EXHIBIT 10.02


                      COMMODITY FUTURES CUSTOMER AGREEMENT
                                     BETWEEN
                MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
                                       AND
                        MORGAN STANLEY & CO. INCORPORATED


      This Commodity Futures Customer Agreement ("Agreement"), dated as of June
6, 2000 between Morgan Stanley & Co. Incorporated ("Morgan Stanley"), Morgan
Stanley Dean Witter Spectrum Currency L.P. ("Customer"), and acknowledged and
agreed to Dean Witter Reynolds Inc., the non-clearing commodity broker for the
Customer ("DWR"), shall govern the purchase and sale by Morgan Stanley of
commodity futures contracts and options thereon (collectively, "Contracts") for
the account and risk of Customer through one or more accounts carried by Morgan
Stanley on behalf and in the name of Customer (collectively, the "Account").


1. APPLICABLE LAW. The Account and all transactions and agreements in respect of
the Account shall be subject to all applicable Federal, state, exchange,
clearing house and self-regulatory agency rules, regulations and interpretations
and custom and usage of the trade. All such rules, regulations, interpretations,
custom and usage are hereinafter collectively referred to as "Applicable Law."


2. CUSTOMER'S REPRESENTATIONS AND WARRANTIES. Customer represents and warrants
that (a) Customer has full right, power and authority to enter into this
Agreement, and the person executing this Agreement on behalf of Customer is
authorized to do so; (b) this Agreement is binding on Customer and enforceable
against Customer in accordance with its terms; (c) Customer may lawfully
establish and open the Account for the purpose of effecting purchases and sales
of Contracts through Morgan Stanley; (d) transactions entered into pursuant to
this Agreement will not violate any applicable law (including any Applicable
Law) to which Customer is subject or any agreement to which Customer is subject
or a party; and (e) all information provided by Customer in the Account
Application preceding this Agreement (which Application and the information
contained therein hereby is incorporated into this Agreement) is true and
correct and Customer shall immediately (and in no event later than within one
business day) notify Morgan Stanley of any change in such information.


3.    PAYMENT AND INTEREST OBLIGATIONS.

      (A) COMPENSATION PAYMENTS TO MORGAN STANLEY. Customer shall pay Morgan
Stanley upon demand (a) all floor brokerage charges, give-up fees, contract
market, clearing house, National Futures Association ("NFA") or clearing member
fees or charges; (b) any tax imposed on such transactions by any competent
taxing authority; (c) the amount of any trading losses in the Account; (d) any
debit balance or deficiency in the Account; and (e) any other amounts owed by
Customer to Morgan Stanley with respect to the Account or any transactions
therein. DWR shall pay Morgan Stanley such charges with respect to the execution
and clearing of trades for Customer as DWR and Morgan Stanley shall agree from
time to time.

      (B) PAYMENT OF INTEREST. The Customer's assets deposited with Morgan
Stanley will be segregated or secured in accordance with the Commodity Exchange
Act and regulations of the Commodity Futures Trading Commission ("CFTC") and
will be invested in accord with Morgan Stanley's customary practice for
investment of its futures customer funds. All of Customer's funds will be
available for margin for the Customer's trading. Morgan Stanley shall pay to DWR
at each month-end interest on Customer's funds in its possession as agreed
between Morgan Stanley and DWR from time to time. The Customer understands that
it will not receive any interest income on its assets held by Morgan Stanley
other than that paid by DWR pursuant to the Customer's DWR Customer Agreement.
DWR shall pay Morgan Stanley interest on any debit balances in the Account at
such rates as Morgan Stanley and DWR shall agree from time to time.

      (C) NETTING. The parties agree that all payment obligations of Customer to
Morgan Stanley under this Agreement and all payment obligations of Morgan
Stanley to Customer under this Agreement will be netted against each other to
result in one net payment amount.


