<PAGE>

                                                                   EXHIBIT 10.01

NAME OF SUBSCRIBER: ___________________
SUBSCRIPTION AGREEMENT: NO. _____________________
FINANCIAL ADVISOR NAME: _____________________
FINANCIAL ADVISOR CODE: _____________________

                            ML SELECT FUTURES I L.P.

                    MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC

                                 GENERAL PARTNER

                             SUBSCRIPTION AGREEMENT

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

                        THESE ARE SPECULATIVE SECURITIES

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

                                      S-i

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                            ML SELECT FUTURES I L.P.

                            SUBSCRIPTION INSTRUCTIONS

         ML SELECT FUTURES I L.P. (THE "FUND"), of which MERRILL LYNCH
ALTERNATIVE INVESTMENTS LLC ("MLAI LLC") is the general partner, is a
speculative, single-advisor commodity pool investment offered only to persons
who are "accredited investors" as defined in Regulation D under the Securities
Act of 1933, as amended (the "Securities Act"). All investors must be
financially sophisticated and able to evaluate the risks and merits of a
specialized, non-traditional investment such as the Fund. The speculative nature
of an investment in the Fund makes it appropriate only as a diversification for
a limited portion of the risk segment of a portfolio. No prospective investor
should invest more than 10% of such investor's readily marketable assets in the
Fund.

         If you have any questions concerning how to complete the Subscription
Agreement, please contact a representative of MLAI LLC at 1-866-MER-ALTS.

      THE SUBSCRIPTION AGREEMENT WILL BE KEPT STRICTLY CONFIDENTIAL AND WILL
        NOT BE REVIEWED BY ANY PARTY OTHER THAN MLAI LLC AND ITS COUNSEL.

                            ML SELECT FUTURES I L.P.
                  C/O MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC
                                 GENERAL PARTNER
                           Princeton Corporate Campus
                       800 Scudders Mill Road, Section 2G
                          Plainsboro, New Jersey 08536
                              Phone: 1-866-MER-ALTS
                            Facsimile: (609) 282-8586

                                      S-ii

<PAGE>

                            ML SELECT FUTURES I L.P.

                             SUBSCRIPTION AGREEMENT

ML SELECT FUTURES I L.P.
C/O MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC
   GENERAL PARTNER
   PRINCETON CORPORATE CAMPUS
   800 SCUDDERS MILL ROAD, SECTION 2G
   PLAINSBORO, NEW JERSEY 08536

Dear Sirs:

         1. SUBSCRIPTION FOR UNITS. The undersigned and, if the undersigned is
an entity, the person executing this Subscription Agreement on behalf of the
undersigned (the undersigned and any such person being collectively referred to
herein as the "Subscriber," except where the context otherwise requires), hereby
irrevocably subscribes, in the amount set forth on the executed Signature Page
hereof, for units of limited partnership interest ("UNITS") in ML SELECT FUTURES
I L.P. (THE "FUND"). The Subscriber acknowledges that this subscription is
subject to being accepted or rejected (in whole or in part) in the sole
discretion of MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC ("MLAI LLC"), the
general partner of the Fund.

         Capitalized terms not otherwise defined herein are used with the
meanings assigned to such terms in the Fund's Confidential Private Placement
Memorandum dated MAY 1, 2003 (the "Memorandum").

         The Subscriber hereby authorizes Merrill Lynch, Pierce, Fenner & Smith
Incorporated (the "Selling Agent") to debit the subscription amount from the
Subscriber's Merrill Lynch customer securities account on the month-end
settlement date for the Subscriber's purchase of Units. The Subscriber
acknowledges that such subscription amount must be in the Subscriber's Merrill
Lynch customer securities account by the opening of business on the settlement
date. On the settlement date, the subscription amount will be credited directly
to an account of the Fund.

         The minimum subscription is $25,000 for initial investments and $10,000
for additional investments ($24,500 or $9,800 for initial and additional
investments, respectively, for officers and employees of Merrill Lynch & Co.,
Inc. and its affiliates). In general, new Subscription Agreements do not need to
be submitted with each additional investment.

         Units are sold at the Net Asset Value per Unit on the applicable
settlement date.

