| 1. | I      have reviewed this quarterly report on Form 10-Q of Campbell Alternative      Asset Trust; |
|----|---------------------------------------------------------------------------------------------------|

| 2. | Based      on my knowledge, this report does not contain any untrue statement of a      material  fact or omit to state a material fact necessary to      make the statements made, in light of the circumstances under which      such statements were made, not misleading with respect to  the      period covered by this report; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based      on my knowledge, the financial statements, and other financial      information  included in this report, fairly present in all      material respects the financial condition, results of operations and      cash flows of the registrant as of, and for, the periods      presented  in thisreport; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      registrant’s other certifying officer and I are responsible for      establishing and  maintaining disclosure controls and procedures      (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal      control over financial reporting (as defined in  Exchange Act      Rules 13a-15(f) and 15d-15(f)) for the registrant and  have: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Designed      such disclosure controls and procedures, or caused such      disclosure controls and procedures to be designed under our      supervision, to ensure that material information relating to the      registrant, including its consolidated  subsidiaries, is made      known to us by others within those entities, particularly during      the period in which this report is being  prepared; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Designed      such internal control over financial reporting, or caused such      internal  control over financial reporting to be designed under      our supervision, to provide reasonable assurance regarding the      reliability of financial reporting and the preparation of financial      statements for external purposes in accordance with generally      accepted accounting principles; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Evaluated      the effectiveness of the registrant’s disclosure controls and      procedures and presented in this report our conclusions about the      effectiveness of the disclosure controls and procedures, as of the      end of the period covered by this report based on such evaluation;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Disclosed      in this report any change in the registrant’s internal control      over financial reporting that occurred during the registrant’s most      recent fiscal quarter (the Registrant’s fourth fiscal quarter in the      case of an annual report) that has materially affected, or is      reasonable likely to materially affect, the registrant’s internal      control over financial reporting;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | The      registrant’s other certifying officer and I have disclosed, based on our      most recent evaluation of internal control over financial reporting,      to the registrant’s auditors and the audit committee of the      registrant’s board of directors (or persons performing the equivalent      functions): |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | All      significant deficiencies and material weaknesses in the design or      operation of internal control over financial reporting which are      reasonably likely to adversely affect the registrant’s ability to      record, process, summarize and report financial information;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      fraud, whether or not material, that involves management or other      employees who have a significant role in the registrant’s internal control      over financial reporting. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | By:      /s/ Gregory T.      Donovan_______         |
|--------|-----------------------------------------------------|
|   | Gregory      T. DonovanChief      Financial Officer |
|   | Campbell      & Company, Inc.                   |
|   | Managing      Owner                                 |
|   | Campbell      Alternative Asset Trust               |
|   | December      17, 2008                              |

----