section 6(b)(iii), as the case may be, has not been effected with
        respect to all Affected Transactions within 30 days after an Affected
        Party gives notice under Section 6(b)(i); or

             (2)  an Illegality under Section 5(b)(i)(2), a Credit Event Upon
        Merger or an Additional Termination Event occurs, or a Tax Event Upon
        Merger occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then continuing, designate
     a day not earlier than the day such notice is effective as an Early
     Termination Date in respect of all Affected Transactions.

     (c)  EFFECT OF DESIGNATION.

          (i)  If notice designating an Early Termination Date is given under
     Section 6(a) or (b), the Early Termination Date will occur on the date so
     designated, whether or not the relevant Event of Default or Termination
     Event is then continuing.

          (ii)  Upon the occurrence or effective designation of an Early
     Termination Date, no further payments or deliveries under Section 2(a)(i)
     or 2(e) n respect of the Terminated Transactions will be required to be
     made, but without prejudice to the other provisions of this Agreement. The
     amount, if any, payable in respect of an Early Termination Date shall be
     determined pursuant to Section 6(e).

     (d)  CALCULATIONS.

          (i)  STATEMENT.  On or as soon as reasonably practicable following the
     occurrence of an Early Termination Date, each party will make the
     calculations on its part, if any, contemplated by Section 6(e) and will
     provide to the other party a statement (1) showing, in reasonable detail,
     such calculations (including all relevant quotations and specifying any
     amount payable under Section 6(c)) and (2) giving details of the relevant
     account to which any amount payable to it is to be paid. In the absence of
     written confirmation from the source of a
                                        9
<PAGE>   10

     quotation obtained in determining a Market Quotation, the records of the
     party obtaining such quotation will be conclusive evidence of the existence
     and accuracy of such quotation.

          (ii)  PAYMENT DATE.  An amount calculated as being due in respect of
     any Early Termination Date under Section 6(e) will be payable on the day
     that notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated or occurs as a result of an Event of
     Default) and on the day which is two Local Business Days after the day on
     which notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated as a result of a Termination Event).
     Such amount will be paid together with (to the extent permitted under
     applicable law) interest thereon (before as well as after judgment) in the
     Termination Currency, from (and including) the relevant Early Termination
     Date to (but excluding) the date such amount is paid, at the Applicable
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed.

     (e)  PAYMENTS ON EARLY TERMINATION.  If an Early Termination Date occurs,
the following provisions shall apply based on the parties' election in the
Schedule of a payment measure, either "Market Quotation" or "Loss", and a
payment method, either the "First Method" or the "Second Method". If the parties
fail to designate a payment measure or payment method in the Schedule, it will
be deemed that "Market Quotation" or the "Second Method", as the case may be,
shall apply. The amount, if any, payable in respect of an Early Termination Date
and determined pursuant to this Section will be subject to any Set-off.

          (i)  EVENTS OF DEFAULT.  If the Early Termination Date results from an
     Event of Default:-

             (1)  FIRST METHOD AND MARKET QUOTATION. If the First Method and
        Market Quotation apply, the Defaulting Party will pay to the
        Non-defaulting Party the excess, if a positive number, of (A) the sum of
        the Settlement Amount (determined by the Non-defaulting Party) in
        respect of the Terminated Transactions and the Termination Currency
        Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over
        (B) the Termination Currency Equivalent of the Unpaid Amounts owing to
        the Defaulting Party.

             (2)  FIRST METHOD AND LOSS.  If the First Method and Loss apply,
        the Defaulting Party will pay to the Non-defaulting Party, if a positive
        number, the Non-defaulting Party's Loss in respect of this Agreement.

             (3)  SECOND METHOD AND MARKET QUOTATION.  If the Second Method and
        Market Quotation apply, an amount will be payable equal to (A) the sum
        of the Settlement Amount (determined by the Non-defaulting Party) in
        respect of the Terminated Transactions and the Termination Currency
        Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less
        (B) the Termination Currency Equivalent of the Unpaid Amounts owing to
        the Defaulting Party. If that amount is a positive number, the
        Defaulting Party will pay it to the Non-defaulting Party; if it is a
        negative number, the Non-defaulting Party will pay the absolute value of
        that amount to the Defaulting Party.

             (4)  SECOND METHOD AND LOSS.  If the Second Method and Loss apply,
        an amount will be payable equal to the Non-defaulting Party's Loss in
        respect of this Agreement. If that amount is a positive number, the
        Defaulting Party will pay it to the Non-defaulting Party; if it is a
        negative number, the Non-defaulting Party will pay the absolute value of
        that amount to the Defaulting Party.

          (ii)  TERMINATION EVENTS.  If the Early Termination Date results from
     a Termination Event:-

             (1)  ONE AFFECTED PARTY.  If there is one Affected Party, the
        amount payable will be determined in accordance with Section 6(e)(i)(3),
        if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
        except that, in either case, references to the Defaulting Party and to
        the Non-defaulting Party will be deemed to be references to the Affected

                                        10
<PAGE>   11

        Party and the party which is not the Affected Party, respectively, and,
        if Loss applies and fewer than all the Transactions are being
        terminated, Loss shall be calculated in respect of all Terminated
        Transactions.

             (2)  TWO AFFECTED PARTIES.  If there are two Affected Parties:-

                (A)  if Market Quotation applies, each party will determine a
           Settlement Amount in respect of the Terminated Transactions, and an
           amount will be payable equal to (I) the sum of (a) one-half of the
           difference between the Settlement Amount of the party with the higher
           Settlement Amount ("X") and the Settlement Amount of the party with
           the lower Settlement Amount ("Y") and (b) the Termination Currency
           Equivalent of the Unpaid Amounts owing to X less (II) the Termination
           Currency Equivalent of the Unpaid Amounts owing to Y; and

                (B)  if Loss applies, each party will determine its Loss in
           respect of this Agreement (or, if fewer than all the Transactions are
           being terminated, in respect of all Terminated Transactions) and an
           amount will be payable equal to one-half of the difference between
           the Loss of the party with the higher Loss ("X") and the Loss of the
           party with the lower Loss ("Y").

        If the amount payable is a positive number, Y will pay it to X; if it is
        a negative number, X will pay the absolute value of that amount to Y.

          (iii)  ADJUSTMENT FOR BANKRUPTCY.  In circumstances where an Early
     Termination Date occurs because "Automatic Early Termination" applies in
     respect of a party, the amount determined under this Section 6(e) will be
     subject to such adjustments as are appropriate and permitted by law to
     reflect any payments or deliveries made by one party to the other under
     this Agreement (and retained by such other party) during the period from
     the relevant Early Termination Date to the date for payment determined
     under Section 6(d)(ii).

          (iv)  PRE-ESTIMATE.  The parties agree that if Market Quotation
     applies an amount recoverable under this Section 6(e) is a reasonable
     pre-estimate of loss and not a penalty. Such amount is payable for the loss
     of bargain and the loss of protection against future risks and except as
     otherwise provided in this Agreement neither party will be entitled to
     recover any additional damages as a consequence of such losses.

7.  TRANSFER

     Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:-

     (a)  a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

     (b)  a party may make such a transfer of all or any part of its interest in
any amount payable to it from a Defaulting Party under Section 6(e).

     Any purported transfer that is not in compliance with this Section will be
void.

8.  CONTRACTUAL CURRENCY

     (a)  PAYMENT IN THE CONTRACTUAL CURRENCY.  Each payment under this
Agreement will be made in the relevant currency specified in this Agreement for
that payment (the "Contractual Currency"). To the extent permitted by applicable
law, any obligation to make payments under this Agreement in the Contractual
Currency will not be discharged or satisfied by any tender in any currency other
than the Contractual Currency, except to the extent such tender results in the

                                        11
<PAGE>   12

actual receipt by the party to which payment is owed acting in a reasonable
manner and in good faith in converting the currency so tendered into the
Contractual Currency, of the full amount in the Contractual Currency of all
amounts payable in respect of this Agreement. If for any reason the amount in
the Contractual Currency so received falls short of the amount in the
Contractual Currency payable in respect of this Agreement, the party required to
make the payment will, to the extent permitted by applicable law, immediately
pay such additional amount in the Contractual Currency as may be necessary to
compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in
respect of this Agreement, the party receiving the payment will refund promptly
the amount of such excess.

     (b)  JUDGMENTS.  To the extent permitted by applicable law, if any judgment
or order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other PARTY the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

     (c)  SEPARATE INDEMNITIES.  To the extent permitted by applicable law,
these indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

     (d)  EVIDENCE of LOSS.  For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made.

9.  MISCELLANEOUS

     (a)  ENTIRE AGREEMENT.  This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

     (b)  AMENDMENTS.  No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

     (c)  SURVIVAL OF OBLIGATIONS.  Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

                                        12
<PAGE>   13

     (d)  REMEDIES CUMULATIVE.  Except as provided in this Agreement, the
rights, powers, remedies and privileges provided in this Agreement are
cumulative and not exclusive of any rights, powers, remedies and privileges
provided by law.

     (e)  COUNTERPARTS AND CONFIRMATIONS.

          (i)  This Agreement (and each amendment, modification and waiver in
     respect of it) may be executed and delivered in counterparts (including by
     facsimile transmission), each of which will be deemed an original.

          (ii)  The parties intend that they are legally bound by the terms of
     each Transaction from the moment they agree to those terms (whether orally
     or otherwise). A Confirmation shall be entered into as soon as practicable
     and may be executed and delivered in counterparts (including by facsimile
     transmission) or be created by an exchange of telexes or by an exchange of
     electronic messages on an electronic messaging system, which in each case
     will be sufficient for all purposes to evidence a binding supplement to
     this Agreement. The parties will specify therein or through another
     effective means that any such counterpart, telex or electronic message
     constitutes a Confirmation.

     (f)  NO WAIVER OF RIGHTS.  A failure or delay in exercising any right,
power or privilege in respect of this Agreement will not be presumed to operate
as a waiver, and a single or partial exercise of any right, power or privilege
will not be presumed to preclude any subsequent or further exercise, of that
right, power or privilege or the exercise of any other right, power or
privilege.

     (g)  HEADINGS.  The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.  OFFICES; MULTIBRANCH PARTIES

     (a)  If Section 10(a) is specified in the Schedule as applying, each party
that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking
office or jurisdiction of incorporation or Organization of such party, the
obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be
repeated by such party on each date on which a Transaction is entered into.

     (b)  Neither party may change the Office through which it makes and
receives payments or deliveries for the purpose of a Transaction without the
prior written consent of the other party.

     (c)  If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.  EXPENSES

     A Defaulting Party will, on demand, indemnify and hold harmless the other
party for and against all reasonable out-of-pocket expenses, including legal
fees and Stamp Tax, incurred by such other party by reason of the enforcement
and protection of its rights under this Agreement or any Credit Support Document
to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.  NOTICES

     (a)  EFFECTIVENESS.  Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5
                                        13
<PAGE>   14

or 6 may not be given by facsimile transmission or electronic messaging system)
to the address or number or in accordance with the electronic messaging system
details provided (see the Schedule) and will be deemed effective as indicated:-

          (i)  if in writing and delivered in person or by courier, on the date
     it is delivered;

          (ii)  if sent by telex, on the date the recipient's answerback is
     received;

          (iii)  if sent by facsimile transmission, on the date that
     transmission is received by a responsible employee of the recipient in
     legible form (it being agreed that the burden of proving receipt will be on
     the sender and will not be met by a transmission report generated by the
     sender's facsimile machine);

          (iv)  if sent by certified or registered mail (airmail, if overseas)
     or the equivalent (return receipt requested), on the date that mail is
     delivered or its delivery is attempted; or

          (v)  if sent by electronic messaging system, on the date that
     electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

     (b)  CHANGE OF ADDRESSES.  Either party may by notice to the other change
the address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.  GOVERNING LAW AND JURISDICTION

     (a)  GOVERNING LAW.  This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

     (b)  JURISDICTION.  With respect to any suit, action or proceedings
relating to this Agreement ("Proceedings"), each party irrevocably:-

          (i)  submits to the jurisdiction of the English courts, if this
     Agreement is expressed to be governed by English law, or to the
     non-exclusive jurisdiction of the courts of the State of New York and the
     United States District Court located in the Borough of Manhattan in New
     York City, if this Agreement is expressed to be governed by the laws of the
     State of New York; and

          (ii)  waives any objection which it may have at any time to the laying
     of venue of any Proceedings brought in any such court, waives any claim
     that such Proceedings have been brought in an inconvenient forum and
     further waives the right to object, with respect to such Proceedings, that
     such court does not have any jurisdiction over such party.

     Nothing in this Agreement precludes either party from bringing Proceedings
in any other jurisdiction (outside, if this Agreement is expressed to be
governed by English law, the Contracting States, as defined in Section 1(3) of
the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

     (c)  SERVICE OF PROCESS.  Each party irrevocably appoints the Process Agent
(if any) specified opposite its name in the Schedule to receive, for it and on
its behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided

                                        14
<PAGE>   15

for notices in Section 12. Nothing in this Agreement will affect the right of
either party to serve process in any other manner permitted by law.

     (d)  WAIVER OF IMMUNITIES.  Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and
assets (irrespective of their use or intended use), all immunity on the grounds
of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.  DEFINITIONS

     As used in this Agreement:-

     "ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

     "AFFECTED PARTY" has the meaning specified in Section 5(b).

     "AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

     "AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

     "APPLICABLE RATE" means:-

     (a)  in respect of obligations payable or deliverable (or which would have
been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

     (b)  in respect of an obligation to pay an amount under Section 6(e) of
either party from and after the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable, the Default Rate;

     (c)  in respect of all other obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and

     (d)  in all other cases, the Termination Rate.

     "BURDENED PARTY" has the meaning specified in Section 5(b).

     "CHANGE IN TAX LAW" means the enactment, promulgation, execution or
ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or after the
date on which the relevant Transaction is entered into.

     "CONSENT" includes a consent, approval, action, authorization, exemption,
notice, filing, registration or exchange control consent.

     "CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

     "CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is
specified as such in this Agreement.

     "CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

     "DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus I % per annum.
                                        15
<PAGE>   16

     "DEFAULTING PARTY" has the meaning specified in Section 6(a).

     "EARLY TERMINATION DATE" means the date determined in accordance with
Section 6(a) or 6(b)(iv).

     "EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if
applicable, IN the Schedule.

     "ILLEGALITY" has the meaning specified in Section 5(b).

     "INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be
imposed in respect of a payment under this Agreement but for a present or former
connection between the jurisdiction of the government or taxation authority
imposing such Tax and the recipient of such payment or a person related to such
recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such
jurisdiction, or being or having been organized, present or engaged in a trade
or business in such jurisdiction, or having or having bad a permanent
establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient or related person having executed,
delivered, performed its obligations or received a payment under, or enforced,
this Agreement or a Credit Support Document).

     "LAW" includes any treaty, law, rule or regulation (as modified, in the
case of tax matters, by the practice of any relevant governmental revenue
authority) and "LAWFUL" and "UNLAWFUL" will be construed accordingly.