         2. REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER. As an inducement to
MLAI LLC to accept this Subscription Agreement on behalf of the Fund, the
Subscriber hereby represents and warrants to MLAI LLC, the Fund, the Commodity
Broker and the Selling Agent as follows:

                  (a) If an individual, the Subscriber is over 21 years old and
         is legally competent to execute this Subscription Agreement; if an
         entity, the Subscriber is duly authorized and qualified to become a
         Limited Partner in the Fund, and the person executing this Subscription
         Agreement on behalf of the Subscriber has been duly authorized by the
         Subscriber to execute and deliver this Subscription Agreement on behalf
         of the Subscriber.

                  ENTITY SUBSCRIBERS MUST CONFIRM THAT THEY ARE AUTHORIZED TO
         INVEST IN A SPECULATIVE, NON-TRADITIONAL COMMODITY POOL SUCH AS THE
         FUND. MANY ENTITIES MAY NOT, IN FACT, BE AUTHORIZED -- PURSUANT TO
         THEIR CHARTER DOCUMENTS, INVESTMENT POLICIES OR OTHER APPLICABLE
         PROVISIONS -- TO INVEST IN THE UNITS.

<PAGE>

                  (b) The subscriber understands that MLAI LLC is affiliated
         with the Commodity Broker and the Selling Agent. The Subscriber further
         understands that Sunrise Capital Partners, LLC (the "Trading Advisor")
         has had, and will continue to have, ongoing business dealings with MLAI
         LLC and its affiliates and that the Fund is subject to conflicts of
         interest.

                  (c) Neither the Subscriber, if an entity, nor its sponsor is
         required to be (i) registered with the Commodity Futures Trading
         Commission ("CFTC") in any capacity under the Commodity Exchange Act or
         applicable CFTC rules, or (ii) a member of the National Futures
         Association ("NFA"); in each case despite the Fund's status as a
         "commodity pool." In the alternative, the Subscriber and/or its sponsor
         is (iii) properly registered with the CFTC in all capacities in which
         it is required to be registered under the Commodity Exchange Act and
         applicable CFTC rules and (iv) a member in good standing of the NFA in
         such capacities. IF THE SUBSCRIBER IS AN ENTITY AND IS NOT REGISTERED
         WITH THE CFTC AND A MEMBER IN GOOD STANDING OF THE NFA, THE SUBSCRIBER
         MUST INCLUDE AS A SEPARATE DOCUMENT DELIVERED TOGETHER WITH THIS
         SUBSCRIPTION AGREEMENT AN EXPLANATION OF WHY THE SUBSCRIBER'S SPONSOR
         NEED NOT REGISTER AS A "COMMODITY POOL OPERATOR." IN GENERAL, DUE TO
         THE FUND'S STATUS AS A "COMMODITY POOL," THE SUBSCRIBER'S AND/OR ITS
         SPONSOR WOULD NEED TO BE SO REGISTERED AND TO BE A MEMBER IN GOOD
         STANDING OF THE NFA IN SUCH CAPACITY IN ORDER FOR THE SUBSCRIBER TO
         PURCHASE UNITS, UNLESS EXPRESS EXEMPTIVE RELIEF HAS BEEN OBTAINED FROM
         THE CFTC.

                  (d) The Subscriber has had substantive business dealings with
         Merrill Lynch or a Merrill Lynch Financial Advisor for at least six
         months, and believes that Merrill Lynch or such Merrill Lynch Financial
         Advisor should have sufficient information available to it to be able
         to assess the Subscriber's financial position as well as the
         Subscriber's financial knowledge and sophistication.

                  (e) The Subscriber and the Subscriber's purchaser
         representative, if any, have received and carefully read a copy of the
         Fund's Memorandum.

                  (f) The Subscriber understands that no federal or state agency
         or securities or commodity exchange has reviewed the Memorandum or the
         private placement of the Units or made any finding or determination as
         to the fairness of the business terms of an investment in the Fund.