4.    CUSTOMER'S EVENTS OF DEFAULT; MORGAN STANLEY'S REMEDIES.

      (A) EVENTS OF DEFAULT. As used herein, each of the following shall be
deemed an "Event of Default": (i) the commencement of a case under any Federal
or state bankruptcy, insolvency or reorganization law, or the filing of a
petition for the appointment of a receiver by or against Customer, an assignment
made by Customer for the benefit of creditors, an admission in writing by
Customer that it is insolvent or is unable to pay its debts when they mature, or
the suspension by the Customer of its usual business or any material portion
thereof; (ii) the issuance of any warrant or order of attachment against the
Account or the levy of a judgment against the Account; (iii) if Customer is an
employee benefit plan, the termination of Customer or the filing by Customer of
a notice of intent to terminate with a governmental agency or body, or the
receipt of a notice of intent to terminate Customer from a governmental agency
or body, or the inability of Customer to pay benefits under the relevant
employment benefit plan when due; (iv) the failure by Customer to deposit or
maintain margins, to pay required premiums, or to make payments required by
Section 3 hereof; (v) the failure by Customer to perform, in any material
respect, its obligations hereunder.


      (B) REMEDIES. Upon the occurrence of an Event of Default or in the event
Morgan Stanley, in its sole and absolute discretion, considers it necessary for
its protection, Morgan Stanley shall have the right, in addition to any other
remedy available to Morgan Stanley at law or in equity, and in addition to any
other action Morgan Stanley may deem appropriate under the circumstances, to
liquidate any or all open Contracts held in or for the Account, sell any or all
of the securities or other property of Customer held by Morgan Stanley and to
apply the proceeds thereof to any amounts owed by Customer to Morgan Stanley,
borrow or buy any options, securities, Contracts or other property for the
Account and cancel any unfilled orders for the purchase or sale of Contracts for
the Account, or take such other or further actions Morgan Stanley, in its
reasonable discretion, deems necessary or appropriate for its protection, all
without demand for margin and without notice or advertisement. Any such action
may be made at the discretion of Morgan Stanley in any commercially reasonable
manner. In the event Morgan Stanley's position would not be jeopardized thereby,
Morgan Stanley will make reasonable efforts under the circumstances to notify
Customer prior to taking any such action. A prior demand or margin call of any
kind from Morgan Stanley or prior notice from Morgan Stanley shall not be
considered a waiver of Morgan Stanley's right to take any action without notice
or demand. In the event Morgan Stanley exercises any remedies available to it
under this Agreement, Customer shall reimburse, compensate and indemnify Morgan
Stanley for any and all costs, losses, penalties, fines, taxes and damages that
Morgan Stanley may incur, including reasonable attorneys' fees incurred in
connection with the exercise of its remedies and the recovery of any such costs,
losses, penalties, fines, taxes and damages.


5.    STANDARD OF LIABILITY AND INDEMNIFICATION.

      (A) Standard of Liability. Morgan Stanley and its affiliates (as defined
below) shall not be liable to Customer, the general partner or the limited
partners, or any of its or their respective successors or assigns, for any act,
omission, conduct, or activity undertaken by or on behalf of the Customer
pursuant to this Agreement which Morgan Stanley determines, in good faith, to be
in the best interest of the Customer, unless such act, omission, conduct, or
activity by Morgan Stanley or its affiliates constituted misconduct or
negligence. Without limiting the foregoing, Morgan Stanley shall have no
responsibility or liability to Customer hereunder (i) in connection with the
performance or non-performance by any contract market, clearing house, clearing
firm or other third party (including floor brokers not selected by Morgan
Stanley and banks) to Morgan Stanley of its obligations in respect of any
Contract or other property of Customer; (ii) as a result of any prediction,
recommendation or advice made or given by a representative of Morgan Stanley
whether or not made or given at the request of Customer; (iii) as a result of
Morgan Stanley's reliance on any instructions, notices and communications that
it believes to be that of an individual authorized to act on behalf of Customer;
(iv) as a result of any delay in the performance or non-performance of any of
Morgan Stanley's obligations hereunder directly or indirectly caused by the
occurrence of any contingency beyond the control of Morgan Stanley including,
but not limited to, the unscheduled closure of an exchange or contract market or
delays in the transmission of orders due to breakdowns or failures of
transmission or communication facilities, execution, and/or trading facilities
or other systems (including, without limitation, GLOBEX, ACCESS, or other
electronic trading systems, facilities or services), it being understood that
Morgan Stanley shall be excused from performance of its obligations hereunder
for such period of time as is reasonably necessary after such occurrence to
remedy the effects therefrom; (v) as a result of any action taken by Morgan
Stanley or its floor brokers to comply with Applicable Law; or (vi) for any acts
or omissions of those neither employed nor supervised by Morgan Stanley. In no
event will Morgan Stanley be liable to Customer for consequential, incidental or
special damages hereunder.