     "LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which
commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) (a) in relation to any obligation under Section
2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so
specified, as otherwise agreed by the parties in writing or determined pursuant
to provisions contained, or incorporated by reference, in this Agreement, (b) in
relation to any other payment, in the place where the relevant account is
located and, if different, in the principal financial centre, if any, of the
currency of such payment, (c) in relation to any notice or other communication,
including notice contemplated under Section 5(a)(i), in the city specified in
the address for notice provided by the recipient and, in the case of a notice
contemplated by Section 2(b), in the place where the relevant new account is to
be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations
for performance with respect to such Specified Transaction.

     "LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except so as to avoid duplication, if Section 6(e)(i)(1) or (3) or
6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses refer-red to under Section I 1. A party will determine
its Loss as of the relevant Early Termination Date, or, if that is not
reasonably practicable, as of the earliest date thereafter as is reasonably
practicable. A party may (but need not) determine its Loss by reference to
quotations of relevant rates or prices from one or more leading dealers in the
relevant markets.

     "MARKET QUOTATION" means, with respect to one or more Terminated
Transactions and a party making the determination, an amount determined on the
basis of quotations from Reference
                                        16
<PAGE>   17

Market-makers. Each quotation will be for an amount, if any, that would be paid
to such party (expressed as a negative number) or by such party (expressed as a
positive number) in consideration of an agreement between such party (taking
into account any existing Credit Support Document with respect to the
obligations of such party) and the quoting Reference Market-maker to enter into
a transaction (the "Replacement Transaction") that would have the effect of
preserving for such party the economic equivalent of any payment or delivery
(whether the underlying obligation was absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under
Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
Transactions that would, but for the occurrence of the relevant Early
Termination Date, have been required after that date. For this purpose, Unpaid
Amounts in respect of the Terminated Transaction or group of Terminated
Transactions are to be excluded but, without limitation, any payment or delivery
that would, but for the relevant Early Termination Date, have been required
(assuming satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included. The Replacement Transaction would be subject
to such documentation as such party and the Reference Market-maker may, in good
faith, agree. The party making the determination (or its agent) will request
each Reference Market-maker to provide its quotation to the extent reasonably
practicable as of the same day and time (without regard to different time zones)
on or as soon as reasonably practicable after the relevant Early Termination
Date. The day and time as of which those quotations are to be obtained will be
selected in good faith by the party obliged to make a determination under
Section 6(e), and, if each party is so obliged, after consultation with the
other. If more than three quotations are provided, the Market Quotation will be
the arithmetic mean of the quotations, without regard to the quotations having
the highest and lowest values. If exactly three such quotations are provided,
the Market Quotation will be the quotation remaining after disregarding the
highest and lowest quotations. For this purpose, if more than one quotation has
the same highest value or lowest value, then one of such quotations shall be
disregarded. If fewer than three quotations are provided, it will be deemed that
the Market Quotation in respect of such Terminated Transaction or group of
Terminated Transactions cannot be determined.

     "NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof
or evidence of any actual cost) to the Non-defaulting Party (as certified by it)
if it were to fund the relevant amount.

     "NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

     "OFFICE" means a branch or office of a party, which may be such party's
bead or home office.

     "POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of
notice or the lapse of time or both, would constitute an Event of Default.

     "REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

     "RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions
(a) in which the party is incorporated, organized, managed and controlled or
considered to have its seat, (b) where an Office through which the party is
acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through
which such payment is made.

     "SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to
be made under Section 2(a)(i) with respect to a Transaction.

     "SET-OFF" means set-off, offset, combination of accounts, right of
retention or withholding or similar right or requirement to which the payer of
an amount under Section 6 is entitled or subject
                                        17
<PAGE>   18

(whether arising under this Agreement, another contract, applicable law or
otherwise) that is exercised by, or imposed on, such payer.

     "SETTLEMENT AMOUNT" means, with respect to a party and any Early
Termination Date, the sum of:-

     (a)  the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

     (b)  such party's Loss (whether positive or negative and without reference
to any Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

     "SPECIFIED ENTITY" has the meaning specified in the Schedule.

     "SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation
(whether present or future, contingent or otherwise, as principal or surety or
otherwise) in respect of borrowed money.

     "SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

     "STAMP TAX" means any stamp, registration, documentation or similar tax.

     "TAX" means any present or future tax, levy, impost, duty, charge,
assessment or fee of any nature (including interest, penalties and additions
thereto) that is imposed by any government or other taxing authority in respect
of any payment under this Agreement other than a stamp, registration,
documentation or similar tax.

     "TAX EVENT" has the meaning specified in Section 5(b).

     "TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

     "TERMINATED TRANSACTIONS" means with respect to any Early Termination Date
(a) if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

     "TERMINATION CURRENCY" has the meaning specified in the Schedule.

     "TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount
denominated in the Termination Currency, such Termination Currency amount and,
in respect of any amount denominated in a currency other than the Termination
Currency (the "Other Currency"), the amount in the Termination Currency
determined by the party making the relevant determination as being required to
purchase such amount of such Other Currency as at the relevant Early Termination
Date, or, if the relevant Market Quotation or Loss (as the case may be), is
determined as of a later date, that later date, with the Termination Currency at
the rate equal to the spot exchange rate of the foreign exchange agent (selected
as provided below) for the purchase of such

                                        18
<PAGE>   19

Other Currency with the Termination Currency at or about I 1:00 a.m. (in the
city in which such foreign exchange agent is located) on such date as would be
customary for the determination of such a rate for the purchase of such Other
Currency for value on the relevant Early Termination Date or that later date.
The foreign exchange agent will, if only one party is obliged to make a
determination under Section 6(e), be selected in good faith by that party and
otherwise will be agreed by the parties.

     "TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon
Merger or, if specified to be applicable, a Credit Event Upon Merger or an
Additional Termination Event.

     "TERMINATION RATE" means a rate per annum equal to the arithmetic mean of
the cost (without proof or evidence of any actual cost) to each party (as
certified by such party) if it were to fund or of funding such amounts.

     "UNPAID AMOUNTS" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have become payable
but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to
such Early Termination Date and which remain unpaid as at such Early Termination
Date and (b) in respect of each Terminated Transaction, for each obligation
under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii))
required to be settled by delivery to such party on or prior to such Early
Termination Date and which has not been so settled as at such Early Termination
Date, an amount equal to the fair market value of that which was (or would have
been) required to be delivered as of the originally scheduled date for delivery,
in each case together with (to the extent permitted under applicable law)
interest, in the currency of such amounts, from (and including) the date such
amounts or obligations were or would have been required to have been paid or
performed to (but excluding) such Early Termination Date, at the Applicable
Rate. Such amounts of interest will be calculated on the basis of daily
compounding and the actual number of days elapsed. The fair market value of any
obligation referred to in clause (b) above shall be reasonably determined by the
party obliged to make the determination under Section 6(e) or, if each party is
so obliged, it shall be the average of the Termination Currency Equivalents of
the fair market values reasonably determined by both parties.

                                        19
<PAGE>   20

     IN WITNESS WHEREOF the parties have executed this document on the
respective dates specified below with effect from the date specified on the
first page of this document.


<TABLE>
<S>                                                                    <C>
          DEUTSCHE BANK AG                                                  CAMPBELL & COMPANY, INC.
------------------------------------------------------                 ------------------------------------------------------
(Name of Party)                                                        (Name of Party)

By:                  /s/ AMY SCHRODER                                  By:               /s/ THERESA D. BECKS
    -----------------------------------------------------                  -----------------------------------------------------
    Name: Amy Schroder                                                     Name: Theresa D. Becks
    Title:                                                                 Title:  Chief Financial Officer
                                                                                  Campbell & Company, Inc.

                                                                       CAMPBELL ALTERNATIVE ASSET TRUST
By:                 /s/ D. NESTLER                                     By:               /s/ THERESA D. BECKS
    -----------------------------------------------------                  -----------------------------------------------------
    Name: D. Nestler                                                       Name: Theresa D. Becks
    Title:                                                                 Title: Chief Financial Officer
                                                                                  Campbell & Company, Inc.,
                                                                                  Managing Owner

                                                                       CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                                                                       By:               /s/ THERESA D. BECKS
                                                                           -----------------------------------------------------
                                                                           Name: Theresa D. Becks
                                                                           Title: Chief Financial Officer
                                                                                  Campbell & Company, Inc.,
                                                                                  General Partner

                                                                       THE CAMPBELL GLOBAL ASSETS FUND LIMITED
                                                                       By:               /s/ THERESA D. BECKS
                                                                           -----------------------------------------------------
                                                                           Name: Theresa D. Becks
                                                                           Title: Chief Financial Officer
                                                                                  Campbell & Company, Inc.,
                                                                                  Trading Advisor

</TABLE>




                                        20
<PAGE>   21

                                    SCHEDULE
                                     TO THE
                             ISDA MASTER AGREEMENT
                          DATED AS OF FEBRUARY 8, 2001

                      AMONG DEUTSCHE BANK AG ("PARTY A"),
  EACH COUNTERPARTY LISTED ON ANNEX I ATTACHED HERETO AND MADE A PART HEREOF,
            SEVERALLY, AND NOT JOINTLY (EACH A "FUND" OR "PARTY B")
 (EXCEPT WHERE OTHERWISE INDICATED HEREIN, CAPITALIZED TERMS USED HEREIN SHALL
                                      HAVE
         THE RESPECTIVE MEANINGS SET FORTH IN PART 5 OF THIS SCHEDULE)
                                      AND
 CAMPBELL & COMPANY, INC., A CORPORATION ORGANIZED AND EXISTING UNDER THE LAWS
                    OF THE STATE OF MARYLAND (THE "AGENT").

     It is understood and agreed that this document shall constitute a separate
agreement with each party listed on Annex I attached hereto, as if each such
party had executed a separate document naming only itself as Party B, and that
no party listed on Annex I shall have any liability under this document for the
obligations of any other party so listed. With respect to any one such party,
(i) only Confirmations of Transactions between Party A and the Fund shall be
part of the agreement with such party and (ii) references in the Agreement to
the Schedule shall be deemed to refer to the Schedule as prepared for such
party, and the term "this Agreement" shall be construed accordingly.

PART 1. TERMINATION PROVISIONS.

     (a)  "SPECIFIED ENTITY" means:

          in relation to Party A: Not applicable

          and in relation to the Fund for the purpose of:

       Section 5(a)(v):  Not Applicable
       Section 5(a)(vi):  Not Applicable
       Section 5(a)(vii): the Agent
       Section 5(b)(iv):  Not Applicable

     (b)  The definition of "SPECIFIED TRANSACTION" in Section 14 of this
Agreement is hereby amended by: (A) deleting in the second through the fourth
lines thereof the words "between one party...which is a" and replacing them with
the words "(i) in the case of Party A, between Party A and the Fund (or any
Credit Support Provider of such party or any applicable Specified Entity of such
party), and (ii) in the case of the Fund, between the Fund (or any Credit
Support Provider of such party or any applicable Specified Entity of such party)
and any other person or entity, including without limitation Party A, including
without limitation any" and (B) adding the text "commodity transaction, credit
derivative transaction, repurchase or reverse repurchase transaction, securities
lending transaction, futures transaction, prime brokerage or margin lending
transaction" after the words "foreign exchange transaction" in the sixth line
thereof.

     (c)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Party
A and the Fund and is hereby amended by adding the following at the end thereof:

     , and in either case, the other party determines in good faith that it has
     reasonable grounds to conclude that the performance by the Defaulting Party
     of its financial obligations hereunder is endangered.

     With regard to Party A, "THRESHOLD AMOUNT" means, at any time, three
percent (3%) of the total capital and reserves of Deutsche Bank AG as reported
in the most recently published annual audited consolidated financial statements
of Deutsche Bank AG.

                                        21
<PAGE>   22

     With regard to the Fund, any Credit Support Provider or any applicable
Specified Entity of the Fund, "THRESHOLD AMOUNT" means: three percent (3%) of
its Net Asset Value.

     (d)  The "CREDIT EVENT UPON MERGER" provision in Section 5(b)(iv), which
applies to both parties, is hereby amended to read as follows:

          "(iv) CREDIT EVENT UPON MERGER.  "Credit Event Upon Merger" means that
     a Designated Event (as defined below) occurs with respect to a party, any
     Credit Support Provider of such party or any applicable Specified Entity of
     such party (in each case, "X") and such Designated Event does not
     constitute a Merger Without Assumption under Section 5(a)(viii) hereof and,
     in the reasonable opinion of the other party, the creditworthiness of X or,
     if applicable, the successor, surviving or transferee entity of X, after
     taking into account any applicable Credit Support Document, is materially
     weaker than X immediately prior to such action, (and, in such event, such
     party or its successor, surviving or transferee entity, as appropriate,
     will be the Affected Party). For purposes hereof, a Designated Event with
     respect to X means that, after the date of this Agreement:

             (1) X consolidates or amalgamates with, or merges into, or
        transfers all or substantially all of its assets (or any substantial
        part of the assets comprising the business conducted by X as of the date
        of this Agreement) to, or receives all or substantially all the assets
        or obligations of, another entity;

             (2) any person or entity acquires directly or indirectly the
        beneficial ownership of equity securities having the power to elect a
        majority of the board of directors of X or otherwise acquires directly
        or indirectly the power to control the policy-making decisions of X;

             (3) X effects any substantial change in its capital structure by
        means of the issuance, incurrence or guarantee of debt or the issuance
        of preferred stock or other securities convertible into, or exchangeable
        for, debt or preferred stock; or

             (4) X enters into any agreement providing for any of the
        foregoing."

     (e)  The "BANKRUPTCY" provisions of Section 5(a)(vii) shall apply to Party
A and Party B, provided that in the case of Party B, such provisions shall be
amended by: (i) deleting in clause (4) thereof the number "30" and substituting
in lieu thereof the number "10" in such clause (4); and (ii) deleting in clause
(7) thereof the number "30" and substituting in lieu thereof the number "10" in
such clause (7).

     (f)  The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not
apply to Party A or to the Fund.

     (g)  PAYMENTS ON EARLY TERMINATION.  For the purpose of Section 6(e) of
this Agreement:

          (i) Loss will apply.

          (ii) The Second Method will apply.

     (h)  "TERMINATION CURRENCY" means United States Dollars.