                  (g) The Subscriber is acquiring the Units for which the
         Subscriber has hereby subscribed for the Subscriber's own account, as
         principal, for investment and not with a view to the resale or
         distribution of all or any of such Units. The Subscriber understands
         that the Units have not been registered under the Securities Act or any
         similar state law and cannot be transferred or assigned except with the
         consent of MLAI LLC (which MLAI LLC does not expect to give except
         under unusual circumstances).

                  (h) The Subscriber understands that the data in the
         performance information in the Memorandum should be read only in
         conjunction with the notes to such information, and that such
         information should not be interpreted to mean that the Fund will have
         similar results or will realize any profits whatsoever. Furthermore,
         the Subscriber confirms that none of the Trading Advisor, the Fund or
         any General Partner or any Affiliate (each of the General Partner and
         its Affiliates, a "General Partner Party"), as "Affiliate" is defined
         in Section 15(b) of the Agreement of Limited Partnership (the
         "Partnership Agreement") of the Fund, guarantees the success of an
         investment in the Units or that substantial losses will not be incurred
         on such investment.

                  (i) The Subscriber and the Subscriber's purchaser
         representative, if any, have carefully reviewed and understand the
         various risks of an investment in the Fund -- including, without
         limitation, the risks and other considerations summarized in the
         Memorandum under the captions, "Summary," "Merrill Lynch Alternative
         Investments LLC," "The Risks You Face," "Conflicts of Interest" and
         "Tax Consequences" -- and the Subscriber can afford to bear the risks
         of a specialized, illiquid investment such as the Fund, including the
         risk of incurring substantial losses.

<PAGE>

                  (j) The Subscriber and the Subscriber's purchaser
         representative, if any, have carefully reviewed and understand the
         terms of the Partnership Agreement, and the Subscriber specifically
         agrees to and acknowledges the exculpation and indemnification
         provisions set forth in Sections 15(a) and 15(b) of the Partnership
         Agreement and that such provisions shall survive the Subscriber's
         withdrawal from the Fund and the dissolution thereof. The Subscriber
         hereby specifically waives any personal liability against any General
         Partner Party in respect of the sale of the Units and the operations of
         the Fund; provided, that the General Partner Party in question complies
         with the standard of liability set forth in the Partnership Agreement.

                  (k) The Subscriber understands that MLAI LLC and its
         affiliates and the Trading Advisor will receive substantial
         remuneration from the Fund, and that such remuneration will be
         calculated on a basis which includes unrealized as well as realized
         gains.

                  (l) The Subscriber acknowledges that the Subscriber may be
         contractually required, pursuant to the terms of the Partnership
         Agreement, to repay redemption or distribution proceeds, plus interest,
         to the Fund, even after the Subscriber has otherwise redeemed all of
         such Subscriber's Units.

                  (m) The Subscriber and the Subscriber's purchaser
         representative, if any, have been furnished with all materials relating
         to the Fund, its operation, the private placement of Units, the
         investment experience of MLAI LLC and any other matters relating to
         this private placement which they have requested; the Subscriber and
         the Subscriber's purchaser representative, if any, have been afforded
         the opportunity to ask any questions and obtain any additional
         information necessary to verify the accuracy of any representation or
         information set forth in the Memorandum; and the Subscriber and the
         Subscriber's purchaser representative, if any, have received answers to
         all inquiries put to MLAI LLC and its principals.

                  (n) The Subscriber has relied only on the information in the
         Memorandum in determining to subscribe for Units, irrespective of
         whatever information the Subscriber may have been furnished as
         described in paragraph (m) above.

                  (o) The monies to be invested in the Fund were not derived
         from activities that may contravene federal or state or international
         anti-money laundering laws and regulations. The Subscriber is not (i)
         an individual, entity or organization named on a U.S. Office of Foreign
         Assets Control ("OFAC") "watch list" and does not have any affiliation
         of any kind with such an individual, entity or organization, (ii) a
         foreign shell bank, (iii) a person or entity resident in or whose
         subscription funds are transferred from or through a jurisdiction
         identified as non-cooperative by the Financial Action Task Force, (iv)
         a senior foreign political figure(1), an immediate family member(2) or
         close associate(3) of a senior foreign political figure within the

---------------------
(1) A "senior foreign political figure" is defined as a senior official in the
executive, legislative, administrative, military or judicial branches of a
non-U.S. government (whether elected or not), a senior official of a major
non-U.S. political party, or a senior executive of a non-U.S. government-owned
corporation. In addition, a "senior foreign political figure" includes any
corporation, business or other entity that has been formed by, or for the
benefit of, a senior foreign political figure.