      (B) INDEMNIFICATION BY CUSTOMER. Customer shall indemnify, defend and hold
harmless Morgan Stanley and its affiliates from and against any loss, liability,
damage, cost or expense (including attorneys' and accountants' fees and expenses
incurred in the defense of any demands, claims or lawsuits) actually and
reasonably incurred arising from any act, omission, conduct, or activity
undertaken by Morgan Stanley on behalf of Customer, including, without
limitation, any demands, claims or lawsuits initiated by a limited partner (or
assignee thereof); provided that (i) Morgan Stanley has determined, in good
faith, that the act, omission, conduct, or activity giving rise to the claim for
indemnification was in the best interests of the Customer, and (ii) the act,
omission, conduct or activity that was the basis for such loss, liability,
damage, cost or expense was not the result of misconduct or negligence.
Notwithstanding the foregoing, no indemnification of Morgan Stanley or its
affiliates by Customer shall be permitted for any losses, liabilities or
expenses arising from or out of any alleged violation of federal or state
securities laws unless (i) there has been a successful adjudication on the
merits of each count involving alleged securities law violations as to the
particular indemnitee, or (ii) such claims have been dismissed with prejudice on
the merits by a court of competent jurisdiction as to the particular indemnitee,
or (iii) a court of competent jurisdiction approves a settlement of the claims
against the particular indemnitee and finds that indemnification of the
settlement and related costs should be made, provided with regard to such court
approval, the indemnitee must apprise the court of the position of the SEC and
the positions of the respective securities administrators of Massachusetts,
Missouri, Tennessee and/or those other states and jurisdictions in which the
plaintiffs claim that they were offered or sold Units, with respect to
indemnification for securities laws violations before seeking court approval for
indemnification. Furthermore, in any action or proceeding brought by a limited
partner in the right of Customer to which Morgan Stanley or any affiliate
thereof is a party defendant, any such person shall be indemnified only to the
extent and subject to the conditions specified in the Delaware Revised Uniform
Limited Partnership Act, as amended, and this Section 5. The Customer shall make
advances to Morgan Stanley or its affiliates hereunder only if: (i) the demand,
claim lawsuit or legal action relates to the performance of duties or services
by such persons to Customer; (ii) such demand, claim lawsuit or legal action is
not initiated by a limited partner; and (iii) such advances are repaid, with
interest at the legal rate under Delaware law, if the person receiving such
advance is ultimately found not to be entitled to indemnification hereunder.

      (C) INDEMNIFICATION BY MORGAN STANLEY. Morgan Stanley shall indemnify,
defend and hold harmless Customer and its successors or assigns from and against
any losses, liabilities, damages, costs or expenses (including in connection
with the defense or settlement of claims; provided Morgan Stanley has approved
such settlement) incurred as a direct result of the activities of Morgan Stanley
or its affiliates, provided, further, that the act, omission, conduct or
activity giving rise to the claim for indemnification was the result of bad
faith, misconduct or negligence of Morgan Stanley or its affiliates.

      (D) LIMITATION ON INDEMNITIES. The indemnities provided in this Section 5
by Customer to Morgan Stanley and its affiliates shall be inapplicable in the
event of any losses, liabilities, damages, costs or expenses arising out of, or
based upon, any material breach of any agreement of Morgan Stanley contained in
this Agreement to the extent caused by such event. Likewise, the indemnities
provided in this Section 5 by Morgan Stanley to Customer and its successors and
assigns shall be inapplicable in the event of any losses, liabilities, damages,
costs or expenses arising out of, or based upon, any material breach of any
representation, warranty or agreement of Customer contained in this Agreement to
the extent caused by such breach.

      (E) DEFINITION OF "AFFILIATE." As used in this Section 5, the term
"affiliate" of Morgan Stanley shall mean: (i) any natural person, partnership,
corporation, association, or other legal entity directly or indirectly owning,
controlling, or holding with power to vote 10% or more of the outstanding voting
securities of Morgan Stanley; (ii) any partnership, corporation, association, or
other legal entity 10% or more of whose outstanding voting securities are
directly or indirectly owned, controlled, or held with power to vote by Morgan
Stanley; (iii) any natural person, partnership, corporation, association, or
other legal entity directly or indirectly controlling, controlled by, or under
common control with, Morgan Stanley; or (iv) any officer or director of Morgan
Stanley. Notwithstanding the foregoing, "affiliates" for purposes of this
Section 5 shall include only those persons acting on behalf of Morgan Stanley
and performing services for Customer within the scope of the authority of Morgan
Stanley, as set forth in this Agreement.