     (i)  ADDITIONAL TERMINATION EVENTS.  The occurrence of any of the following
events shall constitute a Termination Event:

          (i)  the Agent fails to notify Party A in writing of the Fund's Net
     Asset Value in accordance with the terms of Part 3 of this Schedule;

          (ii)  the Fund's Net Asset Value declines by (x) twenty percent (20%)
     or more during any one-month period, (y) thirty percent (30%) or more
     during any three month period or (z) fifty percent (50%) or more within any
     twelve-month period, in each case calculated on a

                                        22
<PAGE>   23

     rolling basis with respect to the immediately preceding one-month,
     three-month or twelve-month period;

          (iii)  the Net Asset Value of the Fund declines below the Net Asset
     Value Floor with respect to the Fund;

          (iv)  in the event that the Agent enters into a Transaction with Party
     A on behalf of the Fund and the Other Funds, either (i) the Agent fails to
     allocate such Transactions among the Fund and the Other Funds on the same
     Business Day on which such Transactions are entered into or (ii) after
     giving effect to such allocation, any of such Transactions exceed the
     applicable Exposure Limit for the Fund or the Other Funds;

          (v)  the Fund discharges the Agent as its sole trading advisor
     ("Trading Advisor") or reduces by any material amount the assets of the
     Fund under the Agent's management or the Agent otherwise fails to act on
     behalf of the Fund in principally the same or similar capacity as that held
     as of the date of this Agreement;

          (vi)  the Trust Agreement dated January 2, 2001 (the "Investment
     Management Agreement") between the Fund and the Agent or any Operative
     Document is (a) terminated or ceases to be in full force and effect or (b)
     is amended or modified and such amendment or modification may have a
     material adverse effect on the rights of Party A under this Agreement, any
     Credit Support Document or any Transaction or on the ability of the Fund to
     perform its obligations under, or its authority to enter into, this
     Agreement, any Credit Support Document or any Transaction;

          (vii)  any representation or warranty made or deemed made by the Agent
     herein to Party A proves false or misleading when made or deemed made, or
     if the Agent defaults in the fulfillment of any obligation binding upon it
     hereunder whether in its individual capacity or as Agent;

          (viii)  an Adverse Regulatory Change occurs and is continuing;

          (ix)  the Additional Termination Events set forth in the Credit
     Support Annex; or

          (x)  Unless a confirmation of a Transaction otherwise provides Party A
     with the right to elect to terminate a Transaction, the parties agree that
     either party (the "Electing Party") may elect to terminate any Transaction
     (which shall be the only Affected Transaction) on the second anniversary of
     the Effective Date of such Transaction and annually thereafter (which date
     shall be the Early Termination Date with respect to such Transaction) by at
     least five days' prior notice, provided that no other Event of Default,
     Potential Event of Default or Termination Event shall have occurred and
     then be continuing under this Agreement on such Early Termination Date (any
     such termination, an "Elective Termination").

     For the purpose of the foregoing Termination Events specified in clauses
(i) through (ix) above, the Fund shall be deemed to be the Affected Party and
Party A shall not be an Affected Party. For purposes of the Termination Event
specified in clause (x) above, the Electing Party shall be deemed to be the
Affected Party and the other party shall not be an Affected Party.

PART 2. TAX REPRESENTATIONS.

     (a)  PAYER REPRESENTATIONS.  For the purpose of Section 3(e) of this
Agreement, Party A and the Fund make the following representations to the other:

     It is not required by any applicable law, as modified by the practice of
any relevant governmental revenue authority, of any Relevant Jurisdiction to
make any deduction or withholding for or on account of any Tax from any payment
(other than interest under Section 2(e), 6(d)(ii)

                                        23
<PAGE>   24

or 6(e) of this Agreement) to be made by it to the other party under this
Agreement. In making this representation, each party may rely on:

          (i) the accuracy of any representations made by the other party
     pursuant to Section 3(f) of this Agreement;

          (ii) the satisfaction of the agreement of the other party contained in
     Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and
     effectiveness of any document provided by the other party pursuant to
     Section 4(a)(i) or 4(a)(iii) of this Agreement; and

          (iii) the satisfaction of the agreement of the other party contained
     in Section 4(d) of this Agreement,

provided that it shall not be a breach of this representation where reliance is
placed on clause (ii) and the other party does not deliver a form or document
under Section 4(a)(iii) by reason of material prejudice to its legal or
commercial position.

     (b)  PAYEE TAX REPRESENTATIONS.

     For the purpose of Section 3(f) of this Agreement, Party A and Party B each
represent to the other that, in respect of each Transaction which it enters into
through an Office or discretionary agent in the United States of America
("U.S."), each payment received or to be received by it under that Transaction
will be effectively connected with its conduct of a trade or business in the
U.S.

PART 3. DOCUMENTS TO BE DELIVERED.

     (a)  For the purpose of Section 4(a)(i), the documents to be delivered are:

<TABLE>
<CAPTION>

PARTY REQUIRED TO          FORM/DOCUMENT/             DATE BY WHICH TO BE        SECTION 3(d)
DELIVER DOCUMENT           CERTIFICATE                DELIVERED                  REPRESENTATION
<S>                        <C>                        <C>                        <C>
Party A                    An executed United States  (i) Upon execution of
                           Internal Revenue Service   this Agreement, (ii)
                           Form W-8ECI (or any        promptly upon reasonable
                           successor thereto) and an  demand by Party B and
                           executed United States     (iii) promptly upon
                           Internal Revenue Service   learning that any such
                           Form W-8BEN (or any        form previously provided
                           successor thereto).        by Party A has become
                                                      obsolete or incorrect.
The Fund                   An executed United States  (i) Upon execution of
                           Internal Revenue Service   this Agreement, (ii)
                           Form W-8ECI (or any        promptly upon reasonable
                           successor thereto), Form   demand by Party A and
                           W-8BEN (or any successor   (iii) promptly upon
                           thereto), or Form W-9 (or  learning that any such
                           any successor thereto),    form previously provided
                           as applicable.             by Party B has become
                                                      obsolete or incorrect.
</TABLE>

                                        24
<PAGE>   25

     (b) For the purposes of Section 4(a)(ii), the other documents to be
delivered are:

<TABLE>
<CAPTION>

PARTY REQUIRED TO           FORM/DOCUMENT/              DATE BY WHICH TO BE         SECTION 3(d)
DELIVER DOCUMENT            CERTIFICATE                 DELIVERED                   REPRESENTATION
<S>                         <C>                         <C>                         <C>
Party A, the Agent, the     Evidence of the             Upon or prior to the        Applicable
  Fund                      authority, incumbency and   execution and delivery of
                            specimen signature of       this Agreement and, with
                            each person executing       respect to any
                            this Agreement or any       Confirmation upon request
                            Confirmation, Credit        by the other party.
                            Support Document or other
                            document entered into in
                            connection with this
                            Agreement on its behalf
                            or on behalf of a Credit
                            Support Provider or
                            otherwise, as the case
                            may be.
The Agent                   Evidence of the authority   Upon execution of this      Applicable
                            of the Agent to act on      Agreement, any
                            behalf of and to bind the   Confirmation and promptly
                            Fund, including Powers of   upon demand by Party A.
                            Attorney, Trading
                            Authorizations or other
                            documents evidencing such
                            other actions taken by
                            the Fund to authorize the
                            Agent's execution of this
                            Agreement and each
                            Confirmation, and the
                            performance of its
                            obligations hereunder.
The Fund                    Its most recent             As of execution of this     Applicable
                            Prospectus, Private         Agreement.
                            Placement or Offering
                            Memorandum, the
                            Investment Management
                            Agreement and other
                            Operative Documents.
The Agent and the Fund      The notices specified in    As soon as available and    Applicable
                            Section 4 of this           in any event at the times
                            Agreement as added by       specified in such Section
                            Part 5 of this Schedule.    4.
</TABLE>

                                        25
<PAGE>   26

<TABLE>
<CAPTION>

PARTY REQUIRED TO           FORM/DOCUMENT/              DATE BY WHICH TO BE         SECTION 3(d)
DELIVER DOCUMENT            CERTIFICATE                 DELIVERED                   REPRESENTATION
<S>                         <C>                         <C>                         <C>
Party A                     A copy of its most recent   Promptly after request by   Applicable
                            annual report containing    the other party and
                            consolidated financial      promptly following the
                            statements, certified       end of each fiscal year
                            without qualification by    while there are
                            independent public          obligations outstanding
                            accountants, and such       under this Agreement.
                            other public information
                            respecting its condition
                            or operations, financial
                            or otherwise, as the
                            other party may
                            reasonably request from
                            time to time.
The Fund                    Copies of (i) its most      Promptly after request by   Applicable
                            recent annual financial     Party A if available in
                            statements, certified       writing or otherwise on a
                            without qualification by    verbal basis, within five
                            independent public          (5) days after the end of
                            accountants, (ii) its       the relevant calendar
                            most recent quarterly       month, within thirty (30)
                            financial statements,       days after the end of the
                            (iii) its most recent       relevant quarter or
                            unaudited month-end         within sixty (60) days
                            balance sheet (such         after the end of the
                            financial statements        relevant year, as the
                            referred to in clauses      case may be.
                            (i) through (iii) shall
                            include as financial
                            statement items its Net
                            Asset Value, and (iv)
                            such other information
                            respecting the condition
                            or operations, financial
                            or otherwise, of the
                            Agent and the Fund as
                            Party A may reasonably
                            request from time to
                            time.
The Fund                    A duly executed and         As of execution of this     No
                            delivered copy of the       Agreement.
                            Credit Support Document
</TABLE>

                                        26
<PAGE>   27

PART 4. MISCELLANEOUS.

     (a)  ADDRESS FOR NOTICES.  For the purpose of Section 12(a) of this
Agreement, the addresses for notices and communications to Party A and the Fund
shall be as follows:

          TO PARTY A:

          (i)  All notices to Party A under Sections 5 or 6 of the Agreement
     (other than notices under Section 5(a)(i)) shall be sent to:

               Deutsche Bank AG, Head Office
               Taunusanlage 12
               60262 Frankfurt
               GERMANY
               Attention:  Legal Department
               Telex No:   411836 or 416731 or 41233
               Answerback: DBF-D

          (ii)  All notices to Party A (other than those provided for in
     paragraph (i) above) shall be sent directly to the office through which
     Party A is acting for the relevant Transaction, using the address and
     contact particulars specified in the Confirmation for the purposes of
     confirming that Transaction. If no such particulars are so specified, such
     notices shall be sent to the address of the relevant office set out below:

<TABLE>
<CAPTION>

<S>                                                  <C>
WHERE PARTY A IS ACTING THROUGH ITS FRANKFURT HEAD   WHERE PARTY A IS ACTING THROUGH ITS LONDON BRANCH:
OFFICE:
Deutsche Bank AG, Head Office                        Deutsche Bank AG, London Branch
Taunusanlage 12                                      6, Bishopsgate
60262 Frankfurt                                      London EC2N 4DA
GERMANY                                              UNITED KINGDOM
Attention: Trading & Sales/Evidenz                   Attn: OTC Derivatives
Tel: (49)(69) 910 33339                              Tel: (44)(171) 545 8000
Fax No: (49) (69) 910-38406                          Fax: (44)(171) 545 4455
Telex No: 41730-701                                  Telex: 94015555
Answerback: 41730-702 FMD                            Answerback: DBLN G
WHERE PARTY A IS ACTING THROUGH ITS NEW YORK         WHERE PARTY A IS ACTING THROUGH ITS TOKYO BRANCH:
BRANCH:
Deutsche Bank AG, New York Branch                    Deutsche Bank AG, Tokyo Branch
31 W. 52nd Street                                    Deutsche Bank Building
New York, New York 10019                             12-1, Toranomon 3-Chome
USA                                                  Minato-ku, Tokyo 1050001
Attn: Swap Group                                     JAPAN
Tel: (1)(212) 469 4338                               Attn: Head of Derivatives
Fax: (1)(212) 469 4654                               Tel: (81)(3) 5401 1971
Telex: 429166                                        Fax: (81)(3) 5401 6550
Answerback: DEUTNYK                                  Telex: 24814
                                                     Answerback: DEUTBKTK J
</TABLE>

                                        27
<PAGE>   28

<TABLE>
<CAPTION>

<S>                                                  <C>
WHERE PARTY A IS ACTING THROUGH ITS SINGAPORE        WHERE PARTY A IS ACTING THROUGH ITS PARIS BRANCH:
BRANCH:
Deutsche Bank AG, Singapore Branch                   Deutsche Bank AG, Paris Branch
5 Temasek Boulevard                                  3, Avenue Friedland
#11-03 Suntec City Tower                             75008 Paris
SINGAPORE 038985                                     FRANCE
Attn: Derivatives Settlements                        Attn: Swap Group
Tel: (65) 423 6896 or 423 6872                       Tel: (33)(1) 4495 6400
Fax: (65) 883 0836                                   Fax: (33)(1) 5375 0701
Telex: RS 21189                                      Telex: 644192
Answerback: DBA                                      Answerback: DEUTBANK
WHERE PARTY A IS ACTING THROUGH ITS SYDNEY BRANCH:   WHERE PARTY A IS ACTING THROUGH ITS BRUSSELS
                                                     BRANCH:
Deutsche Bank AG, Sydney Branch                      Deutsche Bank AG, Brussels Branch
Level 18, Grosvenor Place                            100 Boulevard du Souverain
225 George Street                                    1170 Brussels
Sydney NSW 2000                                      BELGIUM
AUSTRALIA                                            Attn: Corporate Department
Attn: Settlements Manager                            Tel: (32)(2) 674 3711
      Treasury Division                              Fax: (32)(2) 672 2371
Tel: (61)(2) 9258 1234                               Telex: 63798
Fax: (61)(2) 9258 3632
Telex: AA122258
Answerback: DBALFX
</TABLE>

<TABLE>
<S>                                             <C>
          TO THE FUND:                          Campbell & Company, Inc.
                                                210 West Pennsylvania Avenue
                                                Towson, Maryland 21204
          Attention:                            Theresa D. Becks, CFO
          Telephone No.:                        800-698-7235
          Fax No.:                              410-842-4702
</TABLE>

     (b)  PROCESS AGENT.  For the purpose of Section 13(c) of this Agreement:

          Party A appoints as its Process Agent:  Not applicable

          The Fund and the Agent appoint as Process Agent:  the Agent

     (c)  OFFICES.  The provisions of Section 10(a) will apply to this
Agreement.

     (d)  MULTIBRANCH PARTY.  For the purpose of Section 10(c) of this
Agreement:

          Party A is a Multibranch Party and may act through the following
     Offices: New York Branch, London Branch, Tokyo Branch, Singapore Branch,
     Brussels Branch, Paris Branch, Sydney Branch and Head Office, Frankfurt.

          The Fund is not a Multibranch Party.

     (e)  CALCULATION AGENT.  The Calculation Agent shall be Party A.

     (f)  CREDIT SUPPORT DOCUMENT.  Details of any Credit Support Document:

          The ISDA Credit Support Annex and supplementary "Paragraph
     13 -- Elections & Variables" in the form appended hereto shall constitute a
     "Credit Support Document" in relation to each party, respectively, with
     respect to all of the obligations of the parties and for all purposes of
     this Agreement.

                                        28
<PAGE>   29

     (g)  CREDIT SUPPORT PROVIDER.  Credit Support Provider means in relation to
Party B:

          Not applicable.

     (h)  GOVERNING LAW.  This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York (without
reference to its choice of law doctrine).

     (i)  JURISDICTION.  Section 13(b) is hereby amended by (i) deleting in the
second line of subparagraph (i) thereof the word "non-" and (ii) deleting the
final paragraph thereof.

     (j)  "AFFILIATE" will have the meaning specified in Section 14 of this
Agreement.

     (k)  NOTICES.  Section 12(a) of this Agreement is amended by adding the
words "given to Party A" after the word "communication" in the second line
thereof.

PART 5. OTHER PROVISIONS.