(2) "Immediate family" of a senior foreign political figure typically includes
the figure's parents, siblings, spouse, children and in-laws.

(3) A "close associate" of a senior foreign political figure is a person who is
widely and publicly known to maintain an unusually close relationship with the
senior foreign political figure, and includes a person who is in a position to
conduct substantial domestic and international financial transactions on behalf
of the senior foreign political figure.

<PAGE>

         meaning of the USA PATRIOT Act of 2001(4). The Subscriber agrees to
         promptly notify the Fund should it become aware of any change in the
         information set forth in this representation. The Subscriber
         acknowledges that, by law, the Fund may be obligated to "freeze the
         account" of the Subscriber, either by prohibiting additional
         subscriptions, declining any redemption requests and/or segregating the
         assets in the account in compliance with governmental regulations, and
         the Fund may also be required to report such action and to disclose the
         Subscriber's identity to OFAC. The Subscriber agrees to provide any
         information the Fund or its agents deem necessary to comply with its
         anti-money laundering program and related responsibilities from time to
         time.

                  (p) All the information which the Subscriber has furnished to
         MLAI LLC, or which is set forth herein, is correct and complete as of
         the date of this Subscription Agreement, and if there should be any
         material change in such information prior to the Subscriber's admission
         as a Limited Partner, the Subscriber will immediately furnish such
         revised or corrected information to MLAI LLC.

                  (q) The Subscriber agrees that the foregoing representations
         and warranties, and all other information regarding the Subscriber set
         forth herein, may be used as a defense in any actions relating to the
         Fund or the offering of the Units, and that it is only on the basis of
         such representations and warranties and other information that MLAI LLC
         may be willing to accept the Subscriber's subscription for the Units.

         THE FUND IS A SPECIALIZED, SPECULATIVE INVESTMENT WHICH INVOLVES RISK.
NO ONE SHOULD INVEST MORE THAN 10% OF SUCH PERSON'S READILY MARKETABLE ASSETS IN
THE FUND OR REGARD THE FUND AS A COMPLETE INVESTMENT PROGRAM.

         THE SUBSCRIBER HAS READ CAREFULLY AND UNDERSTANDS THE MEMORANDUM AND
HAS RELIED ON THE SUBSCRIBER'S OWN ADVISERS WITH RESPECT TO THE INVESTMENT
CONTEMPLATED HEREBY AND ITS SUITABILITY AS AN INVESTMENT FOR THE SUBSCRIBER. THE
SUBSCRIBER HAS NOT RELIED UPON THE FUND, ANY GENERAL PARTNER PARTY OR THE
SUBSCRIBER'S MERRILL LYNCH FINANCIAL ADVISOR FOR TAX OR LEGAL ADVICE, BUT ONLY
ON THE SUBSCRIBER'S OWN ADVISERS.

         3. INSURANCE COMPANY ACCOUNTS. If the Subscriber is an insurance
company using assets of its general account to purchase Units, the Subscriber
hereby represents and warrants that the percentage of such assets used to
purchase Units that represents the assets of "employee benefit plans" does not
exceed 10%. The Subscriber agrees immediately to notify MLAI LLC if such
percentage exceeds 10%.

         The term "employee benefit plan" refers to: (i) any "employee benefit
plan," as defined in the Employee Retirement Income Security Act of 1974
("ERISA"), regardless of whether it is subject to ERISA; (ii) any "plan" as
defined in Section 4975 of the Internal Revenue Code of 1986 (the "Code"); and
(iii) any entity deemed for any purpose of ERISA or Section 4975 of the Code to
hold assets of any such "employee benefit plan" or "plan" due to investments
made in such entity by such "employee benefit plans" and "plans." Employee
benefit plans include, but are not limited to, corporate pension and
profit-sharing plans, "simplified employee pension plans," KEOGH plans for
self-employed individuals (including partners), "Individual Retirement
Accounts," health insurance plans, life insurance plans, church plans,
governmental plans, foreign plans, and bank commingled trust funds and insurance
company pooled separate accounts for such plans and accounts.