6.    GENERAL AGREEMENTS.   The parties agree that:

      (A) MORGAN STANLEY'S RESPONSIBILITY. Morgan Stanley is not acting as a
fiduciary, foundation manager, commodity pool operator, commodity trading
advisor or investment adviser in respect of any Account opened by Customer.
Morgan Stanley shall have no responsibility hereunder for compliance with any
law or regulation governing the conduct of fiduciaries, foundation managers,
commodity pool operators, commodity trading advisors or investment advisers.

      Morgan Stanley agrees to furnish to the Customer as soon as practicable
all of the information from time to time in its possession which Customer may be
required to furnish to its limited partners pursuant to its limited partnership
agreement and as otherwise required by Applicable Law. Morgan Stanley shall
disclose such information regarding itself and its affiliates (including,
without limitation, financial statements) as may be required by the Customer for
SEC, CFTC and state blue sky disclosure purposes. Morgan Stanley agrees to
notify the applicable trading advisor for the Customer (each a "Trading
Advisor") immediately upon discovery of any error committed by Morgan Stanley or
any of its agents with respect to a trade for the Customer's account which
Morgan Stanley believes was not executed or cleared in accordance with proper
instructions given by the Customer, its Trading Advisors or any other authorized
agent of Customer. Errors made by floor brokers appointed or selected by Morgan
Stanley shall constitute errors made by Morgan Stanley. However, Morgan Stanley
shall not be responsible for errors committed by the Trading Advisors.

      Morgan Stanley agrees to report to DWR its own errors and the errors of
any Trading Advisor for the Account which Morgan Stanley becomes aware of,
provided that such reporting may be via telephone. Notwithstanding the
foregoing, the failure to comply with such reporting obligation does not
increase Morgan Stanley's liability for its own errors beyond that otherwise
expressly set forth in this Agreement, nor does it make Morgan Stanley in any
way responsible for errors committed by the Trading Advisors.

      Morgan Stanley acknowledges that the other partnerships of which Demeter
Management Corporation (the general partner of Customer) is the general partner,
do not constitute affiliates of the Customer.

      (B) ADVICE. All advice communicated by Morgan Stanley with respect to any
Account opened by Customer hereunder is incidental to the conduct of Morgan
Stanley's business as a futures commission merchant and such advice will not
serve as the primary basis for any decision made by or on behalf of Customer in
respect of the Account, regardless of whether Customer relies on the advice of
Morgan Stanley in making any such decision. Customer acknowledges that Morgan
Stanley and its managing directors, officers, employees and affiliates may take
or hold positions in, or advise other customers concerning, Contracts that are
the subject of advice from Morgan Stanley to Customer. The positions and advice
of Morgan Stanley and its managing directors, officers, employees and affiliates
may be inconsistent with or contrary to positions of, and the advice given by,
Morgan Stanley to Customer.

      (C) RECORDING. Each of Morgan Stanley, the Customer, DWR and their
respective officers, agents and employees, in their sole and absolute
discretion, may record, on tape or otherwise, any telephone conversation between
or among Morgan Stanley, the Customer or DWR with respect to the Account and
transactions therein and each of Morgan Stanley, the Customer and DWR hereby
agrees and consents thereto.

      (D) ACCEPTANCE OF ORDERS; POSITION LIMITS.

            (i) Morgan Stanley shall have the right to limit the size of open
      positions (net or gross) of Customer with respect to the Account at any
      time and to refuse acceptance of orders to establish new positions,
      whether such refusal or limitation is required by, or based on position
      limits imposed under, Applicable Law. Morgan Stanley shall immediately
      notify Customer of its rejection of any order. Unless specified by
      Customer, Morgan Stanley may designate the exchange or other markets
      (including, without limitation, GLOBEX or ACCESS) on which it will attempt
      to execute orders.

            (ii) Customer shall file or cause to be filed all applications or
      reports required under Applicable Law with the CFTC or the relevant
      contract market or clearing house, and shall provide Morgan Stanley with a
      copy of such applications or reports and such other information as Morgan
      Stanley may reasonably request in connection therewith.