  1.  REPRESENTATIONS.

     (a)  REPRESENTATIONS OF ALL PARTIES.  Each party will be deemed to
represent to the other party on the date that it enters into a Transaction that
(absent a written agreement between the parties that expressly imposes
affirmative obligations to the contrary for that Transaction):

          (i)  NON-RELIANCE.  It is acting for its own account, and it has made
     its own independent decisions to enter into that Transaction and as to
     whether that Transaction is appropriate or proper for it based upon its own
     judgment and upon advice from such advisers as it has deemed necessary. It
     is not relying on any communication (written or oral) of the other party as
     investment advice or as a recommendation to enter into that Transaction: it
     being understood that information and explanations related to the terms and
     conditions of a Transaction shall not be considered to be investment advice
     or a recommendation to enter into that Transaction. No communication
     (written or oral) received from the other party shall be deemed to be an
     assurance or guarantee as to the expected results of that Transaction.

          (ii)  ASSESSMENT AND UNDERSTANDING.  It is capable of assessing the
     merits of and understanding (on its own behalf or through independent
     professional advice), and understands and accepts the terms and conditions
     and risks of that Transaction. It is also capable of assuming, and assumes,
     the risks of that Transaction.

          (iii)  STATUS OF PARTIES.  The other party is not acting as a
     fiduciary for or adviser to it in respect of that Transaction.

          (iv)  COMMODITY EXCHANGE ACT.  Each Transaction is intended to be
     exempt from, or otherwise not subject to regulation under, the Commodity
     Exchange Act. Such party is an "eligible swap participant" within the
     meaning of CFTC Regulation Section 35.1(b)(2); and is entering into each
     Transaction in connection with its line of business.

          (v)  SECURITIES ACT REPRESENTATIONS.

             (a)  it acknowledges that certain Transactions under the Agreement
        may involve the purchase or sale of "securities" as defined under the
        U.S. Securities Act of 1933, as amended, and understands that any such
        purchase or sale of securities will not be registered under the
        Securities Act and that any such securities may not be reoffered,
        resold, pledged or otherwise transferred except (1) pursuant to an
        effective registration statement under the Securities Act or pursuant to
        an exemption from the registration requirements of the Securities Act
        and (2) in accordance with any applicable securities laws of any state
        of the United States of America;

             (b)  it is a "qualified institutional buyer" as defined in Rule
        144A under the Securities Act or an "accredited investor" as defined
        under the Securities Act; and

                                        29
<PAGE>   30

             (c)  unless otherwise expressly provided in a Confirmation for a
        Transaction, any securities it is required to deliver under this
        Agreement and any Transaction will not at the time of such delivery
        constitute "restricted securities" or be subject to restriction or
        transfer (including so-called "control securities") under the Securities
        Act or otherwise. This representation will be deemed repeated at the
        time of such delivery.

     (b)  ADDITIONAL REPRESENTATIONS OF THE FUND.  The Fund represents to Party
A on and as of the date hereof and at all times until the termination of this
Agreement that:

          (i)  with respect to this Agreement and each Transaction, it will
     maintain, and be in full compliance with, all Operative Documents, and this
     Agreement and each Transaction is, and will be, authorized and permissible
     transactions and investments thereunder;

          (ii)  each Transaction will comply in all respects with all applicable
     laws, rules, regulations, interpretations, guidelines, procedures, and
     policies of applicable governmental and regulatory authorities affecting
     the Fund, this Agreement, the Transactions, or the performance of its
     obligations hereunder;

          (iii)  with respect to each source of funds to be used by it to enter
     into such Transactions (each such source being referred to herein as a
     "Source"), the Source is not the assets of any "plan" (as such term is
     defined in Section 4975 of the Code) subject to Section 4975 of the Code or
     any "employee benefit plan" (as such term is defined in Section 3(3) of
     ERISA) subject to Title I of ERISA, or otherwise out of "plan assets"
     within the meaning of United States Department of Labor regulation sec.
     2510.3-101, 29CFR sec. 2510-3-101; and

          (iv) the Fund represents that (i) it is entering into this Agreement
     and each Transaction as principal (and not as agent or in any other
     capacity, fiduciary or otherwise); (ii) the persons executing this
     Agreement on its behalf have been authorized to do so; and (iii) it has
     granted the Agent the authority to execute and deliver this Agreement on
     its behalf and to act on its behalf in all matters related to this
     Agreement, including, without limitation, on a fully discretionary basis in
     accordance with its Operative Documents entering into Transactions on its
     behalf.

     (c)  AGENT'S REPRESENTATIONS.  The Agent represents to, and covenants and
agrees with, Party A on and as of the date hereof and on each date on which a
Transaction is entered into and regardless of whether such Transaction or any
portion thereof has been finally allocated to the Fund that:

          (i)  it is duly incorporated and validly existing under the laws of
     its place of incorporation;

          (ii)  it is "commodity trading advisor" or a "commodity pool operator"
     registered under the Commodity Exchange Act, as amended, and all similar
     state laws under which it is required to be registered or is exempt from
     any such registration, and it maintains the records required by, and
     complies in all other material respects with, all such laws;

          (iii)  the Agent represents (a) that it is entering into this
     Agreement and each Transaction on behalf of the Fund as agent; (b) the
     persons executing this Agreement on its behalf have been authorized to do
     so; (c) that it has the power and the authority to execute and deliver this
     Agreement as agent for the Fund and to bind the Fund and to act on its
     behalf in all matters related to this Agreement; and (d) this Agreement is
     binding upon the Fund and enforceable against the Fund in accordance with
     its terms and does not and will not violate the terms of any agreement by
     which the Fund is bound;

          (iv)  it will enter into a Transaction only when the assets in the
     accounts of the Fund under its control are sufficient to meet the
     obligations resulting from such Transaction;

                                        30
<PAGE>   31

          (v) pursuant to the Investment Management Agreement the Fund
     authorized it to take all action with respect to Transactions on behalf of
     the Fund, including, without limitation, opening accounts with Party A on
     behalf of the Fund; it has examined all applicable trust instruments,
     corporate charters, by-laws or authorizations, partnership agreements,
     trust indentures or other authorizing documentation of the Fund and is
     satisfied that the person or persons signing the Investment Management
     Agreement were themselves properly authorized by the Fund;

          (vi) Party A may rely on the representations of the Agent respecting
     its authority to act on behalf of the Fund contained herein until Party A
     shall have received written notice of a change in, revocation or rescission
     of such authority; no change in, revocation or rescission of such authority
     shall affect in any manner the rights and indemnities inuring to Party A
     with respect to the obligation of the Fund hereunder arising prior to
     actual receipt by Party A of written notice of such change in, revocation
     or rescission; and

          (vii) it agrees to indemnify Party A and Party A's Affiliates, to the
     fullest extent permitted by law, from and against any loss, liability,
     cost, claim, action, demand or expense (including, without limitation, the
     costs, expenses and disbursements of legal counsel), whether direct,
     indirect, incidental or consequential, resulting from, arising out of or
     relating to (i) any claim by Party B that any Transaction entered into by
     the Agent on Party B's behalf was not suitable, (ii) any claim by Party B
     that any Transaction entered into by the Agent on Party B's behalf was
     without authority, and (iii) any breach by the Agent of any representation,
     warranty, covenant or agreement contained herein.

  2. CONSENT TO RECORDING.

     Each party (i) consents to the recording of the telephone conversations of
trading and marketing and/or other personnel of the parties and their Affiliates
in connection with this Agreement or any potential Transaction (ii) agrees to
obtain any necessary consent of and give notice of such recording to such
personnel of it and its Affiliates; and (iii) agrees that recordings may be
submitted in evidence in any Proceedings relating to this Agreement.

  3. TAX PROVISIONS.

     (a) The definition of Tax Event, Section 5 (b)(ii), is hereby modified by
adding the following provision at the end thereof:

     "provided, however, that for purposes of clarification, the parties
     acknowledge that the introduction or proposal of legislation, shall not, in
     and of itself, give rise to a presumption that a Tax Event has occurred."

     (b)  The definition of term "Indemnifiable Tax" is amended by adding the
following provisions at the end thereof:

     "Notwithstanding the foregoing, "Indemnifiable Tax" also means any Tax
     imposed in respect of a payment under this Agreement by reasons of a Change
     in Tax Law by a government or taxing authority of a Relevant Jurisdiction
     of the party making such payment, unless the other party is incorporated,
     organized, managed and controlled or considered to have its seat in such
     jurisdiction, or is acting for purposes of this Agreement through a branch
     or office located in such jurisdiction."

  4. SET OFF.

     Section 6 of this Agreement is amended by the addition of the following
Section 6(f):

     "(f) Upon the designation of any Early Termination Date, the party that is
     not the Defaulting Party or Affected Party ("X") may, without prior notice
     to the Defaulting or Affected Party

                                        31
<PAGE>   32

     ("Y"), set off any sum or obligation (whether or not arising under this
     Agreement, whether matured or unmatured, whether or not contingent and
     irrespective of the currency, place of payment or booking office of the sum
     or obligation) owed by Y to X or any Affiliate of X (the "X Set Off
     Amount") against any sum or obligation (whether or not arising under this
     Agreement, whether matured or unmatured, whether or not contingent and
     irrespective of the currency, place of payment or booking office of the sum
     or obligation) owed by X or any Affiliate of X to Y (the "Y Set Off
     Amount"). X will give notice to the other party of any set off effected
     under this Section 6(f).

          For this purpose, either the X Set Off Amount or the Y Set Off Amount
     (or the relevant portion of such set off amounts) may be converted by X
     into the currency in which the other set off amount is denominated at the
     rate of exchange at which X would be able, acting in a reasonable manner
     and in good faith, to purchase the relevant amount of such currency.

          If a sum or obligation is unascertained, X may in good faith estimate
     that obligation and set-off in respect of the estimate, subject to the
     relevant party accounting to the other when the obligation is ascertained.

          Nothing in this Section 6(f) shall be effective to create a charge or
     other security interest. This Section 6(f) shall be without prejudice and
     in addition to any right of set-off, combination of accounts, lien or other
     rights to which any party is at any time otherwise entitled (whether by
     operation of law, contract or otherwise)."

  5. ESCROW.

     On any date on which both parties are required to make payments hereunder,
either party may at its option and in its sole discretion notify the other party
that payments on that date are to be made in escrow. In this case deposit of the
payment due earlier on that date shall be made by 2:00 p.m. (local time at the
place for the earlier payment if there is a time difference between the cities
in which payments are to be made) on that date with an escrow agent selected by
the party giving the notice and reasonably acceptable to the other party,
accompanied by irrevocable payment instructions (a) to release the deposited
payment to the intended recipient upon receipt by the escrow agent of the
required deposit of the corresponding payment from the other party on the same
date accompanied by irrevocable payment instructions to the same effect or (b)
if the required deposit of the corresponding payment is not made on that same
date, to return the payment deposited to the party that paid it into escrow at
such party's request. The party that elects to have payments made in escrow
shall pay the costs of the escrow arrangements and shall cause those
arrangements to provide that the intended recipient of the payment due to be
deposited first shall be entitled to interest on that deposited payment for each
day in the period of its deposit at the rate offered by the escrow agent for
that day for overnight deposits in the relevant currency in the office where it
holds that deposited payment (at 11:00 a.m. local time on that day) if that
payment is not released by 5:00 p.m. local time on the date it is deposited for
any reason other than the intended recipient's failure to make the escrow
deposit it is required to make hereunder in a timely fashion.

  6. ADDITIONAL ACKNOWLEDGMENTS AND AGREEMENTS OF THE PARTIES.  Section 4 is
hereby amended by adding the following new agreements:

     (a)  ADDITIONAL AGREEMENTS OF THE FUND AND THE AGENT.

          (1)  ACTIONS AFFECTING REPRESENTATIONS.  The Fund and the Agent each
     agree not to take any action during the term of this Agreement or any
     Transaction hereunder that renders or could render any of the
     representations and warranties in this Agreement untrue, incorrect, or
     incomplete, and if any event or condition occurs that renders or could
     render any such representation untrue, incorrect, or incomplete, the Fund
     and/or the Agent, as applicable, will immediately give written notice
     thereof to Party A.
                                        32
<PAGE>   33

          (2)  NOTICE OF CERTAIN EVENTS.  The Fund and the Agent will provide
     Party A, promptly upon becoming aware of the same, with written notice of
     (A) any proposed action, change, or modification to any Operative Document,
     the Investment Management Agreement or any investment guidelines, policies,
     procedures or restrictions to which the Agent may be subject, or any action
     that causes or could cause a Termination Event or Event of Default, or any
     event or circumstance that might reasonably be expected to directly or
     indirectly lead to a Termination Event or Event of Default, (B) any
     Potential Event of Default, Event of Default or Termination Event, or event
     or condition that, with the giving of notice or the passage of time or
     both, could constitute a Termination Event with respect to the Fund, (C)
     any pending or threatened litigation, action, claim, proceeding, or
     investigation which could adversely affect the ability of the Fund or the
     Agent to perform its obligations under this Agreement, any Credit Support
     Document or any Transaction, and (D) the Agent's impending resignation or
     termination as investment adviser to the Fund, or of any other facts or
     developments which could adversely affect the status of the Fund or the
     Agent with respect to this Agreement, any Credit Support Document or any
     Transaction including, without limitation, any change which results in the
     Agent no longer managing 100% of the assets of the Fund.

     (b)  DEUTSCHE BANC ALEX. BROWN INC.  Each party acknowledges and agrees
that (i) Deutsche Banc Alex. Brown Inc. or another designated Affiliate of Party
A (the "Designated Agent") will act as agent for Party A in connection with
certain Transactions when so specified in the Transaction Confirmation; and (ii)
the Designated Agent is acting solely as agent and shall have no liability for
the performance of either party's obligations under this Agreement or any
Transaction, or for costs, expenses, damages or claims arising out of the
failure of either party to perform any such obligation.

     (c)  BANKRUPTCY CODE.  Without limiting the applicability if any, of any
other provision of the U.S. Bankruptcy Code as amended (the "Bankruptcy Code")
(including without limitation Sections 362, 546, 556, and 560 thereof and the
applicable definitions in Section 101 thereof), the parties acknowledge and
agree that all Transactions entered into hereunder will constitute "forward
contracts" or "swap agreements" as defined in Section 101 of the Bankruptcy Code
or "commodity contracts" as defined in Section 761 of the Bankruptcy Code, that
the rights of the parties under Section 6 of this Agreement will constitute
contractual rights to liquidate Transactions, that any margin or collateral
provided under any margin, collateral, security, pledge, or similar agreement
related hereto will constitute a "margin payment" as defined in Section 101 of
the Bankruptcy Code, and that the parties are entities entitled to the rights
under, and protections afforded by, Sections 362, 546, 556, and 560 of the
Bankruptcy Code.

     (d)  WAIVER OF RIGHT TO TRIAL BY JURY.  Each of the parties hereby
irrevocably waives any and all right to a trial by jury with respect to any
legal proceeding arising out of or relating to this Agreement or any
Transaction.