         4. "ACCREDITED INVESTOR" STATUS UNDER THE SECURITIES ACT OF 1933. THE
SUBSCRIBER WILL BE REQUIRED TO INDICATE ON THE SIGNATURE PAGE OF THIS
SUBSCRIPTION AGREEMENT WHICH OF THE FOLLOWING CATEGORIES APPLIES TO THE
SUBSCRIBER SO THAT THE SUBSCRIBER QUALIFIES AS AN "ACCREDITED INVESTOR."

INDIVIDUAL INVESTORS

-----------------------
(4) The United States "Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001",
Pub. L. No. 107-56 (2001).

<PAGE>

a.       The Subscriber has a net worth (or joint net worth together with
         Subscriber's spouse) -- exclusive of homes, furnishings and automobiles
         -- in excess of $1,000,000, and has no reason to believe that
         Subscriber's net worth will not remain in excess of $1,000,000 for the
         foreseeable future.

b.       The Subscriber had an annual income during the last two full calendar
         years of in excess of $200,000 (or joint income together with
         Subscriber's spouse of in excess of $300,000) and reasonably expects to
         have an annual income in excess of $200,000 (or joint income together
         with Subscriber's spouse of in excess of $300,000) during the current
         calendar year. The Subscriber has no reason to believe that
         Subscriber's income will not remain in excess of $200,000 (or joint
         income in excess of $300,000) for the foreseeable future.

Net worth includes all assets (other than homes, furnishings and automobiles),
including such items as restricted securities, ownership in a business, assets
in a pension or retirement plan, stocks and bonds, real estate, etc., less any
liabilities (including all debts and obligations). The term "income" refers to
gross income and includes tax-exempt interest, the excluded portion of long-term
capital gain and sheltered cash distributions from limited partnerships and
other investments. In general, salary, partnership distributions, investment
income (net of investment expenses), and the revenues of a sole proprietorship
(net of the operating expenses of that proprietorship) would constitute
"income."

INVESTORS OTHER THAN INDIVIDUALS
--------------------------------

c.       A bank or a savings and loan association within the meaning of the
         Securities Act whether acting in an individual or fiduciary capacity.
         ("Bank" is defined in Section 3(a)(2) of the Securities Act as "any
         national bank, or any banking institution organized under the laws of
         any State . . ., the business of which is substantially confined to
         banking and is supervised by the State or territorial banking
         commission or similar official.")

d.       A broker or dealer registered pursuant to the Securities Exchange Act
         of 1934.

e.       An insurance company within the meaning of the Securities Act.
         ("Insurance company" is defined in Section 2(13) of the Securities Act
         as "a company which is organized as an insurance company whose primary
         and predominant business activity is the writing of insurance or the
         reinsuring of risks underwritten by insurance companies, and which is
         subject to supervision by the insurance commissioner, or a similar
         official or agency, of a State.")

f.       A plan established and maintained by a state, its political
         subdivisions, or any agency or instrumentality of a state or its
         political subdivisions for the benefit of its employees, with total
         assets in excess of $5,000,000.

g.       An employee benefit plan within the meaning of the Employee Retirement
         Income Security Act of 1974 ("ERISA"), (i) the investment decisions of
         which are made by a plan fiduciary which is either a bank, savings and
         loan association, insurance company or registered investment adviser,
         or (ii) which has total assets in excess of $5,000,000.

h.       A self-directed employee benefit plan within the meaning of ERISA, the
         investment decisions of which are made solely by persons that are
         accredited investors.

i.       A private business development company within the meaning of the
         Investment Advisers Act of 1940.

j.       (i) an organization described in Section 501(c)(3) of the Internal
         Revenue Code, (ii) corporation, (iii) Massachusetts or similar business
         trust, or (iv) partnership, in each case not formed for the specific
         purpose of investing in the Fund and with total assets in excess of
         $5,000,000.

k.       A trust, with total assets in excess of $5,000,000, not formed for the
         specific purpose of investing in the Fund, whose purchase is directed
         by a sophisticated person within the meaning of Regulation D.

l.       An entity in which all of the equity owners are accredited investors.

