CUSTOMER
AGREEMENT


In consideration of Macquarie Futures USA
LLC ("MFUSA") accepting and carrying one or more accounts (collectively referred to as the “Account”) for
the undersigned (“Customer”) as its broker for the execution of orders and the carrying and clearance of positions
in commodities, commodity futures contracts, and options on the foregoing (each referred to individually as a "Contract"
and collectively as "Contracts") on or subject to the rules of various commodity futures exchanges, markets and their
associated clearing houses (each referred to as an “Exchange”), Customer is executing this Customer Agreement (this
“Agreement”) with MFUSA.


		1.	Trading Authorization



MFUSA is authorized to purchase and sell Contracts
for the Account at Customer’s risk and in accordance with Customer’s instructions. MFUSA is entitled to assume the
genuineness of any instructions given or purportedly given by or on behalf of Customer and Customer instructs MFUSA to act upon
any instructions reasonably believed by MFUSA to be genuine. MFUSA is also authorized, in its discretion, to utilize third-party
clearing members, floor brokers and other agents, including without limitation affiliates of MFUSA (each of MFUSA and such affiliates
referred to individually as an “MFUSA Entity” and all collectively as the “MFUSA Entities”), in connection
with the execution, clearance, carrying, delivery and settlement of any such transactions. Absent a separate written agreement
with Customer with respect to give-ups, MFUSA, in its sole discretion, may, but shall not be obligated to, accept from other brokers
Contracts executed by such brokers to be given up to MFUSA for clearance or carrying in any account.


		2.	Transactions Subject to Statutes and Rules



All transactions in the Account shall be subject
to (a) the terms of this Agreement and any applicable ancillary agreements, disclosures or schedules to this Agreement, (b) the
laws, regulations, rules and interpretations of any applicable governmental, regulatory or self-regulatory authority or Exchange,
and (c) to the extent not inconsistent with (a) or (b), the custom and usage of the trade, all as in force from time to time (collectively
referred to as “Applicable Law”). MFUSA shall not be liable to Customer as a result of, and Customer agrees to hold
MFUSA harmless for, any action taken by MFUSA, the MFUSA Entities or their agents, or failure to so act, in each case to comply
with Applicable Law. This Agreement may only be amended with the prior written consent of both parties, provided, however, that
MFUSA may amend this Agreement or any ancillary agreements, disclosures or schedules by notice in writing to Customer, where MFUSA
in its discretion determines that such amendment is necessary to comply with Applicable Law.


		3.	Customer Representations and Warranties



Customer represents, warrants and covenants
to MFUSA, as of the time of entering into this Agreement and as of the time of entering into each Contract, and with respect to
(i) and (j) below, Customer and the person acting on behalf of Customer, both in its individual and fiduciary capacity, represent,
warrant and covenant to MFUSA, on each date on which this Agreement or any Contract is or remains outstanding, that:


		(a)	it possesses the necessary authority to enter into and comply with the terms of this Agreement
and all Contracts and the person executing this Agreement on behalf of Customer is authorized to do so;



		(b)	no legal limitation in any way restricts or prevents Customer from entering into or complying with
this Agreement or any Contract;



		(c)	if applicable, all necessary action has been taken by Customer to enter into and comply with this
Agreement and all Contracts;



		(d)	when executed by Customer, this Agreement and all Contracts will be legal, valid and binding obligations
of Customer, enforceable against Customer in accordance with their respective terms;



		(e)	no other person or entity has an interest in the Account;



		(f)	since the date of Customer’s most recent audited or unaudited financial statements, there
has been no material adverse change in the business, financial condition, results, operations or prospects of Customer;




    	 	 	 



     


    
		(g)	all financial information, investment objectives or other information provided by Customer to MFUSA
is accurate in all material respects;



		(h)	it is an eligible contract participant within the meaning of Section 1a(18) of the Commodity Exchange
Act, as amended;



		(i)	Customer is not an employee benefit plan subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”) or a person or entity that is otherwise subject to Title I of ERISA or Section 4975 of the Code, including
by reason of Section 3(42) of ERISA (collectively a “Plan”); and



		(j)	Customer does not constitute the assets of one or more “governmental plans” as defined
in Section 3(32) of ERISA.