     (e)  LIABILITY AND OBLIGATIONS OF THE AGENT.  Each of Party A and the Fund
agrees that (i) the Agent (x) is acting as agent for purposes of this Agreement
and any Transaction hereunder and (y) is not a principal to this Agreement or
any Transaction hereunder and is executing this Agreement and any Confirmation
solely in its capacity as agent and (ii) if the representations and warranties
of the Agent under the Agreement and each Transaction are true and correct in
all material respects during the term of this Agreement and each Transaction and
the Agent otherwise complies with the provisions of this Agreement and performs
its obligations hereunder, then the Agent's obligations under the Agreement
shall not include a guarantee of performance by the Fund under the Agreement or
any Transaction hereunder. In connection with the Fund's entering into this
Agreement and any Transactions hereunder, the Fund agrees that Party A will be
entitled to rely conclusively upon any request, instruction, certificate,
opinion, or other document furnished to Party A by any employee or agent of the
Agent identified from time to time by the Fund or the Agent whom Party A
reasonably believes to be genuine in connection with this Agreement and any

                                        33
<PAGE>   34

Transaction hereunder as though such request, instruction, certificate, opinion,
or other document was given by the Fund.

  7. DEFINITIONS.

     (i)  "Adverse Regulatory Change" means the adoption of, or any change in,
any applicable law after the date on which a Transaction is entered into, or
issuance of any directive or the promulgation of, or any change in, the
interpretation of any law or directive (or any requests, whether or not having
the force of law) made by any court, tribunal or regulatory authority with
competent jurisdiction after such date which, in respect of a Transaction or any
assets or hedge incidental thereto, has the effect with regard to either party
of: (A) imposing or adversely modifying, in any material respect, any reserve,
special deposit, or similar requirement; or (B) materially affecting the amount
of regulatory capital to be maintained by such party.

     (ii)  "Exposure Limit" means separate exposure limits established by Party
A for the Fund and each Other Fund.

     (iii)  "Other Funds" means each and every entity managed by the Agent which
engages in Specified Transactions with Party A.

     (iv)  "Net Asset Value" means with respect to the Fund, as applicable, the
aggregate net asset value of the Fund calculated in accordance with U.S.
generally accepted accounting principles.

     (v)  "Net Asset Value Floor" means, with respect to the Fund, 4,000,000,
provided that in the event Net Asset Value based on the most recent annual
financial statement is greater than 8,000,000, "Net Asset Value Floor" shall
mean 50% of Net Asset Value as of the date of such statement.

     (vi)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

     (vii)  "ERISA" shall mean the Employee Retirement Income Security Act of
1974, as amended.

     (viii)  "Operative Documents" means the trust indenture, corporate charter,
limited partnership agreement, and the by-laws or other similar documents,
instruments or other constituent documents of the Fund as applicable, the
investment policies, procedures, restrictions, or guidelines of the Fund, the
then-current disclosure document of the Fund, if any, and the power of attorney
or trading authorization by the Fund issued in favor of the Agent.

     (ix)  "Investment Management Agreement" means: The operating agreement
between the Agent and the Fund, whether such agreement is an Advisory Agreement,
Management Agreement or Trust Agreement, as applicable.

     (x)  "Trading Advisor" means: The Agent, whether referred to as Trading
Advisor, General Partner or Managing Owner in the Investment Management
Agreement, as applicable.

  8. CONFIRMATIONS FOR FOREIGN EXCHANGE TRANSACTIONS.

     (i)  With effect from the date hereof, any FX Transaction or Currency
Option (as defined in the 1998 FX and Currency Option Definitions, as published
by the International Swaps and Derivatives Association, Inc., the Emerging
Markets Traders Association and The Foreign Exchange Committee (the "FX
Definitions")) which the parties may enter, or may have entered into prior to
the date hereof, in respect of which the Confirmation fails by its terms
expressly to exclude the application of this Agreement, shall (to the extent not
otherwise provided for in this Agreement) be deemed to incorporate the terms of
and shall be governed by and be subject to this Agreement (in substitution for
any existing terms, if any, whether express or implied) and, for the purposes
hereof, shall be deemed to be a Transaction.

     (ii)  Where a Transaction is confirmed by means of exchange of electronic
messages on an electronic messaging system or other document or other confirming
evidence exchanged between the parties confirming such Transaction such
messages, document or evidence will constitute a Confirmation for the purposes
of this Agreement even where not so specified therein.

                                        34
<PAGE>   35

     (iii)  Reference is made to the FX Definitions with respect to any FX
Transaction or Currency Option. Unless otherwise specified in a Confirmation
relating to a FX Transaction or a Currency Option, any terms used in that
Confirmation which are not otherwise defined herein and which are contained in
the FX Definitions shall have the meaning set forth in those definitions. In the
event of any inconsistency between the provisions of this Agreement and the FX
Definitions, the provisions of this Agreement shall prevail.

  9. PREMIUM PAYMENTS.

     If any Premium relating to a Currency Option is not received on the Premium
Payment Date, the Seller may elect: (1) to accept a late payment of such
Premium; (2) to give written notice of such non-payment and, if such payment
shall not be received within two (2) Local Business Days of such notice, treat
the related Currency Option as void; or (3) to give written notice of such non-
payment and, if such payment shall not be received within two (2) Local Business
Days of such notice, treat such non-payment as an Event of Default under Section
5(a)(i). If the Seller elects to act under either clause (1) or (2) of the
preceding sentence, the Buyer shall pay all out-of-pocket costs and actual
damages incurred in connection with such unpaid or late Premium or void Currency
Option, including, without limitation, interest on such Premium in the same
currency as such Premium at the then prevailing market rate and any other costs
or expenses incurred by the Seller in covering its obligations (including,
without limitation, any hedge) with respect to such Currency Option.

<TABLE>
<S>                                                                     <C>
             DEUTSCHE BANK AG                                                       CAMPBELL & COMPANY, INC.
------------------------------------------------------                  ------------------------------------------------------
(Name of Party)                                                         (Name of Party)

By:                 /s/ AMY SCHRODER                                    By:              /s/ THERESA D. BECKS
    -----------------------------------------------------                   -----------------------------------------------------
    Name: Amy Schroder                                                      Name: Theresa D. Becks
    Title:                                                                  Title: Chief Financial Officer
                                                                                   Campbell & Company, Inc.

By:                /s/ D. NESTLER                                       CAMPBELL ALTERNATIVE ASSET TRUST
    -----------------------------------------------------               By:              /s/ THERESA D. BECKS
    Name: D. Nestler                                                        -----------------------------------------------------
    Title:                                                                  Name: Theresa D. Becks
                                                                            Title: Chief Financial Officer
                                                                                   Campbell & Company, Inc.,
                                                                                   Managing Owner

                                                                        CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                                                                        By:              /s/ THERESA D. BECKS
                                                                            -----------------------------------------------------
                                                                            Name: Theresa D. Becks
                                                                            Title: Chief Financial Officer
                                                                                   Campbell & Company, Inc.,
                                                                                   General Partner

                                                                        THE CAMPBELL GLOBAL ASSETS FUND LIMITED
                                                                        By:              /s/ THERESA D. BECKS
                                                                            -----------------------------------------------------
                                                                            Name: Theresa D. Becks
                                                                            Title: Chief Financial Officer
                                                                                   Campbell & Company, Inc.,
                                                                                   Trading Advisor

</TABLE>




                                        35
<PAGE>   36

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                    ISDA(R)

             International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX
                             to the Schedule to the
                          ISDA MASTER AGREEMENT dated
                             as of February 8, 2001
                                    between

<TABLE>
<S>                                  <C>       <C>
                                               EACH COUNTERPARTY LISTED ON ANNEX I ATTACHED
                                               HERETO AND MADE A PART HEREOF, SEVERALLY, AND NOT
                                               JOINTLY (EACH A "FUND" OR "PARTY B") AND CAMPBELL
                                               & COMPANY, INC., A CORPORATION ORGANIZED AND
                                               EXISTING UNDER THE LAWS OF THE STATE OF MARYLAND
DEUTSCHE BANK AG ("PARTY A")         AND       (THE "AGENT")
------------------------------                 --------------------------------------------------
</TABLE>

     This Annex supplements, forms part of, and is subject to, the
above-referenced Agreement, is part of its Schedule and is a Credit Support
Document under this Agreement with respect to each party.

     Accordingly, the parties agree as follows:

PARAGRAPH 1.  INTERPRETATION

     (a) DEFINITIONS AND INCONSISTENCY.  Capitalized terms not otherwise defined
herein or elsewhere in this Agreement have the meanings specified pursuant to
Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs
of this Annex. In the event of, any inconsistency between this Annex and the
other provisions of this Schedule, this Annex will prevail, and in the event of
any inconsistency between Paragraph 13 and the other provisions of this Annex,
Paragraph 13 will prevail.

     (b)  SECURED PARTY AND PLEDGOR.  All references in this Annex to the
"Secured Party" will be to either party when acting in that capacity and all
corresponding references to the "Pledgor" will be to the other party when acting
in that capacity; provided, however, that if Other Posted Support is held by a
party to this Annex, all references herein to that party as the Secured Party
with respect to that Other Posted Support will be to that party as the
beneficiary thereof and will not subject that support or that party as the
beneficiary thereof to provisions of law generally relating to security
interests and secured parties.

PARAGRAPH 2.  SECURITY INTEREST

     Each party, as the Pledgor, hereby pledges to the other party, as the
Secured Party, as security for its Obligations, and grants to the Secured Party
a first priority continuing security interest in,

                                        36
<PAGE>   37

lien on and right of Set-off against all Posted Collateral Transferred to or
received by the Secured Party hereunder. Upon the Transfer by the Secured Party
to the Pledgor of Posted Collateral, the security interest and lien granted
hereunder on that Posted Collateral will be released immediately and, to the
extent possible, without any further action by either party.

PARAGRAPH 3.  CREDIT SUPPORT OBLIGATIONS

     (a)  DELIVERY AMOUNT.  Subject to Paragraphs 4 and 5, upon a demand made by
the Secured Party on or promptly following a Valuation Date, if the Delivery
Amount for that Valuation Date equals or exceeds the Pledgor's Minimum Transfer
Amount, then the Pledgor will Transfer to the Secured Patty Eligible Credit
Support having a Value as of the date of Transfer at least equal to the
applicable Delivery Amount (rounded pursuant to Paragraph 13). Unless otherwise
specified in Paragraph 13, the "Delivery Amount" applicable to the Pledgor for
any Valuation Date will equal the amount by which:

          (i)   the Credit Support Amount exceeds

          (ii)  the Value as of that Valuation Date of all Posted Credit Support
     held by the Secured Party.

     (b)  RETURN AMOUNT.  Subject to Paragraphs 4 and 5, upon a demand made by
the Pledgor on or promptly following a Valuation Date, if the Return Amount for
that Valuation Date equals or exceeds the Secured Party's Minimum Transfer
Amount, then the Secured Party will Transfer to the Pledgor Posted Credit
Support specified by the Pledgor in that demand having a Value as of the date of
Transfer as close as practicable to the applicable Return Amount (rounded
pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the
"Return Amount" applicable to the Secured Party for any Valuation Date will
equal the amount by which:

          (i)   the Value as of that Valuation Date of all Posted Credit Support
     held by the Secured Party exceeds

          (ii)  the Credit Support Amount.

     "CREDIT SUPPORT AMOUNT" means, unless otherwise specified in Paragraph 13,
for any Valuation Date (i) the Secured Party's Exposure for that Valuation Date
plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if
any, minus (iii) all Independent Amounts applicable to the Secured Party, if
any, minus (iv) the Pledgor's Threshold; provided, however, that the Credit
Support Amount will be deemed to be zero whenever the calculation of Credit
Support Amount yields a number less than zero.

PARAGRAPH 4.  CONDITIONS PRECEDENT, TRANSFER TIMING, CALCULATIONS AND
SUBSTITUTIONS

     (a)  CONDITIONS PRECEDENT.  Each Transfer obligation of the Pledgor under
Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and
6(d) is subject to the conditions precedent that:

          (i)   no Event of Default, Potential Event of Default or Specified
     Condition has occurred and is continuing with respect to the other party;
     and

          (ii)  no Early Termination Date for which any unsatisfied payment
     obligations exist has occurred or been designated as the result of an Event
     of Default or Specified Condition with respect to the other party.

     (b)  TRANSFER TIMING.  Subject to Paragraphs 4(a) and 5 and unless
otherwise specified, if a demand for the Transfer of Eligible Credit Support or
Posted Credit Support is made by the Notification Time, then the relevant
Transfer will be made not later than the close of business on the next Local
Business Day; if a demand is made after the Notification Time, then the relevant

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<PAGE>   38

Transfer will be made not later than the close of business on the second Local
Business Day thereafter.

     (c)  CALCULATIONS.  All calculations of Value and Exposure for purposes of
Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation
Time. The Valuation Agent will notify each party (or the other party, if the
Valuation Agent is a party) of its calculations not later than the Notification
Time on the Local Business Day following the applicable Valuation Date (or in
the case of Paragraph 6(d), following the date of calculation).

     (d)  SUBSTITUTIONS.

          (i)   Unless otherwise specified in Paragraph 13, upon notice to the
     Secured Patty specifying the items of Posted Credit Support to be
     exchanged, the Pledgor may, on any Local Business Day, Transfer to the
     Secured Party substitute Eligible Credit Support (the "Substitute Credit
     Support"); and

          (ii)  subject to Paragraph 4(a), the Secured Party will Transfer to
     the Pledgor the items of Posted Credit Support specified by the Pledgor in
     its notice not later than the Local Business Day following the date on
     which the Secured Party receives the Substitute Credit Support, unless
     otherwise specified in Paragraph 13 (the "Substitution Date"); provided
     that the Secured Patty will only be obligated to Transfer Posted Credit
     Support with a Value as of the date of Transfer of that Posted Credit
     Support equal to the Value as of that date of the Substitute Credit
     Support.

PARAGRAPH 5.  DISPUTE RESOLUTION

     If a party (a "Disputing Party") disputes (1) the Valuation Agent's
calculation of a Delivery Amount or a Return Amount or (II) the Value of any
Transfer of Eligible Credit Support or Posted Credit Support, then (1) the
Disputing Party will notify the other party and the Valuation Agent (if the
Valuation Agent is not the other party) not later than the close of business on
the Local Business Day following (X) the date that the demand is made under
Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of
(II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer
the undisputed amount to the other party not later than the close of business on
the Local Business Day following (X) the date that the demand is made under
Paragraph 3 in the case of (1) above or (Y) the date of Transfer in the case of
(II) above, (3) the parties will consult with each other in an attempt to
resolve the dispute and (4) if they fail to resolve the dispute by the
Resolution Time, then:

          (i)   In the case of a dispute involving a Delivery Amount or Return
     Amount, unless otherwise specified in Paragraph 13, the Valuation Agent
     will recalculate the Exposure and the Value as of the Recalculation Date
     by:

             (A)  utilizing any calculations of Exposure for the Transactions
        (or Swap Transactions) that the parties have agreed are not in dispute;

             (B)  calculating the Exposure for the Transactions (or Swap
        Transactions) in dispute by seeking four actual quotations at mid-market
        from Reference Market-makers for purposes of calculating Market
        Quotation, and taking the arithmetic average of those obtained; provided
        that if four quotations are not available for a particular Transaction
        (or Swap Transaction), then fewer than four quotations may be used for
        that Transaction (or Swap Transaction); and if no quotations are
        available for a particular Transaction (or Swap Transaction), then the
        Valuation Agent's original calculations will be used for that
        Transaction (or Swap Transaction); and

             (C)  utilizing the procedures specified in Paragraph 13 for
        calculating the Value, if disputed, of Posted Credit Support.