      (E) ORIGINAL AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT OBLIGATIONS.
Customer shall make, or cause to be made, all applicable original margin,
intra-day margin and premium payments, and perform all other obligations
attendant to transactions or positions in such Contracts, as may be required by
Applicable Law or by Morgan Stanley. Requests for margin deposits and/or premium
payments may, at Morgan Stanley's election, be communicated to Customer orally,
telephonically or in writing. Customer margin deposits and/or premium payments
shall be made by wire transfer to Morgan Stanley's Customer Segregated Account
and shall be in U.S. dollars unless Morgan Stanley and the Customer specifically
agree otherwise. All Contracts for the Account shall be margined at the
applicable exchange or clearing house minimum rates for speculative accounts.

      (F) SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL. Except to the
extent proscribed by Applicable Law not subject to waiver, all Contracts, cash,
securities, and/or any other property of Customer whatsoever (collectively, the
"Collateral") at any time held by Morgan Stanley or its affiliates, or carried
by others for the Account, hereby are pledged to Morgan Stanley and shall be
subject to a general lien and security interest in Morgan Stanley's favor to
secure any indebtedness or other amounts, obligations and/or liabilities at any
time owing from Customer to Morgan Stanley (collectively, the "Customer's
Liabilities"). Customer hereby grants Morgan Stanley the right to borrow,
pledge, repledge, hypothecate, rehypothecate, loan or invest any of the
Collateral held by Morgan Stanley, including utilizing the Collateral to
purchase United States Government Treasury obligations pursuant to repurchase
agreements or reverse repurchase agreements with any party, in each case without
notice to Customer and without any obligation to pay or to account to Customer
for any interest, income or benefit that may be derived therefrom. The rights of
Morgan Stanley set forth above shall be qualified by any applicable requirements
for segregation of customers' property under Applicable Law. Morgan Stanley
commits to Customer that Morgan Stanley will not issue a Notice of Exclusive
Control under the Control Agreement between Morgan Stanley and DWR unless Morgan
Stanley determines there is a default under this Agreement.

      (G) REPORTS AND OBJECTIONS. All confirmations, purchase and sale notices,
correction notices and account statements (collectively, "Statements") shall be
submitted to Customer and shall be conclusive and binding on Customer unless
Customer notifies Morgan Stanley of any objection thereto prior to the opening
of trading on the contract market on which such transaction occurred on the
business day following the day on which Customer receives such Statement;
provided that, with respect to monthly Statements, Customer may notify Morgan
Stanley of any objection thereto within five business days after receipt of such
monthly Statement, provided the objection could not have been raised at the time
any prior Statement was received by Customer as provided for above. Any such
notice of objection, if given orally to Morgan Stanley, shall immediately (and
no later than within one business day) be confirmed in writing by Customer.

      (H) DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE.

            (i) Customer will provide Morgan Stanley with instructions either to
      liquidate Contracts previously established by Customer, make or take
      delivery under any such Contracts, or exercise options entered into by
      Customer, within such time limits as may be specified by Morgan Stanley.
      Morgan Stanley shall have no responsibility to take any action on behalf
      of Customer or positions in the Account unless and until Morgan Stanley
      receives oral or written instructions reasonably acceptable to Morgan
      Stanley indicating the action Morgan Stanley is to take. Funds sufficient
      to take delivery pursuant to such Contract or deliverable grade
      commodities to make delivery pursuant to such Contract must be delivered
      to Morgan Stanley at such time as Morgan Stanley may require in connection
      with any delivery.

            (ii) Short option Contracts may be subject to exercise at any time.
      Exercise notices received by Morgan Stanley from the applicable contract
      market with respect to option Contracts sold by Customer may be allocated
      to Customer pursuant to a random allocation procedure, and Customer shall
      be bound by any such allocation of exercise notices. In the event of any
      allocation to Customer, unless Morgan Stanley has previously received
      instructions from Customer, Morgan Stanley's sole responsibility shall be
      to use its best efforts to notify Customer of such allocation.

            (iii) If Customer fails to comply with any of the foregoing
      obligations, Morgan Stanley may, in its sole and absolute discretion,
      liquidate any open positions, make or receive delivery of any commodities
      or instruments, or exercise or allow the expiration of any options, in
      such manner and on such terms as Morgan Stanley, in its sole and absolute
      discretion, deems necessary or appropriate, and Customer shall indemnify
      and hold Morgan Stanley harmless as a result of any action taken or not
      taken by Morgan Stanley in connection therewith or pursuant to Customer's
      instructions.