		4.	Margins



Customer agrees at all times to deposit and
maintain such margins and premium payments with MFUSA as MFUSA may from time to time request, up to a maximum of 2x (two times)
the Exchange-minimum margin requirements. Customer shall make margin and premium deposits by wire transfer of immediately available
funds or in other form acceptable to MFUSA.


		5.	Security Interest



Customer grants MFUSA a general lien and a
continuing first priority security interest in all funds, negotiable instruments, commodities, commodity futures contracts, securities,
options or other property, including all proceeds and distributions from all of the foregoing, and any contract and other intangible
rights and entitlements in all of the foregoing (all of the foregoing referred to collectively as “Property”) in the
Account as security for the payment and performance of any and all obligations, liabilities or indebtedness of Customer to MFUSA
under this Agreement or under any other agreement or other instrument. MFUSA may borrow, pledge, repledge, hypothecate, rehypothecate,
loan or invest any of the Property in the Account without any obligation to pay or to account for any interest, income or benefit
that may be derived, except as may be required by Applicable Law or as may be separately agreed to in writing by MFUSA and Customer.
For the avoidance of doubt, any such separate agreement between MFUSA and Customer will be subject to the provisions of and governed
by the terms of this Agreement, including Section 24. Any conflict between the separate agreement and this Agreement will be resolved
in favor of this Agreement. All Property delivered to MFUSA shall be free and clear of any liens, security interests, claims, mortgages
or encumbrances of any nature other than the security interest created in MFUSA’s favor (each referred to individually as
an “Encumbrance” and all collectively as “Encumbrances”). Customer will not use or allow any Property that
is held by MFUSA, whether now owned or hereafter acquired, to be or become subject to an Encumbrance. Customer shall execute such
documents and take such other action as MFUSA shall reasonably request in order to perfect its rights with respect to any Property.
Customer appoints MFUSA as Customer’s attorney-in-fact to act on Customer’s behalf to sign, seal, execute and deliver
all documents and do all such acts as may be required to enable MFUSA to realize upon all rights in the Property. In the case of
a breach by Customer under this agreement or any other agreement with MFUSA, MFUSA shall have all rights and remedies available
to a secured creditor under any applicable law in addition to the rights and remedies provided herein.


		6.	Remedies



If at any time (a) the Account does not contain
the margin required by MFUSA, provided that a failure by Customer to deliver margin following a demand therefor by MFUSA shall
not give MFUSA discretion to exercise the remedies set forth in this paragraph 6 if (i) such failure is caused solely by an error
or omission of an administrative or operational nature, (ii) sufficient funds were available to Customer to enable it to make the
relevant transfer of margin or payment at such time as originally required by MFUSA, and (iii) such transfer of margin is made
by Customer within one (1) business day of such time as originally required by MFUSA, (b) Customer terminates, dissolves, becomes
bankrupt or is inaccessible, (c) a petition for insolvency, bankruptcy, assignment for the benefit of creditors or receivership
is filed by or against Customer, or (d) Customer defaults in its obligations to MFUSA under any agreement or instrument other than
as contemplated by paragraph (a) immediately above, MFUSA may in its sole discretion, after MFUSA has notified, or attempted in
good faith to notify, Customer of its intentions, terminate, liquidate and/or accelerate any and all Contracts, close out the Account
or any open positions of Customer in whole or in part, cancel any or all pending orders, terminate Customer’s right to trade
in the Account, or take any other action it deems necessary to protect itself, and Customer will be liable for any deficiency in
the Account that may result from such actions. Subject to applicable law, MFUSA is authorized to withhold, transfer, use and apply
any Property of Customer in its possession as a set off whenever MFUSA deems it necessary to pay amounts or discharge obligations
owing to it by reason of this Agreement or any other agreement or instrument. The above remedies are solely for MFUSA’s protection,
and any non-resort or partial resort to those remedies shall not relieve Customer of any of its obligations under this Agreement
or give rise to any claim against MFUSA by Customer.