<PAGE>

         5. INDEMNITY. The Subscriber agrees to indemnify and hold harmless the
Fund, all General Partner Parties and the Trading Advisor against any and all
loss, liability, claim, damage and expense whatsoever (including, but not
limited to, any and all expenses whatsoever reasonably incurred in
investigating, preparing or defending against any litigation or any claim
whatsoever commenced or threatened) arising out of or based upon any false
representation or warranty, misinformation or breach or failure by the
Subscriber herein or hereunder or under any other document furnished or
delivered by the Subscriber to any of the foregoing in connection with the
Subscriber's investment in the Fund or resulting from any unsuccessful
securities proceeding brought by the Subscriber against the Fund or any General
Partner Party.

         6. GOVERNING LAW; CONSENT TO JURISDICTION. THIS SUBSCRIPTION AGREEMENT
WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW. THE PARTIES HERETO CONSENT TO THE JURISDICTION
OF THE STATE AND FEDERAL COURTS IN THE CITY, COUNTY AND STATE OF NEW YORK WITH
RESPECT TO ANY PROCEEDING OR CLAIM ARISING HEREUNDER OR IN RESPECT OF THE FUND.

         7. DOCUMENTATION. If the Subscriber is an entity, MLAI LLC may request
certain documentation (in addition to evidence of non-"commodity pool" status as
contemplated by Section 2(c)) prior to accepting its subscription. Upon request:

         -     a corporation may be required to deliver one copy of its articles
               of incorporation and by-laws, and a copy of any document
               authorizing or governing its investment policies, e.g.,
               resolutions of the Board of Directors;

         -     a partnership may be required to deliver one copy of its
               partnership agreement or other governing agreement; and

         -     a trust may be required to deliver one copy of its declaration of
               trust or other governing instrument and any document authorizing
               or governing its investment policies.

Alternatively, entities may be required to submit an opinion of counsel to the
effect that the investment proposed to be made in the Fund by the Subscriber is
authorized (such counsel need not, however, pass on the suitability of such
investment, which is a question of fact).

         8. ACCEPTANCE OF THE PARTNERSHIP AGREEMENT. The Subscriber agrees that
on the date designated by MLAI LLC as the date as of which the Subscriber has
been admitted to the Fund (generally, the date of the debit of the Subscriber's
subscription funds from Subscriber's customer securities account and the receipt
thereof by the Fund), the Subscriber shall become a Limited Partner, and the
Subscriber hereby agrees to each and every term of the Partnership Agreement.

         9. POWER OF ATTORNEY. In connection with the acquisition of the
Subscriber's Units pursuant to this Subscription Agreement, the Subscriber does
hereby (in addition and not by way of limitation of the Power of Attorney
included in Section 13 of the Partnership Agreement) irrevocably constitute and
appoint MLAI LLC as the Subscriber's true and lawful representative and
Attorney-in-Fact, with full power of substitution, in the Subscriber's name,
place and stead, to execute, acknowledge, swear to, file and record (if
applicable) on the Subscriber's behalf, and in the appropriate public offices if
relevant: (i) the Partnership Agreement; (ii) a Certificate of Limited
Partnership including amendments thereto; (iii) all instruments which MLAI LLC
may deem necessary or appropriate to reflect any amendment, change or
modification of the Partnership Agreement or the Certificate of Limited
Partnership in accordance with the terms of the Partnership Agreement; and (iv)
all instruments, agreements and documents which MLAI LLC considers necessary or
appropriate to the operation of the Fund as contemplated in the Memorandum.

         The Subscriber agrees and acknowledges that the other Limited Partners
are relying on the continued validity of the foregoing Power of Attorney, and
that the Power of Attorney granted hereby shall be deemed to be coupled with an
interest and shall be irrevocable and survive the death or incapacity of the
Subscriber.