      (I) FINANCIAL AND OTHER INFORMATION. Customer shall provide to Morgan
Stanley such financial information regarding Customer as Morgan Stanley may from
time to time reasonably request. Customer shall notify Morgan Stanley
immediately (and no later than within one business day) if the financial
condition of Customer changes materially and adversely from that shown in the
most recent financial information theretofore provided to Morgan Stanley. An
investigation may be conducted pertaining to Customer's credit standing and
business.

      (J) CURRENCY EXCHANGE RISK. Customer shall bear all risk and cost in
respect of the conversion of currencies incident to transactions effected on
behalf of Customer pursuant hereto.


7. TERMINATION. This Agreement may be terminated at any time by Customer or
Morgan Stanley upon thirty (30) days by written notice to the other. In the
event of such notice, Customer shall either close out open positions in the
Account or arrange for such open positions to be transferred to another futures
commission merchant. Upon satisfaction by Customer of all of Customer's
Liabilities, Morgan Stanley shall transfer to another futures commission
merchant all Contracts, if any, then held for the Account, and shall transfer to
Customer or to another futures commission merchant, as Customer may instruct,
all cash, securities and other property held in the Account, whereupon this
Agreement shall terminate. Notwithstanding the foregoing, in the event Morgan
Stanley is required by a regulatory authority to transfer the account to another
futures commission merchant or in the event that Morgan Stanley abandons the
Futures Commission Merchant ("FCM") business, then Morgan Stanley shall have the
right to terminate this Agreement by written notice effective the date contained
therein, provided that Morgan Stanley cooperates in the transfer of open
positions to another FCM and that the termination of the Agreement is not made
effective earlier than the completion of the transfer.


8.    MISCELLANEOUS.

      (A) SEVERABILITY. If any provision of this Agreement is, or at any time
becomes, inconsistent with any present or future law, rule or regulation of any
exchange or other market, sovereign government or regulatory body thereof, and
if any of these authorities have jurisdiction over the subject matter of this
Agreement, the inconsistent provision shall be deemed superseded or modified to
conform with such law, rule or regulation but in all other respects, this
Agreement shall continue and remain in full force and effect.

      (B) BINDING EFFECT. This Agreement shall be binding on and inure to the
benefit of the parties and their successors. Morgan Stanley shall have the right
to transfer or assign this Agreement (and thereby the Account) to any successor
entity in its sole and absolute discretion and without obtaining the consent of
Customer.

      (C) ENTIRE AGREEMENT. This Agreement contains the entire agreement between
the parties and supersedes any prior agreements between the parties as to the
subject matter hereof. No provision of this Agreement shall in any respect be
waived, altered, modified, or amended unless such waiver, alteration,
modification or amendment is signed by the party against whom such waiver,
alteration, modification or amendment is to be enforced.

      (D) CURRENCY DENOMINATION. Unless another currency is designated in the
confirmations reporting transactions entered into by Customer, all margin
deposits in connection with such transactions, and a debit or credit in the
Account, shall be stated in United States dollars, and margin requirements,
debits or credits expressed in another currency shall be converted into United
States dollars at a rate of exchange determined by Morgan Stanley, in its sole
and absolute discretion, on the basis of the then prevailing money market rates
of exchange for such foreign currency.

      (E) INSTRUCTIONS, NOTICES OR COMMUNICATIONS. Except as specifically
otherwise provided in this Agreement, all instructions, notices or other
communications may be oral or written. All oral instructions, unless custom and
usage of trade dictate otherwise, shall be promptly confirmed in writing. All
written instructions, notices or other communications shall be addressed as
follows:

            (i)   if to Morgan Stanley:

                         Morgan Stanley & Co. Incorporated
                         One Pierrepont Plaza, 8th Floor
                         Brooklyn, New York  11201
                         Attention: Commodity Operations Manager

            (ii)  if to Customer, at the address as indicated on the Commodity
                  Account Application.

      (F) RIGHTS AND REMEDIES CUMULATIVE. All rights and remedies arising under
this Agreement as amended and modified from time to time are cumulative and not
exclusive of any rights or remedies which may be available at law or otherwise.