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<PAGE>   39

          (ii)  In the case of a dispute involving the Value of any Transfer of
     Eligible Credit Support or Posted Credit Support, the Valuation Agent will
     recalculate the Value as of the date of Transfer pursuant to Paragraph 13.

     Following a recalculation pursuant to this Paragraph, the Valuation Agent
will notify each party (or the other party, if the Valuation Agent is a party)
not later than the Notification Time on the Local Business Day following the
Resolution Time. The appropriate party will, upon demand following that notice
by the Valuation Agent or a resolution pursuant to (3) above and subject to
Paragraphs 4(a) and 4(b), make the appropriate Transfer.

PARAGRAPH 6.  HOLDING AND USING POSTED COLLATERAL

     (a)  CARE OF POSTED COLLATERAL.  Without limiting the Secured Party's
rights under Paragraph 6(c), the Secured Party will exercise reasonable care to
assure the safe custody of all Posted Collateral to the extent required by
applicable law, and in any event the Secured Party will be deemed to have
exercised reasonable care if it exercises at least the same degree of care as it
would exercise with respect to its own property. Except as specified in the
preceding sentence, the Secured Party will have no duty with respect to Posted
Collateral, including, without limitation, any duty to collect any
Distributions, or enforce or preserve any rights pertaining thereto.

     (b)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS.

          (i)   GENERAL.  Subject to the satisfaction of any conditions
     specified in Paragraph 13 for holding Posted Collateral, the Secured Party
     will be entitled to hold Posted Collateral or to appoint an agent (a
     "Custodian") to hold Posted Collateral for the Secured Party. Upon notice
     by the Secured Party to the Pledgor of the appointment of a Custodian, the
     Pledgor's obligations to make any Transfer will be discharged by making the
     Transfer to that Custodian. The holding of Posted Collateral by a Custodian
     will be deemed to be the holding of that Posted Collateral by the Secured
     Party for which the Custodian is acting.

          (ii)   FAILURE TO SATISFY CONDITIONS.  If the Secured Party or its
     Custodian fails to satisfy any conditions for holding Posted Collateral,
     then upon a demand made by the Pledgor, the Secured Party will, not later
     than five Local Business Days after the demand, Transfer or cause its
     Custodian to Transfer all Posted Collateral held by it to a Custodian that
     satisfies those conditions or to the Secured Party if it satisfies those
     conditions.

          (iii)  LIABILITY.  The Secured Party will be liable for the acts or
     omissions of its Custodian to the same extent that the Secured Party would
     be liable hereunder for its own acts or omissions.

     (c)  USE OF POSTED COLLATERAL,  Unless otherwise specified in Paragraph 13
and without limiting the rights and obligations of the parties under Paragraphs
3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an
Affected Party with respect to a Specified Condition and no Early Termination
Date has occurred or been designated as the result of an Event of Default or
Specified Condition with respect to the Secured Party, then the Secured Party
will, notwithstanding Section 9-207 of the New York Uniform Commercial Code,
have the right to:

          (i)   sell, pledge, rehypothecate, assign, invest, use, commingle or
     otherwise dispose of, or otherwise use in its business any Posted
     Collateral it holds, free from any claim or right of any nature whatsoever
     of the Pledgor, including any equity or right of redemption by the Pledgor;
     and

          (ii)  register any Posted Collateral in the name of the Secured Party,
     its Custodian or a nominee for either.

     For purposes of the obligation to Transfer Eligible Credit Support or
Posted Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies
authorized under this Agreement, the Secured Party will be deemed to continue to
hold all Posted Collateral and to receive Distributions
                                        39
<PAGE>   40

made thereon, regardless of whether the Secured Party has exercised any rights
with respect to any Posted Collateral pursuant to (i) or (ii) above.

     (d)  DISTRIBUTIONS AND INTEREST AMOUNT.

          (i)  DISTRIBUTIONS.  Subject to Paragraph 4(a), if the Secured Party
     receives or is deemed to receive Distributions on a Local Business Day, it
     will Transfer to the Pledgor not later than the following Local Business
     Day any Distributions it receives or is deemed to receive to the extent
     that a Delivery Amount would not be created or increased by that Transfer,
     as calculated by the Valuation Agent (and the date of calculation will be
     deemed to be a Valuation Date for this purpose).

          (ii)  INTEREST AMOUNT.  Unless otherwise specified in Paragraph 13 and
     subject to Paragraph 4(a), in lieu of any interest, dividends or other
     amounts paid or deemed to have been paid with respect to Posted Collateral
     in the form of Cash (all of which may be retained by the Secured Party),
     the Secured Party will Transfer to the Pledgor at the times specified in
     Paragraph 13 the Interest Amount to the extent that a Delivery Amount would
     not be created or increased by that Transfer, as calculated by the
     Valuation Agent (and the date of calculation will be deemed to be a
     Valuation Date for this purpose). The Interest Amount or portion thereof
     not Transferred pursuant to this Paragraph will constitute Posted
     Collateral in the form of Cash and will be subject to the security interest
     granted under Paragraph 2.

PARAGRAPH 7.  EVENTS OF DEFAULT

     For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default
will exist with respect to a patty if:

          (i)   that patty fails (or fails to cause its Custodian) to make, when
     due, any Transfer of Eligible Collateral, Posted Collateral or the Interest
     Amount, as applicable, required to be made by it and that failure continues
     for two Local Business Days after notice of that failure is given to that
     party;

          (ii)   that party fails to comply with any restriction or prohibition
     specified in this Annex with respect to any of the rights specified in
     Paragraph 6(c) and that failure continues for five Local Business Days
     after notice of that failure is given to that party; or

          (iii)  that party fails to comply with or perform any agreement or
     obligation other than those specified in Paragraphs 7(i) and 7(ii) and that
     failure continues for 30 days after notice of that failure is given to that
     party.

PARAGRAPH 8.  CERTAIN RIGHTS AND REMEDIES

     (a)  SECURED PARTY'S RIGHTS AND REMEDIES.  If at any time (1) an Event of
Default or Specified Condition with respect to the Pledgor has occurred and is
continuing or (2) an Early Termination Date has occurred or been designated as
the result of an Event of Default or Specified Condition with respect to the
Pledgor, then, unless the Pledgor has paid in full all of its Obligations that
are then due, the Secured Party may exercise one or more of the following rights
and remedies:

          (i)   all rights and remedies available to a secured party under
     applicable law with respect to Posted Collateral held by the Secured Party;

          (ii)   any other rights and remedies available to the Secured Party
     under the terms of Other Posted Support, if any;

          (iii)  the right to Set-off any amounts payable by the Pledgor with
     respect to any Obligations against any Posted Collateral or the Cash
     equivalent of any Posted Collateral held by the Secured Party (or any
     obligation of the Secured Party to Transfer that Posted Collateral); and

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<PAGE>   41

          (iv)   the right to liquidate any Posted Collateral held by the
     Secured Party through one or more public or private sales or other
     dispositions with such notice, if any, as may be required under applicable
     law, free from any claim or right of any nature whatsoever of the Pledgor,
     including any equity or right of redemption by the Pledgor (with the
     Secured Party having the right to purchase any or all of the Posted
     Collateral to be sold) and to apply the proceeds (or the Cash equivalent
     thereof) from the liquidation of the Posted Collateral to any amounts
     payable by the Pledgor with respect to any Obligations in that order as the
     Secured Party may elect.

     Each party acknowledges and agrees that Posted Collateral in the form of
securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Pledgor is not entitled to prior notice
of any sale of that Posted Collateral by the Secured Party, except any notice
that is required under applicable law and cannot be waived.

     (b)  PLEDGOR'S RIGHTS AND REMEDIES.  If at any time an Early Termination
Date has occurred or been designated as the result of an Event of Default or
Specified Condition with respect to the Secured Party, then (except in the case
of an Early Termination Date relating to less than all Transactions (or Swap
Transactions) where the Secured Party has paid in full all of its obligations
that are then due under Section 6(e) of this Agreement):

          (i)   the Pledgor may exercise all rights and remedies available to a
     pledgor under applicable law with respect to Posted Collateral held by the
     Secured Party;

          (ii)   the Pledgor may exercise any other rights and remedies
     available to the Pledgor under the terms of Other Posted Support, if any;

          (iii)  the Secured Party will be obligated immediately to Transfer all
     Posted Collateral and the Interest Amount to the Pledgor; and

          (iv)   to the extent that Posted Collateral or the Interest Amount is
     not so Transferred pursuant to (iii) above, the Pledgor may:

             (A)  Set-off any amounts payable by the Pledgor with respect to any
        Obligations against any Posted Collateral or the Cash equivalent of any
        Posted Collateral held by the Secured Party (or any obligation of the
        Secured Party to Transfer that Posted Collateral); and

             (B)  to the extent that the Pledgor does not Set-off under (iv)(A)
        above, withhold payment of any remaining amounts payable by the Pledgor
        with respect to any Obligations, up to the Value of any remaining Posted
        Collateral held by the Secured Party, until that Posted Collateral is
        Transferred to the Pledgor.

     (c)  DEFICIENCIES AND EXCESS PROCEEDS.  The Secured Party will Transfer to
the Pledgor any proceeds and Posted Credit Support remaining after liquidation,
Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in
full of all amounts payable by the Pledgor with respect to any Obligations; the
Pledgor in all events will remain liable for any amounts remaining unpaid after
any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b).

     (d)  FINAL RETURNS.  When no amounts are or thereafter may become payable
by the Pledgor with respect to any Obligations (except for any potential
liability under Section 2(d) of this Agreement), the Secured Party will Transfer
to the Pledgor all Posted Credit Support and the Interest Amount, if any.

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<PAGE>   42

PARAGRAPH 9.  REPRESENTATIONS

     Each party represents to the other party (which representations will be
deemed to be repeated as of each date on which it, as the Pledgor, Transfers
Eligible Collateral) that:

          (i)   it has the power to grant a security interest in and lien on any
     Eligible Collateral it Transfers as the Pledgor and has taken all necessary
     actions to authorize the granting of that security interest and lien;

          (ii)   it is the sole owner of or otherwise has the right to Transfer
     all Eligible Collateral it Transfers to the Secured Party hereunder, free
     and clear of any security interest, lien, encumbrance or other restrictions
     other than the security interest and Lien granted under Paragraph 2;

          (iii)  upon the Transfer of any Eligible Collateral to the Secured
     Party under the terms of this Annex, the Secured Party will have a valid
     and perfected first priority security interest therein (assuming that any
     central clearing corporation or any third-party financial intermediary or
     other entity not within the control of the Pledgor involved in the Transfer
     of that Eligible Collateral gives the notices and takes the action required
     of it under applicable law for perfection of that interest); and

          (iv)   the performance by it of its obligations under this Annex will
     not result in the creation of any security interest, lien or other
     encumbrance on any Posted Collateral other than the security interest and
     lien granted under Paragraph 2.

PARAGRAPH 10.  EXPENSES

     (a)  GENERAL.  Except as otherwise provided in Paragraphs 10(b) and 10(c),
each party will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and
expenses incurred by the other party in connection herewith.

     (b)  POSTED CREDIT SUPPORT.  The Pledgor will promptly pay when due all
taxes, assessments or charges of any nature that are imposed with respect to
Posted Credit Support held by the Secured Party upon becoming aware of the same,
regardless of whether any portion of that Posted Credit Support is subsequently
disposed of under Paragraph 6(c), except for those taxes, assessments and
charges that result from the exercise of the Secured Party's rights under
Paragraph 6(c).

     (c)  GIQUIDATIONL APPLICATION OF POSTED CREDIT SUPPORT ALL  reasonable
costs and expenses incurred by or on behalf of the Secured Party or the Pledgor
in connection with the liquidation and/or application of any Posted Credit
Support under Paragraph 8 will be payable, on demand and pursuant to the
Expenses Section of this Agreement, by the Defaulting Party or, if there is no
Defaulting Party, equally by the patties.

PARAGRAPH 11.  MISCELLANEOUS

     (a)  DEFAULT INTEREST.  A Secured Party that fails to make, when due, any
Transfer of Posted Collateral or the Interest Amount will be obligated to pay
the Pledgor (to the extent permitted under applicable law) an amount equal to
interest at the Default Rate multiplied by the Value of the items of property
that were required to be Transferred, from (and including) the date that Posted
Collateral or Interest Amount was required to be Transferred to (but excluding)
the date of Transfer of that Posted Collateral or Interest Amount. This interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed.

     (b)  FURTHER ASSURANCES.  Promptly following a demand made by a party, the
other party will execute, deliver, file and record any financing statement,
specific assignment or other document and take any other action that may be
necessary or desirable and reasonably requested by that party to create,
preserve, perfect or validate any security interest or lien granted under
Paragraph 2, to
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<PAGE>   43

enable that party to exercise or enforce its rights under this Annex with
respect to Posted Credit Support or an Interest Amount or to effect or document
a release of a security interest on Posted Collateral or an Interest Amount.

     (c)  FURTHER PROTECTION.  The Pledgor will promptly give notice to the
Secured Party of, and defend against, any suit, action, proceeding or lien that
involves Posted Credit Support Transferred by the Pledgor or that could
adversely affect the security interest and lien granted by it under Paragraph 2,
unless that suit, action, proceeding or lien results from the exercise of the
Secured Party's rights under Paragraph 6(c).

     (d)  GOOD FAITH AND COMMERCIALLY REASONABLE MANNER.  Performance of all
obligations under this Annex, including, but not limited to, all calculations,
valuations and determinations made by either party, will be made in good faith
and in a commercially reasonable manner.

     (e)  DEMANDS AND NOTICES.  All demands and notices made by a party under
this Annex will, be made as specified in the Notices Section of this Agreement,
except as otherwise provided in Paragraph 13.

     (f)  SPECIFICATIONS OF CERTAIN MATTERS.  Anything referred to in this Annex
as being specified in Paragraph 13 also may be specified in one or more
Confirmations or other documents and this Annex will be construed accordingly.

PARAGRAPH 12.  DEFINITIONS

     As used in this Annex:

     "CASH" means the lawful currency of the United States of America.

     "CREDIT SUPPORT AMOUNT" has the meaning specified in Paragraph 3.

     "CUSTODIAN" has the meaning specified in Paragraphs 6(b)(i) and 13.

     "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a).

     "DISPUTING PARTY" has the meaning specified in Paragraph 5.

     "DISTRIBUTIONS" means with respect to Posted Collateral other than Cash,
all principal, interest and other payments and distributions of cash or other
property with respect thereto, regardless of whether the Secured Patty has
disposed of that Posted Collateral under Paragraph 6(c). Distributions WILL not
include any item of property acquired by the Secured Party upon any disposition
or liquidation of Posted Collateral or, with respect to any Posted Collateral in
the form of Cash, any distributions on that collateral, unless otherwise
specified herein.

     "ELIGIBLE COLLATERAL" means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

     "ELIGIBLE CREDIT SUPPORT" means Eligible Collateral and Other Eligible
Support.