         10. STATE SECURITIES LEGENDS. The offering and sale of the Units are
intended to be exempt from registration under the securities laws of certain
states. Subscribers who reside in the following states should note the

<PAGE>

language set forth below, which is required to be included in this Subscription
Agreement by the securities laws of those states.

FOR FLORIDA RESIDENTS ONLY
--------------------------

         IF THE INVESTOR IS NOT A BANK, A TRUST COMPANY, A SAVINGS INSTITUTION,
AN INSURANCE COMPANY, A DEALER, AN INVESTMENT COMPANY AS DEFINED IN THE
INVESTMENT COMPANY ACT OF 1940, A PENSION OR PROFIT-SHARING TRUST, OR A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
OF 1933), THE INVESTOR ACKNOWLEDGES THAT ANY SALE OF THE UNITS TO THE INVESTOR
IS VOIDABLE BY THE INVESTOR EITHER WITHIN THREE DAYS AFTER THE FIRST TENDER OF
CONSIDERATION IS MADE BY THE INVESTOR TO THE ISSUER, OR AN AGENT OF THE ISSUER,
OR WITHIN THREE DAYS AFTER THE AVAILABILITY OF THAT PRIVILEGE IS COMMUNICATED TO
THE INVESTOR, WHICHEVER OCCURS LATER.

FOR GEORGIA INVESTORS ONLY

         THE UNITS WILL BE SOLD IN RELIANCE ON THE EXEMPTION FROM SECURITIES
REGISTRATION CONTAINED IN PARAGRAPH 13 OF CODE SECTION 10-5-9 OF THE GEORGIA
SECURITIES ACT OF 1973, AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN A
TRANSACTION WHICH IS EXEMPT FROM SUCH ACT OR PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER SUCH ACT.

         11. Items Required from the Subscriber.

                  (a) Completed and executed copy of this Subscription
         Agreement.

                  (b) Arrangements for payment of the subscription price of the
         Subscriber's Units.

                  (c) If one or more purchaser representatives have been
         consulted or relied upon, one completed and executed copy of the
         purchaser representative's certificate (copies of which will be
         furnished by MLAI LLC upon request) with respect to each purchaser
         representative.

                  [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY.]

<PAGE>

                            ML SELECT FUTURES I L.P.

                                 SIGNATURE PAGE

         Units to be registered as follows: (Check one)

[ ]      INDIVIDUAL OWNERSHIP                        [ ]    TRUST
        (One signature required below)

[ ]      JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP   [ ]    CORPORATION
         (All tenants must sign below)

[ ]      TENANTS IN COMMON                           [ ] LIMITED PARTNERSHIP
         (All tenants must sign below)

[ ]      RETIREMENT ACCOUNT                          [ ] OTHER (Please specify):
                                                         _______________________

AMOUNT OF SUBSCRIPTION (MINIMUM:
$25,000 FOR INITIAL INVESTMENT; $10,000 FOR ADDITIONAL INVESTMENTS): $__________

(THE SUBSCRIBER MUST PRINT ALL INFORMATION EXACTLY AS THE SUBSCRIBER WISHES IT
TO APPEAR ON THE FUND'S RECORDS.)

1.       SUBSCRIBER INFORMATION

         Subscriber's Name:_____________________________________________________

         Subscriber's Account Number:___________________________________________

         Address / Principal Place of Business:_________________________________
                                               (Street)   (City/State/Zip Code)

         Telephone Number:______________________________________________________
                                 (Business)               Home (for Individuals)

         Jurisdiction of Organization (for Entities):___________________________

         Contact Person (for Entities):_____________  Telephone Number:_________

         Social Security / Taxpayer ID Number:______  Date of Birth /
                                                      Formation:________________

         Fiscal Year (for Entities):________________

2.       SOLICITATION INFORMATION.  The Subscriber first heard about the Fund
         from:
         [ ] Merrill Lynch Financial Advisor

         [ ] Other (specify) ___________________________________________________
         _______________________________________________________________________

<PAGE>

3.       INFORMATION REGARDING SUBSCRIBER.
         --------------------------------

         THE SUBSCRIBER MUST HAVE SUFFICIENT FINANCIAL KNOWLEDGE AND EXPERIENCE
         IN FINANCIAL AND BUSINESS MATTERS TO BE CAPABLE OF EVALUATING THE RISKS
         AND MERITS OF AN INVESTMENT IN THE FUND.