    	 	 	 



     


    
		7.	Charges Payable by Customer



Customer agrees to pay MFUSA’s customary
and reasonable brokerage, commissions, interest charges and other charges as may be in effect from time to time, and agrees that
such charges may be changed by MFUSA from time to time without notice to Customer. If MFUSA advances funds on behalf of the Account,
or if the Account carries a debit balance, MFUSA may charge interest commencing on the first day of such advancement of funds or
debit balance. Interest shall be charged monthly or when the debit balance is paid in full. MFUSA may at any time demand that all
outstanding balances in the Account be paid in full. The annual rate of interest charged shall not exceed 2% over the U.S. prime
rate, as published by the Federal Reserve Bank from time to time.


		8.	Delivery and Exercise



Customer shall provide MFUSA with instructions
to close-out or make or take delivery of Contracts, or close-out, exercise or abandon futures options contracts pursuant to the
following timetable: (a) at least three business days prior to the first notice day in the case of “long” or “short”
positions in Contracts. Customer will deliver to MFUSA sufficient funds and/or any documents required in connection with any such
instruction. If, at any time, Customer is unable to deliver any Property previously sold by MFUSA on Customer’s behalf (under
a Contract or otherwise), Customer authorizes MFUSA in its sole discretion to borrow or purchase and deliver the necessary Property
at the then current market price for the Account at Customer’s risk.


		9.	Options Assignments



MFUSA uses a random options assignment procedure.
Additional information concerning this method of allocation will be provided to Customer upon request. MFUSA will notify Customer
of any material changes in its assignment methods.


		10.	Trading Limitations



MFUSA may in its reasonable discretion and
with a minimum of one (1) business day’s prior notice to Customer limit or reduce the number of transactions and positions
MFUSA executes, clears or carries for Customer, and, if MFUSA in its reasonable discretion considers it necessary for its protection,
MFUSA may also limit or terminate Customer’s right to trade in the Account, cancel pending orders, and require Customer to
terminate, liquidate or accelerate Contracts or close out open positions in the Account in whole or in part, provided, however,
that MFUSA shall afford Customer a commercially reasonable period of time, which shall be not less than five (5) business days,
to accomplish any such required termination, liquidation, acceleration or close-out of Contracts or positions in the Account. Customer
agrees not to violate, either alone or in concert with others, position and exercise limits established by MFUSA or pursuant to
Applicable Law.


		11.	Statements and Confirmations



All written and oral reports related to the
Account (including but not limited to monthly statements, confirmations of transactions and purchase and sale statements provided
to Customer) shall be conclusive and binding on Customer unless Customer notifies MFUSA of any objection as follows: (a) in the
case of any oral communication, at the time such report is given to Customer, and (b) in the case of any written communication,
within one business day of the trade date.



    	 	 	 



     


    
		12.	Recordings



Customer consents to the recording of conversations
between Customer and MFUSA (or any of their respective agents, representatives or employees), without any obligation on the part
of MFUSA to make such recordings. Customer agrees to the use of such recordings as evidence by either party in any disputes between
Customer and MFUSA.


		13.	Trading Recommendations



Customer acknowledges that any recommendations
made and market information or price quotes provided by MFUSA, while based upon information from sources that MFUSA believes to
be reliable, may be incomplete, inaccurate or unverified. MFUSA makes no representation, warranty or guarantee as to the accuracy
of such information. Customer acknowledges that recommendations made to Customer at any given time may be different from recommendations
made to other customers of any MFUSA Entity, and that such recommendations may not be consistent with the investments of the MFUSA
Entities or their officers, directors, employees, agents, representatives or independent contractors.