     "EXPOSURE" means for any Valuation Date or other date for which Exposure is
calculated and subject to Paragraph 5 in the case of a dispute, the amount, if
any, that would be payable to a party that is the Secured Party by the other
party (expressed as a positive number) or by a party that is the Secured Party
to the other party (expressed as a negative number) pursuant to Section
6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions)
were being terminated as of the relevant Valuation Time; provided that Market
Quotation will be determined by the Valuation Agent using its estimates at
raid-market of the amounts that would be paid for Replacement Transactions (as
that term is defined in the definition of "Market Quotation").

     "INDEPENDENT AMOUNT" means, with respect to a party, the amount specified
as such for that party in Paragraph 13; if no amount is specified, zero.

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<PAGE>   44

     "INTEREST AMOUNT" means, with respect to an Interest Period, the aggregate
sum of the amounts of interest calculated for each day in that Interest Period
on the principal amount of Posted Collateral in the form of Cash held by the
Secured Party on that day, determined by the Secured Party for each such day as
follows:

          (x) the amount of that Cash on that day; multiplied by

          (y) the Interest Rate in effect for that day; divided by

          (z) 360.

     "INTEREST PERIOD" means the period from (and including) the last Local
Business Day on which an Interest Amount was Transferred (or, if no Interest
Amount has yet been Transferred, the Local Business Day on which Posted
Collateral in the form of Cash was Transferred to or received by the Secured
Party) to (but excluding) the Local Business Day on which the current Interest
Amount is to be Transferred.

     "INTEREST RATE" means the rate specified in Paragraph 13.

     "LOCAL BUSINESS DAY", unless otherwise specified in Paragraph 13, has the
meaning specified in the Definitions Section of this Agreement, except that
references to a payment in clause (b) thereof will be deemed to include a
Transfer under this Annex.

     "MINIMUM TRANSFER AMOUNT" means, with respect to a party, the amount
specified as such for that patty in Paragraph 13; if no amount is specified,
zero.

     "NOTIFICATION TIME" has the meaning specified in Paragraph 13.

     "OBLIGATIONS" means, with respect to a party, all present and future
obligations of that party under this Agreement and any additional obligations
specified for that party in Paragraph 13.

     "OTHER ELIGIBLE SUPPORT" means. with respect to a party, the items, if any,
specified as such for that party in Paragraph 13.

     "OTHER POSTED SUPPORT" means all Other Eligible Support Transferred to the
Secured Party that remains in effect for the benefit of that Secured Party.

     "PLEDGOR" means either party, when that patty (i) receives a demand for or
is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has
Transferred Eligible Credit Support under Paragraph 3(a).

     "POSTED COLLATERAL" means all Eligible Collateral, other property,
Distributions, and all proceeds thereof that have been Transferred to or
received by the Secured Party under this Annex and not Transferred to the
Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the
Secured Party under Paragraph 8. Any Interest Amount or portion thereof not
Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in
the form of Cash.

     "POSTED CREDIT SUPPORT" means Posted Collateral and Other Posted Support.

     "RECALCULATION DATE" means the Valuation Date that gives rise to the
dispute under Paragraph S; provided, however, that if a subsequent Valuation
Date occurs under Paragraph 3 prior to the resolution of the dispute, then the
"Recalculation Date" means the most recent Valuation Date under Paragraph 3.

     "RESOLUTION TIME" has the meaning specified in Paragraph 13.

     "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

     "SECURED PARTY" means either party, when that party (i) makes a demand for
or is entitled Lo receive Eligible Credit Support under Paragraph 3(a) or (ii)
holds or is deemed to hold Posted Credit Support.

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<PAGE>   45

     "SPECIFIED CONDITION" means, with respect to a party, any event specified
as such for that party in Paragraph 13.

     "SUBSTITUTE CREDIT SUPPORT" has the meaning specified in Paragraph 4(d)(i).

     "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

     "THRESHOLD" means, with respect to a party, the amount specified as such
for that party in Paragraph 13; if no amount is specified, zero.

     "TRANSFER" means, with respect to any Eligible Credit Support, Posted
Credit Support or Interest Amount, and in accordance with the instructions of
the Secured Party, Pledgor or Custodian, as applicable:

          (i)   in the case of Cash, payment or delivery by wire transfer into
     one or more bank accounts specified by the recipient; .

          (ii)   in the case of certificated securities that cannot be paid or
     delivered by book-entry, payment or delivery in appropriate physical form
     to the recipient or its account accompanied by any duly executed
     instruments of transfer, assignments in blank, transfer tax stamps and any
     other documents necessary to constitute a legally valid transfer to the
     recipient;

          (iii)  in the case of securities that can be paid or delivered by
     book-entry, the giving of written instructions to the relevant depository
     institution or other entity specified by the recipient, together with a
     written copy thereof to the recipient, sufficient if complied with to
     result in a legally effective transfer of the relevant interest to the
     recipient; and

          (iv)   in the case of Other Eligible Support or Other Posted Support,
     as specified in Paragraph 13.

     "VALUATION AGENT" has the meaning specified in Paragraph 13.

     "VALUATION DATE" means each date specified in or otherwise determined
pursuant to Paragraph 13.

     "VALUATION PERCENTAGE" means, for any item of Eligible Collateral, the
percentage specified in Paragraph 13.

     "VALUATION TIME" has the meaning specified in Paragraph 13.

     "VALUE" means for any Valuation Date or other date for which Value is
calculated and subject to Paragraph S in the case of a dispute, with respect to:

          (i)   Eligible Collateral or Posted Collateral that is:

             (A)  Cash, the amount thereof; and

             (B)  a security, the bid price obtained by the Valuation Agent
        multiplied by the applicable Valuation Percentage, if any;

          (ii)   Posted Collateral that consists of items that are not specified
     as Eligible Collateral, zero; and

          (iii)  Other Eligible Support and Other Posted Support, as specified
     in Paragraph 13.

PARAGRAPH 13.  ELECTIONS AND VARIABLES

     (a)  SECURITY INTEREST FOR "OBLIGATIONS".  The term "OBLIGATIONS" as used
in this Annex includes the following additional obligations.

     With respect to Party A: "Obligations" means any and all present and future
obligations of Party A under or in connection with this Agreement (including all
Credit Support Annexes hereto,

                                        45
<PAGE>   46

including this Annex, and all Transactions and Confirmations hereunder), or any
other contract, or any other transaction between the Party A and Party B.

     With respect to Party B, "Obligations" means any and all present and future
obligations of Party B under or in connection with this Agreement (including all
Credit Support Annexes hereto, including this Annex, and all Transactions and
Confirmations hereunder), or any other contract, or any other transaction
between Party B and Party A.

     (b)  CREDIT SUPPORT OBLIGATIONS.

          (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

             (A)  "DELIVERY AMOUNT"  has the meaning specified in Paragraph
        3(a), except that each reference therein to "Valuation Date" is hereby
        amended to be "Valuation Time".

             (B)  "RETURN AMOUNT"  has the meaning specified in Paragraph 3(b),
        except that each reference therein to "Valuation Date" is hereby amended
        to be "Valuation Time".

             (C)  "CREDIT SUPPORT AMOUNT"  means, for any Valuation Time, (i)
        the Secured Party's Exposure for that Valuation Time plus (ii) the
        aggregate of all Independent Amounts applicable to the Pledgor, if any,
        minus (iii) the Pledgor's Threshold; provided, however, that the Credit
        Support Amount will be deemed to be zero whenever the calculation of
        Credit Support Amount yields an amount less than zero.

          (ii)  ELIGIBLE COLLATERAL.  The following items will qualify as
     "ELIGIBLE COLLATERAL"  for the party specified:

<TABLE>
<CAPTION>
                                                                      VALUATION
                                              PARTY A   PARTY B      PERCENTAGE
                                              -------   -------   -----------------
<S>  <C>                                      <C>       <C>       <C>
(A)  Cash                                       [X]       [X]     100%
(B)  Negotiable debt obligations issued by      [X]       [X]     98%
     the U.S. Treasury Department having a
     remaining maturity of not more than 1
     year ("TREASURY BILLS")
(C)  negotiable debt obligations issued by      [X]       [X]     95%
     the U.S. Treasury Department having a
     remaining maturity of more than one
     year but not more than 10 years
     ("TREASURY NOTES")
(D)  negotiable debt obligations issued by      [X]       [X]     90%
     the U.S. Treasury Department having a
     remaining maturity of more than 10
     years ("TREASURY BONDS")
(E)  Such other collateral as Party A and       [X]       [X]     As may be agreed.
     Party B may agree.
</TABLE>

          (iii)  OTHER ELIGIBLE SUPPORT.  The following items will qualify as
     "OTHER ELIGIBLE SUPPORT" for the party specified:

<TABLE>
<CAPTION>
                                              PARTY A   PARTY B
                                              -------   -------
<S>  <C>                                      <C>       <C>       <C>
(A)  Inapplicable                               [X]       [X]
(B)  Inapplicable                               [X]       [X]
</TABLE>

          (iv)  THRESHOLDS.

             (A)  "INDEPENDENT AMOUNT" means with respect to Party A:
        Inapplicable
                                        46
<PAGE>   47

                   "INDEPENDENT AMOUNT" means, with respect to Party B: an
        amount in the Base Currency equal to the sum of (1) for Derivatives
        Transactions, the aggregate of the amounts specified in the
        Confirmations for such Transactions or as otherwise agreed by the
        parties, and (2) for Foreign Exchange Transactions, an amount equal to
        the sum of (a) the product of the Standard Net Open Position multiplied
        by the Standard Independent Amount Ratio, (b) the product of the Exotic
        Net Open Position multiplied by the Exotic Independent Amount Ratio and
        (c) the Forward Risk Adjustment Amount.

             (B)  "THRESHOLD"  means with respect to Party A: $500,000.

                   "THRESHOLD"  means with respect to Party B: Zero.

             (C)  "MINIMUM TRANSFER AMOUNT"  means with respect to Party A:
        $500,000.

                     "MINIMUM TRANSFER AMOUNT" means with respect to Party B:
                     $500,000.

             (D)  ROUNDING.  The Delivery Amount and the Return Amount will be
        rounded up and down respectively to the nearest integral multiple of
        $50,000.

     (c)  VALUATION AND TIMING.

          (i)  "VALUATION AGENT"  means: Party A

          (ii)  "VALUATION DATE"  means: any Local Business Day.

          (iii)  "VALUATION TIME"  means: with respect to Foreign Exchange
     Transactions, any time on any Valuation Date, and with respect to
     Derivatives Transactions, the close of business on the Local Business Day
     preceding any Valuation Date.

          (iv)  "NOTIFICATION TIME"  means 12:00 p.m., New York time, on any
     Valuation Date.

     (d)  CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES.  Each
Termination Event specified below with respect to a party will be a "SPECIFIED
CONDITION" for that party (the specified party being the Affected Party if a
Termination Event occurs with respect to that party):

<TABLE>
<CAPTION>
                                                      PARTY A   PARTY B
                                                      -------   -------
<S>                                                   <C>       <C>
Illegality                                              [X]       [X]
Tax Event                                               [ ]       [ ]
Tax Event Upon Merger                                   [ ]       [ ]
Credit Event Upon Merger                                [X]       [X]
The Additional Termination Events specified in Part     [ ]       [X]
  1 (other than an Elective Termination) of the
  Schedule to this Agreement or any event which,
  with the giving of notice or the lapse of time or
  both, would constitute an Additional Termination
  Event.
</TABLE>

     (e)  SUBSTITUTION.

          (i)  "SUBSTITUTION DATE"  has the meaning specified in Paragraph
     4(d)(ii).

          (ii)  CONSENT.  If specified here as applicable, then the Pledgor must
     obtain the Secured Party's consent for any substitution pursuant to
     Paragraph 4(d): Applicable.

     (f)  DISPUTE RESOLUTION.

     Paragraph 5 of this Annex is deleted in its entirety and thus is
inapplicable.

     (g)  HOLDING AND USING POSTED COLLATERAL.

          (i)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS.

                                        47
<PAGE>   48

             Party A and its Custodian will be entitled to hold Posted
        Collateral pursuant to Paragraph 6(b); provided that the following
        conditions applicable to it are satisfied:

             (A)  Party A is not a Defaulting Party.

             (B)  Posted Collateral may be held only in the following
        jurisdictions: Posted Collateral consisting of certificated securities
        must be held in New York.

             Initially, the Custodian for Party A is: Deutsche Bank AG, New York
        Branch.

             Party B and its Custodian will be entitled to hold Posted
        Collateral pursuant to Paragraph 6(b); provided that the following
        conditions applicable to it are satisfied:

             (A)  Party B is not a Defaulting Party.

             (B)  Posted Collateral consisting of certificated securities must
        be held in New York.

             (C)  In the event that the Custodian holds Posted Collateral, the
        long-term unsubordinated unsecured debt of the Custodian is rated at
        least A by Standard & Poors, a division of The McGraw-Hill Companies,
        Inc. (or any successor thereto) and at least A2 by Moody's Investors
        Service, Inc. (or any successor thereto).

             Initially, the Custodian for Party B is [please advise].

          (ii)  USE OF POSTED COLLATERAL.  The provisions of Paragraph 6(c) will
     apply to Party A and Party B.

     (h)  DISTRIBUTIONS AND INTEREST AMOUNT.

          (i)  INTEREST RATE.  The "INTEREST RATE" will be with respect to
     Eligible Collateral in the form of Cash, for any day, the rate opposite the
     caption "Federal Funds (Effective)" for such day as published for such day
     in Federal Reserve Publication H.15(519) or any successor publication as
     published by the Board of Governors of the Federal Reserve System.

          (ii) TRANSFER OF INTEREST AMOUNT.  The Transfer of the Interest Amount
     will be made on the first Local Business Day of each calendar month and on
     any Local Business Day that Posted Collateral in the form of Cash is
     Transferred to the Pledgor pursuant to Paragraph 3(b).

          (iii) ALTERNATIVE TO INTEREST AMOUNT.  The provisions of Paragraph
     6(d)(ii) will apply.

     (i)  OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

          (i)  "VALUE"  with respect to Other Eligible Support and Other Posted
     Support means: Inapplicable

          (ii)  "TRANSFER"  with respect to Other Eligible Support and Other
     Posted Support means: Inapplicable

     (j)  DEMANDS AND NOTICES.  All demands, specifications and notices under
this Annex will be made pursuant to the Notices Section of this Agreement,
unless otherwise specified here:

<TABLE>
<S>       <C>
Party A:  Deutsche Bank AG,
          New York Branch
          130 Liberty Street - 37th floor
          New York, New York 10006
          Attention: Global Margin Management
Party B:  Campbell & Company, Inc.
          210 West Pennsylvania Avenue
          Townson, Maryland 21204
          Attention: Theresa Becks, CFO
</TABLE>

                                        48
<PAGE>   49

     (k)  ADDRESSES FOR TRANSFERS

<TABLE>
<S>       <C>
Party A:  For Cash: DBAG NY, ABA: 026003780, Ref: A / C# [to be
          provided]
          For Eligible Collateral: Bank of NY / [DBNYC], ABA:
          021000018, Ref: GMM / Campbell & Company, Inc.
Party B:  [please advise]
</TABLE>

     (l)  OTHER PROVISIONS.