      (G) NO WAIVER. No failure on the part of Morgan Stanley to exercise, and
no delay in exercising, any contractual right will operate as a waiver thereof,
nor will any single or partial exercise by Morgan Stanley of any right preclude
any other or future exercise thereof or the exercise of any other partial right.

      (H) GOVERNING LAW. THE INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT
AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES 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.

      (I) CONSENT TO JURISDICTION. ANY LITIGATION BETWEEN MORGAN STANLEY AND
CUSTOMER RELATING TO THIS AGREEMENT OR TRANSACTIONS HEREUNDER SHALL TAKE PLACE
IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN OR IN
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. CUSTOMER
CONSENTS TO THE SERVICE OF PROCESS BY THE MAILING TO CUSTOMER OF COPIES OF SUCH
COURT FILING BY CERTIFIED MAIL TO THE ADDRESS OF CUSTOMER AS IT APPEARS ON THE
BOOKS AND RECORDS OF MORGAN STANLEY, SUCH SERVICE TO BE EFFECTIVE TEN DAYS AFTER
MAILING. CUSTOMER HEREBY WAIVES IRREVOCABLY ANY IMMUNITY TO WHICH IT MIGHT
OTHERWISE BE ENTITLED IN ANY ARBITRATION, ACTION AT LAW, SUIT IN EQUITY OR ANY
OTHER PROCEEDING ARISING OUT OF OR BASED ON THIS AGREEMENT OR ANY TRANSACTION IN
CONNECTION HEREWITH.

      (J) WAIVER OF JURY TRIAL. Customer hereby waives a trial by jury in any
action arising out of or relating to this Agreement or any transaction in
connection therewith.

<PAGE>




      (K) CUSTOMER ACKNOWLEDGEMENTS.

            (i) CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED AND
      UNDERSTANDS THE FOLLOWING DISCLOSURE STATEMENT PRESCRIBED BY THE CFTC AND
      FURNISHED HEREWITH (PLEASE INITIAL):

                    [_]    RISK DISCLOSURE STATEMENT FOR FUTURES OPTIONS
                           (Appendix A to CFTC Rule 1.55(c) transcribed in
                           full on pages 1-3 of Booklet 2 -- Risk
                           Disclosure Statements)

            (ii) IF CUSTOMER HAS INDICATED ON THE COMMODITY FUTURES ACCOUNT
      APPLICATION THAT ORDERS PLACED FOR THE ACCOUNT REPRESENT BONA FIDE HEDGING
      TRANSACTIONS, PLEASE COMPLETE THE FOLLOWING. You should note that CFTC
      Regulation ss.190.06 permits you to specify whether, in the unlikely event
      of Morgan Stanley's bankruptcy, you prefer the bankruptcy trustee to
      liquidate all positions in the Account. Accordingly, Customer hereby
      elects as follows: (PLEASE INITIAL):

                    [_] LIQUIDATE               [_] NOT LIQUIDATE

      IF NEITHER ALTERNATIVE IS INITIALED, CUSTOMER WILL BE DEEMED TO HAVE
ELECTED TO HAVE ALL POSITIONS LIQUIDATED. THIS ELECTION MAY BE CHANGED AT ANY
TIME BY WRITTEN NOTICE.

<PAGE>




      IN WITNESS WHEREOF, Customer has executed this Agreement on the date
indicated below.


                             MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
                             ("Customer")

                             By: DEMETER MANAGEMENT CORPORATION, GENERAL PARTNER


                                 /s/ Robert E. Murray
                                ------------------------------------------------
                                (Signature)                             (Date)


                                Robert E. Murray, President and Chairman
                                ------------------------------------------------
                                (Name & Title - Please Print)



                             MORGAN STANLEY & CO. INCORPORATED


                                 /s/ W. Thomas Clark
                                ----------------------------------------------
                                (Signature)                             (Date)


                                 W. Thomas Clark, Managing Director
                                ------------------------------------------------
                                (Name & Title - Please Print)



                 ACKNOWLEDGED AND AGREED (AS TO SECTION 3(A) AND (B))
                 DEAN WITTER REYNOLDS INC.


                                  /s/ Robert E. Murray
                                ------------------------------------------------
                                (Signature)                            (Date)


                                 Robert E. Murray, Senior Vice President
                                ------------------------------------------------
                                (Name & Title - Please Print)