		14.	Limitation of Liability



MFUSA shall not be responsible for any delays
in transmission, delivery or execution of Customer’s orders or reporting of trades due to breakdown or failure of transmission
or communication facilities, or for any other cause or causes beyond MFUSA’s reasonable control or anticipation, nor shall
MFUSA be responsible for any loss, damage or liability arising out of the failure or delay by any Exchange to enforce its rules
or pay to MFUSA or its agents any amounts due in respect to Account.


		15.	Use of Automated Systems



Customer consents to the MFUSA Entities’
use of automated systems or service bureaus in conjunction with the Customer’s Account with the MFUSA Entities, including,
but not limited to, automated order entry and execution, record keeping, reporting, account reconciliation and risk management
systems (collectively, “Automated Systems”). Customer understands that the use of Automated Systems entails risks,
including, but not limited to, interruption or delays of service, system or communications failure, and errors in the design or
functioning of such Automated Systems (collectively, a “System Failure”), that could cause substantial damage, expense
or liability to Customer.


MFUSA AND THE OTHER MFUSA ENTITIES MAKE
NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE SELECTION, DESIGN, FUNCTIONALITY, OPERATION,
TITLE OR NON-INFRINGEMENT OF ANY AUTOMATED SYSTEM, AND MAKE NO EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE, TITLE AND/OR NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, MFUSA AND THE OTHER MFUSA ENTITIES EXPRESSLY
DISCLAIM ANY REPRESENTATION THAT ANY AUTOMATED SYSTEM WILL OPERATE UNINTERRUPTED OR WILL BE ERROR-FREE.


Customer understands and agrees that the MFUSA
Entities and their respective officers, directors, employees and agents will have no liability whatsoever for any claim of loss,
cost, expense, damage or liability of Customer or any third person arising out of or relating to any System Failure, regardless
of whether such claim is based on contract, tort, strict liability or any other theory. The MFUSA Entities and their respective
officers, directors, employees and agents will not have any liability for the actual or alleged insufficient exercise of care in
selecting any sub-agents or in selecting, monitoring or operating any Automated System, for any failure or delay in informing Customer
of any System Failure or in taking action to prevent or correct any such System Failure. In no event will the MFUSA Entities and
their officers, directors, employees or agents have any liability for any incidental, special or consequential damages, including,
but not limited to, loss of profits or loss of use, even if the MFUSA Entities were aware of the likelihood of such damages. The
MFUSA Entities have no responsibility to inform Customer of (i) any decision to use, not use or cease using any Automated System,
(ii) the characteristics, functions, design or purpose of any Automated System, or (iii) any specific risks inherent in any Automated
System.


		16.	Indemnification



Customer agrees to indemnify, defend and hold
harmless the MFUSA Entities and their agents, directors, officers, stockholders, employees, agents and successors and assigns,
from and against any and all losses, claims, actions, demands, suits, proceedings, damages, costs, fines, premiums or expenses
(including but not limited to reasonable attorney’s fees and costs) arising out of, or directly or indirectly resulting from
(a) any failure of Customer to perform its obligations under this Agreement, including, without limitation, any failure to meet
any margin call or pay any amount due to MFUSA; (b) MFUSA’s accepting or making delivery of Property on behalf of Customer;
(c) any inability of Customer to deliver any Property previously sold by MFUSA on Customer’s behalf, and in such event, any
inability of MFUSA to borrow or purchase the delivery Property; and (d) any failure by Customer to comply with Applicable Law.



    	 	 	 



     


    
		17.	Assignment



MFUSA shall have the right, in its sole discretion
and upon notice to Customer, to assign this Agreement (and the Account) to any successor entity or to another futures commission
merchant.


		18.	Legal Actions



All proceedings regarding disputes under this
Agreement shall be brought only in New York, New York. This paragraph shall apply even if Customer has related disputes with other
parties that cannot be resolved in New York. Each party irrevocably waives any right it may have to trial by jury in any action,
proceeding or counterclaim arising out of or relating to this Agreement.


		19.	Governing Law



This Agreement shall be governed by and construed
in accordance with the laws of the State of New York, without regard to principles of choice of law.