                  (i) Select whichever of (a) or (b) is applicable:

         [ ]      (a) The Subscriber, or each person making the investment
                  decision to acquire Units, on behalf of the Subscriber, has
                  such knowledge and experience in financial and business
                  matters that the Subscriber, or each such person, is capable
                  of evaluating the merits and risks of an investment in the
                  Fund and of making an informed investment decision regarding
                  the purchase of Units.

         [ ]      (b) The Subscriber, or each person making the investment
                  decision to acquire Units on behalf of the Subscriber, and the
                  person(s) listed below who have acted as the Subscriber's or
                  such persons' purchaser representative(s), together have such
                  knowledge and experience in financial and business matters
                  that they together are capable of evaluating the merits and
                  risks of an investment in the Fund and of making an informed
                  investment decision regarding the purchase of the Units.
                  Listed below are the names and addresses of those persons upon
                  whose advice the Subscriber has relied, or with whom the
                  Subscriber has consulted, in evaluating the merits and risks
                  of an investment in the Fund. A purchaser representative's
                  certificate (available upon request from MLAI LLC) from each
                  such person is being delivered herewith.

                            Name                             Address
                  ______________________________________________________________

                  ______________________________________________________________

                  ______________________________________________________________

4.       INVESTOR QUALIFICATIONS
         -----------------------

         INVESTOR MEETS THE STANDARDS FOR BEING CATEGORIZED AS AN "ACCREDITED
         INVESTOR" AS SET FORTH UNDER SECTION 4____ [INSERT LETTER THAT PERTAINS
         TO SUBSCRIBER'S QUALIFICATION; SEE PAGES S-5 TO S-6 OF THE SUBSCRIPTION
         AGREEMENT].

5.       SUITABILITY
         -----------

                  THE SUBSCRIBER'S INVESTMENT IN THE FUND CONSTITUTES LESS THAN
         10% OF THE SUBSCRIBER'S READILY MARKETABLE ASSETS.

                                  YES [ ]  NO[ ]

6.       INTERNAL REVENUE CODE CERTIFICATION
         -----------------------------------

         [ ] The Subscriber has checked the preceding box to confirm that the
         Subscriber is a United States taxpayer:

         The Subscriber has checked the following box if the Subscriber is
         subject to backup withholding under the provisions of Section
         3406(a)(1)(C) of the Internal Revenue Code: [ ]. Under the penalties of
         perjury, by signing this Subscription Agreement, the Subscriber hereby
         certifies that the Social Security or Taxpayer Identification Number
         set forth above is the Subscriber's true, correct and complete Social
         Security Number or Taxpayer Identification and that the information
         given in the immediately preceding sentence is true, correct and
         complete.

         The Subscriber will notify MLAI LLC within 30 days of any change in the
         information set forth in this Section 6.

<PAGE>

                              __________________________________________________

                              __________________________________________________

                              __________________________________________________
Dated _____________, 20__     (Signature of Individual Subscriber[s])
                              (For Joint Subscribers, each Subscriber must sign)

                              If Entity Subscriber, please sign below:

ACCEPTED:                     ________________________________________________
                              (Name of Entity Subscriber)

APPROVED FOR SUBMISSION TO
MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC

_________________________     By:_____________________________________________
Financial Advisor                          (Signatory Entity, if any)

Date:                         Date: __________________________________________
                                    Name:
                                    Title:

                       PLEASE RETURN BY OVERNIGHT MAIL TO:
                                DOCUMENT CONTROL
                  C/O MERRILL LYNCH ALTERNATIVE INVESTMENTS LLC
                       800 SCUDDERS MILL ROAD, SECTION 2E
                          PLAINSBORO, NEW JERSEY 08536
                            TELEPHONE: (609) 282-8550
                               FAX: (609) 282-0782

       THIS SUBSCRIPTION AGREEMENT IS NOT FOR USE AFTER FEBRUARY 1, 2004.