          (i)  The following definitions are hereby inserted into Paragraph 12
     in the appropriate alphabetical order:

                (A)  "AGGREGATE CEILING LIMIT"  means USD 660,000,000.

                (B)  "AGGREGATE NET OPEN POSITION"  means, at any time, the sum
           of (i) the Standard Net Open Position and (ii) the Exotic Net Open
           Position.

                (C)  "BASE CURRENCY"  means U.S. Dollars.

                (D)  "BASE CURRENCY COUNTERVALUE"  means, with respect to an
           amount of currency at any time (i) if such currency is the Base
           Currency, such amount and (ii) in all other cases, the amount of Base
           Currency which could be purchased at the Market Rate prevailing at
           such time against delivery of such amount of currency.

                (E)  "DERIVATIVES TRANSACTION"  means any Transaction other than
           a Foreign Exchange Transaction.

                (F)  "ELIGIBLE CURRENCY"  means each currency specified as such
           in Paragraph 13(b)(ii)(A).

                (G)  "EXOTIC CEILING LIMIT"  means USD 132,000,000.

                (H)  "EXOTIC CLOSE-OUT RATIO"  means a number expressed as a
           percentage representing the quotient of (A) the portion of the Net
           Collateral Value attributable to all FX Transactions and Currency
           Option Transactions involving Tier II Currencies, divided by (B) the
           Exotic Net Open Position, such number being determined and notified
           by Party A to Party B from time to time, and initially being 6%.

                (I)  "EXOTIC INDEPENDENT AMOUNT RATIO"  means a number expressed
           as a percentage representing the minimum proportion of (1) the Net
           Collateral Value attributable to all FX Transactions and Currency
           Option Transactions involving Tier II Currencies to (2) the Exotic
           Net Open Position, which Party B must maintain in respect of
           outstanding FX Transactions and Currency Option Transactions
           involving Tier II Currencies, such number being determined and
           notified by Party A to Party B from time to time, and initially being
           10%.

                (J)  "EXOTIC NET OPEN POSITION"  at any given time, the amount
           obtained by calculating the Net Open Position as it applies to all FX
           Transactions and Currency Option Transactions involving Tier II
           Currencies.

                (K)  "FOREIGN EXCHANGE TRANSACTIONS"  means any Transaction that
           is a FX Transaction or Currency Option Transaction as defined in the
           FX Definitions (as defined below).

                (L)  "FORWARD RISK ADJUSTMENT AMOUNT"  means an amount in the
           Base Currency determined by Party A in a commercially reasonable
           manner to account for the risk attributable to movements in the yield
           curves of the underlying currencies of the FX Transactions.

                                        49
<PAGE>   50

                (M)  "MARKET RATE"  means, at any given time, the rate
           determined by Party A (in good faith and in a commercially reasonable
           manner) to be the market rate available to it at such time in the New
           York foreign exchange market (or, at the sole option of Party A, in
           the foreign exchange market of any other financial center which is
           then open for business) for the spot purchase or, as the case may be,
           sale of one currency against another currency.

                (N)  "NET COLLATERAL VALUE"  means an amount expressed in the
           Base Currency equal to the difference of (1) the Value of Posted
           Credit Support, minus (2) the Secured Party's Exposure, such amount
           being determined and notified by Party A to Party B from time to
           time, provided that if such difference shall be an amount less than
           zero, the Net Collateral Value shall be zero.

                (O)  "NET OPEN POSITION"  means: At any time at which no
           Currency Option Transactions are outstanding under this Agreement, an
           amount determined as follows:

             (1)  For each currency, determine the net of the currency amounts
        owed by Party A and Party B under all FX Transactions;

             (2)  Determine the Base Currency Countervalue of the net amounts
        for each currency in which Party B owes the net amount to Party A;

             (3)  Add the Base Currency Countervalues determined pursuant to
        clause (2) above; and

        At any time at which Currency Option Transactions are outstanding under
        this Agreement, "NET OPEN POSITION" means an amount determined as
        follows:

             (1)  For each currency pair in which there are outstanding Currency
        Option Transactions, after giving effect to the delta equivalent of each
        currency owed under a Currency Option Transaction in such currency pair,
        determine the maximum amount that could be owed by Party B to Party A
        with respect to all FX Transactions and Currency Option Transactions in
        such pair at all potential exchange rates;

             (2)  Determine the Base Currency Countervalue of the amounts
        determined in clause (1) for each such currency pair;

             (3)  With respect to all FX Transactions in currency pairs that do
        not include Currency Option Transactions, determine the net of the
        currency amounts owed by Party A and Party B under all FX Transactions
        for each currency in such pair;

             (4)  Determine the Base Currency Countervalue of the net amount
        determined pursuant to clause (3) for the currency in each currency pair
        in which Party B owes the net amount to Party A;

             (5)  Add the Base Currency Countervalues determined pursuant to
        clauses (2) and (4) above.

                (P)  "STANDARD CEILING LIMIT"  means USD 660,000,000.

                (Q)  "STANDARD CLOSE-OUT RATIO"  means a number expressed as a
           percentage representing the quotient of (A) the portion of the Net
           Collateral Value attributable to all FX Transactions and Currency
           Option Transactions not involving Tier II Currencies, divided by (B)
           the Standard Net Open Position, such number being determined and
           notified by Party A to Party B from time to time, and initially being
           4%.

                (R)  "STANDARD INDEPENDENT AMOUNT RATIO"  means a number
           expressed as a percentage representing the minimum proportion of (1)
           the Net Collateral Value attributable to all FX Transactions and
           Currency Option Transactions not involving
                                        50
<PAGE>   51

           Tier II Currencies to (2) the Standard Net Open Position, which Party
           B must maintain in respect of outstanding FX Transactions and
           Currency Option Transactions not involving Tier II Currencies, such
           number being determined and notified by Party A to Party B from time
           to time, and initially being 5%.

                (S)  "STANDARD NET OPEN POSITION"  means, at any given time, the
           amount obtained by calculating the Net Open Position as it applies to
           all FX Transactions and Currency Option Transactions not involving
           Tier II currencies.

                (T)  "TIER I CURRENCIES"  means Australian Dollars, Canadian
           Dollars, Swiss Francs, Danish Kroner, Euros, British Pounds, Hong
           Kong Dollar, Japanese Yen, Norwegian Kroner, New Zealand Dollars,
           Swedish Krona, and U.S. Dollars

                (U)  "TIER II CURRENCIES"  means Indonesian Rupiah, Mexican
           Pesos, and South African Rand.

          (ii)  DEFINITIONS.  Any terms used in this Credit Support Annex which
     are not otherwise defined herein and which are defined in the 1998 FX and
     Currency Option Definitions (the "FX Definitions") (published by the
     International Swaps and Derivatives Association, Inc., the Emerging Markets
     Traders Association, and the Foreign Exchange Committee) shall have the
     meaning set forth in the FX Definitions (without regard to any amendments
     thereto subsequent to the date hereof). Nothing in this Annex shall affect
     the parties' agreement that this Agreement and all Credit Support Annexes
     hereto (including this Annex) and all Transactions and related
     Confirmations hereunder are entered into in reliance on the fact that this
     Agreement, all Credit Support Annexes and all Transactions and
     Confirmations form a single agreement between the parties, the Posted
     Credit Support under all Credit Support Annexes constitutes a pledge with
     respect to and shall secure all Transactions and all Obligations, and the
     parties would not otherwise enter into any Transactions.

          (iii)  LIMIT ON SECURED PARTY'S LIABILITY.  The Secured Party will not
     be liable for any losses or damages that the Pledgor may suffer as a result
     of any failure by the Secured Party to perform, or any delay by it in
     performing, any of its obligations under this Annex if the failure or delay
     results from circumstances beyond the reasonable control of the Secured
     Party or its Custodian, including but not limited to interruption or loss
     of computer or communication services, labor disturbance, natural disaster
     or local or national emergency.

          (iv)  FURTHER ASSURANCES.  If the Pledgor fails (A) to execute and
     deliver to the Secured Party financing statements, assignments, or other
     documents or (B) to do other things relating to the Posted Credit Support
     as the Secured Party may reasonably request in order to protect and
     maintain its security interest in the Posted Credit Support and to protect,
     preserve, and realize upon the Posted Credit Support, then the Secured
     Party is hereby authorized (but not required) by the Pledgor to complete
     and execute such financing statements, assignments, and other documents as
     the Secured Party deems appropriate for such purposes. The Pledgor hereby
     appoints the Secured Party, during the term of this Agreement, as the
     Pledgor's agent and attorney-in-fact to complete and execute such financing
     statements, assignments, and other documents and to perform all other acts
     which the Secured Party may deem appropriate to protect and maintain its
     security interest in the Posted Credit Support and to protect, preserve,
     and realize upon the Posted Credit Support. The power-of-attorney granted
     herein to the Secured Party is coupled with an interest and is irrevocable
     during the term of this Agreement.

          (v)  ADDITIONAL TERMINATION EVENTS.

     Each of the following shall constitute an Additional Termination Event with
respect to Party B:

             (A)  the quotient of (I) the portion of Net Collateral Value
        attributable to all FX Transactions and Currency Option Transactions not
        involving Tier II Currencies, divided

                                        51
<PAGE>   52

        by (II) the Standard Net Open Position is equal to or less than the
        Standard Close Out Ratio;

             (B)  the quotient of (I) the portion of the Net Collateral Value
        attributable to all FX Transactions and Currency Option Transactions
        involving Tier II Currencies, divided by (II) the Exotic Net Open
        Position is equal to or less than the Exotic Close Out Ratio;

             (C)  the Aggregate Net Open Position is equal to or greater than
        the Aggregate Ceiling Limit;

             (D)  the Standard Net Open Position is equal to or greater than the
        Standard Ceiling Limit; or

             (E)  the Exotic Net Open Position is equal or greater than the
        Exotic Ceiling Limit;

        in each case irrespective of whether or not Eligible Credit Support has
        been requested by Party A, or is being delivered to Party A, pursuant to
        the terms of this Annex. For purposes of determining whether such an
        Additional Termination Event has occurred, at the discretion of Party A,
        Exposure and Net Collateral Value may be calculated at any time on any
        calendar day and, if such day is not a Valuation Date, the Value of
        Posted Credit Support may at the discretion of Party A be calculated
        based on the Value on the preceding Valuation Date. For purposes of each
        such Additional Termination Event, Party B shall be the sole Affected
        Party.

        Notwithstanding any provision of this Agreement that may be to the
        contrary, if an Additional Termination Event specified in this Credit
        Support Annex shall occur with respect to Party B, Party A shall be
        entitled to designate an Early Termination Date with respect to all
        Transactions with immediate effect. Without limiting such right, Party A
        agrees to use reasonable efforts to deliver to Party B notice of such
        designation in accordance with Section 12 of this Agreement.

          (vi)  NO ADDITIONAL AMOUNTS.  Notwithstanding Section 2(d) of this
     Agreement, Party A shall not be obliged to pay any additional amount in
     respect of Tax in relation to any amount required to be paid by it under
     this Annex.

          (vii)  TRANSFER TIMING.  Paragraph 4(b) is hereby amended by: (A)
     replacing "the next Local Business Day" in the third line thereof with
     "that same Local Business Day"; and (B) replacing "second Local Business
     Day thereafter" in the fifth line thereof with "next Local Business Day".

          (viii)  "GRACE PERIOD.  Paragraph 7(i) is hereby amended in the last
     line thereof by replacing "two Local Business Days" with "one Local
     Business Day".

          (ix)  "EXPOSURE.  The definition of "Exposure" in Paragraph 12 is
     hereby amended by:

                (A)  replacing "Valuation Date" in the first line thereof with
           "Valuation Time"; and

                (B)  adding the following at the end thereof prior to the
           period:

           , and provided further that for purposes of determining the Credit
           Support Amount and the Net Collateral Value, if Party A's net
           Exposure for all Currency Option Transactions is greater than zero,
           the amount determined as set forth above shall be increased by
           reducing the value of Currency Option Transactions owned by Party B
           by a factor determined and notified by Party A to Party B from time
           to time.

                                        52
<PAGE>   53

             DEUTSCHE BANK AG
------------------------------------------------------
(Name of Party)

By:                             /s/ AMY SCHRODER
    -----------------------------------------------------
    Name: Amy Schroder
    Title:

By:                              /s/ D. NESTLER
    -----------------------------------------------------
    Name: D. Nestler
    Title:
        CAMPBELL & COMPANY, INC.
------------------------------------------------------
(Name of Party)
By:                           /s/ THERESA D. BECKS
    -----------------------------------------------------
    Name: Theresa D. Becks
    Title:  Chief Financial Officer
           Campbell & Company, Inc.

CAMPBELL ALTERNATIVE ASSET TRUST
By:                           /s/ THERESA D. BECKS
    -----------------------------------------------------
    Name: Theresa D. Becks
    Title: Chief Financial Officer
           Campbell & Company, Inc.,
           Managing Owner

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
By:                           /s/ THERESA D. BECKS
    -----------------------------------------------------
    Name: Theresa D. Becks
    Title: Chief Financial Officer
           Campbell & Company, Inc.,
           General Partner

THE CAMPBELL GLOBAL ASSETS FUND LIMITED
By:                           /s/ THERESA D. BECKS
    -----------------------------------------------------
    Name: Theresa D. Becks
    Title: Chief Financial Officer
           Campbell & Company, Inc.,
           Trading Advisor

                                        53
<PAGE>   54

                                    ANNEX I

<TABLE>
<CAPTION>
 FULL AND LEGAL
  NAME OF FUND       INVESTMENT                                  AGGREGATE       EXOTIC       STANDARD
  AND STATE OF       MANAGEMENT      NET ASSET     NET ASSET      CEILING       CEILING       CEILING
  INCORPORATION       AGREEMENT     VALUE FLOOR      VALUE         LIMIT         LIMIT         LIMIT
-----------------  ---------------  ------------  ------------  ------------  ------------  ------------
<S>                <C>              <C>           <C>           <C>           <C>           <C>
    CAMPBELL            TRUST        $4,000,000    $8,000,000   $28,000,000    $6,000,000   $28,000,000
ALTERNATIVE ASSET     AGREEMENT
 TRUST, A TRUST         DATED
  ORGANIZED AND    JANUARY 2, 2001
 EXISTING UNDER
 THE LAWS OF THE
STATE OF DELAWARE

    CAMPBELL          ADVISORY      $275,000,000  $550,000,000  $660,000,000  $132,000,000  $660,000,000
    STRATEGIC         AGREEMENT
ALLOCATION FUND,        DATED
 L.P., A LIMITED   OCTOBER 1, 1993
   PARTNERSHIP
  ORGANIZED AND
 EXISTING UNDER
 THE LAWS OF THE
STATE OF DELAWARE

  THE CAMPBELL        ADVISORY      $75,000,000   $150,000,000  $180,000,000  $36,000,000   $180,000,000
  GLOBAL ASSETS       AGREEMENT
 FUND LIMITED, A        DATED
   CORPORATION     APRIL 15, 1997
  ORGANIZED AND
 EXISTING UNDER
 THE LAWS OF THE
 ISLANDS OF THE
     BAHAMAS
</TABLE>

                                        54