		20.	Adequate Assurances



If at any time MFUSA has reasonable grounds
for insecurity with respect to Customer’s performance of any obligations, liabilities or indebtedness of Customer under this
Agreement, MFUSA may demand, and Customer shall give, adequate assurances of due performance within 24 hours.


		21.	Conditions Precedent



Customer agrees that the fulfillment of any
obligation or liability of MFUSA under this Agreement is contingent upon there being no breach, repudiation, misrepresentation
or default by Customer under this Agreement or under any Contract. MFUSA shall have the right at any time to set off any and all
of its obligations and liabilities under this Agreement against any and all obligations, liabilities or indebtedness of Customer
under this Agreement or under any Contract.


		22.	Severability



If any provision of this Agreement is or becomes
inconsistent with, or unenforceable under, any Applicable Law, such provision will be deemed modified or, if necessary, rescinded
in order to comply with the relevant Applicable Law. All other provisions of this Agreement will remain in full force and effect.
If this Agreement is or becomes unenforceable with respect to any Contract, this Agreement shall remain in full force and effect
and shall be enforceable in accordance with its terms as to all other Contracts.


		23.	Currency Conversions



MFUSA shall have the right to convert currencies
in connection with the exercise of its rights under this Agreement in such a manner as it may reasonably determine.



    	 	 	 



     


    
		24.	TaXAtion



If MFUSA is required by law to withhold or
deduct any taxes (including any penalties or interest payable in connection with any failure to pay or any delay in paying any
taxes, and including any taxes under FATCA) on any payment to the Customer, MFUSA may deduct such taxes and MFUSA shall not be
required to increase any payment in respect of which it makes such withholding. The Customer shall be treated for all purposes
of this Agreement as if it had received the full amount of the payment, without any deduction or withholding. For purposes of this
Agreement, “FATCA” shall mean (i) sections 1471 to 1474 of the US Internal Revenue Code of 1986 (the "Code")
or any associated regulations or other official guidance; (ii) any treaty, law, regulation or other official guidance enacted in
any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either
case) facilitates the implementation of the legislation or guidance referred to in (i) above; and (iii) any agreement pursuant
to the implementation of the legislation or guidance referred to in (i) or (ii) above with the US Internal Revenue Service, the
US government or any governmental or taxation authority in any other jurisdiction. Further, the parties agree that any taxes withheld
by MFUSA pursuant to FATCA are taxes the deduction or withholding of which is required by law. Customer shall provide MFUSA such
additional documentation reasonably requested by MFUSA to determine the amount to deduct and withhold from such payment.


All payments by the Customer pursuant to this
Agreement shall, except as required by law, be paid without withholding or deduction for or on account of any taxes, duties, assessments
or government charges imposed by any country or any political subdivision or taxing authority therein. If any such taxes are required
to be withheld and deducted from any such payment, the Customer shall pay such additional amounts as may be necessary to ensure
that the net amount actually received by MFUSA after such withholding or deduction is equal to the amount that MFUSA would have
received had no such withholding or deduction been required. The Customer shall indemnify MFUSA within thirty (30) days after written
demand therefor, for the full amount of any taxes paid by or on behalf of MFUSA on or with respect to any payment by the Customer
under this Agreement and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or
not such taxes were correctly or legally imposed or asserted by the relevant governmental authority.


		25.	Termination



This Agreement may be terminated at any time
by Customer or MFUSA by written notice to the other; provided, however, that such termination shall not relieve either party of
any obligation in connection with any debit or credit balance in the Account or other liability or obligation arising or accruing
prior to such termination; and, provided, further, in the event that MFUSA provides notice of termination of the Agreement to Customer,
Customer will be afforded thirty (30) calendar days to either liquidate its positions or transfer such positions to an alternate
futures commission merchant. Transfer of Customer’s positions to an alternate futures commission merchant shall be contingent
on Customer’s having satisfied any outstanding obligations it may have to MFUSA pursuant to this Agreement.